X0306 4 2018-05-23 0 0000070487 NATIONAL RESEARCH CORP NRCI 0001248110 NUNNELLY JOHN N P.O. BOX 2175 AMHERST MA 01004 1 0 0 0 Common Stock 2018-05-23 4 M 0 116 14.95 A 32010 D Common Stock 2018-05-23 4 F 0 50 34.55 D 31960 D Common Stock 2018-05-23 4 S 0 2913 33.51 D 29047 D Common Stock 2018-05-23 4 S 0 2153 34.372 D 26894 D Director Stock Option (Right to Buy) 14.95 2018-05-23 4 M 0 116 0 D 2015-05-08 2024-05-08 Common Stock 116 9259 D Director Stock Option (Right to Buy) 9.73 2012-05-06 2021-05-06 Common Stock 28763 28763 D The reported transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 29, 2018. 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. 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. /s/ Russell E. Ryba, Attorney-in-Fact for John N. Nunnelly 2018-05-25