Caroline J. Tsay - 15 May 2023 Form 4 Insider Report for Morningstar, Inc. (MORN)

Role: Director
Signature: /s/ Leah Trzcinski, by power of attorney
Issuer symbol: MORN
Transactions as of: 15 May 2023
Net transactions value: -$124,549
Form type: 4
Filing time: 17 May 2023, 20:09:38 UTC
Previous filing: 04 Apr 2023
Next filing: 03 Apr 2024
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	+868	+25%	$0.000000	4,351	15 May 2023	Direct	F1
transaction	MORN	Common Stock	Other	$0	-124	-2.9%	$0.000000	4,227	15 May 2023	Direct	F2
transaction	MORN	Common Stock	Sale	$124,549	-651	-15%	$191.32	3,576	15 May 2023	Direct

* 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 three equal annual installments beginning May 15, 2024.
F2	The reporting person transferred these shares pursuant to a court filed stipulation in connection with a dissolution of marriage filed in Santa Clara County. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

Content

Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest in three equal annual installments beginning May 15, 2024.

The reporting person transferred these shares pursuant to a court filed stipulation in connection with a dissolution of marriage filed in Santa Clara County. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.