Bevin Desmond - Nov 16, 2021 Form 4 Insider Report for Morningstar, Inc. (MORN)

Role: Head of Talent and Culture
Signature: /s/ Patrick Maloney, by power of attorney
Stock symbol: MORN
Transactions as of: Nov 16, 2021
Transactions value $: -$192,444
Form type: 4
Date filed: 11/18/2021, 02:50 PM
Previous filing: Nov 17, 2021
Next filing: May 17, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MORN	Common Stock	Options Exercise	$0	+915	+4.13%	$0.00	23.1K	Nov 16, 2021	Direct	F1
transaction	MORN	Common Stock	Award	$0	+457	+1.98%	$0.00	23.5K	Nov 16, 2021	Direct	F2
transaction	MORN	Common Stock	Tax liability	-$192K	-608	-2.59%	$316.52	22.9K	Nov 16, 2021	Direct
holding	MORN	Common Stock						21.1K	Nov 16, 2021	By spouse

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	MORN	Market Stock Units	Options Exercise		-915	-100%		0	Nov 16, 2021	Common Stock	915		Direct	F1

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

Explanation of Responses:

Id	Content
F1	Represents common stock earned from the vesting of a market stock unit grant on November 15, 2018.
F2	Represents additional common stock earned from achievement of cumulative total shareholder return for the three year performance period ending November 14, 2021 in excess of target under the terms of a market stock unit grant on November 15, 2018.