[Form 4] PENN Entertainment, Inc. Insider Trading Activity
Johnny Hartnett, a director of PENN Entertainment, received 14,775 phantom stock units as his 2025 annual director equity award, granted on 08/08/2025. These units are cash-settled: each unit entitles the holder to a cash payment equal to the fair market value of one share on the vesting date. The units are listed as exercisable/vesting on 08/08/2026 and are reported as directly beneficially owned following the award. The reporting form indicates the director elected to receive the award in phantom stock units rather than actual shares, creating a future cash obligation tied to the company’s share price at vesting.
Johnny Hartnett, un membro del consiglio di amministrazione di PENN Entertainment, ha ricevuto 14.775 unit脿 azionarie fantasma come premio azionario annuale per i direttori 2025, concesso il 08/08/2025. Queste unit脿 sono regolate in contanti: ciascuna d脿 diritto a un pagamento in denaro pari al valore di mercato equo di una azione alla data di maturazione. Le unit脿 sono indicate come esercitabili/maturanti il 08/08/2026 e risultano direttamente possedute a titolo beneficiario dopo l'assegnazione. Il modulo di comunicazione segnala che il direttore ha scelto di ricevere il premio in unit脿 azionarie fantasma invece che in azioni effettive, creando un'obbligazione di pagamento futura collegata al prezzo delle azioni della societ脿 alla data di maturazione.
Johnny Hartnett, director de PENN Entertainment, recibi贸 14.775 unidades de acciones fantasma como su premio anual de capital para directores 2025, concedido el 08/08/2025. Estas unidades se liquidan en efectivo: cada unidad da derecho a un pago en efectivo equivalente al valor razonable de una acci贸n en la fecha de adquisici贸n de derechos. Las unidades figuran como ejercitables/consolidables el 08/08/2026 y se informan como directamente en propiedad beneficiaria tras la concesi贸n. El formulario de comunicaci贸n indica que el director eligi贸 recibir el premio en unidades de acciones fantasma en lugar de acciones reales, generando una obligaci贸n de pago futura vinculada al precio de las acciones de la compa帽铆a en la fecha de adquisici贸n de derechos.
PENN Entertainment鞚� 鞚挫偓 Johnny Hartnett電� 2025雲� 鞚挫偓 鞐瓣皠 歆�攵� 氤挫儊鞙茧 14,775臧滌潣 韺厐 鞀ろ啞 雼渼毳� 08/08/2025鞐� 靾橃棳氚涭晿鞀惦媹雼�. 鞚� 雼渼電� 順勱笀瓴办牅順曥溂搿�, 臧� 雼渼電� 氩犾姢韺�(甓岆Μ頇曥爼) 鞁滌爯鞚� 欤检嫕 瓿奠爼鞁滌灔臧�旃橃棎 頃措嫻頃橂姅 順勱笀 歆�旮夓潉 氚涭潉 甓岆Μ毳� 攵�鞐暕雼堧嫟. 頃措嫻 雼渼霌れ潃 08/08/2026鞐� 頄夓偓/氩犾姢韺呺悩電� 瓴冹溂搿� 旮办灛霅橃棃瓿�, 靾橃棳 頉勳棎電� 歆侅为 靾橃澋鞝� 靻岇湢搿� 氤搓碃霅橃棃鞀惦媹雼�. 氤搓碃靹滌棎電� 鞚挫偓臧� 鞁れ牅 欤检嫕 雽�鞁� 韺厐 鞀ろ啞 雼渼搿� 氤挫儊鞚� 氚涥赴搿� 靹犿儩頄堨溂氅�, 鞚措姅 氩犾姢韺� 鞁滌爯鞚� 欤缄皜鞐� 鞐半彊霅� 頄ロ泟 順勱笀 歆�旮� 鞚橂毳� 氚滌儩鞁滍偍雼り碃 氇呾嫓霅橃柎 鞛堨姷雼堧嫟.
Johnny Hartnett, administrateur de PENN Entertainment, a re莽u 14 775 unit茅s d'actions fant么mes en tant que r茅compense annuelle en actions pour administrateurs 2025, attribu茅e le 08/08/2025. Ces unit茅s sont r茅gl茅es en num茅raire : chaque unit茅 donne droit 脿 un paiement en esp猫ces 茅gal 脿 la juste valeur d'une action 脿 la date d'acquisition des droits. Les unit茅s sont indiqu茅es comme exer莽ables/vest茅es le 08/08/2026 et sont d茅clar茅es comme directement d茅tenues 脿 titre b茅n茅ficiaire apr猫s l'attribution. Le formulaire de d茅claration indique que l'administrateur a choisi de recevoir la r茅compense en unit茅s d'actions fant么mes plut么t qu'en actions r茅elles, ce qui cr茅e une obligation de paiement future li茅e au cours de l'action de la soci茅t茅 脿 la date d'acquisition des droits.
Johnny Hartnett, ein Direktor von PENN Entertainment, erhielt 14.775 Phantom-Aktieneinheiten als seine j盲hrliche Direktorbeteiligung f眉r 2025, gew盲hrt am 08/08/2025. Diese Einheiten werden bar abgegolten: Jede Einheit berechtigt den Inhaber zu einer Barzahlung in H枚he des zum Vesting-Datum festgestellten Marktwerts einer Aktie. Die Einheiten sind als aus眉bbar/vestend am 08/08/2026 aufgef眉hrt und werden nach der Zuteilung als direkt wirtschaftlich berechtigt gemeldet. Das Meldeformular weist darauf hin, dass der Direktor die Auszahlung in Phantom-Aktieneinheiten statt in tats盲chlichen Aktien gew盲hlt hat, wodurch eine k眉nftige Barzahlungsverpflichtung entsteht, die an den Aktienkurs des Unternehmens zum Vesting-Zeitpunkt gebunden ist.
- 14,775 phantom stock units align the director’s compensation with shareholder value by tying payout to the company’s share price at vesting
- Award is cash-settled, so it does not increase outstanding share count or dilute existing equity at grant
- Creates a future cash obligation equal to the fair market value of one share per unit on the vesting date, which could require cash outflow at vesting
Insights
TL;DR: Director received 14,775 cash-settled phantom units vesting 08/08/2026; routine compensation with limited market impact.
The reported grant of 14,775 phantom stock units to a director is a standard form of non-dilutive director compensation designed to align interests with shareholders without issuing shares today. Because the award is cash-settled at fair market value on vesting, it creates a future cash payout tied to the share price rather than an immediate increase in share count. From a financial perspective, this is a predictable compensation expense and not an equity issuance; its materiality depends on the company’s cash position and the share price at vesting, neither of which are disclosed here.
TL;DR: Election to receive the 2025 director award as phantom units indicates retention and alignment, recorded as direct beneficial ownership.
The filing shows the director elected cash-settled phantom units for his annual equity award, a governance choice that maintains alignment with shareholder value while avoiding immediate dilution. The filing also documents direct beneficial ownership of the derivative units and specifies vesting/exercise information (08/08/2026). This is a routine disclosure under Section 16 reporting requirements and reflects standard director compensation practices rather than a change in control, governance structure, or insider disposition.
Johnny Hartnett, un membro del consiglio di amministrazione di PENN Entertainment, ha ricevuto 14.775 unit脿 azionarie fantasma come premio azionario annuale per i direttori 2025, concesso il 08/08/2025. Queste unit脿 sono regolate in contanti: ciascuna d脿 diritto a un pagamento in denaro pari al valore di mercato equo di una azione alla data di maturazione. Le unit脿 sono indicate come esercitabili/maturanti il 08/08/2026 e risultano direttamente possedute a titolo beneficiario dopo l'assegnazione. Il modulo di comunicazione segnala che il direttore ha scelto di ricevere il premio in unit脿 azionarie fantasma invece che in azioni effettive, creando un'obbligazione di pagamento futura collegata al prezzo delle azioni della societ脿 alla data di maturazione.
Johnny Hartnett, director de PENN Entertainment, recibi贸 14.775 unidades de acciones fantasma como su premio anual de capital para directores 2025, concedido el 08/08/2025. Estas unidades se liquidan en efectivo: cada unidad da derecho a un pago en efectivo equivalente al valor razonable de una acci贸n en la fecha de adquisici贸n de derechos. Las unidades figuran como ejercitables/consolidables el 08/08/2026 y se informan como directamente en propiedad beneficiaria tras la concesi贸n. El formulario de comunicaci贸n indica que el director eligi贸 recibir el premio en unidades de acciones fantasma en lugar de acciones reales, generando una obligaci贸n de pago futura vinculada al precio de las acciones de la compa帽铆a en la fecha de adquisici贸n de derechos.
PENN Entertainment鞚� 鞚挫偓 Johnny Hartnett電� 2025雲� 鞚挫偓 鞐瓣皠 歆�攵� 氤挫儊鞙茧 14,775臧滌潣 韺厐 鞀ろ啞 雼渼毳� 08/08/2025鞐� 靾橃棳氚涭晿鞀惦媹雼�. 鞚� 雼渼電� 順勱笀瓴办牅順曥溂搿�, 臧� 雼渼電� 氩犾姢韺�(甓岆Μ頇曥爼) 鞁滌爯鞚� 欤检嫕 瓿奠爼鞁滌灔臧�旃橃棎 頃措嫻頃橂姅 順勱笀 歆�旮夓潉 氚涭潉 甓岆Μ毳� 攵�鞐暕雼堧嫟. 頃措嫻 雼渼霌れ潃 08/08/2026鞐� 頄夓偓/氩犾姢韺呺悩電� 瓴冹溂搿� 旮办灛霅橃棃瓿�, 靾橃棳 頉勳棎電� 歆侅为 靾橃澋鞝� 靻岇湢搿� 氤搓碃霅橃棃鞀惦媹雼�. 氤搓碃靹滌棎電� 鞚挫偓臧� 鞁れ牅 欤检嫕 雽�鞁� 韺厐 鞀ろ啞 雼渼搿� 氤挫儊鞚� 氚涥赴搿� 靹犿儩頄堨溂氅�, 鞚措姅 氩犾姢韺� 鞁滌爯鞚� 欤缄皜鞐� 鞐半彊霅� 頄ロ泟 順勱笀 歆�旮� 鞚橂毳� 氚滌儩鞁滍偍雼り碃 氇呾嫓霅橃柎 鞛堨姷雼堧嫟.
Johnny Hartnett, administrateur de PENN Entertainment, a re莽u 14 775 unit茅s d'actions fant么mes en tant que r茅compense annuelle en actions pour administrateurs 2025, attribu茅e le 08/08/2025. Ces unit茅s sont r茅gl茅es en num茅raire : chaque unit茅 donne droit 脿 un paiement en esp猫ces 茅gal 脿 la juste valeur d'une action 脿 la date d'acquisition des droits. Les unit茅s sont indiqu茅es comme exer莽ables/vest茅es le 08/08/2026 et sont d茅clar茅es comme directement d茅tenues 脿 titre b茅n茅ficiaire apr猫s l'attribution. Le formulaire de d茅claration indique que l'administrateur a choisi de recevoir la r茅compense en unit茅s d'actions fant么mes plut么t qu'en actions r茅elles, ce qui cr茅e une obligation de paiement future li茅e au cours de l'action de la soci茅t茅 脿 la date d'acquisition des droits.
Johnny Hartnett, ein Direktor von PENN Entertainment, erhielt 14.775 Phantom-Aktieneinheiten als seine j盲hrliche Direktorbeteiligung f眉r 2025, gew盲hrt am 08/08/2025. Diese Einheiten werden bar abgegolten: Jede Einheit berechtigt den Inhaber zu einer Barzahlung in H枚he des zum Vesting-Datum festgestellten Marktwerts einer Aktie. Die Einheiten sind als aus眉bbar/vestend am 08/08/2026 aufgef眉hrt und werden nach der Zuteilung als direkt wirtschaftlich berechtigt gemeldet. Das Meldeformular weist darauf hin, dass der Direktor die Auszahlung in Phantom-Aktieneinheiten statt in tats盲chlichen Aktien gew盲hlt hat, wodurch eine k眉nftige Barzahlungsverpflichtung entsteht, die an den Aktienkurs des Unternehmens zum Vesting-Zeitpunkt gebunden ist.
FAQ
What did Johnny Hartnett receive in the Form 4 for PENN?
Are the phantom units cash-settled or paid in shares?
When do the units vest or become exercisable?
How is ownership reported after the transaction?
What relationship does the reporting person have to PENN?
