X0306 4 2019-09-05 0 0000070487 NATIONAL RESEARCH CORP NRC 0001522907 Karas Kevin R C/O NATIONAL RESEARCH CORPORATION 1245 "Q" STREET LINCOLN NE 68508 0 1 0 0 SVP Finance, CFO, Treas & Secy Common Stock 2019-09-05 4 S 0 2937 63.4309 D 24655 D Common Stock 2019-09-05 4 S 0 4177 64.3424 D 20478 D Employee Stock Option (right to buy) 14.50 2023-01-07 Common Stock 20088 20088 D Employee Stock Option (right to buy) 18.80 2024-01-07 Common Stock 5334 5334 D Employee Stock Option (right to buy) 13.17 2025-01-06 Common Stock 19313 19313 D Employee Stock Option (right to buy) 15.23 2026-01-05 Common Stock 20458 20458 D Employee Stock Option (right to buy) 18.8 2027-01-04 Common Stock 16728 16728 D Employee Stock Option (right to buy) 36.8 2028-01-03 Common Stock 11617 11617 D Employee Stock Option (right to buy) 38.30 2029-01-03 Common Stock 11162 11162 D The price in Column 4 is a weighted average price. The prices actually received ranged from $63.00 to $63.60. 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. The price in Column 4 is a weighted average price. The prices actually received ranged from $64.00 to $64.55. 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. This option became fully exercisable on January 7, 2018. This option became fully exercisable on January 7, 2019. This option becomes fully exercisable on January 6, 2020. This option becomes fully exercisable on January 5, 2021. This option becomes fully exercisable on January 4, 2022. This option becomes fully exercisable on January 3, 2023. This option becomes fully exercisable on January 3, 2024. /s/ Russell E. Ryba, Attorney-In-Fact for Kevin R. Karas 2019-09-06