PENN Director Johnny Hartnett Settles 14,775 Units for $298K

What Happened

• Johnny Hartnett, a director of PENN Entertainment, had 14,775 derivative units (phantom stock units) converted/settled on August 8, 2026. The units were disposed to the issuer for $20.18 per unit, for total cash proceeds of $298,160.
• This was a cash settlement of an award (not an open-market sale or purchase of actual shares); no new shares were acquired for Hartnett as part of this transaction.

Key Details

• Transaction date: 2026-08-08; Filing date: 2026-08-11 (reported on Form 4, accession 0001193125-26-344947).
• Price and value: $20.18 per unit; total cash received $298,160 for 14,775 units.
• Transaction codes on the filing: M (exercise/conversion of derivative), D (disposition to issuer). Footnote F1 clarifies the reporting person receives a cash payment for each phantom stock unit equal to the fair market value on the vesting date.
• The filing does not state shares owned after the transaction; this was a cash settlement of phantom units rather than a public market trade.

Context

• Cash-settled phantom units are awards that pay the grantee the value of a share in cash at vesting; they are routine compensation payments and do not necessarily signal a director buying or selling company stock on the open market.
• Because this was a conversion and immediate disposition to the issuer for cash, treat it as award settlement rather than a standard insider sale or buy.