Morningstar, Inc. — Director's Dealing 2017

Nov 17, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2017-11-15

Reporting Person: Rothschild Tricia (Chief Product Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-11-15	Common Stock (Restricted Stock Units)	A	1688	—	Acquired	9340	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-11-15	Market Stock Units	$	A	739	Acquired	2020-11-15	Common Stock (739)	Direct

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest in four equal annual installments beginning November 15, 2018.

F2: The market stock units earned will be based on the company's cumulative total shareholder return for the three year performance period ending November 14, 2020.