MAX Form 4: 18,294 RSUs vested for CEO Yi Steven, holdings updated

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) insider Yi Steven reported the vesting of restricted stock units into Class A common stock on August 15, 2025. The filing shows 18,294 RSUs vested, resulting in issuance of 18,294 shares at no cash price and leaving the reporting person with 2,981,036 shares beneficially owned. The Form 4 also records that 36,588 RSU-equivalent derivative units are beneficially owned following the transaction. The reporting person is identified as a director and officer (Chief Executive Officer, President and Co‑Founder) of the issuer. The Form 4 was signed on August 18, 2025 by Jeffrey B. Coyne.

Positive

• 18,294 RSUs vested, converting into Class A common shares, demonstrating executive equity alignment with shareholders
• Reporting person remains a major holder with 2,981,036 shares beneficially owned after the transaction
• No insider sale reported in this Form 4; the transaction reflects compensation vesting rather than liquidity-driven disposition

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Insider executive Yi Steven received vested RSUs converting to shares, increasing his direct holdings without cash purchase.

The filing documents routine equity compensation vesting: 18,294 restricted stock units vested and were converted into Class A common stock at no cash cost to the reporting person, consistent with typical executive equity compensation. The report confirms the reporting person retains substantial ownership (2,981,036 shares) and holds 36,588 RSU-equivalents post-transaction, which aligns incentives between management and shareholders. This is a standard disclosure under Section 16 and appears procedural rather than indicating a change in strategic ownership.

Securities Analyst

TL;DR: Transaction is vesting-driven issuance; no sale or purchase price paid, so no immediate liquidity signal.

The Form 4 shows code "M" transactions on 08/15/2025 for 18,294 RSUs that converted into 18,294 shares with $0 price, reflecting vesting rather than a market purchase or sale. Such conversions increase outstanding shares minimally and reflect compensation expense recognition timing for the company. There is no indication of share disposals or insider selling in this filing, and the signature date is 08/18/2025.

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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)
08/15/2025

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	08/15/2025		M		18,294	A	$0(1)	2,981,036	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
Restricted Stock Units	(2)	08/15/2025		M			18,294	(3)	(3)	Class A Common Stock	18,294	$0	36,588	D

Explanation of Responses:

1. One share of Class A Common Stock was issued upon the vesting of each Restricted Stock Unit ("RSU").

2. Each RSU represents a contingent right to receive one share of Class A Common Stock, or at the option of the Compensation Committee, cash of equivalent value.

3. One sixteenth of the RSUs vested on May 15, 2022 and the remainder will vest in equal quarterly installments through February 15, 2026, in each case subject to continued employment with the Issuer through each vesting date.

Remarks:

CHIEF EXECUTIVE OFFICER, PRESIDENT AND CO-FOUNDER

	/s/ Jeffrey B. Coyne	08/18/2025
	** 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 did MediaAlpha insider Yi Steven report on Form 4 (MAX)?

The Form 4 reports that 18,294 RSUs vested on 08/15/2025 and converted into 18,294 Class A shares, increasing his beneficial holdings.

How many shares does Yi Steven beneficially own after the reported transaction?

The filing shows Yi Steven beneficially owned 2,981,036 shares following the reported transaction.

Were any shares sold by the insider in this Form 4 for MAX?

No. The transaction code is M (vesting/execution), with a $0 price, indicating issuance on vesting rather than a sale.

How many RSU-related derivative units are reported after the transaction?

The Form 4 reports 36,588 RSU-equivalent derivative units beneficially owned following the transaction.

What is Yi Steven’s role at MediaAlpha as listed on the Form 4?

The remarks identify the reporting person as Chief Executive Officer, President and Co‑Founder, and the form marks him as a Director and Officer.