MediaAlpha (MAX) CEO Steven Yi sells 24,000 shares under 10b5-1 plan

Rhea-AI Filing Summary

MediaAlpha, Inc. executive Steven Yi, the company’s Chief Executive Officer, President, Co‑Founder and a director, reported three small open‑market sales of Class A common stock under a pre‑arranged Rule 10b5‑1 trading plan. On January 20, 2026, he sold 8,000 shares at a weighted‑average price of $11.2043 per share. On January 21, 2026, he sold another 8,000 shares at a weighted‑average price of $11.0227 per share, and on January 22, 2026 he sold a further 8,000 shares at a weighted‑average price of $11.202 per share.

According to the filing, these trades were made primarily to cover taxes from the vesting of restricted stock units. After the last transaction, Yi directly beneficially owned 2,759,330 shares of MediaAlpha Class A common stock.

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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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 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
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
01/20/2026

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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	01/20/2026		S(1)		8,000	D	$11.2043(2)	2,775,330	D
Class A Common Stock	01/21/2026		S(1)		8,000	D	$11.0227(3)	2,767,330	D
Class A Common Stock	01/22/2026		S(1)		8,000	D	$11.202(4)	2,759,330	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 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 $11.10 to $11.335 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 $10.86 to $11.20 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 $11.06 to $11.315 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	01/22/2026
	** 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.

FAQ

Who is the insider trading shares in MediaAlpha, Inc. (MAX)?

The reporting person is Steven Yi, who serves as Chief Executive Officer, President, Co‑Founder, and a director of MediaAlpha, Inc.

How many MediaAlpha (MAX) shares did Steven Yi sell in this Form 4?

Steven Yi reported selling a total of 24,000 shares of MediaAlpha Class A common stock, in three separate transactions of 8,000 shares each.

On what dates did the MediaAlpha (MAX) insider sales occur and at what prices?

The sales occurred on January 20, 21, and 22, 2026. The weighted‑average prices were $11.2043, $11.0227, and $11.202 per share, respectively, across multiple trades within disclosed price ranges.

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

The filing states the sales were made under a Rule 10b5‑1 trading plan that had been previously adopted by Steven Yi, primarily to cover taxes resulting from the vesting of restricted stock units (RSUs).

How many MediaAlpha (MAX) shares does Steven Yi own after these transactions?

Following the last reported sale on January 22, 2026, Steven Yi directly beneficially owned 2,759,330 shares of MediaAlpha Class A common stock.

Were the MediaAlpha (MAX) insider sales part of a pre‑planned program?

Yes. The filing explains that all reported sales were effected pursuant to a Rule 10b5‑1 trading plan that Steven Yi had previously adopted.