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  4. [Form 4] MediaAlpha, Inc. Insider Trading Activity

MediaAlpha (MAX) director sells shares under Rule 10b5-1 tax-cover plan

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

MediaAlpha, Inc. director and officer Steven Yi reported open-market sales of Class A Common Stock over three days. He sold 33,663 shares on April 27 at a weighted-average price of $9.9883 per share, 6,565 shares on April 28 at $10.0001 per share, and 26,739 shares on April 29 at $9.9962 per share, for a total of 66,967 shares sold.

The filing states these sales were made under a previously adopted Rule 10b5-1 trading plan primarily to cover taxes from the vesting of restricted stock units. After the transactions, Yi directly holds 2,891,690 shares of MediaAlpha Class A Common Stock.

Positive

  • None.

Negative

  • None.
Insider Yi Steven
Role See Remarks
Sold 66,967 shs ($669K)
Type Security Shares Price Value
Sale Class A Common Stock 26,739 $9.9962 $267K
Sale Class A Common Stock 6,565 $10.0001 $66K
Sale Class A Common Stock 33,663 $9.9883 $336K
Holdings After Transaction: Class A Common Stock — 2,891,690 shares (Direct, null)
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 $9.60 to $10.14 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 $10.005 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 $9.93 to $10.055 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.
Total shares sold 66,967 shares Net open-market sales across April 27–29, 2026
Shares sold on April 27, 2026 33,663 shares at $9.9883/share Open-market sale of Class A Common Stock
Shares sold on April 28, 2026 6,565 shares at $10.0001/share Open-market sale of Class A Common Stock
Shares sold on April 29, 2026 26,739 shares at $9.9962/share Open-market sale of Class A Common Stock
Shares held after transactions 2,891,690 shares Direct holding of Class A Common Stock following sales
Trading plan reference Rule 10b5-1 plan Plan primarily to cover taxes from RSU vesting
Rule 10b5-1 trading plan regulatory
"sales were effected pursuant to a Rule 10b5-1 trading plan previously adopted"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
restricted stock units (RSUs) financial
"plan previously adopted by the Reporting Person primarily to cover taxes resulting from the vesting of RSUs"
Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.
weighted-average sale price financial
"Reflects the weighted-average sale price for shares sold in multiple transactions"
Class A Common Stock financial
"security_title": "Class A Common Stock""
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
open-market sale financial
"transaction_action": "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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)
XDirector10% Owner
XOfficer (give title below)Other (specify below)
See Remarks
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/27/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Class A Common Stock04/27/2026S(1)33,663D$9.9883(2)2,924,994D
Class A Common Stock04/28/2026S(1)6,565D$10.0001(3)2,918,429D
Class A Common Stock04/29/2026S(1)26,739D$9.9962(4)2,891,690D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 $9.60 to $10.14 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 $10.005 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 $9.93 to $10.055 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. Coyne04/29/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

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

MediaAlpha reported that director and officer Steven Yi sold a total of 66,967 shares of Class A Common Stock in open-market transactions on April 27–29, 2026, at weighted-average prices near $10 per share.

At what prices did Steven Yi sell MediaAlpha (MAX) shares?

Steven Yi’s reported sales occurred at weighted-average prices of $9.9883, $10.0001, and $9.9962 per share. Footnotes note that each figure reflects multiple trades within price ranges around $9.60–$10.14 per share.

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

After completing the reported transactions, Steven Yi directly holds 2,891,690 shares of MediaAlpha Class A Common Stock. This post-transaction holding reflects his remaining direct ownership following the sale of 66,967 shares over three days.

Were Steven Yi’s MediaAlpha (MAX) share sales part of a trading plan?

Yes. The filing states the sales were made under a previously adopted Rule 10b5-1 trading plan. This plan-based structure indicates the trades were pre-arranged rather than discretionary, according to the disclosure language provided.

Why did Steven Yi’s trading plan sell MediaAlpha (MAX) shares?

According to the footnotes, the trading plan was adopted primarily to cover taxes resulting from the vesting of restricted stock units (RSUs). This means the share sales were mainly intended to satisfy tax obligations tied to equity compensation.

What type of security did Steven Yi sell in MediaAlpha (MAX)?

All reported transactions involve Class A Common Stock of MediaAlpha, Inc. The Form 4 classifies them as non-derivative, open-market sales, rather than option exercises or other derivative-related activities.