Robert Perine - Jul 1, 2021 Form 4 Insider Report for MediaAlpha, Inc. (MAX)

Role: VICE PRESIDENT, PRODUCT
Signature: /s/ Lance Martinez, attorney-in-fact
Stock symbol: MAX
Transactions as of: Jul 1, 2021
Transactions value $: -$465,493
Form type: 4
Date filed: 7/2/2021, 07:04 PM
Previous filing: May 21, 2021
Next filing: Jul 9, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MAX	Class A Common Stock	Options Exercise	$0	+24K	+214.02%	$0.00	35.2K	Jul 1, 2021	Direct	F1
transaction	MAX	Class A Common Stock	Sale	-$465K	-11.2K	-31.85%	$41.51	24K	Jul 1, 2021	Direct	F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MAX	Class B-1 Units of QL Holdings LLC and Class B Common Stock	Options Exercise	$0	-24K	-21.6%	$0.00	87.1K	Jul 1, 2021	Class A Common Stock	24K		Direct	F1, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On July 1, 2021, the Reporting Person exchanged 24,000 Class B-1 Units of QL Holdings LLC (the "Class B-1 Units"), along with 24,000 shares of Class B Common Stock (the "Class B Common Stock") for shares of Class A Common Stock on a one-for-one basis.
F2	The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person.
F3	Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $40.91 to $41.86 per share. 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.
F4	Pursuant to the Exchange Agreement, dated October 27, 2020, among the Issuer, QL Holdings LLC (QLH), Guilford Holdings, Inc. and the Class B-1 members of QLH, each Class B-1 Unit, together with one share of Class B Common Stock, is exchangeable for one share of Class A Common Stock, subject to vesting conditions set forth in separate agreements.