Serge Topjian - Sep 1, 2021 Form 4 Insider Report for MediaAlpha, Inc. (MAX)

Role: VICE PRESIDENT, MEDIA
Signature: /s/ Lance Martinez, attorney-in-fact
Stock symbol: MAX
Transactions as of: Sep 1, 2021
Transactions value $: $0
Form type: 4
Date filed: 9/3/2021, 06:22 PM
Previous filing: Aug 6, 2021
Next filing: Nov 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	+10K	+134.88%	$0.00	17.4K	Sep 1, 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	-10K	-8.27%	$0.00	111K	Sep 1, 2021	Class A Common Stock	10K		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.