RAPPUHN TERRY ALLISON 4

What Happened

• Terry Allison Rappuhn, a director of HealthStream, had 3,148 restricted share units (RSUs) vest and convert into 3,148 shares on June 8, 2026 (reported on Form 4 filed June 9, 2026). The acquisition was recorded as an exercise/conversion of a derivative (transaction code M) at $0.00 per share.
• On the same date, three disposals totaling 3,148 shares (1,126; 1,006; 1,016) were recorded at $0.00 per share. Because the total disposed equals the total acquired, there was no net increase in Rappuhn’s share count and no cash purchase or sale reported.

Key Details

• Transaction date: June 8, 2026; Form 4 filed June 9, 2026 (timely filing).
• Transaction type/code: M — exercise/conversion of derivative (RSU vesting and conversion to shares).
• Shares acquired: 3,148 at $0.00 (from RSU vesting, footnote F1).
• Shares disposed: 1,126; 1,006; 1,016 at $0.00 (total 3,148).
• Net effect: No net new shares retained by the insider (3,148 acquired and 3,148 disposed).
• Footnotes: Filing states these were RSUs (each RSU = right to one share) subject to multi-year vesting schedules — see filing footnotes for specific vesting schedules (F1–F6).
• No dollar value/market-sale reported; disposals at $0.00 typically reflect withholding or internal settlement rather than an open-market sale.

Context

• These entries reflect RSU vesting and conversion to shares, not an open-market buy or market sale. When vested RSUs are issued and then withheld/converted, it commonly covers tax-withholding or similar settlement obligations; the matching acquired and disposed amounts here are consistent with that practice.
• Because this was not a cash purchase or open-market sale, it is not a direct bullish or bearish trading signal.