Form 4: Morningstar CAO Wiersema Reports Equity Transactions

Morningstar's Chief Accounting Officer, Conan Wiersema, reported several equity transactions including the grant of new restricted and market stock units and the vesting of previous awards.

Summary

• Conan Wiersema, Chief Accounting Officer (CAO) and Principal Accounting Officer (PAO) of Morningstar, Inc. (MORN), reported changes in his beneficial ownership of company securities.
• On November 15, 2025, Wiersema acquired 471 restricted stock units (Common Stock) at a price of $0. These units are scheduled to vest in four equal annual installments beginning November 15, 2026.
• Also on November 15, 2025, 12 shares of Common Stock were acquired due to the vesting of a market stock unit grant that occurred on November 15, 2022.
• A disposition of 28 shares of Common Stock occurred on November 15, 2025, at a price of $211.95 per share, likely related to tax withholding.
• Wiersema also acquired 294 new market stock units on November 15, 2025, at a price of $0. The number of shares earned from these units will be based on Morningstar's cumulative total shareholder return for the three-year performance period ending November 14, 2028.
• Following these transactions, Wiersema directly beneficially owns 1,871 shares of Common Stock and 294 market stock units.

Sentiment

Score: 5

Explanation: The filing reports routine insider equity compensation transactions, which are neutral in sentiment. It reflects standard executive incentive programs without indicating any specific positive or negative operational or financial news.

Positives

• The grant of 471 restricted stock units and 294 market stock units indicates continued equity-based incentive for a key executive, aligning management interests with shareholder value.
• The vesting of 12 common stock shares from a previous market stock unit grant demonstrates the realization of prior compensation awards.

Negatives

• A disposition of 28 shares of Common Stock occurred at $211.95, likely for tax withholding purposes, which is a routine event following equity vesting and not inherently negative.

Future Outlook

The future value of the newly granted 294 market stock units is tied to Morningstar's cumulative total shareholder return over a three-year performance period ending November 14, 2028, indicating a forward-looking incentive structure.

Industry Context

This filing is a routine disclosure of insider equity transactions, common across publicly traded companies, reflecting standard executive compensation practices involving restricted stock and performance-based units.

Stakeholder Impact

• Shareholders: The grant of equity awards aligns the interests of a key executive with long-term shareholder value creation, as the market stock units are performance-based.
• Employees: Reflects standard executive compensation practices, which may influence broader compensation strategies within the company.

Next Steps

• The 471 restricted stock units will begin vesting in four equal annual installments starting November 15, 2026.
• The performance of the 294 market stock units will be assessed based on the company's cumulative total shareholder return for the three-year period ending November 14, 2028.

Key Dates

Keywords

Morningstar, MORN, SEC Form 4, Insider Transaction, Equity Compensation, Restricted Stock Units, Market Stock Units, Executive Compensation