Kimberly J. McGarry - 15 May 2022 Form 4 Insider Report for Morningstar, Inc. (MORN)

Role: Global Controller & CAO
Signature: /s/ Patrick Maloney, by power of attorney
Issuer symbol: MORN
Transactions as of: 15 May 2022
Net transactions value: -$21,380
Form type: 4
Filing time: 17 May 2022, 18:18:19 UTC
Previous filing: 18 May 2021
Next filing: 17 Nov 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MORN	Common Stock (Restricted Stock Units)	Award	$0	+308	+17%	$0.000000	2,105	15 May 2022	Direct	F1
transaction	MORN	Common Stock (Restricted Stock Units)	Award	$0	+120	+5.7%	$0.000000	2,225	15 May 2022	Direct	F2
transaction	MORN	Common Stock	Tax liability	$21,380	-88	-4%	$242.95	2,137	15 May 2022	Direct

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	Award	$0	+168		$0.000000	168	15 May 2022	Common Stock	168		Direct	F3

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

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest in four equal annual installments beginning May 15, 2023.
F2	Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest in two equal annual installments beginning May 15, 2023.
F3	The market stock units earned will be based in part on the company's cumulative total shareholder return for the three year performance period ending May 14, 2025.