Penn National Gaming Inc. – ‘4’ for 8/31/02 re: Penn National Gaming Inc.

On:  Tuesday, 9/10/02, at 4:04pm ET   ·   For:  8/31/02   ·   Accession #:  912057-2-35060   ·   File #:  0-24206

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Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 4   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 4           Statement of Changes in Beneficial Ownership of        2     17K 
                Securities by an Insider                                         

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--------                                  UNITED STATES SECURITIES AND EXCHANGE COMMISSION                                          
 FORM 4                                                WASHINGTON, D.C. 20549                                                       
--------                                                                                                                            
                                            STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP                                            

 / / Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may                                            
     continue.  SEE Instruction 1(b).                                                                                               
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1. Name and Address of Reporting Person*     2. Issuer Name and Ticker or Trading Symbol     6. Relationship of Reporting Person(s) 
                                                                                                 to Issuer (Check all applicable)   
                                                 Penn National Gaming, Inc.                       Director             10% Owner    
   Clifford       William          J.            PENN                                         ----                 ----             
---------------------------------------------------------------------------------------------  X  Officer (give         Other       
    (Last)        (First)        (Middle)    3. I.R.S. Identification   4. Statement for      ---         title    ---- (specify    
                                                Number of Reporting        Month/Day/Year                  below)       below       
                                                Person, if an entity                           Chief Financial                      
122 Oak Hill Lane                               (voluntary)                08/31/2002          Officer                              
--------------------------------------------                            --------------------- -----------------  ------------------ 
                  (Street)                                              5. If Amendment,      7. Individual or Joint/Group Filing   
                                                                           Date of Original       (Check Applicable Line)           
                                                                           (Month/Day/Year)   _X_Form filed by One Reporting Person 
                                                                                              ___Form filed by More than One        
  Wyomissing       PA              19610                                                         Reporting Person                   
------------------------------------------------------------------------------------------------------------------------------------
    (City)       (State)            (Zip)        TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED   
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1. Title of   2. Trans-  2A. Deemed     3. Trans-     4. Securities Acquired (A)      5. Amount of      6. Owner-     7. Nature     
   Security      action      Execution     action        or Disposed of (D)              Securities        ship          of In-     
   (Instr. 3)    Date        Date,         Code          (Instr. 3, 4 and 5)             Beneficially      Form:         direct     
                             if any        (Instr. 8)                                    Owned Follow-     Direct        Bene-      
                 (Month/     (Month/                                                     ing Reported      (D) or        ficial     
                 Day/        Day/          ------------------------------------------    Transaction(s)    Indirect      Owner-     
                 Year)       Year)                                   (A) or              (Instr. 3         (I)           ship       
                                           Code    V       Amount    (D)     Price        and 4)           (Instr. 4)    (Instr. 4) 
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Common Stock     08/21/02                   M              12,500     A       9.48                          D                       
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Common Stock     08/21/02                   S              12,500     D      18.12          0               D                       
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FORM 4 (CONTINUED)          TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED                          
                                   (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)                                  

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1. Title of Derivative Security     2. Conver-   3. Trans-   3A. Deemed   4. Transac-   5. Number of Deriv-      6. Date Exer-     
   (Instr. 3)                          sion or      action       Execution   tion Code     ative Securities Ac-     cisable and Ex-
                                       Exercise     Date         Date,       (Instr. 8)    quired (A) or Dis-       piration Date  
                                       Price of    (Month/       if any                    posed of (D)             (Month/Day/    
                                       Deriv-       Day/         (Month/                   (Instr. 3, 4, and 5)     Year)          
                                       ative        Year)        Day/                                                              
                                       Security                  Year)                                                             

                                                                          --------------------------------------  ---------------- 
                                                                                                                  Date     Expira- 
                                                                                                                  Exer-    tion    
                                                                           Code    V        (A)        (D)        cisable  Date    
                                                                                                                                   
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Incentive Stock Option                                                                                                             
(right to buy)                          9.48         07/30/01                                                     07/30/02 07/30/08
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Incentive Stock Option                                                                                                             
(right to buy)                         14.84         01/02/02                                                     01/02/03 01/02/09
-----------------------------------------------------------------------------------------------------------------------------------
Non-Qualified Stock                                                                                                                
Option (right to buy)                   9.48         08/21/02                M                          12,500    07/30/02 07/30/08
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Non-Qualified Stock                                                                                                                
Option (right to buy)                  14.84         01/02/02                                                     01/02/03 01/02/09
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-----------------------------------------------------------------------------------------------                                    
7. Title and Amount of Under-       8. Price   9. Number         10. Owner-     11. Nature                                         
   lying Securities                    of         of Deriv-          ship           of In-                                         
   (Instr. 3 and 4)                    Deriv-     ative              Form           direct                                         
                                       ative      Securi-            of De-         Bene-                                          
                                       Secur-     ties               rivative       ficial                                         
                                       ity        Bene-              Secu-          Own-                                           
                                       (Instr.    ficially           rity:          ership                                         
                                       5)         Owned              Direct         (Instr. 4)                                     
   -----------------------                        Following          (D) or                                                        
   Title         Amount or                        Reported           Indi-                                                         
                 Number of                        Transaction(s)     rect (I)                                                      
                 Shares                           (Instr. 4)         (Instr. 4)                                                    
                                                                                                                                   
-----------------------------------------------------------------------------------------------                                    
Common Stock     42,216                            42,216            D                                                             
-----------------------------------------------------------------------------------------------                                    
Common Stock      6,738                             6,738            D                                                             
-----------------------------------------------------------------------------------------------                                    
Common Stock     12,500                18.12       45,284            D                                                             
-----------------------------------------------------------------------------------------------                                    
Common Stock     43,262                            43,262            D                                                             
-----------------------------------------------------------------------------------------------                                    

Explanation of Responses:                                                                                                          

                       /s/ William J. Clifford              08/10/02                                                               
                       -----------------------------------  -----------                                                            
                       **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.