Morningstar (MORN) CAO Conan Wiersema awarded 301 restricted stock units

Rhea-AI Filing Summary

Wiersema Conan reported acquisition or exercise transactions in this Form 4 filing.

Morningstar, Inc. chief accounting and principal accounting officer Conan Wiersema reported an award of 301 restricted stock units of common stock on March 1, 2026. These units carry no purchase price and vest in full on September 1, 2027 under the award agreement.

After this grant, Wiersema beneficially owns 2,286 shares, including 114 restricted stock units from a May 15, 2025 grant that were previously omitted from reported holdings in later filings.

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

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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^*

Wiersema Conan

(Last) (First) (Middle)

C/O MORNINGSTAR, INC.

22 W. WASHINGTON STREET

(Street)

CHICAGO IL 60602

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2026

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

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

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

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)	03/01/2026		A		301(1)	A	$0	2,286(2)	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 full on September 1, 2027, pursuant to the terms of the award agreement.

2. Amount includes 114 restricted stock units that were part of a grant reported on May 15, 2025 but were inadvertently omitted from the reported amount of securities beneficially owned in subsequent Form 4 filings.

Remarks:

	/s/ Kathleen Peacock, by power of attorney	03/03/2026
	** 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.

FAQ

What insider transaction did Morningstar (MORN) report for Conan Wiersema?

Morningstar reported that executive Conan Wiersema received a grant of 301 restricted stock units of common stock on March 1, 2026. These units were awarded at no cost and represent additional equity-based compensation tied to future vesting conditions.

When do Conan Wiersema’s new Morningstar (MORN) restricted stock units vest?

The 301 newly granted restricted stock units vest in full on September 1, 2027. Vesting means Wiersema will become entitled to receive one share of Morningstar common stock for each unit, assuming he meets the conditions in the award agreement.

How many Morningstar (MORN) shares does Conan Wiersema beneficially own after this Form 4?

Following the reported award, Conan Wiersema beneficially owns 2,286 shares of Morningstar common stock. This figure includes both directly held shares and restricted stock units, as detailed in the Form 4 ownership table and footnotes.

What does each Morningstar (MORN) restricted stock unit represent for Conan Wiersema?

Each restricted stock unit represents a contingent right to receive one share of Morningstar common stock. Wiersema receives the actual shares only when the units vest, provided the terms of the relevant award agreement are satisfied.

What correction did the Morningstar (MORN) Form 4 make regarding prior restricted stock unit reporting?

The filing notes that the total includes 114 restricted stock units from a May 15, 2025 grant that were inadvertently omitted from later Form 4 ownership totals. This corrects Wiersema’s previously understated beneficial ownership figure.

Was Conan Wiersema’s Morningstar (MORN) Form 4 transaction a market purchase or sale?

No, the Form 4 shows a grant or award acquisition of restricted stock units coded as “A,” not a market buy or sell. The units were awarded as equity compensation with a zero dollar price per share and future vesting date.