X0306 4 2023-01-03 0000921738 PENN Entertainment, Inc. PENN 0001495392 Reibstein Saul 825 BERKSHIRE BLVD. SUITE 200 WYOMISSING PA 19610 true Common Stock 2023-01-03 4 M 0 3188 A 37851 D Common Stock 2023-01-03 4 D 0 3188 29.27 D 34663 D Common Stock 2023-01-04 4 A 0 2392 0 A 37055 D Common Stock 150 I By Spouse Phantom Stock Units 2023-01-03 4 M 0 3188 D 2023-01-03 2023-01-03 Common Stock 3188 0 D Phantom Stock Units 2023-01-04 4 A 0 8541 A 2024-01-04 2024-01-04 Common Stock 8541 8541 D 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. The securities reported are shares of restricted stock that vest on January 4, 2024. The reporting person elected to receive payment of fees for 2023 Board service in shares of restricted stock. The reporting person disclaims beneficial ownership of the shares owned by his spouse. The reporting person will receive 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. The reporting person elected to receive the 2023 annual equity award for directors in phantom stock units. /s/ Harper Ko, Attorney-In-Fact for Saul Reibstein 2023-01-05