Company: GEF
Filing Date: 2025-01-10
Form Type: DEF 14A
Source: 0000043920-25-000004
Chunk: 44

Company: GREIF, INC
Filing Date: 2025-01-10
Form: DEF 14A
Chunk 44
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 threshold performance level and is capped at the maximum performance level. Under the LTIP, our NEOs can be awarded anywhere from 0% to a maximum of 200% of the PSU target incentive award with 100% being the payout for achieving the target performance level. The Compensation Committee also establishes a threshold level performance goal, below which no awards are paid to any participan t. For each of the current three-year performance periods, this threshold level is 33% of the target award. P SUs ultimately awarded will be determined based on two measures: (i) the Company's achievement of performance goals based on targeted levels of EBITDA, and (ii) the relative performance of the Company's three-year total shareholder return ("TSR") compared to the TSR performance of the Russell 2000 Index during the same performance period. Performance with respect to the TSR metric can increase or decrease the number of performance units earned by up to 20%. The Committee believes the use of a TSR modifier for the PSUs granted under the LTIP further aligns Company performance with stockholder value. Unvested RSUs and PSUs are forfeited upon termination of employment, except in the case of death, disability or retirement, in which case the RSUs and PSUs will be reduced on a pro rata basis to reflect participation prior to termination. The Compensation Committee establishes a threshold performance goal that is realistic to achieve and sets a maximum performance goal that is difficult to achieve for the applicable performance period. After the performance goals are established, the Compensation Committee aligns the achievement of the performance goals with the award opportunities, such that the level of achievement of the pre-established performance goals at the end of the performance period determines t he final awards (i.e ., the actual incentive compensation earned during the performance period by the participant). For fiscal year 2024, NEOs were eligible to receive a LTIP award consisting of RSUs and PSUs, with a payout of PSUs based on performance targets set in December 2021 for the fiscal 2022-2024 performance period. The Compensation Committee established the following LTIP target award opportunities for our NEOs for the 2022-2024 performance period.

Greif - Proxy Statement 34

|                     |     | LTIP Target Award Opportunity for 2022-2024 Performance Period |     |    |     |            |
| NEOs                |     | -% of Average Base Salary                                      |     | -$ |     |            |
| Mr. Rosgaard