Conan Wiersema - 15 May 2024 Form 4 Insider Report for Morningstar, Inc. (MORN)

Role: CAO & PAO
Signature: /s/ Kathleen Peacock, by power of attorney
Issuer symbol: MORN
Transactions as of: 15 May 2024
Net transactions value: -$15,458
Form type: 4
Filing time: 17 May 2024, 20:12:59 UTC
Previous filing: 18 Mar 2024
Next filing: 04 Mar 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MORN	Conmon Stock (Restricted Units)	Award	$0	+252	+29%	$0.000000	1,122	15 May 2024	Direct	F1
transaction	MORN	Common Stock	Tax liability	$15,458	-52	-4.6%	$297.26	1,070	17 May 2024	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	+126		$0.000000	126	15 May 2024	Common Stock	126		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, 2025.
F2	The market stock units earned will be based on the company's cumulative total shareholder return for the three year performance period ending May 14, 2027.