MediaAlpha director sells 27.6K shares over 3 days

A MediaAlpha director disclosed pre-planned open-market sales of 27,639 Class A shares over three days under a Rule 10b5-1 trading plan primarily to cover RSU-related taxes.

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) director Eugene Nonko reported a series of open‑market sales of Class A Common Stock totaling 27,639 shares on September 8–10, 2026. The sales were made at weighted‑average prices generally between about $11.40 and $11.90 per share, with portions executed directly and indirectly through O.N.E. Holdings, LLC.

According to the disclosure, these transactions were effected pursuant to a previously adopted Rule 10b5‑1 trading plan put in place primarily to cover taxes arising from the vesting of restricted stock units (RSUs). The filing states that detailed breakdowns of the multiple trade prices within each reported range are available upon request.

Insider Trade Summary 10b5-1

Net Seller: 27,639 shares

Net Sell 6 txns

Insider Nonko Eugene

Role Director

Sold 27,639 shs ($320K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock F1, F4	1,940	$11.5182	$22K
Sale	Class A Common Stock F1, F7	7,273	$11.6191	$85K
Sale	Class A Common Stock F1, F3	1,940	$11.6505	$23K
Sale	Class A Common Stock F1, F6	7,273	$11.4058	$83K
Sale	Class A Common Stock F1, F2	1,940	$11.6997	$23K
Sale	Class A Common Stock F1, F5	7,273	$11.7017	$85K

Holdings After Transaction: Class A Common Stock — 809,502 shares (Direct); Class A Common Stock — 890,208 shares (Indirect, By O.N.E. Holdings,LLC)

Footnotes (7)

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 $11.56 to $11.91 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 $11.50 to $11.72 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 $11.465 to $11.68 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 $11.61 to $11.91 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.
6. F6. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.205 to $11.72 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.
7. F7. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.465 to $11.7775 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

Total shares sold: 27,639 shares Direct sales per day: 1,940 shares each day Indirect sales per transaction: 7,273 shares +4 more

7 metrics

Total shares sold 27,639 shares Aggregate net shares sold by the reporting person across all transactions reported in this Form 4

Direct sales per day 1,940 shares each day Direct Class A Common Stock sales on September 8, 9, and 10, 2026

Indirect sales per transaction 7,273 shares Each indirect sale through O.N.E. Holdings, LLC on September 8, 9, and 10, 2026

Example weighted-average sale price $11.6997 per share Weighted‑average price for the 1,940‑share direct sale on September 8, 2026

Lowest reported weighted-average price $11.4058 per share Indirect sale through O.N.E. Holdings, LLC on September 9, 2026

Highest reported weighted-average price $11.7017 per share Indirect sale through O.N.E. Holdings, LLC on September 8, 2026

Net buy/sell shares 27,639 shares net sold Net share change across all reported non‑derivative transactions in this Form 4

Key Terms

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

4 terms

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.

RSUs financial

"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"

indirect ownership financial

"ownership type marked as indirect, nature of ownership By O.N.E. Holdings,LLC"

FAQ

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

What insider transactions did MediaAlpha (MAX) director Eugene Nonko report on this Form 4?

Eugene Nonko reported six open‑market sales of MediaAlpha Class A Common Stock on September 8–10, 2026, in both direct holdings and shares held indirectly through O.N.E. Holdings, LLC, all classified as dispositions of shares.

How many MediaAlpha (MAX) shares did Eugene Nonko sell and over what period?

Across all transactions, the filing shows 27,639 shares sold of MediaAlpha Class A Common Stock over three trading days, from September 8 through September 10, 2026, combining direct and indirect sales.

At what prices were the MediaAlpha (MAX) shares sold in Eugene Nonko’s Form 4?

Each line item reports a weighted‑average sale price, with per‑share amounts such as $11.6997, $11.7017, $11.6505, $11.4058, $11.5182, and $11.6191. Footnotes state these averages reflect multiple trades within specified price ranges.

Were Eugene Nonko’s MediaAlpha (MAX) share sales under a Rule 10b5-1 trading plan?

Yes. A footnote states the reported sales 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 restricted stock units (RSUs).

What portion of Eugene Nonko’s MediaAlpha (MAX) sales were made indirectly through O.N.E. Holdings, LLC?

Four transactions describe indirect ownership “By O.N.E. Holdings, LLC,” each for 7,273 shares. These indirect sales occurred on September 8, 9, and 10, 2026, at weighted‑average prices around $11.41 to $11.78 per share, according to the filing.

What does the Form 4 say about the detailed price breakdowns for the MediaAlpha (MAX) insider trades?

For each transaction, footnotes explain that the reported figure is a weighted‑average sale price for shares sold in multiple transactions within a price range, and that full information on the number of shares sold at each separate price will be provided upon request.

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

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Available on EDGAR 09/10/2026 - 07:33 PM Accepted by SEC EDGAR 09/10/2026 - 07:33 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)
09/08/2026

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	09/08/2026		S(1)		1,940	D	$11.6997(2)	813,382	D
Class A Common Stock	09/09/2026		S(1)		1,940	D	$11.6505(3)	811,442	D
Class A Common Stock	09/10/2026		S(1)		1,940	D	$11.5182(4)	809,502	D
Class A Common Stock	09/08/2026		S(1)		7,273	D	$11.7017(5)	904,754	I	By O.N.E. Holdings,LLC
Class A Common Stock	09/09/2026		S(1)		7,273	D	$11.4058(6)	897,481	I	By O.N.E. Holdings,LLC
Class A Common Stock	09/10/2026		S(1)		7,273	D	$11.6191(7)	890,208	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 $11.56 to $11.91 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 $11.50 to $11.72 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 $11.465 to $11.68 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 $11.61 to $11.91 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.

6. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.205 to $11.72 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.

7. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $11.465 to $11.7775 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	09/10/2026
	** 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)