MediaAlpha (MAX) director logs Rule 10b5-1 stock sales over three days

Rhea-AI Filing Summary

MediaAlpha, Inc. director Nonko Eugene reported planned sales of Class A common stock executed under a Rule 10b5-1 trading plan intended to cover taxes from vesting RSUs. On January 12, 13, and 14, 2026, he sold 5,400 shares directly on each date, at weighted-average prices of $11.5153, $11.3777, and $11.6985 per share. Following these transactions, he held 982,048 Class A shares directly.

On the same three days, O.N.E. Holdings, LLC, an entity associated with him, sold 6,700 shares on each date at weighted-average prices of $11.5226, $11.3770, and $11.6981 per share. After these indirect transactions, O.N.E. Holdings, LLC held 1,522,620 Class A shares indirectly for his benefit.

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 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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/12/2026

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	01/12/2026		S(1)		5,400	D	$11.5153(2)	992,848	D
Class A Common Stock	01/13/2026		S(1)		5,400	D	$11.3777(3)	987,448	D
Class A Common Stock	01/14/2026		S(1)		5,400	D	$11.6985(4)	982,048	D
Class A Common Stock	01/12/2026		S(1)		6,700	D	$11.5226(5)	1,536,020	I	By O.N.E. Holdings,LLC
Class A Common Stock	01/13/2026		S(1)		6,700	D	$11.377(6)	1,529,320	I	By O.N.E. Holdings,LLC
Class A Common Stock	01/14/2026		S(1)		6,700	D	$11.6981(7)	1,522,620	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 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 $11.32 to $11.625 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 $11.18 to $11.535 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 $11.455 to $11.78 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 $11.315 to $11.63 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 $11.19 to $11.535 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 $11.455 to $11.77 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	01/14/2026
	** 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.

FAQ

Who is the insider in MediaAlpha (MAX)'s latest Form 4 filing?

The insider is Nonko Eugene, a director of MediaAlpha, Inc., as identified in the Form 4.

What type of transactions did MediaAlpha (MAX) director Nonko Eugene report?

He reported open market sales of Class A common stock, coded as S transactions, on January 12, 13, and 14, 2026.

How many MediaAlpha (MAX) shares did the director sell directly?

He sold 5,400 Class A shares on each of January 12, 13, and 14, 2026, at weighted-average prices around $11.38–$11.70 per share.

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

O.N.E. Holdings, LLC sold 6,700 Class A shares on each of January 12, 13, and 14, 2026, at weighted-average prices around $11.38–$11.70 per share.

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

After the reported trades, he beneficially owns 982,048 Class A shares directly and 1,522,620 Class A shares indirectly through O.N.E. Holdings, LLC.

Were the MediaAlpha (MAX) stock sales part of a trading plan?

Yes. A footnote states the sales were made under a Rule 10b5-1 trading plan adopted to cover taxes from the vesting of RSUs.

What price ranges applied to the MediaAlpha (MAX) insider sales?

Footnotes state the weighted-average prices reflect multiple trades with ranges generally between $11.18 and $11.78 per share on the reported dates.