MediaAlpha (MAX) director Form 4 shows planned stock sales

MediaAlpha, Inc. (MAX) director reported automatic sales of Class A common stock under a pre-arranged Rule 10b5-1 trading plan.

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) director reported automatic sales of Class A common stock under a pre-arranged Rule 10b5-1 trading plan. On November 17, 18 and 19, 2025, the reporting person sold 5,400 shares per day directly and 6,700 shares per day indirectly through O.N.E. Holdings, LLC at weighted-average prices between $11.49 and $12.49 per share. The plan was adopted to cover taxes from the vesting of restricted stock units. Following these transactions, the reporting person beneficially owned 1,111,648 Class A shares directly and 1,683,420 Class A shares indirectly via O.N.E. Holdings, LLC.

Insider Trade Summary

Net Seller: 36,300 shares

Net Sell 6 txns

Insider Nonko Eugene

Role Director

Sold 36,300 shs ($433K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	5,400	$11.6315	$63K
Sale	Class A Common Stock	6,700	$11.6308	$78K
Sale	Class A Common Stock	5,400	$11.8511	$64K
Sale	Class A Common Stock	6,700	$11.8516	$79K
Sale	Class A Common Stock	5,400	$12.3279	$67K
Sale	Class A Common Stock	6,700	$12.3256	$83K

Holdings After Transaction: Class A Common Stock — 1,111,648 shares (Direct); Class A Common Stock — 1,683,420 shares (Indirect, By O.N.E. Holdings,LLC)

Footnotes (7)

1. F1. 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. F2. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $12.14 to $12.49 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. F3. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.75 to $11.98 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. F4. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.495 to $11.9347 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.
5. F5. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $12.11 to $12.49 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.
6. F6. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.755 to $11.935 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.
7. F7. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.49 to $11.9347 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.

FAQ

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

The filing reports that a director of MediaAlpha, Inc. (MAX) sold Class A common stock on November 17, 18 and 19, 2025 in both direct and indirect accounts.

How many MediaAlpha (MAX) shares were sold in the director's own name?

The director sold 5,400 shares of MediaAlpha Class A common stock on each of November 17, 18 and 19, 2025 in direct transactions coded as sales.

What indirect MediaAlpha (MAX) sales were made through O.N.E. Holdings, LLC?

Through O.N.E. Holdings, LLC, the reporting person sold 6,700 shares of MediaAlpha Class A common stock on each of November 17, 18 and 19, 2025, reported as indirect sales.

What prices were received for the MediaAlpha (MAX) share sales?

The sales occurred at weighted-average prices ranging from about $11.49 to $12.49 per share, based on multiple transactions within those price ranges on each day.

Was the MediaAlpha (MAX) insider trading under a Rule 10b5-1 plan?

Yes. The filing states the sales were effected under a previously adopted Rule 10b5-1 trading plan intended to cover taxes from the vesting of restricted stock units.

How many MediaAlpha (MAX) shares does the director still own after these trades?

After the reported transactions, the director beneficially owned 1,111,648 Class A shares directly and 1,683,420 Class A shares indirectly through O.N.E. Holdings, LLC.

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Accepted by SEC EDGAR 11/19/2025 - 05:20 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).

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^*

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)
11/17/2025

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	11/17/2025		S(1)		5,400	D	$12.3279(2)	1,122,448	D
Class A Common Stock	11/18/2025		S(1)		5,400	D	$11.8511(3)	1,117,048	D
Class A Common Stock	11/19/2025		S(1)		5,400	D	$11.6315(4)	1,111,648	D
Class A Common Stock	11/17/2025		S(1)		6,700	D	$12.3256(5)	1,696,820	I	By O.N.E. Holdings,LLC
Class A Common Stock	11/18/2025		S(1)		6,700	D	$11.8516(6)	1,690,120	I	By O.N.E. Holdings,LLC
Class A Common Stock	11/19/2025		S(1)		6,700	D	$11.6308(7)	1,683,420	I	By O.N.E. Holdings,LLC

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 $12.14 to $12.49 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 $11.75 to $11.98 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 $11.495 to $11.9347 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.

5. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $12.11 to $12.49 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.

6. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.755 to $11.935 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.

7. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.49 to $11.9347 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	11/19/2025
	** 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.