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

MediaAlpha CEO Steven Yi sold 24,000 shares of Class A Common Stock over three days in early January 2026, pursuant to a pre-arranged 10b5-1 trading plan to cover tax obligations from RSU vesting.

Summary

• Steven Yi, CEO, President, and Co-Founder of MediaAlpha, Inc. (MAX), reported sales of Class A Common Stock.
• A total of 24,000 shares were sold across three separate transactions between January 5, 2026, and January 7, 2026.
• The sales were executed under a Rule 10b5-1 trading plan, specifically to cover tax liabilities arising from the vesting of Restricted Stock Units (RSUs).
• On January 5, 2026, 8,000 shares were sold at a weighted-average price of $11.9787 per share, leaving 2,823,330 shares beneficially owned.
• On January 6, 2026, another 8,000 shares were sold at a weighted-average price of $11.8712 per share, leaving 2,815,330 shares beneficially owned.
• On January 7, 2026, the final 8,000 shares were sold at a weighted-average price of $11.6599 per share, resulting in a beneficial ownership of 2,807,330 shares of Class A Common Stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While it involves insider selling, the transaction is pre-planned under a 10b5-1 plan and explicitly stated to be for covering tax obligations related to RSU vesting, which is a routine and expected event for executives. It does not signal a change in management's outlook or confidence in the company.

Positives

• The sales were pre-planned under a Rule 10b5-1 trading plan, indicating a non-discretionary transaction rather than a reaction to new information.
• The stated purpose of the sales is to cover tax obligations from RSU vesting, which is a common and expected event for executives receiving equity compensation.

Negatives

• The sales represent a reduction in the CEO's direct beneficial ownership of Class A Common Stock by 24,000 shares.
• The average sale price declined over the three days, from $11.9787 on January 5, 2026, to $11.6599 on January 7, 2026.

Risks

• While the sales are for tax purposes, any insider selling, even if pre-planned, can sometimes be misinterpreted by the market as a lack of confidence, potentially leading to minor negative sentiment.

Future Outlook

NA

Management Comments

• The sales reported were effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person to cover taxes resulting from the vesting of RSUs.

Industry Context

This is a routine insider transaction report (Form 4) for an executive selling shares to cover tax obligations from equity vesting. Such transactions are common across all industries for executives receiving Restricted Stock Units (RSUs) as part of their compensation, and typically do not reflect specific industry trends or competitive positioning.

Stakeholder Impact

• Shareholders: Minor, as the sales are routine and pre-planned for tax purposes, not indicative of a change in company fundamentals or management confidence. The total shares sold represent a small fraction of the CEO's overall holdings.
• Employees: No direct impact.
• Customers/Suppliers/Creditors: No direct impact.

Key Dates

Keywords

MediaAlpha, MAX, Steven Yi, CEO, insider trading, Form 4, stock sale, 10b5-1 plan, RSU vesting, equity compensation