Form 4: MediaAlpha CTO Sells Shares for Tax Obligations

MediaAlpha's Chief Technology Officer, Kuanling Amy Yeh, sold a total of 15,000 Class A Common Stock shares under a pre-arranged 10b5-1 trading plan to cover tax liabilities.

Summary

• Kuanling Amy Yeh, Chief Technology Officer of MediaAlpha, Inc. (MAX), reported sales of Class A Common Stock.
• The transactions were executed under a Rule 10b5-1 trading plan, specifically to cover taxes resulting from the vesting of Restricted Stock Units (RSUs).
• On December 10, 2025, 12,000 shares were sold at a weighted-average price of $13.4892 per share.
• On December 12, 2025, an additional 3,000 shares were sold at a weighted-average price of $13.1575 per share.
• Following these transactions, Ms. Yeh beneficially owns 399,662 shares of Class A Common Stock.

Sentiment

Score: 5

Explanation: The sales are part of a pre-arranged 10b5-1 plan specifically to cover tax obligations from RSU vesting, which is a routine and non-discretionary event for executives. This type of sale typically has a neutral impact on sentiment.

Positives

• The sales were conducted under a Rule 10b5-1 trading plan, indicating a pre-scheduled and non-discretionary transaction.
• The stated purpose of the sales was to cover tax obligations arising from RSU vesting, which is a common and expected reason for insider sales.

Negatives

• Insider selling, even for tax purposes, reduces the direct ownership stake of a key executive in the company.

Risks

• While the sales are for tax purposes, a consistent pattern of insider selling could be perceived negatively by the market, potentially impacting investor sentiment.

Future Outlook

NA

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 to cover taxes resulting from the vesting of RSUs.
• The Reporting Person undertakes to provide upon request by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

Industry Context

This is an insider transaction report, which is standard for public companies when executives buy or sell shares. It does not directly relate to broader industry trends or competitors, other than reflecting the compensation structure (RSUs) common in many industries.

Stakeholder Impact

• Shareholders: A minor increase in the public float due to the sale of shares, but the impact is generally minimal given the pre-planned, tax-related nature of the transaction.
• Employees: No direct impact on employees, but it reflects the compensation structure for executives.

Next Steps

• The Reporting Person undertakes to provide full information regarding the number of shares sold at each separate price upon request by the SEC staff, the issuer, or a security holder.

Key Dates

Recommendation

The reported sales by MediaAlpha's CTO are routine, pre-scheduled transactions under a 10b5-1 plan, specifically to cover tax liabilities associated with RSU vesting. This is a common practice for executives and does not typically signal a change in management's outlook on the company's fundamentals. Therefore, this filing alone does not warrant a change in investment recommendation, and a "hold" stance is appropriate, pending further operational or financial news.

Keywords

MediaAlpha, MAX, Kuanling Amy Yeh, Chief Technology Officer, CTO, Form 4, insider trading, stock sale, 10b5-1 plan, RSU vesting, equity securities