MediaAlpha director Eugene Nonko sells 15,468 shares

The sales were made under a previously adopted Rule 10b5-1 plan, primarily to cover taxes resulting from RSU vesting.

Rhea-AI Filing Summary

MediaAlpha, Inc. director Eugene Nonko reported sales of 1,067 Class A shares directly and 6,667 shares through O.N.E. Holdings, LLC on each of September 21 and 22, 2026, totaling 15,468 shares. The reported weighted-average prices ranged from $10.5319 to $10.7874 per share. All four sales were made under a Rule 10b5-1 trading plan previously adopted by Nonko, primarily to cover taxes resulting from RSU vesting.

Insider Trade Summary 10b5-1

Net Seller: 15,468 shares

Net Sell 4 txns

Insider Nonko Eugene

Role Director

Sold 15,468 shs ($165K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock F1, F3	1,067	$10.7874	$12K
Sale	Class A Common Stock F1, F5	6,667	$10.7776	$72K
Sale	Class A Common Stock F1, F2	1,067	$10.536	$11K
Sale	Class A Common Stock F1, F4	6,667	$10.5319	$70K

Holdings After Transaction: Class A Common Stock — 800,821 shares (Direct); Class A Common Stock — 854,550 shares (Indirect, By O.N.E. Holdings,LLC)

Footnotes (5)

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 primarily 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 $10.475 to $10.62 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 $10.72 to $10.925 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 $10.465 to $10.62 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.
5. F5. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $10.71 to $10.955 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

Direct sale: 1,067 shares at $10.5360 per share Sale through O.N.E. Holdings, LLC: 6,667 shares at $10.5319 per share Direct sale: 1,067 shares at $10.7874 per share +1 more

4 metrics

Direct sale 1,067 shares at $10.5360 per share September 21, 2026; weighted-average sale price

Sale through O.N.E. Holdings, LLC 6,667 shares at $10.5319 per share September 21, 2026; weighted-average sale price

Direct sale 1,067 shares at $10.7874 per share September 22, 2026; weighted-average sale price

Sale through O.N.E. Holdings, LLC 6,667 shares at $10.7776 per share September 22, 2026; weighted-average sale price

Key Terms

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

3 terms

Rule 10b5-1 trading plan regulatory

"effected pursuant to a Rule 10b5-1 trading plan"

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.

weighted-average sale price financial

"Reflects the weighted-average sale price"

RSUs financial

"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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many MAX shares did director Eugene Nonko sell?

Eugene Nonko reported sales totaling 15,468 Class A shares across four transactions on September 21 and 22, 2026. On each date, he sold 1,067 shares directly, and 6,667 shares were sold through O.N.E. Holdings, LLC.

What plan covered the MAX share sales?

The sales were made under a Rule 10b5-1 trading plan previously adopted by Eugene Nonko, primarily to cover taxes resulting from the vesting of RSUs.

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

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 09/23/2026 - 07:52 PM Accepted by SEC EDGAR 09/23/2026 - 07:51 PM 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^*

Nonko Eugene

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/21/2026

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	09/21/2026		S(1)		1,067	D	$10.536(2)	801,888	D
Class A Common Stock	09/22/2026		S(1)		1,067	D	$10.7874(3)	800,821	D
Class A Common Stock	09/21/2026		S(1)		6,667	D	$10.5319(4)	861,217	I	By O.N.E. Holdings,LLC
Class A Common Stock	09/22/2026		S(1)		6,667	D	$10.7776(5)	854,550	I	By O.N.E. Holdings,LLC

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 $10.475 to $10.62 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 $10.72 to $10.925 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 $10.465 to $10.62 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.

5. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $10.71 to $10.955 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	09/23/2026
	** 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)