Document:

Exhibit 4.1

                                                               Execution Version

                          THIRD SUPPLEMENTAL INDENTURE

            This THIRD SUPPLEMENTAL INDENTURE (the "Supplemental Indenture")
dated as of November 10, 2004 among OMNICOM GROUP INC., a New York corporation
(the "Company"), OMNICOM CAPITAL INC., a Connecticut corporation ("OCI"),
OMNICOM FINANCE INC., a Delaware corporation ("OFI" and together with the
Company and OCI, the "Issuers"), and JPMORGAN CHASE BANK, as trustee under the
indenture referred to below (the "Trustee").

                              W I T N E S S E T H:

            WHEREAS, the Issuers and the Trustee have heretofore executed and
delivered to the Trustee an Indenture dated June 10, 2003, as amended by the
First Supplemental Indenture, dated as of November 5, 2003 and the Second
Supplemental Indenture, dated as of November 4, 2004 (as so amended, the
"Indenture"), providing for the issuance of an aggregate principal amount of up
to $600,000,000 of Zero Coupon Zero Yield Convertible Notes due 2033 (the
"Securities"), all of which have been issued and are outstanding on the date
hereof;

            WHEREAS, the Issuers desire (i) to surrender their right to pay
Securityholders who are converting their Securities pursuant to Article 10 of
the Indenture with shares of Common Stock and (ii) to surrender their right to
designate a financial institution to deliver shares of Common Stock upon
conversion pursuant to Article 10 of the Indenture;

            WHEREAS, it is in the best interests of the Issuers to surrender
such rights;

            WHEREAS, Sections 9.02(2) and 9.02(5) of the Indenture provides that
the Issuers and the Trustee may amend or supplement the Indenture only with the
consent of affected Securityholders;

            WHEREAS, only those Securityholders who have consented to this
Supplemental Indenture (the "Consenting Securityholders") and their respective
outstanding Notes shall be bound by it;

            WHEREAS, an Opinion of Counsel has been delivered to the Trustee
under Section 9.02; and

            WHEREAS, pursuant to Sections 9.02 and 9.06 of the Indenture, the
Trustee and the Company are authorized to execute and deliver this Supplemental
Indenture;

            NOW THEREFORE, for good and valuable consideration, the receipt of
which is hereby acknowledged, the Issuers and the Trustee mutually covenant and
agree for the equal and ratable benefit of the holders of the Securities as
follows:

1.          Definitions. All capitalized terms used but not defined herein shall
            have the meanings given to such terms set forth in the Indenture.

<PAGE>

2.          Amendments. The Indenture be and hereby is amended as follows:

            2.1   Section 10.02 of the Indenture is hereby amended and restated
                  in its entirety to read as follows, with respect to the
                  Consenting Securityholders only:

"SECTION 10.02 Conversion Procedure.

      To convert a Security a Holder must satisfy the requirements in paragraph
9 of the Securities. The date on which the Holder satisfies all those
requirements is the conversion date (the "Conversion Date").

      As soon as practicable following the Conversion Date, the Issuers will
deliver, directly or through the Conversion Agent, an amount in cash (the "Cash
Amount") equal to the Initial Principal Amount at Maturity of the Securities
surrendered for conversion. The difference, if positive, between the Conversion
Value and the Initial Principal Amount at Maturity of the Securities surrendered
for conversion (the "Premium") may be satisfied, at the option of the Issuers,
exercisable at any time or from time to time, by an instrument in writing signed
by the Issuers, by delivering to a Converting Holder, in addition to the Cash
Amount, either (i) an amount in cash equal to the Premium or (ii) the number of
whole shares of Common Stock equal to the quotient of (x) the Premium for such
Securities divided by (y) the last reported Sales Price of the Company's Common
Stock on the Conversion Date (if the Conversion Date is not a Business Day, then
on the Business Day immediately preceding the Conversion Date), plus a cash
payment for fractional shares determined pursuant to Section 10.03. At any time
after which the Securities could be converted by action of the Holder, at the
written request of a Holder, the Company will, within five calendar days of
receipt of such request, notify such Holder whether the Premium will be
satisfied in cash or Company Common Stock as aforesaid. Any such notice by the
Company will be irrevocable for 60 calendar days (or such longer period as the
Company may specify on the notice), and then may only be revoked after ten
additional calendar days notice. All elections or notices contemplated to be
given by the Company in this paragraph will be made or given by delivery of
written notice to the Trustee as herein provided and to the Holder.

      In the event that the Issuers elect to satisfy the Premium with Common
Shares, the person in whose name the certificate is registered shall be treated
as a stockholder of record on and after the Conversion Date; provided, however,
that no surrender of a Security on any date when the stock transfer books of the
Company shall be closed shall be effective to constitute the person or persons
entitled to receive the shares of Common Stock upon such conversion as the
record holder or holders of such shares of Common Stock on such date, but such
surrender shall be effective to constitute the person or persons entitled to
receive such shares of Common Stock as the record holder or holders thereof for
all purposes at the close of business on the next succeeding day on which such
stock transfer books are open; such conversion shall be at the Conversion Rate
in effect on the date that such Security shall have been surrendered for
conversion, as if the stock transfer books of the Company had not been closed.
Upon conversion of a Security, such person shall no longer be a Holder of such
Security.

      No payment or adjustment will be made for dividends on, or other
distributions with respect to, any Common Stock except as provided in this
Article 10. On conversion of a

                                      -2-
<PAGE>

Security, that portion of accrued Contingent Additional Principal attributable
to the period from the Issue Date of the Security through the Conversion Date
and (except as provided below) accrued and payable Contingent Cash Interest with
respect to the converted Security through the Conversion Date shall not be
cancelled, extinguished or forfeited, but rather shall be deemed to be paid in
full to the Holder thereof through delivery of the Cash Amount, together with
cash or Common Stock in respect of the Premium, in exchange for the Security
being converted pursuant to the provisions hereof; and the fair market value of
such cash or Common Stock in respect of the Premium shall be treated as
delivered, to the extent thereof, in exchange for Contingent Additional
Principal accrued through the Conversion Date and accrued Contingent Cash
Interest, and the Cash Amount shall be treated as delivered in exchange for the
Initial Principal Amount at Maturity of the Security being converted pursuant to
the provisions hereof.

      If the Holder converts more than one Security at the same time, the Cash
Amount, together with the cash or Common Stock in respect of the Premium,
issuable upon the conversion shall be based on the total Principal Amount at
Maturity of the Securities converted.

      If the last day on which a Security may be converted is a Legal Holiday,
the Security may be surrendered on the next succeeding day that is not a Legal
Holiday.

      Upon surrender of a Security that is converted in part, the Issuers shall
execute, and the Trustee shall authenticate and deliver to the Holder, a new
Security in an authorized denomination equal in Principal Amount at Maturity to
the unconverted portion of the Security surrendered."

      2.2   Section 10.05 of the Indenture is hereby amended and restated in its
            entirety to read as follows:

"SECTION 10.05 Company to Provide Stock.

      The Company shall, prior to issuance of any Securities under this Article
10, and from time to time as may be necessary, reserve out of its authorized but
unissued Common Stock a sufficient number of shares of Common Stock to permit
satisfaction of the Premium with Common Stock upon the conversion of the
Securities.

      All shares of Common Stock delivered upon conversion of the Securities
shall be duly authorized, validly issued, fully paid and nonassessable and free
from preemptive rights and any lien or adverse claim.

      The Company will endeavor promptly to comply with all federal and state
securities laws regulating the offer and delivery of shares of Common Stock upon
conversion of Securities, if any, and will list or cause to have quoted such
shares of Common Stock on each national securities exchange or in the
over-the-counter market or such other market on which the Common Stock is then
listed or quoted."

                                      -3-
<PAGE>

      2.3   Section 9 of Exhibit A-1 to the Indenture is hereby amended and
            restated in its entirety to read as follows:

"9.   Conversion.

      Holders may surrender Securities for conversion only if at least one of
the conditions described in (a) through (d) below is satisfied. In addition, a
Security for which a Holder has delivered a Purchase Notice or a Change in
Control Purchase Notice requiring the Issuers to purchase the Security may be
surrendered for conversion only if such notice is withdrawn in accordance with
the Indenture.

      The initial Conversion Rate is 9.7087 shares per $1,000 Initial Principal
Amount at Maturity of a Security, subject to adjustment upon the occurrence of
certain events described in the Indenture. A Holder otherwise entitled to a
fractional share will receive cash in an amount equal to the value of such
fractional share based on the Sale Price on the trading day immediately
preceding the Conversion Date.

      The ability to surrender Securities for conversion will expire at the
close of business on June 15, 2033.

(a) Before June 15, 2023, Holders may surrender a Security for conversion at the
then-applicable conversion price during any calendar quarter, commencing after
June 30, 2003 if the average Conversion Values of the Security for each of the
last 20 trading days in the preceding calendar quarter is greater than or equal
to a specified percentage of the Initial Principal Amount at Maturity; initially
125% for the quarter ending September 30, 2003, and increasing 5% per quarter
for each quarter thereafter up to a maximum of 220% of the Initial Principal
Amount at Maturity of the Security for the quarter ending June 30, 2008.
Thereafter, this percentage shall remain at 220%. If the foregoing condition is
satisfied at any time after June 15, 2004 and before June 15, 2023, then the
Securities will become and remain convertible at any time thereafter at the
option of the Holder, through maturity. On or after June 15, 2023, Holders may
surrender a Security for conversion during any calendar quarter if the average
of the Conversion Values of the Security for each of the last 20 trading days in
the preceding calendar quarter is greater than or equal to 110% of the Principal
Amount at Maturity of the Security. If the foregoing condition is satisfied,
then the Securities will become and remain convertible at any time thereafter at
the option of the Holder, through maturity.

(b) Holders may also surrender a Security for conversion at the then-applicable
conversion price at any time after the credit rating assigned to the Securities
is reduced to Ba1 or lower by Moody's Investors Service, Inc. or BBB- or lower
by Standard & Poor's Ratings Services, even if the credit rating assigned has
subsequently been changed to a higher rating.

(c) A Holder may surrender for conversion at the then-applicable conversion
price a Security with respect to which the Issuers have mailed a Redemption
Notice at any time prior to the close of business on the second Business Day
prior to the Redemption Date, even if it is not otherwise convertible at that
time.

                                      -4-
<PAGE>

(d)   If the Company elects to

            o     distribute to all Holders of Common Stock certain rights
                  entitling them to purchase, for a period expiring within 60
                  days, Common Stock at less than the Sale Price at the time, or

            o     distribute to all Holders of Common Stock assets, debt
                  securities or certain rights to purchase securities of the
                  Company, which distribution has a per share value as
                  determined by the Company's Board of Directors exceeding 15%
                  of the closing price of the Common Stock on the day preceding
                  the declaration date for such distribution,

the Company must notify the Holders of Securities at least 20 days prior to the
Ex-Dividend Date for such distribution. Once the Company has given such notice,
Holders may surrender their Securities for conversion at the then-applicable
conversion price at any time thereafter until the earlier of the close of
business on the Business Day prior to the Ex-Dividend Date or the Company's
announcement that such distribution will not take place.

      Contingent Cash Interest will not be paid on Securities that are
converted; provided, however that Holders of Securities surrendered for
conversion during the period after the applicable record date and prior to the
next succeeding interest payment date, shall be entitled to receive such
Contingent Cash Interest on the date on which such Contingent Cash Interest is
payable. Except Securities with respect to which the Issuers have mailed a
Notice of Redemption, Securities surrendered for conversion during such periods
must be accompanied by payment of an amount equal to the Contingent Cash
Interest with respect thereto that the registered Holder is to receive.

      The Conversion Rate will not be adjusted for accrued Contingent Additional
Principal, if any, or Contingent Cash Interest, if any. As soon as practicable
following the Conversion Date, the Issuers will deliver through the Conversion
Agent, the Cash Amount, together with cash or a certificate for the number of
full shares of Common Stock into which the Premium of any Security is converted
and any cash payment for fractional shares. Delivery to the Holder of the Cash
Amount, together with such cash or shares of Common Stock deliverable in
connection with the Premium, will be deemed to satisfy the Issuers' obligation
to pay the Principal Amount at Maturity of and any accrued Contingent Additional
Principal on the Security.

      Subject to the provisions of this paragraph 9 and notwithstanding the fact
that any other condition to conversion has not been satisfied, in the event the
Company is a party to a consolidation, merger or binding share exchange pursuant
to which the Common Stock would be converted into cash, securities or other
property as set forth in Section 10.14 of the Indenture, the Securities may be
surrendered for conversion at any time from and after the date which is 15 days
prior to the date the Company announces the anticipated effective time until 15
days after the actual effective date of such transaction, and at the effective
time of such transaction the right to convert a Security into Common Stock will
be deemed to have changed into a right to convert it into the kind and amount of
cash, securities or other property which the Holder would have received if the
Holder had converted its Security immediately prior to the transaction. If the

                                      -5-
<PAGE>

transaction also constitutes a Change in Control, the Holder will be able to
require the Company to purchase all or a portion of its Securities as described
under paragraph 7 herein.

      To convert a Security, a Holder must (1) complete and manually sign the
conversion notice below (or complete and manually sign a facsimile of such
notice) and deliver such notice to the Conversion Agent, (2) surrender the
Security to the Conversion Agent, (3) furnish appropriate endorsements and
transfer documents if required by the Conversion Agent, the Issuers or the
Trustee and (4) pay any transfer or similar tax, if required. The "Conversion
Date" as used herein refers to the date on which all of the foregoing
requirements have been satisfied.

      A Holder may convert a portion of a Security if the Initial Principal
Amount at Maturity of such portion is $1,000 or an integral multiple of $1,000.
No payment or adjustment will be made for dividends on the Common Stock except
as provided in the Indenture. On conversion of a Security, that portion of
accrued Contingent Additional Principal attributable to the period from the
Issue Date through the Conversion Date and (except as provided above) accrued
Contingent Cash Interest with respect to the converted Security shall not be
cancelled, extinguished or forfeited, but rather shall be deemed to be paid in
full to the Holder thereof through the delivery of the Cash Amount, together
with cash or Common Stock in respect of the Premium, in exchange for the
Security being converted pursuant to the terms hereof; and the fair market value
of such cash or Common Stock in respect of the Premium, shall be treated as
delivered to the extent thereof, in exchange for Contingent Additional Principal
accrued through the Conversion Date and accrued Contingent Cash Interest, and
the Cash Amount shall be treated as delivered in exchange for the Initial
Principal Amount at Maturity of the Security being converted pursuant to the
provisions hereof.

      The Conversion Rate will be adjusted as provided in Article 10 of the
Indenture. However, no adjustment need be made if Securityholders may
participate in the transaction or in certain other cases. The Company from time
to time may voluntarily increase the Conversion Rate.

      In certain circumstances as provided for in the Indenture, when a Holder
surrenders a Security for conversion, the Conversion Agent may first offer the
Security to a financial institution chosen by the Issuers who will have the
option, but not the obligation (unless separately agreed to by it and the
Issuers at the time) to agree to exchange those Securities for the number of
shares of Common Stock that the Holder of those Securities would have been
otherwise entitled to receive upon conversion, plus cash for any fractional
shares."

3.          Separability Clause. In case any provision in this Supplemental
      Indenture shall be invalid, illegal or unenforceable, the validity,
      legality and enforceability of the remaining provisions shall not in any
      way be affected or impaired thereby.

4.          Modification, Amendment and Waiver. The provisions of this
      Supplemental Indenture may not be amended, supplemented, modified or
      waived except by a execution of a Supplemental Indenture executed by the
      Issuers, the Company and, to the extent such amendment, supplement or
      waiver limits or impairs the rights of any Securityholder, by such
      Securityholder. Any such amendment shall comply with Article 9 of the
      Indenture. Until an amendment, waiver or other action by Securityholders
      becomes effective, a

                                      -6-
<PAGE>

      consent thereto by a Securityholder of a Security hereunder is a
      continuing consent by the Securityholder and every subsequent
      Securityholder of that Security or portion of the Security that evidences
      the same obligation as the consenting Securityholder's Security, even if
      notation of the consent, waiver or action is not made on the Security.
      However, any such Securityholder or subsequent Securityholder may revoke
      the consent, waiver or action as to such Securityholder's Security or
      portion of the Security if the Trustee receives the notice of revocation
      before the date the amendment, waiver or action becomes effective. After
      an amendment, waiver or action becomes effective, it shall bind every
      Securityholder.

5.          Ratification of Indenture; Supplemental Indenture Part of Indenture.
      Except as expressly amended hereby, the Indenture is in all respects
      ratified and confirmed and all the terms, conditions and provisions
      thereof shall remain in full force and effect. In the event of a conflict
      between the terms and conditions of the Indenture and the terms and
      conditions of this Supplemental Indenture, then the terms and conditions
      of this Supplemental Indenture shall prevail. This Supplemental Indenture
      shall form a part of the Indenture for all purposes, and every holder of
      Securities heretofore or hereafter authenticated and delivered shall be
      bound hereby.

6.          Trust Indenture Acts Controls. If any provision of this Supplemental
      Indenture limits, qualifies or conflicts with any provision of the Trust
      Indenture Act of 1939, as amended ("TIA"), that is required under the TIA
      to be part of and govern any provision of this Supplemental Indenture, the
      provision of the TIA shall control. If any provision of this Supplemental
      Indenture modifies or excludes any provisions of the TIA that may be so
      modified or excluded, the provisions of the TIA shall be deemed to apply
      to the Indenture as so modified or to be excluded by this Supplemental
      Indenture, as the case may be.

7.          Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND
      CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED
      TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT
      GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW.

8.          Trustee Makes No Representation. The statements herein are deemed to
      be those of the Company, OCI or OFI, as applicable. The Trustee makes no
      representation as to the validity or sufficiency of this Supplemental
      Indenture.

9.          Multiple Originals. The parties may sign any number of copies of
      this Supplemental Indenture. Each signed copy shall be an original, but
      all of them together represent the same agreement. One signed copy is
      enough to prove this Supplemental Indenture.

10.         Effect of Headings. The Section headings herein are for convenience
      only and shall not effect the construction thereof.

                                      -7-
<PAGE>

11.         Notices. Any request, demand, authorization, notice, waiver, consent
      or communication to any of the parties shall be made as set forth in
      Section 12.02 of the Indenture, as said Section may be amended hereby.

12.         Successors. All agreements of each of the Company, OCI and OFI in
      respect of this Supplemental Indenture shall bind its successor.

                            [Signature page follows]

                                      -8-
<PAGE>

      IN WITNESS WHEREOF, this Supplemental Indenture has been duly executed by
the Company, OCI and the Trustee as of the date first written above.

                                          OMNICOM GROUP INC.

                                          By: /s/ RANDALL J. WEISENBURGER
                                              ----------------------------------
                                              Name:  Randall J. Weisenburger
                                              Title: Executive Vice President
                                                     and Chief Financial Officer

                                          OMNICOM CAPITAL INC.

                                          By: /s/ MICHAEL J. O'BRIEN
                                              ----------------------------------
                                              Name:  Michael J. O'Brien
                                              Title: Secretary

                                          OMNICOM FINANCE INC.

                                          By: /s/ RANDALL J. WEISENBURGER
                                              ----------------------------------
                                              Name:  Randall J. Weisenburger
                                              Title: Chief Executive Officer

                                          JPMORGAN CHASE BANK, as Trustee

                                          By: /s/ CAROL NG
                                              ----------------------------------
                                              Name:  Carol Ng
                                              Title: Vice President

                                       9NATIONAL RESEARCH
CORPORATION 

NONQUALIFIED STOCK
OPTION AGREEMENT  
(Associates with less than 1 year of service)  

        THIS
AGREEMENT, made and entered into as of this _ day of ______, ___ by and between NATIONAL
RESEARCH CORPORATION, a Wisconsin corporation (the “Company”), and
________________ (the “Optionee”). 

W I T N E S S E T H : 

        WHEREAS,
the Company has adopted the National Research Corporation 2001 Equity Incentive Plan (the
“Plan”) to permit options to purchase shares of the Company’s common stock,
$.001 par value (“Common Stock”), to be granted to employees of the Company and
its Affiliates. 

        WHEREAS,
the Optionee is employed by the Company and the Company desires him or her to secure or
increase his or her stock ownership in the Company in order to increase his or her
incentive and personal interest in the welfare of the Company; and 

        WHEREAS,
the option granted under this Agreement is not intended to constitute an incentive stock
option (“Nonqualified Stock Option”), as defined in Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”). 

        NOW,
THEREFORE, in consideration of the premises and of the covenants and agreements herein set
forth, the parties hereby mutually covenant and agree as follows: 

        1.    Grant.  

            (a)              Subject
to the terms and conditions of the Plan and this Agreement, the Company           hereby
grants to the Optionee a Nonqualified Stock Option to purchase from the           Company
the number of shares of Common Stock (hereinafter referred to as the           “Optioned
Shares,” and the option to purchase the Optioned Shares           referred to as the
“Option”), in accordance with the following           schedule:  

	Date of Grant ("Grant Date")	Number of Shares to be Granted

("Earned Option")
	
_____ __, 200_	____ Shares
	_____ __, 200_	____ Shares
	_____ __, 200_	____ Shares

        If
the Optionee is not an employee of the Company or an Affiliate on the applicable Grant
Date, the grant of an Option pursuant to this paragraph 1(a) on such Grant Date shall
immediately terminate and be of no further force or effect. 

        2.    Option
Price. The price to be paid for the Optioned Shares           shall be
100% of the fair market value of such stock on the Grant Date (the           “Option
Price”), as determined by the Board of Directors of the           Company (The “Board”)
or Committee.  

        3.    Term.
The Option shall expire five years from the date of           this agreement and shall
not be exercisable thereafter.  

        4.    Time
of Exercise. Except as otherwise provided herein, an           Earned
Option shall vest and become exercisable according to the following           schedule:  

	Years From Grant Date	Cumulative Percentage of Earned Option

Which May Be Exercised ("Vested Amount")
	
After 1 year	50%
	After 2 years	100%

        5.    Manner
of Exercise and Payment. The Optionee may, subject           to the
limitations of this Agreement, exercise all or any portion of the Vested           Amount
by providing written notice to the Company of the Optionee’s intent           to
exercise the Option, delivered to the Secretary of the Company at its           principal
office, specifying the number of shares with respect to which the           Option is
being exercised, accompanied by payment for such shares: (a) in cash           or its
equivalent; (b) by tendering previously acquired shares of Common Stock           valued
at their fair market value at the time of exercise, as determined by the           Board
or Committee; (c) by any combination of (a) and (b); or (d) by delivery
          (including by facsimile) to the Company or its designated agent of an executed
          irrevocable option exercise form together with irrevocable instructions to a
          broker-dealer to sell or margin a sufficient portion of the shares and deliver
          the sale or margin loan proceeds directly to the Company to pay for the Option
          Price.  

        6.    Termination
of Employment.  

            (a)              If
the employment of Optionee terminates by reason of death or disability, as
          determined by the Board or Committee, then, notwithstanding the provisions of
          paragraph 4, an Earned Option shall be 100% vested on the date of termination
of           the Optionee’s employment, and the Optionee (or his or her personal
          representative) may exercise the Earned Option or any portion thereof during
the           period of twelve (12) months after termination of the Optionee’s
          employment; provided, however, that neither the Option nor any portion
          thereof shall be exercisable after it has expired pursuant to paragraph 3
          hereof.  

            (b)              If
the employment of Optionee is terminated for any reason other than death or
          disability, an Earned Option, to the extent not then vested, shall immediately
          terminate and the Optionee (or his or her personal representative) may exercise
          the Earned Option or any portion thereof to the extent vested pursuant to
          paragraph 4 hereof during the period of 90 days after the date of such
          termination of employment and not thereafter; provided, however, that
          neither the Earned Option nor any portion thereof shall be exercisable after it
          has expired pursuant to paragraph 3 hereof.  

2 

        7.    Nontransferability
of Option. Except as may be otherwise           provided by the Board or
Committee, the Option is not transferable by the           Optionee otherwise than by
will or the laws of descent and distribution and is           exercisable during the
Optionee’s lifetime only by the Optionee.  

        8.    Tax
Withholding.  

            (a)              It
shall be a condition of the obligation of the Company to issue or transfer
          shares of Common Stock upon exercise of the Option, and to issue or transfer
any           other shares of Common Stock to the Optionee pursuant to the Plan or any
other           agreements entered into between the Optionee and the Company thereunder,
that           the Optionee shall pay to the Company upon its demand, or agree that the
Company           may withhold from compensation due the Optionee, such amount as may be
requested           by the Company for the purpose of satisfying its liability to
withhold federal,           state or local income or other taxes incurred by reason of
the exercise of the           Option. If the Optionee fails to comply with this Section
8, the Company may           refuse to issue or transfer shares of Common Stock upon
exercise of the Option.  

            (b)              The
Optionee may elect to have the Company withhold that number of Optioned           Shares
otherwise issuable to the Optionee upon exercise of the Option or to           deliver to
the Company a number of shares of Common Stock, in each case, having           a fair
market value at the time of exercise, as determined by the Board or           Committee,
equal to the minimum amount required to be withheld as a result of           such
exercise. The election must be made in writing and delivered to the Company           on
or prior to the date of exercise.  

        9.    Capital
Adjustments Affecting Stock. In the event of a           capital
adjustment resulting from a stock dividend (other than a stock dividend           in lieu
of an ordinary cash dividend), return of capital dividend, stock split,
          spin-off, reorganization, recapitalization, merger, consolidation, combination
          or exchange of shares or the like, the Optioned Shares shall be adjusted in a
          manner consistent with such capital adjustment; provided, however, that
          no such adjustment shall require the Company to sell any fractional shares and
          the adjustment shall be limited accordingly. The price of any shares under the
          Option shall be adjusted such that there will be no change in the aggregate
          purchase price payable upon exercise of the Option. The determination of the
          Board or Committee as to any adjustment shall be final.  

        10.    Restriction
on Transfer of Common Stock. The shares to be           acquired upon
exercise of the Option may not be sold or offered for sale except           (i) pursuant
to an effective registration statement under the Securities Act of           1933, as
amended (the “Act”), and any applicable state securities           laws, (ii)
in a transaction satisfying the requirements of Rule 144 promulgated           under the
Act or (iii) in a transaction which, in the opinion of counsel for the           Company,
is exempt from the registration provisions of the Act and applicable           state
securities laws.  

3 

        11.    Rights
as Shareholder. The Optionee shall not be deemed for           any
purposes to be a shareholder of the Company with respect to any of the           Optioned
Shares except to the extent that the Option shall have been exercised,           such
shares shall have been fully paid, and a stock certificate issued therefor.  

        12.    Power
of Company Not Affected. The existence of the Option           shall not
affect in any way the right or power of the Company or its           shareholders to make
or authorize any or all adjustments, recapitalizations,           reorganizations or
other changes in the Company’s capital structure or its           business, or any
merger or consolidation of the Company, or any issue of bonds,           debentures,
preferred or prior preference stock ahead of or affecting the Common           Stock or
the rights thereof, or dissolution or liquidation of the Company, or           any sale
or transfer of all or any part of its assets or business, or any other
          corporate act or proceeding, whether of a similar character or otherwise.
          Nothing in this Agreement shall confer upon the Optionee any right to continue
          in the employment of the Company or any Affiliate.  

        13.    Interpretation
by Board or Committee. As a condition of the           granting of the
Option, the Optionee agrees, for the Optionee and his or her           personal
representatives, that this Agreement may be interpreted by the Board or
          Committee and that any interpretation by the Board or Committee of the terms of
          this Agreement and any determination made by the Board or Committee pursuant to
          this Agreement shall be final, binding and conclusive.  

        14.    Amendment
or Modification. No term or provision of this           Agreement may be
amended, modified or supplemented orally, but only by an           instrument in writing
signed by the party against which or whom the enforcement           of the amendment,
modification or supplement is sought.  

        15.    The
Plan. The Option is granted under and pursuant to the           Plan,
which shall govern all rights, interests, obligations and understandings           of
both the Company and the Optionee. All capitalized terms not otherwise           defined
herein shall have the meanings assigned to such terms in the Plan.  

        16.    Effective
Date. Each Option granted under this Agreement           shall be
effective on its respective Grant Date, but contingent upon completion           of the
Company’s initial public offering of Common Stock.  

4 

        17.    Governing
Law. This Agreement shall be governed by the           internal laws of
the State of Nebraska as to all matters, including but not           limited to matters
of validity, construction, effect, performance and remedies.  

        18.    Requirements
of Law. The issuance of shares of Common Stock           upon the exercise
of the Option shall be subject to all applicable laws, rules           and regulations
and to such approvals by any governmental agencies or national           securities
exchanges or markets as may be required.  

        IN
WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly
authorized officer, and the Optionee has executed this Agreement as of the day and year
first above written. 

		
		NATIONAL RESEARCH CORPORATION
	

	By:_______________________________________
		Title: President
	

 	OPTIONEE:
	

 	_________________________________________
		<<FirstName>><<LastName>>

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