MediaAlpha (MAX) CEO discloses Rule 10b5-1 stock sales for RSU taxes

Rhea-AI Filing Summary

MediaAlpha, Inc. insider activity shows its Chief Executive Officer, President, Co‑Founder and Director sold Class A common stock in three transactions. On 12/29/2025, the reporting person sold 8,000 shares at a weighted-average price of $12.6466. On 12/30/2025, another 8,000 shares were sold at a weighted-average price of $12.7935, and on 12/31/2025 a further 8,000 shares were sold at a weighted-average price of $12.938. These sales were effected under a previously adopted Rule 10b5-1 trading plan to cover taxes from the vesting of RSUs. After these transactions, the reporting person beneficially owns 2,831,330 shares of Class A common stock directly.

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 CA 90017

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	12/29/2025		S(1)		8,000	D	$12.6466(2)	2,847,330	D
Class A Common Stock	12/30/2025		S(1)		8,000	D	$12.7935(3)	2,839,330	D
Class A Common Stock	12/31/2025		S(1)		8,000	D	$12.938(4)	2,831,330	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 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 $12.57 to $12.73 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 $12.60 to $12.89 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 $12.90 to $12.975 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	12/31/2025
	** 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.

FAQ

What insider transaction did MediaAlpha (MAX) disclose in this Form 4?

The filing reports that a MediaAlpha, Inc. director and officer sold 24,000 shares of Class A common stock across three days while remaining a significant shareholder.

On what dates did the MediaAlpha (MAX) insider sell shares and at what prices?

The reporting person sold 8,000 shares on 12/29/2025 at a weighted-average price of $12.6466, 8,000 shares on 12/30/2025 at $12.7935, and 8,000 shares on 12/31/2025 at $12.938.

How many MediaAlpha (MAX) shares does the insider own after these sales?

Following the reported transactions, the insider beneficially owns 2,831,330 shares of MediaAlpha, Inc. Class A common stock, held directly.

Why were the MediaAlpha (MAX) insider sales conducted under a Rule 10b5-1 plan?

The explanation states that the sales were made under a Rule 10b5-1 trading plan previously adopted by the reporting person to cover taxes resulting from the vesting of RSUs.

What is the insider’s role at MediaAlpha (MAX)?

The reporting person is identified as MediaAlpha, Inc.’s Chief Executive Officer, President, and Co‑Founder, and is also listed as a Director and Officer.

Were the MediaAlpha (MAX) insider sales single trades or multiple transactions?

Each day’s sale price reflects a weighted-average of multiple transactions within price ranges, and the insider undertakes to provide full details of the number of shares sold at each separate price upon request.