Were Steven Yi’s MediaAlpha (MAX) share sales under a trading plan?

Yes. A footnote states the sales were effected under a previously adopted Rule 10b5-1 trading plan. The plan was primarily established to cover taxes arising from the vesting of restricted stock units, indicating the sales were pre-planned for tax purposes.

Pre-planned sale: MediaAlpha (MAX) director trades 12,000 shares

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

MediaAlpha, Inc. director and officer Steven Yi reported selling a total of 12,000 shares of Class A common stock in open-market transactions over three days. The shares were sold in three blocks of 4,000 shares at weighted-average prices around $9.34 to $9.78 per share.

According to the disclosure, these sales were made under a previously adopted Rule 10b5-1 trading plan primarily to cover taxes from the vesting of restricted stock units. After the transactions, Yi directly holds 3,019,247 shares of MediaAlpha Class A common stock.

Insider Trade Summary 10b5-1

Net Seller: 12,000 shares ($114,335)

Net Sell 3 txns

Insider Yi Steven

Role See Remarks

Sold 12,000 shs ($114K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	4,000	$9.7819	$39K
Sale	Class A Common Stock	4,000	$9.4607	$38K
Sale	Class A Common Stock	4,000	$9.3412	$37K

Holdings After Transaction: Class A Common Stock — 3,019,247 shares (Direct)

Footnotes (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 $9.23 to $9.39 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. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $9.31 to $9.52 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. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $9.64 to $9.875 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

Total shares sold: 12,000 shares Sale price on Apr 6, 2026: $9.3412 per share Sale price on Apr 7, 2026: $9.4607 per share +2 more

5 metrics

Total shares sold 12,000 shares Net open-market sales reported on Form 4

Sale price on Apr 6, 2026 $9.3412 per share Weighted-average sale price for 4,000 shares

Sale price on Apr 7, 2026 $9.4607 per share Weighted-average sale price for 4,000 shares

Sale price on Apr 8, 2026 $9.7819 per share Weighted-average sale price for 4,000 shares

Shares held after transactions 3,019,247 shares Direct Class A common stock holding post-sale

Key Terms

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

4 terms

Rule 10b5-1 trading plan regulatory

"sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan"

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

"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"

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Form 4 Insider Transactions: What Each Field Means →

04/08/2026 - 05:18 PM

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^*

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)
04/06/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	04/06/2026		S⁽¹⁾		4,000	D	$9.3412⁽²⁾	3,027,247	D
Class A Common Stock	04/07/2026		S⁽¹⁾		4,000	D	$9.4607⁽³⁾	3,023,247	D
Class A Common Stock	04/08/2026		S⁽¹⁾		4,000	D	$9.7819⁽⁴⁾	3,019,247	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 $9.23 to $9.39 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 $9.31 to $9.52 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 $9.64 to $9.875 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	04/08/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Steven Yi report for MediaAlpha (MAX)?

Steven Yi reported selling 12,000 shares of MediaAlpha Class A common stock in three open-market transactions. Each sale covered 4,000 shares at prices between about $9.34 and $9.78 per share, according to the Form 4 disclosure.

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

The reported sales occurred on April 6, April 7, and April 8, 2026. Each date involved an open-market sale of 4,000 MediaAlpha Class A common shares, as detailed in the Form 4 insider trading report filed with regulators.

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

The filing shows weighted-average sale prices of $9.3412, $9.4607, and $9.7819 per share. Footnotes explain these averages reflect multiple trades in price ranges from $9.23 to $9.875, with full trade-by-trade details available on request.

How many MediaAlpha (MAX) shares does Steven Yi hold after these sales?

After the reported transactions, Steven Yi directly owns 3,019,247 shares of MediaAlpha Class A common stock. This post-transaction holding is disclosed in the Form 4 and reflects his remaining direct equity position following the 12,000-share sale.

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

The filing notes the trading plan was adopted primarily to cover taxes from RSU vesting. That means the main purpose of the pre-scheduled open-market sales was to generate cash to satisfy tax obligations tied to restricted stock units becoming vested.