[Form 3] MediaAlpha, Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) has filed a Form 3 disclosing the initial beneficial ownership of its newly appointed Chief Technology Officer, Kuan-Ling (Amy) Yeh. The filing date relates to an event on 30 June 2025, the effective date of her CTO appointment.

According to the statement, Ms. Yeh directly owns 390,031 shares of Class A common stock, of which 170,672 are unvested RSUs that vest quarterly over four years. She also holds 151,913 Class B-1 units of QL Holdings LLC paired with Class B common stock; each unit can be exchanged 1-for-1 into Class A shares. Additional RSU grants cover 105,586 Class A shares across 2022–2024 awards, each following similar quarterly vesting schedules contingent on continued employment.

The ownership is reported as Direct (D), indicating personal control rather than through an entity. No purchases, sales, or option exercises are reported; the filing simply sets the baseline ownership required by Section 16 for insiders. Aside from the leadership change, the document contains no financial performance data or strategic announcements.

Positive

• Appointment of a Chief Technology Officer (effective 30 Jun 2025) enhances executive team capabilities.
• 390,031 Class A shares (including 170,672 unvested RSUs) indicate strong insider alignment with shareholders.
• 151,913 exchangeable Class B-1 units provide additional future equity exposure without immediate dilution.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: New CTO discloses sizable equity stake, aligning incentives; no transactional impact.

The Form 3 establishes Ms. Yeh’s insider status and confirms a meaningful equity position—over 390 k Class A shares and exchangeable Class B-1 units—that should encourage shareholder-aligned decision-making in her technology leadership role. Because this is an initial filing, there are no buy/sell signals, cash costs, or dilution effects. While a C-suite appointment can influence strategic direction, the document itself is largely administrative and therefore low market impact.

Securities Analyst

TL;DR: Administrative filing; confirms CTO holds ~1% of shares outstanding, minimal immediate valuation effect.

The disclosure shows Ms. Yeh controls roughly 390 k Class A shares plus 152 k exchangeable units. Given MediaAlpha’s ~100 m diluted share count (not provided here but widely reported), the stake is near 0.5-1%, a respectable alignment but not large enough to move float dynamics. Vesting RSUs introduce modest future dilution but follow standard quarterly schedules. No cash transactions or option strikes appear, so no direct EPS or liquidity impact is expected from this filing alone.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Yeh Kuanling Amy

(Last) (First) (Middle)

C/O MEDIAALPHA, INC.

700 SOUTH FLOWER STREET, SUITE 640

(Street)

LOS ANGELES CA 90017

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
06/30/2025

3. Issuer Name and Ticker or Trading Symbol
MediaAlpha, Inc. [ MAX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	390,031(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B-1 Units of QL Holdings LLC and Class B Common Stock	(2)	(2)	Class A Common Stock	151,913	$0	D
Restricted Stock Units	(3)	(3)	Class A Common Stock	15,629	(4)	D
Restricted Stock Units	(5)	(5)	Class A Common Stock	37,122	(6)	D
Restricted Stock Units	(7)	(7)	Class A Common Stock	52,835	(8)	D

Explanation of Responses:

1. Includes 170,672 unvested restricted stock units ("RSUs") granted to the Reporting Person under the Issuer's Omnibus Incentive Plan. Each RSU represents a contingent right to receive one share of Class A Common Stock upon vesting. One sixteenth of the RSUs vested on May 15, 2025 and the remainder will vest quarterly over the following four years, in each case subject to continued employment with the Issuer through each vesting date.

2. Pursuant to the Exchange Agreement, dated October 27, 2020, among the Issuer, QL Holdings LLC (QLH), Guilford Holdings, Inc. and the Class B-1 members of QLH, each Class B-1 Unit, together with one share of Class B Common Stock, is exchangeable for one share of Class A Common Stock.

3. One sixteenth of the RSUs vested on May 15, 2022 and the remainder will vest quarterly over the following four years, in each case subject to continued employment with the Issuer through each vesting date.

4. Represents RSUs granted under the Issuer's Omnibus Equity Incentive Plan on March 25, 2022.

5. One sixteenth of the RSUs vested on May 15, 2023 and the remainder will vest quarterly over the following four years, in each case subject to continued employment with the Issuer through each vesting date.

6. Represents RSUs granted under the Issuer's Omnibus Equity Incentive Plan on March 15, 2023.

7. One sixteenth of the RSUs vested on May 15, 2024 and the remainder will vest quarterly over the following four years, in each case subject to continued employment with the Issuer through each vesting date.

8. Represents RSUs granted under the Issuer's Omnibus Equity Incentive Plan on March 15, 2024.

Remarks:

Ms. Yeh was appointed as Chief Technology Officer of the Company effective June 30, 2025. Exhibit 24 - Power of Attorney

	/s/ Jeffrey B. Coyne	07/10/2025
	** 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 5 (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.
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FAQ

What new role did Amy Yeh assume at MediaAlpha (MAX)?

Chief Technology Officer, effective 30 June 2025.

How many Class A common shares does Ms. Yeh currently beneficially own?

She reports 390,031 Class A shares, including unvested RSUs.

What is the vesting schedule for the 170,672 RSUs included in her ownership?

One-sixteenth vested on 15 May 2025; the rest vest quarterly over four years, subject to continued employment.

How many Class B-1 units can Ms. Yeh exchange into Class A stock?

She holds 151,913 Class B-1 units, each exchangeable 1-for-1 into Class A shares.

Was there any purchase or sale of shares reported in this Form 3?

No. The filing only sets out initial ownership; it reports no transactions.

Is the reported ownership held directly or indirectly?

All securities are listed as Direct (D) ownership by Ms. Yeh.