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MediaAlpha (MAX) insider sells 96,000 shares under 10b5-1 tax plan

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

MediaAlpha, Inc. director and officer Yi Steven reported an open-market sale of 96,000 shares of Class A common stock. The shares were sold at a weighted-average price of $12.9028 per share, in multiple trades between $12.43 and $13.085 on July 1, 2026. The transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted primarily to cover taxes arising from the vesting of RSUs. Following these sales, Yi Steven directly holds 2,759,690 shares of MediaAlpha Class A common stock.

Positive

  • None.

Negative

  • None.
Insider Yi Steven
Role See Remarks
Sold 96,000 shs ($1.24M)
Type Security Shares Price Value
Sale Class A Common Stock 96,000 $12.9028 $1.24M
Holdings After Transaction: Class A Common Stock — 2,759,690 shares (Direct, null)
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 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 $12.43 to $13.085 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.
Shares sold 96,000 shares Open-market sale on July 1, 2026
Weighted-average sale price $12.9028 per share Class A common stock sale
Trading price range $12.43–$13.085 per share Multiple transactions within the sale
Shares owned after transaction 2,759,690 shares Direct Class A holding following sale
Rule 10b5-1 trading plan regulatory
"The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan previously adopted..."
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
RSUs financial
"previously adopted by the Reporting Person primarily to cover taxes resulting from the vesting of RSUs."
RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.
weighted-average sale price financial
"Reflects the weighted-average sale price for shares sold in multiple transactions..."
Class A Common Stock financial
"security_title: "Class A Common Stock""
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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 CALIFORNIA 90017
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
MediaAlpha, Inc. [ MAX ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
XOfficer (give title below)Other (specify below)
See Remarks
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
07/01/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Class A Common Stock07/01/2026S(1)96,000D$12.9028(2)2,759,690D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 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 $12.43 to $13.085 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. Coyne07/01/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

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

MediaAlpha reported that director and officer Yi Steven sold 96,000 shares of Class A common stock. The sale was executed as an open-market transaction at a weighted-average price of $12.9028 per share under a pre-arranged Rule 10b5-1 trading plan.

At what prices did Yi Steven sell MediaAlpha (MAX) shares?

Yi Steven sold MediaAlpha shares at a weighted-average price of $12.9028 per share. Individual trades occurred in multiple transactions, with prices ranging from $12.43 to $13.085 per share, according to the Form 4 disclosure’s pricing footnote.

How many MediaAlpha (MAX) shares does Yi Steven own after the sale?

After the reported transaction, Yi Steven directly holds 2,759,690 shares of MediaAlpha Class A common stock. This post-transaction holding figure comes from the Form 4 and reflects his remaining direct ownership following the 96,000-share open-market sale.

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

Yes. The Form 4 states the sales were made under a previously adopted Rule 10b5-1 trading plan. The footnote explains the plan was adopted primarily to cover taxes resulting from the vesting of restricted stock units, indicating a pre-planned structure.

Why did Yi Steven’s Rule 10b5-1 plan for MediaAlpha (MAX) focus on taxes?

The filing explains that Yi Steven’s Rule 10b5-1 trading plan was adopted primarily to cover taxes from RSU vesting. When RSUs vest, they typically create taxable income, and insiders often sell shares under such plans to fund those resulting tax obligations.

What type of security did Yi Steven sell in MediaAlpha (MAX)?

Yi Steven sold shares of MediaAlpha’s Class A common stock. The Form 4 identifies the security as Class A Common Stock and notes that the 96,000 shares were sold in an open-market transaction, with pricing detailed through a weighted-average price and a trading range.