Form 4: Accel Entertainment Secretary Derek Harmer Sells Shares Under 10b5-1 Trading Plan

Derek Harmer, Secretary of Accel Entertainment, sold 5,000 shares of Class A-1 Common Stock on both March 19, 2025, and April 9, 2025, under a pre-arranged 10b5-1 trading plan.

Summary

• Derek Harmer, Secretary of Accel Entertainment, filed a Form 4 disclosing changes in beneficial ownership.
• On March 19, 2025, Harmer sold 5,000 shares of Class A-1 Common Stock at $10 per share.
• On April 9, 2025, Harmer sold another 5,000 shares of Class A-1 Common Stock at $10.50 per share.
• These transactions were executed under a Rule 10b5-1 trading plan adopted on December 13, 2024.
• Following these transactions, Harmer directly owns 211,575 shares of Class A-1 Common Stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports stock sales under a pre-existing trading plan. There's no indication of positive or negative implications for the company.

Risks

• The Form 4 includes a disclaimer regarding potential material nonpublic information, stating that while Harmer represented he wasn't in possession of such information when the 10b5-1 plan was adopted, there's no assurance regarding unawareness or future acquisition of such information.

Management Comments

• The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.
• 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.

Industry Context

Sales by company secretaries are not uncommon, but the use of a 10b5-1 plan suggests a pre-arranged strategy to avoid insider trading concerns.

Comparison to Industry Standards

• It is common for executives to use 10b5-1 trading plans to sell shares over time, which is a standard practice to avoid accusations of insider trading.
• Comparable companies in the gaming and entertainment sector often see similar filings related to executive stock sales.

Stakeholder Impact

• The stock sales could have a minor impact on shareholders due to the increased supply of shares in the market, but the effect is likely minimal given the relatively small volume of shares sold.

Key Dates

Keywords

Form 4, insider trading, share sale, 10b5-1 plan, Accel Entertainment, ACEL, Derek Harmer