Keith Cramer - 15 Dec 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 Dec 2025
Transactions value $: -$128,304
Form type: 4
Filing time: 17 Dec 2025, 18:12:29 UTC
Previous filing: 18 Nov 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	17 Dec 2025	0001829989

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MAX	Class A Common Stock	Sale	-$128K	-10K	-5.07%	$12.83	187K	15 Dec 2025	Direct	F1, F2

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

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id	Content
F1	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.
F2	Reflects the weighted-average sale price for shares sold in multiple transactions at prices ranging from $12.74 to $12.975 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.