X0306 4 2018-04-17 0 0000070487 NATIONAL RESEARCH CORP NRCIA/B 0001248113 MARTIN JOANN M C/O AMERITAS 5900 "O" STREET LINCOLN NE 68510 1 0 0 0 Class B Common Stock 2018-04-17 4 D 0 31733 D 0 D Common Stock 2018-04-17 4 A 0 31733 A 207009 D Common Stock 2018-04-17 4 A 0 11446 A 218455 D Director Stock Option (Right to Buy) 26.10 2018-04-17 4 D 0 6000 D 2022-05-11 Class B Common Stock 6000 0 D Director Stock Option (Right to Buy) 30.72 2018-04-17 4 D 0 6000 D 2023-05-09 Class B Common Stock 6000 0 D Director Stock Option (Right to Buy) 43.91 2018-04-17 4 D 0 6000 D 2024-05-08 Class B Common Stock 6000 0 D Director Stock Option (Right to Buy) 34.50 2018-04-17 4 D 0 6000 D 2025-05-07 Class B Common Stock 6000 0 D Director Stock Option (Right to Buy) 37.78 2018-04-17 4 D 0 6000 D 2026-05-11 Class B Common Stock 6000 0 D Director Stock Option (Right to Buy) 44.47 2018-04-17 4 D 0 6000 D 2027-05-09 Class B Common Stock 6000 0 D Director Stock Option (Right to Buy) 9.73 2012-05-06 2021-05-06 Common Stock 36000 36000 D Director Stock Option (Right to Buy) 13.81 2013-05-11 2022-05-11 Common Stock 36000 36000 D Director Stock Option (Right to Buy) 16.89 2014-05-09 2023-05-09 Common Stock 36000 36000 D Director Stock Option (Right to Buy) 14.95 2015-05-08 2024-05-08 Common Stock 72000 72000 D Director Stock Option (Right to Buy) 14.21 2016-05-07 2025-05-07 Common Stock 36000 36000 D Director Stock Option (Right to Buy) 14.19 2017-05-11 2026-05-11 Common Stock 36000 36000 D Director Stock Option (Right to Buy) 24.35 2018-05-09 2027-05-09 Common Stock 36000 36000 D On April 17, 2018, the Issuer completed a recapitalization whereby the Issuer exchanged one share of its then-existing class A common stock, plus $19.59 in cash, without interest, for each share of its then-existing class B common stock and, following such exchange, each share of class A common stock was reclassified as a share of Common Stock (the "Recapitalization"). Pursuant to the Recapitalization, all outstanding options to purchase class B common stock were vested in full and cancelled. In exchange for the option, the reporting person received one share of common stock, plus $19.59 in cash for each class B option, less the exercise price per share of the option. /s/ Russell E. Ryba, Attorney-in-Fact for JoAnn M. Martin 2018-04-18