The primary driver of the companywide increase in stock-based compensation in Q4 24 was the treatment of stock-based
compensation related to employees who left Morningstar, which accounted for roughly a third of total stock-based
compensation in Q4 24. For the full year, the treatment of stock-based compensation for employees who left the company
accounted for roughly 10% of total stock-based compensation. This treatment was primarily related to the departure of our
former CFO. As previously disclosed, in connection with his departure, our former CFO’s awards were modified to allow
for vesting or continued vesting following his departure. We recorded the incremental fair value associated with the
modification in Q4 24, which contributed to higher stock-based compensation in corporate and all other.