Jason Dubinsky - May 15, 2023 Form 4 Insider Report for Morningstar, Inc. (MORN)

Role
Chief Financial Officer
Signature
/s/ Leah Trzcinski, by power of attorney
Stock symbol
MORN
Transactions as of
May 15, 2023
Transactions value $
-$329,546
Form type
4
Date filed
5/17/2023, 08:14 PM
Previous filing
Nov 21, 2022
Next filing
Nov 17, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MORN Common Stock (Restricted Stock Units) Award $0 +2.11K +11.39% $0.00 20.6K May 15, 2023 Direct F1
transaction MORN Common Stock Options Exercise $0 +1.84K +8.95% $0.00 22.4K May 17, 2023 Direct F2
transaction MORN Common Stock Tax liability -$330K -1.74K -7.74% $189.94 20.7K May 17, 2023 Direct
transaction MORN Common Stock Award $0 +674 +3.49% $0.00 20K May 17, 2023 Direct F3

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 +3.05K $0.00 3.05K May 15, 2023 Common Stock 3.05K Direct F4
transaction MORN Market Stock Units Options Exercise -1.84K -100% 0 May 17, 2023 Common Stock 1.84K Direct F2
* 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, 2024.
F2 Represents common stock earned from the vesting of a market stock unit grant on May 15, 2020.
F3 Represents additional common stock earned from achievement of cumulative total shareholder return for the three year performance period ending May 14, 2023 in excess of target under the terms of a market stock unit grant on May 15, 2020.
F4 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, 2026.