Kunal Kapoor - 15 Nov 2025 Form 4 Insider Report for Morningstar, Inc. (MORN)

Role
CEO, Director
Signature
/s/ Kathleen Peacock, by power of attorney
Issuer symbol
MORN
Transactions as of
15 Nov 2025
Net transactions value
-$175,071
Form type
4
Filing time
18 Nov 2025, 18:07:22 UTC
Previous filing
19 May 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Kapoor Kunal CEO, Director C/O MORNINGSTAR, INC., 22 W WASHINGTON ST, CHICAGO /s/ Kathleen Peacock, by power of attorney 18 Nov 2025 0001451293

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MORN Common Stock Options Exercise $0 +1,861 +1.3% $0.000000 141,156 15 Nov 2025 Direct F1, F2
transaction MORN Common Stock Tax liability $175,071 -826 -0.59% $211.95 140,330 15 Nov 2025 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 -1,861 -100% 0 15 Nov 2025 Common Stock 1,861 Direct F1
transaction MORN Market Stock Units Award $0 +10,810 $0.000000 10,810 15 Nov 2025 Common Stock 10,810 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, 2022.
F2 Amount includes 1237 restricted stock units that vest in full on May 15, 2026 that were excluded from the prior filing due to administrative error.
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, 2028.