Michael D. Hays - 05 Jan 2026 Form 4 Insider Report for NATIONAL RESEARCH CORP (NRC)

Role: Chairman, Director
Signature: /s/ Michael D. Hays, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA previously filed with the SEC
Issuer symbol: NRC
Transactions as of: 05 Jan 2026
Net transactions value: +$139,278
Form type: 4
Filing time: 07 Jan 2026, 17:39:28 UTC
Previous filing: 14 Jan 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Hays Michael D.	Chairman, Director	C/O NATIONAL RESEARCH CORP, 1245 Q STREET, LINCOLN	/s/ Michael D. Hays, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA previously filed with the SEC	07 Jan 2026	0001053133

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NRC	Common Stock	Options Exercise	$139,278	+9,145	+83%	$15.23	20,154	05 Jan 2026	Direct
holding	NRC	Common Stock						76,095	05 Jan 2026	By Spouse	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NRC	Employee Stock Option (right to buy)	Options Exercise	$0	-9,145	-100%	$0.000000	0	05 Jan 2026	Common Stock	9,145	$15.23	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reporting person disclaims beneficial ownership of these shares.