[Form 4] BALL Corp Insider Trading Activity

Rhea-AI Filing Summary

Michael J. Cave, a director of Ball Corporation (BALL), reported on Form 4 that 880 restricted stock units (RSUs) lapsed/vested on 09/15/2025. Each RSU represents a contingent right to one share of Ball common stock and may be settled in shares or cash under the Deferred Compensation Company Stock Plan. The filing shows 36,309 shares beneficially owned following the reported RSU lapse and 10,704.5015 units held in the deferred compensation plan. The RSUs vest on the fourth anniversary of the grant date; units in the deferred plan are distributed upon separation of service. The Form 4 was signed by an attorney-in-fact, Derek Redmond, on 09/16/2025.

Positive

• Transparent disclosure of director equity vesting consistent with Section 16 reporting requirements
• No cash purchase was made—RSUs vested with a reported price of $0, indicating compensation settlement rather than market purchase

Negative

• None.

Insights

Securities Analyst

TL;DR: Director Michael J. Cave had 880 RSUs vest/lapse, increasing his reported beneficial holdings; no cash consideration was paid.

The transaction is routine compensation-related equity vesting rather than an open-market trade. The Form 4 reports 880 RSUs with $0 price, consistent with vesting of previously granted awards. Post-transaction holdings are reported as 36,309 shares beneficially owned and 10,704.5015 deferred units under the company plan. Because the units may be settled in cash or shares per the Deferred Compensation Company Stock Plan and are distributed upon separation, the filing primarily reflects compensation settlement mechanics, not an acquisition financed by purchase.

Corporate Governance Expert

TL;DR: This is a standard director equity vesting disclosure with no apparent governance red flags.

The filing documents scheduled vesting conditions (fourth anniversary) and deferred compensation plan terms. The signature by an attorney-in-fact is noted and properly dated 09/16/2025. There is no indication of sales, pledges, or other transactions that would materially alter control or signal insider liquidity. Disclosure aligns with Section 16 requirements for reporting in-kind compensation events.

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
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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^*

CAVE MICHAEL J

(Last) (First) (Middle)

9200 W. 108TH CIRCLE

(Street)

WESTMINSTER CO 80021

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BALL Corp [ BALL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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

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

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

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
Restricted Stock Units	(1)	09/15/2025		M			880(2)	(3)	(3)	Common Stock	880	$0	36,309	D
Deferred Compensation Company Stock Plan	(4)	09/15/2025		M		880(2)		(5)	(5)	Common Stock	880	$0	10,704.5015	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of Ball Corporation Common Stock.

2. Lapse of restricted stock units granted in conjunction with the Deposit Share Program.

3. The restricted stock units vest on the fourth anniversary of the grant date.

4. Each unit may be settled for a single share of stock or the equivalent amount of cash pursuant to the Ball Corporation Deferred Compensation Company Stock Plan.

5. Stock units in Ball Corporation's Deferred Compensation Company Stock Plan are distributed upon the separation of service in accordance with the Plan.

	/s/ Derek Redmond, attorney-in-fact to Mr. Cave	09/16/2025
	** 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.

FAQ

What did Michael J. Cave report on the Form 4 for BALL?

He reported the lapse/vesting of 880 restricted stock units on 09/15/2025, increasing his reported beneficial holdings.

How many shares does Michael J. Cave beneficially own after the transaction?

The filing shows 36,309 shares beneficially owned and 10,704.5015 units in the Deferred Compensation Company Stock Plan.

Was there any cash paid for these shares?

No. The transaction is reported with a $0 price, indicating vesting/settlement rather than a purchase.

When did the RSUs vest and what are the vesting terms?

The RSUs lapsed/vested on 09/15/2025 and vest on the fourth anniversary of the grant date per the filing.

Who signed the Form 4 and when?

The Form 4 was signed by Derek Redmond, attorney-in-fact, on 09/16/2025.