Jay A. Snowden - Dec 27, 2022 Form 4 Insider Report for PENN Entertainment, Inc. (PENN)

Signature
/s/ Harper Ko, Attorney-in-Fact for Jay A. Snowden
Stock symbol
PENN
Transactions as of
Dec 27, 2022
Transactions value $
-$1,868,053
Form type
4
Date filed
12/29/2022, 06:22 PM
Previous filing
Mar 11, 2022
Next filing
Jan 5, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PENN Common Stock Options Exercise $3.06M +237K +44.75% $12.87 768K Dec 27, 2022 Direct
transaction PENN Common Stock Sale -$4.92M -163K -21.29% $30.12 605K Dec 27, 2022 Direct F1, 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 Stock Options (Right to Buy) Options Exercise $0 -237K -100% $0.00* 0 Dec 27, 2022 Common Stock 237K $12.87 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person. The stock options exercised by the reporting person on December 27, 2022 are scheduled to expire on February 9, 2023. This was a broker-assisted cashless exercise and hold transaction and therefore the proceeds from the sales were used solely to pay the exercise price, cover withholding taxes and pay broker fees and commissions.
F2 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $29.79 to $30.48, inclusive. The reporting person undertakes to provide to Penn Entertainment, Inc., any security holder of Penn Entertainment, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (2) to this Form 4.
F3 The stock options vested in four annual installments beginning on February 9, 2017.