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 our Board of Directors and stockholders. The RSUs granted to employees vest ratably over three tofour years, with a small number which cliff vest after three years. The RSUs granted to directors cliff vestone year 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 if the performance conditions are met. 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, 2026, we issued approximately 334,000 RSUs, which will vest ratably overone tofour years, and approximately 146,000 PSUs, which will vest after three years if the performance conditions are met.

Stock Repurchase Programs

In September 2025, our 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, 2026, we purchased approximately 1.8 million common shares at a cost of $142.0 million, which includes an additional charge from the 1% excise tax on share purchases. During the six months ended March 31, 2025, we purchased approximately 4.1 million common shares at a cost of $309.5 million under a similar program.

At March 31, 2026, approximately $140.2 million remained available for future stock repurchases. Subsequent to March 31, 2026, we purchased an additional 0.6 million common shares at a cost of $39.9 million. In May 2026, our Board of Directors authorized an increase to our existing stock repurchase program, superseding earlier authorizations, which allows us to purchase, at management's discretion, up to an aggregate of $400 million of our common stock.