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 *

Hays Michael D. 		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)
CEO
(Last)          (First)          (Middle)

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

2/15/2018
(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 A Common Stock   2/15/2018     S (1)    5261410   D $19.31   0   D    
Class A Common Stock                  138970   I   By Spouse  
Class A Common Stock                  75   I   (2) By Spouse & Daughter Jt  
Class B Common Stock                  125   I   By Spouse  
Class B Common Stock                  12   I   (2) By Spouse & Daughter Jt  

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)   $8.12                      (3) 1/5/2019   Class A Common Stock   20109     20109   D    
Employee Stock Option (right to buy)   $6.29                      (4) 1/5/2020   Class A Common Stock   26481     26481   D    
Employee Stock Option (right to buy)   $9.14                      (5) 1/5/2021   Class A Common Stock   17745     17745   D    
Employee Stock Option (right to buy)   $10.75                      (6) 1/5/2022   Class A Common Stock   14949     14949   D    
Employee Stock Option (right to buy)   $14.50                      (7) 1/7/2023   Class A Common Stock   10938     10938   D    
Employee Stock Option (right to buy)   $18.80                      (8) 1/7/2024   Class A Common Stock   2904     2904   D    
Employee Stock Option (right to buy)   $13.17                      (9) 1/6/2025   Class A Common Stock   10014     10014   D    
Employee Stock Option (right to buy)   $15.23                      (10) 1/5/2026   Class A Common Stock   9145     9145   D    
Employee Stock Option (right to buy)   $18.8                      (11) 1/4/2027   Class A Common Stock   7478     7478   D    
Employee Stock Option (right to buy)   $36.8                      (12) 1/3/2028   Class A Common Stock   5193     5193   D    
Employee Stock Option (right to buy)   $21.5                      (6) 1/5/2022   Class B Common Stock   2491     2491   D    
Employee Stock Option (right to buy)   $27.13                      (7) 1/7/2023   Class B Common Stock   1823     1823   D    
Employee Stock Option (right to buy)   $34.15                      (8) 1/7/2024   Class B Common Stock   266     266   D    
Employee Stock Option (right to buy)   $35.48                      (9) 1/6/2025   Class B Common Stock   1669     1669   D    
Employee Stock Option (right to buy)   $34                      (10) 1/5/2026   Class B Common Stock   1524     1524   D    
Employee Stock Option (right to buy)   $40.54                      (11) 1/4/2027   Class B Common Stock   1246     1246   D    

Explanation of Responses:
(1)  Shares were indirectly sold to the Amandla MK Trust in return for a promissory note.
(2)  The reporting person disclaims beneficial ownership of these shares.
(3)  This option became fully exercisable on January 5, 2014.
(4)  This option became fully exercisable on January 5, 2015.
(5)  This option became fully exercisable on January 5, 2016.
(6)  This option became fully exercisable on January 5, 2017.
(7)  This option became fully exercisable on January 7, 2018.
(8)  This option becomes fully exercisable on January 7, 2019.
(9)  This option becomes fully exercisable on January 6, 2020.
(10)  This option becomes fully exercisable on January 5, 2021.
(11)  This option becomes fully exercisable on January 4, 2022.
(12)  This option becomes fully exercisable on January 3, 2023.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Hays Michael D.
C/O NATIONAL RESEARCH CORPORATION
1245 "Q" STREET
LINCOLN, NE 68508 		X
CEO

Signatures
/s/ Russell E. Ryba, Attorney-In-Fact for Michael D. Hays 2/20/2018
** 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.
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 control number.
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