Morningstar (MORN) director Caroline Tsay awarded 1,144 restricted stock units

Rhea-AI Filing Summary

TSAY CAROLINE J reported acquisition or exercise transactions in this Form 4 filing.

Morningstar, Inc. director Caroline J. Tsay received an equity grant of 1,144 restricted stock units, each representing the right to receive one share of Morningstar common stock. These units vest in three equal annual installments beginning on May 15, 2027. Following this award, she holds 4,888.5115 shares directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider TSAY CAROLINE J

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) — 4,888.512 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

RSUs granted: 1,144 units Vesting schedule: 3 equal annual installments Shares after transaction: 4,888.5115 shares +1 more

4 metrics

RSUs granted 1,144 units Restricted stock units awarded on May 15, 2026

Vesting schedule 3 equal annual installments Beginning May 15, 2027

Shares after transaction 4,888.5115 shares Direct holdings following the award

Grant price per unit $0.00 per unit Equity compensation, not open-market purchase

Key Terms

Restricted Stock Units, contingent right, vest, grant/award acquisition

4 terms

Restricted Stock Units financial

"Each restricted stock unit represents a contingent right to receive one share"

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

"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"

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.

grant/award acquisition financial

"transaction_action: grant/award acquisition"

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^*

TSAY CAROLINE J

(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	4,888.5115	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 did Morningstar (MORN) director Caroline J. Tsay report in this Form 4?

Caroline J. Tsay reported receiving an equity grant of 1,144 restricted stock units of Morningstar common stock. This is a compensation-related award, not an open-market purchase or sale, and increases her direct equity-based holdings in the company.

How do the new restricted stock units for Morningstar (MORN) vest?

The 1,144 restricted stock units awarded to Caroline J. Tsay vest in three equal annual installments. Vesting begins on May 15, 2027, meaning one-third of the units will vest on that date, with additional installments in subsequent years.

Is Caroline J. Tsay buying or selling Morningstar (MORN) shares in this filing?

This filing shows an acquisition through a grant, not a market buy or sell. The transaction code is an award of restricted stock units at a price of $0.00 per unit, reflecting equity compensation rather than a cash transaction.

How many Morningstar (MORN) shares does Caroline J. Tsay hold after this Form 4 transaction?

After this restricted stock unit grant, Caroline J. Tsay’s total direct holdings are reported as 4,888.5115 shares of Morningstar common stock. This figure includes the effect of the new award as disclosed in the filing.

What does each restricted stock unit in the Morningstar (MORN) grant represent?

Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. Actual shares are delivered only as the units vest over time according to the three-year vesting schedule beginning May 15, 2027.