Michael D. Hays - 03 Jan 2023 Form 4 Insider Report for NATIONAL RESEARCH CORP (NRC)

Role: CEO & President, 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: 03 Jan 2023
Net transactions value: +$158,601
Form type: 4
Filing time: 05 Jan 2023, 16:48:11 UTC
Previous filing: 01 Mar 2023
Next filing: 29 Mar 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NRC	Common Stock	Options Exercise	$158,601	+10,938	+32%	$14.50	45,040	03 Jan 2023	Direct
holding	NRC	Common Stock						102,095	03 Jan 2023	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	-10,938	-100%	$0.000000^*	0	03 Jan 2023	Common Stock	10,938	$14.50	Direct	F2
transaction	NRC	Employee Stock Option (right to buy)	Award	$0	+4,909		$0.000000	4,909	04 Jan 2023	Common Stock	4,909	$38.93	Direct	F3

* 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 was previously reported as covering 3,646 shares at an exercise price of $52.42 per share, but was adjusted to reflect the stock dividend that occurred on May 22, 2013.
F3	This option becomes fully exercisable on January 4, 2028.