Rubenstein trims Accel (ACEL) stake with 160K-share sale and 17K-share gift

Rhea-AI Filing Summary

Accel Entertainment director Gordon Rubenstein reported several insider transactions involving Class A-1 Common Stock. On March 11, 2026, entities associated with him executed four open-market sales totaling 160,561 shares at weighted average prices around $11.38–$11.46, including sales by his IRA, his son, and Fund Indy LLC. On March 10, 2026, Fund Indy LLC made a bona fide gift of 17,514 shares. Following these transactions, reported holdings include 3,766 shares held directly, 156,448 shares via an IRA, 84,772 shares through Fund Indy LLC, and 495 shares held by his son.

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).

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^*

Rubenstein Gordon

(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)
03/10/2026

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	03/10/2026		G		17,514	D	$0	120,218	I	See Footnote(1)
Class A-1 Common Stock	03/11/2026		S		2,655	D	$11.4577(2)	495	I	By son (R. Rubenstein)
Class A-1 Common Stock	03/11/2026		S		119,248	D	$11.3789(3)	156,448	I	By IRA
Class A-1 Common Stock	03/11/2026		S		3,212	D	$11.3787(3)	3,766	D
Class A-1 Common Stock	03/11/2026		S		35,446	D	$11.3788(3)	84,772	I	See Footnote(1)

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. Securities are held by Fund Indy LLC, of which the Reporting Person is the sole Member. 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.

2. The price reported in Column 4 is a weighted average price. 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.30 to $11.46, 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.

Remarks:

	/s/ Derek Harmer, Attorney-in-fact for Gordon Rubenstein	03/12/2026
	** 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 transactions did Gordon Rubenstein report for Accel Entertainment (ACEL)?

Gordon Rubenstein reported four open-market sales totaling 160,561 shares of Accel Entertainment Class A-1 Common Stock and a bona fide gift of 17,514 shares. The transactions occurred on March 10 and March 11, 2026, across direct, IRA, LLC, and family holdings.

At what prices were the Accel Entertainment (ACEL) shares sold in Rubenstein’s Form 4?

The reported sales were executed at weighted average prices around $11.38 to $11.46 per share. Footnotes state the shares were sold in multiple transactions within these ranges, and Rubenstein undertakes to provide full price breakdowns to the issuer, security holders, or SEC staff on request.

How many Accel Entertainment (ACEL) shares did Gordon Rubenstein gift in this filing?

An entity associated with Gordon Rubenstein, Fund Indy LLC, made a bona fide gift of 17,514 shares of Accel Entertainment Class A-1 Common Stock on March 10, 2026. The gift was reported with a transaction code G, indicating a non-cash, charitable or personal transfer.

What are Gordon Rubenstein’s reported Accel Entertainment (ACEL) holdings after these transactions?

After the reported transactions, holdings include 3,766 shares held directly, 156,448 shares through an IRA, 84,772 shares held by Fund Indy LLC, and 495 shares held by his son. These positions reflect both the reported sales and the earlier 17,514-share bona fide gift.

Were Rubenstein’s Accel Entertainment (ACEL) sales open-market transactions?

Yes. Each sale is coded S with a description of “Sale in open market or private transaction,” and the filing identifies them as open-market sales of Class A-1 Common Stock at weighted average prices. One separate transaction, coded G, reflects a bona fide gift rather than a sale.

How are Fund Indy LLC’s Accel Entertainment (ACEL) shares treated in Rubenstein’s Form 4?

Fund Indy LLC, of which Rubenstein is the sole member, holds some of the reported shares and executed a sale and a gift. The footnote states he disclaims beneficial ownership except to the extent of his pecuniary interest, so these holdings are reported but subject to that disclaimer.