PENN Entertainment (PENN) director receives 17,077-share restricted stock grant

Rhea-AI Filing Summary

ACE HEATHER S reported acquisition or exercise transactions in this Form 4 filing.

PENN Entertainment, Inc. director Heather S. Ace reported receiving a grant of 17,077 shares of common stock as equity compensation. The award is structured as restricted stock with no cash paid per share. These shares are scheduled to vest on March 9, 2027, aligning her interests with long-term company performance.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider ACE HEATHER S

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	17,077	$0.00	--

Holdings After Transaction: Common Stock — 17,077 shares (Direct)

Footnotes (1)

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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
Estimated average burden
hours per response:			0.5

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^*

ACE HEATHER S

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/09/2026

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	03/09/2026		A		17,077(1)	A	$0	17,077	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

Explanation of Responses:

1. The securities reported are shares of restricted stock that vest on March 9, 2027.

	/s/ Joshua Sidworth, Attorney-in-Fact for Heather S. Ace	03/11/2026
	** 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.

FAQ

What insider transaction did PENN director Heather Ace report?

Heather S. Ace reported an acquisition of 17,077 PENN common shares. The shares were granted as restricted stock at no cash cost per share and represent equity compensation rather than an open-market purchase. This aligns her incentives with long-term shareholder value.

Was the PENN Entertainment (PENN) insider transaction a stock purchase or a grant?

The transaction was a stock grant, not a market purchase. Heather S. Ace received 17,077 shares of restricted common stock as a compensation award, with a reported price of $0.00 per share, meaning no cash outlay for the director.

When do Heather Ace’s PENN restricted stock shares vest?

The 17,077 PENN restricted shares granted to Heather S. Ace vest on March 9, 2027. Until that vesting date, the award remains subject to forfeiture conditions typically tied to continued service, reinforcing a long-term commitment to the company.

How many PENN shares does Heather Ace hold after this Form 4 transaction?

Following the reported grant, Heather S. Ace holds 17,077 PENN common shares directly. All of these shares are from the newly granted restricted stock award, giving her a meaningful, equity-based stake that is tied to future company performance.

Did PENN Entertainment’s director pay market price for the 17,077 shares?

No, the director did not pay market price. The Form 4 lists a transaction price of $0.00 per share, indicating the 17,077 PENN shares were granted as a restricted stock award, a common form of non-cash equity compensation for board members.