HEALTHSTREAM INC — Director's Dealing 2012

May 24, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEALTHSTREAM INC (HSTM)
CIK: 0001095565
Period of Report: 2012-05-24

Reporting Person: GORDON FRANK (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-24	Common Stock	M	5000	$1.39	Acquired	93500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-24	Employee Stock Option (right to buy)	$1.39	M	5000	Disposed	2012-05-31	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	136000	Indirect
Common Stock	11386	Indirect
Common Stock	2500	Indirect
Common Stock	2500	Indirect