Morningstar (MORN) CFO awarded 684 restricted stock units, holdings updated

Rhea-AI Filing Summary

Holt Michael reported acquisition or exercise transactions in this Form 4 filing.

Morningstar, Inc. reported that its Chief Financial Officer, Michael Holt, received a grant of 684 restricted stock units of common stock for no cash payment. Each unit represents the right to receive one Morningstar share and vests in full on September 1, 2027.

After this award, Holt directly holds 8,480 shares and units in total. This figure includes 2,204 securities that were listed in his initial Form 3 but were inadvertently left out of the beneficial ownership totals in later Form 4 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

OMB APPROVAL

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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^*

Holt Michael

(Last) (First) (Middle)

22 WEST 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)
	Chief Financial Officer

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		684(1)	A	$0	8,480(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 2204 securities that were included in the reporting person's initial statement of beneficial ownership on Form 3 filed on January 10, 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 did Morningstar (MORN) CFO Michael Holt report in this Form 4?

Michael Holt reported receiving a grant of 684 restricted stock units of Morningstar common stock. These units were awarded at no cash cost and increase his directly held total to 8,480 shares and units, based on the figures disclosed in the filing.

How many restricted stock units did Morningstar grant to CFO Michael Holt?

Morningstar granted Michael Holt 684 restricted stock units of common stock. Each unit represents a contingent right to receive one Morningstar share. The grant was reported as an acquisition under code "A" and carried a stated price per share of $0.0000.

When do Michael Holt’s new Morningstar restricted stock units vest?

The 684 restricted stock units granted to Michael Holt vest in full on September 1, 2027. Vesting is governed by the terms of the related award agreement, meaning Holt receives the underlying Morningstar common shares once those vesting conditions are satisfied.

How many Morningstar shares and units does Michael Holt hold after this transaction?

After this award, Michael Holt is shown as directly owning 8,480 Morningstar shares and units. This amount includes 2,204 securities that appeared on his initial Form 3 but were inadvertently omitted from his beneficial ownership totals in later Form 4 reports.

What correction about prior Morningstar filings is included in Michael Holt’s Form 4?

The filing notes that 2,204 securities were listed on Michael Holt’s initial Form 3 but were mistakenly left out of subsequent Form 4 beneficial ownership amounts. The current total of 8,480 directly held shares and units now incorporates these previously omitted securities.

Does Michael Holt’s Form 4 indicate a purchase or sale of Morningstar stock?

The Form 4 shows an acquisition through a grant of 684 restricted stock units, not an open-market purchase or sale. The transaction is coded "A" for a grant, award, or other acquisition, with no cash price per share reported in the filing.