Morningstar, Inc. — Director's Dealing 2021

May 19, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2021-05-15

Reporting Person: Desmond Bevin (Head of Talent and Culture)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-15	Common Stock (Restricted Stock Units)	A	1289	—	Acquired	24915	Direct
2020-05-18	Common Stock	M	901	—	Acquired	25816	Direct
2020-05-18	Common Stock	A	450	—	Acquired	26266	Direct
2020-05-15	Common Stock	F	1129	$245.02	Disposed	25137	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-15	Market Stock Units	$	A	706	Acquired	2024-05-15	Common Stock (706)	Direct
2021-05-18	Market Stock Units	$	M	901	Disposed	2021-05-18	Common Stock (901)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	21207	Indirect

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 May 15, 2022.

F2: Represents common stock earned from the vesting of a market stock unit grant on May 15, 2018.

F3: Represents additional common stock earned from achievement of cumulative total shareholder return for the three year perfomance period ending May 14, 2021 in excess of target under the terms of a market stock unit grant on May 15, 2018.

F4: The market stock units earned will be based in part on the company's cumulative total shareholder return for the three year performance period ending May 14, 2024.