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

Role: Chief Financial Officer
Signature: /s/ Kathleen Peacock, by power of attorney
Stock symbol: MORN
Transactions as of: May 15, 2024
Transactions value $: -$387,033
Form type: 4
Date filed: 5/17/2024, 08:22 PM
Previous filing: Nov 20, 2023
Next filing: Jul 2, 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	+1.39K	+6.26%	$0.00	23.5K	May 15, 2024	Direct	F1
transaction	MORN	Common Stock	Options Exercise	$0	+1.25K	+5.33%	$0.00	24.8K	May 17, 2024	Direct	F2
transaction	MORN	Common Stock	Tax liability	-$387K	-1.3K	-4.75%	$297.26	26.1K	May 17, 2024	Direct
transaction	MORN	Common Stock	Award	$0	+91	+0.35%	$0.00	26.2K	May 17, 2024	Direct	F3

Showing 1 to 4 of 4 entries

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		-1.25K	-100%		0	May 17, 2024	Common Stock	1.25K		Direct	F2
transaction	MORN	Market Stock Units	Award	$0	+2.08K		$0.00	2.08K	May 15, 2024	Common Stock	2.08K		Direct	F4

* 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	Represents common stock earned from the vesting of a market stock unit grant on May 15, 2021.
F3	Represents additional common stock earned from achievement of cumulative total shareholder return for the three year performance period ending May 14, 2024 in excess of target under the terms of a market stock unit grant on May 15, 2021.
F4	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.