Director at National Research (NRC) receives 8,819 stock options

Rhea-AI Filing Summary

National Research Corp director Stephen H. Lockhart reported receiving a grant of director stock options. On 01/22/2026, he was awarded 8,819 stock options with an exercise price of $22.01 per share under the company’s 2025 Omnibus Incentive Plan.

The options became exercisable on 01/22/2026 and expire on 01/22/2036. The grant was made as compensation for his participation in two in-person board meetings held after the 2025 Annual Meeting of Stockholders.

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^*

Lockhart Stephen H

(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)
01/22/2026

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)	$22.01	01/22/2026		A		8,819		01/22/2026	01/22/2036	Common Stock	8,819	$0	8,819	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 since the 2025 Annual Meeting of Stockholders.

	/s/ Stephen H. Lockhart, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA previously filed with the SEC	02/17/2026
	** 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).
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FAQ

What insider transaction did NRC director Stephen H. Lockhart report on this Form 4?

Stephen H. Lockhart reported receiving a grant of 8,819 director stock options from National Research Corp. The award is a compensatory grant, not an open-market trade, and reflects equity-based payment for his board service rather than a purchase or sale of existing shares.

What are the key terms of Stephen H. Lockhart’s NRC stock option grant?

The grant covers 8,819 director stock options with an exercise price of $22.01 per share. These options became exercisable on January 22, 2026 and will expire on January 22, 2036, providing a 10-year window during which the director can choose to exercise them.

Why did National Research Corp grant 8,819 options to director Stephen H. Lockhart?

The options were granted under National Research Corp’s 2025 Omnibus Incentive Plan as compensation. Specifically, the footnote states the award was made for Lockhart’s participation in two in-person meetings held after the company’s 2025 Annual Meeting of Stockholders, aligning pay with board service.

How many NRC derivative securities does Stephen H. Lockhart own after this transaction?

Following this grant, Stephen H. Lockhart beneficially owns 8,819 director stock options in National Research Corp. These options give him the right to buy an equal number of common shares at $22.01 per share, subject to the stated exercisability and expiration dates in the filing.

Is Stephen H. Lockhart’s NRC stock option grant a direct or indirect holding?

The filing shows the 8,819 director stock options as a direct holding by Stephen H. Lockhart. The ownership code is listed as “D” for direct, and there is no separate entity or indirect ownership structure described in the nature of ownership fields or the accompanying footnote.