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

Yes. A footnote explains the sales were effected under a previously adopted Rule 10b5-1 trading plan. The plan was primarily established to cover taxes arising from the vesting of restricted stock units (RSUs), indicating a pre-arranged trading framework.

MediaAlpha (MAX) director sells 115,132 shares under Rule 10b5-1 plan

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

MediaAlpha, Inc. director Eugene Nonko reported open-market sales of 115,132 shares of Class A Common Stock at prices around $10 per share. The sales, spanning April 27–29, 2026, were executed under a Rule 10b5-1 trading plan primarily to cover taxes from vesting RSUs.

After these transactions, he continues to hold 959,775 Class A shares directly and 1,247,274 Class A shares indirectly through O.N.E. Holdings, LLC.

Insider Trade Summary 10b5-1

Net Seller: 115,132 shares ($1,154,015)

Net Sell 6 txns

Insider Nonko Eugene

Role null

Sold 115,132 shs ($1.15M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	25,606	$10.0069	$256K
Sale	Class A Common Stock	26,888	$10.0074	$269K
Sale	Class A Common Stock	2,003	$10.0006	$20K
Sale	Class A Common Stock	5,150	$10.0003	$52K
Sale	Class A Common Stock	27,972	$10.0419	$281K
Sale	Class A Common Stock	27,513	$10.0416	$276K

Holdings After Transaction: Class A Common Stock — 959,775 shares (Direct, null); Class A Common Stock — 1,247,274 shares (Indirect, By O.N.E. Holdings,LLC)

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 $10.00 to $10.13 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 $10.00 to $10.005 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 $10.00 to $10.03 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 $10.00 to $10.12 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 $10.00 to $10.05 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: 115,132 shares Sale price range: $10.00–$10.13 per share Direct holdings after sales: 959,775 shares +2 more

5 metrics

Total shares sold 115,132 shares Net open-market sales reported in Form 4

Sale price range $10.00–$10.13 per share Weighted-average prices across multiple transactions

Direct holdings after sales 959,775 shares Class A Common Stock held directly after transactions

Indirect holdings after sales 1,247,274 shares Class A Common Stock held via O.N.E. Holdings, LLC

Example sale price $10.0419 per share Direct sale of 27,972 shares on April 27, 2026

Key Terms

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

5 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

"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.

Class A Common Stock financial

"security_title: "Class A Common Stock""

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

Form 4 Insider Transactions: What Each Field Means →

04/29/2026 - 06:24 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^*

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)
04/27/2026

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	04/27/2026		S⁽¹⁾		27,972	D	$10.0419⁽²⁾	987,384	D
Class A Common Stock	04/28/2026		S⁽¹⁾		2,003	D	$10.0006⁽³⁾	985,381	D
Class A Common Stock	04/29/2026		S⁽¹⁾		25,606	D	$10.0069⁽⁴⁾	959,775	D
Class A Common Stock	04/27/2026		S⁽¹⁾		27,513	D	$10.0416⁽⁵⁾	1,279,312	I	By O.N.E. Holdings,LLC
Class A Common Stock	04/28/2026		S⁽¹⁾		5,150	D	$10.0003⁽³⁾	1,274,162	I	By O.N.E. Holdings,LLC
Class A Common Stock	04/29/2026		S⁽¹⁾		26,888	D	$10.0074⁽⁶⁾	1,247,274	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)
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 $10.00 to $10.13 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 $10.00 to $10.005 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 $10.00 to $10.03 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 $10.00 to $10.12 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 $10.00 to $10.05 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	04/29/2026
	** 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 did MediaAlpha (MAX) director Eugene Nonko report in this Form 4?

Director Eugene Nonko reported selling 115,132 shares of MediaAlpha Class A Common Stock in open-market transactions at prices around $10 per share. The filing also shows substantial remaining direct and indirect holdings following these sales.

Over what dates did Eugene Nonko sell MediaAlpha (MAX) shares and at what prices?

The reported MediaAlpha share sales occurred on April 27, 28, and 29, 2026. Weighted-average sale prices ranged from about $10.00 to $10.13 per share, with detailed price breakdowns available upon request as noted in the filing’s footnotes.

How many MediaAlpha (MAX) shares did Eugene Nonko sell according to the filing?

The transaction summary shows total net sales of 115,132 MediaAlpha Class A shares. These were executed across six open-market sale transactions, combining both direct holdings and shares held indirectly through O.N.E. Holdings, LLC.

How many MediaAlpha (MAX) shares does Eugene Nonko hold after these transactions?

Following the reported sales, Eugene Nonko holds 959,775 MediaAlpha Class A shares directly. He also holds 1,247,274 additional Class A shares indirectly through O.N.E. Holdings, LLC, according to the post-transaction ownership figures in the Form 4.

What is the role of O.N.E. Holdings, LLC in these MediaAlpha (MAX) transactions?

Part of the reported sales and remaining holdings relate to shares held indirectly through O.N.E. Holdings, LLC. The filing labels certain transactions and post-transaction balances as “By O.N.E. Holdings, LLC,” indicating that entity’s involvement in Nonko’s indirect MediaAlpha ownership.