Insider sale and RSU vesting
MediaAlpha, Inc. (NASDAQ: MAX) reported that Chief Revenue Officer Keith Cramer sold 10,000 shares of Class A Common Stock on February 17, 2026, for roughly $71,599. The disposition was executed at a weighted average sale price that ranged from $7.09 to $7.29 per share.
Prior to that sale, on February 15, 2026, Cramer received 15,085 shares of Class A Common Stock as a result of Restricted Stock Units vesting. The company records show the price per share for that issuance as $0, reflecting the nature of RSU vesting rather than a market purchase.
Following these two reported transactions, Cramer is shown as directly owning 182,154 shares of MediaAlpha, Inc.
Corporate governance actions
Separately, MediaAlpha disclosed amendments and a restatement of its bylaws that took effect on December 10, 2025. The changes, described in the company press release and related SEC filing, include revisions to procedures governing stockholder meetings and adjustments to the voting standards required to adjourn such meetings. The company also removed the cap on the number of proxies stockholders may authorize.
In conjunction with those governance updates, MediaAlpha announced the resignation of director Christopher Delehanty as part of a broader board transition. The filing notes Delehanty had served on the board since July 2020 and previously acted as a director of the companys subsidiary, QL Holdings, LLC. The company stated that his resignation was not the result of any disagreement with the company regarding operations or policies.
Context provided by the company
The company framed these developments as part of its post-controlled-company transition, referencing the fact that MediaAlpha ceased to be a controlled company in 2024. The disclosures link the insider transaction data and governance changes to filings and a press release that outline procedural adjustments to how stockholder meetings are conducted and how proxy authority is handled.
What is known and what remains limited
The available information is limited to the items disclosed in the companys filings: the dates and sizes of the equity transactions, the effective date and scope of the bylaw amendments, and the identity and tenure of the departing director. The company has explicitly stated that the directors resignation was not due to disagreements over operations or policies. No additional commentary from the company or from Cramer was included in the disclosures.