Daniel Joseph Dunn - 17 Nov 2023 Form 4 Insider Report for Morningstar, Inc. (MORN)

Role: Chief Revenue Officer
Signature: /s/ Kathleen Peacock, by power of attorney
Issuer symbol: MORN
Transactions as of: 17 Nov 2023
Transactions value $: -$84,404
Form type: 4
Filing time: 20 Nov 2023, 17:46:16 UTC
Previous filing: 17 Nov 2023
Next filing: 17 May 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	Options Exercise	$0	+678	+5.29%	$0	13,505	17 Nov 2023	Direct	F1
transaction	MORN	Common Stock	Award	$0	+120	+0.89%	$0	13,625	17 Nov 2023	Direct	F2
transaction	MORN	Common Stock	Tax liability	-$84,403	-313	-2.3%	$269.66	13,312	17 Nov 2023	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		-678	-100%		0	17 Nov 2023	Common Stock	678		Direct	F1

* 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 granted on November 15, 2020.
F2	Represents additional common stock earned in part from achievement of cumulative total shareholder return for the three year performance period ending November 14, 2023 in excess of target under the terms of a market stock unit granted on November 15, 2020.