PENN Entertainment, Inc. — Director's Dealing 2017

Mar 15, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2017-03-13

Reporting Person: CRAMER HAROLD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-03-13	Common Stock	M	4362	—	Acquired	86557	Direct
2017-03-13	Common Stock	D	4362	$14.94	Disposed	82195	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-03-13	Phantom Stock Unit	$	M	4362	Disposed		Common Stock (4362)	Direct

Footnotes

F1: The recipient receives a cash payment for each phantom stock 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, 4,362 units vested on March 13, 2017. The remaining 4,361 phantom stock units will vest on March 13, 2018.