Saul Reibstein - Jan 3, 2023 Form 4 Insider Report for PENN Entertainment, Inc. (PENN)

Role: Director
Signature: /s/ Harper Ko, Attorney-In-Fact for Saul Reibstein
Stock symbol: PENN
Transactions as of: Jan 3, 2023
Transactions value $: -$93,313
Form type: 4
Date filed: 1/5/2023, 03:53 PM
Previous filing: Aug 17, 2022
Next filing: Feb 7, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PENN	Common Stock	Options Exercise		+3.19K	+9.2%		37.9K	Jan 3, 2023	Direct	F1
transaction	PENN	Common Stock	Disposed to Issuer	-$93.3K	-3.19K	-8.42%	$29.27	34.7K	Jan 3, 2023	Direct
transaction	PENN	Common Stock	Award	$0	+2.39K	+6.9%	$0.00	37.1K	Jan 4, 2023	Direct	F2
holding	PENN	Common Stock						150	Jan 3, 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		-3.19K	-100%		0	Jan 3, 2023	Common Stock	3.19K		Direct	F1
transaction	PENN	Phantom Stock Units	Award		+8.54K			8.54K	Jan 4, 2023	Common Stock	8.54K		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.