Morningstar (MORN) director receives 1,144 restricted stock units as equity grant

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Lyons William M reported acquisition or exercise transactions in this Form 4 filing.

Morningstar, Inc. director William M. Lyons received an award of 1,144 restricted stock units of common stock on May 15, 2026. Each unit represents a right to receive one share of Morningstar common stock.

The restricted stock units vest in three equal annual installments beginning May 15, 2027. After this grant, Lyons directly owns 14,604 shares of Morningstar common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Lyons William M

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) — 14,604 shares (Direct, null)

Footnotes (1)

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Key Figures

RSU grant size: 1,144 units Holdings after transaction: 14,604 shares Grant price per share: $0.0000 per share +2 more

5 metrics

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

Holdings after transaction 14,604 shares Morningstar common stock directly owned by William M. Lyons after grant

Grant price per share $0.0000 per share Reported transaction price for the RSU award

Vesting schedule length 3 annual installments RSUs vest in three equal annual installments beginning May 15, 2027

First vesting date May 15, 2027 Initial vesting date for the restricted stock units

Key Terms

Restricted Stock Units, contingent right, vest, Form 4

4 terms

Restricted Stock Units financial

"Common Stock (Restricted Stock Units)"

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"

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.

Form 4 regulatory

"reported in the Form 4 insider filing for May 15, 2026"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Form 4 Insider Transactions: What Each Field Means →

05/19/2026 - 07:40 PM

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^*

Lyons William M

(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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock (Restricted Stock Units)⁽¹⁾	05/15/2026		A		1,144	A	$0	14,604	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Morningstar (MORN) report for William M. Lyons?

Morningstar reported that director William M. Lyons received a grant of 1,144 restricted stock units of common stock on May 15, 2026. These are compensation-related awards, not open-market purchases or sales, and increase his direct equity-based holdings in the company.

How many Morningstar (MORN) shares does William M. Lyons hold after this grant?

After the restricted stock unit grant, William M. Lyons holds 14,604 Morningstar common shares directly. This figure reflects his position following the award of 1,144 restricted stock units reported in the Form 4 insider filing for May 15, 2026.

What are the vesting terms of William M. Lyons’ Morningstar (MORN) restricted stock units?

The 1,144 restricted stock units granted to William M. Lyons vest in three equal annual installments starting May 15, 2027. Each vested unit will convert into one share of Morningstar common stock as the installments are satisfied over the three-year schedule.

Does the Morningstar (MORN) Form 4 show a stock sale by William M. Lyons?

No, the Form 4 shows a grant of 1,144 restricted stock units to William M. Lyons, classified as an acquisition through a grant or award. There are no reported open-market stock sales or disposals in this specific insider transaction disclosure.

How does a Morningstar (MORN) restricted stock unit work for William M. Lyons?

Each restricted stock unit granted to William M. Lyons represents a contingent right to receive one share of Morningstar common stock. The units convert into actual shares only as they vest in three equal annual installments beginning May 15, 2027.