MediaAlpha (MAX) director Steven Yi gains 18,294 shares from RSU vesting

Rhea-AI Filing Summary

MediaAlpha, Inc. director and officer Steven Yi reported the vesting and conversion of 18,294 Restricted Stock Units (RSUs) into 18,294 shares of Class A Common Stock on February 15, 2026. The RSUs convert one-for-one into Class A shares at no cash cost.

According to the footnotes, each RSU represents a contingent right to receive one Class A share or, at the Compensation Committee’s option, cash of equivalent value. One sixteenth of the RSUs vested on May 15, 2022, with the remainder vesting in equal quarterly installments through February 15, 2026, subject to continued employment.

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

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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^*

Yi Steven

(Last) (First) (Middle)

C/O MEDIAALPHA, INC.

700 SOUTH FLOWER STREET, SUITE 640

(Street)

LOS ANGELES CA 90017

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
02/15/2026

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
Class A Common Stock	02/15/2026		M		18,294	A	$0(1)	2,721,624	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
Restricted Stock Units	(2)	02/15/2026		M			18,294	(3)	(3)	Class A Common Stock	18,294	$0	0	D

Explanation of Responses:

1. One share of Class A Common Stock was issued upon the vesting of each Restricted Stock Unit ("RSU").

2. Each RSU represents a contingent right to receive one share of Class A Common Stock, or at the option of the Compensation Committee, cash of equivalent value.

3. One sixteenth of the RSUs vested on May 15, 2022 and the remainder will vest in equal quarterly installments through February 15, 2026, in each case subject to continued employment with the Issuer through each vesting date.

Remarks:

CHIEF EXECUTIVE OFFICER, PRESIDENT AND CO-FOUNDER

	/s/ Jeffrey B. Coyne	02/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did MediaAlpha (MAX) report for Steven Yi?

MediaAlpha reported that Steven Yi acquired 18,294 shares of Class A Common Stock through the vesting and conversion of 18,294 Restricted Stock Units. The transaction occurred on February 15, 2026, and reflects equity compensation rather than an open-market stock purchase.

How do the MediaAlpha (MAX) RSUs held by Steven Yi convert into shares?

Each Restricted Stock Unit converts into one share of MediaAlpha Class A Common Stock, or cash of equivalent value at the Compensation Committee’s option. In this transaction, 18,294 RSUs converted into 18,294 shares at a stated price of $0.00 per share.

What is the vesting schedule for Steven Yi’s MediaAlpha (MAX) RSUs?

One sixteenth of the RSUs vested on May 15, 2022, with the remaining units vesting in equal quarterly installments through February 15, 2026. Each vesting date requires Steven Yi’s continued employment with MediaAlpha for the shares or cash to be delivered.

Did Steven Yi buy MediaAlpha (MAX) shares on the open market in this Form 4?

No, the filing shows an exercise or conversion of derivative securities, not an open-market purchase. Steven Yi received 18,294 Class A shares upon vesting of RSUs, a form of equity compensation that settled at a reported price of $0.00 per share.

How many MediaAlpha (MAX) Class A shares does Steven Yi hold after this RSU vesting?

Following the RSU conversion on February 15, 2026, Steven Yi directly owns 2,721,624 shares of MediaAlpha Class A Common Stock. This total reflects the newly issued 18,294 shares from the vesting, as reported in the Form 4 ownership table.

What does transaction code M mean in the MediaAlpha (MAX) Form 4?

Transaction code M indicates an exercise or conversion of a derivative security, such as RSUs, into underlying shares. In this case, 18,294 Restricted Stock Units converted into 18,294 shares of MediaAlpha Class A Common Stock as part of Steven Yi’s equity compensation.