PENN Entertainment, Inc. — Director's Dealing 2016

Feb 11, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2016-02-09

Reporting Person: NAPLES RONALD J (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-02-09	Phantom Stock Units	$	A	19425	Acquired		Common Stock (19425)	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 units are scheduled to vest as follows: 4,857 units on February 9, 2017; 4,856 units on February 9, 2018; 4,856 units on February 9, 2019; and 4,856 units on February 9, 2020.