Form 4: Accel Entertainment Director Sells Shares

Accel Entertainment Director David W. Ruttenberg sold 25,000 shares of Class A-1 Common Stock for approximately $277,660 through a pre-arranged 10b5-1 trading plan.

Summary

• David W. Ruttenberg, a Director of Accel Entertainment, Inc. (ACEL), reported the sale of 25,000 shares of Class A-1 Common Stock.
• The transactions occurred on September 15, 2025.
• The shares were sold at a weighted average price of $11.1064 per share.
• The total value of the shares sold is approximately $277,660.
• These sales were executed pursuant to a Rule 10b5-1 trading plan adopted on December 15, 2023.
• Following these transactions, Ruttenberg indirectly beneficially owns 636,161 shares of Class A-1 Common Stock, held by Crilly Court Trust (248,135 shares) and Grant Place Fund LLC (388,026 shares).

Sentiment

Score: 5

Explanation: The transaction is a pre-scheduled sale under a 10b5-1 plan, which typically indicates a planned liquidity event rather than a reaction to new material information, thus having a neutral sentiment impact.

Positives

• The sale was conducted under a Rule 10b5-1 trading plan, indicating it was pre-scheduled and not based on immediate material nonpublic information.

Negatives

• A director selling shares, even under a 10b5-1 plan, can sometimes be perceived as a lack of confidence by some investors, though this is mitigated by the pre-planned nature.

Management Comments

• The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 15, 2023 (and to which each of Crilly Court Trust and Grant Place Fund LLC is a party).
• 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.
• The Reporting Person disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein, and the inclusion of such securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

Stakeholder Impact

• Shareholders may perceive the director's sale, even if pre-planned, as a minor signal, though the 10b5-1 plan mitigates concerns about insider information.

Key Dates

Keywords

Accel Entertainment, ACEL, insider transaction, Form 4, stock sale, director, 10b5-1 plan