Form 4: MAXIMUS Director Accrues RSU Dividend Equivalents

MAXIMUS Director Jan Madsen reported the accrual of 49.475 dividend equivalent rights on restricted stock units, increasing her beneficial ownership to 18,206.463 shares.

Summary

• Jan Madsen, a Director at MAXIMUS, INC., acquired 49.475 shares of common stock on August 31, 2025.
• The acquisition was related to dividend equivalent rights that accrued on previously-awarded restricted stock units (RSUs).
• These dividend equivalent rights vest proportionately with the underlying RSUs to which they relate.
• Each dividend equivalent right is the economic equivalent of one share of MAXIMUS common stock.
• The transaction was executed at a price of $0 per share, indicating it was an accrual rather than a purchase.
• Following this transaction, Jan Madsen beneficially owns a total of 18,206.463 shares of MAXIMUS common stock.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, a pre-arranged trading plan.

Sentiment

Score: 6

Explanation: The filing indicates a routine increase in a director's beneficial ownership through dividend equivalent rights on RSUs, which is a neutral to slightly positive signal as it aligns insider interests with shareholders.

Positives

• Director Jan Madsen's beneficial ownership in MAXIMUS, INC. increased by 49.475 shares, further aligning her interests with shareholders.
• The transaction was executed under a Rule 10b5-1(c) plan, demonstrating a pre-planned and transparent approach to insider stock transactions.

Future Outlook

The filing indicates that the dividend equivalent rights vest proportionately with the underlying restricted stock units, implying ongoing vesting events for previously awarded RSUs. No other forward-looking statements or guidance regarding company performance are provided.

Industry Context

This Form 4 filing reports a routine insider transaction related to executive compensation. The accrual of dividend equivalent rights on restricted stock units is a common component of compensation packages for directors and executives across various industries, including government services and IT consulting, where MAXIMUS operates. This type of transaction does not typically reflect broader industry trends but rather individual compensation structures.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) with dividend equivalent rights is a standard practice in executive compensation across many publicly traded companies, including those in the government services and IT consulting sectors.
• Comparable companies such as Accenture (ACN) and Booz Allen Hamilton (BAH) also frequently utilize equity-based compensation, including RSUs, for their directors and senior management to align their interests with long-term shareholder value.

Stakeholder Impact

• Shareholders: A slight positive impact due to increased director ownership, which generally aligns management's interests with long-term shareholder value.
• Employees, Customers, Suppliers, Creditors: No direct or material impact from this specific filing.

Next Steps

• Ongoing vesting of the underlying restricted stock units and associated dividend equivalent rights as per the established compensation plan.

Key Dates

Recommendation

This Form 4 filing reports a routine, compensation-related increase in a director's beneficial ownership. It does not contain information that would warrant a change in investment recommendation for MAXIMUS, INC. The transaction is a standard part of executive compensation and does not indicate any material operational or financial changes for the company.

Keywords

MAXIMUS, MMS, Jan Madsen, Director, Insider Ownership, Form 4, Beneficial Ownership, Restricted Stock Units, RSU, Dividend Equivalent Rights, 10b5-1 Plan