The "Stateless" project is an interesting one, but, I think the choice of the name is confusing: of course it maintains internal state; and, the "state machine" concept is all about "state" !
The code you cite sets up a "rule" for a given "state:" "ringing."
It defines two possible "transitions" from "ringing."
The "Entry" action will refer to a dynamically created event handler that the class creates at run-time.
Keep in mind that the "Stateless" project does not use Microsoft's Windows WorkFlow Foundation; it also uses very complex, and advanced, progamming techniques.
You might get some benefit by studying WWF in terms of insight into general "state machine" principles: [
^].