Morningstar (MORN) director Doniel Sutton receives 1,144 restricted stock units

Rhea-AI Filing Summary

Morningstar, Inc. director Doniel Sutton 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 and carries no cash exercise price. The units vest in three equal annual installments beginning May 15, 2027. Following this award, Sutton holds 4,970 shares of Morningstar common stock directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Sutton Doniel

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) — 4,970 shares (Direct, null)

Footnotes (1)

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Key Figures

RSU grant size: 1,144 units Transaction price per unit: $0.0000 per unit Shares held after grant: 4,970 shares +1 more

4 metrics

RSU grant size 1,144 units Restricted stock units of Morningstar common stock granted May 15, 2026

Transaction price per unit $0.0000 per unit Equity compensation grant, not an open-market purchase

Shares held after grant 4,970 shares Total Morningstar common shares directly owned by Sutton after transaction

Vesting schedule Three equal annual installments RSUs vest annually beginning May 15, 2027

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 →

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^*

Sutton Doniel

(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	4,970	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 Doniel Sutton?

Morningstar reported that director Doniel Sutton received a grant of 1,144 restricted stock units of common stock on May 15, 2026. These equity awards are compensation, not open-market purchases, and increase his direct ownership to 4,970 Morningstar shares after the transaction.

How many Morningstar shares does Doniel Sutton hold after this Form 4 filing?

After the reported transaction, Doniel Sutton holds 4,970 Morningstar common shares directly. This figure includes the impact of the 1,144 restricted stock units granted on May 15, 2026, which convert to shares as they vest over the disclosed schedule.

What are the terms of the restricted stock units granted to Doniel Sutton at Morningstar?

Each restricted stock unit granted to Doniel Sutton represents a contingent right to receive one share of Morningstar common stock. The 1,144 units vest in three equal annual installments starting May 15, 2027, tying the award to continued service over several years.

When will Doniel Sutton’s Morningstar restricted stock units vest?

The restricted stock units granted to Doniel Sutton vest in three equal annual installments beginning May 15, 2027. This means the 1,144 units are spread evenly across three vesting dates, aligning the director’s compensation with longer-term involvement at Morningstar.

Did Doniel Sutton pay a purchase price for his Morningstar restricted stock units?

The filing shows a transaction price per share of $0.0000 for the 1,144 restricted stock units granted to Doniel Sutton. This indicates the award is stock-based compensation, not a cash purchase, and reflects typical director equity grant mechanics at public companies.