[Form 4] MediaAlpha, Inc. Insider Trading Activity

Rhea-AI Filing Summary

MediaAlpha, Inc. Chief Technology Officer, listed as an officer of the company, reported open‑market sales of Class A common stock. On 12/10/2025, the reporting person sold 12,000 shares at a weighted-average price of $13.4892 per share. On 12/12/2025, an additional 3,000 shares were sold at a weighted-average price of $13.1575 per share. After these transactions, the reporting person beneficially owned 402,662 shares and then 399,662 shares of Class A common stock. The sales were made under a pre-arranged Rule 10b5‑1 trading plan designed to cover taxes arising from the vesting of restricted stock units (RSUs).

Insider Trade Summary

Net Seller: 15,000 shares ($201,343)

Net Sell 2 txns

Insider Yeh Kuanling Amy

Role Chief Technology Officer

Sold 15,000 shs ($201K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	3,000	$13.1575	$39K
Sale	Class A Common Stock	12,000	$13.4892	$162K

Holdings After Transaction: Class A Common Stock — 399,662 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 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 $13.31 to $13.67 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 $13.00 to $13.25 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.

Form 4 Insider Transactions: What Each Field Means →

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^*

Yeh Kuanling Amy

(Last) (First) (Middle)

C/O MEDIAALPHA, INC.

700 SOUTH FLOWER STREET, SUITE 640

(Street)

LOS ANGELES CA 90017

(City) (State) (Zip)

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 Technology Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	12/10/2025		S(1)		12,000	D	$13.4892(2)	402,662	D
Class A Common Stock	12/12/2025		S(1)		3,000	D	$13.1575(3)	399,662	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 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 $13.31 to $13.67 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 $13.00 to $13.25 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	12/12/2025
	** 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.

FAQ

What insider transaction did MediaAlpha (MAX) disclose in this Form 4?

The Chief Technology Officer of MediaAlpha, Inc. reported selling Class A common stock in two transactions: 12,000 shares on 12/10/2025 and 3,000 shares on 12/12/2025.

At what prices did the MediaAlpha (MAX) CTO sell shares?

The CTO sold 12,000 shares at a weighted-average price of $13.4892 per share and 3,000 shares at a weighted-average price of $13.1575 per share, with each price reflecting multiple trades within stated ranges.

How many MediaAlpha (MAX) shares does the CTO own after these sales?

Following the reported sales, the reporting person beneficially owned 402,662 shares after the first transaction and 399,662 shares of Class A common stock after the second.

Were the MediaAlpha (MAX) insider sales under a Rule 10b5-1 plan?

Yes. The filing states the sales were effected under a previously adopted Rule 10b5‑1 trading plan intended to cover taxes from the vesting of RSUs.

What is the relationship of the reporting person to MediaAlpha (MAX)?

The reporting person is identified as an officer of MediaAlpha, serving as its Chief Technology Officer, and the form is filed by one reporting person.

What security class was involved in the MediaAlpha (MAX) Form 4 transactions?

The transactions involved Class A common stock of MediaAlpha, Inc., reported in Table I of the filing.