Document:

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                                                                    EXHIBIT 10.9

                     FORM OF DIRECTOR STOCK OPTION AGREEMENT
                               HEALTHSTREAM, INC.
                            2000 STOCK INCENTIVE PLAN

      OPTION GRANTED THIS ____ DAY OF ______, 200__ ("GRANT DATE") BY
      HEALTHSTREAM, INC. (THE "COMPANY") TO Optionee (THE "DIRECTOR").

      1. Stock Option. The Company hereby grants to the Director an option (the
"Option") to purchase up to ______ shares of the common stock of the Company, no
par value, to be issued upon the exercise of the Option, in the manner hereafter
set forth, fully paid and nonassessable. This Option is being granted under the
provisions of the Company's 2000 Stock Incentive Plan (the "Plan"), which are
incorporated herein by reference. The Plan is administered by the Compensation
Committee of the Board of Directors of the Company.

      2. Time of Exercise. This Option shall be exercisable and have a term as
follows:

            (a)   This Option shall expire on the tenth anniversary of the
   Grant Date.

            (b)   One hundred percent (100%) of the shares granted under this
   Option shall vest and become exercisable on the Grant Date.

            (c)   This Option shall be exercisable only in the lesser of round
   lots of One Hundred (100) shares or the total number of shares remaining
   under this Grant.

      3. Purchase Price. The purchase price per share shall be _____, being not
less than the fair market value of the common stock as of the Grant Date.

      4. Rights as a Shareholder. The Director shall have no rights as a
shareholder with respect to any shares covered by this Option until the Director
has given written notice of exercise, has paid in full for such shares and taken
such other actions as may be required by the Committee in accordance with the
provisions of the Plan. No adjustment shall be made for dividends for which the
record date is prior to the date of issuance of such stock certificate.

HEALTHSTREAM, INC.

______________________

______________________

The undersigned:

      (a)   Acknowledges receipt of the foregoing Option and the attachments
referenced therein and understands that all rights and liabilities with respect
to this Option and the Plan; and

      (b)   Acknowledges that as of the date of grant of this Option, it sets
forth the entire understanding between the undersigned Director and the Company
and its Affiliates regarding the acquisition of stock in the Company pursuant to
this grant and supersedes all prior oral and written agreements on that subject.

______________________

OPTIONEE<PAGE>

                                                                   EXHIBIT 10.10

          FORM OF EMPLOYEE AND EXECUTIVE OFFICER STOCK OPTION AGREEMENT
                               HEALTHSTREAM, INC.
                            2000 STOCK INCENTIVE PLAN

      OPTION GRANTED THIS ____ DAY OF ______, 200__ ("GRANT DATE") BY
      HEALTHSTREAM, INC. (THE "COMPANY") TO Optionee (THE "EMPLOYEE").

      1. Stock Option. The Company hereby grants to the Employee an option (the
"Option") to purchase up to _____ shares of the common stock of the Company, no
par value, to be issued upon the exercise of the Option, in the manner hereafter
set forth, fully paid and nonassessable. This Option is being granted under the
provisions of the Company's 2000 Stock Incentive Plan (the "Plan"), which are
incorporated herein by reference. The Plan is administered by the Compensation
Committee of the Board of Directors of the Company.

      2. Time of Exercise. This Option shall be exercisable and have a term as
follows:

            (a)   This Option shall expire on the eighth anniversary of the
   Grant Date.

            (b)   One fourth (1/4) of the shares granted under this Option shall
   vest and become exercisable on the first anniversary of the Grant Date.

            (c)   One half (1/2) of the shares granted under this Option shall
   vest and become exercisable on the second anniversary of the Grant Date.

            (d)   Three fourths (3/4) of the shares granted under this Option
   shall vest and become exercisable on the third anniversary of the Grant Date.

            (e)   The remaining one fourth (1/4) of the shares granted under
   this Option shall vest and become exercisable on the fourth anniversary of
   the Grant Date.

            (f)   This Option shall be exercisable only in the lesser of round
   lots of One Hundred (100) shares or the total number of shares remaining
   under this Grant.

      3. Purchase Price. The purchase price per share shall be _______, being
not less than the fair market value of the common stock as of the Grant Date.

      4. Rights as a Shareholder. The Employee shall have no rights as a
shareholder with respect to any shares covered by this Option until the Employee
has given written notice of exercise, has paid in full for such shares and taken
such other actions as may be required by the Committee in accordance with the
provisions of the Plan. No adjustment shall be made for dividends for which the
record date is prior to the date of issuance of such stock certificate.

HEALTHSTREAM, INC.

______________________

______________________

The undersigned:

      (a)   Acknowledges receipt of the foregoing Option and the attachments
referenced therein and understands that all rights and liabilities with respect
to this Option and the Plan; and

      (b)   Acknowledges that as of the date of grant of this Option, it sets
forth the entire understanding between the undersigned Employee and the Company
and its Affiliates regarding the acquisition of stock in the Company pursuant to
this grant and supersedes all prior oral and written agreements on that subject.

______________________

OPTIONEE<PAGE>

                                                                   EXHIBIT 10.11

                             FORM OF CASH BONUS PLAN
                               HEALTHSTREAM, INC.

Methodology
-----------

The primary financial measurement underlying our cash bonus plan will be EBITDA.
This measure is intended to allow for comparability between periods and
generally will exclude the impact of non-cash items or accounting changes. If
net revenues are less than 95% of budgeted revenues, management will reduce the
bonus calculations by 5-10% depending on the extent and circumstances of the
unfavorable variance. Only non-commissioned employees are eligible for
participation in the cash bonus plan.

Method of Bonus Calculation
---------------------------

The calculation is based on the employee's level and role within the company.
Adjustments to the calculation may include discretionary amounts related to
product line responsibilities or performance compared to budgeted results. Bonus
amounts shall be adjusted to reflect movement from commissioned to
non-commissioned roles, as well as leave of absences, employment for less than
the entire year or other changes in roles and responsibilities.

Participant Level descriptions and participation
------------------------------------------------

Once results have exceeded budgeted EBITDA results, bonuses will begin to be
earned. Calculations by participant shall be subject to the following levels and
participation:

Level 1- Includes all positions within the company that generally don't have
         managerial responsibilities as a component of their job description.
         (up to 5% of base compensation)

Level 2- Includes positions that have supervisory and/or project
         responsibilities and have the title of Manager. (up to 6.25% of base
         compensation)

Level 3- Includes Business Directors and Vice Presidents. (up to 14% of base
         compensation)

Level 4- Includes the CEO and Senior Vice Presidents. (up to 14% of base
         compensation)

Bonus Amount - Any payout over the budgeted EBITDA target will be self-funding
(that is to say, bonus payout would represent only a portion of the incremental
EBITDA achievement over budget).

Timing - The Plan will run from January 1 through December 31. A summary of the
plan shall be provided to all employees explaining the plan.

Administration - The plan shall be administered by the Compensation Committee of
the Board of Directors.

Payout - On or about March 15 of the following year, contingent upon employment
on the payment date.<PAGE>
                                                                    EXHIBIT 10.1

                       FOURTH LOAN MODIFICATION AGREEMENT

         This Fourth Loan Modification Agreement (this "Loan Modification
Agreement") is entered into as of March 16, 2005, by and between SILICON VALLEY
BANK, a California-chartered bank, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 and with a loan production office
located at One Newton Executive Park, Suite 200, 2221 Washington Street, Newton,
Massachusetts 02462 ("Bank") and INTERNET COMMERCE CORPORATION, a Delaware
corporation with its principal place of business at 6801 Governors Lake Parkway,
Suite 110, Norcross, Georgia 30071 ("Borrower").

1.       DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other
         indebtedness and obligations which may be owing by Borrower to Bank,
         Borrower is indebted to Bank pursuant to a loan arrangement dated as of
         May 30, 2003, evidenced by, among other documents, a certain Accounts
         Receivable Financing Agreement dated May 30, 2003 between Borrower and
         Bank, as amended by a certain First Loan Modification Agreement dated
         October 22, 2003, as further amended by a certain Second Loan
         Modification Agreement dated August 31, 2004, and as further amended by
         a certain Third Loan Modification Agreement dated December 31, 2004 (as
         amended from time to time, the "Loan Agreement"). Capitalized terms
         used but not otherwise defined herein shall have the same meaning as in
         the Loan Agreement.

2.       DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by
         the Collateral as described in the Loan Agreement and the Intellectual
         Property Collateral as described in a certain Intellectual Property
         Security Agreement dated as of May 30, 2003 (the "IP Security
         Agreement") (together with any other collateral security granted to
         Bank, the "Security Documents").

              Hereinafter, the Security Documents, together with all other
         documents evidencing or securing the Obligations shall be referred to
         as the "Existing Loan Documents".

3.       DESCRIPTION OF CHANGE IN TERMS.

         Modifications to Loan Agreement.

                  1.       The Loan Agreement shall be amended by deleting the
                           following definition appearing in Section 1 thereof:

                                    " "APPLICABLE RATE" is a per annum rate
                                    equal to the Prime Rate plus 0.35%."

                           and inserting in lieu thereof the following:

                                    " "APPLICABLE RATE" is a per annum rate
                                    equal to the Prime Rate plus 0.25%;
                                    provided, however, for any Reconciliation
                                    Period in which Borrower's Adjusted Quick
                                    Ratio is less than 1.25 to 1.0 at any time,
                                    the Applicable Rate shall be a per annum
                                    rate equal to the Prime Rate plus 0.75% for
                                    such Reconciliation Period."

                  2.       The Loan Agreement shall be amended by deleting the
                           following definition appearing in Section 1 thereof:

                                    " "FACILITY PERIOD" is the period beginning
                                    on this date and continuing until February
                                    12, 2005, unless the period is terminated
                                    sooner by Bank with notice to Borrower or by
                                    Borrower pursuant to Section 4.3."

                           and inserting in lieu thereof the following:

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                                    " "FACILITY PERIOD" is the period beginning
                                    on this date and continuing until March 16,
                                    2006, unless the period is terminated sooner
                                    by Bank with notice to Borrower or by
                                    Borrower pursuant to Section 4.3."

                  3.       The Loan Agreement shall be amended by deleting the
                           following definition appearing in Section 1 thereof:

                                    " "QUICK ASSETS" is, on any date, the
                                    Borrower's consolidated, unrestricted cash,
                                    cash equivalents, net accounts receivable
                                    and investments with maturities of fewer
                                    than 12 months determined according to
                                    GAAP."

                           and inserting in lieu thereof the following:

                                    " "QUICK ASSETS" is, on any date, the
                                    Borrower's consolidated, unrestricted cash,
                                    cash equivalents, and net accounts
                                    receivable determined according to GAAP."

                  4.       The Loan Agreement shall be amended by deleting the
                           following, appearing as Section 3.4 thereof:

                                    "3.4 COLLATERAL HANDLING FEE. On each
                                    Reconciliation Day, Borrower will pay to
                                    Bank a collateral handling fee, equal to
                                    0.20% per month of the average daily
                                    Financed Receivable Balance outstanding
                                    during the applicable Reconciliation Period.
                                    After an Event of Default, the Collateral
                                    Handling Fee will increase an additional
                                    0.30% effective immediately before the Event
                                    of Default."

                           and inserting in lieu thereof the following:

                                    "3.4 COLLATERAL HANDLING FEE. On each
                                    Reconciliation Day, Borrower will pay to
                                    Bank a collateral handling fee, equal to
                                    0.15% per month of the average daily
                                    Financed Receivable Balance outstanding
                                    during the applicable Reconciliation Period;
                                    provided, however, for any Reconciliation
                                    Period in which Borrower's Adjusted Quick
                                    Ratio is less than 1.25 to 1.0 at any time,
                                    the Collateral Handling Fee shall be equal
                                    to 0.35% per month of the average daily
                                    Financed Receivable Balance outstanding
                                    during such Reconciliation Period. After an
                                    Event of Default, the Collateral Handling
                                    Fee will increase an additional 0.30%
                                    effective immediately before the Event of
                                    Default."

                  5.       The Loan Agreement shall be amended by deleting the
                           following, appearing as Section 6.3(H) thereof:

                                    " (H) Provide Bank with, as soon as
                                    available, but no later than twenty (20)
                                    days following each Reconciliation Period,
                                    an aged listing of accounts receivables and
                                    accounts payable, along with a Deferred
                                    Revenue report. All of the foregoing shall
                                    be in form and substance reasonably
                                    satisfactory to the Bank."

                           and inserting in lieu thereof the following:

                                    " (H) Provide Bank with, as soon as
                                    available, but no later than thirty (30)
                                    days following each Reconciliation Period,
                                    an aged listing of accounts receivables and
                                    accounts payable, along with a Deferred
                                    Revenue report. All of

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<PAGE>

                                    the foregoing shall be in form and substance
                                    reasonably satisfactory to the Bank."

4.       FEES. Borrower shall pay to Bank a modification fee of Ten Thousand
         Dollars ($10,000.00), which fee shall be due on the date hereof and
         shall be deemed fully earned as of the date hereof. Borrower shall also
         reimburse Bank for all legal fees and expenses incurred in connection
         with this amendment to the Existing Loan Documents.

5.       RATIFICATION OF INTELLECTUAL PROPERTY SECURITY AGREEMENT. Borrower
         hereby ratifies, confirms and reaffirms, all and singular, the terms
         and conditions of the IP Security Agreement, and acknowledges, confirms
         and agrees that the IP Security Agreement contains an accurate and
         complete listing of all Intellectual Property Collateral as defined
         therein.

6.       CONSISTENT CHANGES. The Existing Loan Documents are hereby amended
         wherever necessary to reflect the changes described above.

7.       RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and
         reaffirms all terms and conditions of all security or other collateral
         granted to the Bank, and confirms that the indebtedness secured thereby
         includes, without limitation, the Obligations.

8.       NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that
         Borrower has no offsets, defenses, claims, or counterclaims against
         Bank with respect to the Obligations, or otherwise, and that if
         Borrower now has, or ever did have, any offsets, defenses, claims, or
         counterclaims against Bank, whether known or unknown, at law or in
         equity, all of them are hereby expressly WAIVED and Borrower hereby
         RELEASES Bank from any liability thereunder.

9.       CONTINUING VALIDITY. Borrower understands and agrees that in modifying
         the existing Obligations, Bank is relying upon Borrower's
         representations, warranties, and agreements, as set forth in the
         Existing Loan Documents. Except as expressly modified pursuant to this
         Loan Modification Agreement, the terms of the Existing Loan Documents
         remain unchanged and in full force and effect. Bank's agreement to
         modifications to the existing Obligations pursuant to this Loan
         Modification Agreement in no way shall obligate Bank to make any future
         modifications to the Obligations. Nothing in this Loan Modification
         Agreement shall constitute a satisfaction of the Obligations. It is the
         intention of Bank and Borrower to retain as liable parties all makers
         of Existing Loan Documents, unless the party is expressly released by
         Bank in writing. No maker will be released by virtue of this Loan
         Modification Agreement.

10.      COUNTERSIGNATURE. This Loan Modification Agreement shall become
         effective only when it shall have been executed by Borrower and Bank.

            [The remainder of this page is intentionally left blank]

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         This Loan Modification Agreement is executed as a sealed instrument
under the laws of the Commonwealth of Massachusetts as of the date first written
above.

<TABLE>
<CAPTION>
BORROWER:                                                     BANK:

INTERNET COMMERCE CORPORATION                                 SILICON VALLEY BANK
<S>                                                        <C>
By:          /s/ Glen Shipley                                 By:      /s/ Nathan Ottinger
  ------------------------------------------                     -----------------------------------------

Name:        Glen Shipley                                     Name:    Nathan Ottinger
    ----------------------------------------                       ---------------------------------------

Title:   CFO                                                  Title:   Senior Vice President
      --------------------------------------                        --------------------------------------
</TABLE>

                                       4

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