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

Yes. A footnote states the sales were made under a Rule 10b5-1 trading plan previously adopted by Steven Yi. The plan was established primarily to cover taxes from RSU vesting , indicating the transactions were pre-planned and tax-related.

Tax-driven MediaAlpha (MAX) insider sale under Rule 10b5-1 plan

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

MediaAlpha disclosed that director and officer Steven Yi sold a total of 12,000 Class A shares in three open-market transactions. These were 4,000-share sales on March 30, March 31, and April 1 at prices around $9 per share.

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

Steven Yi sold 4,000 shares at $9.2301 , 4,000 shares at $9.6000 , and 4,000 shares at $9.1467 . Footnotes note weighted-average prices across multiple trades, with ranges generally slightly above $9 per share for these sales.

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

After the reported transactions, Steven Yi directly holds 3,031,247 Class A shares of MediaAlpha. This means the 12,000 shares sold represent a small portion of his total reported direct ownership position in the company.

Q: What is the reason given for Steven Yi’s sales of MediaAlpha (MAX) stock?

The filing explains that the trades were primarily to cover taxes triggered by the vesting of restricted stock units (RSUs). This suggests the share sales were linked to compensation-related tax obligations rather than purely discretionary portfolio changes.

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

MediaAlpha, Inc. director and officer Steven Yi reported open-market sales of a total of 12,000 shares of Class A Common Stock over three days. The shares were sold in 4,000-share blocks on March 30, March 31, and April 1 at prices around $9 per share.

The sales were made under a pre-established Rule 10b5-1 trading plan primarily to cover taxes from the vesting of RSUs, indicating they were planned and tax-driven rather than discretionary timing trades. After these transactions, Yi still directly holds 3,031,247 shares.

Insider Trade Summary 10b5-1

Net Seller: 12,000 shares ($111,907)

Net Sell 3 txns

Insider Yi Steven

Role See Remarks

Sold 12,000 shs ($112K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	4,000	$9.1467	$37K
Sale	Class A Common Stock	4,000	$9.60	$38K
Sale	Class A Common Stock	4,000	$9.2301	$37K

Holdings After Transaction: Class A Common Stock — 3,031,247 shares (Direct)

Footnotes (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 $9.07 to $9.30 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 $9.065 to $9.28 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 March 30: 4,000 shares Shares sold March 31: 4,000 shares Shares sold April 1: 4,000 shares +2 more

5 metrics

Shares sold March 30 4,000 shares Class A Common Stock at $9.2301 per share

Shares sold March 31 4,000 shares Class A Common Stock at $9.6000 per share

Shares sold April 1 4,000 shares Class A Common Stock at $9.1467 per share

Total shares sold 12,000 shares Aggregate open-market sales across three days

Shares held after transactions 3,031,247 shares Direct Class A Common Stock ownership following sales

Key Terms

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

4 terms

Rule 10b5-1 trading plan regulatory

"sales reported on this Form 4 were 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.

RSUs financial

"trading plan previously adopted by the Reporting Person 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 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 →

04/01/2026 - 07:16 PM

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).

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/30/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	03/30/2026		S⁽¹⁾		4,000	D	$9.2301⁽²⁾	3,039,247	D
Class A Common Stock	03/31/2026		S⁽¹⁾		4,000	D	$9.6	3,035,247	D
Class A Common Stock	04/01/2026		S⁽¹⁾		4,000	D	$9.1467⁽³⁾	3,031,247	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 $9.07 to $9.30 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 $9.065 to $9.28 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	04/01/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

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

MediaAlpha disclosed that director and officer Steven Yi sold a total of 12,000 Class A shares in three open-market transactions. These were 4,000-share sales on March 30, March 31, and April 1 at prices around $9 per share.

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

Steven Yi sold 4,000 shares at $9.2301, 4,000 shares at $9.6000, and 4,000 shares at $9.1467. Footnotes note weighted-average prices across multiple trades, with ranges generally slightly above $9 per share for these sales.

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

After the reported transactions, Steven Yi directly holds 3,031,247 Class A shares of MediaAlpha. This means the 12,000 shares sold represent a small portion of his total reported direct ownership position in the company.

What is the reason given for Steven Yi’s sales of MediaAlpha (MAX) stock?

The filing explains that the trades were primarily to cover taxes triggered by the vesting of restricted stock units (RSUs). This suggests the share sales were linked to compensation-related tax obligations rather than purely discretionary portfolio changes.