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                                                                     EXHIBIT 4.4

                AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT

         THIS AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT is made as of the
14th day of March, 2000 by and between HealthStream, Inc., a Tennessee
corporation (the "Company") and the shareholders who purchased the Company's
Series A, Series B or Series C Convertible Preferred Stock ("Preferred
Stockholders"); GE Medical Systems, a division of the General Electric Company
("GEMS"); CIS Holdings, Inc., an affiliate of Columbia/HCA Healthcare
Corporation ("Columbia"); and Healtheon/WebMD Corporation ("Healtheon/WebMD"),
each of which is herein referred to as an "Investor" and collectively as the
"Investors."

                                    RECITALS

         WHEREAS, the Company, the Preferred Shareholders and GEMS are parties
to the Investor's Rights Agreement , dated April 21, 1999, as amended on August
11, 1999 (the "Original Agreement");

         WHEREAS, the Company entered an Online Services Provider Agreement with
Columbia Information Systems, Inc., an affiliate of Columbia ("Services
Agreement") and a warrant agreement with CIS Holdings, Inc. ("Columbia Warrant
Agreement") both dated February 10, 2000;

         WHEREAS, the Company entered a Letter of Agreement with Healtheon/WebMD
("Letter Agreement"), dated February 29, 2000;

         WHEREAS, it is a condition to the transactions contemplated by the
Services Agreement and the Letter Agreement that CIS Holdings, Inc. and
Healtheon/WebMD, respectively, be added as parties to the Original Agreement;
and

         WHEREAS, to reflect the rights and obligations of all of the parties
hereto, the Original Agreement is being amended and restated in its entirety in
this Amended and Restated Investors' Rights Agreement.

         NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

         1. REGISTRATION RIGHTS. The Company covenants and agrees as follows:

            1.1 Definitions. For purposes of this Section 1:

                (a) The term "Act" means the Securities Act of 1933, as amended.

                (b) The term "Holder" means any person owning or having the
            right to acquire Registrable Securities or any assignee thereof in
            accordance with Section 1.12 hereof.

                (c) The term "1934 Act" shall mean the Securities Exchange Act
            of 1934, as amended.

                (d) The term "register," "registered," and "registration" refer
            to a registration effected by preparing and filing a registration
            statement or similar document in compliance with the Act, and the
            declaration or ordering of effectiveness of such registration
            statement or document.

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                (e) The term "Registrable Securities" means (i) the Common Stock
            issuable or issued upon conversion of the Series A, Series B or
            Series C Convertible Preferred Stock; (ii) any Common Stock of the
            Company issued or to be issued upon conversion or exercise of the
            Warrant Agreement dated June 14, 1999 between the Company and GEMS
            (the "GEMS Warrant Agreement") (or upon conversion of any securities
            issued upon conversion or exercise of the GEMS Warrant Agreement);
            (iii) any Common Stock of the Company issued or to be issued upon
            conversion or exercise of the Columbia Warrant Agreement (or upon
            conversion of any securities issued upon conversion or exercise of
            the Columbia Warrant Agreement); (iv) any Common Stock issued to
            Healtheon/WebMD pursuant to the Letter Agreement; and (v) any Common
            Stock of the Company issued as (or issuable upon the conversion or
            exercise of any warrant, right or other security which is issued as)
            a dividend or other distribution with respect to, or in exchange for
            or in replacement of the shares referenced in (i)-(iv) above,
            excluding in all cases, however, any Registrable Securities sold by
            a person in a transaction in which his rights under this Section 1
            are not assigned.

                (f) The number of shares of "Registrable Securities then
            outstanding" shall be determined by the number of shares of Common
            Stock outstanding which are Registrable Securities, and the number
            of shares of Common Stock issuable pursuant to then exercisable or
            convertible securities which are Registrable Securities.

                (g) The term "SEC" shall mean the Securities and Exchange
            Commission.

            1.2 Demand Registration.

                (a) At any time after the Company shall have consummated a firm
            commitment underwritten public offering of the Common Stock of the
            Company under the Act, the holders of Registrable Securities (i)
            constituting at least 30% of the total shares of Registrable
            Securities then outstanding and (ii) having a minimum anticipated
            offering price of $5,000,000 may request the Company to register
            under the Act all or any portion of the shares of Registrable
            Securities held by such requesting Holder or Holders for sale on
            Form S-1 in the manner specified in such notice. Notwithstanding
            anything to the contrary contained herein, the Company shall not be
            obligated to effect, or to take any action to effect, any such
            registration pursuant to this Section 1.2:

                    (i) during the period starting with the date sixty (60) days
                prior to the Company's good faith estimate of the date of filing
                of, and ending on a date one hundred eighty (180) days after the
                effective date of, a Company-initiated registration (but in any
                event no greater than three hundred sixty (360) days after a
                request is made under this Section 1.2); provided that the
                Company is actively employing in good faith all reasonable
                efforts to cause such registration statement to become
                effective;

                    (ii) if the requesting Holders do not request that such
                offering be firmly underwritten by underwriters reasonably
                acceptable to the Company;

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                    (iii) if the Company and the requesting Holders are unable
                to obtain the commitment of the underwriter described in clause
                (ii) above to firmly underwrite the offering; or

                    (iv) if in the good faith judgment of the Board of Directors
                of the Company, such registration would be seriously detrimental
                to the Company and the Board of Directors of the Company
                concludes, as a result, that it is essential to defer the filing
                of such registration statement at such time, in which case the
                Company shall furnish to such Holders a certificate signed by
                the President of the Company stating that in the good faith
                judgment of the Board of Directors of the Company, it would be
                seriously detrimental to the Company for such registration
                statement to be filed in the near future and that it is,
                therefore, essential to defer the filing of such registration
                statement, then the Company shall have the right to defer such
                filing for a period of not more than 180 days after receipt of
                the request of the requesting holders, and, provided further,
                that the Company shall not defer its obligation in this manner
                more than once in any eighteen-month period.

                (b) Following receipt of any notice under this Section 1.2, the
            Company shall immediately notify all holders of Registrable
            Securities from whom notice has not been received and shall use its
            best efforts to register under the Act, for public sale in
            accordance with the method of disposition specified in such notice
            from requesting holders, the number of shares of Registrable
            Securities specified in such notice (and in all notices received by
            the Company from other holders within 15 days after the giving of
            such notice by the Company). If such method of disposition shall be
            an underwritten public offering, the holders of a majority of the
            shares of Registrable Securities to be sold in such offering may
            designate the managing underwriter of such offering, subject to the
            approval of the Company which approval shall not be unreasonably
            withheld or delayed. The Company shall be obligated to register
            Registrable Securities pursuant to this Section 1.2 on two occasions
            only; provided, however, that such obligation shall be deemed
            satisfied only when a registration statement covering all shares of
            Registrable Securities specified in notices received and not
            rescinded as aforesaid, for sale in accordance with the method of
            disposition specified by the requesting Holders, shall have become
            effective and, if such method of disposition is a firm commitment
            underwritten public offering, all such shares shall have been sold
            pursuant thereto.

                (c) The Company and any other holders of Common Stock which the
            Company shall permit to participate shall be entitled to include in
            any registration statement referred to in this Section 1.2, for sale
            in accordance with the method of disposition specified by the
            requesting Holders, provided the Company and any such holder accept
            the terms of any underwriting agreed by the initiating Holders,
            shares of Common Stock to be sold by the Company or such other
            holders for their own account, except as and to the extent that, in
            the sole discretion of the managing underwriter (if such method of
            disposition shall be an underwritten public offering), such
            inclusion would adversely affect the success of the offering of the
            Registrable Securities to be sold. Except for registration
            statements on Form S-4, S-8 or any successor thereto, the Company
            will not file with the SEC any other registration statement with
            respect to its Common Stock, whether for its own account or that of
            other stockholders, from the date of receipt of a

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             notice from requesting holders pursuant to this Section 1.2, until
             the completion of the period of distribution of the registration
             contemplated thereby.

            1.3 Company Registration. If (but without any obligation to do so)
         the Company proposes to register (including for this purpose a
         registration effected by the Company for shareholders other than the
         Holders) any of its stock or other equity securities under the Act in
         connection with the public offering of such securities solely for cash
         (other than a registration relating solely to the sale of securities to
         participants in a Company stock plan, a registration on Form S-4 or any
         other form which does not include substantially the same information as
         would be required to be included in a registration statement covering
         the sale of the Registrable Securities or a registration in which the
         only Common Stock being registered is Common Stock issuable upon
         conversion of debt securities which are also being registered), the
         Company shall, at such time, promptly give each Holder written notice
         of such registration. Upon the written request of each Holder given
         within twenty (20) days after mailing of such notice by the Company in
         accordance with Section 3.5, the Company shall, subject to the
         provisions of Section 1.7, cause to be registered under the Act all of
         the Registrable Securities that each such Holder has requested to be
         registered.

            1.4 Obligations of the Company. Whenever required under this Section
         1 to effect the registration of any Registrable Securities, the Company
         shall, as expeditiously as reasonably possible:

                (a) Prepare and file with the SEC a registration statement with
            respect to such Registrable Securities and use all reasonable
            efforts to cause such registration statement to become effective,
            and upon the request of the Holders of a majority of the Registrable
            Securities, keep such registration statement effective for a period
            of up to sixty (60) days or, if earlier, until the Holder of Holders
            have completed the distribution related thereto.

                (b) Prepare and file with the SEC such amendments and
            supplements to such registration statement and the prospectus used
            in connection with such registration statement as may be necessary
            to comply with the provisions of the Act and as may be necessary to
            keep such registration statement effective for a period of up to 60
            days.

                (c) Furnish to the Holders such numbers of copies of a
            prospectus, including a preliminary prospectus, in conformity with
            the requirements of the Act, and such other documents as they may
            reasonably request in order to facilitate the disposition of
            Registrable Securities owned by them.

                (d) Use its best efforts to register and qualify the securities
            covered by such registration statement under such other securities
            or Blue Sky laws of such jurisdictions as shall be reasonably
            requested by the Holders.

                (e) In the event of any underwritten public offering, enter into
            and perform its obligations under an underwriting agreement, in
            usual and customary form, with the managing underwriter of such
            offering. Each Holder participating in such underwriting shall also
            enter into and perform its obligations under such an agreement.

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                (f) Notify each Holder of Registrable Securities covered by such
            registration statement at any time when a prospectus relating
            thereto is required to be delivered under the Act of the happening
            of any event as a result of which the prospectus included in such
            registration statement, as then in effect, includes an untrue
            statement of a material fact or omits to state a material fact
            required to be stated therein or necessary to make the statements
            therein not misleading in the light of the circumstances then
            existing.

                (g) Cause all such Registrable Securities registered pursuant
            hereunder to be listed on each securities exchange on which similar
            securities issued by the Company are then listed.

                (h) Provide a transfer agent and registrar for all Registrable
            Securities registered pursuant hereunder and a CUSIP number for all
            such Registrable Securities in each case not later than the
            effective date of such registration.

                (i) Furnish, at the request of a majority of the Holders
            participating in the registration, on the date that such Registrable
            Securities are delivered to the underwriters for sale, if such
            securities are being sold through underwriters, or, if such
            securities are not being sold through underwriters, on the date that
            the registration statement with respect to such securities becomes
            effective, (i) an opinion, dated as of such date, of the counsel
            representing the Company for the purposes of such registration, in
            form and substance as is customarily given to underwriters in an
            underwritten public offering and reasonably satisfactory to a
            majority in interest of the Holders requesting registration,
            addressed to the underwriters, if any, and to the Holders requesting
            registration of Registrable Securities and (ii) a letter dated as of
            such date, from the independent certified public accountants of the
            Company, in form and substance as is customarily given by
            independent certified public accountants to underwriters in an
            underwritten public offering and reasonably satisfactory to a
            majority in interest of the Holders requesting registration,
            addressed to the underwriters, if any, and if permitted by
            applicable accounting standards, to the Holders requesting
            registration of Registrable Securities.

            1.5 Furnish Information. It shall be a condition precedent to the
         obligations of the Company to take any action pursuant to this Section
         1 with respect to the Registrable Securities of any selling Holder that
         such Holder shall furnish to the Company such information regarding
         itself, the Registrable Securities held by it, and the intended method
         of disposition of such securities as shall be required to effect the
         registration of such Holder's Registrable Securities.

            1.6 Expenses of Company Registration. The Company shall bear and pay
         all expenses incurred in connection with any registration, filing or
         qualification of Registrable Securities with respect to the
         registrations pursuant to Sections 1.2, 1.3 or 1.11 for each Holder
         (which right may be assigned as provided in Section 1.12), including
         (without limitation) all registration, filing, and qualification fees,
         printers and accounting fees relating or apportionable thereto and the
         fees and disbursements of counsel for the Company and the reasonable
         fees and disbursements of one counsel for the selling Holders selected
         by them, but excluding underwriting discounts and selling commissions
         relating to Registrable Securities.

            1.7 Underwriting Requirements. In connection with any offering
         involving an underwriting of shares of the Company's capital stock, the
         Company shall not be required under Section 1.3 to include any of the
         Holders' securities in such underwriting unless they accept the

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         terms of the underwriting as agreed upon between the Company and the
         underwriters selected by it (or by other persons entitled to select the
         underwriters), and then only in such quantity as the underwriters
         determine in their sole discretion will not jeopardize the success of
         the offering by the Company. If the total amount of securities,
         including Registrable Securities, requested by shareholders to be
         included in such offering exceeds the amount of securities sold other
         than by the Company that the underwriters determine in their sole
         discretion is compatible with the success of the offering, then the
         Company shall be required to include in the offering only that number
         of such securities, including Registrable Securities, which the
         underwriters determine in their sole discretion will not jeopardize the
         success of the offering (the securities so included to be apportioned
         pro rata among the selling shareholders according to the total amount
         of securities entitled to be included therein owned by each selling
         shareholder or in such other proportions as shall mutually be agreed to
         by such selling shareholders) but in no event shall the amount of
         securities of the selling Holders included in the offering be reduced
         below thirty percent (30%) of the total amount of securities included
         in such offering, unless such offering is the initial public offering
         of the Company's securities in which case the selling shareholders may
         be excluded if the underwriters make the determination described above
         and no other shareholder's securities are included. For purposes of the
         preceding parenthetical concerning apportionment, for any selling
         shareholder which is a holder of Registrable Securities and which is a
         partnership or corporation, the partners, retired partners and
         shareholders of such holder, or the estates and family members of any
         such partners and retired partners and any trusts for the benefit of
         any of the foregoing persons shall be deemed to be a single "selling
         shareholder", and any pro-rata reduction with respect to such "selling
         shareholder" shall be based upon the aggregate amount of shares
         carrying registration rights owned by all entities and individuals
         included in such "selling shareholder," as defined in this sentence.

            1.8 Delay of Registration. No Holder shall have any right to obtain
         or seek an injunction restraining or otherwise delaying any such
         registration as the result of any controversy that might arise with
         respect to the interpretation or implementation of this Section 1.

            1.9 Indemnification. In the event any Registrable Securities are
         included in a registration statement under this Section 1:

                (a) To the extent permitted by law, the Company will indemnify
            and hold harmless each Holder, any underwriter (as defined in the
            Act) for such Holder and each person, if any, who controls such
            Holder or underwriter within the meaning of the Act or the 1934 Act,
            against any losses, claims, damages, or liabilities (joint or
            several) to which they may become subject under the Act, the 1934
            Act, or other federal or state law, insofar as such losses, claims,
            damages, or liabilities (or actions in respect thereof) arise out of
            or are based upon any of the following statements, omissions or
            violations (collectively a "Violation"): (i) any untrue statement or
            alleged untrue statement of a material fact contained in such
            registration statement, including any preliminary prospectus or
            final prospectus contained therein or any amendments or supplements
            thereto, (ii) the omission or alleged omission to state therein a
            material fact required to be stated therein, or necessary to make
            the statements therein not misleading, or (iii) any violation or
            alleged violation by the Company of the Act, the 1934 Act, any state
            securities law or any rule or regulation promulgated under the Act,
            the 1934 Act or any state securities law; and the Company will pay
            to each such Holder, underwriter or controlling person, as incurred,
            any legal or other expenses reasonably incurred by them in
            connection with investigating or defending any such loss, claim,
            damage, liability, or action; provided, however, that the indemnity
            agreement contained in this subsection 1.9(a) shall not apply to
            amounts paid in settlement of any such loss, claim, damage,
            liability, or

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            action if such settlement is effected without the consent of the
            Company (which consent shall not be unreasonably withheld), nor
            shall the Company be liable in any such case for any such loss,
            claim, damage, liability, or action to the extent that it arises out
            of or is based upon a Violation which occurs in reliance upon and in
            conformity with written information furnished expressly for use in
            connection with such registration by any such Holder, underwriter or
            controlling person.

                (b) To the extent permitted by law, each selling Holder will
            indemnify and hold harmless the Company, each of its directors, each
            of its officers who has signed the registration statement, each
            person, if any, who controls the Company within the meaning of the
            Act, any underwriter, any other Holder selling securities in such
            registration statement and any controlling person of any such
            underwriter or other Holder, against any losses, claims, damages, or
            liabilities (joint or several) to which any of the foregoing persons
            may become subject, under the Act, or the 1934 Act, or other federal
            or state law, insofar as such losses, claims, damages, or
            liabilities (or actions in respect thereto) arise out of or are
            based upon any Violation, in each case to the extent (and only to
            the extent) that such Violation occurs in reliance upon and in
            conformity with written information furnished by such Holder under
            an instrument duly executed by such Holder and stated to be
            specifically for use in connection with such registration; and each
            such Holder will pay, as incurred, any legal or other expenses
            reasonably incurred by any person intended to be indemnified
            pursuant to this subsection 1.9(b), in connection with investigating
            or defending any such loss, claim, damage, liability, or action;
            provided, however, that the indemnity agreement contained in this
            subsection 1.9(b) shall not apply to amounts paid in settlement of
            any such loss, claim, damage, liability or action if such settlement
            is effected without the consent of the Holder, which consent shall
            not be unreasonably withheld; provided, that, in no event shall any
            indemnity under this subsection 1.9(b) exceed the proceeds from the
            offering received by such Holder.

                (c) Promptly after receipt by an indemnified party under this
            Section 1.9 of notice of the commencement of any action (including
            any governmental action), such indemnified party will, if a claim in
            respect thereof is to be made against any indemnifying party under
            this Section 1.9, deliver to the indemnifying party a written notice
            of the commencement thereof and the indemnifying party shall have
            the right to participate in, and, to the extent the indemnifying
            party so desires, jointly with any other indemnifying party
            similarly noticed, to assume the defense thereof with counsel
            mutually satisfactory to the parties; provided, however, that an
            indemnified party (together with all other indemnified parties which
            may be represented without conflict by one counsel) shall have the
            right to retain one separate counsel, with the fees and expenses to
            be paid by the indemnifying party, if representation of such
            indemnified party by the counsel retained by the indemnifying party
            would be inappropriate due to actual or potential differing
            interests between such indemnified party and any other party
            represented by such counsel in such proceeding. The failure to
            deliver written notice to the indemnifying party within a reasonable
            time of the commencement of any such action, if materially
            prejudicial to its ability to defend such action, shall relieve such
            indemnifying party of any liability to the indemnified party under
            this Section 1.9, but the omission so to deliver written notice to
            the indemnifying party will not relieve it of any liability that it
            may have to any indemnified party otherwise than under this Section
            1.9.

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                (d) If the indemnification provided for in this Section 1.9 is
            held by a court of competent jurisdiction to be unavailable to an
            indemnified party with respect to any loss, liability, claim,
            damage, or expense referred to therein, then the indemnifying party,
            in lieu of indemnifying such indemnified party hereunder, shall
            contribute to the amount paid or payable by such indemnified party
            as a result of such loss, liability, claim, damage, or expense in
            such proportion as is appropriate to reflect the relative fault of
            the indemnifying party on the one hand and of the indemnified party
            on the other in connection with the statements or omissions that
            resulted in such loss, liability, claim, damage, or expense as well
            as any other relevant equitable considerations. The relative fault
            of the indemnifying party and of the indemnified party shall be
            determined by reference to, among other things, whether the untrue
            or alleged untrue statement of a material fact or the omission to
            state a material fact relates to information supplied by the
            indemnifying party or by the indemnified party and the parties'
            relative intent, knowledge, access to information, and opportunity
            to correct or prevent such statement or omission provided that in no
            event shall any contribution by a Holder hereunder exceed the
            proceeds from the offering received by such Holder.

                (e) The obligations of the Company and Holders under this
            Section 1.9 shall survive the completion of any offering of
            Registrable Securities in a registration statement under this
            Section 1, and otherwise. No indemnifying party, in the defense of
            any such claim or litigation, shall, except with the consent of each
            indemnified party, consent to entry of any judgment or enter into
            any settlement which does not include as an unconditional term
            thereof the giving by the claimant or plaintiff to such indemnified
            party of a release from all liability in respect to such claim or
            litigation.

            1.10 Reports Under Securities Exchange Act of 1934. With a view to
         making available to the Holders the benefits of Rule 144 promulgated
         under the Act and any other rule or regulation of the SEC that may at
         any time permit a Holder to sell securities of the Company to the
         public without registration, the Company agrees to:

                (a) make and keep public information available, as those terms
            are understood and defined in SEC Rule 144, at all times after
            ninety (90) days after the effective date of the first registration
            statement filed by the Company for the offering of its securities to
            the general public;

                (b) take such action, including the voluntary registration of
            its Common Stock under Section 12 of the 1934 Act, as is necessary
            to enable the Holders to utilize Form S-3 for the sale of their
            Registrable Securities, such action to be taken as soon as
            practicable after the end of the fiscal year in which the first
            registration statement filed by the Company for the offering of its
            securities to the general public is declared effective;

                (c) file with the SEC in a timely manner all reports and other
            documents required of the Company under the Act and the 1934 Act;
            and

                (d) furnish to any Holder, so long as the Holder owns any
            Registrable Securities, forthwith upon request (i) a written
            statement by the Company that it has complied with the reporting
            requirements of SEC Rule 144 (at any time after ninety (90) days
            after the effective date of the first registration statement filed
            by the Company), the Act and the 1934 Act (at any time after it has
            become subject to such reporting

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            requirements), or that it qualifies as a registrant whose securities
            may be resold pursuant to Form S-3 (at any time after it so
            qualifies), (ii) a copy of the most recent annual or quarterly
            report of the Company and such other reports and documents so filed
            by the Company, and (iii) such other information as may be
            reasonably requested in availing any Holder of any rule or
            regulation of the SEC which permits the selling of any such
            securities without registration or pursuant to such form.

            1.11 Form S-3 Registration. In case the Company shall receive from
         any Holder or Holders a written request or requests that the Company
         effect a registration on Form S-3 and any related qualification or
         compliance with respect to all or a part of the Registrable Securities
         owned by such Holder or Holders, the Company will:

                (a) promptly give written notice of the proposed registration,
            and any related qualification or compliance, to all other Holders;
            and

                (b) as soon as practicable, effect such registration and all
            such qualifications and compliances as may be so requested and as
            would permit or facilitate the sale and distribution of all or such
            portion of such Holder's or Holders' Registrable Securities as are
            specified in such request, together with all or such portion of the
            Registrable Securities of any other Holder or Holders joining in
            such request as are specified in a written request given within 15
            days after receipt of such written notice from the Company;
            provided, however, that the Company shall not be obligated to effect
            any such registration, qualification or compliance, pursuant to this
            section 1.11: (1) if Form S-3 is not available for such offering by
            the Holders; (2) if the Holders, together with the holders of any
            other securities of the Company entitled to inclusion in such
            registration, propose to sell Registrable Securities and such other
            securities (if any) at an aggregate price to the public (net of any
            underwriters' discounts or commissions) of less than $1,000,000; (3)
            if the Company shall furnish to the Holders a certificate signed by
            the President of the Company stating that in the good faith judgment
            of the Board of Directors of the Company, it would be seriously
            detrimental to the Company and its shareholders for such Form S-3
            Registration to be effected at such time, in which event the Company
            shall have the right to defer the filing of the Form S-3
            registration statement for a period of not more than 60 days after
            receipt of the request of the Holder or Holders under this Section
            1.11; provided, however, that the Company shall not utilize this
            right more than once in any twelve month period; (4) if the Company
            has within the twelve (12) month period preceding the date of such
            request, already effected two registrations on Form S-3 for the
            Holders pursuant to this Section 1.11; or (5) in any particular
            jurisdiction in which the Company would be required to qualify to do
            business or to execute a general consent to service of process in
            effecting such registration, qualification or compliance.

                (c) Subject to the foregoing, the Company shall file a
            registration statement covering the Registrable Securities and other
            securities so requested to be registered as soon as practicable
            after receipt of the request or requests of the Holders. All
            expenses incurred in connection with a registration requested
            pursuant to Section 1.11, including (without limitation) all
            registration, filing, qualification, printer's and accounting fees
            and the reasonable fees and disbursements of counsel for the selling
            Holder or Holders and counsel for the Company, but excluding any
            underwriters' discounts or commissions associated with Registrable
            Securities, shall be borne pro rata by the Holder or Holders

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            participating in the Form S-3 Registration. Registrations effected
            pursuant to this Section 1.11 shall not be counted as registrations
            effected pursuant to Section 1.3.

            1.12 Assignment of Registration Rights. The rights to cause the
         Company to register Registrable Securities pursuant to this Section 1
         may be assigned (but only with all related obligations) by a Holder to
         a transferee or assignee of such securities, provided: (a) the Company
         is, within a reasonable time after such transfer, furnished with
         written notice of the name and address of such transferee or assignee
         and the securities with respect to which such registration rights are
         being assigned; (b) such transferee or assignee agrees in writing to be
         bound by and subject to the terms and conditions of this Agreement,
         including without limitation the provisions of Section 1.13 below; and
         (c) such assignment shall be effective only if immediately following
         such transfer the further disposition of such securities by the
         transferee or assignee is restricted under the Act.

            1.13 "Market Stand-Off" Agreement. Each Investor hereby agrees that,
         during the period of duration specified by the Company and an
         underwriter of common stock or other securities of the Company,
         following the date of the first sale to the public pursuant to a
         registration statement of the Company filed under the Act, it shall
         not, to the extent requested by the Company and such underwriter,
         directly or indirectly sell, offer to sell, contract to sell
         (including, without limitation, any short sale), grant any option to
         purchase or otherwise transfer or dispose of (other than to donees who
         agree to be similarly bound) any securities of the Company held by it
         at any time during such period except common stock included in such
         registration; provided, however, that:

                (a) such agreement shall be applicable only to the first such
            registration statement of the Company which covers common stock (or
            other securities) to be sold on its behalf to the public in an
            underwritten offering;

                (b) all officers and directors of the Company and all other
            persons with registration rights (whether or not pursuant to this
            Agreement) enter into similar agreements; and

                (c) such market stand-off time period shall not exceed (180)
            days.

            In order to enforce the foregoing covenant, the Company may
         impose stop-transfer instructions with respect to the Registrable
         Securities of each Investor (and the shares or securities of every
         other person subject to the foregoing restriction) until the end of
         such period.

            Notwithstanding the foregoing, the obligations described in this
         Section 1.13 shall not apply to a registration relating solely to
         employee benefit plans on Form S-8 or similar forms which may be
         promulgated in the future, or a registration relating solely to an SEC
         Rule 145 transaction on Form S-4 or similar form which may be
         promulgated in the future.

            1.14 Limitation on Subsequent Registration Rights. After the date of
         this Agreement, the Company shall not, without the prior written
         consent of the Holders of a majority of the Registrable Securities,
         enter into any agreement with any holder or prospective holder of any
         securities of the Company that would grant such holder registration
         rights senior to those granted to the Holders hereunder.

                                       10
<PAGE>   11

            1.15 Termination of Registration Rights.

                (a) No Holder shall be entitled to exercise any right provided
            for in this Section 1 after five (5) years following the
            consummation of the sale of securities pursuant to a registration
            statement filed by the Company under the Act in connection with the
            initial firm commitment underwritten offering of its securities to
            the general public (the "Special Termination Date") provided the
            Special Termination Date shall be extended as to any Holder or
            Holders who have, prior to the Special Termination Date, filed a
            request pursuant to Section 1.2(a) or Section 1.11(b) and such
            request is being deferred by the Company pursuant to the provisions
            of Section 1.2(a)(i), Section 1.2(a)(iv) or Section 1.11(b)(3).

                (b) In addition, the right of any Holder to request registration
            or inclusion in any registration pursuant to this Section 1 shall
            terminate on such date after the closing of the first
            Company-initiated registered public offering of Common Stock of the
            Company as all shares of Registrable Securities held or entitled to
            be held upon conversion by such Holder may immediately be sold under
            Rule 144 during any 90-day period.

         2. COVENANTS OF THE COMPANY.

            2.1 Delivery of Financial Statements. The Company shall deliver to
         each Investor:

                (a) as soon as practicable, but in any event within one hundred
            and twenty (120) days after the end of each fiscal year of the
            Company, commencing with the fiscal year ended December 31, 1999
            (provided fiscal 1999 financial statements may be delivered
            subsequent to April 30, 2000 but shall be delivered no later than
            June 30, 2000), an income statement for such fiscal year, a balance
            sheet of the Company and statement of shareholder's equity as of the
            end of such year, and a schedule as to the sources and applications
            of funds for such year, such year-end financial reports to be in
            reasonable detail, prepared in accordance with generally accepted
            accounting principles consistently applied ("GAAP"), and audited and
            certified by independent public accountants of nationally recognized
            standing selected by the Company's Board of Directors;

                (b) as soon as practicable, but in any event within forty-five
            (45) days after the end of each of the first three (3) quarters of
            each fiscal year of the Company, an unaudited profit or loss
            statement, schedule as to the sources and application of funds for
            such fiscal quarter and a statement showing the number of shares of
            each class and series of capital stock and securities convertible
            into or exercisable for shares of capital stock outstanding at the
            end of the period, the number of common shares issuable upon
            conversion or exercise of any outstanding securities convertible or
            exercisable for common shares and the exchange ratio or exercise
            price applicable thereto, all in sufficient detail as to permit the
            Investor to calculate its percentage equity ownership in the
            Company;

                (c) as soon as practicable, but in any event thirty (30) days
            prior to the end of each fiscal year, a budget and business plan for
            the next fiscal year, prepared on a monthly basis, including balance
            sheets and sources and applications of funds statements for such
            months and, as soon as prepared, any other budgets or revised
            budgets prepared by the Company;

                                       11
<PAGE>   12

                (d) with respect to the financial statements called for in
            subsections (b) of this Section 2.1, an instrument executed by the
            Chief Financial Officer or President of the Company and certifying
            that such financials were prepared in accordance with GAAP
            consistently applied with prior practice for earlier periods (with
            the exception of footnotes that may be required by GAAP) and fairly
            present the financial condition of the Company and its results of
            operation for the period specified, subject to year-end audit
            adjustment; and

                (e) such other information relating to the financial condition,
            business, prospects or corporate affairs of the Company as the
            Investor or any assignee of the Investor may from time to time
            request, provided, however, that the Company shall not be obligated
            under this subsection (e) or any other subsection of Section 2.1 to
            provide information which it deems in good faith to be a trade
            secret or similar confidential information.

            2.2 Inspection. The Company shall permit each Investor, at such
         Investor's expense, to visit and inspect the Company's properties, to
         examine its books of account and records and to discuss the Company's
         affairs, finances and accounts with its officers, all at such
         reasonable times as may be requested by' the Investor; provided,
         however, that the Company shall not be obligated pursuant to this
         Section 2.2 to provide access to any information which it reasonably
         considers to be a trade secret or similar confidential information.

            2.3 Proprietary Information Agreement. The Company shall require all
         new employees of the Company to continue to execute and deliver a
         proprietary information agreement.

            2.4 Frist Note. The Company shall not fail to make any monthly
         payments of interest due Robert A. Frist, Jr. as lender under that
         certain Promissory Note dated August 23, 1999, in the principal amount
         of $1,293,000.00.

            2.5 Termination of Covenants. The covenants set forth in Sections
         2.1, 2.2 and Section 2.7 shall terminate and be of no further force or
         effect when the sale of securities pursuant to a registration statement
         filed by the Company under the Act in connection with the firm
         commitment underwritten offering of its securities to the general
         public is consummated in which the gross proceeds are at least $30
         million and the per share price is at least $9.00.

            2.6 IRC Section 305. So long as any shares of Series B Convertible
         Preferred Stock remain outstanding, the Company will not, without
         approval of holders of a majority of the Series B Convertible Preferred
         Stock then outstanding, do any act or thing which would result in
         taxation of the holders of shares of the Series B Convertible Preferred
         Stock under Section 305 of the Internal Revenue Code of 1986, as
         amended (or any comparable provision of the Internal Revenue Code as
         hereafter from time to time amended).

            2.7 C Corporation Status. The Company shall remain a C corporation.

                                       12
<PAGE>   13

         3.       MISCELLANEOUS.

            3.1 Successors and Assigns. Except as otherwise provided herein, the
         terms and conditions of this Agreement shall inure to the benefit of
         and be binding upon the respective successors and assigns of the
         parties (including transferees of any shares of Registrable
         Securities). Nothing in this Agreement, express or implied, is intended
         to confer upon any party other than the parties hereto or their
         respective successors and assigns any rights, remedies, obligations, or
         liabilities under or by reason of this Agreement, except as expressly
         provided in this Agreement.

            3.2 Governing Law. This Agreement shall be governed by and construed
         under the laws of the State of Tennessee applicable to contracts made
         and to be performed wholly within such state.

            3.3 Counterparts. This Agreement may be executed in two or more
         counterparts, each of which shall be deemed an original, but all of
         which together shall constitute one and the same instrument.

            3.4 Titles and Subtitles. The titles and subtitles used in this
         Agreement are used for convenience only and are not to be considered in
         construing or interpreting this Agreement.

            3.5 Notices. Unless otherwise provided, any notice required or
         permitted under this Agreement shall be given in writing and shall be
         deemed effectively given upon personal delivery to the party to be
         notified or upon deposit with the United States Post Office, by
         registered or certified mail, postage prepaid and addressed to the
         party to be notified at the address indicated for such party on the
         signature page hereof, or at such other address as such party may
         designate by ten (10) days' advance written notice to the other
         parties.

            3.6 Expenses. If any action at law or in equity is necessary to
         enforce or interpret the terms of this Agreement, the prevailing party
         shall be entitled to reasonable attorneys' fees, costs and necessary
         disbursements in addition to any other relief to which such party may
         be entitled.

            3.7 Amendments and Waivers. Any term of this Agreement may be
         amended and the observance of any term of this Agreement may be waived
         (either generally or in a particular instance and either retroactively
         or prospectively), only with the written consent of the Company and the
         holders of at least 66 2/3% of the Registrable Securities then
         outstanding. Any amendment or waiver effected in accordance with this
         paragraph shall be binding upon each holder of any Registrable
         Securities then outstanding, each future holder of all such Registrable
         Securities, and the Company.

            3.8 Severability. If one or more provisions of this Agreement are
         held to be unenforceable under applicable law, such provision shall be
         excluded from this Agreement and the balance of the Agreement shall be
         interpreted as if such provision were so excluded and shall be
         enforceable in accordance with its terms.

            3.9 Aggregation of Stock. All shares of Registrable Securities held
         or acquired by affiliated entities or persons shall be aggregated
         together for the purpose of determining the availability of any rights
         under this Agreement.

                                       13
<PAGE>   14

            3.10 Entire Agreement. This Agreement (including the Exhibits
         hereto, if any) constitutes the full and entire understanding and
         agreement between the parties with regard to the subjects hereof and
         thereof.

                     [Rest of Page Intentionally Left Blank]

                                       14
<PAGE>   15

         IN WITNESS WHEREOF the parties have executed this Agreement as of the
date first above written.

                                   HEALTHSTREAM, INC.

                                   By:
                                       -----------------------------------------
                                       President

                                   INVESTORS:

                                   MARTIN INVESTMENT PARTNERSHIP III

                                   By: THE MARTIN COMPANIES, INC.
                                       Managing Partner

                                   By:
                                       -----------------------------------------
                                       Charles N. Martin, President

                                   COLEMAN SWENSON HOFFMAN BOOTH IV L.P.

                                   By Its General Partner
                                   CSHB Ventures IV L.P.

                                   By Its General Partner

                                   -----------------------------------
                                       Jay Hoffman

                                   DAUPHIN CAPITAL PARTNERS I, L.P.

                                   By:
                                       -----------------------------------------
                                       James Hoover, Principal

                                   JCB HEALTHSTREAM INVESTORS, L.L.C

                                   By:
                                       -----------------------------------------
                                       James Graves, Chief Manager

                                   NELSON CAPITAL PARTNERS III, L.P.

                                   By:
                                       -----------------------------------------
                                       John K. Harrington

                                       15
<PAGE>   16

                                   J.C. BRADFORD & CO., L.L.C

                                   By:
                                       -----------------------------------------
                                       James Graves, Managing Director

                                   FCA VENTURE PARTNERS II, L.P.

                                   By:
                                       -----------------------------------------
                                       Stuart McWhorter

                                   THE JOEL COMPANY

                                   By:
                                       -----------------------------------------
                                       Robert Gordon

                                   CUMBERLAND EQUITY PARTNERS

                                   By:
                                       -----------------------------------------
                                       Fleming Wilt

                                   SAVVY INVESTMENT PARTNERS

                                   By:
                                       -----------------------------------------
                                       Thompson B. Patterson, Jr.

                                   CHANCERY LANE INVESTMENTS, L.P.

                                   By:
                                       -----------------------------------------
                                       H. Lee Barfield, General Partner

                                   By:
                                       -----------------------------------------
                                       Mary F. Barfield, General Partner

                                   THE SEVEN PARTNERSHIP

                                   By:
                                       -----------------------------------------
                                       Thompson Dent

                                       16
<PAGE>   17

                                   JCB VENTURE PARTNERSHIP IV

                                   By:
                                       -----------------------------------------
                                       Robert Doolittle, Chief Manager

                                   MELKUS PARTNERS, LTD.

                                   By:
                                       -----------------------------------------
                                       Ken Melkus

                                   --------------------------------------
                                   Robert A Frist, Jr.

                                   --------------------------------------
                                   William Frist

                                   --------------------------------------
                                   Darren Liff

                                   --------------------------------------
                                   Scott and Carol Len Portis

                                   --------------------------------------
                                   James Frist

                                   --------------------------------------
                                   Robert S. Doolittle

                                   --------------------------------------
                                   David Beard

                                   ---------------------------------------
                                   John Dayani

                                       17
<PAGE>   18

                                   --------------------------------------
                                   S. Douglas Smith

                                   --------------------------------------
                                   Dr. Scott Portis

                                   --------------------------------------
                                   Barbara Sampson

                                   MORGAN STANLEY VENTURE PARTNERS III, L.P.

                                   by: Morgan Stanley Venture
                                       Partners III, L.L.C
                                       its General Partner
                                   by: Morgan Stanley Venture Capital III, Inc.
                                       its Institutional Managing Member

                                   By:
                                       -----------------------------------------

                                   MORGAN STANLEY VENTURE INVESTORS III, L.P.

                                   by: Morgan Stanley Venture
                                       Partners III, L.L.C
                                       its General Partner
                                   by: Morgan Stanley Venture Capital III, Inc.
                                       its Institutional Managing Member

                                   By:
                                       -----------------------------------------

                                   THE MORGAN STANLEY VENTURE PARTNERS
                                   ENTREPRENUER FUND, L.P.

                                   by: Morgan Stanley Venture Partners, L.L.C
                                       its General Partner
                                   by: Morgan Stanley Venture Capital
                                       Fund III, Inc.
                                       its Institutional Managing Member

                                   By:
                                       -----------------------------------------

                                   GE CAPITAL EQUITY INVESTMENTS, INC.

                                   By:
                                       -----------------------------------------
                                   Name and Title

                                   CARSON/PAUL ASSOCIATES LLC

                                   By:
                                       -----------------------------------------
                                   Russell L. Carson

                                       18
<PAGE>   19

                                   FRIST FAMILY INTERNET PARTNERS

                                   By:
                                       -----------------------------------------
                                   Dr. Robert Frist

                                   --------------------------------------
                                   Carol Frist

                                   JCBCF HEALTHSTREAM PARTNERS LLC

                                   By:
                                       -----------------------------------------

                                   --------------------------------------
                                   James and Sandra Daniell

                                   VANDERBILT UNIVERSITY

                                   By:
                                       -----------------------------------------

                                   HEALTHSTREAM PARTNERS

                                   By:
                                       -----------------------------------------

                                   --------------------------------------
                                   Stephen and Linda Rogers

                                   --------------------------------------
                                   Robert Merriman

                                   --------------------------------------
                                   Jeff and Carrie McLaren

                                   --------------------------------------
                                   Dan McLaren

                                   BORNEO PARTNERS

                                   By:
                                       -----------------------------------------

                                       19
<PAGE>   20

                                   --------------------------------------
                                   Virgina Duncombe

                                   --------------------------------------
                                   Dr. Scott Portis

                                   SC FUND II, L.P.

                                   By:
                                       -----------------------------------------

                                   CIS HOLDINGS, INC.

                                   By:
                                       -----------------------------------------

                                   HEALTHEON/WEBMD CORPORATION

                                   By:
                                       -----------------------------------------

                                       20<PAGE>   1

                                                                   EXHIBIT 4.8

                               HEALTHSTREAM, INC.

                                  COMMON STOCK
                               PURCHASE AGREEMENT

         THIS COMMON STOCK PURCHASE AGREEMENT (this "Agreement") is made as of
the __ day of March 2000, by and between HealthStream, Inc., a Tennessee
corporation (the "Company"), and Healtheon/WebMD Corporation, a Delaware
corporation ("Investor").

         WHEREAS, Investor wishes to make an investment in the Company and the
Company wishes to sell shares of its common stock, no par value per share (the
"Common Stock"), to the Investor;

         WHEREAS, the Company has filed a registration statement with the
Securities and Exchange Commission with respect to the planned initial public
offering ("IPO") of shares of its Common Stock (the "Registration Statement");
and

         WHEREAS, the Purchaser is an "accredited investor" and wishes to
purchase from the Company shares of its Common Stock in a transaction exempt
from registration under the Securities Act of 1933, as amended, such purchase to
close subject to and simultaneously with the closing of the IPO.

         NOW, THEREFORE, the parties hereto agree as follows:

1.       PURCHASE AND SALE OF SHARES

1.1      SALE OF SHARES.

         Subject to the terms and conditions hereof, at the Closing (as
hereinafter defined) the Company hereby agrees to issue and sell to Investor and
Investor agrees to purchase from the Company, for the aggregate amount of
$10,000,000, shares of the Company's Common Stock (the "Shares") at a price per
share equal to the lowest price at which the Company's Common Stock is sold to
the public in the IPO (the "Per Share Purchase Price").

1.2      CLOSING DATE.

         The closing of the purchase and sale of the Shares (the "Closing")
shall be contingent upon and shall occur simultaneously with the closing of the
IPO. The Company will give Investor two (2) business days' written notice of the
date of the closing (the "Closing Date"). The Company will notify Investor of
the IPO price promptly after it is determined by the pricing committee of the
Company's Board of Directors.

1.3      DELIVERY.

         At the Closing (i) Investor will deliver to the Company a check or wire
transfer funds in the amount of $10,000,000 (the "Aggregate Purchase Price") and
(ii) the Company shall deliver a certificate representing the number of shares
equal to the amount of $10,000,000 divided by the Per Share Purchase Price,
registered in the name of Investor. In the event that the Aggregate Purchase
Price would result in the issuance of a fractional share, then the Aggregate
Purchase Price shall be increased to reflect the issuance of one additional
share at the Per Share Purchase Price.

<PAGE>   2

2.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

         The Company hereby represents and warrants to Investor that as of the
date of this Agreement:

2.1      ORGANIZATION; GOOD STANDING, QUALIFICATION.

         The Company is a corporation duly organized, validly existing, and in
good standing under the laws of the State of Tennessee, has all requisite
corporate power and authority to own and operate its properties and assets and
to carry on its business as now conducted and as presently proposed to be
conducted, to execute and deliver this Agreement and any other agreement to
which the Company is a party the execution and delivery of which is contemplated
hereby (the "Ancillary Agreements"), to issue and sell the Common Stock and to
carry out the provisions of this Agreement and any Ancillary Agreement. The
Company is duly qualified and is authorized to transact business and is in good
standing as a foreign corporation in each jurisdiction in which the failure so
to qualify would have material adverse effect on its business, properties,
prospects, or financial condition.

2.2      AUTHORIZATION.

         All action on the part of the Company, its officers, directors and
stockholders necessary for the authorization, execution and delivery of this
Agreement and any Ancillary Agreement, the performance of all obligations of the
Company hereunder and thereunder at the Closing and the authorization, issuance
(or reservation for issuance), sale, and delivery of the Common Stock being sold
hereunder has been taken or will be taken prior to the Closing, and this
Agreement, and any Ancillary Agreement, when executed and delivered, will
constitute valid and legally binding obligations of the Company, enforceable in
accordance with their respective terms except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other laws of general
application affecting enforcement of creditors' rights generally, and (ii) as
limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies.

2.3      VALID ISSUANCE OF COMMON STOCK.

         The Common Stock that is being purchased by the Investors hereunder,
when issued, sold, and delivered in accordance with the terms of this Agreement
for the consideration expressed herein, will be duly and validly issued, fully
paid, and nonassessable, free and clear of all liens and encumbrances, issued in
compliance with all federal and state securities laws, and will be free of
restrictions on transfer other than restrictions on transfer under this
Agreement, any Ancillary Agreement and under applicable state and federal
securities laws. There are no outstanding rights of first refusal or preemptive
rights applicable to the Common Stock being sold hereunder.

2.4      GOVERNMENTAL CONSENTS.

         No consent, approval, qualification, order or authorization of, or
filing with, any local, state, or federal governmental authority is required on
the part of the Company in connection with the Company's valid execution,
delivery, or performance of this Agreement, the offer, sale or issuance of the
Common Stock by the Company, except such filings as have been made prior to the
Closing, except any notices of sale required to be filed with the Securities and
Exchange Commission under Regulation D of the Securities Act of 1933, as amended
(the "Securities Act"), or such post-closing filings as may be required under
applicable state securities laws, which will be timely filed within the
applicable periods therefor.

                                       2
<PAGE>   3

2.5      OFFERING.

         Subject in part to the truth and accuracy of Investor's representations
set forth in this Agreement, the offer, sale and issuance of the Common Stock as
contemplated by this Agreement are exempt from the registration requirements of
the Securities Act, and neither the Company nor any authorized agent acting on
its behalf will take any action hereafter that would cause the loss of such
exemption.

2.6      MATERIAL INFORMATION.

         None of (i) the Registration Statement and prospectus related thereto
filed by the Company with the Securities and Exchange Commission on March 8,
2000 (the "March 8 Registration Statement"); (ii) any representation or warranty
made herein by the Company; or (iii) any statement contained in any certificate
or other instrument furnished or to be furnished by the Company to the Investor
in connection with the transactions contemplated hereby contains any untrue
statement of a material fact or omits to state a material fact necessary to make
the statements therein not misleading in light of the circumstances under which
they were made. The Company shall deliver to the Investor copies of all
amendments to the March 8 Registration Statement within two business days after
their filing with the Securities and Exchange Commission.

3.       REPRESENTATIONS AND WARRANTIES OF INVESTOR.

         Investor hereby represent and warrant to the Company that as of the
date of this Agreement:

3.1      AUTHORIZATION.

         Investor has full power and authority to enter into this Agreement, and
that this Agreement, when executed and delivered, will constitute a valid and
legally binding obligation of Investor enforceable in accordance with its terms
except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, and other laws of general application affecting enforcement of
creditors' rights generally, and (ii) as limited by laws relating to the
availability of specific performance, injunctive relief, or other equitable
remedies.

3.2      PURCHASE ENTIRELY FOR OWN ACCOUNT.

         This Agreement is made with Investor in reliance upon such Investor's
representation to the Company, which by such Investor's execution of his
Agreement such Investor hereby confirms, that the Common Stock to be purchased
by such Investor will be acquired for investment for such Investor's own
account, not as a nominee or agent, and not with a view to the resale or
distribution of any part thereof, and that such Investor has no present
intention of selling, granting any participation in, or otherwise distributing
the same. By executing this Agreement, Investor further represents that such
Investor does not have any contract, undertaking, agreement or arrangement with
any person to sell, transfer or grant participations to such person or to any
third person, with respect to any of the Common Stock.

3.3      RELIANCE UPON INVESTOR'S REPRESENTATIONS.

         Investor understands that the Common Stock is not registered under the
Securities Act on the ground that the sale provided for in this Agreement and
the issuance of securities hereunder is exempt from registration under the
Securities Act pursuant to Section 4(2) thereof, and that the Company's reliance
on such exemption is predicated on the Investors' representations set forth
herein.

                                       3
<PAGE>   4

3.4      RECEIPT OF INFORMATION.

         Investor believes such Investor has received all the information such
Investor considers necessary or appropriate for deciding whether to purchase the
Common Stock. Investor further represents that such Investor has had an
opportunity to ask questions and receive answers from the Company regarding the
terms and conditions of the offering of the Common Stock and the business,
properties, prospects, and financial condition of the Company and to obtain
additional information (to the extent the Company possessed such information or
could acquire it without unreasonable effort or expense) necessary to verify the
accuracy of any information furnished to such Investor or to which such Investor
had access.

3.5      INVESTMENT EXPERIENCE.

         Investor represents that such Investor is experienced in evaluating and
investing in private placement transactions of securities of companies in a
similar stage of development and acknowledges that such Investor is able to fend
for himself, herself or itself, can bear the economic risk of such Investor's
investment, and has such knowledge and experience in financial and business
matters that such Investor is capable of evaluating the merits and risks of the
investment in the Common Stock.

3.6      ACCREDITED INVESTOR.

         Investor is an "accredited investor" as such term is defined in Rule
501 under the Securities Act.

3.7      RESTRICTED SECURITIES.

         Investor understands that the Common Stock may not be sold,
transferred, or otherwise disposed of without registration under the Securities
Act or an exemption therefrom, and that in the absence of an effective
registration statement covering the Common Stock or an available exemption from
registration under the Securities Act, the Common Stock must be held
indefinitely. In particular, Investor is aware that the Common Stock may not be
sold pursuant to Rule 144 promulgated under the Securities Act unless all of the
conditions of that Rule are met. Among the conditions for use of Rule 144 may be
the availability of current information to the public about the Company. Such
information is not now available and the Company has no present plans to make
such information available other than following the IPO.

3.8      LEGENDS.

         To the extent applicable, each certificate or other document evidencing
any of the Common Stock shall be endorsed with the legends substantially in the
form set forth below: (a) The following legend under the Securities Act:

                  "THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
         THE SECURITIES ACT OF 1933, AS AMENDED AND MAY NOT BE SOLD,
         TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED UNLESS AND UNTIL
         REGISTERED UNDER SUCH ACT, OR UNLESS THE COMPANY HAS RECEIVED AN
         OPINION OF COUNSEL OR OTHER EVIDENCE, SATISFACTORY TO THE COMPANY AND
         ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED."

         (b) Any legend imposed or required by applicable state securities laws.

                                       4

<PAGE>   5

3.9      NON-LIMITATION.

         The foregoing representations and warranties do not in any way limit or
modify the representations, warranties and covenants of the Company contained in
this Agreement or the rights of Investor to rely thereon. The representations,
warranties and covenants of the Company contained in this Agreement shall not be
affected by Investor or its agents: (i) investigating, verifying or examining
any matters with respect to the Company or the transactions contemplated hereby;
(ii) having the opportunity to investigate, verify or examine any matters
related to the Company or the transactions contemplated hereby; or (iii) failing
to determine or discover any facts which were determinable or discoverable by
any such party.

4.       CONDITIONS OF INVESTOR'S OBLIGATIONS AT CLOSING.

         The obligations of Investor under this Agreement are subject to the
fulfillment on or before the closing of each of the following conditions:

4.1      REPRESENTATIONS AND WARRANTIES.

         The representations and warranties of the Company contained in Section
2 shall be true on and as of the date of Closing with the same effect as though
such representations and warranties had been made on and as of the date of the
Closing provided that the representation and warranty contained in Section 2.6
herein will be made in respect to the prospectus provided to investors in the
IPO.

4.2      PERFORMANCE.

         The Company shall have performed and complied with all agreements,
obligations, and conditions contained in this Agreement that are required to be
performed or complied with by it on or before the Closing.

4.3      COMPLIANCE CERTIFICATE.

         The President of the Company shall deliver to the Investor at the
Closing a certificate stating that the conditions specified in Sections 4.1 and
4.2 have been fulfilled.

4.4      QUALIFICATIONS.

         All authorizations, approvals, or permits, if any, of any governmental
authority or regulatory body of the United States or of any state that are
required in connection with the lawful issuance and sale of the Common Stock
pursuant to this Agreement shall be duly obtained and effective as of the
Closing.

4.5      PROCEEDINGS AND DOCUMENTS.

         All corporate and other proceedings in connection with the transactions
contemplated at the Closing and all documents incident thereto shall be
reasonably satisfactory in form and substance to Investor, which shall have
received all such counterpart original and certified or other copies of such
documents as it may reasonably request.

                                       5

<PAGE>   6

4.6      INVESTORS' RIGHTS AGREEMENT.

         The Amended and Restated Investors' Rights Agreement in substantially
the form attached hereto as Exhibit B shall have been executed and delivered by
the Company, the Investor and all other holders of Registrable Securities (as
defined in the Amended and Restated Investors' Rights Agreement).

4.7      CLOSING OF IPO.

         The Company shall have consummated the IPO.

4.8      REGISTRATION STATEMENT.

         There shall have been no information disclosed in any amendment to the
March 8 Registration Statement (i) that Investor reasonably deems to be
materially adverse to the business, financial condition, results of operations
or prospects of the Company, its properties or assets or (ii) that would cause
the representation and warranty contained in Section 2.6 of this Agreement to be
untrue.

5.       CONDITIONS OF THE COMPANY'S OBLIGATIONS AT CLOSINGS.

         The obligations of the Company to Investor under this Agreement are
subject to the fulfillment on or before the Closing of each of the following
conditions with respect to such Investor.

5.1      REPRESENTATIONS AND WARRANTIES.

         The representations and warranties of Investor contained in Section 3
shall be true on and as of the Closing with the same effect as though such
representations and warranties had been made on and as of the date of the
Closing.

5.2      QUALIFICATIONS.

         All authorizations, approvals, or permits, if any, of any governmental
authority or regulatory body of the United States or of any state that are
required in connection with the lawful issuance and sale of the Stock pursuant
to this Agreement shall be duly obtained and effective as of each of the
Closings.

5.3      LOCK UP AGREEMENTS.

         Investor shall have executed the Lock up Agreements in the form
attached hereto as Exhibit A.

6.       GENERAL PROVISIONS.

6.1      ENTIRE AGREEMENT.

         This Agreement and the documents referred to herein constitute the
entire agreement among the parties and no party shall be liable or bound to any
other party in any manner by any warranties, representations, or covenants
except as specifically set forth herein or therein.

6.2      SURVIVAL OF WARRANTIES.

         The warranties, representations, and covenants of the Company and
Investor contained in or made pursuant to this Agreement shall survive the
execution and delivery of this Agreement and the Closing.

                                       6

<PAGE>   7

6.3      SUCCESSORS AND ASSIGNS.

         Except as otherwise provided herein, the terms and conditions of this
Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties (including permitted transferees of any
shares of Common Stock sold hereunder). Nothing in this Agreement, express or
implied, is intended to confer upon any party other than the parties hereto or
their respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

6.4      GOVERNING LAW.

         This Agreement shall be governed by and construed under the laws of the
State of Tennessee as applied to agreements among Tennessee residents entered
into and to be performed entirely within Tennessee.

6.5      COUNTERPARTS.

         This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

6.6      TITLES AND SUBTITLES.

         The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this
Agreement.

6.7      NOTICES.

         Unless otherwise provided, all notices and other communications
required or permitted under this Agreement shall be in writing and shall be
mailed by United States first class mail, postage prepaid, sent by facsimile or
delivered personally by hand or by a nationally recognized courier addressed to
the party to be notified at the address or facsimile number indicated for such
person on the signature page hereof, or at such other address or facsimile
number as such party may designate by ten (10) days' advance written notice to
the other parties hereto. All such notices and other written communications
shall be effective on the date of mailing, confirmed facsimile transfer or
delivery.

6.8      FINDER'S FEES.

         Each party represents that it neither is nor will be obligated for any
finder's fee or commission in connection with the purchase by Investor of the
Common Stock.

         Investor agrees to indemnify and to hold harmless the Company from any
liability for any commission or compensation in the nature of a finder's fee
(and the cost and expenses of defending against such liability or asserted
liability) for which the Investor or any of its officers, partners, employees,
or representatives is responsible.

         The Company agrees to indemnify and hold harmless Investor from any
liability for any commission or compensation in the nature of a finder's fee
(and the costs and expenses of defending against such liability or asserted
liability) for which the Company or any of its officers, employees, or
representatives is responsible.

                                       7

<PAGE>   8

6.9      ATTORNEYS' FEES.

         If any action at law or in equity is necessary to enforce or interpret
the terms of this Agreement or any Ancillary Agreement, the prevailing party
shall be entitled to reasonable and actually incurred attorneys' fees, costs,
and disbursements in addition to any other relief to which such party may be
entitled.

6.10     AMENDMENTS AND WAIVERS.

         Any term of this Agreement may be amended and the observance of any
term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written
consent of the Company and Investor.

6.11     SEVERABILITY.

         If one or more provisions of this Agreement are held to be
unenforceable under applicable law, such provision shall be excluded from this
Agreement and the balance of the Agreement shall be interpreted as if such
provision were so excluded and shall be enforceable in accordance with its
terms.

6.12     TENNESSEE SECURITIES LAW.

         THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS
NOT BEEN QUALIFIED WITH THE SECURITIES DIVISION OF THE TENNESSEE DEPARTMENT OF
COMMERCE AND INSURANCE OF THE STATE OF TENNESSEE AND THE ISSUANCE OF SUCH
SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH
SECURITIES PRIOR TO SUCH QUALIFICATION IS UNLAWFUL UNLESS THE SALE OF SECURITIES
IS EXEMPT FROM QUALIFICATION BY TENNESSEE LAW. THE RIGHTS OF ALL PARTIES TO THIS
AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED,
UNLESS THE SALE IS SO EXEMPT.

                                       8

<PAGE>   9

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                        HEALTHSTREAM, INC.

                                        By /s/ W. Michael Heekin
                                           -------------------------------------
                                              Chief Executive Officer

                                        209 10th Ave. South
                                        Suite 450
                                        Nashville, TN  37203

                                        INVESTOR:

                                        HEALTHEON/WEBMD
                                        400 The Lenox Building
                                        3399 Peachtree Road, NE
                                        Atlanta, GA 30326

                                        By /s/ Robert A. Frist, Jr.
                                           -------------------------------------

                                        Its  CEO
                                           -------------------------------------

                                       9
<PAGE>   10

                                    EXHIBIT A
                               LOCK UP AGREEMENTS

March ___, 2000

HealthStream, Inc.
209 10th Ave. South
Suite 450
Nashville, TN  37203

Ladies and Gentlemen:

         The undersigned hereby irrevocably agrees that it will not, directly or
indirectly, sell, offer, contract to sell, transfer the economic risk of
ownership in, make any short sale, pledge or otherwise dispose of any of the
shares of Common Stock of HealthStream, Inc. (the "Company") purchased pursuant
to the Common Stock Purchase Agreement of even date herewith ("Common Stock"),
without the prior written consent of the Company, for the following periods:

         (i)   fifty percent of the shares of Common Stock for one (1) year from
               the date hereof; and

         (ii)  the remaining fifty percent of the shares of Common Stock for two
               (2) years from the date hereof.

         Notwithstanding the foregoing, the undersigned may transfer any or all
of the Common Stock (i) to any affiliate of the undersigned; (ii) in connection
with the sale of a business unit or the business of the undersigned; or (iii) in
a transaction exempt from registration under the Securities Act of 1933,
provided that, in each case, the transferee of shares of the Common Stock agrees
as a condition to such transfer to be bound by the terms of this letter.

         The undersigned understands that the agreements of the undersigned are
irrevocable and shall be binding upon the undersigned's legal representatives,
successors and assigns. The undersigned agrees and consents to the entry of stop
transfer instructions with the Company's transfer agent against the transfer of
Common Stock held by the undersigned except in compliance with this agreement.

                                            HEALTHEON/WEBMD
                                            400 The Lenox Building
                                            3399 Peachtree Road, NE
                                            Atlanta, GA 30326

                                            By
                                              ----------------------------------

                                            Its
                                               ---------------------------------

<PAGE>   11

FleetBoston Robertson Stephens Inc.
CIBC World Markets Corp.
J.C. Bradford & Co.
E* OFFERING Corp.
         As Representatives of the Several Underwriters
c/o FleetBoston Robertson Stephens Inc.
555 California Street, Suite 2600
San Francisco, California 94104

RE: HealthStream, Inc. (the "Company")

Ladies & Gentlemen:

           The undersigned is an owner of record or beneficially of certain
shares of Common Stock of the Company ("Common Stock") or securities convertible
into or exchangeable or exercisable for Common Stock. The Company proposes to
carry out a public offering of Common Stock (the "Offering") for which you will
act as the representatives (the "Representatives") of the underwriters. The
undersigned recognizes that the Offering will be of benefit to the undersigned
and will benefit the Company by, among other things, raising additional capital
for its operations. The undersigned acknowledges that you and the other
underwriters are relying on the representations and agreements of the
undersigned contained in this letter in carrying out the Offering and in
entering into underwriting arrangements with the Company with respect to the
Offering.

           In consideration of the foregoing, the undersigned hereby agrees that
the undersigned will not offer to sell, contract to sell, or otherwise sell,
dispose of, loan, pledge or grant any rights with respect to (collectively, a
"Disposition") any shares of Common Stock, any options or warrants to purchase
any shares of Common Stock or any securities convertible into or exchangeable
for shares of Common Stock (collectively, "Securities") now owned or hereafter
acquired directly by such person or with respect to which such person has or
hereafter acquires the power of disposition, otherwise than (i) as a bona fide
gift or gifts, provided the donee or donees thereof agree in writing to be bound
by this restriction, (ii) as a distribution to partners or shareholders of such
person, provided that the distributees thereof agree in writing to be bound by
the terms of this restriction, (iii) with respect to sales or purchases of
Common Stock acquired on the open market, (iv) with respect to shares received
in the Directed Share Program or (v) with the prior written consent of
FleetBoston Robertson Stephens Inc. The foregoing restrictions will terminate
after the close of trading of the Common Stock on the 180th day of (and
including) the day the Common Stock commenced trading on the Nasdaq National
Market (the "Lock-Up" Period). The foregoing restriction has been expressly
agreed to preclude the holder of the Securities from engaging in any hedging or
other transaction which is designed to or reasonably expected to lead to or
result in a Disposition of Securities during the Lock-up Period, even if such
Securities would be disposed of by someone other than such holder. Such
prohibited hedging or other transactions would include, without limitation, any
short sale (whether or not against the box) or any purchase, sale or grant of
any right (including, without limitation, any put or call option) with respect
to any Securities or with respect to any security (other than a broad-based
market basket or index) that included, relates to or derives any significant
part of its value from Securities. The undersigned also agrees and consents to
the entry of stop transfer instructions with the Company's transfer agent and
registrar against the transfer of shares of Common Stock or Securities held by
the undersigned except in compliance with the foregoing restrictions.

<PAGE>   12

           This agreement is irrevocable and will be binding on the undersigned
and the respective successors, heirs, personal representatives, and assigns of
the undersigned. In the event the Offering has not occurred on or before April
15, 2000 this Lock-Up Agreement shall be of no further force or effect.

Dated
      -------------------------
                                          --------------------------------------
                                                          Printed Name of Holder

                                          By:
                                             -----------------------------------
                                                                       Signature

                                          --------------------------------------
                                                  Printed Name of Person Signing

                                          (and indicate capacity of person
                                          signing if signing as custodian,
                                          trustee, or on behalf of an entity)

<PAGE>   13

                                    EXHIBIT B
                           INVESTORS' RIGHTS AGREEMENT

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