MediaAlpha (MAX) CEO RSUs Vest, 18,294 Shares Issued at $0

MediaAlpha, Inc. (MAX) reported an insider equity transaction by its Chief Executive Officer, President and co-founder, who is also a director.

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) reported an insider equity transaction by its Chief Executive Officer, President and co-founder, who is also a director. On 11/15/2025, 18,294 Restricted Stock Units (RSUs) were converted into an equal number of shares of Class A Common Stock at an exercise price of $0, reflecting the vesting of previously granted equity awards rather than an open-market purchase. Following this transaction, the reporting person beneficially owned 2,999,330 shares of Class A Common Stock in direct ownership. The RSU award vests over time, with one sixteenth having vested on May 15, 2022 and the remainder vesting in equal quarterly installments through February 15, 2026, subject to continued employment.

Insider Trade Summary

18,294 shares exercised/converted

Exercise 2 txns

Insider Yi Steven

Role See Remarks

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	18,294	$0.00	$0.00
Exercise	Class A Common Stock	18,294	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 18,294 contracts (Direct); Class A Common Stock — 2,999,330 shares (Direct)

Footnotes (3)

1. F1. One share of Class A Common Stock was issued upon the vesting of each Restricted Stock Unit ("RSU").
2. F2. 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. F3. 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.

FAQ

What insider transaction did MediaAlpha (MAX) report in this Form 4?

The filing reports the vesting and conversion of 18,294 Restricted Stock Units into an equal number of shares of MediaAlpha Class A Common Stock on 11/15/2025 at an exercise price of $0.

Who is the reporting person in this MediaAlpha (MAX) Form 4 filing?

The reporting person is a director and an officer of MediaAlpha, serving as Chief Executive Officer, President and co-founder.

How many MediaAlpha (MAX) shares does the insider own after this transaction?

After the reported transaction, the insider beneficially owned 2,999,330 shares of MediaAlpha Class A Common Stock in direct ownership.

What are the key terms of the Restricted Stock Units in this MediaAlpha (MAX) filing?

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.

How does the RSU vesting schedule work for this MediaAlpha (MAX) award?

According to the filing, one sixteenth of the RSUs vested on May 15, 2022, and the remainder will vest in equal quarterly installments through February 15, 2026, subject to continued employment with the company through each vesting date.

Was there a purchase price paid for the MediaAlpha (MAX) shares issued from RSUs?

The Form 4 indicates a price of $0 for the 18,294 shares issued upon RSU vesting, consistent with RSUs that settle into shares without a cash exercise price.

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Accepted by SEC EDGAR 11/18/2025 - 06:18 PM Learn about SEC filing dates

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^*

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)
11/15/2025

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	11/15/2025		M		18,294	A	$0(1)	2,999,330	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)	11/15/2025		M			18,294	(3)	(3)	Class A Common Stock	18,294	$0	18,294	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	11/18/2025
	** 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.