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  4. [Form 4] MediaAlpha, Inc. Insider Trading Activity

MediaAlpha (MAX) CEO Steven Yi sells 12,000 shares for RSU tax coverage

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

MediaAlpha, Inc. executive Steven Yi, who serves as chief executive officer, president, co-founder and a director, reported open-market sales of Class A common stock over three consecutive days under a pre-arranged Rule 10b5-1 trading plan primarily to cover taxes from vesting RSUs.

He sold 4,000 shares on February 9, 2026 at a weighted-average price of $8.7413 per share, 4,000 shares on February 10, 2026 at $8.7054 per share, and 4,000 shares on February 11, 2026 at $7.9864 per share, totaling 12,000 shares. After these transactions, he directly beneficially owned 2,703,330 shares of Class A common stock.

Positive

  • None.

Negative

  • None.
Insider Yi Steven
Role See Remarks
Sold 12,000 shs ($102K)
Type Security Shares Price Value
Sale Class A Common Stock 4,000 $7.9864 $32K
Sale Class A Common Stock 4,000 $8.7054 $35K
Sale Class A Common Stock 4,000 $8.7413 $35K
Holdings After Transaction: Class A Common Stock — 2,703,330 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 $8.60 to $8.96 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 $8.60 to $8.81 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 $7.78 to $8.30 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.
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*
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)
02/09/2026
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 02/09/2026 S(1) 4,000 D $8.7413(2) 2,711,330 D
Class A Common Stock 02/10/2026 S(1) 4,000 D $8.7054(3) 2,707,330 D
Class A Common Stock 02/11/2026 S(1) 4,000 D $7.9864(4) 2,703,330 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 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 $8.60 to $8.96 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 $8.60 to $8.81 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 $7.78 to $8.30 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 02/11/2026
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

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

MediaAlpha reported that CEO, president and co-founder Steven Yi sold 12,000 shares of Class A common stock in three open-market transactions. These trades were executed under a Rule 10b5-1 plan primarily to cover taxes triggered by the vesting of restricted stock units (RSUs).

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

Steven Yi sold 4,000 MediaAlpha Class A shares on February 9, 10, and 11, 2026. The weighted-average sale prices were $8.7413, $8.7054, and $7.9864 per share, respectively, with each day’s sale executed in multiple transactions within disclosed price ranges.

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

After completing the reported sales, Steven Yi directly beneficially owned 2,703,330 shares of MediaAlpha Class A common stock. This figure reflects his remaining holdings immediately following the final transaction on February 11, 2026, as disclosed in the Form 4 filing.

Were Steven Yi’s MediaAlpha (MAX) stock sales 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 implemented primarily to generate cash to cover taxes owed upon the vesting of restricted stock units granted to Steven Yi.

What was the purpose of Steven Yi’s recent MediaAlpha (MAX) share sales?

The filing explains that the sales were made primarily to cover taxes arising from the vesting of RSUs. Using a pre-arranged Rule 10b5-1 trading plan allows these tax-related sales to occur automatically under predetermined instructions.

What role does Steven Yi hold at MediaAlpha (MAX) according to the filing?

The Form 4 identifies Steven Yi as a director and officer of MediaAlpha, serving as chief executive officer, president, and co-founder. His leadership roles are noted in the relationship and remarks sections of the insider transaction report.