MAX insider vesting and planned sale: 15,316 RSUs issued, 6,000 shares sold

Rhea-AI Filing Summary

MediaAlpha (MAX) Form 4 — Reporting person: Yeh Kuanling Amy, Chief Technology Officer. On 08/15/2025 Ms. Yeh had multiple restricted stock units (RSUs) vest and received issued shares: 5,210, 5,303 and 4,803 Class A common shares upon vesting of RSUs granted in 2022, 2023 and 2024. Those issuances increased her reported beneficial ownership to 405,347 shares before a sale. On the same date she sold 6,000 shares at a weighted-average price of $10.1953 per share under a previously adopted Rule 10b5-1 trading plan, leaving 399,347 shares beneficially owned. The filing includes derivative detail showing the underlying RSU balances and states vesting schedules tied to continued employment.

Positive

• RSUs vested across multiple grant years, demonstrating scheduled equity compensation delivery
• Sale executed under a Rule 10b5-1 plan, increasing procedural transparency and reducing timing ambiguity
• Filing discloses exact share counts and weighted-average sale price, supporting clear disclosure

Negative

• Reported sale reduced direct beneficial ownership by 6,000 shares to 399,347 shares
• Sale realized at a modest weighted-average price of $10.1953, which may represent partial monetization of recently vested equity

Insights

Corporate Governance Expert

TL;DR: Insider received vested equity and executed a planned sale under a 10b5-1 plan; disclosure is routine and transparent.

The filing shows customary equity compensation vesting and a contemporaneous sale executed pursuant to a Rule 10b5-1 plan, which generally mitigates timing concerns about insider sales. The report discloses exact share counts, grant vintages (2022, 2023, 2024) and the weighted-average sale price range supporting transparency. No indirect ownership or atypical transfer mechanisms are disclosed.

Executive Compensation Analyst

TL;DR: RSU vesting across three grant years increases equity alignment; a small portion was sold under an automated plan.

The filing documents vesting of RSUs from three consecutive grant years with standard quarterly vesting after an initial one-sixteenth vest. The aggregate vested shares issued (15,316) reflect routine compensation realization. The sale of 6,000 shares at a weighted-average price of $10.1953 partially monetized the vesting event, consistent with typical post-vesting liquidity choices under preset plans.

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).

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^*

Yeh Kuanling Amy

(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)
	Chief Technology Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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	08/15/2025		M		5,210	A	$0(1)	395,241	D
Class A Common Stock	08/15/2025		M		5,303	A	$0(1)	400,544	D
Class A Common Stock	08/15/2025		M		4,803	A	$0(1)	405,347	D
Class A Common Stock	08/15/2025		S(2)		6,000	D	$10.1953(3)	399,347	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
Restricted Stock Units	(4)	08/15/2025		M			5,210	(5)	(5)	Class A Common Stock	5,210	$0	10,419	D
Restricted Stock Units	(6)	08/15/2025		M			5,303	(7)	(7)	Class A Common Stock	5,303	$0	31,819	D
Restricted Stock Units	(8)	08/15/2025		M			4,803	(9)	(9)	Class A Common Stock	4,803	$0	48,032	D

Explanation of Responses:

1. One share of Class A Common Stock was issued upon the vesting of each Restricted Stock Unit ("RSU").

2. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person.

3. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $10.02 to $10.27 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. Represents RSUs granted under the Issuer's Omnibus Equity Incentive Plan on March 25, 2022.

5. One sixteenth of the RSUs vested on May 15, 2022 and the remainder will vest quarterly over the following four years, in each case subject to continued employment with the Issuer through each vesting date.

6. Represents RSUs granted under the Issuer's Omnibus Equity Incentive Plan on March 15, 2023.

7. One sixteenth of the RSUs vested on May 15, 2023 and the remainder will vest quarterly over the following four years, in each case subject to continued employment with the Issuer through each vesting date.

8. Represents RSUs granted under the Issuer's Omnibus Equity Incentive Plan on March 15, 2024.

9. One sixteenth of the RSUs vested on May 15, 2024 and the remainder will vest quarterly over the following four years, in each case subject to continued employment with the Issuer through each vesting date.

Remarks:

	/s/ Jeffrey B. Coyne	08/18/2025
	** 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

Who filed the Form 4 for MediaAlpha (MAX)?

The Form 4 was filed by Yeh Kuanling Amy, the Chief Technology Officer of MediaAlpha, Inc.

What equity vested for the reporting person on 08/15/2025?

On 08/15/2025 RSUs vested resulting in issuance of 5,210, 5,303, and 4,803 Class A shares from grants dated 2022, 2023 and 2024.

How many shares were sold and at what price?

The reporting person sold 6,000 shares on 08/15/2025 at a weighted-average price of $10.1953 per share under a Rule 10b5-1 plan.

What is the reporting person’s beneficial ownership after the transactions?

Following the reported transactions, the Form 4 shows 399,347 shares of Class A common stock beneficially owned.

Were the sales part of an automated trading plan?

Yes. The filing states the sales were effected pursuant to a previously adopted Rule 10b5-1 trading plan.