MAX insider filing: 7,250 RSUs to director; $0 grant price

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) reported a routine director equity grant. On 11/11/2025, a director acquired 7,250 shares of Class A common stock via restricted stock units (RSUs) at $0 per unit under the company’s Omnibus Incentive Plan.

Each RSU equals one share upon vesting. The RSUs vest on the earlier of May 5, 2026 or the company’s 2026 Annual Meeting, contingent on continued board service. Following the grant, the director holds 7,250 shares directly.

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
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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^*

Jones Ramon

(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)
11/11/2025

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	11/11/2025		A		7,250(1)	A	$0	7,250	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. Consists of restricted stock units granted to the Reporting Person under the Issuer's Omnibus Incentive Plan, in connection with the Reporting Person's service on the Issuer's board of directors. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock upon vesting. All such restricted stock units will vest on the earlier of May 5, 2026 or the date of the Issuer's 2026 Annual Meeting, subject to the Reporting Person's continued service through the applicable vesting date.

Remarks:

	/s/ Jeffrey B. Coyne	11/13/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did MediaAlpha (MAX) disclose in this insider filing?

A director received 7,250 RSUs of Class A common stock on 11/11/2025 at a price of $0 under the Omnibus Incentive Plan.

When do the 7,250 RSUs for MAX vest?

They vest on the earlier of May 5, 2026 or the company’s 2026 Annual Meeting, subject to continued service.

How many MediaAlpha shares does the director own after this grant?

The director beneficially owns 7,250 shares directly after the reported transaction.

What type of security was granted to the MediaAlpha director?

Restricted stock units (RSUs), each representing the right to receive one share of Class A common stock upon vesting.

Was there any cash paid for the MAX RSU grant?

No. The acquisition price for the RSUs was $0.

What plan governs this MAX equity grant?

The grant was made under MediaAlpha’s Omnibus Incentive Plan for board service.