MediaAlpha (MAX) General Counsel Jeffrey Coyne reports Rule 10b5-1 sale of 5,000 shares

Rhea-AI Filing Summary

MediaAlpha, Inc. insider trading report: the company’s General Counsel and Secretary, Jeffrey B. Coyne, reported selling 5,000 shares of Class A common stock of MediaAlpha, Inc. on 12/12/2025 under transaction code “S”. The sale was executed pursuant to a pre-arranged Rule 10b5-1 trading plan designed to cover taxes from the vesting of restricted stock units (RSUs), meaning the trades followed a preset plan rather than day-to-day trading decisions.

The shares were sold at a weighted-average price of $13.1579 per share, based on multiple transactions within a price range of $12.99 to $13.23. After this transaction, Coyne beneficially owned 441,783 shares of MediaAlpha Class A common stock directly.

Insider Trade Summary

Net Seller: 5,000 shares ($65,790)

Net Sell 1 txn

Insider COYNE JEFFREY B

Role GENERAL COUNSEL AND SECRETARY

Sold 5,000 shs ($66K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	5,000	$13.1579	$66K

Holdings After Transaction: Class A Common Stock — 441,783 shares (Direct)

Footnotes (1)

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. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $12.99 to $13.23 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 →

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^*

COYNE JEFFREY B

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	GENERAL COUNSEL AND SECRETARY

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2025

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	12/12/2025		S(1)		5,000	D	$13.1579(2)	441,783	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 $12.99 to $13.23 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	12/12/2025
	** 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.

FAQ

What insider transaction did MediaAlpha (MAX) report for Jeffrey B. Coyne?

MediaAlpha’s General Counsel and Secretary, Jeffrey B. Coyne, reported the sale of 5,000 shares of Class A common stock of MediaAlpha, Inc. on 12/12/2025 under transaction code “S”.

At what price were the MediaAlpha (MAX) shares sold in this Form 4 filing?

The filing reports a weighted-average sale price of $13.1579 per share for the 5,000 shares sold, based on multiple transactions with prices ranging from $12.99 to $13.23 per share.

How many MediaAlpha (MAX) shares does Jeffrey B. Coyne own after the reported sale?

Following the reported transaction, Jeffrey B. Coyne beneficially owned 441,783 shares of MediaAlpha, Inc. Class A common stock directly.

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

Yes. The filing states that the sales were effected pursuant to a Rule 10b5-1 trading plan previously adopted by Jeffrey B. Coyne to cover taxes arising from the vesting of RSUs (restricted stock units).

Why did the MediaAlpha (MAX) insider sell shares according to this report?

The explanation says the sales were made under a Rule 10b5-1 trading plan to cover taxes resulting from the vesting of RSUs, indicating the sales were related to tax obligations on equity compensation.

Can investors get more detail on the individual sale prices in this MediaAlpha (MAX) Form 4?

The report notes that the weighted-average price reflects multiple trades and that full information on the number of shares sold at each price within the $12.99 to $13.23 range will be made available upon request to the SEC staff, the issuer, or a security holder.