Daniel Joseph Dunn - Nov 15, 2024 Form 4 Insider Report for Morningstar, Inc. (MORN)

Role: Chief Revenue Officer
Signature: /s/ Kathleen Peacock, by power of attorney
Stock symbol: MORN
Transactions as of: Nov 15, 2024
Transactions value $: -$52,820
Form type: 4
Date filed: 11/19/2024, 07:09 PM
Previous filing: Jul 31, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MORN	Common Stock	Options Exercise	$0	+334	+2.58%	$0.00	13.3K	Nov 15, 2024	Direct	F1
transaction	MORN	Common Stock	Tax liability	-$52.8K	-154	-1.16%	$342.99	13.1K	Nov 15, 2024	Direct
transaction	MORN	Common Stock	Award	$0	+12	+0.09%	$0.00	13.2K	Nov 15, 2024	Direct	F2

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		-334	-100%		0	Nov 15, 2024	Common Stock	334		Direct	F1
transaction	MORN	Market Stock Units	Award	$0	+1.51K		$0.00	1.51K	Nov 15, 2024	Common Stock	1.51K		Direct	F3

* 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 grant on November 15, 2021.
F2	Represents additional common stock earned from achievement of cumulative total shareholder return for the three year performance period ending November 15, 2024 in excess of target under the terms of a market stock unit grant on November 15, 2021.
F3	The market stock units earned will be based on the company's cumulative total shareholder return for the three year performance period ending November 14, 2027.