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

Yes. The Form 4 footnotes state the MediaAlpha share sales were executed under a previously adopted Rule 10b5-1 trading plan. The plan was put in place primarily to cover taxes arising from the vesting of restricted stock units, indicating the timing was pre-arranged rather than opportunistic.

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

The filing reports weighted-average sale prices of $9.8624, $9.7486 and $9.6758 per share for the three trading days. Footnotes add that individual trades occurred in ranges from $9.61 up to $10.00 per share, and detailed breakdowns are available on request from the reporting person.

Planned MediaAlpha (NYSE: MAX) insider sale covers RSU tax obligations

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

MediaAlpha, Inc. director and officer Yi Steven reported open-market sales of 13,650 shares of Class A Common Stock. The sales occurred on March 9, 10 and 11, 2026 at weighted-average prices between $9.61 and $10.00 per share.

These transactions were executed under a pre-arranged Rule 10b5-1 trading plan primarily to cover taxes arising from the vesting of restricted stock units (RSUs). After the sales, Yi Steven continues to hold 2,619,974 shares of MediaAlpha Class A Common Stock directly.

Insights

Pre-planned tax-related sales of a small portion of MediaAlpha shares.

Yi Steven sold 13,650 shares of MediaAlpha, Inc. Class A Common Stock in three open-market transactions at prices around $9.7–$9.9 per share. The filing states these trades were made under a Rule 10b5-1 plan.

The footnotes explain the plan was adopted primarily to cover taxes from RSU vesting, which frames this as a compensation-related liquidity event rather than a discretionary bet on the stock’s direction. Following the sales, he holds 2,619,974 shares directly, indicating he retains a substantial equity position.

Because the transactions are small relative to his reported holdings and executed under a pre-set trading plan, they typically carry limited informational value about MediaAlpha’s near-term prospects. Subsequent company filings may update his position as additional RSUs vest or further plan trades execute.

Insider Trade Summary 10b5-1

Net Seller: 13,650 shares ($133,420)

Net Sell 3 txns

Insider Yi Steven

Role See Remarks

Sold 13,650 shs ($133K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	4,000	$9.6758	$39K
Sale	Class A Common Stock	4,000	$9.7486	$39K
Sale	Class A Common Stock	5,650	$9.8624	$56K

Holdings After Transaction: Class A Common Stock — 2,619,974 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 $9.72 to $10.00 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 $9.67 to $9.945 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 $9.61 to $9.735 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 →

03/11/2026 - 06:39 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)
03/09/2026

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	03/09/2026		S⁽¹⁾		5,650	D	$9.8624⁽²⁾	2,627,974	D
Class A Common Stock	03/10/2026		S⁽¹⁾		4,000	D	$9.7486⁽³⁾	2,623,974	D
Class A Common Stock	03/11/2026		S⁽¹⁾		4,000	D	$9.6758⁽⁴⁾	2,619,974	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 $9.72 to $10.00 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 $9.67 to $9.945 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 $9.61 to $9.735 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	03/11/2026
	** 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 stock sales did Yi Steven report at MediaAlpha (MAX)?

Yi Steven reported selling 13,650 shares of MediaAlpha Class A Common Stock in three open-market transactions on March 9–11, 2026, at weighted-average prices between $9.61 and $10.00 per share. These transactions are disclosed in a Form 4 insider trading report.

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

After the reported transactions, Yi Steven holds 2,619,974 shares of MediaAlpha Class A Common Stock directly. This figure, disclosed in the Form 4, shows he retains a large equity stake in the company even after selling 13,650 shares through his trading plan.

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

The Form 4 explains that the sales were made primarily to cover tax obligations from the vesting of restricted stock units. This suggests the transactions are tied to equity compensation and tax management, rather than signaling a fundamental change in his long-term view of MediaAlpha.

How significant are Yi Steven’s recent MediaAlpha (MAX) sales relative to his holdings?

The reported 13,650 shares sold represent a small fraction of his 2,619,974 shares held afterward. This indicates the transactions reduce his stake only modestly. Combined with the Rule 10b5-1 plan and tax-coverage purpose, they appear as routine portfolio and tax management activity.