Maximus (MMS) director reports 693.707 dividend-equivalent shares, total 315,939.624 owned

Rhea-AI Filing Summary

Maximus, Inc. director Raymond B. Ruddy reported an automatic equity-related transaction involving the company’s common stock. On 12/01/2025, he acquired 693.707 shares of Maximus common stock at a price of $0. These were credited as dividend equivalent rights tied to previously awarded restricted stock units, meaning each right is economically equivalent to one share of Maximus common stock and vests proportionately with the underlying RSUs.

Following this transaction, Ruddy beneficially owned a total of 315,939.624 shares of Maximus common stock in direct form. The filing indicates this was a routine update of his holdings and does not involve any sale of shares.

Insider Trade Summary

Net Buyer: 693.707 shares

Net Buy 1 txn

Insider RUDDY RAYMOND B

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	693.707	$0.00	$0.00

Holdings After Transaction: Common Stock — 315,939.624 shares (Direct)

Footnotes (1)

1. F1. 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.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 12/02/2025 - 08:37 PM Learn about SEC filing dates

FAQ

What insider transaction did Maximus (MMS) disclose in this Form 4?

Maximus disclosed that director Raymond B. Ruddy acquired 693.707 shares of common stock on 12/01/2025 at a price of $0, reported as dividend equivalent rights tied to existing restricted stock units.

How many Maximus (MMS) shares does the reporting person own after this transaction?

After the reported transaction, Raymond B. Ruddy beneficially owned 315,939.624 shares of Maximus common stock in direct ownership.

Was the Maximus (MMS) Form 4 transaction a purchase or sale of shares?

The Form 4 reports an acquisition of 693.707 shares of Maximus common stock. The transaction was coded as an acquisition and there was no sale of shares reported.

What is the price and nature of the shares acquired in the Maximus (MMS) Form 4?

The reported 693.707 shares were acquired at a price of $0. They represent dividend equivalent rights that accrue on previously awarded restricted stock units and are economically equivalent to Maximus common stock.

Who signed the Maximus (MMS) Form 4 on behalf of the reporting person?

The Form 4 was signed by John T. Martinez as Attorney-In-Fact for Raymond B. Ruddy on 12/02/2025.

What does the dividend equivalent rights explanation mean for Maximus (MMS) shareholders?

The explanation states that dividend equivalent rights accrue on existing restricted stock units and are the economic equivalent of one share of Maximus common stock each, vesting in step with the underlying RSUs.

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^*

RUDDY RAYMOND B

(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)
12/01/2025

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	12/01/2025		A		693.707(1)	A	$0	315,939.624	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: Raymond B Ruddy	12/02/2025
	** 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.