MediaAlpha director sells 28.9K shares at ~$12

A MediaAlpha director sold 28,871 Class A shares under a Rule 10b5-1 plan mainly to cover tax obligations from RSU vesting.

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) director Eugene Nonko reported selling 28,871 shares of Class A Common Stock in six open-market transactions on September 14–16, 2026. Some sales were made directly and others through O.N.E. Holdings, LLC, at prices between $11.2379 and $12.0340 per share, under a Rule 10b5-1 trading plan adopted primarily to cover taxes from vesting RSUs.

Insider Trade Summary 10b5-1

Net Seller: 28,871 shares

Net Sell 6 txns

Insider Nonko Eugene

Role Director

Sold 28,871 shs ($334K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock F1, F4	1,940	$11.2511	$22K
Sale	Class A Common Stock F1, F7	7,273	$11.2379	$82K
Sale	Class A Common Stock F1, F3	1,940	$11.4802	$22K
Sale	Class A Common Stock F1, F6	7,273	$11.4861	$84K
Sale	Class A Common Stock F1, F2	2,667	$12.034	$32K
Sale	Class A Common Stock F1, F5	7,778	$11.9575	$93K

Holdings After Transaction: Class A Common Stock — 802,955 shares (Direct); Class A Common Stock — 867,884 shares (Indirect, By O.N.E. Holdings,LLC)

Footnotes (7)

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 $11.695 to $12.13 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. F3. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.43 to $11.57 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. F4. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.25 to $11.26 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.
5. F5. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.68 to $12.17 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.
6. F6. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.43 to $11.545 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.
7. F7. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.18 to $11.295 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

Total shares sold: 28,871 shares Number of sale transactions: 6 transactions Lowest reported sale price: $11.2379 per share +2 more

5 metrics

Total shares sold 28,871 shares Net shares sold by director Eugene Nonko across six transactions

Number of sale transactions 6 transactions Open-market or private sales on September 14–16, 2026

Lowest reported sale price $11.2379 per share Weighted-average price for a September 16, 2026 transaction

Highest reported sale price $12.0340 per share Weighted-average price for a September 14, 2026 transaction

Net buy/sell direction Net sale of 28,871 shares All reported transactions were sales of Class A Common Stock

Key Terms

Rule 10b5-1 trading plan, RSUs, weighted-average sale price

3 terms

Rule 10b5-1 trading plan regulatory

"The sales ... were effected pursuant to a Rule 10b5-1 trading plan"

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.

RSUs financial

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

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

weighted-average sale price financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

MediaAlpha reported that director Eugene Nonko sold a total of 28,871 shares of Class A Common Stock in six open-market transactions on September 14–16, 2026.

Over what dates did the MediaAlpha (MAX) director sell shares and at what prices?

The director sold shares on September 14, 15, and 16, 2026 at per-share prices ranging from $11.2379 to $12.0340, based on weighted-average sale prices reported for each transaction.

How many MediaAlpha (MAX) shares did the director sell through O.N.E. Holdings, LLC?

Several of the transactions were reported as indirect, held “By O.N.E. Holdings, LLC”, with Class A Common Stock sales on each of the three days, though the Form 4 does not state an aggregate indirect total.

Were the MediaAlpha (MAX) insider sales made under a Rule 10b5-1 trading plan?

Yes. A footnote states the sales were effected under a Rule 10b5-1 trading plan previously adopted by the reporting person, primarily to cover taxes from the vesting of RSUs.

What is the stated purpose of the MediaAlpha (MAX) director’s trading plan?

According to the footnote, the Rule 10b5-1 trading plan was adopted primarily to cover taxes resulting from the vesting of RSUs (restricted stock units).

Does the Form 4 show the director’s MediaAlpha (MAX) holdings after these sales?

No. For each transaction, the field for total shares following transaction is blank, so the Form 4 does not state the director’s remaining share holdings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/16/2026 - 06:36 PM Accepted by SEC EDGAR 09/16/2026 - 06:36 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^*

Nonko Eugene

(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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/14/2026

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	09/14/2026		S(1)		2,667	D	$12.034(2)	806,835	D
Class A Common Stock	09/15/2026		S(1)		1,940	D	$11.4802(3)	804,895	D
Class A Common Stock	09/16/2026		S(1)		1,940	D	$11.2511(4)	802,955	D
Class A Common Stock	09/14/2026		S(1)		7,778	D	$11.9575(5)	882,430	I	By O.N.E. Holdings,LLC
Class A Common Stock	09/15/2026		S(1)		7,273	D	$11.4861(6)	875,157	I	By O.N.E. Holdings,LLC
Class A Common Stock	09/16/2026		S(1)		7,273	D	$11.2379(7)	867,884	I	By O.N.E. Holdings,LLC

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 $11.695 to $12.13 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 $11.43 to $11.57 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 $11.25 to $11.26 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.

5. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.68 to $12.17 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.

6. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.43 to $11.545 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.

7. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.18 to $11.295 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:

	/s/ Jeffrey B. Coyne	09/16/2026
	** 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)