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

Jeffrey B. Coyne, General Counsel of MediaAlpha, Inc., sold 5,000 shares of Class A Common Stock for $13.1579 per share to cover tax obligations.

Summary

• Jeffrey B. Coyne, General Counsel and Secretary of MediaAlpha, Inc. (MAX), reported a sale of company stock.
• The transaction involved 5,000 shares of Class A Common Stock.
• The shares were sold at a weighted-average price of $13.1579 per share, with prices ranging from $12.99 to $13.23.
• The sale was executed on December 12, 2025.
• This transaction was conducted pursuant to a Rule 10b5-1 trading plan.
• The purpose of the sale was to cover taxes resulting from the vesting of Restricted Stock Units (RSUs).
• Following this transaction, Mr. Coyne beneficially owns 441,783 shares of Class A Common Stock.

Sentiment

Score: 5

Explanation: The transaction is a routine, pre-planned sale for tax purposes related to RSU vesting, which is a neutral event. While any insider sale can be viewed with slight caution, the explicit reason and 10b5-1 plan mitigate negative sentiment.

Positives

• The sale was pre-planned under a Rule 10b5-1 trading plan, indicating it was not based on new, non-public information.
• The sale was explicitly for tax purposes related to RSU vesting, which is a common and often necessary action for executives.

Negatives

• An insider sale, even for tax purposes, can sometimes be perceived negatively by investors as it reduces the insider's direct equity stake in the company.

Risks

• Potential for negative investor sentiment if the market misinterprets the tax-related sale as a lack of confidence in the company's future.

Future Outlook

N/A. This filing is an insider transaction report and does not contain forward-looking statements or guidance regarding the company's future performance.

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.

Industry Context

This specific insider transaction is a routine event for executives managing their equity compensation and does not directly reflect broader industry trends or competitive dynamics. It is a personal financial management action by an executive.

Stakeholder Impact

• Shareholders: May observe a slight reduction in insider ownership, but the pre-planned, tax-related nature of the sale suggests no change in management's confidence.

Next Steps

• N/A. This filing reports a completed transaction.

Key Dates

Recommendation

This Form 4 reports a routine, pre-planned sale of shares by an executive to cover tax obligations arising from RSU vesting. Such transactions are common and generally do not signal a change in the company's fundamentals or management's outlook. Therefore, it does not provide a basis for a 'buy' or 'sell' recommendation, and a 'hold' stance is appropriate based solely on this filing.

Keywords

MediaAlpha, MAX, Form 4, insider trading, stock sale, Jeffrey B. Coyne, 10b5-1 plan, RSU vesting, executive compensation