MediaAlpha, Inc. (NASDAQ: MAX) disclosed an insider sale and subsequent equity actions by its General Counsel and Secretary, Jeffrey B. Coyne, in filings with the Securities and Exchange Commission.
According to a Form 4 filed with the SEC, Coyne sold 5,000 shares of Class A Common Stock on February 13, 2026. The transaction was executed at a weighted-average price between $7.24 and $7.40 per share, producing total gross proceeds of $36,522, which equates to an effective price of $7.3045 per share.
Two days later, on February 15, Coyne exercised 6,544 Restricted Stock Units. The filing shows the exercised units had a recorded value of $0. To satisfy tax obligations tied to the exercise, MediaAlpha withheld 5,982 shares. The withholding was valued at $66,551 based on a reference price of $7.17 per share.
Corporate governance updates
Separately, MediaAlpha disclosed a set of bylaw amendments approved by its board of directors that became effective December 10, 2025. The revisions include changes to rules governing stockholder meetings, notably adjustments to the scope of business that may be conducted at such meetings and to the voting standards required to adjourn them. The company also removed a limit on the number of proxies a stockholder may authorize.
In tandem with these procedural changes, MediaAlpha announced the resignation of director Christopher Delehanty. The company characterized his departure as part of a broader board transition that follows its change in status after it ceased to be a controlled company in 2024. MediaAlpha explicitly stated that Mr. Delehanty’s resignation was not the result of any disagreement with the company concerning operations or policies.
These filings and governance adjustments were presented to investors in regulatory disclosures and reflect ongoing changes to MediaAlpha’s board composition and meeting procedures. The SEC Form 4 and the company filing documenting the bylaw amendments together provide the formal record of the insider transaction, the RSU exercise and withholding, and the board-level developments.