Saul Reibstein - Mar 28, 2022 Form 4 Insider Report for PENN NATIONAL GAMING INC (PENN)

Role: Director
Signature: /s/ Cameron Williams, Attorney-In-Fact for Saul Reibstein
Stock symbol: PENN
Transactions as of: Mar 28, 2022
Transactions value $: -$98,942
Form type: 4
Date filed: 3/29/2022, 06:30 PM
Previous filing: Jan 5, 2022
Next filing: May 27, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PENN	Common Stock	Options Exercise		+2.38K	+6.87%		37K	Mar 28, 2022	Direct	F1
transaction	PENN	Common Stock	Disposed to Issuer	-$98.9K	-2.38K	-6.43%	$41.52	34.7K	Mar 28, 2022	Direct
holding	PENN	Common Stock						150	Mar 28, 2022	By Spouse	F2

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		-2.38K	-100%		0	Mar 28, 2022	Common Stock	2.38K		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 Reporting Person 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 owner of such securities for purposes of Section 16 or any other purpose.