[Form 4] HEALTHSTREAM INC Insider Trading Activity

Rhea-AI Filing Summary

Michael M. Collier, Executive Vice President and director at HealthStream, filed a Form 4 reporting a transaction dated 09/24/2025. The filing shows a grant of 2,586 restricted share units (RSUs) that are each convertible into one share of common stock upon vesting. The RSUs follow a four-year service-based vesting schedule: 15% on 09/24/2026, 20% on 09/24/2027, 30% on 09/24/2028, and 35% on 09/24/2029, and were reported as directly owned following the grant.

The Form 4 also reports a reported disposition of 49,482 shares of common stock. The filing was signed by Mr. Collier on 09/26/2025. No exercise price applies to the RSUs and no other derivative instruments or cash amounts are disclosed in this filing.

Insights

Securities Analyst

TL;DR: Executive received a modest RSU grant and reported a significant disposition of common stock; net impact appears routine and not clearly material.

The 2,586 RSU grant aligns compensation with shareholder outcomes through a standard multi-year vesting schedule, promoting retention. The reported disposition of 49,482 shares is sizable in absolute terms but the filing does not state price, reason, or remaining ownership context beyond the post-transaction RSU balance, limiting assessment of market impact. Without information on total outstanding shares or insider percentage ownership, this disclosure is a routine Section 16 filing with limited standalone valuation implications.

Corporate Governance Expert

TL;DR: Grant structure is conventional for senior management; transaction complies with standard reporting practices.

The RSU terms—service-based vesting over four years with graded percentages—are typical for executive retention and align with common governance practices. The Form 4 is properly signed and dated. The document lacks disclosure of rationale for the 49,482-share disposition and any hedging or 10b5-1 plan reference, so governance review would note the need for any additional company disclosures only if policies require explanation of large insider sales.

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

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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).

1. Name and Address of Reporting Person^*

Collier Michael Manning

(Last) (First) (Middle)

500 11TH AVENUE NORTH

SUITE 850

(Street)

NASHVILLE TN 37203

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HEALTHSTREAM INC [ HSTM ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Vice President

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2025

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 Holding								49,482	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
Restricted Share Units	(1)	09/24/2025		A		2,586		(2)	(3)	Common Stock	2,586	$0	2,586	D

Explanation of Responses:

1. Each restricted share unit (RSU) represents the contingent right to receive one share of common stock upon vesting of the unit.

2. The RSUs are subject to a four year vesting schedule, contingent upon continued service at the time of vesting. 15% vest on September 24, 2026, 20% vest on September 24, 2027, 30% vest on September 24, 2028, and the remaining 35% vest on September 24, 2029.

3. Not applicable.

	/s/ Michael M. Collier	09/26/2025
	** 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 did HealthStream insider Michael M. Collier report on the Form 4 (HSTM)?

The Form 4 reports a grant of 2,586 RSUs on 09/24/2025 and a reported disposition of 49,482 shares of common stock.

When do the 2,586 RSUs vest for Michael M. Collier?

The RSUs vest on a four-year schedule: 15% on 09/24/2026, 20% on 09/24/2027, 30% on 09/24/2028, and 35% on 09/24/2029.

Was a price disclosed for the RSU grant or the share disposition?

No price is disclosed for the RSU grant ($0 for RSUs is indicated) and the filing does not state a sale price for the 49,482-share disposition.

What is Michael M. Collier's role at HealthStream as shown on the filing?

He is reported as an Executive Vice President and a Director of HealthStream.

When was the Form 4 signed and filed by the reporting person?

The Form 4 is signed by Michael M. Collier on 09/26/2025 and lists transaction date 09/24/2025.