A medium-sized flag (about 3 feet in length) flown from the head of a
spear that is held "at charge" that is, horizontally. Any heraldry or
artwork displayed on a pennon is oriented to be viewed in the "at charge"
position. Like the banner, the pennon indicated the physical presence
of the person who's arms are displayed on it.
The bottom example is called a "pavon pennon".
Definition according to Norris.



Wooden chest, pennons, later 1200's, Pisa.
From the Middle English Dictionary