FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Karas Kevin R 		2. Issuer Name and Ticker or Trading Symbol

NATIONAL RESEARCH CORP [ NRCIA/B ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
SVP Finance, CFO, Treas & Secy
(Last)          (First)          (Middle)

C/O NATIONAL RESEARCH CORPORATION, 1245 "Q" STREET 		3. Date of Earliest Transaction (MM/DD/YYYY)

4/17/2018
(Street)

LINCOLN, NE 68508
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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
Class B Common Stock   4/17/2018     D (1)    2355   D   (1) 0   D    
Common Stock   (1) 4/17/2018     A (1)    2355   A   (1) 16160   D    
Common Stock   (1) 4/17/2018     A (2)    7392   A   (2) 23552   D    
Common Stock   (1) 4/17/2018     F    3436   D $33.55   20116   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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)   $21.5   4/17/2018     D         4400      (2) 1/5/2022   Class B Common Stock   4400     (2) 0   D    
Employee Stock Option (right to buy)   $27.13   4/17/2018     D         3348      (2) 1/7/2023   Class B Common Stock   3348     (2) 0   D    
Employee Stock Option (right to buy)   $34.15   4/17/2018     D         489      (2) 1/7/2024   Class B Common Stock   489     (2) 0   D    
Employee Stock Option (right to buy)   $35.48   4/17/2018     D         3219      (2) 1/6/2025   Class B Common Stock   3219     (2) 0   D    
Employee Stock Option (right to buy)   $34   4/17/2018     D         3410      (2) 1/5/2026   Class B Common Stock   3410     (2) 0   D    
Employee Stock Option (right to buy)   $40.54   4/17/2018     D         2788      (2) 1/4/2027   Class B Common Stock   2788     (2) 0   D    
Employee Stock Option (right to buy)   $10.75                      (3) 1/5/2022   Common Stock   26403     26403   D    
Employee Stock Option (right to buy)   $14.50                      (4) 1/7/2023   Common Stock   20088     20088   D    
Employee Stock Option (right to buy)   $18.80                      (5) 1/7/2024   Common Stock   5334     5334   D    
Employee Stock Option (right to buy)   $13.17                      (6) 1/6/2025   Common Stock   19313     19313   D    
Employee Stock Option (right to buy)   $15.23                      (7) 1/5/2026   Common Stock   20458     20458   D    
Employee Stock Option (right to buy)   $18.8                      (8) 1/4/2027   Common Stock   16728     16728   D    
Employee Stock Option (right to buy)   $36.8                      (9) 1/3/2028   Common Stock   11617     11617   D    

Explanation of Responses:
(1)  On April 17, 2018, the Issuer completed a recapitalization whereby the Issuer exchanged one share of its then-existing class A common stock, plus $19.59 in cash, without interest, for each share of its then-existing class B common stock and, following such exchange, each share of class A common stock was reclassified as a share of Common Stock (the "Recapitalization").
(2)  Pursuant to the Recapitalization, all outstanding options to purchase class B common stock were vested in full and cancelled. In exchange for the option, the reporting person received one share of common stock, plus $19.59 in cash, for each class B option, less the exercise price per share of the option and any applicable tax withholding.
(3)  This option became fully exercisable on January 5, 2017.
(4)  This option became fully exercisable on January 7, 2018.
(5)  This option becomes fully exercisable on January 7, 2019.
(6)  This option becomes fully exercisable on January 6, 2020.
(7)  This option becomes fully exercisable on January 5, 2021.
(8)  This option becomes fully exercisable on January 4, 2022.
(9)  This option becomes fully exercisable on January 3, 2023.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Karas Kevin R
C/O NATIONAL RESEARCH CORPORATION
1245 "Q" STREET
LINCOLN, NE 68508 		X
SVP Finance, CFO, Treas & Secy

Signatures
/s/ Russell E. Ryba, Attorney-In-Fact for Kevin R. Karas 4/18/2018
** 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.
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