MediaAlpha (NYSE: MAX) director receives 20,750 RSUs grant

Rhea-AI Filing Summary

Jones Ramon reported acquisition or exercise transactions in this Form 4 filing.

MediaAlpha, Inc. director Ramon Jones received an equity award of 20,750 restricted stock units of Class A Common Stock. The award was granted under the company’s Omnibus Incentive Plan for his service on the board. Each restricted stock unit represents a right to receive one share upon vesting.

All of these restricted stock units will vest on the earlier of the first anniversary of the grant date or the date of MediaAlpha’s 2027 annual meeting, as long as Jones continues serving through that date. Following this grant, his directly held equity position reported in this filing is 28,000 shares or units.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Jones Ramon

Role null

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	20,750	$0.00	--

Holdings After Transaction: Class A Common Stock — 28,000 shares (Direct, null)

Footnotes (1)

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Key Figures

Restricted stock units granted: 20,750 units Grant price per share: $0.0000 per share Holdings after transaction: 28,000 shares/units

3 metrics

Restricted stock units granted 20,750 units Equity award for board service

Grant price per share $0.0000 per share Reported transaction price for RSU grant

Holdings after transaction 28,000 shares/units Total direct equity reported following grant

Key Terms

restricted stock units, Omnibus Incentive Plan, Class A Common Stock

3 terms

restricted stock units financial

"Consists of restricted stock units granted to the Reporting Person under the Issuer's Omnibus Incentive Plan"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Omnibus Incentive Plan financial

"granted to the Reporting Person under the Issuer's Omnibus Incentive Plan, in connection with the Reporting Person's service"

An omnibus incentive plan is a single, flexible program a company uses to give employees and executives different types of pay tied to performance — for example stock options, restricted shares, cash bonuses and other awards — all governed by one set of rules. It matters to investors because it determines how many new shares may be created, how leaders are motivated and how much the company will spend on compensation over time; think of it as a master toolbox that affects both costs and the total share supply.

Class A Common Stock financial

"Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock upon vesting."

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

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^*

Jones Ramon

(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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/05/2026

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	05/05/2026		A		20,750(1)	A	$0	28,000	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. Consists of restricted stock units granted to the Reporting Person under the Issuer's Omnibus Incentive Plan, in connection with the Reporting Person's service on the Issuer's board of directors. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock upon vesting. All such restricted stock units will vest on the earlier of the first anniversary of the grant date or the date of the Issuer's 2027 Annual Meeting, subject to the Reporting Person's continued service through the applicable vesting date.

Remarks:

	/s/ Jeffrey B. Coyne	05/07/2026
	** 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 did MediaAlpha (MAX) director Ramon Jones report in this Form 4?

Ramon Jones reported receiving 20,750 restricted stock units of MediaAlpha Class A Common Stock as a board compensation grant. These units were awarded at no cash cost to him and increase his reported direct equity holdings to 28,000 shares or units after the grant.

How many MediaAlpha (MAX) shares did Ramon Jones acquire in this transaction?

Ramon Jones acquired 20,750 restricted stock units, each representing one share of MediaAlpha Class A Common Stock upon vesting. This award is a stock-based compensation grant, not an open-market purchase, and was reported with a zero dollar price per share in the filing.

What are the vesting terms of Ramon Jones’s MediaAlpha (MAX) restricted stock units?

All 20,750 restricted stock units vest on the earlier of the first anniversary of the grant date or MediaAlpha’s 2027 annual meeting. Vesting is contingent on his continued service on the board through the applicable vesting date, according to the Form 4 footnote disclosure.

What is Ramon Jones’s MediaAlpha (MAX) stake after this Form 4 grant?

After the grant, Ramon Jones is reported as directly holding 28,000 shares or units of MediaAlpha Class A Common Stock. This figure reflects the impact of the 20,750-unit restricted stock award disclosed, as shown in the total shares following the transaction field in the filing.

Was cash paid for the MediaAlpha (MAX) shares reported by Ramon Jones?

No cash changed hands for this award. The 20,750 restricted stock units were granted at a reported price of $0.0000 per share as equity compensation for board service, rather than purchased in the open market, according to the transaction price details in the Form 4.