PENN Entertainment, Inc. — Director's Dealing 2021

Jan 7, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2021-01-05

Reporting Person: NAPLES RONALD J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-01-05	Common Stock	A	865	$0.00	Acquired	13429	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-01-05	Phantom Stock Units	$	A	3091	Acquired	2022-01-05	Common Stock (3091)	Direct

Footnotes

F1: The securities reported are shares of restricted stock that vest on January 5, 2022. The reporting person elected to receive payment of fees for
2021 Board service in shares of restricted stock.

F2: The reporting person will receive 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. The reporting person elected to receive the 2021 annual equity award for directors in phantom stock units.