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                                                                 Exhibit 10.9

                               PURCHASE AGREEMENT

            THIS PURCHASE AGREEMENT (this "AGREEMENT"), dated as of April 30,
2003, by and between Morningstar, Inc., an Illinois corporation (the "COMPANY"),
and the purchaser identified on the signature page hereof (the "PURCHASER").

            WHEREAS, in order to provide a long term performance incentive to
certain senior executives of the Company, and to enable these senior executives
to participate in the growth of the value of the Company that their efforts will
help to create, the Board of Directors (the "BOARD") has provided such senior
executives, including the Purchaser, with the opportunity to acquire shares of
common stock, no par value, of the Company (the "COMMON STOCK"), on the terms
and conditions set forth herein.

            WHEREAS, the Purchaser desires to subscribe for and acquire from the
Company, and the Company desires to issue and sell to the Purchaser, that number
of shares (the "SHARES") of Common Stock set forth on the signature page hereof
pursuant to the terms of this Agreement.

            NOW, THEREFORE, in order to implement the foregoing and in
consideration of the mutual representations, warranties, covenants and
agreements contained herein, the parties hereto agree as follows:

1.    SUBSCRIPTION FOR AND PURCHASE OF SHARES.

            1.1.  PURCHASE OF SHARES. (a) Upon the terms and subject to the
conditions set forth in this Agreement, the Purchaser hereby subscribes for and
agrees to purchase, on the Closing Date (as defined below), and the Company
hereby agrees to issue and sell to the Purchaser, the Shares at a price of $8.57
per Share. The purchase price for the Shares will be payable through the
Purchaser's payment to the Company on the Closing Date of cash in the aggregate
amount set forth on the signature page hereof. The closing of the purchase of
the Shares shall take place on the date hereof or on such other date as the
Company and the Purchaser mutually agree (the "CLOSING DATE").

                  (b)   The Purchaser acknowledges to the Company that he
understands and agrees, as follows:

      THE SHARES HAVE NOT BEEN REGISTERED UNDER FEDERAL OR STATE SECURITIES
      LAWS. THE SHARES ARE A HIGHLY SPECULATIVE AND RISKY INVESTMENT. THERE IS
      NO PUBLIC OR OTHER MARKET FOR THE SHARES, NOR IS ANY LIKELY TO DEVELOP.
      THE PURCHASER ACKNOWLEDGES THAT HE MAY AND CAN AFFORD TO LOSE HIS ENTIRE
      INVESTMENT AND THAT HE UNDERSTANDS HE MAY HAVE TO HOLD THIS INVESTMENT
      INDEFINITELY.

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                  (c)   Each certificate evidencing the Shares being issued
pursuant to this Agreement shall bear a legend reflecting (i) the fact that the
Shares have not been registered under Federal or state securities laws and are
subject to limitations on transfer set forth herein and (ii) the existence of
this Agreement. The Purchaser acknowledges that the effect of these legends,
among other things, is or may be to significantly limit or diminish the value of
the Shares for purposes of sale or for use as loan collateral. The Purchaser
consents to the notation of "stop transfer" instructions against the Shares
being purchased hereunder.

            1.2.  DOCUMENT ACCESS. The Company has afforded the Purchaser and
his advisors, if any, the opportunity to discuss an investment in the Shares and
to ask questions of representatives of the Company concerning the terms and
conditions of the sale of the Shares, and such representatives have provided
answers to all such questions concerning the sale of the Shares. The Purchaser
has consulted his own financial, tax, accounting and legal advisors, if any, as
to this Agreement, the Purchaser's investment in the Shares and the consequences
thereof and risks associated therewith. The Purchaser and his advisors, if any,
have examined or have had the opportunity to examine before the date hereof all
documents and other information that the Purchaser deems to be material to an
understanding of the business, operations and financial condition of the Company
and the investment in the Shares contemplated hereby.

2.    COVENANTS.

            2.1.  FIRST REFUSAL RIGHTS. At least sixty (60) days prior to making
any sale, transfer, assignment, pledge, hypothecation or other disposition (a
"TRANSFER") (other than a Permitted Transfer (as hereafter defined)) of any
Shares, the Purchaser or his Permitted Transferee (the "TRANSFERRING
SHAREHOLDER") shall deliver a written notice (the "SALE NOTICE") to the Company.
The Sale Notice will state the aggregate amount of Shares to be Transferred, the
identity of the proposed transferee, the terms and conditions of the proposed
Transfer, and that such proposed transferee is committed to acquire the Shares
on the stated price, terms and conditions. The Company shall have the right, but
not the obligation, to elect to purchase all or a portion of the Shares to be
Transferred upon the same terms and conditions as those set forth in the Sale
Notice by delivering a written notice (the "PURCHASE NOTICE") of such election
to the Transferring Shareholder within forty-five (45) days after its receipt of
the Sale Notice (the "REFUSAL PERIOD"), which Purchase Notice shall specify the
time, place and date of settlement of such purchase. The right to purchase shall
be exercised by delivering a Purchase Notice to the Transferring Shareholder no
later than ten (10) days following expiration of the Refusal Period (the
"EXTENSION PERIOD"), which Purchase Notice shall specify the time, place and
date for settlement of such purchase. If purchased by the Company, the purchase
price of such Shares may be paid, at the option of the Company, in cash, by a
Promissory Note (as defined in Section 2.3(b) below) or any combination thereof.
If some or all of the Shares specified in the Sale Notice are not purchased by
the Company, the Transferring Shareholder may consummate such Transfer at a
price and on terms and conditions no more favorable to the transferee(s) thereof
than are specified in the Sale Notice during the thirty (30) day period
immediately following the Extension Period. If the Purchaser does not consummate
the Transfer within such period, the right of first refusal provided hereby
shall be deemed to be revived and no Transfer may be effected without first
offering the Shares in accordance with the terms hereof.

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            2.2.  CERTAIN PERMITTED TRANSFERS. The restrictions contained in
SECTION 2.1 hereof shall not apply with respect to Transfers of Shares made (i)
by the Purchaser pursuant to applicable laws of descent and distribution or to
the Purchaser's legal guardian in the case of any mental incapacity of the
Purchaser or among such Person's Family Group or (ii) pursuant to SECTIONS 2.2
and 2.3 hereof. Any transferee of Shares pursuant to a Transfer in accordance
with the provisions of this SECTION 2.2 is herein referred to as a "PERMITTED
TRANSFEREE." Any Transfer effected pursuant to clauses (i) - (ii) of this
SECTION 2.2 is herein referred to as a "PERMITTED TRANSFER." "FAMILY GROUP"
means (i) the Purchaser's spouse and descendants (whether natural or adopted)
and (ii) any trust solely for the benefit of the Purchaser and/or any of the
Purchaser's spouse and/or descendants (whether natural or adopted). "PERSON"
means an individual, a partnership, a corporation, a limited liability company,
an association, a joint stock company, a trust, a joint venture, an
unincorporated organization and a governmental entity or any department, agency
or political subdivision thereof.

            2.3.  REPURCHASE RIGHTS OF THE COMPANY. (a) In the event of the
termination ("TERMINATION") of the employment relationship between the Company
and the Purchaser for any or no reason, the Company shall have the right, but
not the obligation, to purchase all or part, and the Purchaser shall sell all or
part, of the Shares then owned by the Purchaser (or any Permitted Transferee
thereof) by delivering a written notice of such election (the "REPURCHASE
STATEMENT") to the Purchaser within forty-five (45) days of such Termination.

                  (b)   The purchase price to be paid for each Share which is
purchased pursuant to this SECTION 2.3 shall be the Fair Market Value. Such
purchase price shall be payable, at the option of the Company, in cash, by
promissory note (the "Promissory Note") with a final maturity not later than
three (3) years following the date of issuance and an interest rate per annum
equal to the thirteen (13) week Treasury Bill rate as reported in the Wall
Street Journal (or other similar publication) on the date immediately preceding
the date of issuance, or any combination thereof, PROVIDED, HOWEVER, that not
less than fifty percent (50%) of such purchase price shall be paid in cash.
"FAIR MARKET VALUE" means, as of the date, (i) the fully diluted per Share
valuation completed by Duff & Phelps LLC (or such other investment banking or
appraisal firm selected by the Board) as of the last day of the then immediately
preceding fiscal year of the Company or (ii) such other amount determined by the
Board to evidence the fair market value of a Share on a fully diluted basis;
PROVIDED, HOWEVER, that in all events Fair Market Value shall be calculated on a
control basis without giving effect to any minority discount.

                  (c)   The closing of any purchase consummated pursuant to this
SECTION 2.3 (the "CLOSING") shall be no later than fifteen (15) days after the
delivery of the Repurchase Statement, at such place and in such manner as
designated by the Company. If, in respect of any Termination, (i) the purchase
of Shares by the Company would result in a breach or default of any debt
instrument or credit agreement of the Company or its subsidiaries or (ii) the
Board otherwise determines in good faith that purchasing such Shares would be
inadvisable given the then existing financial condition of the Company and its
subsidiaries, the Company may defer the Closing until the earliest date on which
neither of the conditions described in the foregoing clauses (i) and (ii) shall
exist.

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            2.4.  CO-SALE RIGHTS. (a) In the event of any proposed Transfer
(other than a Transfer which would constitute a Permitted Transfer) by a
shareholder or shareholders of the Company of Shares representing a majority of
the issued and outstanding shares of voting capital stock of the Company
(individually or collectively, the "MAJORITY SHAREHOLDER"), the Majority
Shareholder will deliver written notice of such proposed sale (a "SHAREHOLDER
NOTICE") to the Purchaser and the Purchaser shall have the right, but not the
obligation, to participate in the contemplated sale by delivering written notice
to the Majority Shareholder no later than fifteen (15) days after the date of
receipt of such Shareholder Notice; PROVIDED, HOWEVER, that in no event shall a
pledge of or lien or encumbrance on the Majority Shareholder's Shares to any
bank or financial institution (or any resulting foreclosure or seizure of such
Shares) constitute a sale of Shares by the Majority Shareholder. If the
Purchaser elects to participate in such proposed sale, the Purchaser will be
entitled and required to sell in the contemplated sale, at the same price and on
the same terms as the Majority Shareholder proposes to sell, the number of
Shares equal to the product of: (i) the quotient determined by dividing (x) the
number of Shares on a fully diluted basis outstanding and owned by the Purchaser
by (y) the aggregate number of Shares on a fully diluted basis outstanding and
owned by all shareholders of the Company; and (ii) the number of Shares to be
sold in the contemplated sale. The Majority Shareholder will use commercially
reasonable efforts to obtain the agreement of each prospective buyer to the
participation of the Purchaser in the contemplated sale and will not sell any
Shares to any prospective buyer if such buyer refuses to allow the participation
of the Purchaser.

                  (b)   If the Majority Shareholder determines to Transfer a
majority of the issued and outstanding shares of voting capital stock of the
Company pursuant to a proposed bona fide sale to a non-affiliated third party in
an arms-length transaction, the Majority Shareholder may by written notice (the
"DRAG-ALONG NOTICE") to the Purchaser or any Permitted Transferee given at any
time concurrent with or during the forty-five (45) day period immediately
following the date of the giving of the Drag-Along Notice, require and compel
the Purchaser or any Permitted Transferee to sell, on a pro rata basis, his, her
or its Shares along with the Majority Shareholder at the same price and
otherwise upon the same terms and conditions as are applicable to the Shares
sold by the Majority Shareholder. If the Majority Shareholder exercises its
right to require and compel a drag-along sale as provided herein, the Purchaser
or any Permitted Transferee shall take all lawful and customary actions
reasonably requested by the Majority Shareholder to effectuate the purposes of
this SECTION 2.4(b), including, without limitation, (i) voting all of his, her
or its Shares in favor of the proposed sale, (ii) executing any purchase or sale
agreement and any related agreements likewise executed by the Majority
Shareholder, and (iii) surrendering his, her or its certificates evidencing all
of his, her or its Shares properly endorsed for transfer, against payment of the
consideration for such Shares at the closing of any such transaction. If such
sale of Shares is by merger or consolidation, the Purchaser or any Permitted
Transferee shall waive any dissenters rights, appraisal rights or similar rights
in connection with such merger or consolidation.

            2.5.  HOLDBACK AGREEMENT. During the period beginning ten (10) days
prior and ending 180 days after the effective date of a registration statement
of the Company filed under the Securities Act, the Purchaser shall not, to the
extent requested by the Company and the underwriter, directly or indirectly,
sell, offer or contract to sell (including, without limitation, any short sale),
grant any option to purchase or otherwise transfer or dispose of (other than to

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Permitted Transferees) any Shares at any time during such period except Shares
covered by such registration statement.

3.    REPRESENTATIONS.

            3.1.  REPRESENTATIONS AND WARRANTIES OF THE PURCHASER. The Purchaser
represents, warrants and covenants to the Company as follows on the date hereof
and as of the Closing Date:

                  (a)   the Purchaser has full power and authority to execute
and deliver this Agreement and to perform his obligations hereunder and this
Agreement has been duly executed and delivered by the Purchaser and will be
valid, binding and enforceable against the Purchaser in accordance with its
terms;

                  (b)   none of the execution, delivery or performance of this
Agreement by the Purchaser will result in any breach of any terms or provisions
of, or constitute a default under, any contract, agreement or instrument to
which the Purchaser is a party or by which the Purchaser is bound;

                  (c)   the Purchaser (i) did not use a "purchaser's
representative" (as that term is used in Regulation D as promulgated by the
Securities and Exchange Commission) in connection with the transactions
contemplated by this Agreement; (ii) has made his decision to purchase the
Shares independent of any statements, disclosures or judgments as to the
properties, business, prospects or condition (financial or otherwise) of the
Company which may have been made or given by any person, including any officer,
director or shareholder of the Company; (iii) has been advised by the Company
that (A) the offer and sale of the Shares have not been registered under the
Securities Act of 1933, as amended (the "SECURITIES ACT"); (B) the Shares must
be held indefinitely and the Purchaser must continue to bear the economic risk
of the investment in the Shares unless the offer and sale of such Shares is
subsequently registered under the Securities Act and all applicable state
securities laws or an exemption from such registration is available; (C) there
is no established market for the Shares and it is not anticipated that there
will be any public market for the Shares in the foreseeable future; (D) Rule 144
promulgated under the Securities Act is not presently available with respect to
the sale of any securities of the Company, and the Company has made no covenant
to make such Rule available; (E) when and if Shares may be disposed of without
registration under the Securities Act in reliance on Rule 144, such disposition
can be made only in limited amounts and in accordance with the terms and
conditions of such Rule; (F) if the Rule 144 exemption is not available, public
offer or sale without registration will require the availability of an exemption
under the Securities Act; (G) a restrictive legend in the form heretofore set
forth shall be placed on the certificates representing the Shares; and (H) a
notation shall be made in the appropriate records of the Company indicating that
the Shares are subject to restrictions on transfer and, if the Company should at
some time in the future engage the services of a securities transfer agent,
appropriate stop-transfer instructions will be issued to such transfer agent
with respect to the Shares;

                  (d)   (i) the Purchaser's financial situation is such that he
can afford to bear the economic risk of holding the Shares for an indefinite
period of time, has adequate means for providing for his current needs and
personal contingencies, and can afford to suffer complete

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loss of his investment in the Shares; (ii) the Purchaser's knowledge and
experience in financial and business matters are such that he is capable of
evaluating the merits and risks of the investment in the Shares as contemplated
by this Agreement; (iii) the Purchaser understands that the Shares are a
speculative investment which involve a high degree of risk of loss of his
investment therein, there are substantial restrictions on the transferability of
the Shares, and, on the date hereof and for an indefinite period, there will be
no public market for the Shares and, accordingly, it may not be possible for the
Purchaser to liquidate his investment in case of emergency, if at all; (iv) in
making his decision to purchase the Shares hereby purchased, the Purchaser has
relied upon independent investigations made by him and, to the extent believed
by the Purchaser to be appropriate, his representatives, including his own
professional, financial, tax and other advisors; (v) the Purchaser and his
representatives have been given the opportunity to examine all documents and to
ask questions of, and to receive answers from, the Company and their
representatives concerning the terms and conditions of the purchase of the
Shares and to obtain any additional information which the Purchaser or his
representatives deem necessary; (vi) the Purchaser is an officer or key employee
of the Company and as such has a high level of familiarity with the business,
operations, financial condition and prospects of the Company; and (vii) the
Purchaser understands that the Company is under no obligation to declare or pay
dividends in respect of the Shares and that, in any event, dividends may not be
paid if such payment would violate any term of any agreement binding on the
Company;

                  (e)   the Purchaser is acquiring the Shares for investment
solely for his own account and not with a view to, or for resale in connection
with, the distribution or other disposition thereof; and

                  (f)   the Purchaser understands that, if he ceases to be an
employee of the Company, the Shares are subject to repurchase by the Company
pursuant to SECTION 2.3.

            3.2.  REPRESENTATIONS OF THE COMPANY. The Company represents and
warrants to the Purchaser as follows on the date hereof and as of the Closing
Date:

                  (a)   the Company is duly incorporated, validly existing and
in good standing in the State of Illinois, with full corporate power to enter
into this Agreement and to perform its obligations hereunder;

                  (b)   the Company has duly executed and delivered this
Agreement, and this Agreement is valid, binding and enforceable against the
Company in accordance with its terms; and

                  (c)   the execution, delivery and performance of this
Agreement by the Company will not (i) violate, conflict with, or result in the
breach, acceleration, default or termination of, or otherwise give any other
contracting party the right to terminate, accelerate, modify or cancel any of
the terms, provisions or conditions of any material agreement or instrument to
which the Company is a party or by which it or its assets are bound, or (ii)
constitute a violation of any applicable law, rule or regulation, or of any
judgment, order, injunction, award or decree of any court, administrative agency
or other governmental authority applicable to it.

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4.    MISCELLANEOUS.

            4.1.  BINDING EFFECT. The provisions of this Agreement shall be
binding upon the parties hereto and their respective heirs, legal
representatives, successors and assigns. Neither this Agreement nor any purchase
or sale of Shares pursuant hereto shall create, or be construed or deemed to
create, any right to employment in favor of the Purchaser or any other person by
the Company. The language used in this Agreement will be deemed to be the
language chosen by the parties hereto to express their mutual intent, and so a
rule of strict construction will be applied against any person.

            4.2.  SEVERABILITY. The invalidity, illegality or unenforceability
of one or more of the provisions of this Agreement in any jurisdiction shall not
affect the validity, legality or enforceability of the remainder of this
Agreement in such jurisdiction or the validity, legality or enforceability of
this Agreement, including any such provision, in any other jurisdiction, it
being intended that all rights and obligations of the parties hereunder shall be
enforceable to the fullest extent permitted by law.

            4.3.  AMENDMENT. This Agreement may be amended only by a written
instrument signed by the Company and the Purchaser.

            4.4.  NOTICES. All notices and other communications provided for
herein shall be dated and in writing and shall be deemed to have been duly given
when delivered, if delivered personally, sent by registered or certified mail,
return receipt requested, postage prepaid or sent by confirmed telecopy and when
received if delivered otherwise, to the party to whom it is directed:

                  (a)   If to the Company, to it at the following address:

                        Morningstar, Inc.
                        225 West Wacker Drive
                        Chicago, Illinois 60606
                        Attention:  Chief Executive Officer

                  (b)   If to the Purchaser, to the address set forth on the
                        signature page hereof

or at such other address as the parties hereto shall have specified by notice in
writing to the other parties (provided that such notice of change of address
shall be deemed to have been duly given only when actually received). Delivery
of a copy of the notice solely to a party's attorney does not constitute proper
notice hereunder.

            4.5.  APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY,
CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
ILLINOIS, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS OF ANY STATE.

            4.6.  ARBITRATION. Any dispute between or among the parties to this
Agreement relating to or in respect of this Agreement, its negotiation,
execution, performance, subject

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matter, or any course of conduct or dealing or actions under or in respect of
this Agreement, including without limitation any claim under the Securities Act,
the Securities Exchange Act of 1934, as amended, any other state or federal law
relating to securities or fraud or both, the Racketeer Influenced and Corrupt
Organizations Act, or federal or state common law, shall be submitted to, and
resolved exclusively pursuant to, arbitration in accordance with the commercial
arbitration rules of the American Arbitration Association. Such arbitration
shall take place in Chicago, Illinois. Decisions as to findings of fact pursuant
to such arbitration shall be final, conclusive and binding on the parties.
Within thirty (30) days following the award of any arbitrator hereunder, any
party may apply to a court of competent jurisdiction for a resolution of any
questions of law bearing on such award, and no such award shall be binding and
enforceable unless the arbitrator's determinations as to such questions of such
law have been judicially approved or until the passage of such thirty (30) day
period without such application having been made. Any final award shall be
enforceable as a judgment of a court of record.

            4.7.  INTEGRATION. This Agreement and the documents referred to
herein or delivered pursuant hereto which form a part hereof contain the entire
understanding of the parties with respect to the subject matter hereof. There
are no restrictions, agreements, promises, representations, warranties,
conditions, covenants or undertakings with respect to the subject matter hereof
other than those expressly set forth herein. This Agreement supersedes all prior
agreements and understandings between the parties with respect to the subject
matter referred to herein and therein.

            4.8.  DESCRIPTIVE HEADINGS. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning of terms contained herein.

            4.9.  COUNTERPARTS. This Agreement may be executed in counterparts,
each of which shall be deemed an original, but all of which shall constitute one
and the same instrument.

            4.10. EXPENSES. The Company and the Purchaser shall each pay their
own costs in connection with the preparation, negotiation, execution and
delivery of this Agreement and in connection with the issuance of any securities
hereunder, including, but not limited to, all taxes, fees or other charges which
may be payable in connection with the purchase or sale of the Shares pursuant to
this Agreement and all costs in connection with the preparation, execution and
delivery of any waiver, amendment or consent (whether or not executed) relating
to this Agreement, including reasonable fees and disbursements of counsel.

            4.11. RIGHTS CUMULATIVE; WAIVER. The rights and remedies of the
Purchaser and the Company under this Agreement shall be cumulative and not
exclusive of any rights or remedies which either would otherwise have hereunder
or at law or in equity or by statute, and no failure or delay by either party in
exercising any right or remedy shall impair any such right or remedy or operate
as a waiver of such right or remedy, nor shall any single or partial exercise of
any power or right preclude such party's other or further exercise or the
exercise of any other power or right. The waiver by any party hereto of a breach
of any provision of this Agreement shall not operate or be construed as a waiver
of any preceding or succeeding breach and no failure by either party to exercise
any right or privilege hereunder shall be deemed a waiver of

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such party's rights or privileges hereunder or shall be deemed a waiver of such
party's rights to exercise the same at any subsequent time or times hereunder.

            4.12. SPECIFIC PERFORMANCE. Each of the parties hereto acknowledges
and agrees that in the event of any breach of this Agreement, the non-breaching
party would be irreparably harmed and could not be made whole by monetary
damages. It is accordingly agreed that the parties hereto will waive the defense
in any action for specific performance that a remedy at law would be adequate
and that the parties hereto, in addition to any other remedy to which they may
be entitled at law or in equity, shall be entitled to compel specific
performance of this Agreement in any action instituted in the United States
District Court for any District located in the State of Illinois, or, in the
event such court would not have jurisdiction of such action, in any court of the
United States or any state thereof having subject matter jurisdiction of such
action.

            4.13. LIMITED OBLIGATION. The Purchaser acknowledges and agrees that
the obligations of the Company under this Agreement are solely the obligations
of the Company, and that none of the Company's shareholders, directors, officers
or lenders will have any obligation or liability, contingent or otherwise, in
respect of this Agreement and the subject matter hereof.

            4.14  TERMINATION. SECTIONS 2.3 and 2.4 of this Agreement shall
automatically terminate and no longer be in force and effect upon the
consummation of an initial public offering and sale of equity securities of the
Company pursuant to a registration statement (other than a registration
statement on Form S-8) that is declared effective by the Securities and Exchange
Commission or any other Federal agency at the time administering the Securities
Act.

                            [signature page follows]

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                  IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first above written.

                                     MORNINGSTAR, INC.

                                     By:    /s/ Joe Mansueto
                                         ---------------------------------------
                                     Name:  Joe Mansueto
                                          --------------------------------------
                                     Title: Chairman and Chief Executive Officer
                                            ------------------------------------

                                      PURCHASER

                                      By:   /s/  David Williams
                                          ---------------------------------
                                      Name: David Williams

                                      Number of Shares:     1,000

                                      Total Purchase Price: $8,570

                                      Address of Purchaser:

                                           --------------------------------

                                           --------------------------------

                                           --------------------------------

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                                                                   Exhibit 10.10

                                                                  EXECUTION COPY

                            STOCK PURCHASE AGREEMENT

          STOCK PURCHASE AGREEMENT, dated as of July 8, 1999, between
Morningstar, Inc., an Illinois corporation (the "Company"), and SOFTBANK Corp.,
a Japanese corporation ("SOFTBANK").

          WHEREAS, the Company wishes to issue and sell to SOFTBANK, and
SOFTBANK wishes to purchase from the Company, 2,537,500 shares (the "Shares") of
Common Stock, no par value, of the Company ("Common Stock"), upon the terms and
subject to the conditions set forth herein;

          NOW, THEREFORE, the parties hereby agree as follows:

1.   PURCHASE AND SALE

          (a)    Upon the terms and subject to the conditions of this Agreement,
SOFTBANK or one or more of its affiliates will purchase, and the Company will
issue and sell to SOFTBANK or such affiliates, the Shares against payment of an
aggregate purchase price of $91,000,000 (the "Purchase Price") on July 21, 1999
or such other date as the parties may mutually agree (the "Closing Date").

          (b)    On the Closing Date, the Company shall deliver to SOFTBANK or
its affiliate a stock certificate or certificates representing the Shares
issuable on the Closing Date against payment to the Company by wire transfer of
the Purchase Price in immediately available funds to an account designated by
the Company.

2.   REPRESENTATIONS AND COVENANTS OF THE COMPANY

The Company represents and warrants to, and covenants and agrees with, SOFTBANK
as follows:

          (a)    ORGANIZATION. The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Illinois,
and has full power and authority to carry on its business as presently
conducted. There is no other jurisdiction in which the failure to so qualify
would have a material adverse effect on its business or operations.

          (b)    SUBSIDIARIES. The Company has no subsidiaries.

          (c)    CAPITALIZATION. The Company has an authorized capital stock
consisting of 100,000,000 shares of Common Stock, 10,150,000 of which are
outstanding on the date of this Agreement. Except as set forth on Schedule 2(g),
there are no options, warrants or commitments of any kind relating to the
capital stock of the Company, including any preemptive or other rights to
purchase the Shares.

          (d)    SHARES. When issued and delivered in accordance with the terms
of this Agreement, the Shares will be duly and validly authorized and issued,
fully paid and non-assessable.

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          (e)    INFORMATION. The Business Plan dated May 12, 1999 and other
information furnished to SOFTBANK by or on behalf of the Company in connection
with this Agreement, when considered together, do not contain any untrue
statement of material fact or omit to state any material fact necessary in order
to make the statements therein not misleading, provided, however, that the
Company makes no representation or warranty with respect to any estimates,
forecasts, plans or projections contained in such Business Plan or otherwise
furnished to SOFTBANK (including any underlying assumptions relating thereto).

          (f)    FINANCIAL STATEMENTS. The (i) audited consolidated balance
sheets of the Company as of December 31, 1998, and the related statements of
earnings, shareholders equity and cash flows for each of the fiscal years then
ended and (ii) the unaudited balance sheet of the Company as of March 31, 1999,
fairly present the financial position of the Company as of such dates and the
results of its operations for the periods then ended in accordance with U.S.
generally accepted accounting principles applied on a consistent basis ("GAAP"),
subject in the case of the interim financial statements to normal year-end
adjustments and the absence of footnotes. Except as disclosed or provided for in
the balance sheet as of March 31, 1999, there are no liabilities of the Company
of a nature required under GAAP to be reflected on the face of balance sheet,
whether accrued, contingent or otherwise, other than liabilities incurred in the
ordinary course of business consistent with past practice since such date. Since
December 31, 1998, there has not been any material adverse change in the
financial position or the earnings or operations of the Company.

          (g)    MATERIAL CONTRACTS. Schedule 2(g) contains a list of all
material contracts to which the Company is a party, including executory
contracts, agreements, licenses or commitments, whether written or oral, to
which the Company is bound, of the type referred to below:

          (i)    all notes, bonds, mortgages and other obligations for borrowed
     money, including guaranteed obligations;

          (ii)   all leases relating to real property;

          (iii)  all agreements and commitments relating to joint ventures,
     partnerships and equity or debt investments;

          (iv)   all licenses or other agreements relating to intellectual
     property referred to in Section 2(h);

          (v)    all agreements or commitments relating to capital expenditures
     in excess of $250,000;

          (vi)   all agreements or commitments for the sale of products or
     services, or the purchase of materials, products or services, which exceed
     $250,000; and

          (vii)  all agreements other than those covered by clauses (i) through
     (vi) above which involve payment or receipt of more than $250,000.

                                       -2-
<Page>

          (h)    INTELLECTUAL PROPERTY. Schedule 2(h) contains a list of all
material patents, trademarks, trade names, copyrights and licenses used by
the Company in the conduct of its business. To the best of the Company's
knowledge, the Company has the valid and enforceable right to use each of
such patents, trademarks, trade names, copyrights and licenses (subject to
the terms and conditions of any license agreements between them and the
licensors thereunder) and such use in the conduct of its business does not
conflict with valid rights of others.

          (i)    TAX RETURNS. All federal, state, local and foreign tax returns
relating to the Company that are required to be filed have been duly and timely
filed, and are complete and accurate in all material respects; the Company does
not have any liability with respect to any taxes in excess of the amounts
accrued in respect thereof that are reflected in the financial statements; and
all taxes due and payable have been paid in full within the time and in the
manner prescribed by law.

          (j)    COMPLIANCE. To the best of the Company's knowledge, the Company
(i) has complied in all material respects with all federal, state, local and
foreign laws, regulations and orders applicable to their business, including
without limitation the U.S. Export Administration Act and regulations
thereunder, and (ii) has obtained all federal, state, local and foreign
governmental licenses, registrations and permits necessary for the conduct of
their business, and such licenses, registrations and permits are in full force
and effect.

          (k)    NO CONFLICT. The execution and delivery of this Agreement
and the performance of the Company's obligations hereunder will not (i)
violate or be in conflict with any provision of law, any order, rule or
regulation of any court or other agency of government, or any provision of
the Certificate of Incorporation or By-Laws of the Company, (ii) violate, be
in conflict with, result in a breach of, or constitute (with or without
notice or lapse of time or both) a default under any indenture, agreement,
lease or other instrument to which the Company is a party or by which it or
any of its properties is bound, or (iii) result in the creation or imposition
of any lien, charge or encumbrance upon any of its properties or assets.

          (l)    NO CONSENTS. Assuming the accuracy of SOFTBANK's
representations and warranties in Section 3(d), no consent, approval or
authorization of or declaration or filing with any governmental authority or
other person or entity on the part of the Company is required in connection with
the execution or delivery of this Agreement or the consummation of the
transactions contemplated hereby, except for (i) the filing required by the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR
Act"), and (ii) the expiration or early termination of the applicable waiting
period under the HSR Act.

          (m)    LITIGATION. There is no litigation or proceeding pending or, to
the best of the Company's knowledge, threatened against the Company or its
properties or business, which is likely to have a material adverse effect on the
financial condition, business or operations of the Company, or which seeks to
prevent the consummation of the transactions contemplated by this Agreement.

          (n)    FINDERS. There is no investment banker, broker, finder,
consultant or other intermediary that has been retained by, or is authorized to
act on behalf of, the Company who is

                                       -3-
<Page>

entitled to any fee or commission upon consummation of the transactions
contemplated by this Agreement.

          (o)    NO DIVIDENDS, STOCK ISSUANCE, ETC. Prior to the Closing Date,
the Company shall not declare or pay any dividend or other distribution in
respect of any shares of its capital stock or issue, sell or otherwise dispose
of, or redeem, purchase or otherwise acquire, any of its capital stock or
securities convertible into its capital stock.

3.   REPRESENTATIONS OF SOFTBANK

          SOFTBANK represents and warrants to the Company as follows:

          (a)    ORGANIZATION. SOFTBANK is a corporation duly organized, validly
existing and in good standing under the laws of Japan, and has full power and
authority to enter into and perform this Agreement.

          (b)    CONSENTS. No consent, approval or authorization of or
declaration or filing with any governmental authority or other person or entity
on the part of SOFTBANK is required in connection with the execution or delivery
of this Agreement or the consummation of the transactions contemplated hereby
other than foreign exchange regulatory clearance by Japan's Ministry of Finance
which is being obtained, except for (i) the filing required by the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR
Act"), and (ii) the expiration or early termination of the applicable waiting
period under the HSR Act.

          (c)    FINDERS. There is no investment banker, broker, finder,
consultant or other intermediary that has been retained by, or is authorized to
act on behalf of, SOFTBANK who is entitled to any fee or commission upon
consummation of the transactions contemplated by this Agreement.

          (d)    INVESTMENT. SOFTBANK is an "accredited investor" within the
meaning of Regulation D under the Securities Act of 1933 (the "1933 Act"), and
is acquiring the Shares for its own account for investment and not with a view
to resale or distribution.

          (e)    ACCESS TO INFORMATION. SOFTBANK has received all the
information it requested from the Company in determining whether to purchase the
Shares. It has had an opportunity to ask questions and receive answers from the
Company regarding the terms and conditions of the sale of the Shares and the
business, properties, prospects and financial condition of the Company.

4.   CONDITIONS TO OBLIGATIONS OF SOFTBANK

          The obligations of SOFTBANK to consummate the transactions
contemplated by this Agreement are subject to the satisfaction at or prior to
the Closing Date of the following conditions:

          (a)    No preliminary or permanent injunction or other binding order,
decree or ruling issued by a court or governmental agency shall be in effect
which shall have the effect of preventing the consummation of the transactions
contemplated by this Agreement.

                                       -4-
<Page>

          (b)    All representations and warranties of the Company contained in
this Agreement shall be true in all material respects at and as of the Closing
Date as though made at such time, and the Company shall have performed and
complied in all material respects with all covenants and conditions required by
this Agreement to be performed or complied with by it prior to or on the Closing
Date.

          (c)    The waiting period under the HSR Act applicable to the sale of
the Shares shall have expired or been terminated.

          (d)    SOFTBANK shall have received from Winston & Strawn, counsel to
the Company, an opinion addressed to SOFTBANK with respect to such matters as
SOFTBANK shall have reasonably requested.

          (e)    All corporate and other proceedings required to carry out the
transactions contemplated by this Agreement, and all instruments and other
documents relating to such transactions, shall be reasonably satisfactory in
form and substance to Sullivan & Cromwell, counsel to SOFTBANK, and SOFTBANK
shall have been furnished with such instruments and documents as such counsel
shall have reasonably requested.

5.   CONDITION TO OBLIGATIONS OF THE COMPANY

          The obligations of the Company to consummate the transactions
contemplated by this Agreement are subject to the satisfaction at or prior to
the Closing Date of the following conditions:

          (a)    No preliminary or permanent injunction or other binding order,
decree or ruling issued by a court or governmental agency shall be in effect
which shall have the effect of preventing the consummation of the transactions
contemplated by this Agreement.

          (b)    All representations and warranties of SOFTBANK contained in
this Agreement shall be true in all material respects at and as of the Closing
Date as though made at such time, and SOFTBANK shall have performed and complied
in all material respects with all covenants and conditions required by this
Agreement to be performed or complied with by it prior to or on the Closing
Date.

          (c)    The waiting period under the HSR Act applicable to the sale of
the Shares shall have expired or been terminated.

6.   BOARD OF DIRECTORS

          For so long as it holds 1,268,750 shares of Common Stock, SOFTBANK
shall be entitled to appoint one member of the Company's Board of Directors. The
SOFTBANK director shall be entitled to serve as a member of all committees of
the Board and have access to any information available to any other director.
The Company shall reimburse all reasonable expenses incurred by the SOFTBANK
director relating to attendance at Board and Board committee meeting and other
activities on behalf of the Company.

                                       -5-
<Page>

7.       TRANSFER

          (a)    TRANSFER RESTRICTIONS. SOFTBANK will not make any disposition
of all or any portion of the Shares unless and until the transferee has agreed
in writing for the benefit of the Company to be bound by this Section 7(a), and:

          (i)    There is then in effect a registration statement under the 1933
     Act hereof covering such proposed disposition and such disposition is made
     in accordance with such registration statement; or

          (ii)   (A) SOFTBANK shall have notified the Company of the proposed
     disposition and shall have furnished the Company with a detailed statement
     of the circumstances surrounding the proposed disposition, and (B) if
     reasonably requested by the Company, SOFTBANK shall have furnished the
     Company with an opinion of counsel, reasonably satisfactory to the Company
     that such disposition will not require registration of such shares under
     the 1933 Act;

PROVIDED, HOWEVER, the conditions in clause (i) and (ii) of this Section 7(a)
shall not apply to any transfer by SOFTBANK to any corporation or other entity
that is controlled by, or under common control with, SOFTBANK.

          (b)    LEGEND. SOFTBANK understands that the certificates evidencing
     the Shares may bear the following legend:

     "These securities have not been registered under the Securities Act of
     1933, as amended. Except as otherwise provided in the Stock Purchase
     Agreement dated July 8, 1999, they may not be sold, offered for sale,
     pledged or hypothecated in the absence of a registration statement in
     effect with respect to the securities under such Act or an opinion of
     counsel satisfactory to the Company that such registration is not
     required."

8.   REGISTRATION RIGHTS

          (a)    DEMAND REGISTRATION. If, following the earlier of (i) June 30,
2003 or (ii) 12 months after the initial public offering (the "IPO") by the
Company of shares of its Common Stock pursuant to a registration statement under
the 1933 Act, the Company shall receive a written request from SOFTBANK, the
Company shall, as soon as practicable, file a registration statement under the
1933 Act covering the registration of all the Shares which SOFTBANK requests to
be registered; PROVIDED, HOWEVER, that the Company shall only be obligated to
effect two such registrations under this Section 6(a). The Company shall not be
obligated to effect any registration pursuant to this Section 6(a) within 180
days after the effective date of a previous registration. The Company may
postpone for up to 180 days the filing or the effectiveness of a registration
statement for a registration pursuant to this Section 6(a) if the Company's
board of directors determines that such registration could reasonably be
expected to have a material adverse effect on any proposal or plan by the
Company or any of its subsidiaries to engage in any acquisition of assets (other
than in the ordinary course of business) or any merger, consolidation, tender
offer, reorganization or similar transaction.

                                       -6-
<Page>

          (b)    "PIGGY-BACK" REGISTRATION. If the Company prepares to file a
registration statement under the 1933 Act in connection with the public offering
of the Company's common equity securities (including any registration for other
shareholders) other than the IPO or a registration relating solely to securities
in an employee stock option, bonus or other compensation plan or in connection
with an acquisition, merger or other business combination, the Company shall so
notify SOFTBANK and SOFTBANK may have any portion of its Shares so included in
such registration. Notwithstanding any other provision of this Section 8(b), if
the representative of the underwriters managing such offering advises the
Company in writing that the number of shares of Common Stock proposed to be sold
in any such offering or sale is greater than the number of shares which the
representative believes feasible to sell at that time at the price and upon the
terms approved by the Company, there shall be included in such registration and
underwriting (i) first, the number of securities proposed to be sold by the
Company and (ii) second, the number of shares to be included in the registration
and underwriting by selling stockholders on a pro-rata basis based upon the
number of shares that each of such stockholders desires to register.

          (c)    EXPENSES OF REGISTRATION. In connection with any registration
of Shares hereunder, SOFTBANK shall be solely responsible for any underwriting
discounts and commissions applicable to the Shares subject to such registration
and the fees and disbursements of SOFTBANK's legal counsel The Company shall be
responsible for all other expenses, including, without limitation, all
registration, filing, qualification, printers and accounting expenses, and fees
and disbursements of counsel for Company.

          (d)    INDEMNIFICATION. With respect to any registration pursuant to
this Section 8, the Company will provide customary indemnification for SOFTBANK
and any underwriter of Shares sold by SOFTBANK (and any of their directors,
officers and controlling persons).

          (e)    ASSIGNMENT OF REGISTRATION RIGHTS. The rights pursuant to this
Section 8 may be assigned by SOFTBANK together with any transfer of Shares,
provided the transfer complies with the applicable terms of this Agreement. As
used in this Section 8, the term SOFTBANK includes any such assignee.

          (f)    RESTRICTION ON SALES. During the period beginning 10 days prior
and ending 180 days after the effective date of a registration statement of the
Company filed under the 1933 Act and relating to an underwritten offering by the
Company, SOFTBANK shall not, to the extent requested by the Company and any
managing underwriter of such offering, directly or indirectly, sell, offer or
contract to sell (including, without limitation, any short sale), grant any
option to purchase or otherwise transfer or dispose of (other than to its
affiliates or pursuant to gifts to donees who agree to be similarly bound) any
Shares at any time during such period except Shares covered by such registration
statement.

9.   RIGHT OF FIRST REFUSAL

          The Company will give SOFTBANK notice each time the Company proposes
to offer any shares of, or securities convertible into or exercisable for any
shares of, any class of its capital stock. Within 30 days of receiving such
notice, SOFTBANK may agree to purchase or obtain, at the same price and on the
same terms as such offer, up to that portion of such securities

                                       -7-
<Page>

which equals the proportion that the number of shares of Common Stock issued and
held, or issuable upon conversion and exercise of all convertible or exercisable
securities then held, by SOFTBANK bears to the total number of shares of Common
Stock then outstanding (assuming full conversion and exercise of all convertible
or exercisable securities then outstanding).

          The right of first offer in this Section 9 shall not be applicable (i)
to the issuance or sale of Common Stock (or options therefor) to employees,
consultants and directors, pursuant to plans or agreements approved by the Board
of Directors, (ii) to or after consummation of the IPO, (iii) to the issuance of
securities pursuant to the conversion or exercise of convertible or exercisable
securities, or as a result of any reclassification, stock split or stock
dividend, (iv) to the issuance of securities in connection with a bona fide
business acquisition of or by the Company, whether by merger, consolidation,
sale of assets, sale or exchange of stock or otherwise, or (v) to the issuance
of securities to financial institutions or lessors in connection with commercial
credit arrangements, equipment financings, or similar transactions approved by
the Board of Directors and not primarily for equity-financing purposes.

10.  RIGHT OF CO-SALE

          (a)    NOTICE OF PURCHASE OFFER. Except as provided below, in the
event that Joseph Mansueto (the "Founder") decides to sell, transfer or
otherwise dispose of any of his shares of capital stock of the Company, as a
condition to such proposed disposition, SOFTBANK shall have the right to sell
any of its Shares to the proposed purchaser in such a transaction on a PRO RATA
basis (determined as provided below), for the same consideration and otherwise
on the same terms as the Founder.

          (b)    The pro ration of the co-sale right shall be calculated in such
a manner that SOFTBANK shall have the right to sell a number of Shares equal to
the aggregate number of shares of Common Stock proposed to be sold multiplied by
a fraction, the numerator of which is the aggregate number of Shares owned by
SOFTBANK, and the denominator of which is the sum of aggregate number of shares
of Common Stock owned by the Founder, SOFTBANK and any other stockholder
participating in such sale (on a fully-diluted basis, assuming conversion of all
Preferred Stock, if any).

          (c)    The Co-Sale Right shall not apply to a disposition by the
Founder to (i) an affiliate of the Founder (including any family member of the
Founder or trust for the benefit of the Founder or family members), (ii) any
other shareholder of the Company, or (iii) DE MINIMIS dispositions (not
exceeding an aggregate of 10% of the shares held by the Founder as of the date
of this Agreement), provided the transferee agrees in writing to be subject to
the terms and conditions of this Agreement as if it were an original party
thereto.

11.  FINANCIAL INFORMATION

          The Company shall deliver to SOFTBANK (a) within 60 days after the end
of each fiscal year of the Company, year-end financial reports; (b) within 30
days after the end of each of the first three quarters of each fiscal year,
quarter-end financial reports; and (c) within 30 days prior to the end of each
fiscal year, a budget and business plan for the next fiscal year. Additionally,
the Company shall, upon reasonable notice, (a) give or cause to be given to

                                       -8-
<Page>

SOFTBANK and its advisors, during regular business hours and in a manner so as
not to disrupt the business of the Company, reasonable access to all of the
properties, documents and records of the Company, and (b) provide or cause to be
provided to SOFTBANK or such advisors such copies or extracts of the Company's
documents and records as SOFTBANK or such advisors may reasonably request.

12.  CONFIDENTIALITY

          SOFTBANK and its affiliates will treat and hold as confidential any
and all information relating to the business and affairs of the Company
furnished to them pursuant to this Agreement and not generally known or
available to the public (other than as a result of breach of this Agreement) and
shall refrain from using any of such information except in connection with this
Agreement or as compelled by judicial or administrative process or by
requirement of law. SOFTBANK acknowledges that the Company would be irreparably
damaged if such confidential information were disclosed to or utilized by or on
behalf of persons other than SOFTBANK, the Company or their respective
affiliates.

13.  MISCELLANEOUS

          (a)    FEES AND EXPENSES. Whether or not the transactions contemplated
by this Agreement shall be consummated, each of the parties hereto shall pay the
fees and expenses of its own counsel, accountants and other experts and all
other expenses incurred by it in connection with the negotiation, preparation,
execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby and all other matters incident thereto.

          (b)    SURVIVAL AND TERMINATION. All representations, warranties,
covenants and agreements made herein shall survive for two years after the
Closing Date and shall continue in full force and effect after delivery of and
payment for the Shares. SOFTBANK's rights under Sections 6 and 11 will terminate
upon completion of an IPO.

          (c)    MODIFICATION AND WAIVER. No amendment or modification of the
terms or provisions of this Agreement shall be binding unless the same shall be
in writing and duly executed by the parties hereto. No waiver of any of the
provisions of this Agreement shall be deemed to or shall constitute a waiver of
any other provision hereof. No delay on the part of any party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof.

          (d)    ENTIRE AGREEMENT. This Agreement sets forth the entire
understanding of the parties with respect to the subject matter hereof. Any
previous agreement or understandings between the parties regarding such subject
matter are merged into and superseded by this Agreement.

          (e)    SEVERABILITY. In case any provision in this Agreement shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

          (f)    NOTICES. All notices, consents or other communications
hereunder shall be in writing, and shall be deemed to have been duly given and
delivered when delivered by hand, or when mailed by registered or certified
mail, return receipt requested, postage prepaid, or when

                                       -9-
<Page>

received via telecopy or other electronic transmission, in all cases addressed
to the party for whom intended at its address set forth below:

     If to SOFTBANK:

                 SOFTBANK CORP.
                 24-1, Nihonbashi-Hakozakicho
                 Chuo-ku, Tokyo 103, Japan

                 Attention:   Yoshitaka Kitao
                              Chief Financial Officer

                 Telephone:   (813) 5642-8020
                 Facsimile:   (813) 5641-3400

          with a copy to:

                 Sullivan & Cromwell
                 125 Broad Street
                 New York, New York 10004

                 Attention:   Stephen A. Grant, Esq.

                 Telephone:   (212) 558-3504
                 Facsimile:   (212) 558-3588

     If to the Company:

                 Morningstar, Inc.
                 225 West Wacker Drive
                 Chicago, Illinois 60606

                 Attention:   Gary L. Burge,
                              Chief Financial Officer

                 Telephone:   312-696-6000
                 Facsimile:   312-696-6012

          with a copy to:

                 Winston & Strawn
                 35 West Wacker Drive
                 Chicago, Illinois 60601

                 Attention:   Steven J. Gavin, Esq.

                 Telephone:   (312) 558-5979
                 Facsimile:   (312) 558-5700

                                      -10-
<Page>

or such other address as either party shall have designated by notice in writing
to the other party given in the manner provided by this Section.

          (g)    PUBLICITY. Until six months following the Closing Date,
SOFTBANK and the Company shall consult with each other before issuing any press
release or otherwise making any public statement with respect to the
transactions contemplated hereby, and shall not issue any such press release or
make any such public statement prior to approval by the other party, except as
may be required by law.

          (h)    NO IMPLIED RIGHTS. Nothing herein express or implied, is
intended to or shall be construed to confer upon or give to any person, firm,
corporation or legal entity, other than the parties hereto and their affiliates,
any interests, rights, remedies or other benefits with respect to or in
connection with any agreement or provision contained herein or contemplated
hereby.

          (i)    ASSIGNMENT; REINCORPORATION. This Agreement may be assigned by
SOFTBANK to any of its wholly-owned affiliates provided such assignee agrees to
be bound by the terms of this Agreement as though named as an original party
hereto; and provided further that no such assignment shall release SOFTBANK from
its obligations under this Agreement. The Company agrees to use commercially
reasonable efforts to reincorporate as a Delaware corporation as promptly as
possible subject only to the availability of the name "Morningstar, Inc. " in
Delaware; provided, however, that such efforts shall not require the Company to
commence any litigation or grant any material accommodation (financial or
otherwise). The Company and SOFTBANK further agree that upon completion of such
reincorporation all references to the company herein shall mean Morningstar,
Inc. as so reincorporated.

          (j)    GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

          (k)    COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
shall constitute one and the same instrument.

                                      -11-
<Page>

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the date first above written.

                                      MORNINGSTAR, INC.

                                      By:  /s/ Joe Mansueto
                                         --------------------------------

                                      SOFTBANK CORP.

                                      By:  /s/ Yoshitaka Kitao
                                         --------------------------------

                                      -12-

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