MediaAlpha, Inc. (MAX) CRO sells 13,000 shares under 10b5-1 plan

Rhea-AI Filing Summary

MediaAlpha, Inc. Chief Revenue Officer Keith Cramer reported an open-market sale of 13,000 shares of Class A common stock on July 15, 2026 at a weighted-average price of $14.1919 per share. The transactions were executed under a pre-arranged Rule 10b5-1 trading plan primarily to cover taxes from the vesting of RSUs, at prices ranging from $13.87 to $14.31 per share. Following these sales, Cramer directly holds 267,528 shares.

Insider Trade Summary 10b5-1

Net Seller: 13,000 shares ($184,495)

Net Sell 1 txn

Insider Cramer Keith

Role Chief Revenue Officer

Sold 13,000 shs ($184K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	13,000	$14.1919	$184K

Holdings After Transaction: Class A Common Stock — 267,528 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 $13.87 to $14.31 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.

Key Figures

Shares sold: 13,000 shares Weighted-average sale price: $14.1919 per share Post-transaction holdings: 267,528 shares +1 more

4 metrics

Shares sold 13,000 shares Open-market sale of Class A Common Stock on July 15, 2026

Weighted-average sale price $14.1919 per share Average price across multiple sale transactions

Post-transaction holdings 267,528 shares Shares of Class A Common Stock held directly after the sale

Sale price range $13.87–$14.31 per share Price range for multiple sale transactions reported in the Form 4

Key Terms

Rule 10b5-1 trading plan, RSUs, weighted-average sale price, open-market sale

4 terms

Rule 10b5-1 trading plan regulatory

"The sales reported ... 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.

RSUs financial

"primarily to cover taxes resulting from the vesting of RSUs"

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

weighted-average sale price financial

"Reflects the weighted-average sale price for shares sold in multiple transactions"

open-market sale market

"transaction_action: open-market sale of Class A Common Stock"

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/15/2026 - 07:10 PM Accepted by SEC EDGAR 07/15/2026 - 07:09 PM Learn about SEC filing dates

FAQ

What insider transaction did MAX executive Keith Cramer report?

Keith Cramer sold 13,000 MediaAlpha Class A shares at a weighted-average $14.1919 on July 15, 2026. The open-market sale was reported on Form 4 and executed under a Rule 10b5-1 trading plan primarily to cover taxes from RSU vesting.

At what prices did Keith Cramer sell MAX shares in this Form 4?

The reported sale reflects a weighted-average price of $14.1919 per share across multiple trades. Individual transactions occurred at prices ranging from $13.87 to $14.31 per share, according to the Form 4 footnote.

How many MediaAlpha (MAX) shares does Keith Cramer hold after the sale?

After selling 13,000 shares, Keith Cramer holds 267,528 shares of MediaAlpha Class A common stock. These holdings are reported as being held directly, reflecting his position following the July 15, 2026 transactions.

Was Keith Cramer’s MAX share sale under a Rule 10b5-1 trading plan?

Yes. The Form 4 states the sales were effected under a Rule 10b5-1 trading plan. The plan was previously adopted by Cramer primarily to cover taxes from RSU vesting, indicating the trades were pre-arranged rather than discretionary.

What is the nature of Keith Cramer’s MAX transaction reported on Form 4?

The transaction is an open-market sale of 13,000 shares of Class A common stock. It is coded as an S transaction, described as a sale in open market or private transaction, executed pursuant to a Rule 10b5-1 trading plan.

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^*

Cramer Keith

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Revenue Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/15/2026

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	07/15/2026		S(1)		13,000	D	$14.1919(2)	267,528	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 $13.87 to $14.31 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:

	/s/ Jeffrey B. Coyne	07/15/2026
	** 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)