Kunal Kapoor - Nov 17, 2022 Form 4 Insider Report for Morningstar, Inc. (MORN)

Role: CEO, Director
Signature: /s/ Patrick Maloney, by power of attorney
Stock symbol: MORN
Transactions as of: Nov 17, 2022
Transactions value $: -$936,003
Form type: 4
Date filed: 11/21/2022, 05:13 PM
Previous filing: Nov 17, 2022
Next filing: May 17, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MORN	Common Stock	Options Exercise	$0	+5.3K	+4.74%	$0.00	117K	Nov 17, 2022	Direct	F1
transaction	MORN	Common Stock	Award	$0	+3.45K	+2.95%	$0.00	121K	Nov 17, 2022	Direct	F2
transaction	MORN	Common Stock	Tax liability	-$936K	-3.88K	-3.22%	$241.30	117K	Nov 17, 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	Options Exercise		-5.3K	-100%		0	Nov 17, 2022	Common Stock	5.3K		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, 2019.
F2	Represents additional common stock earned in part from achievement of cumulative total shareholder return for the three year performance period ending November 14, 2022 in excess of target under the terms of a market stock unit grant on November 15, 2019.