PENN Entertainment, Inc. — Director's Dealing 2016

Feb 23, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2016-02-19

Reporting Person: CRAMER HAROLD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-02-19	Common Stock	M	1273	—	Acquired	83468	Direct
2016-02-19	Common Stock	D	1273	$13.94	Disposed	82195	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-02-19	Phantom Stock Unit	$	M	1273	Disposed		Common Stock (1273)	Direct

Footnotes

F1: The recipient receives 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. Of the original award of phantom stock units, 1,273 units vested on February 19, 2016. The remaining 1,272 phantom stock units will vest on February 19, 2017.