FRANCIS CHERYL A 4

What Happened Cheryl A. Francis, a director of Morningstar, Inc. (MORN), received a grant of 1,144 restricted stock units (RSUs) on 2026-05-15. The grant was reported on a Form 4 filed 2026-05-19. The filing lists the award at $0.00 per unit (no cash outlay reported); the RSUs represent a contingent right to receive one share each upon vesting.

Key Details

• Transaction date: 2026-05-15; Filing date: 2026-05-19.
• Security/amount: 1,144 restricted stock units; reported price $0.00 per unit in the filing.
• Shares owned after transaction: Not disclosed in the provided filing details.
• Footnote: Each RSU converts into one share and vests in three equal annual installments beginning May 15, 2027.
• Filing timeliness: The filing date is shown; the Form 4 does not indicate a timeliness exception in the provided data.

Context RSU grants are a common form of executive and director compensation and do not represent an immediate stock purchase or sale. These units only become shares as they vest over time, so this award does not reflect an immediate change in market exposure. Because no cash purchase or sale occurred, this is generally routine compensation rather than a direct bullish or bearish trading signal.