PENN Entertainment, Inc. — Director's Dealing 2017

Feb 22, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2017-02-19

Reporting Person: CRAMER HAROLD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-02-19	Common Stock	M	1272	—	Acquired	83467	Direct
2017-02-19	Common Stock	D	1272	$14.04	Disposed	82195	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-02-19	Phantom Stock Unit	$	M	1272	Disposed		Common Stock (1272)	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.