PENN Entertainment (PENN) Form 4 PENN NATIONAL GAMING / Jay A Snowden ownership change

SEC Form 4

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^*

Snowden Jay A

(Last) (First) (Middle)

825 BERKSHIRE BLVD.

SUITE 200

(Street)

WYOMISSING PA 19610

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PENN NATIONAL GAMING INC [ PENN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
03/09/2022

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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	03/09/2022		M		19,298	A	(1)	549,794	D
Common Stock	03/09/2022		D		19,298	D	$41.75	530,496	D
Common Stock	03/09/2022		M		21,699	A	(1)	552,192	D
Common Stock	03/09/2022		D		21,699	D	$41.75	530,496	D
Common Stock	03/09/2022		M		21,698	A	(1)	552,194	D
Common Stock	03/09/2022		D		21,698	D	$41.75	530,496	D
Common Stock	03/09/2022		A		21,698(2)	A	$0	552,194	D
Common Stock	03/09/2022		F		28,472	D	$41.75	523,722	D
Common Stock	03/09/2022		A		6,483(3)	A	$0	530,565	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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)	03/09/2022		A		21,698		(4)	(4)	Common Stock	21,698	(4)	21,698	D
Phantom Stock Units	(1)	03/09/2022		M			19,298	03/09/2022	03/09/2022	Common Stock	19,298	(1)	0	D
Phantom Stock Units	(1)	03/09/2022		M			21,699	03/09/2022	03/09/2022	Common Stock	21,699	(1)	0	D
Phantom Stock Units	(1)	03/09/2022		M			21,698	03/09/2022	03/09/2022	Common Stock	21,698	(1)	0	D

Explanation of Responses:

1. 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.

2. Restricted stock credited to the Reporting Person from a performance shares award granted in 2019 due to the achievement of the third year's performance goal.

3. Restricted stock credited to the Reporting Person from a performance shares award granted in 2021 due to the achievement of the first year's performance goal.

4. Phantom stock units credited to the Reporting Person from a performance shares award granted in 2019 due to the achievement of the third year's performance goal.

	/s/ Cameron Williams, Attorney-In-Fact for Jay A. Snowden	03/11/2022
	** 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).
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