Planned MediaAlpha (MAX) insider sale totals 55,252 shares

Rhea-AI Filing Summary

MediaAlpha, Inc. director and officer Steven Yi reported selling a total of 55,252 shares of Class A Common Stock in open-market transactions on March 2–4, 2026, at prices around $10 per share. The sales were made under a pre-arranged Rule 10b5-1 trading plan primarily to cover taxes from vested RSUs. After these trades, Yi still directly owns 2,633,624 shares.

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

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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^*

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)
03/02/2026

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	03/02/2026		S(1)		39,252	D	$9.9867(2)	2,649,624	D
Class A Common Stock	03/03/2026		S(1)		8,000	D	$10.0289(3)	2,641,624	D
Class A Common Stock	03/04/2026		S(1)		8,000	D	$10.0671(4)	2,633,624	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 $9.72 to $10.04 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 $10.00 to $10.25 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 $9.965 to $10.31 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	03/04/2026
	** 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

What insider transaction did MediaAlpha (MAX) report on this Form 4?

MediaAlpha (MAX) reported that director and officer Steven Yi sold 55,252 shares of Class A Common Stock. The open-market sales occurred over three days at prices near $10 per share, and were executed under a pre-arranged Rule 10b5-1 trading plan.

Over what dates did Steven Yi sell MediaAlpha (MAX) shares and at what prices?

Steven Yi sold MediaAlpha (MAX) shares on March 2, 3, and 4, 2026. Reported weighted-average prices were about $9.99, $10.03, and $10.07 per share, with actual trade ranges from $9.72 to $10.31 across multiple transactions.

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

After these transactions, Steven Yi directly owns 2,633,624 shares of MediaAlpha (MAX) Class A Common Stock. This post-transaction balance reflects all three reported open-market sales totaling 55,252 shares completed between March 2 and March 4, 2026, under his trading plan.

Were the MediaAlpha (MAX) insider sales discretionary or under a trading plan?

The MediaAlpha (MAX) insider sales were executed under a Rule 10b5-1 trading plan. The filing states the plan was previously adopted by Steven Yi primarily to cover taxes arising from the vesting of restricted stock units (RSUs), indicating a pre-arranged, systematic sale program.

Why did Steven Yi sell MediaAlpha (MAX) shares according to the filing footnotes?

According to the footnotes, Steven Yi’s MediaAlpha (MAX) share sales were primarily to cover taxes from the vesting of RSUs. These transactions were carried out automatically under a previously adopted Rule 10b5-1 trading plan rather than as ad hoc, discretionary market sales.

What details are given about the MediaAlpha (MAX) sale price ranges in this Form 4?

The Form 4 notes that weighted-average prices mask multiple trades. For MediaAlpha (MAX), sales ranged from $9.72 to $10.31 per share on different days. The filer undertakes to provide full breakdowns of shares sold at each separate price upon request to regulators or holders.