MediaAlpha CEO Yi sells 48K shares under 10b5-1

MediaAlpha CEO Steven Yi sold shares under a pre-established Rule 10b5-1 plan mainly to cover tax obligations from RSU vesting.

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) reports that Chief Executive Officer, President, and co-founder Steven Yi sold 48,000 shares of Class A Common Stock on September 1, 2026. The sales were made under a Rule 10b5-1 trading plan primarily to cover taxes from vesting restricted stock units, at a weighted-average price between $12.20 and $12.67 per share. Following these transactions, Yi directly holds 2,339,740 shares of Class A Common Stock.

Insider Trade Summary 10b5-1

Net Seller: 48,000 shares

Net Sell 1 txn

Insider Yi Steven

Role See Remarks

Sold 48,000 shs ($594K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock F1, F2	48,000	$12.3826	$594K

Holdings After Transaction: Class A Common Stock — 2,339,740 shares (Direct)

Footnotes (2)

1. F1. 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. F2. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $12.20 to $12.67 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: 48,000 shares Weighted-average sale price range: $12.20–$12.67 per share Shares held after transaction: 2,339,740 shares +1 more

4 metrics

Shares sold 48,000 shares Class A Common Stock sold by Steven Yi on September 1, 2026

Weighted-average sale price range $12.20–$12.67 per share Price range for multiple sale transactions comprising the 48,000 shares

Shares held after transaction 2,339,740 shares Direct holdings of Steven Yi following the reported sale

Number of sale transactions reported 1 transaction row Single non-derivative sale entry on this Form 4

Key Terms

Rule 10b5-1 trading plan, restricted stock units, weighted-average sale price

3 terms

Rule 10b5-1 trading plan regulatory

"sales 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 financial

"primarily to cover taxes resulting from the vesting of RSUs"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

weighted-average sale price financial

"Reflects the weighted-average sale price for shares sold in multiple transactions"

FAQ

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

MediaAlpha disclosed that CEO and co-founder Steven Yi sold 48,000 shares of Class A Common Stock on September 1, 2026, at a weighted-average sale price between $12.20 and $12.67 per share, in open-market or private transactions.

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

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan previously adopted by Steven Yi, primarily to cover taxes resulting from the vesting of RSUs.

How many MediaAlpha (MAX) shares does Steven Yi hold after this Form 4 transaction?

After the reported sale, Steven Yi directly holds 2,339,740 shares of MediaAlpha Class A Common Stock, according to the Form 4 disclosure.

What price did Steven Yi receive for the sold MediaAlpha (MAX) shares?

The filing reports a weighted-average sale price for the 48,000 shares, with individual transactions occurring between $12.20 and $12.67 per share. Exact share counts at each price level are available upon request as stated in the filing.

Why were the MediaAlpha (MAX) shares sold by Steven Yi?

The footnote explains the sales were made primarily to cover taxes arising from the vesting of restricted stock units (RSUs), under a previously adopted Rule 10b5-1 trading plan.

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Available on EDGAR 09/02/2026 - 06:46 PM Accepted by SEC EDGAR 09/02/2026 - 06:45 PM Learn about SEC filing dates

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 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)
09/01/2026

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	09/01/2026		S(1)		48,000	D	$12.3826(2)	2,339,740	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 $12.20 to $12.67 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	09/02/2026
	** 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)