Form 4: Accel Entertainment Director David W. Ruttenberg Executes Stock Sales Under 10b5-1 Plan

David W. Ruttenberg, a director at Accel Entertainment, sold shares of Class A-1 Common Stock on July 17 and 18, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• David W. Ruttenberg, a director of Accel Entertainment, Inc., reported the sale of Class A-1 Common Stock.
• The sales occurred on July 17 and 18, 2024.
• These transactions were executed under a Rule 10b5-1 trading plan adopted on December 15, 2023.
• On July 17, 2024, 13 shares were sold at $10.50 per share.
• On July 18, 2024, 1,801 shares were sold at a weighted average price of $10.5056, with prices ranging from $10.50 to $10.51.
• Also on July 18, 2024, 1,800 shares were sold at a weighted average price of $10.5063, with prices ranging from $10.50 to $10.515.
• Following these transactions, Ruttenberg directly owns 429,554 shares and indirectly owns 569,453 shares through Grant Place Fund LLC and Crilly Court Trust.
• Ruttenberg disclaims beneficial ownership of shares held by Grant Place Fund LLC and Crilly Court Trust, except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The document is neutral in sentiment as it simply reports transactions. The use of a 10b5-1 plan suggests a pre-planned strategy, mitigating potential negative interpretations.

Positives

• The sales were conducted under a pre-arranged 10b5-1 trading plan, indicating that the transactions were planned in advance and not based on any recent non-public information.

Risks

• While the sales are under a 10b5-1 plan, continued sales by insiders could create negative market sentiment.

Future Outlook

The document does not contain any specific forward-looking statements regarding the company's future performance.

Management Comments

• The 10b5-1 plan included a representation from the Reporting Person to the broker administering the plan that the Reporting Person was not in possession of any material nonpublic information regarding the Issuer or the securities subject to the plan.
• That representation was made as of the date of the adoption of the 10b5-1 plan, and speaks only as of that date.
• In making that representation, there is no assurance with respect to any material nonpublic information of which the Reporting Person was unaware, or with respect to any material nonpublic information acquired by the Reporting Person after the date of the representation.

Industry Context

Insider sales are a common occurrence, and the use of a 10b5-1 plan suggests a structured approach to managing personal investments without raising concerns about opportunistic trading based on inside information.

Comparison to Industry Standards

• It's common for directors and officers to utilize 10b5-1 trading plans to sell shares over time to avoid accusations of insider trading.
• The volume of shares sold is relatively small compared to the total outstanding shares of Accel Entertainment.
• Comparable companies often see similar filings from their executives and directors.

Stakeholder Impact

• The stock sales could have a minor impact on shareholder sentiment, but the existence of a 10b5-1 plan mitigates concerns about insider trading.

Key Dates