PENN Entertainment, Inc. — Director's Dealing 2015

Feb 3, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2015-01-30

Reporting Person: CRAMER HAROLD (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-01-30	Phantom Stock Unit	$	A	18208	Acquired		Common Stock (18208)	Direct

Footnotes

F1: Upon vesting, the recipient is entitled to a cash payment for each unit equal to the fair market value on the vesting date of one share of the Company's common stock.

F2: The Phantom Stock Unit is scheduled to vest as follows: 4,552 units on January 30, 2016; 4,552 units on January 30, 2017; 4,552 units on January 30, 2018 and 4,552 units on January 30, 2019.