MediaAlpha CRO sells 13K shares at about $11.49

MediaAlpha’s chief revenue officer reported a Rule 10b5-1 tax-related sale of 13,000 Class A shares, leaving him with over 250,000 shares.

Rhea-AI Filing Summary

MediaAlpha, Inc. (MAX) disclosed that Chief Revenue Officer Keith Cramer sold 13,000 shares of Class A Common Stock on September 15, 2026 at a weighted-average price of $11.494 per share, in transactions ranging from $11.40 to $11.565 per share. The sales were made under a previously adopted Rule 10b5-1 trading plan primarily to cover taxes from RSU vesting, and Cramer now directly holds 251,303 shares.

Insider Trade Summary 10b5-1

Net Seller: 13,000 shares

Net Sell 1 txn

Insider Cramer Keith

Role Chief Revenue Officer

Sold 13,000 shs ($149K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock F1, F2	13,000	$11.494	$149K

Holdings After Transaction: Class A Common Stock — 251,303 shares (Direct)

Footnotes (2)

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 $11.40 to $11.565 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: $11.494 per share Sale price range: $11.40–$11.565 per share +1 more

4 metrics

Shares sold 13,000 shares Class A Common Stock sold on September 15, 2026

Weighted-average sale price $11.494 per share Sale of 13,000 shares on September 15, 2026

Sale price range $11.40–$11.565 per share Prices for multiple sale transactions on September 15, 2026

Shares held after transaction 251,303 shares Direct holdings of Keith Cramer after the reported sale

Key Terms

Rule 10b5-1 trading plan, restricted stock units (RSUs), weighted-average sale price

3 terms

Rule 10b5-1 trading plan regulatory

"The sales 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.

restricted stock units (RSUs) financial

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

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

weighted-average sale price financial

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

FAQ

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

What insider transaction did MediaAlpha (MAX) report for Keith Cramer?

MediaAlpha reported that Chief Revenue Officer Keith Cramer sold 13,000 shares of Class A Common Stock on September 15, 2026 at a weighted-average price of $11.494 per share, in multiple trades between $11.40 and $11.565 per share.

Was the MAX insider sale by Keith Cramer under a Rule 10b5-1 plan?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan previously adopted by Keith Cramer, primarily to cover taxes resulting from the vesting of RSUs.

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

After the reported transactions, Keith Cramer directly holds 251,303 shares of MediaAlpha Class A Common Stock, as disclosed in the Form 4.

What price range were the MediaAlpha (MAX) shares sold at by Keith Cramer?

The shares were sold at prices ranging from $11.40 to $11.565 per share, with a reported weighted-average sale price of $11.494 per share for the 13,000 shares sold.

What role does Keith Cramer hold at MediaAlpha (MAX)?

Keith Cramer is identified in the filing as Chief Revenue Officer of MediaAlpha, Inc. and is the reporting person for this Form 4 insider transaction.

Why did Keith Cramer’s Rule 10b5-1 plan sales in MAX shares occur?

The filing explains that the Rule 10b5-1 plan sales were made primarily to cover taxes arising from the vesting of restricted stock units (RSUs) held by Keith Cramer.

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 09/16/2026 - 06:36 PM Accepted by SEC EDGAR 09/16/2026 - 06:36 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^*

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)
09/15/2026

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	09/15/2026		S(1)		13,000	D	$11.494(2)	251,303	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 $11.40 to $11.565 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	09/16/2026
	** 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)