MAXIMUS, INC.

9. EQUITY

Stock Compensation

We grant restricted stock units ("RSUs") and performance stock units ("PSUs") to eligible participants under our 2021 Omnibus Incentive Plan, which was approved by the Board of Directors and stockholders. The RSUs granted to employees vest ratably over three tofour years andone year for members of the Board of Directors, in each case from the grant date. PSU vesting is subject to the achievement of certain performance and market conditions, and the number of PSUs earned could vary from 0% to 200% of the number of PSUs awarded. The PSUs will vest at the end of athree-year performance period. We issue new shares to satisfy our obligations under these plans. The fair value of each RSU and PSU is calculated at the date of the grant.

During the six months ended March 31, 2025, we issued approximately 356,000 RSUs, which will vest ratably overone tofour years, and approximately 154,000 PSUs, which will vest after three years.

Stock Repurchase Programs

Under resolutions adopted in June 2024 and December 2024, the Board of Directors authorized an increase to our existing stock purchase program that allows us to purchase, at management's discretion, up to $400 million of our common stock.

During the six months ended March 31, 2025, we purchased approximately 4.1 million common shares at a cost of $309.5 million, which includes an additional charge from the 1% excise tax on share purchases. No purchases were made in the six months ended March 31, 2024.

At March 31, 2025, $65.8 million remained available for future stock purchases.