Morningstar Board adopts Executive Severance Policy; shareholders reelect directors and ratify KPMG

Morningstar, Inc.

CEO gets 2x base salary + target bonus over 24 months on non-CIC termination; other named execs get 1x over 12 months.
Change-in-control severance: CEO receives 2.5x salary+bonus lump sum; other participants receive 1.5x lump sum.
All 10 director nominees elected; advisory vote on executive compensation approved 37.5M for vs 0.5M against.
KPMG LLP ratified as independent auditor for 2025 with 39.2M votes for vs 0.2M against.

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