NATIONAL RESEARCH CORP — Director's Dealing 2007

Jan 24, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2007-01-22

Reporting Person: HAYS MICHAEL (Director, CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-22	Common Stock	G	495	—	Disposed	4830497	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$11.00	2013-06-26	Common Stock (38182)	38182	Direct
Employee Stock Option (Right to Buy)	$16.10	2014-01-05	Common Stock (18298)	18298	Direct
Employee Stock Option (Right to Buy)	$17.25	2016-01-05	Common Stock (11078)	11078	Direct
Employee Stock Option (Right to Buy)	$22.87	2017-01-05	Common Stock (8356)	8356	Direct

Footnotes

F1: This option becomes fully exercisable on June 26, 2008.

F2: This option becomes fully exercisable on January 5, 2009.

F3: This option becomes fully exercisable on January 5, 2011.

F4: This option becomes fully exercisable on January 5, 2012.