MediaAlpha (MAX) CEO and co-founder discloses Rule 10b5-1 stock sales

Rhea-AI Filing Summary

MediaAlpha, Inc. reported insider stock sales by its chief executive officer, president and co-founder, who also serves as a director. The executive sold 8,000 shares of Class A common stock on each of 12/15/2025, 12/16/2025, and 12/17/2025, all coded as open-market sales. Reported weighted-average sale prices were $12.879, $12.6738, and $12.8247 per share, respectively. These transactions were made under a previously adopted Rule 10b5-1 trading plan to cover taxes arising from the vesting of restricted stock units. Following the last reported sale, the executive beneficially owned 2,879,330 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
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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)
12/15/2025

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	12/15/2025		S(1)		8,000	D	$12.879(2)	2,895,330	D
Class A Common Stock	12/16/2025		S(1)		8,000	D	$12.6738(3)	2,887,330	D
Class A Common Stock	12/17/2025		S(1)		8,000	D	$12.8247(4)	2,879,330	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 $12.74 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.

3. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $12.60 to $12.82 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 $12.675 to $13.04 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	12/17/2025
	** 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, Inc. (MAX) disclose in this filing?

MediaAlpha disclosed that its chief executive officer, president and co-founder, who is also a director, sold Class A common stock in three open-market transactions on 12/15/2025, 12/16/2025, and 12/17/2025.

How many MediaAlpha (MAX) shares were sold and on which dates?

The insider sold 8,000 shares of Class A common stock on each of three dates: 12/15/2025, 12/16/2025, and 12/17/2025, for a total of 24,000 shares reported in this filing.

What prices were received for the MediaAlpha (MAX) stock sales?

The filing reports weighted-average sale prices of $12.879 per share on 12/15/2025, $12.6738 per share on 12/16/2025, and $12.8247 per share on 12/17/2025, each reflecting multiple trades within stated price ranges.

Why were these MediaAlpha (MAX) insider sales made?

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

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

After the reported transactions, the executive beneficially owned 2,879,330 shares of MediaAlpha Class A common stock, held directly.

Does the filing report any MediaAlpha (MAX) derivative securities trades?

The section for derivative securities shows no reported acquisitions or dispositions; the activity disclosed relates only to non-derivative Class A common stock.