Morningstar director granted 1,144 RSUs

JOYNT STEPHEN reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

JOYNT STEPHEN reported acquisition or exercise transactions in this Form 4 filing.

Morningstar, Inc. director Stephen Joynt received a grant of 1,144 restricted stock units of Morningstar common stock on May 15, 2026. Each unit represents one share and will vest in three equal annual installments beginning May 15, 2027. Following this award, he directly holds 6,282 shares.

Insider Trade Summary

Grant/Award: 1,144 shares

Grant/Award 1 txn

Insider JOYNT STEPHEN

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock (Restricted Stock Units)	1,144	$0.00	$0.00

Holdings After Transaction: Common Stock (Restricted Stock Units) — 6,282 shares (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

RSUs granted: 1,144 units Grant price per unit: $0.00 per unit Shares after transaction: 6,282 shares +1 more

4 metrics

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

Grant price per unit $0.00 per unit Compensation award, not market purchase

Shares after transaction 6,282 shares Direct holdings following RSU grant

Vesting structure 3 equal annual installments RSUs vest starting May 15, 2027

Key Terms

restricted stock unit, contingent right, vest, annual installments

4 terms

restricted stock unit financial

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

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

"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.

annual installments financial

"vest in three equal annual installments beginning May 15, 2027"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Morningstar (MORN) report for Stephen Joynt?

Morningstar reported that director Stephen Joynt received 1,144 restricted stock units of common stock as a grant. These units are part of his equity compensation and increase his direct reported holdings to 6,282 shares following the award.

How many Morningstar (MORN) shares did Stephen Joynt acquire in this Form 4?

Stephen Joynt acquired 1,144 restricted stock units, each representing one share of Morningstar common stock. The grant has a stated price of $0.00 per unit, reflecting a compensation award rather than an open-market purchase of shares.

What is the vesting schedule for Stephen Joynt’s Morningstar (MORN) RSUs?

The 1,144 restricted stock units granted to Stephen Joynt vest in three equal annual installments. Vesting begins on May 15, 2027, meaning one-third of the units convert into common stock on that date and on each of the next two anniversaries.

What are Stephen Joynt’s Morningstar (MORN) holdings after this Form 4 transaction?

After the grant, Stephen Joynt is reported as directly holding 6,282 shares of Morningstar common stock. This figure reflects his position following the award of 1,144 restricted stock units disclosed in the Form 4 insider transaction filing.

Does Stephen Joynt’s Morningstar (MORN) Form 4 show a market purchase or a compensation grant?

The Form 4 shows a compensation grant, not a market purchase. The transaction code is “A” for grant or award, the price per unit is $0.00, and the security is restricted stock units that vest over time rather than shares bought in the open market.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/19/2026 - 07:43 PM EDT Learn about SEC filing dates

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^*

JOYNT STEPHEN

(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	6,282	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)