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

Rhea-AI Filing Summary

MediaAlpha, Inc. Chief Revenue Officer Keith Cramer reported an open-market sale of 10,000 shares of Class A Common Stock. The shares were sold at a weighted-average price of $9.6806 per share in multiple transactions at prices ranging from $9.44 to $9.77.

According to the disclosure, the sales were made under a Rule 10b5-1 trading plan previously adopted primarily to cover taxes from the vesting of restricted stock units (RSUs). After this sale, Cramer continues to hold 296,754 shares of MediaAlpha common stock directly.

Insider Trade Summary 10b5-1

Net Seller: 10,000 shares ($96,806)

Net Sell 1 txn

Insider Cramer Keith

Role Chief Revenue Officer

Sold 10,000 shs ($97K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	10,000	$9.6806	$97K

Holdings After Transaction: Class A Common Stock — 296,754 shares (Direct)

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 $9.44 to $9.77 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: 10,000 shares Weighted-average sale price: $9.6806 per share Post-transaction holdings: 296,754 shares +2 more

5 metrics

Shares sold 10,000 shares Open-market sale of Class A Common Stock

Weighted-average sale price $9.6806 per share Average price across multiple sale transactions

Post-transaction holdings 296,754 shares Shares directly owned after the sale

Sale price range low $9.44 per share Lowest price among the reported sale trades

Sale price range high $9.77 per share Highest price among the reported sale trades

Key Terms

Rule 10b5-1 trading plan, restricted stock units (RSUs), weighted-average sale price, open-market sale

4 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.

restricted stock units (RSUs) financial

"previously adopted by the Reporting Person primarily to cover taxes resulting from the vesting of RSUs."

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

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 →

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^*

Cramer Keith

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Revenue Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/15/2026

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	04/15/2026		S(1)		10,000	D	$9.6806(2)	296,754	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 $9.44 to $9.77 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:

	/s/ Jeffrey B. Coyne	04/15/2026
	** 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) report for Keith Cramer?

MediaAlpha reported that Chief Revenue Officer Keith Cramer sold 10,000 shares of Class A Common Stock. The sale was an open-market transaction executed under a pre-established Rule 10b5-1 trading plan primarily to address tax obligations from RSU vesting.

At what price did the MediaAlpha (MAX) insider shares sell?

The 10,000 MediaAlpha shares sold at a weighted-average price of $9.6806 per share. The transactions occurred across a price range from $9.44 to $9.77, reflecting multiple trades that together produced the disclosed average sale price.

How many MediaAlpha (MAX) shares does Keith Cramer hold after the sale?

Following the reported transaction, Keith Cramer directly holds 296,754 shares of MediaAlpha Class A Common Stock. This figure reflects his remaining position after selling 10,000 shares in the open market under the disclosed trading plan.

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

Yes. The filing states the sales were effected under a previously adopted Rule 10b5-1 trading plan. The plan was established primarily to cover taxes associated with the vesting of restricted stock units (RSUs) awarded to the executive.

Why were MediaAlpha (MAX) shares sold by the Chief Revenue Officer?

The filing explains that the Rule 10b5-1 plan trades were undertaken primarily to cover tax obligations arising from the vesting of RSUs. This indicates the transaction is linked to equity compensation tax handling rather than a standalone discretionary trade.