Liu Xiang 4

4 · BlackRock Health Sciences Trust · Filed Feb 3, 2026

AI-generated summary of this filing

Updated Feb 3, 2026

BME Portfolio Manager Liu Xiang Exercises Phantom Shares (Cash Settlement)

What Happened

Liu Xiang, a portfolio manager at BlackRock Health Sciences Trust (BME), converted/exercised phantom-share awards on January 30, 2026. The filing shows a conversion/exercise of 389.104 derivative phantom shares that were immediately disposed to the issuer (withheld) at $41.87/share for $16,292. Separately, 372.964 phantom shares were recorded as an acquired award/settlement at $41.87/share for $15,616.
The exercise/conversion entries break down into three dispositions of 202.603, 86.575 and 99.926 shares (these three sum to the 389.104 exercised shares). These transactions reflect settlement of previously granted phantom-share awards rather than an open-market purchase or sale.

Key Details

Transaction date: January 30, 2026. Form filed: February 3, 2026 (period of report = 2026-01-30).
Prices and values shown: $41.87 per share; disposition to issuer 389.104 shares = $16,292; acquired/settled 372.964 shares = $15,616.
Shares owned after transaction: Not disclosed in this Form 4.
Footnotes: Phantom shares are cash-settled (F1). The awards relate to prior grants on Jan 31 of 2023, 2024 and 2025 that vest in equal installments over three years (F2–F5).
Transaction codes: M = exercise/conversion of derivative; D = disposition to issuer (likely tax withholding); A = grant/award (derivative). Filing shows immediate settlement/withholding rather than an open-market sale.

Context

These were phantom-share (derivative) settlements that pay in cash on vesting — effectively a compensation payout — not indicative of an open-market buy or directional trade. The conversion and immediate disposition/withholding are commonly done to satisfy tax obligations and settle compensation.

Form 4

Period: 2026-01-30

Other

Transactions

Exercise/Conversion
Common Stock
[F1][F2][F3][F4]
2026-01-30+389.104→ 389.104 total
Disposition to Issuer
Common Stock
[F1][F2][F3][F4]
2026-01-30$41.87/sh−389.104$16,292→ 0 total
Award
Phantom Shares
[F1][F5]
2026-01-30$41.87/sh+372.964$15,616→ 372.964 total
→ Common Stock (372.964 underlying)
Exercise/Conversion
Phantom Shares
[F1][F2]
2026-01-30−202.603→ 405.207 total
→ Common Stock (202.603 underlying)
Exercise/Conversion
Phantom Shares
[F1][F3]
2026-01-30−86.575→ 86.575 total
→ Common Stock (86.575 underlying)
Exercise/Conversion
Phantom Shares
[F1][F4]
2026-01-30−99.926→ 0 total
→ Common Stock (99.926 underlying)

Footnotes (5)

[F1]A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.
[F2]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.
[F3]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.
[F4]As previously reported on a Form 4 dated February 2, 2023, the Reporting Person was granted phantom shares on January 31, 2023 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
[F5]These phantom shares vest in equal installments on each of the first three anniversaries of the award.

Signature

/s/ Gladys Chang as Attorney-in-Fact|2026-02-03

1 file