Serge Topjian - 01 Sep 2021 Form 4 Insider Report for MediaAlpha, Inc. (MAX)

Role: VICE PRESIDENT, MEDIA
Signature: /s/ Lance Martinez, attorney-in-fact
Issuer symbol: MAX
Transactions as of: 01 Sep 2021
Net transactions value: $0
Form type: 4
Filing time: 03 Sep 2021, 18:22:07 UTC
Previous filing: 06 Aug 2021
Next filing: 03 Nov 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MAX	Class A Common Stock	Options Exercise	$0	+10,000	+135%	$0.000000	17,414	01 Sep 2021	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	Class B-1 Units of QL Holdings LLC and Class B Common Stock	Options Exercise	$0	-10,000	-8.3%	$0.000000	110,910	01 Sep 2021	Class A Common Stock	10,000		Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	On September 1, 2021, the Reporting Person exchanged 10,000 Class B-1 Units of QL Holdings LLC (the "Class B-1 Units"), along with 10,000 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	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.