Maximus CEO reports PSU vesting and share tax surrender

Maximus, Inc. CEO and President David Mutryn reported equity transactions in the company’s common stock.

Accepted by SEC EDGAR 12/03/2025 - 08:50 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Maximus, Inc. CEO and President David Mutryn reported equity transactions in the company’s common stock. On 12/02/2025, he acquired 13,391.387 shares at $0 when previously granted performance stock units vested, including 414.003 shares from dividend equivalent rights. On the same date, he surrendered 39,036.754 shares at $86.51 to cover withholding taxes tied to this vesting. After these transactions, he continued to directly hold a significant number of Maximus shares.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Caswell Bruce

Role CEO & President

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	13,391.387	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	39,036.754	$86.51	$3.38M

Holdings After Transaction: Common Stock — 39,036.754 shares (Direct)

Footnotes (2)

1. F1. These shares were received upon the release of performance stock units ("PSUs") granted on November 25, 2022. The reported amount includes 414.003 shares representing the dividend equivalent rights accrued on the PSUs.
2. F2. These shares were surrendered to satisfy the withholding tax due in connection with the release of the PSUs.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Maximus (MMS) report for its CEO?

The CEO and President of Maximus, Inc., David Mutryn, reported that on 12/02/2025 he acquired 13,391.387 shares of common stock at $0 when performance stock units vested, and surrendered 39,036.754 shares at $86.51 to pay related withholding taxes.

How many Maximus (MMS) shares did the CEO receive from performance stock units?

He received 13,391.387 shares of Maximus common stock upon the release of performance stock units granted on November 25, 2022, including 414.003 shares from dividend equivalent rights.

Why were some Maximus (MMS) shares surrendered by the CEO?

A total of 39,036.754 Maximus shares were surrendered by the CEO at $86.51 per share to satisfy withholding tax obligations arising from the vesting of the performance stock units.

What is the CEO’s role and relationship to Maximus (MMS)?

David Mutryn is reported as both a Director and an Officer of Maximus, Inc., serving as CEO & President and therefore is an insider required to file Form 4 for equity transactions.

Does the Form 4 for Maximus (MMS) involve derivative securities?

The section for derivative securities is present but shows no derivative transactions reported; the activity disclosed relates to common stock from vested performance stock units and tax share surrender.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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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
Estimated average burden
hours per response:			0.5

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^*

Caswell Bruce

(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
X	Officer (give title below)		Other (specify below)
	CEO & President

3. Date of Earliest Transaction (Month/Day/Year)
12/02/2025

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	12/02/2025		A		13,391.387(1)	A	$0	45,076.269	D
Common Stock	12/02/2025		F		39,036.754(2)	D	$86.51	39,036.754	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. These shares were received upon the release of performance stock units ("PSUs") granted on November 25, 2022. The reported amount includes 414.003 shares representing the dividend equivalent rights accrued on the PSUs.

2. These shares were surrendered to satisfy the withholding tax due in connection with the release of the PSUs.

	/s/ John T Martinez: As Attorney-In-Fact for: David Mutryn	12/03/2025
	** 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.