Michael D. Hays - 22 Dec 2021 Form 4 Insider Report for NATIONAL RESEARCH CORP (NRC)

Role: CEO & President, Director
Signature: /s/ Michael D. Hays, by Christopher Kortum, attorney-in-fact, pursuant to a POA previously filed with the SEC
Issuer symbol: NRC
Transactions as of: 22 Dec 2021
Net transactions value: -$143,670
Form type: 4
Filing time: 27 Dec 2021, 15:05:51 UTC
Next filing: 14 Feb 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NRC	Common Stock	Gift	$0	-10,500	-7.5%	$0.000000	128,595	12 Jul 2021	By Spouse	F1
transaction	NRC	Common Stock	Options Exercise	$160,702	+14,949	+41%	$10.75^*	51,698	22 Dec 2021	Direct
transaction	NRC	Common Stock	Tax liability	$304,372	-7,596	-15%	$40.07	44,102	22 Dec 2021	Direct

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	-14,949	-100%	$0.000000^*	0	22 Dec 2021	Common Stock	14,949	$10.75	Direct	F2

* 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.
F2	This option became fully exercisable on January 5, 2017.