MediaAlpha (MAX) director sells 20,748 shares in Rule 10b5-1 plan

Rhea-AI Filing Summary

MediaAlpha, Inc. director and officer Steven Yi sold 20,748 shares of Class A common stock in a series of open-market transactions on February 23, 24, and 25, 2026. All four sales were reported as open‑market or private transactions under code “S.”

The sales were effected pursuant to a pre‑arranged Rule 10b5‑1 trading plan primarily to cover taxes from the vesting of restricted stock units. Sale prices included specific trades at $7.7507, $8.8000, $9.0000, and $10.0027 per share, within ranges from $7.69 to $10.01 per share. After these transactions, Yi directly holds 2,688,876 Class A shares.

Insider Trade Summary

Net Seller: 20,748 shares ($189,706)

Net Sell 4 txns

Insider Yi Steven

Role See Remarks

Sold 20,748 shs ($190K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	4,000	$9.00	$36K
Sale	Class A Common Stock	8,748	$10.0027	$88K
Sale	Class A Common Stock	4,000	$8.80	$35K
Sale	Class A Common Stock	4,000	$7.7507	$31K

Holdings After Transaction: Class A Common Stock — 2,697,624 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 $7.69 to $7.84 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 $10.00 to $10.01 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 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)
02/23/2026

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	02/23/2026		S(1)		4,000	D	$7.7507(2)	2,705,624	D
Class A Common Stock	02/24/2026		S(1)		4,000	D	$8.8	2,701,624	D
Class A Common Stock	02/25/2026		S(1)		4,000	D	$9	2,697,624	D
Class A Common Stock	02/25/2026		S(1)		8,748	D	$10.0027(3)	2,688,876	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 $7.69 to $7.84 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 $10.00 to $10.01 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	02/25/2026
	** 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.

FAQ

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

MediaAlpha (MAX) reported that director and officer Steven Yi sold 20,748 shares of Class A common stock. The transactions occurred over three days in February 2026 as open‑market or private sales under transaction code “S.”

On what dates did Steven Yi sell MediaAlpha (MAX) shares and how many?

Steven Yi sold 20,748 MediaAlpha shares across four trades on February 23, 24, and 25, 2026. Each transaction involved Class A common stock and was reported as a non‑derivative open‑market or private sale.

At what prices were Steven Yi’s MediaAlpha (MAX) shares sold?

The reported transactions show sales at $7.7507, $8.8000, $9.0000, and $10.0027 per share. Footnotes add that weighted‑average sale prices reflected ranges from $7.69–$7.84 and $10.00–$10.01 for multiple trades within those bands.

Why were Steven Yi’s MediaAlpha (MAX) share sales made under a Rule 10b5-1 plan?

The filing states the sales were made under a Rule 10b5‑1 trading plan previously adopted by Steven Yi primarily to cover taxes arising from the vesting of restricted stock units, providing a pre‑set framework for executing these trades.

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

After the reported transactions, Steven Yi directly owns 2,688,876 shares of MediaAlpha Class A common stock. This figure reflects his direct beneficial ownership immediately following the final open‑market sale reported in the Form 4.

Were Steven Yi’s MediaAlpha (MAX) transactions direct or through another entity?

Each reported trade is classified as direct ownership with ownership code “D” and no footnotes indicating another entity. This means the Class A common stock sales were attributed directly to Steven Yi rather than to a trust, fund, or related vehicle.