MediaAlpha (MAX) CRO Keith Cramer Sells 13,000 Shares

What Happened
Keith Cramer, Chief Revenue Officer of MediaAlpha (MAX), converted vested RSUs into shares on August 15, 2026 (9,775 shares from two conversions) and sold 13,000 shares in an open-market sale on August 17, 2026 for total proceeds of $165,924 (weighted-average price $12.76). The sale was effected under a pre-established Rule 10b5-1 trading plan and was primarily intended to cover tax obligations tied to the RSU vesting. Because the 13,000-share sale exceeds the 9,775 newly converted shares, some sold shares came from pre-existing holdings.

Key Details

• Conversion/exercise (code M): 5,303 shares and 4,472 shares converted into Class A common stock on 2026-08-15 at $0.00 (RSU vesting → shares).
• Open-market sale (code S): 13,000 shares sold on 2026-08-17, weighted-average price $12.76, proceeds $165,924; sale prices ranged $12.655–$13.085.
• Footnotes: RSU-to-share conversions reflect vested Restricted Stock Units (one share per RSU). RSUs were granted under the issuer’s Omnibus Equity Incentive Plan (grants dated Mar 15, 2023 and Mar 15, 2024) with standard multi-year vesting schedules. The sales were made under a Rule 10b5-1 plan primarily to cover taxes. The filer offers to provide the breakdown of shares sold at each price upon request (weighted-average disclosed).
• Shares owned after transaction: Not specified in the supplied filing details.
• Filing/timeliness: Form filed 2026-08-17 for transactions reported 2026-08-15/08-17; filing appears timely (not marked late).

Context

• These filings show RSU vesting (conversion of awards into shares) followed by sales under a pre-established trading plan to satisfy tax withholding—common, routine actions that do not by themselves indicate a change in insider confidence.
• Transaction codes: M = exercise/conversion of a derivative (here, RSUs converting to shares at $0), S = open-market sale.
• For retail investors: purchases are generally more informative of insider sentiment than routine sales to cover taxes; this filing documents a tax-driven sale rather than an outright market-timed divestiture.