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

Yes. The filing states the sales were effected under a Rule 10b5‑1 trading plan previously adopted by Steven Yi. Such plans pre‑schedule trades, and here the plan was described as primarily intended to cover taxes from RSU vesting.

MediaAlpha (NYSE: MAX) director Steven Yi sells 12,000 shares via 10b5-1 plan

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

MediaAlpha, Inc. director and officer Steven Yi reported open-market sales of a total of 12,000 shares of Class A Common Stock over three days. He sold 4,000 shares on each of May 4, May 5 and May 6, 2026 at prices around $9 per share. Following these sales, he directly owned 2,879,690 shares. According to the disclosure, the trades were executed under a pre‑arranged Rule 10b5‑1 trading plan primarily to cover taxes from the vesting of RSUs.

Insider Trade Summary 10b5-1

Net Seller: 12,000 shares ($108,465)

Net Sell 3 txns

Insider Yi Steven

Role See Remarks

Sold 12,000 shs ($108K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	4,000	$9.1362	$37K
Sale	Class A Common Stock	4,000	$8.93	$36K
Sale	Class A Common Stock	4,000	$9.05	$36K

Holdings After Transaction: Class A Common Stock — 2,879,690 shares (Direct, null)

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 $9.085 to $9.31 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.

Key Figures

Shares sold May 6, 2026: 4,000 shares at $9.1362 Shares sold May 5, 2026: 4,000 shares at $8.93 Shares sold May 4, 2026: 4,000 shares at $9.05 +3 more

6 metrics

Shares sold May 6, 2026 4,000 shares at $9.1362 Open-market sale of Class A Common Stock

Shares sold May 5, 2026 4,000 shares at $8.93 Open-market sale of Class A Common Stock

Shares sold May 4, 2026 4,000 shares at $9.05 Open-market sale of Class A Common Stock

Total shares sold 12,000 shares Three open-market sales of Class A Common Stock

Shares owned after transactions 2,879,690 shares Direct ownership following final reported sale

Weighted-average price range $9.085–$9.31 per share Price range for one day’s multiple sale transactions

Key Terms

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

5 terms

Rule 10b5-1 trading plan regulatory

"The 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"

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.

Class A Common Stock financial

"security_title": "Class A Common Stock""

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 →

05/06/2026 - 06:37 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)
05/04/2026

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	05/04/2026		S⁽¹⁾		4,000	D	$9.05	2,887,690	D
Class A Common Stock	05/05/2026		S⁽¹⁾		4,000	D	$8.93	2,883,690	D
Class A Common Stock	05/06/2026		S⁽¹⁾		4,000	D	$9.1362⁽²⁾	2,879,690	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)
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 $9.085 to $9.31 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	05/06/2026
	** 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 at MediaAlpha (MAX)?

Steven Yi reported selling 12,000 shares of MediaAlpha Class A Common Stock in three open‑market transactions. He sold 4,000 shares on each of May 4, 5, and 6, 2026, at prices around $9 per share under a pre‑arranged plan.

How many MediaAlpha (MAX) shares did Steven Yi sell and at what prices?

He sold 12,000 shares total, in three blocks of 4,000 shares each. Reported prices were $9.05, $8.93 and a weighted‑average $9.1362 per share, with one sale covering a range from $9.085 to $9.31.

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

After the reported sales, Steven Yi directly owned 2,879,690 shares of MediaAlpha Class A Common Stock. This figure reflects his position immediately following the final transaction disclosed in this Form 4, based solely on the information in the filing.

Why does the Form 4 mention RSUs for MediaAlpha (MAX)?

The footnote explains that Steven Yi’s sales were primarily to cover taxes resulting from the vesting of RSUs. This indicates the transactions were linked to equity compensation vesting rather than a standalone portfolio decision, based on the company’s disclosure.

What does the weighted-average sale price range mean in this MediaAlpha (MAX) filing?

One transaction reports a weighted‑average price for multiple trades between $9.085 and $9.31 per share. The filing states Steven Yi will provide full details of the number of shares sold at each individual price upon request by specified parties.