Form 4: Greif Director Acquires Phantom Stock Units

Greif Director Karen Morrison acquired 14.62 phantom stock units, increasing her direct beneficial ownership to 1,574.332 units, to be settled in cash upon her board termination.

Summary

• Karen Morrison, a Director of Greif, Inc. (GEF), acquired 14.62 phantom stock units.
• The transaction occurred on October 1, 2025, and was made pursuant to a Rule 10b5-1 plan.
• Each phantom stock unit is the economic equivalent of one share of Greif's Class A Common Stock.
• These units are to be settled in cash upon Ms. Morrison's termination from the Board due to retirement, death, or other reasons.
• Following this transaction, Ms. Morrison directly beneficially owns 1,574.332 phantom stock units.
• The phantom stock units have a conversion/exercise price of $0 and an associated price of $59.76 per unit.

Sentiment

Score: 6

Explanation: The acquisition of phantom stock units by a director is generally a positive signal of insider confidence, though the cash-settled nature means it's not a direct equity investment. It's a routine compensation event.

Positives

• An insider, a Director, increased her beneficial ownership in the company, which can signal confidence in the company's future performance.
• The acquisition of phantom stock units aligns the director's interests with long-term shareholder value, as these units are tied to the performance of Class A Common Stock.

Negatives

• The phantom stock units are cash-settled, meaning they do not directly increase the director's equity stake in the company's common stock, but rather provide a cash equivalent.

Risks

• The value of the phantom stock units is tied to the Class A Common Stock price, exposing the holder to market fluctuations until settlement.
• The cash settlement nature means the director does not gain voting rights or direct equity ownership from these specific units.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

This filing is a routine insider transaction report and does not provide information that directly relates to broader industry trends or competitive landscape analysis.

Related Party Transactions

• The transaction involves a director acquiring compensation in the form of phantom stock units from the company, which is a common type of related party transaction in corporate governance.

Stakeholder Impact

• Shareholders may view the director's increased beneficial ownership as a positive indicator of management's alignment with shareholder interests and confidence in the company's long-term prospects.

Next Steps

• 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.

Key Dates

Keywords

Greif Inc, GEF, Insider Transaction, Form 4, Phantom Stock Units, Director, Beneficial Ownership, Equity Compensation