MediaAlpha (NYSE: MAX) CEO Yi sells shares via 10b5-1 tax plan trades

Rhea-AI Filing Summary

MediaAlpha, Inc. insider activity: Steven Yi, a director and the company’s Chief Executive Officer, President, and co-founder, reported sales of Class A common stock over three days in January 2026.

He sold 8,000 shares on January 12, 2026 at a weighted-average price of $11.5098, 8,000 shares on January 13, 2026 at $11.3709, and 8,000 shares on January 14, 2026 at $11.6941. All transactions were executed directly in his account.

The filing states these sales were made under a pre-arranged Rule 10b5-1 trading plan to cover taxes arising from the vesting of restricted stock units. Following the reported transactions, Yi directly beneficially owned 2,783,330 shares of MediaAlpha Class A common stock.

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).

X

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)
01/12/2026

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	01/12/2026		S(1)		8,000	D	$11.5098(2)	2,799,330	D
Class A Common Stock	01/13/2026		S(1)		8,000	D	$11.3709(3)	2,791,330	D
Class A Common Stock	01/14/2026		S(1)		8,000	D	$11.6941(4)	2,783,330	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

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 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 $11.315 to $11.63 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 $11.19 to $11.535 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 $11.44 to $11.80 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	01/14/2026
	** 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.

FAQ

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

Steven Yi, a director and the Chief Executive Officer, President, and co-founder of MediaAlpha, Inc., reported selling Class A common stock in three transactions on January 12, 13, and 14, 2026.

How many MediaAlpha (MAX) shares did Steven Yi sell and on which dates?

Steven Yi sold 8,000 shares of Class A common stock on each of January 12, 2026, January 13, 2026, and January 14, 2026, for a total of three separate sales.

What prices did Steven Yi receive for his MediaAlpha (MAX) share sales?

The Form 4 reports weighted-average sale prices of $11.5098 on January 12, $11.3709 on January 13, and $11.6941 on January 14, 2026, for the Class A common stock transactions.

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

The filing explains that the sales were made under a pre-established Rule 10b5-1 trading plan that was adopted to cover taxes resulting from the vesting of RSUs (restricted stock units).

How many MediaAlpha (MAX) shares does Steven Yi own after these transactions?

After the reported sales, Steven Yi beneficially owned 2,783,330 shares of MediaAlpha Class A common stock, held directly.

Does Steven Yi’s Form 4 involve any derivative securities of MediaAlpha (MAX)?

No derivative securities transactions are reported in Table II; the Form 4 only shows sales of non-derivative Class A common stock.