[Form 4] HEALTHSTREAM INC Insider Trading Activity

Rhea-AI Filing Summary

Trisha L. Coady, Executive Vice President of HealthStream, Inc. (HSTM), reported a grant of 2,586 restricted share units (RSUs) on 09/24/2025. Each RSU converts into one share of common stock upon vesting. The RSUs carry a four-year service-based vesting schedule: 15% vest on 09/24/2026, 20% on 09/24/2027, 30% on 09/24/2028, and 35% on 09/24/2029. The reported RSUs have an exercise/issuance price of $0 and are listed as directly beneficially owned following the transaction. The filing also shows a non-derivative entry referencing 29,932 common shares with a disposition code indicated.

Positive

• 2,586 RSUs granted to Executive Vice President Trisha L. Coady, which align compensation with multi-year service and retention
• Clear vesting schedule disclosed: 15% (09/24/2026), 20% (09/24/2027), 30% (09/24/2028), 35% (09/24/2029)

Negative

• Disposition of 29,932 common shares is shown on the non-derivative section, indicating a reduction in reported holdings

Insights

Corporate Governance Expert

TL;DR: Grant of service-based RSUs to an executive aligns pay with retention; filing also records a disposition of common shares.

The 2,586 RSU grant is standard executive compensation tied to continued service, using a four-year schedule that front-loads early retention with a 15% first-year vesting and back-loads the largest tranche (35%) in year four.

This Form 4 also records a non-derivative entry showing 29,932 common shares with a disposition marker, which is an explicit change in share ownership reported by the insider. The disclosure is procedural and consistent with routine equity compensation and insider reporting requirements.

Securities Analyst

TL;DR: Small RSU grant and an indicated disposition are routine insider transactions; no financial metrics provided to assess material impact.

The awarded 2,586 RSUs convert to the same number of shares upon vesting and carry no cash exercise cost, indicating restricted stock units rather than options. The transaction date is 09/24/2025 and ownership post-transaction is reported as 2,586 RSUs directly owned. The Form 4 does not include transaction prices for the non-derivative line beyond the disposition marker for 29,932 shares, so valuation impact cannot be determined from this filing alone.

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
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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^*

Coady Trisha L

(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								29,932	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/ Trisha L. Coady	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 Trisha L. Coady report on the Form 4 for HSTM?

She reported a grant of 2,586 RSUs on 09/24/2025 and a non-derivative entry showing 29,932 common shares with a disposition marker.

When do the 2,586 RSUs vest for HSTM insider Trisha Coady?

Vesting is service-based over four years: 15% on 09/24/2026, 20% on 09/24/2027, 30% on 09/24/2028, and 35% on 09/24/2029.

What is the price or cost to receive the RSU shares?

The RSUs are reported with a price of $0, reflecting restricted share units that convert to shares upon vesting without an exercise price.

How many RSU shares are reported as owned after the transaction?

The filing shows 2,586 RSUs (common stock equivalents) directly beneficially owned following the reported transaction.

What is the reporting date of the Form 4 filing?

The transaction date is 09/24/2025 and the Form 4 is signed on 09/26/2025.