HEALTHSTREAM INC — Director's Dealing 2013

May 21, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEALTHSTREAM INC (HSTM)
CIK: 0001095565
Period of Report: 2013-05-17

Reporting Person: MCLAREN JEFFREY L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-17	Common Stock	M	7267	$2.45	Acquired	20734	Direct
2013-05-17	Common Stock	S	7267	$25.00	Disposed	13467	Direct
2013-05-20	Common Stock	M	2733	$2.45	Acquired	16200	Direct
2013-05-20	Common Stock	S	2733	$25.0513	Disposed	13467	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-17	Employee Stock Option (right to buy)	$2.45	M	5000	Disposed	2017-05-28	Common Stock (5000)	Direct
2013-05-17	Employee Stock Option (right to buy)	$2.45	M	2267	Disposed	2017-05-28	Common Stock (2267)	Direct
2013-05-20	Employee Stock Option (right to buy)	$2.45	M	2733	Disposed	2017-05-28	Common Stock (2733)	Direct

Footnotes

F1: The sales reported in this Form 4 were affected pursuant to a Rule 10b5-1 sales plan adopted by the reporting person on March 21, 2013.

F2: This transaction was executed in multiple trades at prices ranging from $25.00 to $25.115. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected.