PENN Entertainment, Inc. — Director's Dealing 2018

Jan 8, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2018-01-04

Reporting Person: NAPLES RONALD J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-01-04	Common Stock	M	4433	—	Acquired	5433	Direct
2018-01-04	Common Stock	D	4433	$30.33	Disposed	1000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-01-04	Phantom Stock Units	$	M	4433	Acquired		Common Stock (4433)	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, 4,433 units vested on January 4, 2018. The remaining phantom stock units are scheduled to vest as follows: 4,433 units on January 4, 2019; 4,432 units on January 4, 2020; and 4,432 units on January 4, 2021.