Maximus (MMS) director Jan Madsen discloses dividend-based share increase

Rhea-AI Filing Summary

Maximus, Inc. director Jan Madsen reported a small increase in her direct ownership of the company’s common stock. On 12/01/2025, she acquired 50.14 shares of Maximus common stock at a price of $0 per share, bringing her total directly held position to 18,256.603 shares after the transaction. The filing explains that these shares relate to dividend equivalent rights that accrued on previously awarded restricted stock units, with each right providing the economic value of one share of Maximus common stock and vesting in step with the underlying restricted stock units.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Madsen Jan

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	50.14	$0.00	--

Holdings After Transaction: Common Stock — 18,256.603 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

Madsen Jan

(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		50.14(1)	A	$0	18,256.603	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: Jan Madsen	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.

FAQ

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

The Form 4 reports that director Jan Madsen acquired 50.14 shares of Maximus, Inc. common stock on 12/01/2025 at a price of $0 per share.

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

After the reported transaction, director Jan Madsen directly beneficially owns 18,256.603 shares of Maximus common stock.

What is the source of the additional Maximus (MMS) shares acquired?

The additional shares stem from dividend equivalent rights that accrued on previously awarded restricted stock units. Each dividend equivalent right is the economic equivalent of one share of Maximus common stock and vests proportionately with the related restricted stock units.

What was the transaction code used in this Maximus (MMS) Form 4?

The transaction is coded as an A, which indicates an acquisition of Maximus common stock by the reporting person.

Is Jan Madsen a director or officer of Maximus (MMS)?

The filing identifies Jan Madsen as a director of Maximus, Inc., and the Form 4 is filed for one reporting person.

Were the newly acquired Maximus (MMS) shares obtained for cash consideration?

No, the 50.14 shares reported were acquired at a price of $0 per share, reflecting the crediting of dividend equivalent rights rather than a cash purchase.