National Research Corp files Form 4 for 22,625 director options

Rhea-AI Filing Summary

National Research Corp (NRC) reported a director equity award on Form 4. On 10/17/2025, the reporting person received a Director Stock Option grant for 22,625 options at an exercise price of $11.61 per share. The award vests/becomes exercisable on 10/17/2025 and expires on 10/17/2035, with 22,625 derivative securities beneficially owned directly after the grant. The filing notes the grant was made under the Issuer’s 2025 Omnibus Incentive Plan for participating in two in-person meetings during 2025.

Insights

Equity compensation analyst

Routine director stock option grant; neutral impact.

NRC disclosed a director stock option award of 22,625 options at an exercise price of $11.61. The option is listed as exercisable on 10/17/2025 and expires on 10/17/2035, recorded as directly owned following the grant.

The filing states the award was granted under the 2025 Omnibus Incentive Plan for participation in two in-person meetings during 2025. Such grants are a standard component of non-employee director compensation and do not, by themselves, alter the company’s operating outlook.

Actual dilution depends on future exercises, which require paying the $11.61 exercise price. Subsequent disclosures may detail additional director awards or plan activity.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

NUNNELLY JOHN N

(Last) (First) (Middle)

P. O. BOX 2175

(Street)

AMHERST MA 01004

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NATIONAL RESEARCH CORP [ NRC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Director Stock Option (Right to Buy)(1)	$11.61	10/17/2025		A		22,625		10/17/2025	10/17/2035	Common Stock	22,625	$0	22,625	D

Explanation of Responses:

1. This award is a grant to the reporting person made under the Issuer's 2025 Omnibus Incentive Plan for participating in two in-person meetings during 2025.

	/s/ John N. Nunnelly, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA previously filed with the SEC	10/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did NRC disclose on this Form 4?

A director received a stock option grant for 22,625 options at an exercise price of $11.61 per share.

When do the NRC director options vest and expire?

They are listed as exercisable on 10/17/2025 and expire on 10/17/2035.

What plan covers the NRC director’s option grant?

The grant was made under the 2025 Omnibus Incentive Plan.

How many derivative securities does the director hold after the grant?

The filing shows 22,625 derivative securities beneficially owned directly.

What was the stated reason for the option grant at NRC?

It was granted for participating in two in-person meetings during 2025.

What is the exercise price of the NRC director stock options?

The exercise price is $11.61 per share.