NATIONAL RESEARCH CORP — Director's Dealing 2015

Jan 7, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCIA/B)
CIK: 0000070487
Period of Report: 2015-01-06

Reporting Person: Karas Kevin R (SVP Finance, CFO, Treas & Secy)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-01-06	Employee Stock Option (right to buy)	$13.17	A	19313	Acquired	2025-01-06	Class A Common Stock (19313)	Direct
2015-01-06	Employee Stock Option (right to buy)	$35.48	A	3219	Acquired	2025-01-06	Class B Common Stock (3219)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	20892	Direct
Class B Common Stock	3482	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$10.75	2022-01-05	Class A Common Stock (26403)	26403	Direct
Employee Stock Option (right to buy)	$14.5	2023-01-07	Class A Common Stock (20088)	20088	Direct
Employee Stock Option (right to buy)	$18.8	2024-01-07	Class A Common Stock (5334)	5334	Direct
Employee Stock Option (right to buy)	$21.5	2022-01-05	Class B Common Stock (4400)	4400	Direct
Employee Stock Option (right to buy)	$27.13	2023-01-07	Class B Common Stock (3348)	3348	Direct
Employee Stock Option (right to buy)	$34.15	2024-01-07	Class B Common Stock (489)	489	Direct

Footnotes

F1: This option becomes fully exercisable on January 6, 2020.

F2: This option becomes fully exercisable on January 5, 2017.

F3: This option becomes fully exercisable on January 7, 2018.

F4: This option becomes fully exercisable on January 7, 2019.