MediaAlpha (NYSE: MAX) director sells 12,000 shares under 10b5-1 tax plan

Rhea-AI Filing Summary

MediaAlpha, Inc. director and officer Steven Yi reported selling a total of 12,000 shares of Class A common stock in open-market transactions over three days. He sold 4,000 shares on each of March 23, March 24, and March 25, 2026 at weighted-average prices of $9.67, $9.4763, and $9.4155 per share, respectively, in trades executed across price ranges disclosed in the footnotes. The filing states these sales were made under a pre-arranged Rule 10b5-1 trading plan primarily to cover taxes from vesting RSUs. Following the last sale, Yi directly holds 3,043,247 shares of Class A common stock.

Insider Trade Summary 10b5-1

Net Seller: 12,000 shares ($114,247)

Net Sell 3 txns

Insider Yi Steven

Role See Remarks

Sold 12,000 shs ($114K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	4,000	$9.4155	$38K
Sale	Class A Common Stock	4,000	$9.4763	$38K
Sale	Class A Common Stock	4,000	$9.67	$39K

Holdings After Transaction: Class A Common Stock — 3,043,247 shares (Direct)

Footnotes (1)

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. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $9.43 to $9.52 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 $9.25 to $9.64 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.

Form 4 Insider Transactions: What Each Field Means →

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)
03/23/2026

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	03/23/2026		S(1)		4,000	D	$9.67	3,051,247	D
Class A Common Stock	03/24/2026		S(1)		4,000	D	$9.4763(2)	3,047,247	D
Class A Common Stock	03/25/2026		S(1)		4,000	D	$9.4155(3)	3,043,247	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 $9.43 to $9.52 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 $9.25 to $9.64 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	03/25/2026
	** 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)

FAQ

What insider transaction did Steven Yi report at MediaAlpha (MAX)?

Steven Yi reported three open-market sales of MediaAlpha Class A common stock totaling 12,000 shares. The transactions occurred on March 23, 24, and 25, 2026, and were disclosed in a Form 4 insider filing with detailed share counts and weighted-average sale prices.

How many MediaAlpha (MAX) shares did Steven Yi sell and at what prices?

Steven Yi sold 12,000 MediaAlpha Class A shares, in three blocks of 4,000 shares each. The weighted-average sale prices were $9.67, $9.4763, and $9.4155 per share, with additional price ranges for the underlying trades described in the filing footnotes.

Was Steven Yi’s MediaAlpha (MAX) sale made under a Rule 10b5-1 plan?

Yes. The filing states the sales were effected under a previously adopted Rule 10b5-1 trading plan. It explains the plan was established primarily to cover taxes arising from the vesting of restricted stock units, indicating these transactions were pre-planned rather than discretionary market timing.

How many MediaAlpha (MAX) shares does Steven Yi hold after these sales?

After completing the reported transactions, Steven Yi directly holds 3,043,247 shares of MediaAlpha Class A common stock. This post-transaction balance is disclosed in the Form 4 for the March 25, 2026 trade and reflects his remaining direct ownership position following the three small open-market sales.

Why were Steven Yi’s MediaAlpha (MAX) insider sales executed?

The filing notes that the sales were made primarily to cover taxes resulting from the vesting of restricted stock units. It also clarifies they were executed pursuant to a previously adopted Rule 10b5-1 trading plan, which automates trades based on preset instructions rather than ad hoc decisions.

Over what price ranges were Steven Yi’s MediaAlpha (MAX) sales executed?

The weighted-average prices were $9.67, $9.4763, and $9.4155 per share, each reflecting multiple trades. Footnotes state that transactions occurred in ranges of $9.25–$9.64 and $9.43–$9.52 per share, with full breakdowns available on request from regulators, the issuer, or shareholders.