Morningstar (MORN) director Steven Kaplan awarded 1,144 restricted stock units

Rhea-AI Filing Summary

Kaplan Steven N reported acquisition or exercise transactions in this Form 4 filing.

Morningstar, Inc. director Steven N. Kaplan received a grant of 1,144 restricted stock units of common stock as equity compensation. The award was recorded at a price of $0.0000 per unit, reflecting that it is a grant rather than a market purchase. After this grant, Kaplan directly holds 43,080 shares of Morningstar common stock. Each restricted stock unit represents the right to receive one share of common stock and will vest in three equal annual installments beginning on May 15, 2027, meaning the value of the award depends on Kaplan remaining eligible through the vesting dates and the future share price.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Kaplan Steven N

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock (Restricted Stock Units)	1,144	$0.00	--

Holdings After Transaction: Common Stock (Restricted Stock Units) — 43,080 shares (Direct, null)

Footnotes (1)

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Key Figures

RSU grant size: 1,144 units Post-transaction holdings: 43,080 shares Grant price per unit: $0.0000 per unit +1 more

4 metrics

RSU grant size 1,144 units Restricted stock units granted to Steven N. Kaplan

Post-transaction holdings 43,080 shares Total Morningstar common shares held directly after grant

Grant price per unit $0.0000 per unit Accounting grant price for RSU award

Vesting start date May 15, 2027 First vesting date for RSUs, then annually in three equal parts

Key Terms

Restricted Stock Units, contingent right, vest, Form 4

4 terms

Restricted Stock Units financial

"Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

contingent right financial

"Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock."

vest financial

"The restricted stock units vest in three equal annual installments beginning May 15, 2027."

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kaplan Steven N

(Last) (First) (Middle)

22 WEST WASHINGTON ST

(Street)

CHICAGO ILLINOIS 60602

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [ MORN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock (Restricted Stock Units)(1)	05/15/2026		A		1,144	A	$0	43,080	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest in three equal annual installments beginning May 15, 2027.

Remarks:

	/s/ Kathleen Peacock, by power of attorney	05/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Morningstar (MORN) director Steven N. Kaplan report on this Form 4?

Steven N. Kaplan reported receiving a grant of 1,144 restricted stock units of Morningstar common stock. These units are equity compensation, not an open-market purchase, and will convert into shares over time as they vest according to the disclosed schedule.

How many Morningstar (MORN) shares does Steven N. Kaplan hold after this grant?

After the reported grant, Steven N. Kaplan directly holds 43,080 shares of Morningstar common stock. This figure includes his existing holdings plus the newly awarded restricted stock units, which will settle into shares as they vest over the coming years.

What are the terms of Steven N. Kaplan’s restricted stock units in Morningstar (MORN)?

Each restricted stock unit represents a contingent right to receive one share of Morningstar common stock. The 1,144 units vest in three equal annual installments, beginning on May 15, 2027, tying the award’s value to Kaplan’s continued service and Morningstar’s future share price.

Is Steven N. Kaplan’s Form 4 transaction a market purchase of Morningstar (MORN) stock?

No, the Form 4 reports an equity grant, not a market purchase. Kaplan received 1,144 restricted stock units at a stated price of $0.0000 per unit, reflecting a compensation award rather than buying shares in the open market at prevailing prices.

When will Steven N. Kaplan’s Morningstar (MORN) restricted stock units vest?

The restricted stock units begin vesting on May 15, 2027. They vest in three equal annual installments starting on that date, so the full 1,144 units will become shares over three years if vesting conditions, including continued eligibility, are satisfied.

What does the transaction code "A" mean in Steven N. Kaplan’s Morningstar (MORN) Form 4?

The transaction code “A” indicates a grant, award, or other acquisition of securities. In this case, it refers to Morningstar granting Kaplan 1,144 restricted stock units of common stock as compensation, rather than a purchase or sale in the open market.