Liu Xiang 4

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

AI-generated summary of this filing

Updated Feb 3, 2026

BMEZ Portfolio Manager Liu Xiang Exercises Phantom Shares, Receives Award

What Happened

Liu Xiang, a portfolio manager at BlackRock Health Sciences Term Trust (BMEZ), had phantom share units convert/settle on January 30, 2026 and was also granted a new phantom-share award.
The filing shows 777.922 phantom units were converted/settled and disposed to the issuer at $15.21 per unit for $11,832. In addition, 1,026.693 phantom units were granted (valued at $15.21 each, total $15,616). The filing also records conversions/dispositions of 523.331 and 254.591 phantom-unit equivalents on the same date.

Key Details

Transaction date: January 30, 2026; Form 4 filed February 3, 2026.
Reported settlement price for certain units: $15.21 per unit; cash received reported: $11,832 (for the 777.922-unit disposition).
Shares owned after the transactions: not specified in this filing.
Footnotes: these are “phantom shares” — cash-settled equivalents of common stock that become payable in cash subject to vesting (vest in equal installments over the first three anniversaries of the grant). Prior grants referenced: Jan 31, 2024 and Jan 31, 2025.
Transaction codes: M = exercise/conversion of derivative (phantom units); A = grant/award; D = disposition to the issuer.

Context

These were not open-market equity purchases or sales of common stock but cash-settled movements of phantom-share units (units convert to cash on vesting). The filing shows both a cash settlement of vested units (resulting in $11.8k reported) and a new phantom-share award ($15.6k value). Such cash-settled phantom-unit transactions reflect compensation/vesting mechanics rather than directional insider bets on the stock.

Form 4

Period: 2026-01-30

Other

Transactions

Exercise/Conversion
Common Stock
[F1][F2][F3]
2026-01-30+777.922→ 777.922 total
Disposition to Issuer
Common Stock
[F1][F2][F3]
2026-01-30$15.21/sh−777.922$11,832→ 0 total
Award
Phantom Shares
[F1][F4]
2026-01-30$15.21/sh+1,026.693$15,616→ 1,026.693 total
→ Common Stock (1,026.693 underlying)
Exercise/Conversion
Phantom Shares
[F1][F2]
2026-01-30−523.331→ 1,046.662 total
→ Common Stock (523.331 underlying)
Exercise/Conversion
Phantom Shares
[F1][F3]
2026-01-30−254.591→ 254.591 total
→ Common Stock (254.591 underlying)

Footnotes (4)

[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]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