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

MediaAlpha's CEO, President, and Co-Founder Steven Yi sold 24,000 shares of Class A Common Stock over three days in January 2026, pursuant to a Rule 10b5-1 trading plan.

Summary

• Steven Yi, the Chief Executive Officer, President, and Co-Founder of MediaAlpha, Inc. (MAX), reported the sale of Class A Common Stock.
• A total of 24,000 shares were sold across three separate transactions between January 20, 2026, and January 22, 2026.
• The sales were executed under a pre-arranged Rule 10b5-1 trading plan.
• The primary purpose of these sales was to cover tax obligations resulting from the vesting of Restricted Stock Units (RSUs).
• Following these transactions, Steven Yi beneficially owns 2,759,330 shares of Class A Common Stock.

Sentiment

Score: 5

Explanation: Neutral. The sales are routine for tax purposes under a pre-arranged plan, which is a common and expected practice for executives with RSU vesting. It does not indicate a change in management's confidence in the company's future.

Positives

• The sales were conducted under a Rule 10b5-1 trading plan, indicating they were pre-scheduled and not based on new, non-public information, which is a standard practice for executive liquidity and tax planning.

Negatives

• Insider selling, even when pre-planned, can sometimes be perceived negatively by the market, though the stated reason of covering taxes from RSU vesting mitigates this concern.

Future Outlook

NA

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

Insider sales, particularly those executed under Rule 10b5-1 trading plans for tax purposes related to RSU vesting, are a common occurrence across all industries for executives of publicly traded companies. This filing does not provide specific industry-wide trends or competitive insights for MediaAlpha.

Comparison to Industry Standards

• The use of a Rule 10b5-1 trading plan for executive stock sales is a widely adopted best practice in corporate governance, aligning with industry standards for transparent and compliant insider trading.
• Many executives at comparable companies in the ad-tech and digital marketing sectors, such as The Trade Desk or Criteo, utilize similar pre-arranged plans to manage their equity compensation and tax liabilities.

Stakeholder Impact

• Shareholders: The sale represents a minor reduction in the CEO's direct beneficial ownership. However, the pre-planned nature of the sales under a 10b5-1 plan for tax purposes generally mitigates concerns about management's confidence in the company's future prospects.
• Employees, Customers, Suppliers, Creditors: No direct impact is indicated by this insider transaction report.

Key Dates

Recommendation

The filing reports routine insider sales by the CEO under a pre-arranged 10b5-1 plan, primarily to cover tax obligations from RSU vesting. This is a common and expected practice and does not reflect a change in the company's fundamentals or management's long-term outlook. Therefore, it provides no new information that would warrant a change in investment recommendation.

Keywords

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