Saul Reibstein - 03 Jan 2023 Form 4 Insider Report for PENN Entertainment, Inc. (PENN)

Role: Director
Signature: /s/ Harper Ko, Attorney-In-Fact for Saul Reibstein
Issuer symbol: PENN
Transactions as of: 03 Jan 2023
Net transactions value: -$93,313
Form type: 4
Filing time: 05 Jan 2023, 15:53:02 UTC
Previous filing: 17 Aug 2022
Next filing: 07 Feb 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PENN	Common Stock	Options Exercise		+3,188	+9.2%		37,851	03 Jan 2023	Direct	F1
transaction	PENN	Common Stock	Disposed to Issuer	$93,313	-3,188	-8.4%	$29.27	34,663	03 Jan 2023	Direct
transaction	PENN	Common Stock	Award	$0	+2,392	+6.9%	$0.000000	37,055	04 Jan 2023	Direct	F2
holding	PENN	Common Stock						150	03 Jan 2023	By Spouse	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PENN	Phantom Stock Units	Options Exercise		-3,188	-100%		0	03 Jan 2023	Common Stock	3,188		Direct	F1
transaction	PENN	Phantom Stock Units	Award		+8,541			8,541	04 Jan 2023	Common Stock	8,541		Direct	F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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	The securities reported are shares of restricted stock that vest on January 4, 2024. The reporting person elected to receive payment of fees for 2023 Board service in shares of restricted stock.
F3	The reporting person disclaims beneficial ownership of the shares owned by his spouse.
F4	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 2023 annual equity award for directors in phantom stock units.