Director at Morningstar (MORN) receives 1,144 restricted stock units in equity grant

Rhea-AI Filing Summary

FRANCIS CHERYL A reported acquisition or exercise transactions in this Form 4 filing.

Morningstar, Inc. director Cheryl A. Francis received a grant of 1,144 restricted stock units of common stock on May 15, 2026 as equity compensation. Each unit represents a contingent right to one share, vesting in three equal annual installments beginning May 15, 2027. After this award, she directly holds 36,934 shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider FRANCIS CHERYL A

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) — 36,934 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

RSU grant size: 1,144 units Post-transaction holdings: 36,934 shares Vesting structure: 3 equal installments +2 more

5 metrics

RSU grant size 1,144 units Restricted stock unit award on May 15, 2026

Post-transaction holdings 36,934 shares Common stock directly held after grant

Vesting structure 3 equal installments Annual vesting beginning May 15, 2027

RSU-to-share ratio 1 unit : 1 share Each RSU converts to one common share

Transaction price per share $0.00 Equity grant, no cash paid for awarded units

Key Terms

Restricted Stock Units, contingent right, vest

3 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 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^*

FRANCIS CHERYL A

(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	36,934	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 insider transaction did Morningstar (MORN) report for Cheryl A. Francis?

Morningstar reported that director Cheryl A. Francis received 1,144 restricted stock units of common stock as a grant. This equity award is compensation, not an open-market stock purchase or sale, and increases her direct share holdings reported after the transaction.

How many Morningstar (MORN) shares does Cheryl A. Francis hold after this Form 4?

After the reported transaction, Cheryl A. Francis directly holds 36,934 Morningstar common shares. This figure reflects her updated ownership following the grant of 1,144 restricted stock units disclosed in the Form 4 insider filing.

What are the terms of the restricted stock units granted to Cheryl A. Francis at Morningstar (MORN)?

Each restricted stock unit represents a contingent right to receive one share of Morningstar common stock. The units vest in three equal annual installments, beginning on May 15, 2027, spreading the compensation over multiple years tied to continued service.

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

The Form 4 reports a grant of restricted stock units to Cheryl A. Francis, classified as an acquisition by award. It is not an open-market purchase or sale, but rather an equity-based compensation grant with future vesting conditions attached.

When will Cheryl A. Francis’s Morningstar (MORN) restricted stock units vest?

The restricted stock units granted to Cheryl A. Francis vest in three equal annual installments. Vesting begins on May 15, 2027, with additional installments on the following anniversaries, subject to the award’s continued service conditions.