National Research Corp (NRC) EVP & COO exercises options and reports share changes

Rhea-AI Filing Summary

National Research Corp EVP and COO updates equity holdings through option exercise and share withholding. On 12/15/2025, the executive exercised employee stock options to acquire 12,346 shares of National Research Corp common stock at $15.23 per share. On the same date, 11,244 shares of common stock were disposed of in a transaction reported with code "F" at $17.64 per share, typically used for shares withheld to cover taxes or similar obligations. Following these transactions, the executive directly beneficially owns 140,518 shares of common stock and holds no remaining employee stock options from this grant.

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

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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^*

Hrdy Helen

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/15/2025

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
Common Stock	12/15/2025		M		12,346	A	$15.23	151,762	D
Common Stock	12/15/2025		F		11,244	D	$17.64	140,518	D

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
Employee Stock Option (right to buy)	$15.23	12/15/2025		M			12,346	01/05/2021	01/05/2026	Common Stock	12,346	$0	0	D

Explanation of Responses:

	/s/ Helen Hrdy, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA previously filed with the SEC	12/17/2025
	** 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.

FAQ

What insider transaction did NRC report in this Form 4 filing?

The filing shows that an executive of National Research Corp exercised employee stock options for 12,346 shares of common stock at $15.23 per share on 12/15/2025 and reported a related disposal of 11,244 shares at $17.64 per share.

Who conducted the reported transactions at National Research Corp (NRC)?

The reporting person is an officer of National Research Corp, serving as EVP & Chief Operating Officer.

How many NRC shares does the executive own after the reported transactions?

After the transactions on 12/15/2025, the executive directly beneficially owns 140,518 shares of National Research Corp common stock.

What stock option activity did the NRC executive report?

The executive exercised an Employee Stock Option (right to buy) for 12,346 shares of common stock at an exercise price of $15.23 per share, from options originally exercisable starting 01/05/2021 and expiring 01/05/2026.

What does the transaction code "F" mean in the NRC insider report?

In this report, transaction code "F" is used for the disposal of 11,244 shares of common stock at $17.64 per share, a code typically used when shares are withheld or tendered to satisfy tax or similar obligations.

Does the NRC executive still hold derivative securities after this Form 4 transaction?

Following the option exercise reported, the number of derivative securities (employee stock options) beneficially owned is reported as 0.