PENN Entertainment, Inc. — Director's Dealing 2017

Jan 6, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2017-01-04

Reporting Person: CARLINO PETER M (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-01-04	Phantom Stock Units	$	A	26596	Acquired		Common Stock (26596)	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: 6,649 units on January 4, 2018; 6,649 units on January 4, 2019; 6,649 units on January 4, 2020; and 6,649 units on January 4, 2021.