Director at Greif (NYSE: GEF) granted 161.39 cash-settled phantom units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Morrison Karen reported acquisition or exercise transactions in this Form 4 filing.

Greif, Inc. director Karen Morrison received an award of 161.39 phantom stock units that are economically equivalent to shares of Class A Common Stock at a reference price of $74.64 per unit. After this grant, she holds a total of 2,580.09 phantom stock units, which will be settled in cash when she leaves the board due to retirement, death or another reason rather than in actual shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Morrison Karen

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units (Cash Only Rights)	161.39	$74.64	$12K

Holdings After Transaction: Phantom Stock Units (Cash Only Rights) — 2,580.09 shares (Direct)

Footnotes (1)

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

Form 4 Insider Transactions: What Each Field Means →

02/25/2026 - 11:43 AM

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
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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^*

Morrison Karen

(Last)

(First)

(Middle)

425 WINTER ROAD

(Street)

DELAWARE

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)
02/23/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock Units (Cash Only Rights)	$0⁽¹⁾	02/23/2026		A		161.39		⁽²⁾	⁽²⁾	Class A Common Stock	161.39	$74.64	2,580.09	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.	02/25/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did Greif (GEF) director Karen Morrison report in this Form 4 filing?

Karen Morrison reported receiving 161.39 phantom stock units tied to Greif Class A Common stock. These units are a cash-settled equity-based award and increase her total phantom holdings to 2,580.09 units, aligning her economic interests with shareholders without issuing new shares.

What are phantom stock units in the Greif (GEF) Form 4 filing?

Phantom stock units are cash-only rights whose value tracks Greif’s Class A Common Stock. Each unit equals one share economically but is settled in cash at board service termination, providing stock-linked compensation without granting actual shares or voting rights in this award.

How many phantom stock units did Karen Morrison hold after this Greif (GEF) transaction?

After the award, Karen Morrison held 2,580.09 phantom stock units. This figure reflects the new 161.39-unit grant added to her prior balance, representing cash-settled, stock-linked compensation rather than direct ownership of Greif Class A Common Stock shares.

At what reference price were Karen Morrison’s Greif (GEF) phantom stock units granted?

The 161.39 phantom stock units were granted at a reference price of $74.64 per unit. This price is used to determine the economic value of the cash-settled award, which mirrors the value of Greif’s Class A Common Stock on a one-for-one basis.

When will Karen Morrison’s Greif (GEF) phantom stock units be settled?

The phantom stock units will be settled in cash when Karen Morrison leaves the Greif board. Settlement occurs upon termination from the board due to retirement, death, or another reason, providing deferred, stock-linked cash compensation rather than immediate share delivery.

Does Karen Morrison’s Greif (GEF) Form 4 show a stock purchase or sale?

The Form 4 shows a grant of phantom stock units, not an open-market stock purchase or sale. It is classified as an acquisition under code A, reflecting an equity-based compensation award that will be paid in cash instead of trading actual Greif shares.