Document:

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                                                                     EXHIBIT 4.6

                                                                  JUNE 14, 1999

                                    WARRANT

THE WARRANT EVIDENCED OR CONSTITUTED HEREBY, AND ALL SHARES OF COMMON STOCK
ISSUABLE HEREUNDER, HAVE BEEN AND WILL BE ISSUED WITHOUT REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") AND MAY NOT BE SOLD,
OFFERED FOR SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT REGISTRATION
UNDER THE ACT UNLESS EITHER (i) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL,
IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT
THAT REGISTRATION IS NOT REQUIRED IN CONNECTION WITH SUCH DISPOSITION OR (ii)
THE SALE OF SUCH SECURITIES IS MADE PURSUANT TO SECURITIES AND EXCHANGE
COMMISSION RULE 144.

                      WARRANT TO PURCHASE COMMON STOCK OF

                               HEALTHSTREAM, INC.

                            (Subject to Adjustment)

NO. __

         THIS CERTIFIES THAT, for value received, GE Medical Systems, a
division of General Electric Company, a New York corporation (including its
affiliates and permitted assigns, GE" or Holder"), is entitled, subject to the
terms and conditions of this Warrant, at any time or from time to time after
the date hereof (the "Effective Date"), and before 5:00 p.m. New York City time
on the date that is ten (10) years from the date hereof (the "Expiration
Date"), to purchase from HealthStream, Inc., a Tennessee corporation (the
"Company") 132,450 shares of Common Stock of the Company at a price per share
equal to the lesser of (i) $7.55 or (ii) the price as determined in good faith
by the Company's Board of Directors at a meeting held on or about June 24, 1999
(the "Purchase Price"). Both the number of shares of Common Stock purchasable
upon exercise of this Warrant and the Purchase Price are subject to adjustment
and change as provided herein.

         1.         CERTAIN DEFINITIONS.  As used in this Warrant the
following terms shall have the following respective meanings:

         "Commission" means the Securities and Exchange Commission.

         "Common Stock" shall mean the Common Stock of the Company, no par
value, and any other securities at any time receivable or issuable upon
exercise of this Warrant.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended

         "Fair Market Value" of a share of Common Stock as of a particular date
shall mean:

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         (a) If traded on a securities exchange or the Nasdaq National Market,
the Fair Market Value shall be deemed to be the average of the closing prices
of the Common Stock of the Company on such exchange or market over the 5
business days ending immediately prior to the applicable date of valuation;

         (b) If actively traded over-the-counter, the Fair Market Value shall
be deemed to be the average of the closing bid prices over the 30-day period
ending immediately prior to the applicable date of valuation; and

         (c) If there is no active public market, the Fair Market Value shall
be the value thereof, as agreed upon by the Company and the Holder; provided,
however, that if the Company and the Holder cannot agree on such value, such
value shall be determined by an independent valuation firm experienced in
valuing businesses such as the Company and jointly selected in good faith by
the Company and the Holder. Fees and expenses of the valuation firm shall be
paid for by the Company.

         "HSR Act" shall mean the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended from time to time.

         "IPO" shall mean the Company's first firm commitment underwritten
public offering of the Company's Common Stock pursuant to a registration
statement filed with the Commission.

         "Registered Holder" shall mean any Holder in whose name this Warrant
is registered upon the books and records maintained by the Company.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Warrant" as used herein, shall include this Warrant and any warrant
delivered in substitution or exchange therefor as provided herein.

         2.         EXERCISE OF WARRANT

         2.1.     Payment. Subject to compliance with the terms and conditions
of this Warrant and applicable securities laws, this Warrant may be exercised,
in whole or in part at any time or from time to time, on or before the
Expiration Date by the delivery (including, without limitation, delivery by
facsimile) of the form of Notice of Exercise attached hereto as Exhibit 1 (the
"Notice of Exercise"), duly executed by the Holder, at the principal office of
the Company, and as soon as practicable after such date, surrendering (a) this
Warrant at the principal office of the Company, and (b) payment in cash (by
check) or by wire transfer of an amount equal to the product obtained by
multiplying the number of shares of Common Stock being purchased upon such
exercise by the then effective Purchase Price (the "Exercise Amount"), except
that if Holder is subject to HSR Act Restrictions (as defined in Section 2.3
below), the Exercise Amount shall be paid to the Company within five (5)
business days of the termination of all HSR Act Restrictions.

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         2.2.     Stock Certificates; Fractional Shares. As soon as practicable
on or after such date, the Company shall issue and deliver to the person or
persons entitled to receive the same a certificate or certificates for the
number of whole shares of Common Stock issuable upon such exercise, together
with cash in lieu of any fraction of a share equal to such fraction of the
current Fair Market Value of one whole share of Common Stock as of the date of
exercise of this Warrant. No fractional shares or scrip representing fractional
shares shall be issued upon an exercise of this Warrant. Such certificate or
certificates shall be deemed to have been issued and any person so designated
to be named therein shall be deemed to have become a holder of record of such
Common Stock as of the date of delivery of the Notice of Exercise.

         2.3.     HSR Act. If the filing by the Company under the HSR Act
should be required at the time of any exercise of this Warrant by a Holder, in
the reasonable opinion of counsel for Holder, the Company will promptly make
any such filing with the appropriate government agency. The Company hereby
acknowledges that exercise of this Warrant by Holder may subject the Company
and/or the Holder to the filing requirements of the HSR Act and that Holder may
be prevented from exercising this Warrant until the expiration or early
termination of all waiting periods imposed by the HSR Act ("HSR Act
Restrictions"). If on or before the Expiration Date Holder has sent the Notice
of Exercise to Company and Holder has not been able to complete the exercise of
this Warrant prior to the Expiration Date because of HSR Act Restrictions, the
Holder shall be entitled to complete the process of exercising this Warrant in
accordance with the procedures contained herein notwithstanding the fact that
completion of the exercise of this Warrant would take place after the
Expiration Date.

         2.4.     Partial Exercise; Effective Date of Exercise. In case of any
partial exercise of this Warrant, the Company shall cancel this Warrant upon
surrender hereof and shall execute and deliver a new Warrant of like tenor and
date for the balance of the shares of Common Stock purchasable hereunder. This
Warrant shall be deemed to have been exercised immediately prior to the close
of business on the date of its surrender for exercise as provided above.
However, if Holder is subject to HSR Act filing requirements this Warrant shall
be deemed to have been exercised on the date immediately following the date of
the expiration of all HSR Act Restrictions. The person entitled to receive the
shares of Common Stock issuable upon exercise of this Warrant shall be treated
for all purposes as the holder of record of such shares as of the close of
business on the date the Holder is deemed to have exercised this Warrant.

         2.5.     Net Issue Exercise. In lieu of the payment methods set forth
in Section 2.1 above, the Holder may elect to exchange all or some of the
Warrant for shares of Common Stock equal to the value of the amount of the
Warrant being exchanged on the date of exchange. If Holder elects to exchange
this Warrant as provided in this Section 2.5, Holder shall tender to the
Company the Warrant for the amount being exchanged, along with written notice
of Holder's election to exchange some or all of the Warrant, and the Company
shall issue to Holder the number of shares of the Common Stock computed using
the following formula:

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                  X = Y (A-B)
                      -------
                         A

                  Where X = the number of shares of Common Stock to be issued
                  to Holder.

                  Y = the number of shares of Common Stock purchasable under
                  the Warrant being exchanged (as adjusted to the date of such
                  calculation).

                  A = the Fair Market Value of one share of the Company's
                  Common Stock.

                  B = the Purchase Price (as adjusted to the date of such
                  calculation).

                  All references herein to an "exercise" of the Warrant shall
include an exchange pursuant to this Section 2.5. Upon receipt of a written
notice of the Company's intention to raise capital by selling shares of Common
Stock in an IPO (the "IPO Notice"), which notice shall be delivered to Holder
at least forty-five (45) but not more than ninety (90) days before the
anticipated date of the filing with the Securities and Exchange Commission of
the registration statement associated with the IPO, the Holder shall promptly
notify the Company whether or not the Holder will exercise this Warrant
pursuant to this Section 2.5 prior to consummation of the IPO. Notwithstanding
whether or not an IPO Notice has been delivered to Holder or any other
provision of this Warrant to the contrary, if Holder decides to exercise this
Warrant while a registration statement is on file with the Securities and
Exchange Commission (the "SEC") in connection with the IPO, this Warrant shall
be deemed exercised on the consummation of the IPO and the Fair Market Value of
a share of Common Stock will be the price at which one share of Common Stock
was sold to the public in the IPO. If Holder has elected to exercise this
Warrant pursuant to this Section 2.5 while a registration statement is on file
with the Securities and Exchange Commission in connection with an IPO and the
IPO is not consummated, then Holder's exercise of this Warrant shall not be
effective unless Holder confirms in writing Holder's intention to go forward
with the exercise of this Warrant.

         2.6.     "Easy Sale" Exercise. In lieu of the payment methods set
forth in Section 2.1 and 2.5 above, when permitted by law and applicable
regulations (including Nasdaq and NASD rules), the Holder may pay the Purchase
Price through a "same day sale" commitment from the Holder (and if applicable a
broker-dealer that is a member of the National Association of Securities
Dealers (a "NASD Dealer")), whereby the Holder irrevocably elects to exercise
this Warrant and to sell a portion of the Shares so purchased to pay for the
Purchase Price and the Holder (or, if applicable, the NASD Dealer) commits upon
sale (or, in the case of the NASD Dealer, upon receipt) of such Shares to
forward the Purchase Price directly to the Company.

         3.       VALID ISSUANCE: TAXES. All shares of Common Stock issued
upon the exercise of this Warrant shall be validly issued, fully paid and
non-assessable, and the Company shall pay all taxes and other governmental
charges that may be imposed in respect of the issue or delivery thereof. The
Company shall not be required to pay any tax or other charge imposed in
connection with any transfer involved in the issuance of any certificate for
shares of Common Stock in any name other than that of the Registered Holder of
this Warrant, and in such case the Company shall not be required to issue or
deliver any stock certificate or security until such tax

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or other charge has been paid, or it has been established to the Company's
reasonable satisfaction that no tax or other charge is due.

         4.       ADJUSTMENT OF PURCHASE PRICE AND NUMBER OF SHARES. The
number of shares of Common Stock issuable upon exercise of this Warrant (or any
shares of stock or other securities or property receivable or issuable upon
exercise of this Warrant) and the Purchase Price are subject to adjustment upon
occurrence of the following events:

         4.1.     Adjustment for Stock Splits, Stock Subdivisions or
Combinations of Shares. The Purchase Price of this Warrant shall be
proportionally decreased and the number of shares of Common Stock issuable upon
exercise of this Warrant (or any shares of stock or other securities at the
time issuable upon exercise of this Warrant) shall be proportionally increased
to reflect any stock split or subdivision of the Company's Common Stock. The
Purchase Price of this Warrant shall be proportionally increased and the number
of shares of Common Stock issuable upon exercise of this Warrant (or any shares
of stock or other securities at the time issuable upon exercise of this
Warrant) shall be proportionally decreased to reflect any combination of the
Company's Common Stock.

         4.2.     Adjustment for Dividends or Distributions of Stock or Other
Securities or Property. In case the Company shall make or issue, or shall fix a
record date for the determination of eligible holders entitled to receive, a
dividend or other distribution with respect to the Common Stock (or any shares
of stock or other securities at the time issuable upon exercise of the Warrant)
payable in (a) securities of the Company or (b) assets (excluding cash
dividends paid or payable solely out of retained earnings), then, in each such
case, the Holder of this Warrant on exercise hereof at any time after the
consummation, effective date or record date of such dividend or other
distribution, shall receive, in addition to the shares of Common Stock (or such
other stock or securities) issuable on such exercise prior to such date, and
without the payment of additional consideration therefor, the securities or
such other assets of the Company to which such Holder would have been entitled
upon such date if such Holder had exercised this Warrant on the date hereof and
had thereafter, during the period from the date hereof to and including the
date of such exercise, retained such shares and/or all other additional stock
available by it as aforesaid during such period giving effect to all
adjustments called for by this Section 4.

         4.3.     Reclassification. If the Company, by reclassification of
securities or otherwise, shall change any of the securities as to which
purchase rights under this Warrant exist into the same or a different number of
securities of any other class or classes, this Warrant shall thereafter
represent the right to acquire such number and kind of securities as would have
been issuable as the result of such change with respect to the securities that
were subject to the purchase rights under this Warrant immediately prior to
such reclassification or other change and the Purchase Price therefore shall be
appropriately adjusted, all subject to further adjustment as provided in this
Section 4. No adjustment shall be made pursuant to this Section 4.3 upon any
conversion or redemption of the Common Stock which is the subject of Section
4.5.

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         4.4.     Adjustment for Capital Reorganization, Merger or
Consolidation. In case of any capital reorganization of the capital stock of
the Company (other than a combination, reclassification, exchange or
subdivision of shares otherwise provided for herein), or any merger or
consolidation of the Company with or into another corporation, or the sale of
all or substantially all the assets of the Company then, and in each such case,
as a part of such reorganization, merger, consolidation, sale or transfer,
lawful provision shall be made so that the Holder of this Warrant shall
thereafter be entitled to receive upon exercise of this Warrant, during the
period specified herein and upon payment of the Purchase Price then in effect,
the number of shares of stock or other securities or property of the successor
corporation resulting from such reorganization, merger, consolidation, sale or
transfer that a holder of the shares deliverable upon exercise of this Warrant
would have been entitled to receive in such reorganization, consolidation,
merger, sale or transfer if this Warrant had been exercised immediately before
such reorganization, merger, consolidation, sale or transfer, all subject to
further adjustment as provided in this Section 4. The foregoing provisions of
this Section 4.4 shall similarly apply to successive reorganizations,
consolidations, mergers, sales and transfers and to the stock or securities of
any other corporation that are at the time receivable upon the exercise of this
Warrant. If the per-share consideration payable to the Holder hereof for shares
in connection with any such transaction is in a form other than cash or
marketable securities, then the value of such consideration shall be determined
in good faith by the Company's Board of Directors. In all events, appropriate
adjustment (as determined in good faith by the Company's Board of Directors)
shall be made in the application of the provisions of this Warrant with respect
to the rights and interests of the Holder after the transaction, to the end
that the provisions of this Warrant shall be applicable after that event, as
near as reasonably may be, in relation to any shares or other property
deliverable after that event upon exercise of this Warrant.

         4.5.     Conversion of Common Stock. In case all or any portion of the
authorized and outstanding shares of Common Stock of the Company are redeemed
or converted or reclassified into other securities or property pursuant to the
Company's Charter or otherwise, or the Common Stock otherwise ceases to exist,
then, in such case, the Holder of this Warrant, upon exercise hereof at any
time after the date on which the Common Stock is so redeemed or converted,
reclassified or ceases to exist (the "Termination Date"), shall receive, in
lieu of the number of shares of Common Stock that would have been issuable upon
such exercise immediately prior to the Termination Date, the securities or
property that would have been received if this Warrant had been exercised in
full and the Common Stock received thereupon had been simultaneously converted
immediately prior to the Termination Date, all subject to further adjustment as
provided in this Warrant. Additionally, the Purchase Price shall be immediately
adjusted to equal the quotient obtained by dividing (x) the aggregate Purchase
Price of the maximum number of shares of Common Stock for which this Warrant
was exercisable immediately prior to the Termination Date by (y) the number of
shares of Common Stock of the Company for which this Warrant is exercisable
immediately after the Termination Date, all subject to further adjustment as
provided herein.

         4.6.     Adjustment for Certain Issuances of Additional Shares of
Common Stock. In the event of an Equity Sale Event (as hereinafter defined),
then forthwith upon such Equity Sale

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Event the Purchase Price in effect immediately prior to the time of such Equity
Sale Event shall be adjusted to equal the price per share of the Common Stock
issued or to be issued in such Equity Sale Event. For purposes of this Section
4.6, an Equity Sale Event shall mean any sale by the Company occurring on or
before the date that is 12 months from the Effective Date of Common Stock, or
any right or option to purchase Common Stock or other stock convertible into
Common Stock, or any obligation or any share of stock convertible into or
exchangeable for Common Stock for a price per share that is less than the
Purchase Price in effect immediately prior to the time of such sale and that
results in aggregate gross cash proceeds to the company of at least two million
dollars ($2,000,000). The provisions of this Section 4.6 shall be void and of
no further force or effect in the event that an Equity Sale Event shall not
have occurred prior to the date that is 12 months from the Effective Date.

         5.       CERTIFICATE AS TO ADJUSTMENTS. In each case of any adjustment
in the Purchase Price, number or type of shares issuable upon exercise of this
Warrant or otherwise pursuant to Section 4, the Chief Financial Officer or
Controller of the Company shall compute such adjustment in accordance with the
terms of this Warrant and prepare a certificate setting forth such adjustment
and showing in detail the facts upon which such adjustment is based, including
a statement of the adjusted Purchase Price. The Company shall promptly send (by
facsimile and by either first class mail, postage prepaid or overnight
delivery) a copy of each such certificate to the Holder.

         6.       LOSS OR MUTILATION. Upon receipt of evidence reasonably
satisfactory to the Company of the ownership of and the loss, theft,
destruction or mutilation of this Warrant, and of indemnity reasonably
satisfactory to it, and (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will execute and deliver in lieu
thereof a new Warrant of like tenor as the lost, stolen, destroyed or mutilated
Warrant.

         7.       RESERVATION OF COMMON STOCK. The Company hereby covenants
that at all times there shall be reserved for issuance and delivery upon
exercise of this Warrant such number of shares of Common Stock or other shares
of capital stock of the Company as are from time to time issuable upon exercise
of this Warrant and, from time to time, will take all steps necessary to amend
its Charter or other similar organizational document to provide sufficient
reserves of shares of Common Stock issuable upon exercise of this Warrant (and
shares of its Common Stock for issuance on conversion of such Common Stock).
All such shares shall be duly authorized, and when issued upon such exercise,
shall be validly issued, fully paid and non-assessable, free and clear of all
liens, security interests, charges and other encumbrances or restrictions on
sale and free and clear of all preemptive rights, except encumbrances or
restrictions arising under federal or state securities laws. Issuance of this
Warrant shall constitute full authority to the Company's officers who are
charged with the duty of executing stock certificates to execute and issue the
necessary certificates for shares of Common Stock and Common Stock upon the
exercise of this Warrant.

         8.       TRANSFER AND EXCHANGE. Subject to the terms and conditions
of this Warrant and compliance with all applicable securities laws, this
Warrant and all rights hereunder may be transferred to any stockholder in the
Company or a Permitted Transferee as defined in

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the Company's Amended and Restated Stockholders' Agreement dated April 21,
1999, in whole or in part, without the Company's consent, provided that the
transferee agrees in writing to comply with all of the terms and conditions of
this Warrant, on the books of the Company maintained for such purpose at the
principal office of the Company referred to above, by the Registered Holder
hereof in person, or by duly authorized attorney, upon surrender of this
Warrant properly endorsed and upon payment of any necessary transfer tax or
other governmental charge imposed upon such transfer. Upon any permitted
partial transfer, the Company will issue and deliver to the Registered Holder a
new Warrant or Warrants with respect to the shares of Common Stock not so
transferred. Each taker and holder of this Warrant, by taking or holding the
same, consents and agrees that when this Warrant shall have been so endorsed,
the person in possession of this Warrant may be treated by the Company, and all
other persons dealing with this Warrant, as the absolute owner hereof for any
purpose and as the person entitled to exercise the rights represented hereby,
any notice to the contrary notwithstanding; provided, however that until a
transfer of this Warrant is duly registered on the books of the Company, the
Company may treat the Registered Holder hereof as the owner for all purposes.

         9.       RESTRICTIONS ON TRANSFER. The Holder, by acceptance hereof,
agrees that, absent an effective registration statement filed with the SEC
under the Securities Act, covering the disposition or sale of this Warrant or
the Common Stock issued or issuable upon exercise hereof or the Common Stock
issuable upon conversion thereof, as the case may be, and registration or
qualification under applicable state securities laws, such Holder will not
sell, transfer, pledge, or hypothecate any or all such Warrants or Common
Stock, as the case may be, unless either (i) the Company has received an
opinion of counsel, in form and substance reasonably satisfactory to the
Company, to the effect that such registration is not required in connection
with such disposition or (ii) the sale of such securities is made pursuant to
SEC Rule 144.

         10.      COMPLIANCE WITH SECURITIES LAWS. By acceptance of this
Warrant, the holder hereby represents, warrants and covenants that any shares
of stock purchased upon exercise of this Warrant or acquired upon conversion
thereof shall be acquired for investment only and not with a view to, or for
sale in connection with, any distribution thereof; that the Holder has had such
opportunity as such Holder has deemed adequate to obtain from representatives
of the Company such information as is necessary to permit the Holder to
evaluate the merits and risks of its investment in the company; that the Holder
is able to bear the economic risk of holding such shares as may be acquired
pursuant to the exercise of this Warrant for an indefinite period; that the
Holder understands that the shares of stock acquired pursuant to the exercise
of this Warrant or acquired upon conversion thereof will not be registered
under the Securities Act (unless otherwise required pursuant to exercise by the
Holder of the registration rights, if any, previously granted to the registered
Holder) and will be "restricted securities" within the meaning of Rule 144
under the Securities Act and that the exemption from registration under Rule
144 will not be available for at least one year from the date of exercise of
this Warrant, and even then will not be available unless a public market then
exists for the stock, adequate information concerning the Company is then
available to the public, and other terms and conditions of Rule 144 are
complied with; and that all stock certificates representing shares

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of stock issued to the Holder upon exercise of this Warrant or upon conversion
of such shares may have affixed thereto a legend substantially in the following
form (which legend the Company agrees to remove when such restrictions are no
applicable):

         THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF
ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND
RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT
AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE
FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER
OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE
IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

         11.      NO RIGHTS OR LIABILITIES AS STOCKHOLDERS. This Warrant
shall not entitle the Holder to any voting rights or other rights as a
stockholder of the Company. In the absence of affirmative action by such Holder
to purchase Common Stock by exercise of this Warrant, no provisions of this
Warrant, and no enumeration herein of the rights or privileges of the Holder
hereof shall cause such Holder hereof to be a stockholder of the Company for
any purpose.

         12.      REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company
hereby represents and warrants to Holder that:

         12.1.    Organization, Good Standing and Qualification. The Company is
a corporation duly organized, validly existing and in good standing under the
laws of the State of Tennessee and has all requisite corporate power and
authority to own its properties and assets and to carry on its business as now
conducted and as presently proposed to be conducted. The Company is qualified
to do business as a foreign corporation in each jurisdiction where failure to
be so qualified would have a material adverse effect on its financial
condition, business, prospects or operations.

         12.2.    Capitalization.  The authorized capital stock of the Company
consists of the following:

         (a)      Preferred Stock. 5,000,000 shares of Preferred Stock, no par
value, of which 76,000 shares have been designated as Series A Convertible
Preferred Stock, all of which are outstanding, and 1,436,961 shares have been
designated as Series B Convertible Preferred Stock, 452,501 of which are
outstanding. The rights, privileges and preferences of the Series B Convertible
Preferred Stock are as stated in the Restated Charter of the Company.

         (b)      Common Stock. 20,000,000 shares of common stock., no par value
("Common Stock"), of which 1,991,647 shares are issued and outstanding. An
additional 4,000,000 shares

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of Common Stock are reserved for issuance pursuant to the Employee Stock Option
Plan, dated April 15, 1994 (the "Option Plan"). The Company has granted options
under the Option Plan to acquire a total of 915,616 shares of Common Stock.

         12.3.    Due Authorization; Consents. All corporate action on the part
of the Company, its officers, directors and shareholders necessary for (a) the
authorization, execution and delivery of, and the performance of all
obligations of the Company under this Warrant, and (b) the authorization,
issuance, reservation for issuance and delivery of all of the equity securities
issuable upon exercise of this Warrant (and, if applicable, the Common Stock
issuable upon conversion thereof) has been taken. This Warrant constitutes a
valid and binding obligation of the Company enforceable in accordance with its
terms, subject, as to enforcement of remedies, to applicable bankruptcy,
insolvency, moratorium, reorganization and similar laws affecting creditors'
rights generally and to general equitable principles. All consents, approvals
and authorizations of, and registrations, qualifications and filings with, any
federal or state governmental agency, authority or body, or any third party,
required in connection with the execution, delivery and performance of this
Warrant and the consummation of the transactions contemplated hereby and
thereby have been obtained.

         13.      INTENTIONALLY DELETED

         14.      INTENTIONALLY DELETED

         15.      INTENTIONALLY DELETED

         16.      NOTICES. Except as may be otherwise provided herein, all
notices, requests, waivers and other communications made pursuant to this
Agreement shall be in writing and shall be conclusively deemed to have been
duly given (a) when hand delivered to the other party; (b) when received when
sent by facsimile at the address and number set forth below; (c) three business
days after deposit in the U.S. mail with first class or certified mail receipt
requested postage prepaid and addressed to the other party as set forth below;
or (d) the next business day after deposit with a national overnight delivery
service, postage prepaid, addressed to the parties as set forth below with
next-business-day delivery guaranteed, provided that the sending party receives
a confirmation of delivery from the delivery service provider.

<TABLE>

         <S>                                    <C>
         GE MEDICAL SYSTEMS                     HEALTHSTREAM, INC.
         3000 North Grandview Boulevard         2098 10th Avenue South
         Waukesha, WI 53188                     Suite 450
         Telephone: 414 544 3599                Nashville, TN 37203
         Fax: 414 544 3930                      Telephone:  (615) 248-4848
         Attention:  Michael Jones              Fax:  (615) 248-6833
                                                Attention:  Robert Laird, Vice
                                                President and General Counsel
</TABLE>

         Each person making a communication hereunder by facsimile shall
promptly confirm by telephone to the person to whom such communication was
addressed each communication made by it by facsimile pursuant hereto but the
absence of such confirmation shall not affect the

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validity of any such communication. A party may change or supplement the
addresses given above, or designate additional addresses, for purposes of this
Section 16 by giving the other party written notice of the new address in the
manner set forth above.

         17.      HEADINGS. The headings in this Agreement are for purposes of
convenience in reference only and shall not be deemed to constitute a part
hereof.

         18.      LAW GOVERNING. This Agreement and each Warrant Certificate
issued hereunder shall be deemed to be a contract made under the laws of the
State of Tennessee and for all purposes shall be construed in accordance with
the internal laws of said State.

         19.      NO IMPAIRMENT. The Company will not, by amendment of its
Charter or bylaws, or through reorganization, consolidation, merger,
dissolution, issue or sale of securities, sale of assets or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Registered
Holder of this Warrant against impairment. Without limiting the generality of
the foregoing, the Company (a) will not increase the par value of any shares of
stock issuable upon the exercise of this Warrant above the amount payable
therefor upon such exercise, and (b) will take all such action as may be
necessary or appropriate in order that the Company may validly and legally
issue fully paid and non-assessable shares of Common Stock upon exercise of
this Warrant.

         20.      NOTICES OF RECORD DATE. In case:

         20.1.    the Company shall take a record of the holders of its Common
Stock (or other stock or securities at the time receivable upon the exercise of
this Warrant), for the purpose of entitling them to receive any dividend or
other distribution, or any right to subscribe for or purchase any shares of
stock of any class or any other securities or to receive any other right; or

         20.2.    of any consolidation or merger of the Company with or into
another corporation, any capital reorganization of the Company, any
reclassification of the Capital Stock of the Company, or any conveyance of all
or substantially all of the assets of the Company to another corporation in
which holders of the Company's stock are to receive stock, securities or
property of another corporation; or

         20.3.    of any voluntary dissolution, liquidation or winding-up of
the Company; or

         20.4.    of any redemption or conversion of all outstanding Common
Stock;

         then, and in each such case, the Company will mail or cause to be
mailed to the Registered Holder of this Warrant a notice specifying, as the
case may be, (i) the date on which a record is to be taken for the purpose of
such dividend, distribution or right, or (ii) the date on which such
reorganization, reclassification, consolidation, merger, conveyance,
dissolution, liquidation, winding-up, redemption or conversion is to take
place, and the time, if any is to be fixed, as of which the holders of record
of Common Stock or (such stock or securities as at the

                                      11
<PAGE>   12

time are receivable upon the exercise of this Warrant), shall be entitled to
exchange their shares of Common Stock (or such other stock or securities), for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation
or winding-up. Such notice shall be delivered at least thirty (30) days prior
to the date therein specified.

         21.      SEVERABILITY. If application of any one or more of the
provisions of this Warrant shall be unlawful under applicable law, then the
parties will attempt in good faith to make such alternative arrangements as may
be legally permissible and which carry out as nearly as practicable the terms
of this Warrant. Should any portion of this Warrant be deemed unenforceable by
a court of competent jurisdiction, the remaining portion thereof shall remain
unaffected and be interpreted as if such unenforceable portions were initially
deleted.

         22.      COUNTERPARTS. This Warrant may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and
the same instrument.

         23.      NO INCONSISTENT AGREEMENTS. The Company will not on or after
the date of this Warrant enter into any agreement with respect to its
securities which is inconsistent with the rights granted to the Holders of this
Warrant or otherwise conflicts with the provisions hereof. The rights granted
to the Holders hereunder do not in any way conflict with and are not
inconsistent with the rights granted to holders of the Company's securities
under any other agreements, except rights that have been waived.

         24.      SATURDAYS, SUNDAYS AND HOLIDAYS. If the Expiration Date falls
on a Saturday, Sunday or legal holiday, the Expiration Date shall automatically
be extended until 5:00 p.m. the next business day.

         25.      OBTAINING STOCK EXCHANGE LISTINGS. The Company will from time
to time take all commercially reasonable action which may be necessary so that
the shares of Common Stock issuable upon the exercise of this Warrant,
immediately upon their issuance, will be listed on the principal securities
exchanges and markets within the United States of America, if any, on which
other shares of Common Stock are then listed.

                                      12
<PAGE>   13

         IN WITNESS WHEREOF, the parties hereto have executed this Warrant as
of the Effective Date.

GE MEDICAL SYSTEMS, A DIVISION             HEALTHSTREAM, INC.
OF GENERAL ELECTRIC COMPANY

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

                                      13
<PAGE>   14

                                   EXHIBIT 1

                               NOTICE OF EXERCISE

         (To be executed upon exercise of Warrant)

         HEALTHSTREAM, INC.                           WARRANT NO. ___

         The undersigned hereby irrevocably elects to exercise the right of
purchase represented by the within Warrant Certificate for, and to purchase
thereunder, the securities of HEALTHSTREAM, INC., as provided for therein, and
Tenders herewith payment of the exercise price in full in the form of cash or a
certified or official bank check in same-day funds in the amount of
$____________ for _________ such securities.

         Please issue a certificate or certificates for such securities in the
name of, and pay any cash for any fractional share to (please print name,
address and social security number):

         Name: ________________________________

         Address: _____________________________

         Signature: ___________________________

         Note: The above signature should correspond exactly with the name on
the first page of this Warrant Certificate or with the name of the assignee
appearing in the assignment form below.

         If said number of shares shall not be all the shares purchasable under
the within Warrant Certificate, a new Warrant Certificate is to be issued in
the name of said undersigned for the balance remaining of the shares
purchasable thereunder rounded up to the next higher whole number of shares.

<PAGE>   15

                                   EXHIBIT 2

                                   ASSIGNMENT

         (To be executed only upon assignment of Warrant       WARRANT NO. ___
Certificate)

         For value received, the undersigned hereby sells, assigns and
transfers unto ________________________ the within Warrant, together with all
right, title and interest therein, and does hereby irrevocably constitute and
appoint ____________________________ attorney, to transfer said Warrant
Certificate on the books of the within-named Company with respect to the number
of Warrants set forth below, with full power of substitution in the premises:

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------

<S>                                    <C>                      <C>
  NAME(S) OF ASSIGNEE(S)               ADDRESS                  # OF WARRANTS
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
</TABLE>

         And if said number of Warrants shall not be all the Warrants
represented by the Warrant Certificate, a new Warrant Certificate is to be
issued in the name of said undersigned for the balance remaining of the
Warrants registered by said Warrant Certificate.

         Dated:_______________________________

         Signature:___________________________

         Notice: The signature to the foregoing Assignment must correspond to
the name as written upon the face of this security in every particular, without
alteration or any change whatsoever; signature(s) must be guaranteed by an
eligible guarantor institution (banks, stock brokers, savings and loan
associations and credit unions with membership in an approved signature
guarantee medallion program) pursuant to Securities and Exchange Commission
Rule 17Ad-15.<PAGE>   1
                                                                    EXHIBIT 4.7

                                     WARRANT

THE WARRANT EVIDENCED OR CONSTITUTED HEREBY, AND ALL SHARES OF COMMON STOCK
ISSUABLE HEREUNDER, HAVE BEEN AND WILL BE ISSUED WITHOUT REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") AND MAY NOT BE SOLD, OFFERED FOR
SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT REGISTRATION UNDER THE ACT
UNLESS EITHER (i) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND
SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT
REGISTRATION IS NOT REQUIRED IN CONNECTION WITH SUCH DISPOSITION OR (ii) THE
SALE OF SUCH SECURITIES IS MADE PURSUANT TO SECURITIES AND EXCHANGE COMMISSION
RULE 144.

                       WARRANT TO PURCHASE COMMON STOCK OF

                               HEALTHSTREAM, INC.

                             (Subject to Adjustment)

THIS CERTIFIES THAT, for value received, CIS Holdings, Inc., a Nevada
corporation, or its permitted registered assigns ("HOLDER"), is entitled,
subject to the terms and conditions of this Warrant, at any time or from time to
time after February 10, 2000 (the "EFFECTIVE DATE"), and before 5:00 p.m.
Eastern Daylight Time on February 10, 2008 (the "EXPIRATION DATE"), to purchase
from HealthStream Inc., a Tennessee corporation (the "Company") 1,179,767 shares
of Common Stock of the Company subject to adjustment in accordance with Section
4 herein. The initial exercise price per share (the "Initial Warrant Price") is
$13.28 per share subject to adjustment in accordance with Section 4 herein. This
Warrant shall not be exercisable prior to March 31, 2000 except in the event of
the completion of the Company's initial public offering, a Private Placement, or
immediately prior to consummation of a Company Sale. Twenty five percent (25%)
of the shares granted under this Warrant, or 294,942 shares, shall be
exercisable March 31, 2000 subject to earlier vesting as set forth in this
Section. An additional twenty five percent (25%) of the shares granted under
this Warrant, or 294,942 shares, shall vest and be exercisable on the first
anniversary of the Effective Date. An additional twenty five percent (25%) of
the shares granted under this Warrant, or 294,942 shares, shall vest and be
exercisable on the second anniversary of the Effective Date. The remaining
twenty five percent (25%) of the shares granted under this Warrant, or 294,941
shares, shall vest and be exercisable on the third anniversary of the Effective
Date.

1. CERTAIN DEFINITIONS. As used in this Warrant the following terms shall have
the following respective meanings:

"CHANGE OF CONTROL" shall mean any transaction or series of related transactions
pursuant to which any entity or person (including without limitation any of
their respective affiliates) other than an existing stockholder of the Company
or an existing stockholder's affiliate first acquires after the effective date
of this Agreement, directly or indirectly, an aggregate amount of fifty percent
(50%) or more voting control or fifty percent (50%) or more of the equity
securities ("Control") of the Company (or of any entity directly or indirectly
having Control of the Company) or by contract or otherwise obtains the right to
elect or appoint at least fifty percent (50%) of the Board of Directors of the
Company (or any entity directly or indirectly having Control of the Company).

<PAGE>   2

"COMMON STOCK DEEMED OUTSTANDING" shall mean, at any given time, the number of
shares of Common Stock actually outstanding at such time, plus the number of
shares of Common Stock issuable at such time upon convertible securities then
outstanding, plus the number of shares of Common Stock issuable at any time upon
exercise of all then outstanding options, warrants or similar rights.

"COMPANY SALE" shall mean any Change of Control of the Company effected by
issuance of an equity interest (not to include a registered public offering or
Private Placement), a capital reorganization, reclassification, consolidation,
merger or sale of all or substantially all of the Company's assets.

"COMPANY SALE PRICE" shall mean the per share common equivalent price paid (or
implied by the consideration received) for the Company in the event of a Company
Sale.

"FAIR MARKET VALUE" of a share of Common Stock (or any other security as
applicable) as of a particular date shall mean: (a) If traded on a securities
exchange or the Nasdaq National Market, the Fair Market Value shall be deemed to
be the average of the closing prices of the Common Stock of the Company on such
exchange or market over the five (5) business days ending immediately prior to
the applicable date of valuation; (b) If actively traded over-the-counter, the
Fair Market Value shall be deemed to be the average of the closing bid prices
over the 30-day period ending immediately prior to the applicable date of
valuation; and (c) If there is no active public market, the Fair Market Value
shall be the value thereof, as agreed upon by the Company and the Holder;
provided, however, that if the Company and the Holder cannot agree on such
value, such value shall be determined by an independent valuation firm
experienced in valuing businesses such as the Company and jointly selected in
good faith by the Company and the Holder. Fees and expenses of the valuation
firm shall be paid for equally by the Company and the Purchaser.

"HSR ACT" shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

"INITIAL WARRANT PRICE" is defined in the introduction to this Warrant.

"PERSON" shall mean any individual, firm, corporation, partnership or other
entity, and shall include any successor (by merger or otherwise) of such entity.

"PRIVATE PLACEMENT" shall mean a private placement of equity securities with
aggregate proceeds of greater than $10.0 million.

"PURCHASE PRICE" shall mean the Initial Warrant Price, as adjusted pursuant to
Section 4.

"REGISTERED HOLDER" shall mean any Holder in whose name this Warrant is
registered upon the books and records maintained by the Company.

"WARRANT" as used herein, shall include this Warrant and any warrant delivered
in substitution or exchange therefor as provided herein.

"COMMON STOCK" shall mean the Common Stock of the Company and any other
securities at any time receivable or issuable upon exercise of this Warrant.

                                       2
<PAGE>   3

2.   EXERCISE OF WARRANT

     2.1. PAYMENT. Subject to compliance with the terms and conditions of this
Warrant and applicable securities laws, this Warrant may be exercised, in whole
or in part at any time or from time to time, on or before the Expiration Date by
the delivery (including, without limitation, delivery by facsimile) of the form
of Notice of Exercise attached hereto as EXHIBIT 1 (the "Notice of Exercise"),
duly executed by the Holder, at the principal office of the Company, and as soon
as practicable after such date, surrendering (a) this Warrant at the principal
office of the Company, and (b) payment, in cash (by check) or by wire transfer,
of an amount equal to the product obtained by multiplying the number of shares
of Common Stock being purchased upon such exercise by the then effective
Purchase Price (the "Exercise Amount"), provided that if Holder is subject to
HSR Act Restrictions (as defined in Section 2.3 below), the Exercise Amount
shall be paid to the Company within five (5) business days of the termination of
all HSR Act Restrictions.

     2.2. STOCK CERTIFICATES; FRACTIONAL SHARES. As soon as practicable on or
after the date a person or persons are entitled to receive certificates for
shares of Common Stock, the Company shall issue and deliver to the person or
persons entitled to receive the same a certificate or certificates for the
number of whole shares of Common Stock issuable upon such exercise, together
with cash in lieu of any fraction of a share equal to such fraction of the
current Fair Market Value of one whole share of Common Stock as of the date of
exercise of this Warrant. No fractional shares or scrip representing fractional
shares shall be issued upon an exercise of this Warrant.

     2.3. HSR ACT. The Company hereby acknowledges that exercise of this Warrant
by Holder may subject the Company and/or the Holder to the filing requirements
of the HSR Act and that Holder may be prevented from exercising this Warrant
until the expiration or early termination of all waiting periods imposed by the
HSR Act ("HSR Act Restrictions"). If on or before the Expiration Date Holder has
sent the Notice of Exercise to Company and Holder has not been able to complete
the exercise of this Warrant prior to the Expiration Date because of HSR Act
Restrictions, the Holder shall be entitled to complete the process of exercising
this Warrant in accordance with the procedures contained herein notwithstanding
the fact that completion of the exercise of this Warrant would take place after
the Expiration Date.

     2.4. PARTIAL EXERCISE; EFFECTIVE DATE OF EXERCISE. In case of any partial
exercise of this Warrant, the Company shall cancel this Warrant upon surrender
hereof and shall execute and deliver a new Warrant of like tenor and date for
the balance of the shares of Common Stock purchasable hereunder. This Warrant
shall be deemed to have been exercised immediately prior to the close of
business on the date of its surrender for exercise as provided above. However,
if Holder is subject to HSR Act filing requirements, this Warrant shall be
deemed to have been exercised on the date immediately following the date of the
expiration of all HSR Act Restrictions. The person entitled to receive the
shares of Common Stock issuable upon exercise of this Warrant shall be treated
for all purposes as the holder of record of such shares as of the close of
business on the date the Holder is deemed to have exercised this Warrant.

     2.5. EXERCISE SUBJECT TO UNDERWRITER LOCKUP AGREEMENTS. In the case of an
underwritten public offering of the equity securities of the Company, the
Purchaser shall be required to execute "lockup" agreements prohibiting the sale
of the common shares underlying the Warrant, provided that the execution of such
agreements are requested by the underwriters, and provided further that the
prohibition on sale and exercise be the shorter of the lockup period applicable
to executive officers, directors and greater than 5% beneficial owners of the
Company's Common Stock (other than investment companies that purchased their
shares at or after the Company's initial public offering) and 180 days.

                                       3
<PAGE>   4

     2.6. EXERCISE IN CONNECTION WITH A COMPANY SALE. Upon receipt of a written
notice of a Company Sale pursuant to Section 4.8(c) hereof (a "Company Sale
Notice"), in addition to any rights that the Holder may have in connection with
a Company Sale constituting an Organic Change (as defined in Section 4.4
herein), the Holder shall promptly notify the Company whether or not the Holder
will exercise this Warrant in connection with the consummation of the Company
Sale. If Holder has elected to exercise this Warrant in connection with such
Company Sale and such Company Sale is not consummated, then Holder's exercise of
this Warrant shall not be effective unless Holder confirms in writing Holder's
intention to go forward with the exercise of this Warrant, in which case the
Purchase Price will be whatever price was in effect without regard to the
Company Sale.

     2.7. NET ISSUE EXERCISE. In lieu of the payment methods set forth in
Section 2.1 above, the Holder may elect to exchange all or some of the Warrant
for shares of Common Stock equal to the value of the amount of the Warrant being
exchanged on the date of exchange. If Holder elects to exchange this Warrant as
provided in this Section 2.7, Holder shall tender to the Company the Warrant for
the amount being exchanged, along with written notice of Holder's election to
exchange some or all of the Warrant, and the Company shall issue to Holder the
number of shares of the Common Stock computed using the following formula:

           X = Y (A-B)
               -------
                  A

           Where X = the number of shares of Common Stock to be issued to
           Holder.

           Y = the number of shares of Common Stock purchasable under the
           Warrant being exchanged (as adjusted to the date of such
           calculation).

           A = the Fair Market Value of one share of the Company's Common Stock.

           B = the Purchase Price (as adjusted to the date of such calculation).

All references herein to an "exercise" of the Warrant shall include an exchange
pursuant to this Section 2.7.

3. VALID ISSUANCE: CHARGES, TAXES AND EXPENSES. All shares of Common Stock
issued upon the exercise of this Warrant shall be validly issued, fully paid and
non-assessable. Issuance of certificates for shares of Common Stock upon the
exercise of this Warrant shall be made without charge to the Registered Holder
for any issue or transfer tax or other incidental expense in respect of the
issuance of such certificate, all of which taxes and expenses shall be paid by
the Company.

4. ADJUSTMENT OF PURCHASE PRICE, TERMS AND NUMBER OF SHARES. The number of
shares of Common Stock issuable upon exercise of this Warrant (or any shares of
stock or other securities or property receivable or issuable upon exercise of
this Warrant) and the Purchase Price are subject to adjustment in accordance
with the following:

     4.1. ADJUSTMENT OF PURCHASE PRICE. Before the Company's initial public
offering of Common Stock, the following provisions in Sections 4.1 and 4.2 shall
apply:

             (a) In order to prevent dilution of the rights granted hereunder,
the Purchase Price and number of shares of Common Stock for which this Warrant
is exercisable will be subject to adjustment from time to time pursuant to this
Section 4.1; provided, however, that notwithstanding the foregoing, no
adjustment to the Purchase Price will be made or considered under this Section
4.1 with respect to the

                                       4
<PAGE>   5

issuance of shares of Common Stock upon the exercise of convertible securities,
options, warrants and other rights that were outstanding on the Effective Date
or that may subsequently be issued under employee benefit plans approved by the
Company's Board of Directors.

             (b) If and whenever after the Effective Date the Company issues or
sells, or in accordance with Article 4 is deemed to have issued or sold, any
share of Common Stock for a consideration per share less than the Purchase Price
in effect immediately prior to such time, except as provided in Section 4.1(a)
herein, then forthwith upon such issue or sale the Purchase Price will be
reduced by multiplying the Purchase Price in effect immediately prior to such
issue or sale by a fraction, the numerator of which shall be equal to the sum
of:

                    (1)  the number of shares of Common Stock deemed outstanding
                         immediately prior to such issue or sale, plus

                    (2)  the number of shares of Common Stock which would have
                         been issued in exchange for the aggregate consideration
                         received by the Company upon such issue or sale if such
                         shares had been issued or sold at the Purchase Price,
                         and

the denominator of which shall be the number of shares of Common Stock Deemed
Outstanding immediately after such issue or sale. In addition, the number of
shares for which this Warrant is exercisable shall be adjusted to equal the
quotient of:

                    (1)  the aggregate Purchase Price for purchase of all shares
                         of Common Stock for which the Warrant was exercisable
                         immediately prior to such issue or sale, divided by

                    (2)  the new Purchase Price as adjusted pursuant to the
                         terms hereof.

     4.2. EFFECT ON PURCHASE PRICE OF CERTAIN EVENTS. For purposes of
determining the adjusted Purchase Price under Section 4.1 herein, the following
will be applicable:

             (a) ISSUANCE OF RIGHTS OR OPTIONS. If the Company in any manner
grants any right, warrant or option to subscribe for or to purchase Common Stock
or any stock or other securities convertible into or exchangeable for Common
Stock (such rights or options being herein called "Options" and such convertible
or exchangeable stock or securities being herein called "Convertible
Securities"), and the price per share for which Common Stock is issuable upon
the exercise of any such Options or upon conversion or exchange of any such
Convertible Securities is less than the Purchase Price in effect immediately
prior to the time of the granting of such Option, then the total maximum number
of shares of Common Stock issuable upon the exercise of such Option or upon
conversion or exchange of the total maximum amount of such Convertible Security
issuable upon the exercise of such Option will be deemed to be outstanding and
to have been issued and sold by the Company for such price per share. For
purposes of this Section 4.2(a), the "price per share for which Common Stock is
issuable" will be determined by dividing:

                    (1)  the total amount, if any, received or receivable by the
                         Company as consideration for the granting of such
                         Options, plus the minimum aggregate amount of
                         additional consideration payable to the Company upon
                         exercise of such Options, plus in the case of such
                         Options which are related to Convertible Securities,
                         the minimum aggregate amount of additional
                         consideration, if any, payable to the Company upon the
                         issuance or sale of such Convertible Securities and the
                         conversion or exchange thereof, by

                                       5
<PAGE>   6

                    (2)  the total maximum number of shares of Common Stock
                         issuable upon the exercise of such Options or upon the
                         conversion or exchange of all such Convertible
                         Securities issuable upon the exercise of such Options.

No further adjustment of the Purchase Price will be made upon the actual
issuance of such Common Stock or of such Convertible Security upon the exercise
of such Options or upon the actual issuance of such Common Stock upon conversion
or exchange of such Convertible Security.

             (b) ISSUANCE OF CONVERTIBLE SECURITIES. If the Company in any
manner issues or sells any Convertible Securities and the price per share for
which Common Stock is issuable upon conversion or exchange thereof is less than
the Purchase Price in effect immediately prior to the time of such issue or
sale, then forthwith upon such issue or sale the Purchase Price will be reduced
as set forth in Section 4.1(b) herein. For purposes of determining the new
Purchase Price, the maximum number of shares of Common Stock issuable upon
conversion or exchange of such Convertible Securities will be deemed to be
outstanding and to have been issued and sold by the Company for such price per
share. For purposes of this subparagraph 4.2(b), the "price per share for which
Common Stock is issuable" will be determined by dividing:

                    (1)  the total amount received or receivable by the Company
                         as consideration for the issue or sale of such
                         Convertible Securities, plus the minimum aggregate
                         amount of additional consideration, if any, payable to
                         the Company upon the conversion or exchange thereof, by

                    (2)  the total maximum number of shares of Common Stock
                         issuable upon the conversion or exchange of all such
                         Convertible Securities.

No further adjustment of the Purchase Price will be made upon the actual
issuance of Common Stock upon conversion or exchange of such Convertible
Securities, and if any such issuance or sale of such Convertible Securities is
made upon exercise of any Options for which adjustments of the Purchase Price
had been or are to be made pursuant to other provisions of this Article 4, no
further adjustment of the Purchase Price will be made by reason of such issuance
or sale.

             (c) CHANGE IN OPTION PRICE OR CONVERSION RATE. If the purchase
price provided for in any Options, the additional consideration (if any) payable
upon the issue, conversion or exchange of any Convertible Securities, or the
rate at which any Convertible Securities are convertible into or exchangeable
for Common Stock change at any time, the Purchase Price in effect at the time of
such change will be readjusted to the Purchase Price which would have been in
effect at such time had such Options or Convertible Securities still outstanding
provided for such changed purchase price, additional consideration or charged
conversion rate, as the case may be, at the time initially granted, issued or
sold.

             (d) TREATMENT OF EXPIRED OPTIONS AND UNEXERCISED CONVERTIBLE
SECURITIES. Upon the expiration of any Option or the termination of any right to
convert or exchange any Convertible Security without the exercise of any such
Option or right, the Purchase Price then in effect hereunder will be adjusted to
the Purchase Price which would have been in effect at the time of such
expiration or termination had such Option or Convertible Security, to the extent
outstanding immediately prior to such expiration or termination, never been
issued.

             (e) CALCULATION OF CONSIDERATION RECEIVED. If any Common Stock,
Option or Convertible Security is issued or sold or deemed to have been issued
or sold for cash, the consideration received therefore will be deemed to be the
gross amount received by the Company

                                       6
<PAGE>   7

therefor. In case any Common Stock, Option or Convertible Security is issued or
sold for a consideration other than cash, the amount of the consideration other
than cash received by the Company will be the fair value (as defined below) of
such consideration, except where such consideration consists of securities, in
which case the amount of consideration received by the Company will be the Fair
Market Value thereof as of the date of receipt. If any Common Stock, Option or
Convertible Security is issued in connection with any merger in which the
Company is the surviving corporation, the amount of consideration therefor will
be deemed to be the fair value of such portion of the net assets and business of
the non-surviving corporation as is attributable to such Common Stock, Option or
Convertible Security, as the case may be. The fair value of any consideration
other than cash and securities will be determined in good faith jointly by the
Company and the holder of the Warrant. If such parties are unable to reach
agreement within a reasonable period of time, the fair value of such
consideration will be determined by an independent appraiser jointly selected by
the Company and the holder of the Warrant.

             (f) INTEGRATED TRANSACTIONS. In case any Option is issued in
connection with the issue or sale of other securities of the Company, together
comprising one integrated transaction in which no specific consideration is
allocated to such Option by the parties thereto, the Option will be deemed to
have been issued for a consideration to be determined pursuant to the procedures
set forth in Section 4.2(e).

             (g) TREASURY SHARES. The number of shares of Common Stock
outstanding at any given time does not include shares owned or held by or for
the account of the Company or any Subsidiary, and the disposition of any shares
so owned or held will be considered an issue or sale of Common Stock.

             (h) RECORD DATE. If the Company takes a record of the holders of
Common Stock for the purpose of entitling them (i) to receive a dividend or
other distribution payable in Common Stock, Options or Convertible Securities or
(ii) to subscribe for or purchase Common Stock, Options or Convertible
Securities, then such record date will be deemed to be the date of the issue or
sale of the shares of Common Stock deemed to have been issued or sold upon the
declaration of such dividend or upon the making of such other distribution or
the date of the granting of such right of subscription or purchase, as the case
may be; provided that if such dividend, distribution or subscription is not
ultimately consummated, no adjustment will be made to the Purchase Price
hereunder or, if so made, such adjustment will be rescinded.

     4.3. SUBDIVISION OR COMBINATION OF COMMON STOCK. If the Company at anytime
subdivides (by any stock split, stock dividend, recapitalization or otherwise)
one or more classes of its outstanding shares of Common Stock into a greater
number of shares, the Purchase Price in effect immediately prior to such
subdivision will be proportionately reduced, and if the Company at any time
combines (by reverse stock split or otherwise) one or more classes of its
outstanding shares of Common Stock into a smaller number of shares, the Purchase
Price in effect immediately prior to such combination will be proportionately
increased. In addition, the number of shares of Common Stock into which the
Warrant is exercisable shall be adjusted proportionately in accordance with
Section 4.1(a) herein.

     4.4. REORGANIZATION, RECLASSIFICATION, CONSOLIDATION, MERGER OR SALE. Any
capital reorganization, reclassification, consolidation, merger or sale of all
or substantially all of the Company's assets to another Person which is effected
in such a way that holders of Common Stock are entitled to receive (either
directly or upon subsequent liquidation) stock, securities or assets (other
than, or in addition to, cash) with respect to or in exchange for Common Stock
is referred to herein as an "Organic Change". Prior to consummation of any
Organic Change, the Company will make appropriate provisions (in form and
substance satisfactory to the holder of the Warrant) to ensure that the holder
of the Warrant will thereafter have the right to acquire and receive, in lieu of
or in addition to the shares of Common

                                       7

<PAGE>   8

Stock immediately theretofore acquirable and receivable upon the exercise of
such holder's Warrant, such shares of stock, securities or assets as such holder
would have received in connection with such Company Sale if such holder had
converted his or her Warrant immediately prior to such Organic Change. In any
such case, the Company will make appropriate provisions (in form and substance
satisfactory to the holder of the Warrant) to ensure that the provisions of this
Article 4 and Article 5 will thereafter be applicable to the Warrant (including,
in the case of any such consolidation, merger or sale in which the successor
corporation or purchasing corporation is other than the Company, an immediate
adjustment of the Purchase Price to the value for the Common Stock reflected by
the terms of such consolidation, merger or sale, and a corresponding immediate
adjustment in the number of shares of Common Stock acquirable and receivable
upon exercise of the Warrant, if the value so reflected is less than the
Purchase Price in effect immediately prior to such consolidation, merger or
sale). The Company will not effect any such consolidation, merger or sale,
unless prior to the consummation thereof, the successor corporation (if other
than the Company) resulting from consolidation or merger or the corporation
purchasing such assets assumes by written instrument (in form reasonably
satisfactory to the holder of the Warrant), the obligation to deliver to each
such holder such shares of stock, securities or assets as, in accordance with
the foregoing provisions, such holder may be entitled to acquire.

     4.5. ADJUSTMENT FOR DIVIDENDS OR DISTRIBUTIONS OF STOCK OR OTHER SECURITIES
OR PROPERTY. In case the Company shall make or issue, or shall fix a record date
for the determination of eligible holders entitled to receive, a dividend or
other distribution with respect to the Common Stock (or any shares of stock or
other securities at the time issuable upon exercise of the Warrant) payable in
(a) securities of the Company or (b) assets (excluding cash dividends paid or
payable solely out of retained earnings), then, in each such case, the Holder of
this Warrant on exercise hereof at any time after the consummation, effective
date or record date of such dividend or other distribution, shall receive, in
addition to the shares of Common Stock (or such other stock or securities)
issuable on such exercise prior to such date, and without the payment of
additional consideration therefor, the securities or such other assets of the
Company to which such Holder would have been entitled upon such date if such
Holder had exercised this Warrant on the date hereof and had thereafter, during
the period from the date hereof to and including the date of such exercise,
retained such shares and/or all other additional stock available by it as
aforesaid during such period giving effect to all adjustments called for by this
Article 4.

     4.6. CERTAIN EVENTS. If any event occurs of the type contemplated by the
provisions of this Article 4 but not expressly provided for by such provisions,
then the Company's Board of Directors will make an appropriate adjustment in the
Purchase Price and the number of shares of Common Stock issuable upon exercise
of this Warrant so as to protect the rights of the holder of the Warrant;
provided that no such adjustment will increase the Purchase Price as otherwise
determined pursuant to this Article 4 or decrease the number of shares of Common
Stock issuable upon exercise of the Warrant.

     4.7. CERTIFICATE AS TO ADJUSTMENTS. Upon the occurrence of each adjustment
or readjustment pursuant to this Section 4, the Company at its expense shall
promptly compute such adjustment or readjustment in accordance with the terms
hereof and furnish to the Registered Holder a certificate setting forth such
adjustment or readjustment and showing in detail the facts upon which such
adjustment or readjustment is based. The Company shall, upon the written
request, at any time, of the Registered Holder, furnish or cause to be furnished
to such Registered Holder, a like certificate setting forth: (i) such
adjustments and readjustments; (ii) the Exercise Price; and (iii) the number of
shares of Common Stock and the amount, if any, of other property that at the
time should be received upon the exercise of the Warrant.

                                       8
<PAGE>   9

      4.8. NOTICES.

             (a) Within five business days of any adjustment of the Purchase
Price, the number or type of shares issuable upon exercise of this Warrant or
otherwise pursuant to Article 4 hereof, the Company will give written notice
thereof to the holder of the Warrant setting forth such adjustment and showing
in detail the facts upon which such adjustment is based; provided that this
provision shall not be construed to create a presumption that the Holder has
conceded its right to challenge the Company's adjustment if it believes it was
not done in accordance with the terms of this Agreement.

             (b) The Company will give written notice to the holder of the
Warrant at least 20 days prior to the date on which the Company closes its books
or takes a record (i) with respect to any dividend or distribution upon Common
Stock, (ii) with respect to any pro rata subscription offer to holders of Common
Stock or (iii) for determining rights to vote with respect to any Company Sale,
Organic Change, dissolution or liquidation.

             (c) The Company will also give written notice to the holder of the
Warrant at least 20 days prior to the date on which any Company Sale or Organic
Change will take place.

5. PURCHASE RIGHTS. If at any time the Company grants, issues or sells any
Options, Convertible Securities or rights to purchase stock, warrants,
securities or other property pro rata to the record holders of any class of
Common Stock (the "Purchase Rights"), then the holder of the Warrant will be
entitled to acquire at the time of exercise of the Warrant by such holder (based
on the number of shares of Common Stock issued upon such exercise), upon the
terms applicable to such Purchase Rights, the aggregate Purchase Rights which
such holder could have acquired if such holder had held the number of shares of
Common Stock acquirable upon exercise of such holder's Warrant immediately
before the date on which a record is taken for the grant, issuance or sale of
such Purchase Rights, or, if no such record is taken, the date as of which the
record holders of Common Stock are to be determined for the grant, issue or sale
of such Purchase Rights; provided, however, that holder of the Warrant shall not
be entitled to any Purchase Rights under this Article 5 if such holders have
received an adjustment in the Purchase Price of the Warrant under Article 4 with
respect to the issuance of such Purchase Rights.

6. REPLACEMENT. Upon receipt of evidence reasonably satisfactory to the Company
(an affidavit of the registered holder will be satisfactory) of the ownership
and the loss, theft, destruction or mutilation of the Warrant, and in the case
of any such loss, theft or destruction, upon receipt of indemnity satisfactory
to the Company (provided that if the holder is an institutional investor its own
agreement will be satisfactory), or, in the case of any such mutilation upon
surrender of such mutilated warrant, the Company will (at the holder's expense)
execute and deliver in lieu of such warrant a new warrant of identical tenor
representing the warrant represented by such lost, stolen, destroyed or
mutilated warrant and dated the date of such lost, stolen, destroyed or
mutilated warrant.

7. RESERVATION OF COMMON STOCK. The Company hereby covenants that at all times
there shall be reserved for issuance and delivery upon exercise of this Warrant
such number of shares of Common Stock or other shares of capital stock of the
Company as are from time to time issuable upon exercise of this Warrant and,
from time to time, will take all steps necessary to amend its Charter to provide
sufficient reserves of shares of Common Stock issuable upon exercise of this
Warrant. All such shares shall be duly authorized, and when issued upon such
exercise, shall be validly issued, fully paid and non-assessable, free and clear
of all liens, security interests, charges and other encumbrances or restrictions
on sale and free and clear of all preemptive rights, except encumbrances or
restrictions arising under federal or state securities laws. Issuance of this
Warrant shall constitute full authority to the Company's officers who are
charged with the duty of executing stock certificates to execute and issue the
necessary certificates for shares of Common Stock and Common Stock upon the
exercise of this Warrant.

                                       9
<PAGE>   10

8. TRANSFER AND EXCHANGE. Subject to Article 9, this Warrant and all rights
hereunder may be freely transferred in whole or in part, on the books of the
Company maintained for such purpose at the principal office of the Company
referred to above, by the Registered Holder hereof in person, or by duly
authorized attorney, upon surrender of this Warrant properly endorsed and upon
payment of any necessary transfer tax or other governmental charge imposed upon
such transfer. Upon any partial transfer, the Company will issue and deliver to
the Registered Holder a new Warrant or Warrants with respect to the shares of
Common Stock not so transferred. Each taker and holder of this Warrant, by
taking or holding the same, consents and agrees that when this Warrant shall
have been so endorsed, the person in possession of this Warrant may be treated
by the Company, and all other persons dealing with this Warrant, as the absolute
owner hereof for any purpose and as the person entitled to exercise the rights
represented hereby, any notice to the contrary notwithstanding; provided,
however that until a transfer of this Warrant is duly registered on the books of
the Company, the Company may treat the Registered Holder hereof as the owner for
all purposes.

9. RESTRICTIONS ON TRANSFER. The Holder, by acceptance hereof, agrees that,
absent an effective registration statement filed with the SEC under the
Securities Act of 1933, as amended (the "Act"), covering the disposition or sale
of this Warrant or the Common Stock issued or issuable upon exercise hereof, as
the case may be, and registration or qualification under applicable state
securities laws, such Holder will not sell, transfer, pledge, or hypothecate any
or all such Warrants or Common Stock, as the case may be, unless either (i) the
Company has received an opinion of counsel, in form and substance reasonably
satisfactory to the Company, to the effect that such registration is not
required in connection with such disposition or (ii) the sale of such securities
is made pursuant to Rule 144 promulgated under the Act.

10. COMPLIANCE WITH SECURITIES LAWS. By acceptance of this Warrant, the holder
hereby represents, warrants and covenants that any shares of stock purchased
upon exercise of this Warrant shall be acquired for investment only and not with
a view to, or for sale in connection with, any distribution thereof; that the
Holder has had such opportunity as such Holder has deemed adequate to obtain
from representatives of the Company such information as is necessary to permit
the Holder to evaluate the merits and risks of its investment in the Company;
that the Holder is able to bear the economic risk of holding such shares as may
be acquired pursuant to the exercise of this Warrant for an indefinite period;
that the Holder understands that the shares of stock acquired pursuant to the
exercise of this Warrant will not be registered under the Act (unless otherwise
required pursuant to exercise by the Holder of the registration rights, if any,
previously granted to the registered Holder) and will be "restricted securities"
within the meaning of Rule 144 under the Act and that the exemption from
registration under Rule 144 will not be available for at least one year from the
date of exercise of this Warrant, subject to any special treatment by the SEC
for exercise of this Warrant pursuant to Section 2.2, and even then will not be
available unless a public market then exists for the stock, adequate information
concerning the Company is then available to the public, and other terms and
conditions of Rule 144 are complied with; and that all stock certificates
representing shares of stock issued to the Holder upon exercise of this Warrant
may have affixed thereto a legend substantially in the following form: THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE ACT, OR UNDER
THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS
ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO
REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE
REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD
OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN
FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY
PROPOSED TRANSFER OR

                                       10
<PAGE>   11

RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

11. NO RIGHTS OR LIABILITIES AS STOCKHOLDERS. This Warrant shall not entitle the
Holder to any voting rights or other rights as a stockholder of the Company. In
the absence of affirmative action by such Holder to purchase Common Stock by
exercise of this Warrant, no provisions of this Warrant, and no enumeration
herein of the rights or privileges of the Holder hereof shall cause such Holder
hereof to be a stockholder of the Company for any purpose.

12. REPRESENTATIONS. The Company hereby represents and warrants as follows:

     12.1. AUTHORIZATION. The Company has full power and authority to enter into
and to perform this Warrant in accordance with its terms.

     12.2. AUTHORIZED STOCK. On the Effective Date, the Company's authorized
capital stock consists of 20,000,000 shares of Common Stock no par value and
5,000,000 shares of preferred stock no par value. The Company's authorized
capital stock will be increased upon the filing of a Restated Charter in
connection with the Company's initial public offering of Common Stock.

     12.3. OUTSTANDING STOCK. Immediately prior to the Effective Date, the
Company's issued and outstanding stock consists of 2,882,240 shares of Common
Stock and 1,932,207 shares of preferred stock convertible into 3,854,678 shares
of Common Stock. Additionally, the Company has issued options and warrants for
the purchase of 1,692,880 shares of Common Stock.

13. NOTICES. All notices required hereunder shall be in writing and shall be
deemed to have been duly given upon receipt, and shall be either delivered in
person, by registered or certified mail, postage prepaid, return receipt
requested, or by overnight delivery service with proof of delivery, and
addressed as follows:

     To HealthStream:
     Attn: Robert Laird, General Counsel
     HealthStream Inc.
     209 10th Ave South, Suite 450
     Nashville, Tennessee 37203

     To the Holder:
     Attn:  President, CIS Holdings, Inc.
     2555 Park Plaza
     Nashville, Tennessee 37203

     with a copy to:
     General Counsel
     Columbia/HCA Healthcare Corporation
     One Park Plaza
     Nashville, Tennessee 37203

14. HEADINGS. The headings in this Warrant are for purposes of convenience in
reference only, and shall not be deemed to constitute a part hereof.

15. LAW GOVERNING. This Warrant shall be construed and enforced in accordance
with, and governed by, the laws of the State of Tennessee.

                                       11

<PAGE>   12

16. NO IMPAIRMENT. The Company will not, by amendment of its Charter or bylaws,
or through any reorganization, consolidation, merger, dissolution, issue or sale
of securities, sale or transfer of assets or any other voluntary action, avoid
or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the Registered Holder of this
Warrant against impairment. Without limiting the generality of the foregoing,
the Company (a) will not increase the par value of any shares of stock issuable
upon the exercise of this Warrant above the amount payable therefor upon such
exercise, and (b) will take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and
non-assessable shares of Common Stock upon exercise of this Warrant.

17. SEVERABILITY. If any term, provision, covenant or restriction of this
Warrant is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall
in no way be affected, impaired or invalidated and the parties will attempt in
good faith to make such alternative arrangements as may be legally permissible
and which carry out as nearly as practicable the terms of this Warrant.

18. NO INCONSISTENT AGREEMENTS. The Company will not on or after the date of
this Warrant enter into any agreement with respect to its securities which is
inconsistent with the rights granted to the Holders of this Warrant or otherwise
conflicts with the provisions hereof. The rights granted to the Holders
hereunder do not in any way conflict with and are not inconsistent with the
rights granted to holders of the Company's securities under any other
agreements, except rights that have been waived.

19. SATURDAYS, SUNDAYS AND HOLIDAYS. If the Expiration Date falls on a Saturday,
Sunday or legal holiday, the Expiration Date shall automatically be extended
until 5:00 p.m. the next business day.

20. OBTAINING STOCK EXCHANGE LISTINGS. The Company will from time to time take
all commercially reasonable actions following its initial public offering which
may be necessary so that the shares of Common Stock issuable upon exercise of
the Warrant will be listed on the principal securities exchanges or markets on
which other shares of Common Stock are then listed.

21. REMEDIES. The Company stipulates that the remedies at law of the holder of
this Warrant in the event of any default or threatened default by the Company in
the performance of or compliance with any of the terms of this Warrant are not
adequate and may be enforced by a decree for the specific performance of any
agreement contained herein or by an injunction against a violation of any of the
terms hereof or otherwise.

IN WITNESS WHEREOF, the Company has executed this Warrant as of the Effective
Date.

HEALTHSTREAM, INC.

By: /s/ Jeffrey L. McLaren
   -----------------------
Title: President

                                       12

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