PENN Entertainment, Inc. — Director's Dealing 2021

Jan 5, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2021-01-03

Reporting Person: Reibstein Saul (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-01-03	Common Stock	M	3188	—	Acquired	37369	Direct
2021-01-03	Common Stock	D	3188	$86.37	Disposed	34181	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-01-03	Phantom Stock Units	$	M	3188	Disposed	2021-01-03	Common Stock (3188)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	150	Indirect

Footnotes

F1: The reporting person 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.

F2: Mr. Reibstein disclaims beneficial ownership of all of the shares owned by his spouse, and this report should not be deemed an admission that the reporting person is the beneficial ownership of such securities for purposes of Section 16 or any other purpose.