What phantom share grant did Liu Xiang receive from BlackRock Health Sciences Term Trust (BMEZ)?

Liu Xiang received 1,026.693 phantom shares with a reference value of $15.21 on January 30, 2026. Each phantom share is economically equivalent to one common share but is payable in cash and vests in equal installments on each of the first three anniversaries of the award.

BlackRock Health Sciences (BMEZ) PM reports phantom share moves

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Liu Xiang, a portfolio manager for BlackRock Health Sciences Term Trust, reported multiple equity-related transactions dated January 30, 2026. The filing shows the exercise of derivative awards into 777.9221 shares of common stock, followed by a same-day sale of those 777.9221 shares at $15.21 per share, leaving no directly held common stock.

The transactions also include an award of 1,026.693 phantom shares at a reference value of $15.21. Each phantom share is the economic equivalent of one share of common stock and is payable in cash, vesting in equal installments on each of the first three anniversaries of the award.

Insider Trade Summary

777.922 shares exercised/converted

Mixed 5 txns

Insider Liu Xiang

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	1,026.693	$15.21	$16K
Exercise	Phantom Shares	523.331	$0.00	--
Exercise	Phantom Shares	254.591	$0.00	--
Exercise	Common Stock	777.922	$0.00	--
Disposition	Common Stock	777.922	$15.21	$12K

Holdings After Transaction: Phantom Shares — 1,026.693 shares (Direct); Common Stock — 777.922 shares (Direct)

Footnotes (1)

A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash. As previously reported on a Form 4 dated February 4, 2025, the Reporting Person was granted phantom shares on January 31, 2025 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date. As previously reported on a Form 4 dated February 2, 2024, the Reporting Person was granted phantom shares on January 31, 2024 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date. These phantom shares vest in equal installments on each of the first three anniversaries of the award.

Form 4 Insider Transactions: What Each Field Means →

02/03/2026 - 05:35 PM

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Liu Xiang

(Last)

(First)

(Middle)

50 HUDSON YARDS

(Street)

NEW YORK

10001

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock Health Sciences Term Trust [ BMEZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Portfolio Manager

3. Date of Earliest Transaction (Month/Day/Year)
01/30/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	01/30/2026		M		777.9221	A	⁽¹⁾⁽²⁾⁽³⁾	777.9221	D
Common Stock	01/30/2026		D		777.9221	D	$15.21⁽¹⁾⁽²⁾⁽³⁾	0.0000	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Shares	⁽¹⁾⁽⁴⁾	01/30/2026		A		1,026.693		⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	1,026.693	$15.21	1,026.693	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			523.331	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	523.331	⁽¹⁾⁽²⁾	1,046.6621	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			254.5911	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	254.5911	⁽¹⁾⁽³⁾	254.5911	D

Explanation of Responses:

1. A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.

2. As previously reported on a Form 4 dated February 4, 2025, the Reporting Person was granted phantom shares on January 31, 2025 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.

3. As previously reported on a Form 4 dated February 2, 2024, the Reporting Person was granted phantom shares on January 31, 2024 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.

4. These phantom shares vest in equal installments on each of the first three anniversaries of the award.

	/s/ Gladys Chang as Attorney-in-Fact	02/03/2026
	** 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).
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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did Liu Xiang report for BlackRock Health Sciences Term Trust (BMEZ)?

Liu Xiang reported exercising derivative awards into 777.9221 common shares and selling those 777.9221 shares at $15.21 on January 30, 2026. The filing also shows a grant of 1,026.693 phantom shares, which are cash-settled equivalents of common stock subject to vesting.

How many BlackRock Health Sciences (BMEZ) common shares did Liu Xiang sell and at what price?

Liu Xiang sold 777.9221 shares of BlackRock Health Sciences Term Trust common stock at $15.21 per share on January 30, 2026. These shares came from the exercise of derivative awards, and the transaction left no directly held common stock afterward, according to the filing details.

How do phantom shares for BlackRock Health Sciences (BMEZ) work in Liu Xiang’s Form 4?

The phantom shares are described as the economic equivalent of one share of common stock and become payable in cash after vesting. For Liu Xiang, these awards vest in equal installments on each of the first three anniversaries of the grant, aligning compensation with longer-term performance.

Did Liu Xiang hold any BlackRock Health Sciences (BMEZ) common stock after the reported transactions?

After exercising derivative awards into 777.9221 common shares and selling the same 777.9221 shares at $15.21, Liu Xiang’s directly held common stock position was reported as 0.0000 shares. The remaining exposure comes through phantom share awards that are settled in cash rather than stock.

What is the relationship of Liu Xiang to BlackRock Health Sciences Term Trust (BMEZ)?

Liu Xiang is identified as a portfolio manager of BlackRock Health Sciences Term Trust. The Form 4 indicates this role under the relationship section, clarifying that the reporting person is not listed as a director, officer, or 10% owner but as an "Other" insider, specifically portfolio manager.