Kapoor Kunal 4

4 · Morningstar, Inc. · Filed May 19, 2026

AI-generated summary of this filing

Updated May 19, 2026

Morningstar (MORN) CEO Kunal Kapoor Receives Awards; Withholds 3,699 Shares

What Happened

Kunal Kapoor, CEO and Director of Morningstar, had multiple equity events on May 15, 2026: he was granted/awarded restricted stock units and market stock units and converted vested MSUs into common shares. Specific items reported: 1,177 shares and 11,359 shares were recorded as awards at $0.00 (awarded RSUs), 2,108 shares were converted from derivatives (MSUs) into common stock, and 17,039 shares were reported as a derivative award. To cover taxes, 3,699 shares were disposed/withheld at $166.05 per share, generating $614,219 in proceeds (tax withholding). Most awards carry future vesting or performance conditions.

Key Details

Transaction date: May 15, 2026; Form 4 filed May 19, 2026 (appears within the SEC two-business-day filing window).
Tax withholding: 3,699 shares disposed at $166.05/share => $614,219 (coded F = tax withholding).
Awards/acquisitions: 1,177 and 11,359 shares reported as awards at $0.00 (time-based RSUs); 17,039 shares reported as a derivative award (performance-based MSUs); 2,108 shares converted from derivatives into common stock (M = exercised/converted).
Shares owned after the transactions are not specified in the provided excerpt.
Footnotes:
- Some RSUs fully vest on May 15, 2027.
- Some RSUs vest in four equal annual installments beginning May 15, 2027.
- 2,108 shares represent common stock earned from vesting of MSUs granted May 15, 2023.
- The 17,039 MSUs are performance-based and will be determined by cumulative total shareholder return over a three-year performance period ending May 14, 2029.

Context

The M code denotes conversion/exercise of derivatives (here, market stock units converting into shares); the F code indicates shares were withheld to satisfy tax withholding obligations (not an open-market sale for investment).
Time-based and performance-based awards are common components of executive compensation; only the tax-withheld portion was disposed of.
Filing timing appears timely; the report was filed on May 19 for May 15 transactions, consistent with the two-business-day Form 4 deadline.

Form 4

Period: 2026-05-15

DirectorCEO

Transactions

Award
Common Stock (Restricted Stock Units)
[F1]
2026-05-15+1,177→ 141,507 total
Award
Common Stock (Restricted Stock Units)
[F2]
2026-05-15+11,359→ 152,866 total
Exercise/Conversion
Common Stock
[F3]
2026-05-15+2,108→ 154,974 total
Tax Payment
Common Stock
2026-05-15$166.05/sh−3,699$614,219→ 151,275 total
Exercise/Conversion
Market Stock Units
[F3]
2026-05-15−2,108→ 2,108 total
Exp: 2026-05-15→ Common Stock (2,108 underlying)
Award
Market Stock Units
[F4]
2026-05-15+17,039→ 17,039 total
Exp: 2029-05-14→ Common Stock (17,039 underlying)

Footnotes (4)

[F1]Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units fully vest on May 15, 2027.
[F2]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, 2027.
[F3]Represents common stock earned from the vesting of market stock units granted on May 15, 2023.
[F4]The market stock units earned will be based on the company's cumulative total shareholder return for the three year performance period ending May 14, 2029.

Signature

/s/ Kathleen Peacock, by power of attorney|2026-05-19

1 file