Keith Cramer - 15 Nov 2025 Form 4 Insider Report for MediaAlpha, Inc. (MAX)

Role: Chief Revenue Officer
Signature: /s/ Jeffrey B. Coyne
Issuer symbol: MAX
Transactions as of: 15 Nov 2025
Net transactions value: $0
Form type: 4
Filing time: 18 Nov 2025, 18:18:02 UTC
Previous filing: 18 Aug 2025
Next filing: 17 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Cramer Keith	Chief Revenue Officer	C/O MEDIAALPHA, INC., 700 SOUTH FLOWER STREET, SUITE 640, LOS ANGELES	/s/ Jeffrey B. Coyne	18 Nov 2025	0001829989

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MAX	Class A Common Stock	Options Exercise	$0	+5,209	+2.9%	$0.000000	187,394	15 Nov 2025	Direct	F1
transaction	MAX	Class A Common Stock	Options Exercise	$0	+5,303	+2.8%	$0.000000	192,697	15 Nov 2025	Direct	F1
transaction	MAX	Class A Common Stock	Options Exercise	$0	+4,472	+2.3%	$0.000000	197,169	15 Nov 2025	Direct	F1

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	-5,209	-50%	$0.000000	5,210	15 Nov 2025	Class A Common Stock	5,209		Direct	F2, F3
transaction	MAX	Restricted Stock Units	Options Exercise	$0	-5,303	-17%	$0.000000	26,516	15 Nov 2025	Class A Common Stock	5,303		Direct	F4, F5
transaction	MAX	Restricted Stock Units	Options Exercise	$0	-4,472	-10%	$0.000000	40,247	15 Nov 2025	Class A Common Stock	4,472		Direct	F6, F7

* 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	Represents RSUs granted under the Issuer's Omnibus Equity Incentive Plan on March 25, 2022.
F3	One sixteenth of the RSUs vested on May 15, 2022 and the remainder will vest quarterly over the following four years, in each case subject to continued employment with the Issuer through each vesting date.
F4	Represents RSUs granted under the Issuer's Omnibus Equity Incentive Plan on March 15, 2023.
F5	One sixteenth of the RSUs vested on May 15, 2023 and the remainder will vest quarterly over the following four years, in each case subject to continued employment with the Issuer through each vesting date.
F6	Represents RSUs granted under the Issuer's Omnibus Equity Incentive Plan on March 15, 2024.
F7	One sixteenth of the RSUs vested on May 15, 2024 and the remainder will vest quarterly over the following four years, in each case subject to continued employment with the Issuer through each vesting date.