Form 4: MediaAlpha CRO Sells Shares for Tax Purposes

MediaAlpha's Chief Revenue Officer, Keith Cramer, sold 10,000 shares of Class A Common Stock for tax purposes under a pre-arranged trading plan.

Summary

• Keith Cramer, Chief Revenue Officer of MediaAlpha, Inc. (MAX), reported a sale of 10,000 shares of Class A Common Stock.
• The transaction occurred on January 15, 2026, at a weighted-average sale price of $11.3736 per share.
• The sales were executed pursuant to a Rule 10b5-1 trading plan, primarily to cover taxes resulting from the vesting of Restricted Stock Units (RSUs).
• Following this transaction, Mr. Cramer beneficially owns 177,169 shares of Class A Common Stock directly.
• The sale price ranged from $11.18 to $11.50 per share across multiple transactions.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While it's an insider sale, it's explicitly for tax purposes under a pre-arranged 10b5-1 plan, which is a routine event and not indicative of a negative outlook on the company by the insider.

Positives

• The sale was conducted under a Rule 10b5-1 trading plan, indicating a pre-scheduled and non-discretionary transaction, which often mitigates concerns about opportunistic insider selling.
• The primary stated reason for the sale was to cover tax obligations arising from RSU vesting, a common practice for executives.

Negatives

• The transaction represents a reduction in direct insider ownership by 10,000 shares, which could be perceived as a slight negative signal by some investors, despite the stated reason.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Management Comments

• The sales reported on this Form 4 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

This Form 4 filing details an individual insider transaction and does not provide information relevant to broader industry trends or competitive landscape analysis.

Corporate Governance

Stakeholder Impact

• Shareholders: May view the sale as a routine event for tax planning, especially given the 10b5-1 plan, thus having minimal impact on their perception of the company's value or management's confidence. However, some may still interpret any insider selling as a slight negative signal.

Key Dates

Recommendation

This Form 4 filing details a routine insider stock sale for tax purposes under a pre-arranged 10b5-1 plan. Such transactions are generally not indicative of a change in the company's fundamental outlook or the insider's long-term confidence. Therefore, it does not provide sufficient new information to warrant a change from a 'hold' recommendation based solely on this filing.

Keywords

MediaAlpha, MAX, Insider Trading, Form 4, Stock Sale, Executive Compensation, 10b5-1 Plan, RSU Vesting