Robert Perine - Jul 30, 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 30, 2021
Transactions value $: -$112,133
Form type: 4
Date filed: 8/3/2021, 08:12 PM
Previous filing: Jul 21, 2021
Next filing: Sep 3, 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	+7.66K	+191.43%	$0.00	11.7K	Jul 30, 2021	Direct	F1
transaction	MAX	Class A Common Stock	Options Exercise	$0	+12K	+102.94%	$0.00	23.7K	Aug 2, 2021	Direct	F2
transaction	MAX	Class A Common Stock	Sale	-$112K	-3.45K	-14.57%	$32.54	20.2K	Aug 3, 2021	Direct	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	Restricted Stock Units	Options Exercise	$0	-7.66K	-10%	$0.00	68.9K	Jul 30, 2021	Class A Common Stock	7.66K	$0.00	Direct	F4, F5
transaction	MAX	Class B-1 Units of QL Holdings LLC and Class B Common Stock	Options Exercise	$0	-12K	-13.77%	$0.00	75.1K	Aug 2, 2021	Class A Common Stock	12K		Direct	F2, F6

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

Explanation of Responses:

Id	Content
F1	One share of Class A Common Stock was issued upon the vesting of each Restricted Stock Unit ("RSU").
F2	On August 2, 2021, the Reporting Person exchanged 12,000 Class B-1 Units of QL Holdings LLC (the "Class B-1 Units"), along with 12,000 shares of Class B Common Stock (the "Class B Common Stock") for shares of Class A Common Stock on a one-for-one basis.
F3	The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person.
F4	Each RSU represents a contingent right to receive one share of Class A Common Stock, or at the option of the Compensation Committee, cash of equivalent value.
F5	On October 30, 2020, the Reporting Person was granted 91,888 RSUs, which have vested or will vest quarterly over the first three years following the date of grant, subject to continued employment with the Issuer through each vesting date.
F6	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.