[Form 4] MAXIMUS, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Anne K. Altman, a director of MAXIMUS, Inc. (MMS), reported an acquisition on 08/31/2025 of dividend equivalent rights tied to previously awarded restricted stock units. The filing shows 10.491 dividend-equivalent shares were acquired at $0, and the reporting person now beneficially owns 32,055.435 shares (direct ownership). The filing explains these dividend equivalents vest proportionately with the underlying RSUs and are the economic equivalent of one share each. The form was signed by an attorney-in-fact on 09/03/2025.

Positive

• Disclosure compliant: The filing clearly reports the acquisition and beneficial ownership, meeting Section 16 requirements.
• Non-cash accrual: The 10.491 dividend-equivalent shares were acquired at $0, reflecting compensation mechanics rather than market buying.

Negative

• No material adverse event disclosed: (Included for completeness) The filing does not show sales or reductions in holdings but also does not disclose any broader context about total outstanding RSUs.
• Limited detail on proportional vesting: The filing states dividend equivalents vest proportionately with RSUs but does not quantify the underlying RSU grant schedule.

Insights

Financial Analyst

TL;DR: Director acquired 10.491 dividend-equivalent shares tied to RSUs, increasing direct holdings to 32,055.435 shares.

The transaction is a routine, non-cash accrual of dividend equivalents on existing restricted stock units rather than an open-market purchase or option exercise. It shows continued compensation-related equity accrual for a director and modestly increases direct beneficial ownership. This is unlikely to materially change ownership percentages but is relevant to insider holding disclosures and dilution tracking from equity compensation.

Corporate Governance Expert

TL;DR: This Form 4 documents compensation-related equity accrual for a director; disclosure aligns with Section 16 reporting requirements.

The filing transparently reports dividend-equivalent rights vesting with RSUs, indicating standard governance practice for equity awards. The use of an attorney-in-fact signature is noted and permitted. No extraordinary governance events, departures, or related-party transactions are reported here.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Altman Anne K.

(Last) (First) (Middle)

C/O MAXIMUS INC.

1600 TYSONS BLVD, STE 1400

(Street)

MCLEAN VA 22102

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MAXIMUS, INC. [ MMS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/31/2025		A		10.491(1)	A	$0	32,055.435	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Dividend equivalent rights accrued on previously-awarded restricted stock units ("RSU") which vest proportionately with the RSUs to which they relate. Each dividend equivalent right is the economic equivalent of one share of MAXIMUS common stock.

	/s/ John T Martinez: As Attorney-In-Fact for: Anne K Altman	09/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Anne K. Altman report on Form 4 for MAXIMUS (MMS)?

The Form 4 reports an acquisition on 08/31/2025 of 10.491 dividend-equivalent shares tied to previously awarded RSUs.

How many shares does Anne K. Altman beneficially own after the reported transaction?

The filing reports 32,055.435 shares beneficially owned following the transaction.

Did the reporting person pay cash for the shares in this transaction?

No. The transaction shows a price of $0, indicating dividend-equivalent rights were accrued rather than purchased with cash.

What is the nature of the acquired securities in this Form 4?

The acquisition consists of dividend equivalent rights that vest proportionately with the underlying restricted stock units and are the economic equivalent of common shares.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by John T Martinez as Attorney-in-Fact for Anne K. Altman on 09/03/2025.