PENN · PENN Entertainment, Inc.

Reflects Common Stock withheld by the Issuer to satisfy tax withholding obligations of the total vested shares under the 2023 Performance Plan. The total vested shares under this plan is 160,159. This is not an open market sale of securities.

Represents restricted units credited to the Reporting Person from a performance unit award granted in 2023 due to the achievement of the two-year performance goal.

Reflects the forfeiture of 300,000 shares of performance-based restricted stock granted on April 12, 2021 due to not achieving the stock price hurdle performance conditions.

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

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

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

The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $15.05 to $15.12, inclusive. The reporting person undertakes to provide to PENN Entertainment, Inc., any security holder of PENN Entertainment, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares transacted at each separate price within the range set forth in this footnote.

Reflects Common Stock withheld by the Issuer to satisfy tax withholding obligations upon the vesting of performance units under the 2023 Performance Plan. This is not an open market sale of securities.

Represents restricted units credited to the Reporting Person from a performance unit award granted in 2023 due to the achievement of the two-year performance goal.

Represents restricted units credited to the Reporting Person from a performance unit award granted in 2023 due to the achievement of the two-year performance goal.

Reflects Common Stock withheld by the Issuer to satisfy tax withholding obligations upon the vesting of performance units under the 2023 Performance Plan. 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.

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

The securities reported are shares of restricted stock that vest on January 5, 2027.

The securities reported are shares of restricted stock that vest on January 5, 2027.

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

The securities reported are shares of restricted stock that vest on January 5, 2027.

The securities reported are shares of restricted stock that vest on January 5, 2027.

The securities reported are shares of restricted stock that vest on January 5, 2027.

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.

The securities reported are shares of restricted stock that vest on January 5, 2027.

The securities reported are shares of restricted stock that vest on January 5, 2027.

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.

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 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 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.

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.

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.

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 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 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 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 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 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.

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.

The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.68 to $13.86, inclusive. The reporting person undertakes to provide to PENN Entertainment, Inc., any security holder of PENN Entertainment, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.

The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $14.235 to $14.35, inclusive. The reporting person undertakes to provide to PENN Entertainment, Inc., any security holder of PENN Entertainment, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.

The securities reported are shares of restricted stock that vest on August 8, 2026. The reporting person elected to receive the 2025 annual equity award for directors in shares of restricted stock.

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 2025 annual equity award for directors in phantom stock units.

The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $16.945 to $16.97, inclusive. The reporting person undertakes to provide to PENN Entertainment, Inc., any security holder of PENN Entertainment, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.

The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $14.66 to $14.8149, inclusive. The reporting person undertakes to provide to PENN Entertainment, Inc., any security holder of PENN Entertainment, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.