MediaAlpha insider boosts holdings to 197,169 shares after RSU vest

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) reported insider equity activity by its Chief Revenue Officer, who is an officer of the company. On 11/15/2025, the officer acquired a total of 14,984 shares of Class A Common Stock at $0 per share upon the vesting and settlement of previously granted Restricted Stock Units (RSUs). Following these transactions, the officer directly owned 197,169 shares of Class A Common Stock. The RSUs were granted under MediaAlpha’s Omnibus Equity Incentive Plan in March 2022, March 2023, and March 2024, and each grant vests over time, with one sixteenth vesting on May 15 of the year of grant and the remainder vesting quarterly over the following four years, subject to continued employment.

Insider Trade Summary

14,984 shares exercised/converted

Mixed 6 txns

Insider Cramer Keith

Role Chief Revenue Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	5,209	$0.00	--
Exercise	Restricted Stock Units	5,303	$0.00	--
Exercise	Restricted Stock Units	4,472	$0.00	--
Exercise	Class A Common Stock	5,209	$0.00	--
Exercise	Class A Common Stock	5,303	$0.00	--
Exercise	Class A Common Stock	4,472	$0.00	--

Holdings After Transaction: Restricted Stock Units — 5,210 shares (Direct); Class A Common Stock — 187,394 shares (Direct)

Footnotes (1)

1. One share of Class A Common Stock was issued upon the vesting of each Restricted Stock Unit ("RSU"). Represents RSUs granted under the Issuer's Omnibus Equity Incentive Plan on March 25, 2022. 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. Represents RSUs granted under the Issuer's Omnibus Equity Incentive Plan on March 15, 2023. 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. Represents RSUs granted under the Issuer's Omnibus Equity Incentive Plan on March 15, 2024. 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.

Form 4 Insider Transactions: What Each Field Means →

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^*

Cramer Keith

(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 Revenue Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/15/2025

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	11/15/2025		M		5,209	A	$0(1)	187,394	D
Class A Common Stock	11/15/2025		M		5,303	A	$0(1)	192,697	D
Class A Common Stock	11/15/2025		M		4,472	A	$0(1)	197,169	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	(2)	11/15/2025		M			5,209	(3)	(3)	Class A Common Stock	5,209	$0	5,210	D
Restricted Stock Units	(4)	11/15/2025		M			5,303	(5)	(5)	Class A Common Stock	5,303	$0	26,516	D
Restricted Stock Units	(6)	11/15/2025		M			4,472	(7)	(7)	Class A Common Stock	4,472	$0	40,247	D

Explanation of Responses:

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

2. Represents RSUs granted under the Issuer's Omnibus Equity Incentive Plan on March 25, 2022.

3. 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.

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

5. 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.

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

7. 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	11/18/2025
	** 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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