Greif (GEF) director acquires 1,574 phantom units on 10/01/2025

Karen A. Morrison, a director of Greif, Inc. (GEF), reported a transaction dated 10/01/2025 on a Form 4 showing acquisition of phantom stock units that are each the economic equivalent of one share of Class A common stock.

Rhea-AI Filing Summary

Karen A. Morrison, a director of Greif, Inc. (GEF), reported a transaction dated 10/01/2025 on a Form 4 showing acquisition of phantom stock units that are each the economic equivalent of one share of Class A common stock. The filing records 1,574.332 phantom units associated with Class A Common Stock. The units are cash-settled upon the reporting person’s termination from the board, including retirement or death, rather than converted into actual shares. The Form 4 was signed by a power of attorney on behalf of Ms. Morrison on 10/02/2025.

Positive

• Acquisition of 1,574.332 phantom units by Director Karen A. Morrison on 10/01/2025
• Phantom units are cash-settled, avoiding immediate dilution of outstanding shares

Negative

• None.

Insights

Corporate Governance Analyst

Director received 1,574.332 phantom units; settlement is cash-only.

The Form 4 discloses an acquisition of phantom stock units on 10/01/2025 by director Karen A. Morrison. These units mirror economic exposure to Class A Common Stock but will be paid in cash when settled.

This structure provides the director with economic alignment to the company’s share performance without issuing new shares or changing share count. The filing was submitted via a power of attorney and signed on 10/02/2025.

Insider Trade Summary

Grant/Award: 14.62 shares

Grant/Award 1 txn

Insider Morrison Karen

Role Director

Type	Security	Shares	Price	Value
Grant/Award	(Phantom Stock Units (Cash Only Rights)	14.62	$59.76	$873.69

Holdings After Transaction: (Phantom Stock Units (Cash Only Rights) — 1,574.332 contracts (Direct)

Footnotes (2)

1. F1. Each phantom stock unit is the economic equivalent of one share of Class A Common Stock of Greif, Inc.
2. F2. The phantom shares are to be settled in cash upon the Reporting Person's termination from the Board due to her retirement, death or other reason.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Greif director Karen A. Morrison report on Form 4 (GEF)?

The Form 4 reports an acquisition on 10/01/2025 of 1,574.332 phantom stock units, each equal to one share of Class A common stock.

How will the phantom stock units reported by Karen Morrison be settled?

The filing states the phantom shares are to be settled in cash upon the reporting person’s termination from the Board, including retirement or death.

Does the Form 4 show direct or indirect ownership for these units?

The filing indicates direct ownership for the reported phantom stock units.

When was the Form 4 signed and filed for Karen Morrison’s transaction?

The signature on the Form 4 by power of attorney is dated 10/02/2025.

Do the phantom units convert into shares of Greif (GEF)?

No; the explanation in the filing says each phantom unit equals one share economically, but the units are cash-only rights and will not convert into actual shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/02/2025 - 04:18 PM EDT Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

1. Name and Address of Reporting Person^*

Morrison Karen

(Last) (First) (Middle)

425 WINTER ROAD

(Street)

DELAWARE OH 43015

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GREIF, INC [ GEF, GEF-B ]

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)
10/01/2025

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

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
(Phantom Stock Units (Cash Only Rights)	$0(1)	10/01/2025		A		14.62		(2)	(2)	Class A Common Stock	14.62	$59.76	1,574.332	D

Explanation of Responses:

1. Each phantom stock unit is the economic equivalent of one share of Class A Common Stock of Greif, Inc.

2. The phantom shares are to be settled in cash upon the Reporting Person's termination from the Board due to her retirement, death or other reason.

	Karen A. Morrison by L. Dennis Hoffman, Jr. pursuant to a POA filed with the Commission.	10/02/2025
	** 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.