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

Role
CAO & PAO
Signature
/s/ Kathleen Peacock, by power of attorney
Stock symbol
MORN
Transactions as of
Nov 15, 2025
Transactions value $
-$5,935
Form type
4
Date filed
11/18/2025, 06:07 PM
Previous filing
Sep 2, 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Wiersema Conan CAO & PAO C/O MORNINGSTAR, INC., 22 W. WASHINGTON STREET, CHICAGO /s/ Kathleen Peacock, by power of attorney 2025-11-18 0002015224

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MORN Conmon Stock (Restricted Units) Award $0 +471 +33.26% $0.00 1.89K Nov 15, 2025 Direct F1
transaction MORN Common Stock Options Exercise $0 +12 +0.64% $0.00 1.9K Nov 15, 2025 Direct F2
transaction MORN Common Stock Tax liability -$5.93K -28 -1.47% $211.95 1.87K Nov 15, 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 -12 -100% 0 Nov 15, 2025 Common Stock 12 Direct F2
transaction MORN Market Stock Units Award $0 +294 $0.00 294 Nov 15, 2025 Common Stock 294 Direct F3
* 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 November 15, 2026.
F2 Represents common stock earned from the vesting of a market stock unit grant on November 15, 2022.
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.