Michael D. Hays - Dec 22, 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
Stock symbol: NRC
Transactions as of: Dec 22, 2021
Transactions value $: -$143,670
Form type: 4
Date filed: 12/27/2021, 03:05 PM
Next filing: Feb 14, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NRC	Common Stock	Gift	$0	-10.5K	-7.55%	$0.00	129K	Jul 12, 2021	By Spouse	F1
transaction	NRC	Common Stock	Options Exercise	$161K	+14.9K	+40.68%	$10.75^*	51.7K	Dec 22, 2021	Direct
transaction	NRC	Common Stock	Tax liability	-$304K	-7.6K	-14.69%	$40.07	44.1K	Dec 22, 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	-14.9K	-100%	$0.00^*	0	Dec 22, 2021	Common Stock	14.9K	$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.