Morningstar, Inc. — Director's Dealing 2013

Jul 22, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2013-05-20

Reporting Person: NOONAN JACK (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-20	Common Stock	M	1000	$20.91	Acquired	64913	Direct
2013-06-18	Common Stock	M	1000	$20.98	Acquired	64913	Direct
2013-07-18	Common Stock	M	1000	$21.05	Acquired	64913	Direct
2013-07-18	Common Stock	S	1000	$75.173	Disposed	63913	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-20	Employee Stock Option (Right to Buy)	$20.91	M	1000	Disposed	2014-12-01	Common Stock (1000)	Direct
2013-06-18	Employee Stock Option (Right to Buy)	$20.98	M	1000	Disposed	2014-12-01	Common Stock (1000)	Direct
2013-07-18	Employee Stock Option (Right to Buy)	$21.05	M	1000	Disposed	2014-12-01	Common Stock (1000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1000	Indirect

Footnotes

F1: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 15, 2012.

F2: The exercise price increases over the term of the option at a rate equal to the 10-year Treasury bond yield as of the date of grant ($14.70). On May 20, 2013, the exercise price was $20.91.

F3: The exercise price increases over the term of the option at a rate equal to the 10-year Treasury bond yield as of the date of grant ($14.70). On June 18, 2013, the exercise price was $20.98.

F4: The exercise price increases over the term of the option at a rate equal to the 10-year Treasury bond yield as of the date of grant ($14.70). On July 18, 2013, the exercise price was $21.05.

F5: The transaction was executed in multiple trades at prices ranging from $75.04 to $75.28. The price reported above reflects the weighted average sale price. The reporting person herby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

F6: The options become exercisable in three equal installments on January 27, 2005, 2006, and 2007.