MediaAlpha MAX Form 4 shows 18,294 RSUs settled into stock

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) reported an insider equity transaction by a director on 11/15/2025. The director acquired 18,294 shares of Class A Common Stock at an exercise price of $0 through the vesting and settlement of Restricted Stock Units (RSUs), coded as an "M" transaction. Following this transaction, the director directly beneficially owns 1,127,848 shares of Class A Common Stock.

The RSUs each represent a contingent right to receive one share of Class A Common Stock or, at the option of the Compensation Committee, cash of equivalent value. One sixteenth of the RSUs vested on May 15, 2022, and the remainder are scheduled to vest in equal quarterly installments through February 15, 2026, subject to continued employment with the company.

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

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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^*

Nonko Eugene

(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
	Officer (give title below)		Other (specify below)

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)	1,127,848	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:

	/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.
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FAQ

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

A director acquired 18,294 shares of MediaAlpha Class A Common Stock on 11/15/2025 through the vesting and settlement of Restricted Stock Units at an exercise price of $0.

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

After the reported transaction, the director directly beneficially owns 1,127,848 shares of MediaAlpha Class A Common Stock.

What do the RSUs reported by the MediaAlpha (MAX) director represent?

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

What is the vesting schedule for the MediaAlpha (MAX) RSUs mentioned?

One sixteenth of the RSUs vested on May 15, 2022, and the remainder vest in equal quarterly installments through February 15, 2026, subject to continued employment.

What transaction code is used for this MediaAlpha (MAX) Form 4 event?

The transaction is coded as "M", indicating a transaction involving the exercise or conversion of a derivative security, here the vesting and settlement of RSUs into Class A Common Stock.

Did the MediaAlpha (MAX) director pay any cash to acquire the 18,294 shares?

No cash was paid to acquire the 18,294 shares; the exercise price is listed as $0 in connection with the vesting of RSUs.