NATIONAL RESEARCH CORP — Director's Dealing 2018

May 25, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2018-05-23

Reporting Person: NUNNELLY JOHN N (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-23	Common Stock	M	116	$14.95	Acquired	32010	Direct
2018-05-23	Common Stock	F	50	$34.55	Disposed	31960	Direct
2018-05-23	Common Stock	S	2913	$33.51	Disposed	29047	Direct
2018-05-23	Common Stock	S	2153	$34.372	Disposed	26894	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-23	Director Stock Option (Right to Buy)	$14.95	M	116	Disposed	2024-05-08	Common Stock (116)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Stock Option (Right to Buy)	$9.73	2021-05-06	Common Stock (28763)	28763	Direct

Footnotes

F1: The reported transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 29, 2018.

F2: The price in Column 4 is a weighted average price. The prices actually received ranged from $33.10 to $34.05. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing an average weighted price.

F3: The price in Column 4 is a weighted average price. The prices actually received ranged from $34.10 to $34.60. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing an average weighted price.