Morningstar CAO has 29 shares withheld for taxes

Morningstar’s CAO and PAO had a small number of shares withheld to cover taxes on vested RSUs, leaving him with 3,068 directly held shares.

Rhea-AI Filing Summary

Morningstar, Inc. (MORN) reported that its Chief Accounting Officer and Principal Accounting Officer, Conan Wiersema, had 29 shares of common stock withheld on September 1, 2026 to pay tax liabilities arising from the vesting of a restricted stock unit grant made on March 1, 2025. The shares were valued at $218.94 per share for this tax-withholding transaction, and Wiersema now holds 3,068 Morningstar common shares directly. No transactions were reported as being made under a Rule 10b5-1 trading plan.

Insider Trade Summary

Tax Withholding: 29 shares

Tax Withholding 1 txn

Insider Wiersema Conan

Role CAO & PAO

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock F1	29	$218.94	$6K

Holdings After Transaction: Common Stock — 3,068 shares (Direct)

Footnotes (1)

1. F1. Represents shares withheld for taxes upon the vesting of the restricted stock unit grant made on March 1, 2025.

Key Figures

Shares withheld for taxes: 29 shares Per-share value used for withholding: $218.94 per share Shares held after transaction: 3,068 shares

3 metrics

Shares withheld for taxes 29 shares Withheld on September 1, 2026 upon vesting of RSUs granted March 1, 2025

Per-share value used for withholding $218.94 per share Value applied to the 29 withheld shares in the tax-withholding transaction

Shares held after transaction 3,068 shares Direct Morningstar common stock holdings of Conan Wiersema after withholding

Key Terms

restricted stock unit, withheld for taxes, vesting

3 terms

restricted stock unit financial

"upon the vesting of the restricted stock unit grant made on March 1, 2025"

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.

withheld for taxes financial

"Represents shares withheld for taxes upon the vesting of the restricted stock unit"

vesting financial

"upon the vesting of the restricted stock unit grant made on March 1, 2025"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

FAQ

What insider transaction did Morningstar (MORN) disclose for Conan Wiersema?

Morningstar disclosed that Conan Wiersema had 29 shares of common stock withheld on September 1, 2026 to pay taxes due on the vesting of a restricted stock unit grant made on March 1, 2025.

Was the Morningstar (MORN) insider transaction a market sale or a tax withholding?

The reported Morningstar transaction was a tax-withholding disposition, where 29 shares were withheld to satisfy tax liabilities upon RSU vesting, rather than a market sale initiated for portfolio or investment reasons.

At what price were the Morningstar (MORN) shares valued for the tax withholding?

The 29 withheld shares were valued at $218.94 per share in connection with the tax-withholding transaction related to the vesting restricted stock units.

How many Morningstar (MORN) shares does Conan Wiersema hold after this transaction?

After the tax-withholding transaction, Conan Wiersema directly holds 3,068 shares of Morningstar common stock, as reported in the filing.

Was the Morningstar (MORN) insider transaction made under a Rule 10b5-1 plan?

No. The filing indicates that no Rule 10b5-1 trading plan applies to this tax-withholding transaction for Conan Wiersema.

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

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Available on EDGAR 09/02/2026 - 05:40 PM Accepted by SEC EDGAR 09/02/2026 - 05:40 PM 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^*

Wiersema Conan

(Last) (First) (Middle)

C/O MORNINGSTAR, INC.

22 W. WASHINGTON STREET

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CAO & PAO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2026

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	09/01/2026		F		29(1)	D	$218.94	3,068	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. Represents shares withheld for taxes upon the vesting of the restricted stock unit grant made on March 1, 2025.

Remarks:

	/s/ Kathleen Peacock, by power of attorney	09/02/2026
	** 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)