MediaAlpha insider sales Aug 8-12, 2025 — 29,669 shares disclosed

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) Form 4 shows Chief Revenue Officer Keith Cramer executed three separate sales of Class A common stock on August 8, 11 and 12, 2025. The filing reports dispositions of 4,916 shares on 08/08 at a weighted-average price of $11.3063, 4,753 shares on 08/11 at $10.0277, and 20,000 shares on 08/12 at $9.7299, totaling 29,669 shares sold. Following these transactions the reporting person beneficially owns 167,200 shares. The form is filed individually and is signed on the filing as 2/s/ Jeffrey B. Coyne4 dated 08/12/2025.

The document is a standard Section 16 filing disclosing insider sales with weighted-average sale prices provided and an undertaking to supply breakdowns of per-trade quantities on request.

Positive

• Full disclosure provided: Form 4 lists transaction dates, quantities and weighted-average prices and offers to provide per-trade breakdowns on request.
• Continued beneficial ownership: Reporting person retains 167,200 shares after the reported sales.

Negative

• Insider sales executed: Reporting person sold a total of 29,669 Class A shares on 08/08, 08/11 and 08/12/2025.
• Declining weighted-average prices reported: $11.3063 on 08/08, $10.0277 on 08/11, and $9.7299 on 08/12, reflecting lower sale prices across the three days.

Insights

Financial Analyst

TL;DR: CRO sold 29,669 Class A shares across three days, retaining 167,200 shares; transactions reported with weighted-average prices.

The filing details routine Section 16 insider sales by the Chief Revenue Officer on 08/08, 08/11 and 08/12/2025. Total shares sold equal 29,669, with weighted-average prices declining across the three dates from $11.3063 to $9.7299. After the trades the reporting person holds 167,200 shares. The report includes standard explanatory notes promising per-trade price breakdown on request. From a financial-data standpoint this is a clear disclosure of liquidity events, not a change to reported earnings or capitalization by itself.

Corporate Governance Expert

TL;DR: Timely Form 4 disclosure of multiple insider sales; maintains significant residual ownership of 167,200 shares.

The filing is complete in showing transaction dates, quantities and weighted-average prices, and it indicates the filing was made by one reporting person. The signature block shows 2/s/ Jeffrey B. Coyne4 with date 08/12/2025. The registrant undertakes to provide a detailed breakdown of each trade price on request, which aligns with disclosure norms. These are material insider sales to note for governance transparency but the report does not include any additional corporate actions or explanations.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Cramer Keith

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Revenue Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

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	08/08/2025		S		4,916	D	$11.3063(1)	191,953	D
Class A Common Stock	08/11/2025		S		4,753	D	$10.0277(2)	187,200	D
Class A Common Stock	08/12/2025		S		20,000	D	$9.7299(3)	167,200	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

Explanation of Responses:

1. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.20 to $11.42 per share. The Reporting Person undertakes to provide upon request by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

2. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $10.00 to $10.17 per share. The Reporting Person undertakes to provide upon request by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

3. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $9.69 to $9.825 per share. The Reporting Person undertakes to provide upon request by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

Remarks:

	/s/ Jeffrey B. Coyne	08/12/2025
	** 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 4 (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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did MediaAlpha (MAX) disclose in this Form 4?

The Form 4 reports that CRO Keith Cramer sold 29,669 Class A shares across three transactions on 08/08/2025, 08/11/2025, and 08/12/2025.

How many shares does the reporting person own after the reported sales?

Following the reported transactions the reporting person beneficially owns 167,200 Class A shares.

What were the weighted-average sale prices reported for the trades?

The filing lists weighted-average prices of $11.3063 (08/08), $10.0277 (08/11), and $9.7299 (08/12), with detailed per-trade breakdowns available on request.

What is the reporting persons role at MediaAlpha?

The Form 4 identifies the reporting person, Keith Cramer, as an Officer with the title Chief Revenue Officer.

Who signed the Form 4 and when?

The signature block shows /s/ Jeffrey B. Coyne with date 08/12/2025 on the filing.