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

MediaAlpha CEO Steven Yi sold 12,000 shares of Class A Common Stock over three days in February 2026, pursuant to a pre-arranged 10b5-1 trading plan primarily for tax obligations.

Summary

• Steven Yi, MediaAlpha, Inc.'s Chief Executive Officer, President, and Co-Founder, sold a total of 12,000 shares of Class A Common Stock.
• The sales occurred over three consecutive days: 4,000 shares on February 9, 2026, 4,000 shares on February 10, 2026, and 4,000 shares on February 11, 2026.
• The weighted-average sale prices were $8.7413 on February 9, 2026, $8.7054 on February 10, 2026, and $7.9864 on February 11, 2026.
• These transactions were executed under a Rule 10b5-1 trading plan, which was previously adopted by Mr. Yi.
• The primary purpose of these sales was to cover tax obligations arising from the vesting of Restricted Stock Units (RSUs).
• Following these transactions, Mr. Yi's direct beneficial ownership of Class A Common Stock stands at 2,703,330 shares.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a largely neutral event. While it represents a reduction in insider holdings, the pre-planned nature and stated tax-related purpose mitigate concerns of discretionary selling based on new negative information.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating they were not discretionary sales based on new, negative information.
• The stated primary reason for the sales was to cover tax liabilities resulting from RSU vesting, which is a common and expected event for executives receiving equity compensation.

Negatives

• The sales represent a reduction in the direct equity holdings of a key executive, which can sometimes be perceived negatively by the market.
• The weighted-average sale price for the shares decreased over the three-day period of the transactions, from $8.7413 to $7.9864.

Future Outlook

No forward-looking statements or guidance are provided in this insider transaction report.

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

StockSavvy.ai notes that insider sales under Rule 10b5-1 plans for tax purposes are a common occurrence among executives, particularly following the vesting of equity awards like Restricted Stock Units (RSUs). These planned sales are generally viewed differently by the market than discretionary sales, as they are not typically indicative of a change in management's outlook on the company's future performance.

Comparison to Industry Standards

• StockSavvy.ai observes that such planned sales are standard practice for executives managing equity compensation and tax liabilities, aligning with common corporate governance practices for public company executives across various sectors. No specific comparable companies, projects, or results are mentioned in the filing to allow for a direct comparison of the transaction itself.

Stakeholder Impact

• Shareholders may perceive a slight negative signal due to reduced insider ownership, but the context of a 10b5-1 plan for tax purposes generally lessens this impact.
• Employees are not directly impacted by this specific insider transaction.

Key Dates

Recommendation

The insider sales by CEO Steven Yi were conducted under a pre-established 10b5-1 plan primarily to cover tax obligations from RSU vesting. This is a routine event for executives and does not signal a change in the company's fundamental outlook or management's confidence. While it reduces insider ownership, the planned nature and stated purpose suggest it is not a discretionary sale based on new negative information. Therefore, a 'hold' recommendation is appropriate as this event alone does not warrant a change in investment thesis.

Keywords

MediaAlpha, MAX, Steven Yi, Insider Sale, Form 4, 10b5-1 Plan, CEO, Stock Transaction, Equity Sales, Tax Obligations