MediaAlpha (NYSE: MAX) director sells 24,000 shares under 10b5-1 plan

Rhea-AI Filing Summary

MediaAlpha, Inc. director and officer Steven Yi sold 24,000 shares of Class A common stock in an open-market transaction. The weighted-average price was about $10.01 per share, with individual trades between $10.00 and $10.035. These sales were made under a pre-arranged Rule 10b5-1 trading plan primarily to cover taxes from vesting restricted stock units. After the sale, Yi directly holds 2,855,690 shares, indicating he retains a substantial equity position.

Insider Trade Summary 10b5-1

Net Seller: 24,000 shares ($240,175)

Net Sell 1 txn

Insider Yi Steven

Role See Remarks

Sold 24,000 shs ($240K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	24,000	$10.0073	$240K

Holdings After Transaction: Class A Common Stock — 2,855,690 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 $10.00 to $10.035 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.

Key Figures

Shares sold: 24,000 shares Weighted-average sale price: $10.0073 per share Sale price range: $10.00–$10.035 per share +1 more

4 metrics

Shares sold 24,000 shares Open-market sale on 2026-06-16

Weighted-average sale price $10.0073 per share Class A Common Stock

Sale price range $10.00–$10.035 per share Multiple transactions

Shares held after transaction 2,855,690 shares Direct ownership following sale

Key Terms

Rule 10b5-1 trading plan, RSUs, weighted-average sale price

3 terms

Rule 10b5-1 trading plan regulatory

"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"

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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).

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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	06/16/2026		S(1)		24,000	D	$10.0073(2)	2,855,690	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 $10.00 to $10.035 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	06/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

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

Steven Yi, a director and officer of MediaAlpha, sold 24,000 Class A shares in an open-market transaction. The sale was executed under a pre-arranged Rule 10b5-1 trading plan, primarily to cover taxes from vesting restricted stock units.

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

Steven Yi’s 24,000 MediaAlpha shares were sold at a weighted-average price of about $10.01. Individual trades occurred between $10.00 and $10.035 per share, reflecting multiple sale transactions within that narrow price range.

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

After selling 24,000 shares, Steven Yi directly holds 2,855,690 shares of MediaAlpha Class A common stock. This indicates the reported sale represents only a small portion of his overall reported equity position in the company.

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

Yes. The filing states the MediaAlpha share sales were executed under a previously adopted Rule 10b5-1 trading plan. The plan was established primarily to cover tax obligations arising from the vesting of restricted stock units.

Why were Steven Yi’s MediaAlpha (MAX) shares sold according to the filing?

The filing explains that Steven Yi’s sales under the Rule 10b5-1 trading plan were primarily to cover taxes triggered by the vesting of restricted stock units. This frames the sale as a tax-related liquidity event rather than a discretionary share liquidation.