Anthony J. Krabill

About Anthony J. Krabill

Anthony J. Krabill is Vice President, Corporate Treasurer of Greif, Inc., serving as an executive officer since 2022 and age 51 as of the 2025 proxy record date . He has been with Greif since 2014, progressing through Director of Capital Markets & FX (2014–2017), Assistant Treasurer (2017–2022), and VP Corporate Treasurer (May 2022–present) . Company performance markers relevant to incentive design include: fiscal 2024 STIP payout at 133.9% of target based on OPBSI and OWC achievements ; 2022–2024 LTIP PSUs paid out at 186% with an 11.6% TSR modifier vs. Russell 2000 ; and an 11‑month FY 2025 showing adjusted EBITDA of $511.3M (+3.1% YoY), combined adjusted EBITDA of $702.6M (+10.9% YoY), adjusted free cash flow of $338.8M, and NPS of 72, alongside deleveraging and a $150M repurchase plan .

Past Roles

External Roles

Fixed Compensation

• Individual base salary, target bonus %, and actual bonus paid for Mr. Krabill are not disclosed (NEO-only disclosure). Company program uses base salary as anchor for STIP and LTIP calculations for participating executive officers .

Performance Compensation

Short-Term Incentive Plan (STIP) — Metrics, Weighting, Targets, Actuals, Payout

STIP Forward Targets (established Dec 2024)

Long-Term Incentive Plan (LTIP) — Structure and 2022–2024 Outcome

• Structure: Awards in RSUs (time-based) and PSUs (performance-based); CEO mix 30% RSU/70% PSU; other NEOs 40% RSU/60% PSU. PSUs tied to EBITDA targets with TSR modifier vs. Russell 2000; payout range 0–200% (threshold 33%) . RSUs granted for 2023–2026 performance period vest approximately three years after grant; RSUs granted 12/12/2023 scheduled to vest on January 14, 2026 .

• Note: The Compensation Committee designates executive officers and key employees for LTIP participation; individual award levels for Mr. Krabill are not disclosed .

Equity Ownership & Alignment

Beneficial Ownership (Initial Form 3)

• Subsequent Section 16 updates for Mr. Krabill are not found in the recent document set; no Form 4 transactions surfaced in our search. This suggests limited near-term insider selling pressure from him based on available filings .
• Stock ownership guidelines: Executive officers must hold Company stock equal to 3× base salary; retention of 100% of LTIP shares until compliant; five-year window to meet threshold .
• Hedging and pledging: Hedging or short sales prohibited; pledging requires pre-approval (We Don’t Do/Requires pre-approval) .
• Holding requirements and compliance monitoring conducted annually by the Compensation Committee; NEOs reported as compliant or within the compliance window; no individual compliance status disclosed for Mr. Krabill .

Employment Terms

• Employment agreements and change-in-control arrangements for executive management are not utilized; compensation includes clawback provisions compliant with NYSE rules .
• Clawback: Recovery of erroneously awarded incentive-based compensation required upon restatement due to material noncompliance or would-be material misstatement .
• Equity plan change-in-control: Under the 2001 Plan, stock options vest immediately and restrictions on restricted/performance shares lapse upon a change in control or potential change in control (single-trigger acceleration); options may be cashed out or terminated depending on fair value vs. exercise price .
• Non-compete, non-solicit, garden leave, severance multiples: Not disclosed for Mr. Krabill.

Performance & Track Record (Role-Relevant)

• Financing execution: Mr. Krabill served as authorized signatory across Greif entities on major financing amendments, including a March 2024 credit agreement amendment and 2024 securitization facility extension, indicating direct involvement in capital structure optimization and liquidity management .
• Company-level results aligning with incentive frameworks: 11‑month FY 2025 adjusted EBITDA $511.3M (+3.1% YoY), combined adjusted EBITDA $702.6M (+10.9% YoY), adjusted free cash flow $338.8M, pro forma leverage below 1.0× post asset sales; active capital returns via ~$150M repurchase, supporting treasury’s execution posture .
• Customer metrics: NPS 72 (world-class), reinforcing commercial resilience that ties back to OPBSI and working capital goals used in STIP .

Compensation Committee Analysis & Governance Context

• Committee composition (2024): Mark A. Emkes (Chair), John W. McNamara, Frank C. Miller, Kimberly T. Scott; uses Willis Towers Watson as independent consultant; peer group comprises packaging/manufacturing names like Berry Global, Sealed Air, Sonoco, Owens Corning, and Pactiv Evergreen, among others .
• Pay-for-performance: Strong at-risk pay emphasis via STIP and LTIP metrics; annual STIP caps and LTIP PSU caps; risk assessment conducted with no material adverse risk identified .
• Stockholder feedback: Say‑on‑pay approved at >99% in 2023; triennial vote cadence with next in 2026 .

Compensation Structure Analysis

• Shift from options to RSUs/PSUs: Company has not granted stock options under the 2001 Plan since 2005, favoring RSUs/PSUs under LTIP—reducing option-related risk and emphasizing performance equity with TSR modifiers .
• At-risk balance: Emphasis on OPBSI and OWC in STIP (80/20) aligns pay to profitability and cash efficiency; LTIP focuses on EBITDA (with relative TSR overlay) to drive multi-year value creation .
• Governance guardrails: Clawback policy, ownership guidelines, hedging ban, and controlled pledging reduce misalignment and reputational risk .

Equity Ownership & Alignment — Policy Summary

• Ownership multiple: 3× base salary for executive officers .
• Holding requirement: Retain 100% of LTIP shares until guideline met; five-year compliance period .
• Pledging/Hedging: Hedging banned; pledging requires pre-approval .
• Insider trading program: Insider Trading Policy on website and referenced in filings .

Investment Implications

• Alignment: The OPBSI/OWC STIP and EBITDA/TSR LTIP construct ties cash and equity outcomes to profitability, cash discipline, and market-relative returns—supportive of long-term shareholder alignment even for non-NEO executive officers like the Treasurer .
• Retention risk: Tenure since 2014 and expanded responsibilities suggest continuity; lack of employment contracts and single-trigger acceleration on legacy equity plans reduces entrenchment risk while clawback and ownership rules maintain discipline .
• Trading signals: No Form 4 activity located for Mr. Krabill; initial holdings are modest—limited evidence of selling pressure; company-level buyback authorization (~$150M) and pro forma leverage <1× may provide demand support and treasury capacity for capital returns .
• Pay-for-performance efficacy: Recent STIP and LTIP payouts (133.9% and 186%) reflect strong execution against set metrics; continued focus on cost optimization and cash conversion (50% FCF conversion guidance) underscores management confidence in targets used to determine incentive outcomes .