Form 4: MediaAlpha CRO's Equity Vesting

MediaAlpha's Chief Revenue Officer, Keith Cramer, acquired 14,985 shares of Class A Common Stock through the vesting of Restricted Stock Units.

Summary

• Keith Cramer, Chief Revenue Officer of MediaAlpha, Inc. (MAX), acquired 14,985 shares of Class A Common Stock on August 15, 2025, through the vesting of Restricted Stock Units (RSUs).
• The acquisition consisted of 5,210 shares, 5,303 shares, and 4,472 shares, each resulting from the vesting of RSUs granted under the Issuer's Omnibus Equity Incentive Plan.
• The RSUs were granted on March 25, 2022, March 15, 2023, and March 15, 2024, respectively.
• Following these transactions, Keith Cramer beneficially owns 182,185 shares of Class A Common Stock.
• Additionally, Keith Cramer beneficially owns 86,957 derivative securities in the form of unvested Restricted Stock Units.

Sentiment

Score: 6

Explanation: The filing reports the scheduled vesting of Restricted Stock Units for a key executive, which is a routine compensation event and generally viewed as neutral to slightly positive as it aligns executive interests with shareholders and indicates continued employment.

Positives

• The vesting of Restricted Stock Units aligns the Chief Revenue Officer's financial interests with those of the shareholders, promoting long-term commitment and performance.
• The continued equity ownership by a key executive indicates retention and confidence in the company's future.

Future Outlook

The remaining Restricted Stock Units will continue to vest quarterly over the following four years, subject to continued employment with the Issuer through each vesting date.

Industry Context

This filing is a routine insider transaction report (Form 4) detailing equity compensation vesting for a key executive. It does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders: Benefits from continued alignment of executive interests with company performance through equity ownership.
• Employees (specifically Keith Cramer): Receives equity compensation as part of their employment agreement, enhancing personal wealth.

Next Steps

• Continued quarterly vesting of the remaining Restricted Stock Units over the next four years, contingent on continued employment.

Key Dates

Recommendation

This Form 4 reports routine RSU vesting for a key executive, which is a standard compensation event and does not provide new information that would significantly alter the investment thesis for MediaAlpha, Inc. It indicates continued executive alignment but no new fundamental drivers.

Keywords

MediaAlpha, MAX, Keith Cramer, Form 4, SEC filing, insider transaction, RSU vesting, equity compensation, Class A Common Stock