[Form 4] PENN Entertainment, Inc. Insider Trading Activity

Rhea-AI Filing Summary

PENN Entertainment EVP and CFO Felicia Hendrix reported several equity transactions in company stock. On January 3, 2026, 7,010 shares of common stock were withheld by the company at $14.85 per share to cover tax obligations tied to vesting restricted stock units, and this was not an open-market sale. On January 5, 2026, she acquired 62,424 shares of common stock at $0 per share in the form of restricted stock units that vest in three equal annual installments beginning on January 5, 2027, bringing her directly held common stock to 174,862 shares. The same day, she was granted 118,724 stock options with a $14.85 exercise price, which vest in three equal annual installments starting on January 5, 2027 and expire on January 5, 2036.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Hendrix Felicia

Role EVP and CFO

Type	Security	Shares	Price	Value
Grant/Award	Stock Options (Right to Buy)	118,724	$0.00	--
Grant/Award	Common Stock	62,424	$0.00	--
Tax Withholding	Common Stock	7,010	$14.85	$104K

Holdings After Transaction: Stock Options (Right to Buy) — 118,724 shares (Direct); Common Stock — 174,862 shares (Direct)

Footnotes (1)

1. Reflects Common Stock withheld by the Issuer to satisfy tax withholding obligations upon the vesting of restricted stock units. This is not an open market sale of securities. Represents restricted stock units that vest in three equal annual installments beginning on January 5, 2027. The stock options vest in three equal annual installments beginning on January 5, 2027.

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
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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).

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^*

Hendrix Felicia

(Last) (First) (Middle)

825 BERKSHIRE BLVD., SUITE 200

(Street)

WYOMISSING PA 19610

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PENN Entertainment, Inc. [ PENN ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
01/03/2026

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	01/03/2026		F		7,010(1)	D	$14.85	112,438	D
Common Stock	01/05/2026		A		62,424(2)	A	$0	174,862	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
Stock Options (Right to Buy)	$14.85	01/05/2026		A		118,724		(3)	01/05/2036	Common Stock	118,724	$0	118,724	D

Explanation of Responses:

1. Reflects Common Stock withheld by the Issuer to satisfy tax withholding obligations upon the vesting of restricted stock units. This is not an open market sale of securities.

2. Represents restricted stock units that vest in three equal annual installments beginning on January 5, 2027.

3. The stock options vest in three equal annual installments beginning on January 5, 2027.

	/s/ Joshua Sidsworth, Attorney-In-Fact for Felicia Hendrix	01/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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