Accel Entertainment Insider Disposed 25k Shares via 10b5-1 Plan on 09/15/2025
Rhea-AI Filing Summary
David W. Ruttenberg, a director of Accel Entertainment, Inc. (ACEL), reported two sales of Class A-1 common stock on 09/15/2025 executed under a Rule 10b5-1 trading plan adopted on December 15, 2023. Each reported sale line shows 12,500 shares sold at weighted-average prices of approximately $11.1064, with reported price ranges of $11.00–$11.21 and $11.01–$11.205. Following the transactions, Ruttenberg’s indirect beneficial ownership is reported as 248,135 shares for securities held in the Crilly Court Trust and 388,026 shares for securities held by Grant Place Fund LLC. The filing was signed by an attorney-in-fact on 09/16/2025. The report states the sales were pursuant to the 10b5-1 plan and disclaims beneficial ownership by the trust and LLC except to the extent of pecuniary interest.
Positive
- Sales executed under a documented Rule 10b5-1 plan, which supports adherence to an established trading policy.
- Detailed pricing disclosure provided as weighted averages with price ranges and an undertaking to supply per-price breakdowns on request.
- Indirect holdings disclosed by entity (Crilly Court Trust and Grant Place Fund LLC) with standard disclaimers, improving transparency.
Negative
- Insider disposition of 25,000 shares may be perceived negatively by some market participants despite being under a 10b5-1 plan.
- Form disclaims beneficial ownership for the trust and LLC, which can limit clarity about the reporting person’s full economic exposure.
Insights
TL;DR: Director sold 25,000 Class A-1 shares under a pre-established 10b5-1 plan at ~ $11.11 per share; ownership remains materially disclosed.
The reported transactions total 25,000 shares sold on 09/15/2025 in multiple executions at weighted-average prices near $11.11. Sales were executed under a 10b5-1 plan adopted 12/15/2023, which provides an affirmative defense under Rule 10b5-1 when properly adopted. The filing discloses indirect holdings in two entities: Crilly Court Trust (248,135 shares) and Grant Place Fund LLC (388,026 shares), with customary disclaimers of beneficial ownership except for pecuniary interest. For investors, these are transparent, pre-planned disposals rather than opportunistic market sales, and the report includes price ranges and an undertaking to provide per-price breakdowns upon request.
TL;DR: Insider followed a documented 10b5-1 plan; filing provides necessary disclosures and entity-level ownership clarifications.
The Form 4 indicates compliance with Section 16 disclosure requirements and explicitly states the existence of a 10b5-1 plan adopted in December 2023. The report clarifies indirect ownership via a trust and an LLC and includes the required disclaimers regarding beneficial ownership. The signature by an attorney-in-fact is noted, and the filing supplies weighted-average prices and ranges for the reported dispositions. Documentation in the filing supports governance transparency, though it does not address any motivations or broader governance implications beyond disclosure.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A-1 Common Stock | 12,500 | $11.1064 | $139K |
| Sale | Class A-1 Common Stock | 12,500 | $11.1064 | $139K |
Footnotes (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. 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 $11.21, 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. 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.01 to $11.205, 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. 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.
