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

Role: Global Controller & CAO
Signature: /s/ Leah Trzcinski, by power of attorney
Issuer symbol: MORN
Transactions as of: 15 May 2023
Net transactions value: -$24,502
Form type: 4
Filing time: 17 May 2023, 20:15:09 UTC
Previous filing: 17 Nov 2022
Next filing: 17 Nov 2023
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	+394	+19%	$0.000000	2,469	15 May 2023	Direct	F1
transaction	MORN	Common Stock	Tax liability	$24,502	-129	-5.2%	$189.94	2,340	17 May 2023	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	+190		$0.000000	190	15 May 2023	Common Stock	190		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	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.