MediaAlpha (MAX) director Steven Yi logs small stock sale, large RSU and PRSU awards
Rhea-AI Filing Summary
MediaAlpha, Inc. director and officer Steven Yi reported a mix of stock sales and equity awards. He sold 9,227 shares of Class A common stock in open-market transactions on March 16, 2026 and March 17, 2026 at weighted-average prices around $9.94 per share, leaving him with 3,059,247 shares held directly. The company notes these sales were made under a pre-arranged Rule 10b5-1 trading plan primarily to cover taxes from restricted stock unit vesting.
On March 15, 2026, Yi received 448,500 restricted stock units under MediaAlpha’s Omnibus Incentive Plan, each representing one future share upon vesting. One sixteenth of these RSUs will vest on May 15, 2026, with the rest vesting quarterly over the following four years, subject to continued employment.
He was also granted 149,550 performance-based restricted stock units tied to Adjusted EBITDA goals for fiscal 2026, 2027, and 2028. One-third of the PRSU target for each year is linked to threshold, target, and maximum performance levels, corresponding to 50%, 100%, and 200% of target shares. Any earned PRSUs remain subject to service-based vesting through the three-year period and, if approved by the Compensation Committee upon achievement of the performance measures, will settle on March 15, 2029.
Positive
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Negative
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Insights
Routine tax-driven sales offset by sizable equity grants.
The filing shows Steven Yi executing modest open-market sales of 9,227 MediaAlpha Class A shares at prices near $9.94 per share. A footnote explains these trades followed a pre-established Rule 10b5-1 plan and were primarily to cover taxes on vesting RSUs, indicating a mechanistic, not discretionary, motive.
In contrast, Yi received large time-based RSU and performance-based PRSU awards on March 15, 2026, together representing significant potential future equity. The PRSUs are tied to Adjusted EBITDA goals for fiscal 2026, 2027, and 2028, with payout levels ranging from 50% to 200% of target based on performance.
Following the reported transactions, Yi still directly holds over three million shares, so the net sale represents a small fraction of his position. Overall, the activity looks like standard executive compensation and tax management rather than a change in sentiment, and the long-dated PRSUs link a portion of his future equity to multi-year profitability metrics.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 5,227 | $9.9401 | $52K |
| Sale | Class A Common Stock | 4,000 | $9.9318 | $40K |
| Grant/Award | Performance Restricted Stock Units (2026 PRSUs) | 149,550 | $0.00 | -- |
| Grant/Award | Class A Common Stock | 448,500 | $0.00 | -- |
Footnotes (1)
- Consists of restricted stock units ("RSUs") granted to the Reporting Person under the Issuer's Omnibus Incentive Plan. Each RSU represents a contingent right to receive one share of Class A Common Stock upon vesting. One sixteenth of the RSUs will vest on May 15, 2026 and the remainder will vest quarterly over the following four years, in each case subject to continued employment with the Issuer through each vesting date. 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. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $9.84 to $9.99 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. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $9.63 to $10.04 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. Represents Performance Based Restricted Stock Units (PRSUs) granted to the Reporting Person on March 15, 2026, pursuant to the Issuer's Omnibus Equity Incentive Plan. Each PRSU represents a contingent right to receive shares of Issuer's Class A Common Stock. The PRSUs will be earned subject to achievement of Adjusted EBITDA goals for fiscal 2026, fiscal 2027, and fiscal 2028, with each fiscal year measured separately for purposes of determining PRSU vesting. One-third of the PRSU grants are tied to Adjusted EBITDA performance against pre-established threshold, target, and maximum Adjusted EBITDA goals for each fiscal year, corresponding to vesting of 50%, 100% and 200% of the target shares, respectively. Following the completion of each performance period, any earned PRSUs for that performance period will remain subject to continued service-based vesting through the end of the three-year period." If PRSUs become eligible to vest after approval from the Compensation Committee of the Board of Directors of the Issuer on the achievement of the performance measures, the eligible units will settle on March 15, 2029.
