MediaAlpha (MAX) counsel sells 5,000 shares and covers RSU tax obligations

Rhea-AI Filing Summary

MediaAlpha, Inc. general counsel and secretary Jeffrey B. Coyne reported several transactions in Class A Common Stock. He sold 5,000 shares in an open-market transaction at a weighted-average price of about $8.0953 per share.

The filing also shows 9,231 shares disposed of as part of tax withholding, where shares were automatically withheld by the company to cover required tax obligations upon settlement of previously granted restricted stock units. According to the disclosure, the sale was carried out under a pre-established Rule 10b5-1 trading plan primarily to address taxes from RSU vesting.

Insider Trade Summary 10b5-1

Net Seller: 5,000 shares ($40,477)

Net Sell 5 txns

Insider COYNE JEFFREY B

Role GENERAL COUNSEL AND SECRETARY

Sold 5,000 shs ($40K)

Type	Security	Shares	Price	Value
Tax Withholding	Class A Common Stock	1,808	$8.05	$15K
Tax Withholding	Class A Common Stock	1,573	$8.05	$13K
Tax Withholding	Class A Common Stock	3,233	$8.05	$26K
Tax Withholding	Class A Common Stock	2,617	$8.05	$21K
Sale	Class A Common Stock	5,000	$8.0953	$40K

Holdings After Transaction: Class A Common Stock — 604,187 shares (Direct, null)

Footnotes (1)

1. Represents shares withheld automatically by the Issuer to cover required tax withholding obligations due at settlement of restricted stock units previously reported in Table I as Class A Common Stock. 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 $8.025 to $8.195 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

Open-market sale: 5,000 shares Sale price: $8.0953 per share Tax-withholding shares: 9,231 shares +2 more

5 metrics

Open-market sale 5,000 shares Class A Common Stock sold in open market

Sale price $8.0953 per share Weighted-average price for 5,000-share sale

Tax-withholding shares 9,231 shares Shares withheld to cover tax obligations on RSU settlement

Tax-withholding price $8.05 per share Price per share for F-code tax-withholding dispositions

Disposition breakdown 1 sale, 4 tax-withholding entries TransactionSummary shows 1 sell and 4 F-code disposals

Key Terms

Rule 10b5-1 trading plan, restricted stock units, tax-withholding disposition, weighted-average sale price

4 terms

Rule 10b5-1 trading plan regulatory

"The 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.

restricted stock units financial

"tax withholding obligations due at settlement of restricted stock units previously reported in Table I"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

tax-withholding disposition financial

"transaction_action: "tax-withholding disposition" for F-code entries"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

weighted-average sale price financial

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

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^*

COYNE JEFFREY B

(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)
	GENERAL COUNSEL AND SECRETARY

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

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	05/15/2026		F		1,808(1)	D	$8.05	604,187	D
Class A Common Stock	05/15/2026		F		1,573(1)	D	$8.05	602,614	D
Class A Common Stock	05/15/2026		F		3,233(1)	D	$8.05	599,381	D
Class A Common Stock	05/15/2026		F		2,617(1)	D	$8.05	596,764	D
Class A Common Stock	05/15/2026		S(2)		5,000	D	$8.0953(3)	591,764	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. Represents shares withheld automatically by the Issuer to cover required tax withholding obligations due at settlement of restricted stock units previously reported in Table I as Class A Common Stock.

2. 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.

3. Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $8.025 to $8.195 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	05/19/2026
	** 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)

FAQ

What insider transactions did MediaAlpha (MAX) report for Jeffrey B. Coyne?

Jeffrey B. Coyne reported selling 5,000 shares of MediaAlpha Class A Common Stock in an open-market transaction and disposing of 9,231 shares through tax withholding related to restricted stock unit settlements on the same date.

At what price did Jeffrey B. Coyne sell MediaAlpha (MAX) shares?

He sold 5,000 shares at a weighted-average price of about $8.0953 per share, with individual trades executed between $8.025 and $8.195. The filing notes he can provide exact trade breakdowns upon request.

How many MediaAlpha (MAX) shares were used to cover Jeffrey B. Coyne’s taxes?

A total of 9,231 shares of MediaAlpha Class A Common Stock were automatically withheld to cover required tax withholding obligations arising from the settlement of previously granted restricted stock units reported as Class A Common Stock.

Were Jeffrey B. Coyne’s MediaAlpha (MAX) share sales under a Rule 10b5-1 plan?

Yes. The filing states the sales were executed under a pre-established Rule 10b5-1 trading plan, adopted primarily to cover taxes associated with the vesting of restricted stock units rather than discretionary portfolio changes.

What types of MediaAlpha (MAX) transactions did Jeffrey B. Coyne report?

He reported one open-market sale of 5,000 shares coded “S” and four tax-withholding dispositions totaling 9,231 shares coded “F,” which represent payments of tax liabilities by delivering company stock.