NATIONAL RESEARCH CORP - Director's Dealing 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCIA/B)
CIK: 0000070487
Period of Report: 2016-01-05

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

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-01-05	Class A Common Stock	F	7087	$15.39	Disposed	13805	Direct
2016-01-05	Class B Common Stock	F	1127	$34	Disposed	2355	Direct

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)	$13.17	2025-01-06	Class A Common Stock (19313)	19313	Direct
Employee Stock Option (right to buy)	$15.23	2026-01-05	Class A Common Stock (20458)	20458	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
Employee Stock Option (right to buy)	$35.48	2025-01-06	Class B Common Stock (3219)	3219	Direct
Employee Stock Option (right to buy)	$34	2026-01-05	Class B Common Stock (3410)	3410	Direct

F1: Shares surrendered to pay taxes applicable to vesting of restricted stock.

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.

F5: This option becomes fully exercisable on January 6, 2020.

F6: This option becomes fully exercisable on January 5, 2021.