Form 4: Accel Entertainment CEO Converts RSUs and Sells Shares for Tax Obligations

Andrew H. Rubenstein, CEO and President of Accel Entertainment, Inc., reported the conversion of Restricted Stock Units into common stock and a subsequent sale of shares to cover tax liabilities.

Summary

• Andrew H. Rubenstein, CEO, President, Director, and 10% Owner of Accel Entertainment, Inc. (ACEL), reported transactions on June 14, 2025.
• Mr. Rubenstein acquired 6,958 shares of Class A-1 Common Stock through the exercise/conversion of Restricted Stock Units (RSUs) at a price of $0.
• Following this acquisition, his direct beneficial ownership of Class A-1 Common Stock increased to 4,000,968 shares.
• Concurrently, Mr. Rubenstein disposed of 3,034 shares of Class A-1 Common Stock at a price of $11.25 per share.
• This disposition was identified as a payment of tax liability by delivering or withholding securities.
• After both transactions, Mr. Rubenstein's direct beneficial ownership of Class A-1 Common Stock stands at 3,997,934 shares.
• He also holds 20,873 Restricted Stock Units (RSUs) following these transactions, with each RSU representing a contingent right to receive one share of Class A-1 Common Stock for no consideration.
• The RSUs have a vesting schedule where 1/4 vested on March 14, 2023, and the remainder vests in quarterly installments (1/16 of the total award) thereafter, contingent on his continued service.

Sentiment

Score: 5

Explanation: The sentiment is neutral as this is a routine insider transaction related to compensation and tax obligations, not indicative of significant positive or negative discretionary trading.

Positives

• The conversion of Restricted Stock Units into common stock indicates the vesting of previously granted equity compensation, reflecting continued long-term incentive alignment.
• The CEO's substantial beneficial ownership of 3,997,934 shares of Class A-1 Common Stock demonstrates significant alignment with shareholder interests.

Negatives

• A disposition of 3,034 shares of Class A-1 Common Stock occurred, although it was for the purpose of covering tax liabilities related to the RSU conversion.

Future Outlook

The document indicates that the remaining 20,873 Restricted Stock Units will continue to vest in quarterly installments, subject to the Reporting Person's continuing service to the Issuer.

Industry Context

This Form 4 filing is a routine disclosure of insider stock transactions, specifically related to equity compensation. It does not provide broader industry context or trends, but reflects standard practices for executive compensation in publicly traded companies within the entertainment or gaming technology sector.

Stakeholder Impact

• Shareholders: The transaction represents a routine compensation event and tax-related sale, which is generally not expected to have a significant direct impact on share price or company strategy. The CEO's continued substantial ownership aligns his interests with shareholders.
• Employees: No direct impact on employees is indicated by this filing.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated by this filing.

Next Steps

• Continued quarterly vesting of the remaining 20,873 Restricted Stock Units, subject to Andrew H. Rubenstein's continued service to Accel Entertainment, Inc.

Key Dates

Keywords

Accel Entertainment, ACEL, Form 4, Insider Transaction, Andrew H. Rubenstein, CEO, Restricted Stock Units, RSU Conversion, Stock Ownership, Equity Compensation, Tax Withholding