| FORM 4 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | |||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
| 2. Issuer Name and Ticker or Trading Symbol PENN NATIONAL GAMING INC [ PENN ] | 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
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| 3. Date of Earliest Transaction (Month/Day/Year) 02/18/2020 | ||||||||||||||||||||||||||
| 4. If Amendment, Date of Original Filed (Month/Day/Year) | 6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
| Common Stock(1) | 02/18/2020 | A | 7,829 | A | $0 | 54,827 | D | |||
| Common Stock | 02/18/2020 | F | 10,491 | D | $36.87 | 44,336 | D | |||
| Common Stock(2) | 02/18/2020 | A | 7,496 | A | $0 | 51,832 | D | |||
| Common Stock(3) | 02/18/2020 | A | 10,652 | A | $0 | 62,484 | D | |||
| Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Phantom Stock Units | (4) | 02/18/2020 | A | 10,652 | (4) | (4) | Common Stock | 10,652 | (4) | 10,652 | D | ||||
| Explanation of Responses: |
| 1. Restricted stock credited to the Reporting Person from a performance shares award granted in 2017 due to the achievement of the third year's performance goal. The forfeiture restrictions for all credited restricted stock pursuant to the performance shares award granted in 2017 lapsed on February 18, 2020, the date the achievement of the performance goal for the third performance period was determined. |
| 2. Restricted stock credited to the Reporting Person from a performance shares award granted in 2018 due to the achievement of a portion of the second year's performance goal. The forfeiture restrictions for such restricted stock will lapse on March 31, 2020. |
| 3. Restricted stock credited to the Reporting Person from a performance shares award granted in 2019 due to the achievement of a portion of each of the first year's performance goals. The forfeiture restrictions for such restricted stock will lapse on March 31, 2020. |
| 4. Phantom stock units credited to the Reporting Person from a performance shares award granted in 2019 due to the achievement of a portion of each of the first year's performance goals. The forfeiture restrictions for such restricted stock will lapse on March 31, 2020. |
| /s/ Elliot Hoops as attorney-in-fact for William J. Fair | 02/20/2020 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||
