-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001181431-11-003668.txt : 20110114
<SEC-HEADER>0001181431-11-003668.hdr.sgml : 20110114
<ACCEPTANCE-DATETIME>20110114111759
ACCESSION NUMBER:		0001181431-11-003668
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101222
FILED AS OF DATE:		20110114
DATE AS OF CHANGE:		20110114

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GUNSETT DANIEL J
		CENTRAL INDEX KEY:			0001231197

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00566
		FILM NUMBER:		11529209

	MAIL ADDRESS:	
		STREET 1:		425 WINTER RD
		CITY:			DELAWARE
		STATE:			OH
		ZIP:			43015

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREIF INC
		CENTRAL INDEX KEY:			0000043920
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPERBOARD CONTAINERS & BOXES [2650]
		IRS NUMBER:				314388903
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	BUSINESS ADDRESS:	
		STREET 1:		425 WINTER ROAD
		CITY:			DELAWARE
		STATE:			OH
		ZIP:			43015
		BUSINESS PHONE:		7405496000

	MAIL ADDRESS:	
		STREET 1:		425 WINTER ROAD
		CITY:			DELAWARE
		STATE:			OH
		ZIP:			43015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREIF BROTHERS CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREIF BROTHERS COOPERAGE CORP
		DATE OF NAME CHANGE:	19690820
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>rrd297726.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2010-12-22</periodOfReport>

    <dateOfOriginalSubmission>2010-12-27</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000043920</issuerCik>
        <issuerName>GREIF INC</issuerName>
        <issuerTradingSymbol>GEF,GEF.B</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001231197</rptOwnerCik>
            <rptOwnerName>GUNSETT DANIEL J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>425 WINTER ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DELAWARE</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>43015</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-12-22</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>17708.42</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>24.85</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>23351.42</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-12-22</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>17708.42</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>62.15</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5643</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>24.85</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2010-12-22</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>17708.42</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2010-12-22</value>
            </exerciseDate>
            <expirationDate>
                <value>1988-08-08</value>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>17708.42</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>17708.42</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Price reflects the actual weighted average price per share taking into consideration the stock split which occurred in April 2007.</footnote>
        <footnote id="F2">Each Phantom Stock Unit was the economic equivalent of one share of GEF Class A Common Stock.</footnote>
        <footnote id="F3">The units were issued under the Issuer's deferred compensation plan for its directors.  The units are to be settled in cash upon the earlier of (i) a future fixed date designated by the reporting person made at the time of the deferral election, or (ii) the reporting person's termination from the Board due to his retirement, death, disability or other reason.</footnote>
        <footnote id="F4">4,839 shares are subject to restriction on transfer.</footnote>
        <footnote id="F5">The units are to be settled in cash upon the earlier of (i) a future fixed date designated by the reporting person made at the time of the deferral election, or (ii) the reporting person's termination from the Board due to his retirement, death, disability or other reason.</footnote>
    </footnotes>

    <remarks>Conversion or Exercise Price of Derivative Security changed for $70.79 to $24.85.</remarks>

    <ownerSignature>
        <signatureName>Daniel J. Gunsett by John K. Dieker pursuant to a POA filed with the Commission.</signatureName>
        <signatureDate>2011-01-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
