Todd George - 22 Sep 2021 Form 4 Insider Report for PENN NATIONAL GAMING INC (PENN)

Role: EVP, Operations
Signature: Harper Ko, Attorney-in-Fact for Todd George
Issuer symbol: PENN
Transactions as of: 22 Sep 2021
Net transactions value: +$500,520
Form type: 4
Filing time: 24 Sep 2021, 16:36:19 UTC
Next filing: 05 Jan 2022
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	$500,520	+7,135	+19%	$70.15	44,171	22 Sep 2021	Direct	F1
transaction	PENN	Common Stock	Disposed to Issuer	$0	-7,135	-16%	$0.000000	37,036	22 Sep 2021	Direct

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		-7,135	-25%		21,404	22 Sep 2021	Common Stock	7,135		Direct	F1

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

Explanation of Responses:

Id	Content
F1	Each phantom stock unit is the economic equivalent of one share of the registrant's common stock. The phantom stock units vest in three installments as follows: 7,135 phantom stock units vest on September 22, 2021, 9,989 phantom stock units vest on September 22, 2022, and 11,415 phantom stock units vest on September 22, 2023.