MediaAlpha (MAX) CEO Steven Yi sells 20,000 shares for taxes

Rhea-AI Filing Summary

MediaAlpha, Inc. insider activity: Director and chief executive officer Steven Yi reported selling a total of 20,000 shares of Class A Common Stock over three days in early February 2026. The sales on 02/02, 02/03, and 02/04 were executed at weighted-average prices of $10.3192, $10.0411, and $8.9372 per share, respectively.

The transactions were made under a previously adopted Rule 10b5-1 trading plan primarily to cover taxes from vesting restricted stock units. After these sales, Yi continues to hold 2,715,330 Class A shares directly.

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
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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)
02/02/2026

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	02/02/2026		S(1)		8,000	D	$10.3192(2)	2,727,330	D
Class A Common Stock	02/03/2026		S(1)		8,000	D	$10.0411(3)	2,719,330	D
Class A Common Stock	02/04/2026		S(1)		4,000	D	$8.9372(4)	2,715,330	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 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 $10.135 to $10.42 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 $9.94 to $10.12 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 $8.90 to $9.08 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	02/04/2026
	** 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.
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FAQ

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

Steven Yi reported selling 20,000 MediaAlpha Class A shares over three days in February 2026. The sales were executed under a pre-established Rule 10b5-1 trading plan, primarily to cover tax obligations from vesting restricted stock units, and were reported as open market sales.

On which dates did Steven Yi sell MediaAlpha (MAX) shares and how many each day?

Steven Yi sold MediaAlpha shares on February 2, 3, and 4, 2026. He sold 8,000 shares on February 2, 8,000 shares on February 3, and 4,000 shares on February 4, as disclosed in the non-derivative transaction table of the filing.

At what prices were Steven Yi’s MediaAlpha (MAX) share sales executed?

The reported weighted-average sale prices were $10.3192 on February 2, $10.0411 on February 3, and $8.9372 on February 4, 2026. Each average reflects multiple trades within stated price ranges, and full trade-by-trade details are available upon request from the reporting person.

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

After the reported transactions, Steven Yi beneficially owns 2,715,330 shares of MediaAlpha Class A Common Stock directly. This post-transaction holding reflects his remaining stake following the aggregate sale of 20,000 shares disclosed in the February 2026 Form 4 filing.

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

The filing states the sales were effected under a previously adopted Rule 10b5-1 trading plan. This plan was used primarily to cover taxes arising from the vesting of restricted stock units, providing a pre-arranged, systematic method for executing these tax-related share sales.

Were Steven Yi’s February 2026 MediaAlpha (MAX) sales direct or indirect holdings?

All reported February 2026 sales involved Class A Common Stock held directly by Steven Yi. The ownership column identifies the transactions and the 2,715,330 shares remaining afterward as “D” for direct ownership, with no indirect ownership structure noted in the tabular disclosure.