Michael Holt - Nov 15, 2025 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
Nov 15, 2025
Transactions value $
-$15,472
Form type
4
Date filed
11/18/2025, 06:06 PM
Previous filing
Sep 2, 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Holt Michael Chief Financial Officer 22 WEST WASHINGTON STREET, CHICAGO /s/Kathleen Peacock, by power of attorney 2025-11-18 0002050530

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MORN Common Stock Options Exercise $0 +163 +2.96% $0.00 5.67K Nov 15, 2025 Direct F1
transaction MORN Common Stock Tax liability -$15.5K -73 -1.29% $211.95 5.59K 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 -163 -100% 0 Nov 15, 2025 Common Stock 163 Direct F1
transaction MORN Market Stock Units Award $0 +1.95K $0.00 1.95K Nov 15, 2025 Common Stock 1.95K Direct F2
* 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 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.