Accel Entertainment (ACEL) director reports 25,000-share insider sale under Rule 10b5-1 plan

Rhea-AI Filing Summary

Accel Entertainment, Inc. director Form 4 insider sale reports that director David W. Ruttenberg sold a total of 25,000 shares of Class A-1 common stock on 12/11/2025 in two transactions of 12,500 shares each. The sales were executed at weighted average prices of $11.0063 and $11.0061, with actual individual trade prices ranging from $11.00 to $11.03.

The filing states these sales were made under a pre-arranged Rule 10b5-1 trading plan adopted on December 15, 2023, which included a representation that he was not in possession of material nonpublic information at the time of adoption. After the transactions, 235,635 shares are reported as held indirectly through the Crilly Court Trust and 375,526 shares through Grant Place Fund LLC, with Ruttenberg disclaiming beneficial ownership beyond his pecuniary interest in these entities.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ruttenberg David W.

(Last) (First) (Middle)

C/O ACCEL ENTERTAINMENT, INC.

140 TOWER DRIVE

(Street)

BURR RIDGE IL 60527

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Accel Entertainment, Inc. [ ACEL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A-1 Common Stock	12/11/2025		S(1)		12,500	D	$11.0063(2)	235,635	I	See Footnote(3)
Class A-1 Common Stock	12/11/2025		S(1)		12,500	D	$11.0061(2)	375,526	I	See Footnote(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. 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.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.00 to $11.03, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

3. Securities are held by the Crilly Court Trust, of which the Reporting Person is a beneficiary. 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.

4. Securities are held by Grant Place Fund LLC, of which the Reporting Person is the Manager. 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.

Remarks:

	/s/Derek Harmer, Attorney-in-fact for David W. Ruttenberg	12/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Accel Entertainment (ACEL) disclose in this Form 4?

The Form 4 reports that director David W. Ruttenberg sold a total of 25,000 shares of Accel Entertainment Class A-1 common stock on 12/11/2025, in two separate sales of 12,500 shares each.

At what prices did the Accel Entertainment (ACEL) director sell his shares?

The reported weighted average sale prices were $11.0063 for one 12,500-share block and $11.0061 for the other, with individual trades occurring between $11.00 and $11.03 per share.

Was the Accel Entertainment (ACEL) insider sale made under a Rule 10b5-1 trading plan?

Yes. The filing states the shares were sold under a Rule 10b5-1 trading plan adopted on December 15, 2023, which included a representation that the reporting person was not in possession of material nonpublic information as of the adoption date.

How many Accel Entertainment (ACEL) shares does the reporting person hold after these transactions?

After the reported sales, the filing lists 235,635 shares held indirectly through the Crilly Court Trust and 375,526 shares held indirectly through Grant Place Fund LLC.

How are the Accel Entertainment (ACEL) shares held by Crilly Court Trust reported in this Form 4?

The shares are reported as held by the Crilly Court Trust, of which the reporting person is a beneficiary. He disclaims beneficial ownership of those securities except to the extent of his pecuniary interest.

What does the Form 4 say about Grant Place Fund LLC’s Accel Entertainment (ACEL) shares?

The filing notes that securities are held by Grant Place Fund LLC, of which the reporting person is the Manager, and he disclaims beneficial ownership except to the extent of his pecuniary interest.