Kapoor Kunal 4

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.