Kaplan Steven N 4

What Happened
Steven N. Kaplan, a director of Morningstar, Inc. (MORN), was granted 1,144 restricted stock units (RSUs) on May 15, 2026. The RSUs were awarded at a reported acquisition price of $0.00 (compensation award), so there was no cash purchase. Each RSU represents a contingent right to one share of Morningstar common stock; the award’s vesting schedule and value are tied to the company’s share price when vested/settled.

Key Details

• Transaction date reported: May 15, 2026; Form filed May 19, 2026.
• Transaction type: Award/Grant (Code A). 1,144 RSUs granted at $0.00; reported cash value at grant = $0.
• Shares owned after transaction: Not reported in the provided filing summary.
• Footnote: Each RSU converts to one share upon vesting; RSUs vest in three equal annual installments beginning May 15, 2027.
• No indication in the filing that this was a sale, purchase, gift, or option exercise — it is a typical equity compensation award.

Context
RSU grants are a form of compensation/retention, not an open-market purchase or sale, so they do not directly signal a buy or sell decision by the insider. Vesting is spread over three years, meaning the actual share issuance (and any subsequent sale) will occur only as units vest and are settled. For retail investors tracking insider activity, purchases tend to carry more weight as signals; awards mainly reflect company compensation practices.