# EDGAR Filing Document

**Accession Number:** 0001833935
**File Stem:** 0001140361-23-009829
**Filing Date:** 2023-3
**Character Count:** 7405
**Document Hash:** f2e9ffff908856eaea02543ac830ec97
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-009829.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001140361-23-009829

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230228

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** George Todd
- **CENTRAL INDEX KEY:** 0001833935

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-24206
- **FILM NUMBER:** 23700955

**MAIL ADDRESS:**
- **STREET 1:** 825 BERKSHIRE BLVD.
- **CITY:** WYOMISSING
- **STATE:** PA
- **ZIP:** 19610
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PENN Entertainment, Inc.
- **CENTRAL INDEX KEY:** 0000921738
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **IRS NUMBER:** 232234473
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 825 BERKSHIRE BLVD STE 200
- **STREET 2:** WYOMISSING PROFESSIONAL CENTER
- **CITY:** WYOMISSING
- **STATE:** PA
- **ZIP:** 19610
- **BUSINESS PHONE:** 6103732400

**MAIL ADDRESS:**
- **STREET 1:** 825 BERKSHIRE BLVD
- **STREET 2:** SUITE 200
- **CITY:** WYOMISSING
- **STATE:** PA
- **ZIP:** 19610

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN NATIONAL GAMING INC
- **DATE OF NAME CHANGE:** 19940415

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>George Todd<br><sub>(Last) (First) (Middle)</sub><br>825 BERKSHIRE BLVD.<br>SUITE 200<br><sub>(Street)</sub><br>WYOMISSING, PA 19610<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-28 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_EVP, Operations_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PENN Entertainment, Inc. [ PENN ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-02-28 |  | D |  | 18<sup>(1)</sup> | D | $0 | 40694 | D |  |
| Common Stock | 2023-02-28 |  | D |  | 10<sup>(2)</sup> | D | $0 | 40684 | D |  |
| Common Stock | 2023-02-28 |  | A |  | 6672<sup>(3)</sup> | A | $0 | 47356 | D |  |
| Common Stock | 2023-02-28 |  | M |  | 19275 | A | <sup>(4)</sup> | 66631 | D |  |
| Common Stock | 2023-02-28 |  | D |  | 19275 | D | $30.1 | 47356 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Phantom Sock Units | <sup>(5)</sup> | 2023-02-28 |  | A |  | 4805 |  | <sup>(5)</sup> | <sup>(5)</sup> | Common Stock | 4805 | <sup>(5)</sup> | 19275<sup>(6)</sup> | D |  |
| Phantom Sock Units | <sup>(4)</sup> | 2023-02-28 |  | M |  |  | 19275 | 2023-02-28 | 2023-02-28 | Common Stock | 19275 | <sup>(4)</sup> | 0 | D |  |

---

### Footnotes:

(1) Reflects an adjustment to the restricted stock credited to the Reporting Person underlying a performance shares award, granted in 2020 and initially reported at target, for actual achievement of the third year's performance goal.

(2) Reflects an adjustment to the restricted stock credited to the Reporting Person underlying a performance shares award, granted in 2021 and initially reported at target, for actual achievement of the second year's performance goal.

(3) Restricted stock credited to the Reporting Person from a performance unit award granted in 2022 due to the achievement of the first year's performance goal.

(4) 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.

(5) Phantom stock units credited to the Reporting Person from a performance unit award granted in 2020 due to the achievement of the third year's performance goal.

(6) Reflects the total phantom stock units credited to the Reporting Person from a performance shares award granted in 2020 that vested in three annual tranches and cash-settled upon the vesting of the third tranche.

**Signature:** /s/ Harper Ko, Attorney-In-Fact for Todd George  
**Date:** 2023-03-02

### Remarks:

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.**