Morningstar (MORN) director Anne Bramman receives 1,505 restricted stock units as equity award

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BRAMMAN ANNE L reported acquisition or exercise transactions in this Form 4 filing.

Morningstar, Inc. director Anne L. Bramman received a grant of 1,505 restricted stock units, each representing a right to one share of Morningstar common stock. These units were awarded at no cash cost to her and increase her direct holdings to 1,505 shares-equivalent.

The restricted stock units vest in three equal annual installments beginning on May 15, 2027, meaning the award will fully vest over three years if service-based conditions are met. This is a routine, compensation-related equity grant rather than an open-market stock purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider BRAMMAN ANNE L

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock (Restricted Stock Units)	1,505	$0.00	--

Holdings After Transaction: Common Stock (Restricted Stock Units) — 1,505 shares (Direct, null)

Footnotes (1)

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Key Figures

RSU grant size: 1,505 units Post-transaction holdings: 1,505 shares-equivalent Vesting start date: May 15, 2027 +2 more

5 metrics

RSU grant size 1,505 units Restricted stock units tied to Morningstar common stock

Post-transaction holdings 1,505 shares-equivalent Direct ownership after the reported award

Vesting start date May 15, 2027 First of three equal annual vesting installments

Vesting schedule length 3 years Three equal annual installments beginning May 15, 2027

Grant price per share $0.0000 Awarded as compensation with no purchase price

Key Terms

restricted stock unit, contingent right, vest

3 terms

restricted stock unit financial

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

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

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 Insider Transactions: What Each Field Means →

05/19/2026 - 07:45 PM

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^*

BRAMMAN ANNE L

(Last)

(First)

(Middle)

22 WEST WASHINGTON STREET

(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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock (Restricted Stock Units)⁽¹⁾	05/15/2026		A		1,505	A	$0	1,505	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Morningstar (MORN) director Anne L. Bramman report on this Form 4?

Anne L. Bramman reported receiving 1,505 restricted stock units of Morningstar common stock as an equity award. The grant is compensation-related, carries no purchase price, and increases her direct holdings to the same 1,505-share-equivalent level after the transaction.

How many Morningstar (MORN) restricted stock units were granted in this filing?

The filing shows a grant of 1,505 restricted stock units tied to Morningstar common stock. Each unit represents the right to receive one share in the future, subject to vesting conditions over a multi-year schedule starting in 2027.

When do Anne L. Bramman’s Morningstar (MORN) restricted stock units vest?

The restricted stock units vest in three equal annual installments beginning May 15, 2027. This means the award will be fully vested three years after that start date, assuming any required service conditions continue to be satisfied over the vesting period.

Is the Morningstar (MORN) Form 4 transaction a stock purchase or sale?

No, the Form 4 reports an equity award, not an open-market trade. Anne L. Bramman received 1,505 restricted stock units as compensation, with no cash purchase price and no shares sold as part of this specific transaction.

What is Anne L. Bramman’s Morningstar (MORN) holding after this RSU grant?

After the grant, her reported direct ownership is 1,505 shares-equivalent of Morningstar common stock. This reflects the number of restricted stock units awarded in this filing and does not show any additional derivative positions in the accompanying data.