Form 4: MediaAlpha CEO Sells Shares Under 10b5-1 Plan

MediaAlpha CEO Steven Yi sold 24,000 shares of Class A Common Stock for tax purposes under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Steven Yi, the Chief Executive Officer, President, and Co-Founder of MediaAlpha, Inc., reported the sale of a total of 24,000 shares of the company's Class A Common Stock.
• The sales were executed across multiple transactions on December 1, 2, and 3, 2025.
• These transactions were conducted pursuant to a Rule 10b5-1 trading plan, which was previously adopted by Mr. Yi.
• The primary purpose of these sales was to cover tax obligations that resulted from the vesting of Restricted Stock Units (RSUs).
• Following these reported transactions, Steven Yi's beneficial ownership of Class A Common Stock stands at 2,927,330 shares.

Sentiment

Score: 6

Explanation: The filing reports routine insider sales for tax purposes under a 10b5-1 plan. This is generally considered a neutral event, as it is pre-scheduled and not indicative of a change in management's confidence. The slight reduction in insider ownership is a minor negative, but the context of tax-related RSU vesting makes it an expected occurrence.

Positives

• The sales were pre-planned under a Rule 10b5-1 trading plan, indicating they were not discretionary sales based on new negative information about the company.
• The stated purpose of the sales was to cover tax liabilities arising from RSU vesting, which is a common and expected event for executives and does not typically signal a lack of confidence in the company's future.

Negatives

• A reduction in the CEO's direct beneficial ownership, even if for tax purposes, slightly decreases insider alignment with shareholder interests.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding MediaAlpha, Inc.'s future outlook.

Industry Context

This filing reports a routine insider transaction for tax purposes and does not provide specific insights into broader industry trends or competitive landscape for MediaAlpha, Inc.

Related Party Transactions

• The transactions involve Steven Yi, a Director, Officer (CEO, President, Co-Founder) of MediaAlpha, Inc., selling shares of the company's Class A Common Stock. This constitutes a related party transaction as it involves an insider and the issuer's securities.

Stakeholder Impact

• Shareholders: The reduction in Steven Yi's beneficial ownership is minor and is mitigated by the fact that the sales were pre-planned for tax purposes, suggesting no change in management's confidence in the company's prospects.
• Employees, Customers, Suppliers, Creditors: No direct impact on these stakeholders is indicated by this routine insider transaction.

Key Dates

Recommendation

The reported insider sales by CEO Steven Yi are routine transactions executed under a pre-arranged Rule 10b5-1 plan to cover tax obligations from RSU vesting. This type of sale is not indicative of a change in management's outlook on the company's future prospects. While it slightly reduces insider ownership, it does not signal a lack of confidence or warrant a change in investment thesis based solely on this filing. Therefore, a 'hold' recommendation is appropriate as this filing provides no new material information to alter an existing investment position.

Keywords

MediaAlpha, MAX, Steven Yi, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, CEO, Restricted Stock Units, RSU, Tax Obligations