Barbara Shattuck - Jan 3, 2022 Form 4 Insider Report for PENN NATIONAL GAMING INC (PENN)

Role: Director
Signature: /s/ Cameron Williams, Attorney-In-Fact for Barbara Shattuck Kohn
Stock symbol: PENN
Transactions as of: Jan 3, 2022
Transactions value $: -$105,411
Form type: 4
Date filed: 1/5/2022, 05:33 PM
Previous filing: Jun 3, 2021
Next filing: Jun 14, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PENN	Common Stock	Options Exercise		+2.03K	+4.47%		47.5K	Jan 3, 2022	Direct	F1
transaction	PENN	Common Stock	Disposed to Issuer	-$105K	-2.03K	-4.28%	$51.85	45.5K	Jan 3, 2022	Direct
transaction	PENN	Common Stock	Award	$0	+4.94K	+10.85%	$0.00	50.4K	Jan 4, 2022	Direct	F2
holding	PENN	Common Stock						1.75K	Jan 3, 2022	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		-2.03K	-100%		0	Jan 3, 2022	Common Stock	2.03K		Direct	F1

* 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, 2023. The reporting person elected to receive the 2022 annual equity award for directors in shares of restricted stock.
F3	Ms. Shattuck Kohn disclaims beneficial ownership of all of the shares owned by her spouse, and this report should not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or any other purpose.