Were Steven Yi’s MediaAlpha (MAX) share sales pre-planned under Rule 10b5-1?

Yes. The filing states the sales were effected pursuant to a previously adopted Rule 10b5-1 trading plan. According to the footnote, the plan was primarily established to cover taxes arising from the vesting of restricted stock units (RSUs) granted to the reporting person.

Insider Steven Yi sells 12,000 MediaAlpha (MAX) shares via 10b5-1 plan

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

MediaAlpha, Inc. director and officer Steven Yi reported selling a total of 12,000 shares of Class A common stock in three open-market transactions on February 17, 18 and 19, 2026, at prices around $7.16–$7.34 per share. These sales were made under a pre-arranged Rule 10b5-1 trading plan primarily to cover taxes from RSU vesting. After the most recent sale, Yi directly held 2,709,624 shares.

Insider Trade Summary

Net Seller: 12,000 shares ($87,172)

Net Sell 3 txns

Insider Yi Steven

Role See Remarks

Sold 12,000 shs ($87K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	4,000	$7.29	$29K
Sale	Class A Common Stock	4,000	$7.3439	$29K
Sale	Class A Common Stock	4,000	$7.1592	$29K

Holdings After Transaction: Class A Common Stock — 2,709,624 shares (Direct)

Footnotes (1)

The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person primarily to cover taxes resulting from the vesting of RSUs. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $7.10 to $7.26 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. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $7.28 to $7.41 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. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $7.20 to $7.375 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.

Form 4 Insider Transactions: What Each Field Means →

02/19/2026 - 07:30 PM

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

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)
02/17/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	02/17/2026		S⁽¹⁾		4,000	D	$7.1592⁽²⁾	2,717,624	D
Class A Common Stock	02/18/2026		S⁽¹⁾		4,000	D	$7.3439⁽³⁾	2,713,624	D
Class A Common Stock	02/19/2026		S⁽¹⁾		4,000	D	$7.29⁽⁴⁾	2,709,624	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person primarily to cover taxes resulting from the vesting of RSUs.

2. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $7.10 to $7.26 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 $7.28 to $7.41 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.

4. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $7.20 to $7.375 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:

CHIEF EXECUTIVE OFFICER, PRESIDENT, AND CO-FOUNDER

	/s/ Jeffrey B. Coyne	02/19/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

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

Steven Yi reported selling 12,000 shares of MediaAlpha Class A common stock across three open-market transactions. These trades occurred on February 17, 18 and 19, 2026, at prices around $7.16–$7.34 per share, and were executed under a Rule 10b5-1 trading plan.

At what prices did Steven Yi sell MediaAlpha (MAX) shares in this Form 4?

The reported sales were executed at weighted-average prices of $7.1592, $7.3439 and $7.29 per share. Footnotes explain each price reflects multiple transactions within narrow ranges between $7.10 and $7.41, and detailed breakdowns are available upon request from appropriate parties.

How many MediaAlpha (MAX) shares does Steven Yi hold after these sales?

After the February 19, 2026 transaction, Steven Yi directly held 2,709,624 shares of MediaAlpha Class A common stock. This figure reflects his remaining direct ownership after selling a total of 12,000 shares over three consecutive trading days under a pre-arranged trading plan.

Why did Steven Yi sell MediaAlpha (MAX) shares according to the Form 4 footnotes?

The footnotes explain that the Rule 10b5-1 trading plan was adopted primarily to cover taxes from the vesting of restricted stock units. This means the reported open-market sales were intended mainly to satisfy related tax obligations, rather than being described as discretionary timing decisions.