Kunal Kapoor - Nov 17, 2023 Form 4 Insider Report for Morningstar, Inc. (MORN)

Role: CEO, Director
Signature: /s/ Kathleen Peacock, by power of attorney
Stock symbol: MORN
Transactions as of: Nov 17, 2023
Transactions value $: -$742,374
Form type: 4
Date filed: 11/20/2023, 08:52 PM
Previous filing: Nov 17, 2023
Next filing: May 17, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MORN	Common Stock	Options Exercise	$0	+5.27K	+4.22%	$0.00	130K	Nov 17, 2023	Direct	F1
transaction	MORN	Common Stock	Award	$0	+938	+0.72%	$0.00	131K	Nov 17, 2023	Direct	F2
transaction	MORN	Common Stock	Tax liability	-$742K	-2.75K	-2.1%	$269.66	128K	Nov 17, 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	Options Exercise		-5.27K	-100%		0	Nov 17, 2023	Common Stock	5.27K		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 granted on November 15, 2020.
F2	Represents additional common stock earned in part from achievement of cumulative total shareholder return for the three year performance period ending November 14, 2023 in excess of target under the terms of a market stock unit granted on November 15, 2020.