Greif (GEF) director granted cash-settled phantom stock units

Rhea-AI Filing Summary

Greif, Inc. director Karen A. Morrison reported an equity-linked compensation change involving phantom stock units tied to the company’s Class A Common Stock. On 01/02/2026, she acquired 16.84 phantom stock units, each economically equivalent to one share of Class A Common Stock, at a reported derivative security price of $67.7 per unit. Following this grant, she beneficially owns 2,052.58 phantom stock units in total, held directly.

The phantom stock units are designated as cash-only rights, meaning they will be settled in cash rather than actual shares. According to the disclosure, these phantom shares are to be paid out in cash when she leaves the Board, whether due to retirement, death, or another reason. This filing reflects routine director compensation rather than open-market buying or selling of Greif stock.

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)	16.84	$67.70	$1K

Holdings After Transaction: (Phantom Stock Units (Cash Only Rights) — 2,052.58 shares (Direct)

Footnotes (1)

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 →

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).

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 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)
01/02/2026

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

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)	01/02/2026		A		16.84		(2)	(2)	Class A Common Stock	16.84	$67.7	2,052.58	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.	01/06/2026
	** 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 transaction did Greif (GEF) report in this filing?

The filing reports that director Karen A. Morrison acquired 16.84 phantom stock units tied to Greif’s Class A Common Stock as a derivative, cash-settled award on 01/02/2026.

What are the terms of the phantom stock units reported by Greif (GEF)?

Each phantom stock unit is the economic equivalent of one share of Greif Class A Common Stock and is a cash-only right with a reported derivative security price of $67.7 per unit.

When will the Greif (GEF) director’s phantom stock units be settled?

The phantom stock units are to be settled in cash upon the director’s termination from the Board, whether due to retirement, death, or another reason.

How many phantom stock units does the Greif (GEF) director hold after this transaction?

After the reported transaction, director Karen A. Morrison beneficially owns 2,052.58 phantom stock units tied to Greif’s Class A Common Stock, held directly.

Does this Greif (GEF) transaction involve actual shares of common stock?

No. The transaction involves phantom stock units, which are cash-settled rights economically equivalent to Class A Common Stock, rather than an issuance or sale of actual shares.

What role does the reporting person hold at Greif (GEF)?

The reporting person, Karen A. Morrison, is identified as a Director of Greif, Inc. on the form.