SEC Contract Filing

Filing Date: 2021-07-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>4
<FILENAME>morn_exhibitx104x06302021.htm
<DESCRIPTION>EX-10.4
<TEXT>
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<title>Document</title></head><body><div id="i48d1bac8fbff4d61b41171201ac1dd47_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:145%">Exhibit 10.4</font></div></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:145%">MORNINGSTAR, INC.</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:145%">AMENDED AND RESTATED 2011 STOCK INCENTIVE PLAN</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:145%">MARKET STOCK UNIT AWARD AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:145%">THIS MARKET STOCK UNIT AWARD AGREEMENT</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:145%">, which includes the Online Grant Acceptance form (the &#8220;Grant Notice&#8221;) provided to the Participant named therein and any special terms and conditions for the Participant&#8217;s country set forth in the Addendum attached hereto (together, the &#8220;Award Agreement&#8221;), is made under the Amended and Restated Morningstar, Inc. 2011 Stock Incentive Plan, as amended from time to time (the &#8220;Plan&#8221;), as of the Grant Date specified in the Grant Notice. Any term capitalized but not defined in this Award Agreement will have the meaning set forth in the Plan. For purposes of this Award Agreement, &#8220;Employer&#8221; means the entity (the Company or Affiliate) that employs the Participant.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:145%">BETWEEN&#58;</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:145%">(1)&#160;&#160;&#160;&#160;MORNINGSTAR, INC., </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:145%">an Illinois corporation (the &#8220;Company&#8221;)&#59; and</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:145%">(2)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:145%">The Participant identified in the Grant Notice.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:145%">1&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:145%;text-decoration:underline">GRANT OF MARKET STOCK UNITS</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:145%">1.1&#160;&#160;&#160;&#160;In accordance with the terms of the Plan and subject to the terms and conditions of this Award Agreement, the Company hereby grants to the Participant a Market Stock Unit Award with respect to the target number of Market Stock Units (&#8220;MSUs&#8221;) set forth in the Grant Notice (the &#8220;Target MSUs&#8221;). The number of MSUs that are earned shall be equal to a percentage of the Target MSUs, which shall be determined in accordance with the performance conditions specified in Section 2 (the &#8220;Performance Conditions&#8221;). The MSUs shall constitute performance-based Restricted Stock Units granted pursuant to Section 3.3 of the Plan.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:145%">1.2&#160;&#160;&#160;&#160;Each MSU is a notional amount that represents one unvested share of common stock, no par value, of the Company (a &#8220;Share&#8221;). Each MSU constitutes the right, subject to the terms and conditions of the Plan and this Award Agreement, to distribution of a Share if and to the extent the Performance Conditions are satisfied and the MSUs otherwise become vested. </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:145%">Notwithstanding the foregoing, if the Participant is resident or employed outside of the United States, the Company, in its sole discretion, may settle the MSUs in the form of a cash payment to the extent settlement in Shares&#58; (i)&#160;is prohibited under local law&#59; (ii)&#160;would require the Participant, the Company and&#47;or its Affiliates to obtain the approval of any governmental and&#47;or regulatory body in the Participant&#8217;s country&#59; (iii)&#160;would result in adverse tax consequences for the Participant, the Company or any Affiliate&#59; or (iv) is administratively burdensome. Alternatively, the Company, in its sole discretion