Form 4: MediaAlpha CEO Sells Shares for Tax Obligations

MediaAlpha's CEO, Steven Yi, sold 24,000 shares of Class A Common Stock over three days in January 2026, as part of a pre-arranged 10b5-1 plan to cover tax liabilities from RSU vesting.

Summary

• Steven Yi, who serves as Director, Chief Executive Officer, President, and Co-Founder of MediaAlpha, Inc. (MAX), reported sales of Class A Common Stock.
• Transactions occurred on January 26, 2026, January 27, 2026, and January 28, 2026.
• A total of 24,000 shares were sold, with 8,000 shares disposed of on each of the three dates.
• The sales were executed pursuant to a Rule 10b5-1 trading plan, which was previously adopted by Steven Yi.
• The primary reason for these sales was to cover tax obligations resulting from the vesting of Restricted Stock Units (RSUs).
• The weighted-average sale prices were $10.8931 per share on January 26, 2026, $10.5121 per share on January 27, 2026, and $10.5733 per share on January 28, 2026.
• Following these transactions, Steven Yi directly beneficially owns 2,735,330 shares of Class A Common Stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral. The insider sales are routine, pre-planned, and explicitly for tax purposes related to RSU vesting, which is a common and expected event for executives. It does not suggest a change in the company's fundamentals or management's outlook.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a structured and pre-determined approach rather than an immediate reaction to market conditions.
• The stated reason for the sales is to cover tax obligations arising from RSU vesting, which is a common and routine financial planning event for executives and does not typically signal a lack of confidence in the company's future.

Negatives

• A reduction in the direct beneficial ownership of Class A Common Stock by a key executive, Steven Yi, by a total of 24,000 shares.

Risks

• No new specific risks were identified in this filing beyond the general implication of reduced insider ownership, which is mitigated by the stated reason for the sale.

Future Outlook

This filing, an insider transaction report, does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• The sales reported 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.

Industry Context

This insider transaction report is specific to the individual executive's stock holdings and does not provide information directly related to broader industry trends or competitive landscape.

Stakeholder Impact

• Shareholders: Experience a minor reduction in direct insider ownership by the CEO, which is a common occurrence for tax planning related to RSU vesting and generally not indicative of a negative outlook.

Key Dates

Recommendation

The insider sales by CEO Steven Yi are attributed to a pre-arranged 10b5-1 plan for tax obligations related to RSU vesting. This is a routine event and does not typically signal a change in management's confidence in the company's long-term prospects or a shift in the company's fundamentals. Therefore, a 'hold' recommendation is appropriate as this filing alone does not provide new information to alter an existing investment thesis.

Keywords

MediaAlpha, MAX, Steven Yi, insider trading, Form 4, stock sale, 10b5-1 plan, CEO, RSU, tax obligations