Greif director receives phantom stock unit grant

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

Rhea-AI Filing Summary

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

GREIF, INC director Karen Morrison received a grant of 402.36 phantom stock units tied to Class A Common Stock at $65.24 per unit. Each unit is economically equivalent to one share and will be settled in cash when she leaves the Board. Following this award, she holds 3,003.99 phantom units in total, including 21.54 units received on April 1, 2026 as dividend equivalents.

Insider Trade Summary

Grant/Award: 402.36 shares

Grant/Award 1 txn

Insider Morrison Karen

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units (Cash Only Rights)	402.36	$65.24	$26K

Holdings After Transaction: Phantom Stock Units (Cash Only Rights) — 3,003.99 contracts (Direct)

Footnotes (3)

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.
3. F3. Includes 21.54 units received on April 1, 2026 in lieu of payment of dividends on outstanding phantom units. Dividends paid on one phantom unit are equivalent in value to dividends paid on one share of Class A Common Stock.

Key Figures

Phantom units granted: 402.36 units Grant reference price: $65.24 per unit Total phantom units after grant: 3,003.99 units +1 more

4 metrics

Phantom units granted 402.36 units Grant/award acquisition on May 1, 2026

Grant reference price $65.24 per unit Economic equivalent per Class A share

Total phantom units after grant 3,003.99 units Holdings following reported transaction

Dividend-equivalent units 21.54 units Credited on April 1, 2026 in lieu of cash dividends

Key Terms

Phantom Stock Units, Class A Common Stock, economic equivalent, dividends

4 terms

Phantom Stock Units financial

"Phantom Stock Units (Cash Only Rights)"

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

Class A Common Stock financial

"Each phantom stock unit is the economic equivalent of one share of Class A Common Stock"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

economic equivalent financial

"Each phantom stock unit is the economic equivalent of one share of Class A Common Stock"

dividends financial

"Dividends paid on one phantom unit are equivalent in value to dividends paid on one share"

Dividends are cash payments a company gives to its shareholders from profits or cash reserves, effectively sharing part of its earnings with owners. They matter to investors because they provide a steady income stream, act like an interest or rent payment on owning the stock, and signal management’s confidence in the business—factors that influence total return and share price. Regular or special dividends can change an investor’s income and reinvestment strategy.

FAQ

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

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

Karen Morrison reported receiving 402.36 phantom stock units linked to Greif Class A Common Stock. These cash-settled units increase her total phantom holdings to 3,003.99 units, reflecting compensation rather than an open-market stock purchase or sale.

What are phantom stock units in the Greif (GEF) Form 4 for Karen Morrison?

The phantom stock units are cash-only rights whose value mirrors one share of Greif Class A Common Stock. They track the share price and dividends but are paid in cash instead of stock when the director leaves the Board.

How many phantom stock units does Karen Morrison hold after this Greif (GEF) grant?

After the reported grant, Karen Morrison holds a total of 3,003.99 phantom stock units. This includes the newly awarded 402.36 units and prior units, some of which increased through dividend-equivalent credits recorded on April 1, 2026.

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

The phantom stock units will be settled in cash when Karen Morrison’s service on the Greif Board ends. Settlement occurs upon her retirement, death, or other termination from the Board, aligning payout timing with the end of her directorship.

How are dividends treated on Karen Morrison’s Greif (GEF) phantom stock units?

Dividends on Greif’s phantom stock units are credited as additional units, mirroring cash dividends on Class A shares. For example, Morrison received 21.54 extra phantom units on April 1, 2026 instead of cash, increasing her total phantom balance.

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

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Accepted by SEC EDGAR 05/01/2026 - 06:10 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).

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 OHIO 43015

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)	05/01/2026		A		402.36		(2)	(2)	Class A Common Stock	402.36	$65.24	3,003.99(3)	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.

3. Includes 21.54 units received on April 1, 2026 in lieu of payment of dividends on outstanding phantom units. Dividends paid on one phantom unit are equivalent in value to dividends paid on one share of Class A Common Stock.

	Karen A. Morrison by L. Dennis Hoffman, Jr. pursuant to a POA filed with the Commission.	05/01/2026
	** 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.
* Form 4: SEC 1474 (03-26)