NRC director granted 22,625 options at $11.61; 2035 expiry

National Research Corp (NRC): Director stock option grant reported.

Rhea-AI Filing Summary

National Research Corp (NRC): Director stock option grant reported. A Form 4 shows Donald M. Berwick, a director, was granted 22,625 stock options on 10/17/2025 under the Issuer's 2025 Omnibus Incentive Plan for participating in two in-person meetings during 2025.

The options have an exercise price of $11.61 per share, became exercisable on 10/17/2025, and expire on 10/17/2035. The derivative acquisition price was listed as $0. Ownership is reported as Direct (D).

Insider Trade Summary

Grant/Award: 22,625 shares

Grant/Award 1 txn

Insider Berwick Donald M

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Director Stock Option (Right to Buy)	22,625	$0.00	$0.00

Holdings After Transaction: Director Stock Option (Right to Buy) — 22,625 contracts (Direct)

Footnotes (1)

1. F1. 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did NRC (NRC) disclose in this Form 4?

A director, Donald M. Berwick, received a grant of 22,625 stock options on 10/17/2025.

How many options were granted and at what exercise price for NRC (NRC)?

The grant was for 22,625 options with an exercise price of $11.61 per share.

When do the granted NRC (NRC) options become exercisable and when do they expire?

They became exercisable on 10/17/2025 and expire on 10/17/2035.

What plan governed the NRC (NRC) director’s option grant?

The grant was made under the Issuer’s 2025 Omnibus Incentive Plan.

Why was the option grant made to the NRC (NRC) director?

It was for participating in two in-person meetings during 2025, per the explanation of responses.

What was the derivative security price listed in the NRC (NRC) Form 4?

The Form 4 lists a derivative security price of $0.

How is ownership reported for this NRC (NRC) option grant?

Ownership is reported as Direct (D).

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/21/2025 - 07:16 PM Learn about SEC filing dates

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Berwick Donald M

(Last) (First) (Middle)

C/O NATIONAL RESEARCH CORPORATION

1245 Q STREET

(Street)

LINCOLN NE 68508

(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/ Donald M. Berwick, 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.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.