MediaAlpha CEO sells 24K MAX shares under Rule 10b5-1 plan

MediaAlpha, Inc. (MAX) reported insider stock sales by a senior executive and director.

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) reported insider stock sales by a senior executive and director. The reporting person, identified in the remarks as the company’s Chief Executive Officer, President, and Co-Founder, sold 8,000 shares of Class A common stock on each of 11/24/2025, 11/25/2025, and 11/26/2025. The weighted-average sale prices were $11.8762, $11.9847, and $12.4816, respectively, across multiple trades each day. After these transactions, the executive beneficially owned 2,951,330 Class A shares, held directly. The filing notes that these sales were effected under a previously adopted Rule 10b5-1 trading plan to cover taxes from the vesting of restricted stock units (RSUs).

Insider Trade Summary

Net Seller: 24,000 shares

Net Sell 3 txns

Insider Yi Steven

Role See Remarks

Sold 24,000 shs ($291K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	8,000	$12.4816	$100K
Sale	Class A Common Stock	8,000	$11.9847	$96K
Sale	Class A Common Stock	8,000	$11.8762	$95K

Holdings After Transaction: Class A Common Stock — 2,951,330 shares (Direct)

Footnotes (4)

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 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 $11.66 to $11.97 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 $11.76 to $12.23 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 $12.43 to $12.61 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.

FAQ

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What insider transaction did MediaAlpha (MAX) report in this Form 4?

The Form 4 reports that a MediaAlpha executive who is a director, Chief Executive Officer, President, and Co-Founder sold shares of Class A common stock in three separate transactions on 11/24/2025, 11/25/2025, and 11/26/2025.

How many MediaAlpha (MAX) shares were sold and at what prices?

The insider sold 8,000 Class A shares on each of 11/24/2025, 11/25/2025, and 11/26/2025. The weighted-average sale prices were $11.8762, $11.9847, and $12.4816, respectively, with each day’s total coming from multiple trades within stated price ranges.

How many MediaAlpha (MAX) shares does the reporting person still own after these sales?

After the reported transactions, the executive beneficially owned 2,967,330 Class A shares following the first sale, 2,959,330 shares after the second sale, and 2,951,330 shares after the third sale, all shown as held directly.

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

Yes. The explanation states that the sales were effected pursuant to a previously adopted Rule 10b5-1 trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Why did the MediaAlpha (MAX) executive sell these shares?

The filing explains that the trading plan was adopted to cover taxes resulting from the vesting of RSUs (restricted stock units), and the reported sales were made under that plan.

What type of security did the MediaAlpha (MAX) insider sell?

The transactions involved Class A common stock of MediaAlpha, Inc., reported in Table I as non-derivative securities acquired, disposed of, or beneficially owned.

Is this MediaAlpha (MAX) Form 4 filed by one or multiple reporting persons?

The form indicates it is a Form filed by One Reporting Person, not a joint or group filing.

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Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 11/26/2025 - 05:29 PM EST 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^*

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)
11/24/2025

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	11/24/2025		S(1)		8,000	D	$11.8762(2)	2,967,330	D
Class A Common Stock	11/25/2025		S(1)		8,000	D	$11.9847(3)	2,959,330	D
Class A Common Stock	11/26/2025		S(1)		8,000	D	$12.4816(4)	2,951,330	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 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 $11.66 to $11.97 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 $11.76 to $12.23 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 $12.43 to $12.61 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	11/26/2025
	** 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.