Form: DEF 14A

Definitive proxy statements

March 13, 2024

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No.           )
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:

Preliminary Proxy Statement

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

Definitive Proxy Statement

Definitive Additional Materials

Soliciting Material under §240.14a-12
BALL CORPORATION
(Name of Registrant as Specified In Its Charter)
 
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):

No fee required.

Fee paid previously with preliminary materials.

Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11.

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2023 HIGHLIGHTS
We are pleased to present our 2023 achievements and initiatives.
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LETTER TO SHAREHOLDERS
March 13, 2024
Dear Fellow Shareholders,
2023 showcased the resolve of our people, the resiliency of our products and the fundamental strength of our operations. Our commitment to our employees and shareholders, as well as our leadership role on environmental, social and governance matters enables us to create value for our stakeholders and the communities where we operate. We delivered strong comparable operating earnings growth of 9.9 percent and $818 million of free cash flow amid challenging year-over-year comparisons related to our 2022 Russian business sale, lingering macroeconomic factors and a U.S. customer brand disruption muting consumer demand. We are focused on executing against our commitments, appropriately managing our capital to advance operational efficiencies so we can continuously improve our delivery of at-scale manufacturing and cost competitiveness.
In the third quarter of 2023, we entered into an agreement with BAE Systems to sell the company’s aerospace business for approximately $5.6 billion. This sale enables us to use the estimated $4.5 billion of net proceeds to pay down approximately $2 billion in debt, repurchase roughly $2 billion in stock and take other incremental actions to strengthen our balance sheet and accelerate long-term value creation through Ball’s leadership to advance sustainable aluminum packaging at scale.
With guidance from our Board, the leadership of our senior management team, and the hard work and resiliency of our approximately 16,000 colleagues around the world, we embark on 2024 with a clear path to win with an expansive and innovative product portfolio serving the needs of our beverage, personal care and household products customers; our capable manufacturing footprint; and our leadership in creating a more sustainable future.
We continue to make measurable progress towards achieving our 2030 goals and remain steadfast in our commitment to find innovative ways to lightweight our aluminum packaging portfolio; increase the recycling rates in the regions where we operate to ultimately support biodiversity; improve the efficiency of our operations and collaborate with value chain partners to drive and improve responsible sourcing standards. Notably in 2023, we published a comprehensive Climate Transition Plan — our pathway for transforming our organization into a fully circular and decarbonized business, delivering unmatched value to shareholders, customers and all other stakeholders, while allowing us to better serve our planet and achieve net zero carbon emissions between 2040 and 2050.
Additionally, we remain committed to the Aluminum Stewardship Initiative (ASI) in support of reaching our Climate Transition Plan priorities and 2030 goal of 100% of aluminum being purchased from certified sustainable sources. ASI standards enable us to align our manufacturing operations and the products we produce with social responsibility and product stewardship values. Across our value chain, we are collaborating with our partners to devise solutions that can be integrated in truly beneficial ways, while simultaneously upholding our sustainability commitments. We are focused on advancing health and environmental safety standards in our products and manufacturing facilities.
Ball is also committed to fostering an environment where all our employees, including those from diverse backgrounds are valued, respected, inspired, and rewarded so they can reach their potential. We believe achieving our diversity, equity and inclusion initiatives starts at the top with 73% of our board of directors and 55% of our executive leadership team, representing diverse backgrounds on the basis of gender or race. We are also committed to achieving stronger representation of women in leadership roles and total female representation across our global organization, including our manufacturing environments. Another testament of the dedication of our workforce, we have made a significant positive impact in the communities where we live and work by donating over 38,000 volunteer hours by participating in over 100 events in 19 countries.
We are well positioned to unlock value from our agile global footprint and innovative product portfolio to serve sustainable single use, limited use and reuse aluminum packaging, spanning various product categories and venues. We are confident in the strategic actions we have taken in 2023 and the sustainable attributes of our global aluminum packaging businesses to drive profitable growth and strong free cash flow, while increasing EVA dollars and multi-year return of value to shareholders.
We also remain deeply committed to engaging with our stakeholders to garner feedback on our strategic and capital allocation actions, sustainability goals and governance practices. During 2023, our senior leadership met with institutional shareholders representing approximately 61% of our total shares outstanding and, in 2024, we look forward to continued engagement and hosting our biennial investor day.
On behalf of the Board and our Ball team members, we thank you for investing in Ball and for continuing to entrust us to help lead the company into this new and very exciting chapter in our history.
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Daniel W. Fisher
Chairman and CEO
Stuart A. Taylor II
Lead Independent Director

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
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Wednesday April 24, 2024
7:30 A.M., Mountain Daylight Time
Virtually via Webcast
www.virtualshareholdermeeting.com/BALL2024
In-Person at

9200 W. 108th Circle, Westminster, CO 80021
You can vote if you are a shareholder of
record on March 4, 2024
The Annual Meeting of Shareholders of Ball Corporation will be held for the following purposes:
ITEMS OF BUSINESS
Item
Management
Proposals
See
page
1
Election of seven director nominees to serve for a one-year term expiring at the annual meeting in 2025;
   John A. Bryant     Michael J. Cave    Daniel W. Fisher    Pedro H. Mariani 
   Cathy D. Ross    Betty J. Sapp    Stuart A. Taylor II  
FOR
each nominee
72
2
Ratification of appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the company for 2024
FOR
73
3
Approve, by non-binding advisory vote, the compensation of the named executive officers (“NEOs”) as disclosed in the following Proxy Statement
FOR
74
To consider any other business as may properly come before the meeting, although it is anticipated that no business will be conducted other than the matters listed above
Shareholders of record at the close of business on March 4, 2024, are entitled to notice of and to vote at the Annual Meeting or any adjournment thereof. The following Proxy Statement contains important information about the meeting and the matters being voted upon.
This year’s Annual Meeting will be held in a virtual format through a live webcast and in person at our headquarters office. Please see the Voting and Meeting Information section for details on how to attend.
Your vote is important. Please read the accompanying proxy materials carefully. To ensure your shares are represented at the Annual Meeting, we urge you to vote your shares by completing and returning the proxy card as promptly as possible. You also may vote by telephone or over the Internet, or if you request a paper copy of the materials, by mail. You may revoke your proxy at any time before the final vote at the Annual Meeting. All properly completed proxies (whether by mail, telephone or Internet) will be voted at the meeting in accordance with the directions given in the proxy, unless the proxy is revoked before voting concludes.
The Notice of Annual Meeting, Proxy Statement and proxy card were first furnished and made available to shareholders on or about March 13, 2024.
By Order of the Board of Directors,
Hannah Lim-Johnson
Corporate Secretary
March 13, 2024
Westminster, Colorado
PLEASE NOTE:
The 2024 Annual Meeting of Shareholders will be held to tabulate the votes cast and to report the results of voting on the
items described above. No management presentations or other business matters are planned for the meeting.

PROXY STATEMENT
TABLE OF CONTENTS
11
15
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i|WWW.BALL.COM/INVESTORS

PROXY STATEMENT SUMMARY
The following summary highlights certain key disclosures in this Proxy Statement. This is only a summary, and it may not contain all the information that is important to you. For more complete information, please review the entire Proxy Statement as well as our 2023 Annual Report on Form 10-K.
BALL CORPORATION 2024 ANNUAL MEETING OF SHAREHOLDERS
[MISSING IMAGE: tm212020d1-icon_calendpn.gif]   WHEN [MISSING IMAGE: tm212020d1-icon_mappn.gif]   WHERE [MISSING IMAGE: tm212020d1-icon_recordpn.gif]   RECORD DATE
Wednesday April 24, 2024
7:30 A.M., Mountain Daylight Time
Virtually via Webcast
www.virtualshareholdermeeting.com/BALL2024
In-Person at
9200 W. 108th Circle, Westminster, CO 80021
You can vote if you are a shareholder of record on March 4, 2024
PROPOSALS TO BE VOTED ON AT THE ANNUAL MEETING
Proposal
Management
Proposals
See
page
1
Election of seven director nominees to serve for a one-year term expiring at the annual meeting in 2025;
   John A. Bryant      Michael J. Cave      Daniel W. Fisher     Pedro H. Mariani 
    Cathy D. Ross     Betty J. Sapp     Stuart A. Taylor II 
FOR
each nominee
72
2
Ratification of the appointment of PricewaterhouseCoopers LLP as Ball’s independent registered public accounting firm for 2024
FOR
73
3
Approve, by non-binding advisory vote, the compensation of the named executive officers (“NEOs”) as disclosed in the following Proxy Statement
FOR
74
To consider any other business that may properly come before the meeting, although it is anticipated that no business will be conducted other than the matters listed above
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL
SHAREHOLDER MEETING
The Proxy Statement, Form 10-K and Annual Report are available at http://materials.proxyvote.com.
BALL CORPORATION 2024 PROXY STATEMENT |1

PROXY STATEMENT SUMMARY
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HOW TO VOTE
Shareholders of record as of March 4, 2024, desiring to submit a proxy by telephone or via the Internet will be required to enter the unique voter control number imprinted on the proxy card. You should have the proxy card available for reference when initiating this process.
The deadline(1) to vote is
11:59 p.m. EDT on April 23,
2024, unless you attend the
Annual Meeting
Registered holders
(shares are registered in your own name)
Beneficial owners
(shares are held “in street name” in a
stock brokerage account or by a bank,
nominee or other holder of record)
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BY MOBILE DEVICE
Scan the QR code
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BY INTERNET
Vote your shares online 24/7 at
www.proxyvote.com
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BY TELEPHONE
Call toll-free 24/7: 1-800-690-6903
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BY MAIL
If you requested printed copies of the proxy materials, please complete, date, sign and return your proxy card in the postage-paid envelope
Complete, date, sign and return your voting information form in the postage-paid envelope
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ATTEND ANNUAL MEETING

Attend the Annual Meeting and vote by ballot

Attend the Annual Meeting and vote by ballot

You will need to coordinate with the registered holder of your shares
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Voluntary E-delivery of Proxy Materials
Help the environment by consenting to receive electronic
delivery. Sign up at
www.proxyvote.com.
(1)
Certain plans have different voting deadlines as set forth in the voting and meeting information on pages 74-75.
2|WWW.BALL.COM/INVESTORS

PROXY STATEMENT SUMMARY​
COMPANY SUSTAINABILITY, DIVERSITY & INCLUSION AND ENGAGEMENT
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OUR COMMITMENT TO CORPORATE SOCIAL RESPONSIBLITY AND ENVIRONMENTAL SUSTAINABILITY
Ball Corporation’s more than 140-year legacy is built on a strong foundation that focuses on economic, social and environmental sustainability. Sustainability guides how we manage and operate our strategy and all our businesses, serve our customers, care for the environment and our communities, and drive long-term value creation.
We focus our sustainability efforts on climate leadership, real circularity, operational excellence, human capital management, EVA®1 generation, and community engagement. In our manufacturing operations around the world, we work to continuously improve employee safety and engagement, diversity and inclusion, and energy and water efficiency, as well as to reduce air emissions and waste, and to promote recycling.
Reporting Standards
Ball’s Environment, Social and Governance (ESG) disclosure is included within its annual Combined Report. Our sustainability reporting is currently prepared in accordance with the voluntary standards issued by the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB), now part of the IFRS Foundation. This includes third party verified key sustainability indicators; progress towards 2030 Sustainability Goals; and our processes to identify, assess and manage sustainability-related risks and opportunities. Ball is now preparing to comply with the evolving landscape of mandatory sustainability disclosure rules, such as the European Corporate Sustainability Reporting Directive (CSRD), the SEC Climate Disclosure Rule, and California Climate Bills. We will continue to review sustainability reporting recommendations, as well as upcoming regulations, to remain in alignment with the latest standards.
The Benefits of Ball’s Aluminum Products
At Ball, we have an expansive portfolio of infinitely recyclable aluminum cans, bottles and cups, which serve a variety of needs from single use and recycle, to refill and reuse. Supported by the high economic value of aluminum scrap, cans have the highest recycling rates of any beverage packaging substrate globally and come with the highest average recycled content. Aluminum is also well suited to comply with upcoming sustainability compliance requirements for packaging in several parts of the world, which often come with fees for substrates with less favorable circularity credentials.
Ball is innovating and collaborating across the value chain, to establish and support initiatives to decarbonize can
manufacturing and the aluminum sector, and to increase global recycling rates of aluminum packaging. These efforts include programs to ensure a reliable supply of low carbon aluminum and renewable electricity for our operations, as well as advocating for effective systems, and educating consumers about aluminum’s sustainability benefits. As described on www.ball.com/sustainability, our Real Circularity Vision is for aluminum to be truly and infinitely recycled in a closed loop with minimum losses.
In addition, Ball is committed to 1.5 degree aligned science-based targets and achieving net zero carbon emissions prior to 2050. As outlined in our Climate Transition Plan on www.ball.com/sustainability, Ball is collaborating internally and externally to address all levers for achievement.
From our Aluminum Stewardship Initiative (ASI) certified plants and suppliers, along with Cradle to Cradle Material Health certified coatings, Ball packaging comes with excellent sustainability credentials for our customers and consumers.
Focus on Human Capital, Diversity and Inclusion
Ball’s long-term success depends not only on our products and our operations, but also on an engaged and sustainable workforce. We continue to invest in recruitment, retention, and talent development to ensure we have the right people with the right skills in the right roles with a strong focus on diversity and inclusion. We have implemented a rigorous hiring and development process and our leadership framework sets out clear behaviors that we expect from our managers. Our engagement approach seeks to ensure that everyone at Ball is motivated to perform their best work every day.
Commitment to Community
A healthy and sustainable business also depends on thriving communities. Ball’s commitment to the communities where we live and operate is an integral part of our culture and we continue to support organizations, programs and civic initiatives that advance sustainable livelihoods. Through our extensive community engagement, via The Ball Foundation, corporate giving, employee giving and volunteerism, we enrich our local communities beyond providing jobs, benefits and paying local taxes. Each year Ball and its employees donate, volunteer, and support non-profit organizations centered on building sustainable communities through recycling, education, and disaster preparedness and relief initiatives.
(1)
EVA® is a registered trademark of Stern Value Management Ltd.
BALL CORPORATION 2024 PROXY STATEMENT |3

PROXY STATEMENT SUMMARY
OVERVIEW OF DIRECTOR NOMINEES AND CONTINUING DIRECTORS
COMMITTEES
Director and
Principal Occupation
Age
Director
Since
Independent
Audit
Finance
Human
Resources
Nominating and
Corporate
Governance
Other Current Public
Company Boards
   CLASS I — CONTINUING DIRECTORS (FOR TERMS EXPIRING IN 2025)
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Dune E. Ives
Chief Executive Officer
Movements That Matter,
LLC
52
2021
Yes
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None
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Georgia R. Nelson
Former President and Chief
Executive Officer,
PTI Resources, LLC
74
2006
Yes
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Cummins Inc.

Custom Truck One Source
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Cynthia A. Niekamp
Former Senior VP,
Automotive Coatings,
PPG Industries, Inc.
64
2016
Yes
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[MISSING IMAGE: tm212020d1-icon_committeebw.jpg]

PACCAR, Inc.
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Todd A. Penegor
Former President and Chief
Executive Officer,
The Wendy’s Company
58
2019
Yes
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None
   CLASS II — DIRECTOR NOMINEES (FOR TERMS EXPIRING IN 2024)
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Cathy D. Ross
Former Chief Financial
Officer and Executive VP,
FedEx Express
66
2017
Yes
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Steelcase, Inc.
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Betty J. Sapp
Former Director, U.S.
National Reconnaissance
Office
68
2019
Yes
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None
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Stuart A. Taylor II
Chief Executive Officer,
The Taylor Group LLC
63
1999
Yes
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Hillenbrand, Inc.

Wabash National
   CLASS III — DIRECTOR NOMINEES (FOR TERMS EXPIRING IN 2024)
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John A. Bryant
Former Chief Executive
Officer,
Kellogg Company
58
2018
Yes
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Compass PLC

Coca-Cola European Partners PLC

Flutter PLC
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Michael J. Cave
Former Senior VP, The
Boeing Company;
Former President, Boeing
Capital Corp.
63
2014
Yes
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None
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Daniel W. Fisher
Chairman and Chief Executive Officer,
Ball Corporation
51
2021
No

Cummins Inc.
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Pedro Henrique Mariani
Member of the Board,
Banco Bocom BBM
70
2017
Yes
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None
Number of Meetings in 2023:
   Board: 7
5
4
5
4
Total: 25
[MISSING IMAGE: tm212020d1-icon_chairpn.gif]  Committee Chair     [MISSING IMAGE: tm212020d1-icon_committeebw.gif]  Committee Member     [MISSING IMAGE: tm212020d1-icon_leadpn.gif] Lead Independent Director     [MISSING IMAGE: tm212020d1-icon_calculatbw.gif]  Audit Committee financial expert
4|WWW.BALL.COM/INVESTORS

PROXY STATEMENT SUMMARY​
BOARD COMPOSITION AND ATTRIBUTES
Our Board represents a diverse and balanced mix of viewpoints, backgrounds, experience, skill sets and personal traits. Additional information about each director is provided in the biographies beginning on page 11.
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Director Skills, Experiences and Attributes
# of
Directors
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Corporate governance
8
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Executive leadership
11
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Finance and accounting
10
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Global business
9
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Aerospace and defense(1)
3
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Operations and business strategy
10
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Public company board experience
9
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Relevant industry experience
8
(1)
Ball Corporation completed the sale of the aerospace business to BAE Systems in February 2024.
BALL CORPORATION 2024 PROXY STATEMENT |5

PROXY STATEMENT SUMMARY
CORPORATE GOVERNANCE HIGHLIGHTS
Board Independence

10 of 11 directors are independent

Each of the four Board Committees is composed exclusively of independent directors

Lead Independent Director has a significant defined role
Board Diversity

5 of 11 directors are women

4 of 11 directors are ethnically diverse

All 4 committee chairs are women and/or are ethnically diverse

Balanced director tenure

Board composition represents diversity in gender, ethnicity, age, skill and experience

Director Retirement Policy mandates retirement age

Periodic Board refreshment including 4 new directors in the past 5 years
Other Governance Best Practices

All corporate governance documents are available on our website www.ball.com/investors under “Corporate Governance”

Active Board and Management succession planning

Robust and regularly reviewed Business Ethics Code of Conduct and Executive Officers and Directors Business Ethics Statement

Rigorous compensation governance practices

Comprehensive Enterprise Risk Management process

Annual Board and Committee evaluations

Periodic one-on-one meetings between the CEO and each individual director

Engagement of outside compensation consultant

Regular executive sessions with nonmanagement and independent directors

Orientation training for all new directors and ongoing continuous education programs

Board oversight of corporate social responsibility, ESG, sustainability, cybersecurity and diversity and inclusion initiatives

Stock ownership guidelines for directors and executive officers

Each Board Committee reviews its charter annually

Frequent and regular shareholder engagement and outreach
6|WWW.BALL.COM/INVESTORS

PROXY STATEMENT SUMMARY​
OUR 2023 FINANCIAL HIGHLIGHTS
Our company delivered strong full-year comparable operating earnings and free cash flow in 2023, despite a major brand disruption in North America, challenging year-over-year comparisons in EMEA following the 2022 Russian business sale, hyperinflationary effects in Argentina and activities associated with the announced aerospace sale process. Full year 2023 results were driven by improved operations, cost out initiatives, inflation recovery and right sizing our inventory. To enable long-term shareholder value and EVA® dollar generation we had a relentless focus on managing supply/demand balance, cost out initiatives and inflation recovery. Despite volatile global markets our team executed at a high level, quickly adapting to changing market conditions, managing costs, achieving progress on our 2030 sustainability goals and delivering strong free cash flow in excess of our full-year goal.
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EXECUTIVE COMPENSATION HIGHLIGHTS
Compensation Policies and Practices
We adhere to sound practices and policies that advance the continuous improvement and accountability of our executive compensation program:

our Human Resources Committee (the “HR Committee”), composed entirely of independent directors, meets regularly with executives and senior management;

an independent compensation consultant reports directly to the HR Committee;

total compensation is reviewed via tally sheets;

we externally benchmark compensation levels and incentive design practices;

dividend equivalents for stock awards that accrue during the vesting and/or performance periods are paid only if vesting terms and/or performance measures are achieved;

perquisites are nominal and are not grossed-up for taxes;

the HR Committee continually assesses the relationship between risk and our compensation programs;

we have anti-hedging and anti-pledging policies for our executives and directors;

Cash incentive and stock compensation (including service-based and performance-based) to any executive officer (current or former) or executive at the level of vice president or above is subject to a robust recoupment (‘‘clawback”) policy, including a shareholder-approved clawback provision, that applies in the case of a required financial restatement, and in the case of fraud, intentional misconduct or actions causing harm to Ball Corporation, regardless of a requirement for financial restatement;

our change-in-control agreements have multiples that do not exceed two times pay and require a termination of employment following a change in control (“double trigger”) before severance benefits are due, consistent with the change in control provision in our Amended and Restated 2013 Stock and Cash Incentive Plan; and

excise tax gross-ups were eliminated in change-in- control agreements entered into after January 1, 2010 and do not apply to any currently employed executive officer.
BALL CORPORATION 2024 PROXY STATEMENT |7

PROXY STATEMENT SUMMARY
2023 Target Total Compensation Mix
Consistent with our pay-for-performance and management-as-owners philosophy, the majority of the target total compensation for our named executive officers is variable and at-risk based strictly on performance. The emphasis on longer term compensation, through performance-based long-term cash and stock awards, ensures a strong continued alignment between our executives and shareholder interests.
2023 CEO TARGET COMPENSATION MIX
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2023 AVERAGE OTHER NEO TARGET COMPENSATION(1)
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(1)
Average NEO target compensation mix includes Mr. Yu’s annualized Base Salary and Short-Term Cash Incentive and excludes his one-time, service-based RSU and cash awards granted upon his hire to make up for forfeited awards with his previous employer.
8|WWW.BALL.COM/INVESTORS

BOARD AND CORPORATE GOVERNANCE
OUR BOARD OF DIRECTORS
At Ball Corporation, we believe key qualities of a board member include vision, leadership, stewardship, knowledge, diligence, collegiality and discretion. Our directors have demonstrated their deep interest in and understanding of Ball’s mission, the ability to see the big picture, the courage to set direction to achieve our goals, and the integrity to serve the interests and pursue the objectives of the organization, as well as the interests of our shareholders and our other stakeholders.
BOARD COMPOSITION
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BALL CORPORATION 2024 PROXY STATEMENT |9

BOARD AND CORPORATE GOVERNANCE
Experience
The Board is composed of members with diverse qualifications and experience that support the company’s business strategy and future business needs.
Director Skills, Experiences and Attributes
John A. Bryant
Michael J. Cave
Daniel W. Fisher
Dune E. Ives
Pedro Henrique Mariani
Georgia R. Nelson
Cynthia A. Niekamp
Todd A. Penegor
Cathy D. Ross
Betty J. Sapp
Stuart A. Taylor II
# of 11
Directors
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Corporate governance
8
[MISSING IMAGE: tm212020d1-icon_executpn.jpg]
Executive leadership
11
[MISSING IMAGE: tm212020d1-icon_financepn.jpg]
Finance and accounting
10
[MISSING IMAGE: tm212020d1-icon_globalpn.jpg]
Global business
9
[MISSING IMAGE: tm212020d1-icon_aerospacepn.jpg]
Aerospace and defense(1)
3
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Operations and business strategy
10
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Public company board experience
9
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Relevant industry experience
8
(1)
Ball Corporation completed the sale of the aerospace business to BAE Systems in February 2024.
10|WWW.BALL.COM/INVESTORS

BOARD AND CORPORATE GOVERNANCE​
DIRECTOR NOMINEES
Class II Directors (Terms Expiring in 2024)
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CATHY D. ROSS
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BETTY J. SAPP

Independent Director since 2017

Age 66
COMMITTEES
Audit  [MISSING IMAGE: tm212020d1-icon_chairpn.gif][MISSING IMAGE: tm212020d1-icon_calculatbw.gif]

Nominating and Corporate Governance
CAREER HIGHLIGHTS
Ms. Ross was Chief Financial Officer and Executive Vice President, FedEx Express from 2010 until her retirement in July 2014. Prior to that, Ms. Ross was Senior Vice President and Chief Financial Officer of FedEx Express from 2004 until 2010; and Vice President, Express Financial Planning from 1998 to 2004. She has also served on the board of Avon Products, Rye, New York.
SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE
As CFO and Executive Vice President of FedEx Express, Ms. Ross was responsible for the company’s worldwide financial affairs, including financial planning, reporting and analysis, accounting and controls, global financial service centers, business technology, and long-range strategic planning. Ms. Ross’ 30-year career with FedEx began in 1984 as a senior financial analyst, and she held roles of increasing responsibility with exposure to all areas of the company during her tenure at FedEx. Prior to joining FedEx, Ms. Ross worked for Kimberly-Clark Corporation in cost analysis and for a subsidiary of Proctor and Gamble. She holds a master’s degree in business administration with concentration in finance from the University of Memphis and a bachelor’s degree in accounting from Christian Brothers University in Memphis. Ms. Ross’s leadership roles, experience with a large, complex, global organization, financial and executive leadership and experience, as well as service on other public company boards make her well qualified to serve as a director.

Independent Director since 2019

Age 68
COMMITTEES

Finance

Human Resources
CAREER HIGHLIGHTS
Ms. Sapp joined the National Reconnaissance Office (NRO), a joint Department of Defense—Intelligence Community organization, in 1997 and was named the first woman to serve as director of the NRO in 2012. After serving as the 18th director of the NRO, Ms. Sapp retired in June 2019. Prior to working at the NRO, Ms. Sapp was Deputy Under Secretary of Defense for Portfolio, Programs and Resources in the Office of the Under Secretary of Defense for Intelligence. She also spent several years at the Central Intelligence Agency after (CIA) after spending the earlier part of her career as an officer of the United States Air Force.
SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE
Ms. Sapp served in a variety of strategic leadership roles at the NRO and within the U.S. government. In 2009, Ms. Sapp was appointed the Principal Deputy Director of the NRO. She was then appointed Director of the NRO in 2012. At both the CIA and NRO, she obtained valuable experience in cybersecurity and related areas. Ms. Sapp also served in the United States Air Force for 17 years in various acquisition and financial management positions on space and aircraft systems.
Ms. Sapp holds a bachelor’s degree in biological sciences, magna cum laude, from the University of Missouri and a master’s degree in business administration from the University of Missouri- Columbia. Ms. Sapp is Level III certified in government acquisition and was certified as a defense financial manager. Ms. Sapp’s leadership experience and extensive government, cybersecurity and defense expertise make her well qualified to serve as a director.
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OTHER CURRENT PUBLIC COMPANY BOARDS

Steelcase, Inc.
OTHER CURRENT PUBLIC COMPANY BOARDS

None
BALL CORPORATION 2024 PROXY STATEMENT |11

BOARD AND CORPORATE GOVERNANCE
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STUART A. TAYLOR II

Independent Director since 1999
Lead Independent Director since 2019  [MISSING IMAGE: tm212020d1-icon_leadpn.gif]

Age 63
COMMITTEES

Human Resources
Nominating and Corporate Governance  [MISSING IMAGE: tm212020d1-icon_chairpn.gif]
CAREER HIGHLIGHTS
Mr. Taylor has been the Chief Executive Officer, The Taylor Group LLC, Chicago, Illinois, since June 2001; he was Senior Managing Director, Bear, Stearns & Co. Inc., Chicago, Illinois, 1999 to 2001. In the past five years, he also served on the board of Essendant, Inc., Deerfield, Illinois.
SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE
Prior to starting his own private equity firm, Mr. Taylor spent 19 years in investment banking. The majority of that time was spent at Morgan Stanley in its Corporate Finance Department. In that capacity he executed a number of mergers and acquisitions and financings, including working with Ball in 1993 on the acquisition of Heekin Can Company. He also spent time at several other firms including Bear Stearns where he was a Senior Managing Director and Head of the Chicago office. In 2001, Mr. Taylor established The Taylor Group LLC, of which he is Chief Executive Officer, a successful investment company that primarily invests in small to mid-market businesses. Mr. Taylor has served on the Board of Directors of Ball since 1999, acted as our Presiding Director from 2004 to 2008 and was elected Lead Independent Director in 2019. Mr. Taylor’s extensive experience as an investment banker, entrepreneurial investor and Board member make him well qualified to serve as a director.
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OTHER CURRENT PUBLIC COMPANY BOARDS

Hillenbrand, Inc.

Wabash National
12|WWW.BALL.COM/INVESTORS

BOARD AND CORPORATE GOVERNANCE​
DIRECTORS NOMINEES
Class III Directors (Terms Expiring in 2024)
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JOHN A. BRYANT
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MICHAEL J. CAVE

Independent Director since 2018

Age 58
COMMITTEES
Audit  [MISSING IMAGE: tm212020d1-icon_calculatbw.gif]

Nominating and Corporate Governance
CAREER HIGHLIGHTS
Mr. Bryant was an executive at Kellogg Company for 20 years and was its Chief Executive Officer from January 2011 to September 2017.
SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE
Mr. Bryant joined Kellogg Company in 1998 and held a variety of roles including Chief Financial Officer; President, North America; President, International; and Chief Operating Officer before becoming Chief Executive Officer in January 2011. He retired as Chairman of the Board in March 2018 and Chief Executive Officer in September 2017. In addition to his role on Ball’s Board, Bryant serves as Chairman of the Board of Flutter PLC and is a Board member of Compass PLC and Coca-Cola European Partners PLC. He has also served as a trustee of the W.K. Kellogg Foundation Trust, and on the Boards of Directors of Catalyst and The Consumer Goods Forum and Macy’s Inc. Mr. Bryant has extensive knowledge and expertise in accounting and financial matters, branded consumer products and consumer dynamics, crisis management, international markets, people management, manufacturing and strategy, and strategic planning. Mr. Bryant currently serves on the audit committees of two other public companies, and our Board of Directors has determined that, given his extensive financial experience, such simultaneous service will not impair his ability to effectively serve on Ball’s audit committee. Mr. Bryant’s extensive experience as a senior executive at a leading U.S. based public company, including as its Chief Executive Officer for seven years, make him well qualified to serve as a director.

Independent Director since 2014

Age 63
COMMITTEES
Audit  [MISSING IMAGE: tm212020d1-icon_calculatbw.gif]
Finance  [MISSING IMAGE: tm212020d1-icon_chairpn.gif]
CAREER HIGHLIGHTS
Mr. Cave was Senior Vice President, The Boeing Company, and President of Boeing Capital Corp. from 2010 to 2014, and served for many years in senior management positions at Boeing. In the past five years, he has also served on the boards of Esterline Technologies, Bellevue, Washington, Aircastle Limited, Stamford, Connecticut, and Harley-Davidson, Inc., Milwaukee.
SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE
Mr. Cave served for 31 years in various managerial capacities for The Boeing Company. Most recently, Mr. Cave served as Senior Vice President and President of Boeing Capital Corp., a subsidiary of The Boeing Company, from 2010 to 2014. Prior to that, he served as Senior Vice President of Business Development and Strategy at The Boeing Company, as well as Vice President of Business Strategy & Marketing of Boeing Commercial Airplanes from 2006 until late 2009. Mr. Cave also served as Vice President & General Manager of Boeing’s Airplane Programs division and focused on the strategy, product development and business results associated with those products. From 2003 to 2006, Mr. Cave served as the Chief Financial Officer of Boeing’s Commercial Airplanes division and held various other senior positions prior to 2003. In addition to his accounting and financial expertise, Mr. Cave has broad experience in marketing and information systems. In 2004, Mr. Cave was honored with the Award for Executive Excellence by the Hispanic Engineer National Achievement Awards Corporation. His extensive board and management experience and qualifications make him well qualified to serve as a director.
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OTHER CURRENT PUBLIC COMPANY BOARDS

Compass PLC

Coca-Cola European Partners PLC

Flutter PLC
OTHER CURRENT PUBLIC COMPANY BOARDS

None
BALL CORPORATION 2024 PROXY STATEMENT |13

BOARD AND CORPORATE GOVERNANCE
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DANIEL W. FISHER
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PEDRO HENRIQUE MARIANI

Director since 2021

Age 51
COMMITTEES

None
CAREER HIGHLIGHTS
Mr. Fisher has been Chairman, Ball Corporation since April 2023; Chief Executive Officer, Ball Corporation since April 2022; President, Ball Corporation 2020 to 2021; Senior Vice President, Ball Corporation and Chief Operating Officer, Global Beverage Packaging 2016 to 2020; President, Beverage Packaging North and Central America 2014 to 2016; Senior Vice President, Finance and Planning, North America Metal Beverage 2013 to 2014; Vice President, Finance, North America Metal Beverage Packaging Division Americas 2010 to 2013.
Prior to joining Ball Corporation in 2010, Mr. Fisher held various leadership roles at Bradken Corporation, Danaher Corporation and Emerson Electric. At Bradken Corporation, Mr. Fisher was the Finance lead for the North American division of the Australian publicly traded foundry business. In that role, he managed the procurement, IT, Finance, Accounting and Treasury functions for a $400 million operating unit. At Ball, Mr. Fisher initially led the finance team for the North American beverage business. He then served as Senior Vice President, Finance and Planning, North America Metal Beverage and then as President, North America, Beverage Packaging before becoming Senior Vice President and Chief Operating Officer of our global beverage packaging division. From December 2016 to December 2020, Ball’s global aluminum beverage can shipments increased from 82 billion to 105 billion units and our global beverage packaging business achieved significant growth in revenues and operating earnings. Under Mr. Fisher’s leadership our operating businesses all meaningfully increased sales and earnings during 2021. On January 26, 2022 the Board elected Mr. Fisher as Chief Executive Officer effective April 27, 2022, and in March 2023 the Board elected Mr. Fisher as Chairman, effective April 26, 2023.
SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE
Mr. Fisher holds a master’s degree in business administration from the University of Colorado, Denver and a bachelor’s degree from Washington University. Mr. Fisher’s leadership roles, financial expertise and business experience make him well qualified to serve as a director.

Director since 2017 / Independent Director since 2020

Age 70
COMMITTEES

Finance

Nominating and Corporate Governance
CAREER HIGHLIGHTS
Mr. Mariani joined BBM Group in 1981 and was elected to the executive committee of Banco BBM in 1983. He was appointed its Chief Executive Officer in 1991. Currently, he is the Chief Executive Officer and Board member at Banco Bocom BBM. Mr. Mariani was President of ANBID (Brazilian Association of Investment Banks) between 1996 and 2000, and was a member of the Brazilian Financial System Council from 1988 to 1996. From 1995 to 2015, Mr. Mariani was an ex officio member of the Board of Directors of Latapack Ball Embalagens Limitada, which was a joint venture between Ball Corporation and its Brazilian partners that owned and operated a successful beverage can business in Brazil with annual revenues in excess of $590 million in 2015, the year in which Ball acquired the equity interests of its partners. Mr. Mariani and his family have also held interests in packaging and agribusinesses in Brazil for many years.
SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE
Mr. Mariani holds a bachelor’s degree in economics from Pontifícia Universidade Católica do Rio de Janeiro — PUC/RJ, Brazil, with specialization in Econometrics and Operational Research. Mr. Mariani’s professional background, packaging industry expertise, banking experience, as well as his financial acumen and knowledge of South America make him well qualified to serve as a director.
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OTHER CURRENT PUBLIC COMPANY BOARDS

Cummins Inc.
OTHER CURRENT PUBLIC COMPANY BOARDS

None
14|WWW.BALL.COM/INVESTORS

BOARD AND CORPORATE GOVERNANCE​
DIRECTORS CONTINUING IN OFFICE
Class I Directors (Terms Expiring in 2025)
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DUNE E. IVES
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GEORGIA R. NELSON

Independent Director since 2021

Age 52
COMMITTEES

Finance

Nominating and Corporate Governance
CAREER HIGHLIGHTS
Dr. Ives has been the Chief Executive Officer of Movements That Matter, LLC, a strategic advisory firm dedicated to building resilience in the face of increasingly disruptive and unpredictable environments, since November, 2022. Ms. Ives was previously the Chief Executive Officer of global changemaker Lonely Whale, an award-winning non-profit working to ensure a healthy planet, from 2016 to 2022. Prior to joining Lonely Whale, Ms. Ives served on the executive team for Vulcan, Inc. where she designed and led Paul G. Allen’s Vulcan Philanthropy addressing climate change, species protection, ocean health and leading Mr. Allen’s $100 million commitment to stop the spread of the Ebola Virus. Ms. Ives is a co-founder of the Green Sports Alliance. Ms. Ives also served as an adjunct professor for Presidio Graduate School where she developed and taught a ten-week course on climate change business strategies.
SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE
Ms. Ives is an experienced leader and trusted advisor in the fields of corporate sustainability and global philanthropy. Ms. Ives brings more than 20 years of expertise in the conservation industry, and holds a doctorate in psychology from Utah State University. Her leadership and advocacy in driving global, mission-focused behavioral change strategies and programs along with her expertise in sustainability and environmental business issues across industries make her well qualified to serve as a director.

Independent Director since 2006

Age 74
COMMITTEES
Human Resources  [MISSING IMAGE: tm212020d1-icon_chairpn.gif]

Nominating and Corporate Governance
CAREER HIGHLIGHTS
Ms. Nelson was President and Chief Executive Officer, PTI Resources, LLC, Chicago, Illinois, from 2005 to 2019; was President, Midwest Generation EME, LLC, Chicago, Illinois, April 1999 to June 2005; and was General Manager, Edison Mission Energy Americas, Irvine, California, January 2002 to June 2005. Ms. Nelson also served on the board of Sims Ltd. from 2014 until November, 2023.
SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE
Ms. Nelson has enjoyed a successful career in the energy industry, serving as a senior executive for several U.S. and international energy companies, including as President of Midwest Generation EME, LLC from April 1999 to June 2005 and General Manager of Edison Mission Energy Americas from January 2002 to June 2005. She has extensive international experience on four continents including operations, human resources and environmental policy. Ms. Nelson lectures on business and corporate governance matters including at Northwestern University’s Kellogg Graduate School of Management, and serves on the advisory committee of the Center for Executive Women at Northwestern. Ms. Nelson is a National Association of Corporate Directors (“NACD”) Board Leadership Fellow. Ms. Nelson’s leadership roles in global businesses, as well as her service on other public company boards, make her well qualified to serve as a director.
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OTHER CURRENT PUBLIC COMPANY BOARDS

None
OTHER CURRENT PUBLIC COMPANY BOARDS

Cummins Inc.

Custom Truck One Source
BALL CORPORATION 2024 PROXY STATEMENT |15

BOARD AND CORPORATE GOVERNANCE
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CYNTHIA A. NIEKAMP
[MISSING IMAGE: ph_toddpenegorcir-4c.jpg]
TODD A. PENEGOR

Independent Director since 2016

Age 64
COMMITTEES

Finance

Human Resources
CAREER HIGHLIGHTS
Ms. Niekamp is a former senior executive of PPG Industries, Inc., having served from 2009 to 2016 as Senior Vice President of Automotive Coatings. Prior to that, she was President and General Manager of TorqTransfer Systems at BorgWarner Inc.; Senior Vice President and Chief Financial Officer at MeadWestvaco Corporation (now WestRock Company); and held various leadership roles at TRW, Inc. and General Motors Company.
SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE
Ms. Niekamp joined PPG in 2009 as vice president of automotive coatings and was promoted to senior vice president in 2010. She had responsibility for a multi-billion revenue business with operations across 15 countries and more than 6,000 employees. She also served as a member of the PPG operating committee until her retirement in 2016. While at PPG, Ms. Niekamp charted and implemented a strategy to improve the financial performance of the business unit and to double its revenues. She also accelerated growth into emerging countries, diversified the customer base and pursued strategic acquisitions. Previously, Ms. Niekamp served as president and general manager of BorgWarner’s TorqTransfer Systems division, a supplier of four-wheel drive systems to major automakers. In addition, Ms. Niekamp served in various executive roles for MeadWestvaco Corporation, including vice president, corporate strategy and specialty operations and chief financial officer, and has previously served on four other publicly traded company boards. Ms. Niekamp’s extensive management and public company board experience make her well qualified to serve as a director.

Independent Director since 2019

Age 58
COMMITTEES
Audit  [MISSING IMAGE: tm212020d1-icon_calculatbw.gif]

Human Resources
CAREER HIGHLIGHTS
Mr. Penegor is the former President and Chief Executive Officer of The Wendy’s Company. He served as Senior Vice President and Chief Financial Officer in 2013 and named President and Chief Executive Officer in 2016 until February, 2024. Prior to joining Wendy’s, Mr. Penegor held a series of key leadership roles at Kellogg Company and Ford Motor Company.
SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE
Mr. Penegor has extensive experience as an executive in the food products and consumer goods industries. He joined The Wendy’s Company in 2013 as Senior Vice President and Chief Financial Officer. He was promoted to Executive Vice President, Chief Financial Officer and International in 2014 and then became President and Chief Financial Officer in 2016. Later that year, he was promoted to President and Chief Executive Officer where he served until February, 2024. Prior to joining The Wendy’s Company, Mr. Penegor worked at Kellogg Company, a global leader in food products, from 2000 to 2013 where he held several key leadership positions. Mr. Penegor also worked for 12 years at Ford Motor Company in various positions, including in strategy, mergers and acquisitions, the controller’s office and treasury. In addition to his role on the board at Ball, Mr. Penegor also serves on the Michigan State University’s Eli Broad College of Business Advisory Board. He also serves on the board of trustees of the Dave Thomas Foundation for adoption. Mr. Penegor holds a Bachelor of Science degree in accounting and a Master of Business Administration in finance from Michigan State University. Mr. Penegor’s extensive experience as a senior executive at leading U.S. based public companies, including as the former Chief Executive Officer of The Wendy’s Company, make him well qualified to serve as a director.
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OTHER CURRENT PUBLIC COMPANY BOARDS

PACCAR, Inc.
OTHER CURRENT PUBLIC COMPANY BOARDS

None
16|WWW.BALL.COM/INVESTORS

BOARD AND CORPORATE GOVERNANCE​
BOARD LEADERSHIP STRUCTURE
The Board believes that ensuring independent and strong leadership is key to building long-term shareholder value.
In March, 2023, the Board elected Mr. Daniel W. Fisher as Chairman effective April 26, 2023. Mr. Fisher has been a director since 2021 and CEO since April 27, 2022. John A. Hayes, Ball’s predecessor CEO, has served as Chairman of the Board since 2013. Mr. Fisher and Mr. Hayes have worked closely together for many years, which has resulted in a smooth change in senior management. The decision to split the positions of Chairman and CEO in April 2022 was part of an orderly succession plan by which Mr. Fisher transitioned into the CEO role. Mr. Fisher assumed the position of Chairman after more than 12 years with Ball, most recently serving as President and CEO and a member of the Board. Mr. Fisher is the director with the most direct oversight and direction of our businesses and industries and is therefore best able to identify the strategic and operational priorities to be discussed by the Board.
We recognize that different board leadership structures may be appropriate for different companies and at different times. We believe our current leadership structure provides the most effective form of leadership for our organization at this time.
Mr. Stuart A. Taylor II has served as Lead Independent Director since he was elected to that position by Ball’s
independent directors in April 2019. As Lead Independent Director, Mr. Taylor’s responsibilities include:

coordinating the activities of the independent directors, including calling meetings of the independent directors and facilitating the CEO succession process;

coordinating with the CEO and corporate secretary to set the agenda for Board meetings;

chairing executive sessions of the independent directors;

providing feedback and perspective to the CEO from the independent directors;

helping facilitate communication between the CEO and the independent directors;

presiding at Board meetings where the Chairman is not present;

being available for consultation and communication with major shareholders; and

performing other duties assigned from time to time by the Board.
DIRECTOR INDEPENDENCE
The Board has adopted a director independence policy that is consistent with the director independence requirements in the NYSE Listing Standards. Our Corporate Governance Guidelines provide that a majority of the Board must be
independent. Based upon the NYSE director independence standards, since October 2020, each of the members of the Board was and currently is independent with the exception of Mr. Fisher.
BALANCED BOARD COMPOSITION
Board Refreshment
We believe our current Board of Directors benefits from a combination of recently added directors with fresh perspectives and longer-serving directors with extensive experience and a deep understanding of our business. Over the past several years, a number of directors have retired, bringing opportunities to enhance the composition of our Board.
The Board has worked diligently to implement a director succession plan. As part of this transformational journey, our
Board planned for the known director retirements by carefully designing and executing searches to replace departing directors with directors who possess comparable and value-added skill sets. The composition of the Board has been refreshed with an eye toward financial, organizational, and industry expertise. As well as diversity, balance of tenure, and other important factors, including sustainability. Key highlights of our Board refreshment journey include:
BALL CORPORATION 2024 PROXY STATEMENT |17

BOARD AND CORPORATE GOVERNANCE

4 of 11 directors have joined the Board in the past 5 years

our current Board reflects increased diversity with strong experience

the Board elected Mr. Taylor as Lead Independent Director in April 2019

the average age of our directors is 62 years

the average tenure of our directors is 8 years
The current Board is well balanced, with a mix of long- standing and newer directors.
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Diversity
In considering candidates for Board positions, our Nominating and Corporate Governance Committee consistently applies the principles of diversity and inclusion. Our directors’ differing viewpoints, experience and skill sets have contributed to a talented and capable Board that reflects Ball’s overall diversity. The Committee will continue to identify opportunities to improve the skills, qualifications, independence, diversity, tenure and refreshment of our Board in considering candidates. In addition to seeking characteristics such as business and professional experience, education and skills, the Committee’s robust review process considers a variety of other factors, including race, gender and national origin.
How We Select Nominees
Our Nominating and Corporate Governance Committee works with a globally recognized consulting firm to identify potential Board candidates. Working with a set of specifically designed guidelines and a matrix of characteristics, including characteristics of diversity, the firm is able to comprehensively assess whether particular candidates are appropriate for Ball. After a thorough review process by our consultant against our desired criteria, the pool of qualified candidates is presented to the Committee. Candidates may also be submitted by current directors, by management, or (as described below) by shareholders. Selected candidates are further assessed and interviewed by the Committee and by other Board members, considering the values and needs of the organization.
The Committee seeks candidates who meet, at a minimum, the following criteria:

have sufficient time to attend or otherwise be present at Board, relevant Board committee, and shareholders meetings;

will subscribe to Ball Corporation’s Corporate Governance Guidelines and the Executive Officers and Directors Business Ethics Statement;

demonstrate credentials and experience in a broad range of corporate matters;

have experience, qualifications, attributes and skills that would complement the experience already represented on the Board;

are not affiliated with special interest groups that represent causes or constituents that are inconsistent with the purpose or objectives of the company; and

meet the criteria, if any, for being a director as set forth in the Indiana Business Corporation Law, Ball’s Articles of Incorporation, and Bylaws.
18|WWW.BALL.COM/INVESTORS

BOARD AND CORPORATE GOVERNANCE​
Where needed, our recruiting practices ensure that candidates meet the NYSE and SEC requirements for financial literacy, accounting or financial management expertise, or audit committee financial expert status.
The Nominating and Corporate Governance Committee will consider candidates recommended by shareholders no later than November 13, 2024. These candidates are evaluated based on the same criteria as those recommended by our consultant. Any recommendation from a shareholder should be in writing and addressed to:
[MISSING IMAGE: tm212020d1-icon_emailpn.jpg]
The Chair, Nominating and Corporate Governance Committee
Ball Corporation
c/o Corporate Secretary

9200 W. 108th Circle
Westminster, Colorado 80021
The Nominating and Corporate Governance Committee did not receive any shareholder recommendations for candidates to be presented for election at the forthcoming Annual Meeting.
BALL CORPORATION 2024 PROXY STATEMENT |19

BOARD AND CORPORATE GOVERNANCE
RISK OVERSIGHT
Our Board of Directors is responsible for overseeing the risk management function and enterprise risk management. Additionally, each Board committee considers the specific risks within its area of responsibility. In particular, the Audit Committee has primary responsibility for overseeing key aspects of financial and legal risk management; and the Nominating and Corporate Governance Committee has primary responsibility for overseeing sustainability matters, including environmental, social and governance, IT and cybersecurity risks.
Our long-standing comprehensive Enterprise Risk Management process, which ensures ongoing attention to various potential risk areas, is supervised by our Executive Vice President and Chief Financial Officer and Senior Vice President and Chief Legal Officer and is periodically reported to our Board for its oversight. Key corporate and divisional risks are systematically identified and assessed on a regular basis. Also, our Internal Audit Department has, for many years, analyzed various areas of risk to our business and provides risk assessment and analysis to our Audit Committee.
The Board recognizes the importance of maintaining the trust and confidence of our customers, suppliers and employees. Ball has a dedicated, globally distributed information security team that is responsible for leading information security strategy, standards and processes. The internal team partners closely with a strong network of external partners, including conducting periodic external audits, and is giving particular focus on potential increased cyber threats from Russia and neighboring countries in light of current geopolitical events. Ball also maintains cybersecurity insurance for significant portions of the business. The head of information security updates the full Board on these matters regularly.
We believe our directors provide effective oversight of risk management through the Board’s regular dialogue with management, the Enterprise Risk Management process, annual Board and Committee self-evaluations, and assessments of specific risks within each Board committee area of responsibility. In addition, the Board maintains effective independent oversight of Ball’s management and business generally through a number of governance practices, including open and direct communication with management, input on meeting agendas, annual performance evaluations, and regular executive sessions.
BOARD AND COMMITTEE SELF-EVALUATIONS
The Board annually conducts a robust self-evaluation process to assess the effectiveness of the Board and its committees and to make recommendations regarding its organization and operation. The Chairman and CEO conducts one-on-one meetings with each director to discuss the evaluations and any other matters raised by the directors. The evaluation process is reviewed every year to ensure it remains relevant and effective.
DIRECTOR TRAINING
The Board is focused on onboarding of new directors, Board education, and team building to preserve the Board’s cohesive, professional and collaborative environment. All new directors receive orientation training soon after being elected to the Board. Continuing education programs are made available to directors including internal presentations, third-party presentations and external programs. In 2023, two directors attended external director training on topics including cybersecurity governance and the NACD Summit 2023.
20|WWW.BALL.COM/INVESTORS

BOARD AND CORPORATE GOVERNANCE​
BOARD MEETINGS
The Board meets regularly at least four times per year. The directors are expected to attend all meetings of the Board, relevant committee meetings, and the Annual Meeting of Shareholders. The Board held seven Board meetings during 2023. Every director attended 100% of the aggregate of the total number of meetings of the Board, and the total number of meetings held by all committees of the Board on which the director served. All directors on the Board attended the 2023 Annual Meeting.
Nonmanagement directors meet as a separate group at each regularly scheduled Board of Directors meeting. Independent directors meet in executive session at least annually. Such meetings, chaired by the Lead Independent Director, promote open discussion by nonmanagement and independent directors, enabling them to serve as a check on management.
Shareholder Engagement
Every year we engage our institutional investors to discuss Ball’s business performance, governance, pay practices, and ESG priorities. During our 2023 engagements, management and shareholders discussed a number of topics, including Ball’s pay practices, long-term use of EVA®, board composition, employee engagement, progress on our 2030 sustainability goals, diversity and inclusion initiatives and business portfolio actions. Shareholder feedback on all of these matters was generally positive.
Retirement Policy
Ball has a mandatory retirement age for all Board members, in part to ensure the Board benefits from a balanced mix of perspectives. Candidates will not be nominated, and existing directors may not seek re-election, after they reach the age of 75.
CONTACTING OUR BOARD
Shareholders or others can send written communications to the Board, to individual directors, to Board committees, or to the Chairman of the Board. All such communications should be sent in care of the Corporate Secretary as shown below:
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Ball Corporation
Attention: Corporate Secretary

9200 W. 108th Circle
Westminster, Colorado 80021
Ball has established additional means for interested parties to send communications to the Board and selected committees, which are described on our website at www.ball.com/investors under “Corporate Governance.”
Shareholder proposals for inclusion in our proxy materials must be communicated as described below under “Voting and Meeting information — Shareholder Proposals for 2025 Annual Meeting.”
BALL CORPORATION 2024 PROXY STATEMENT |21

BOARD AND CORPORATE GOVERNANCE
BOARD AND COMMITTEE MEMBERSHIP
BOARD COMMITTEES
The Board has four standing committees, as shown below. All of the directors serving on the Board’s committees are independent. Each committee operates under a written charter that is available on our website at www.ball.com/investors under “Corporate Governance.”
COMMITTEES
Director
Independent
Director
Class
Audit
Finance
Human Resources
Nominating and
Corporate Governance
John A. Bryant
Yes
III
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Michael J. Cave
Yes
III
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Daniel W. Fisher
No
III
Dune E. Ives
Yes
I
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Pedro Henrique Mariani
Yes
III
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Georgia R. Nelson
Yes
I
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Cynthia A. Niekamp
Yes
I
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Todd A. Penegor
Yes
I
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Cathy D. Ross
Yes
II
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Betty J. Sapp
Yes
II
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Stuart A. Taylor II
Yes
II
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Meetings in 2023
Board:
7
5
4
5
4
22|WWW.BALL.COM/INVESTORS

BOARD AND CORPORATE GOVERNANCE​
AUDIT COMMITTEE
MEMBERS
Cathy D. Ross[MISSING IMAGE: tm212020d1-icon_chairpn.gif]

John A. Bryant

Michael J. Cave

Todd A. Penegor
MEETINGS IN FISCAL 2023[MISSING IMAGE: tm212020d1-icon_fivepn.jpg]
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The Board has determined that each member of the Audit Committee is financially literate as required by the NYSE Listing Standards, has accounting or financial management expertise and is an audit committee financial expert as that term is defined in SEC regulations.
AUDIT COMMITTEE REPORT

The Report of the Audit Committee appears on page 71 of this Proxy Statement.
PRIMARY RESPONSBILITIES
The primary purpose of the Audit Committee is to assist the Board in fulfilling its responsibilities to oversee management’s conduct and the integrity of Ball’s public financial reporting process, including the oversight of:

accounting policies;

the system of internal accounting controls over financial reporting;

disclosure controls and procedures;

the performance of PricewaterhouseCoopers LLP as Ball’s independent registered public accounting firm (the “independent auditor”);

the Internal Audit Department; and

legal and regulatory compliance.
The Audit Committee is also responsible for:

engaging and evaluating Ball’s independent auditor and its lead engagement partner, including the qualifications and independence of both;

resolving any differences between management and the independent auditor regarding financial reporting;

reviewing and preapproving all audit and non-audit fees and services provided by the independent auditor; and

establishing procedures for the receipt, retention and treatment of complaints regarding accounting, internal accounting controls or auditing matters.
FINANCE COMMITTEE
MEMBERS
Michael J. Cave[MISSING IMAGE: tm212020d1-icon_chairpn.gif]

Dune E. Ives

Cynthia A. Niekamp

Pedro Henrique Mariani

Betty J. Sapp
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PRIMARY RESPONSBILITIES
The primary purpose of the Finance Committee is to assist the Board in fulfilling its responsibility to oversee:

Ball’s financing and related risk management activities;

the status of Ball’s retirement plans and insurance policies;

Ball’s policies relating to interest rates, commodity hedging and currency hedging; and

the hiring of experts, as deemed appropriate to advise the Committee in the performance of its duties.
BALL CORPORATION 2024 PROXY STATEMENT |23

BOARD AND CORPORATE GOVERNANCE
HUMAN RESOURCES COMMITTEE
MEMBERS
Georgia R. Nelson[MISSING IMAGE: tm212020d1-icon_chairpn.gif]

Cynthia A. Niekamp

Todd A. Penegor

Betty J. Sapp

Stuart A. Taylor II
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HUMAN RESOURCES COMMITTEE REPORT

The Report of the Human Resources Committee appears on page 47 of this Proxy Statement.
PRIMARY RESPONSIBILITIES
The primary purpose of the Human Resources Committee is to assist the Board with input from executive management in fulfilling its responsibilities related to:

evaluating and determining the compensation of the CEO and overseeing and approving the compensation of the other executive officers;

approving Ball’s stock and cash incentive compensation programs including awards to executive officers and the number of shares to be optioned and/or granted from time to time to Ball employees;

approving and receiving reports on major benefit plans, plan changes and determinations and discontinuations of benefit plans;

discussing Ball’s performance evaluation system and succession planning system, including discussions with the CEO about the succession plan for the CEO;

hiring experts, including executive compensation consultants, as deemed appropriate to advise the HR Committee;

assessing compensation-related risks; and

authorizing the administration of compensation programs and the filing of required reports with federal, state and local governmental agencies.
NOMINATING AND CORPORATE GOVERNANCE COMMITTEE
MEMBERS
Stuart A. Taylor[MISSING IMAGE: tm212020d1-icon_chairpn.gif]

John A. Bryant

Dune E. Ives

Pedro Henrique Mariani

Georgia R. Nelson

Cathy D. Ross
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PRIMARY RESPONSBILITIES
The primary purpose of the Nominating and Corporate Governance Committee is to assist the Board in fulfilling its responsibility to:

identify qualified individuals to become Board members;

recommend to the Board the selection of Board nominees for the next Annual Meeting of Shareholders;

address the independence and effectiveness of the Board by advising and making recommendations on matters involving the organization and operation of the Board, Corporate Governance Guidelines and directorship practices;

oversee the evaluation of the Board and its committees; and

review and assess Ball’s sustainability activities and performance, including environmental, social and corporate governance risk.
24|WWW.BALL.COM/INVESTORS

BOARD AND CORPORATE GOVERNANCE​
CORPORATE GOVERNANCE GUIDELINES
The Board has established Corporate Governance Guidelines to comply with the relevant provisions of Section 303A of the NYSE Listed Company Manual. The Corporate Governance Guidelines are available on our website at www.ball.com/investors under “Corporate Governance.” A copy of the guidelines may also be obtained upon request from Ball’s Corporate Secretary.
POLICIES ON BUSINESS ETHICS AND CONDUCT
Our long-standing Corporate Compliance Committee, which is chaired by a designated Compliance Officer, includes a representative for each operating division. The Corporate Compliance Committee provides quarterly reports to management and to the Audit Committee. The Corporate Compliance Committee also monitors compliance with the Business Ethics Code of Conduct and regularly reviews and updates the Code. The Business Ethics Code of Conduct is available on our website at www.ball.com/investors under “Corporate Governance.”.
The Board has adopted a business ethics statement, the Ball Corporation Executive Officers and Directors Business Ethics Statement, that is designed to establish principles requiring the highest level of ethical behavior toward achieving business success within the requirements of the law and our policies. The Business Ethics Code of Conduct and the Executive Officers and Directors Business Ethics Statement are available on our website at www.ball.com/investors under “Corporate Governance.” Copies may also be obtained upon request from Ball’s Corporate Secretary.
BALL CORPORATION 2024 PROXY STATEMENT |25

BOARD AND CORPORATE GOVERNANCE
DIRECTOR COMPENSATION
The table set forth below summarizes the 2023 compensation paid to each of our nonmanagement directors. The elements of the nonmanagement director compensation program are evaluated and determined by the Nominating and Corporate Governance Committee, which takes into account market data provided by the independent external consultant. There were no changes or new programs offered year-on year. Consistent with 2022, the 2023 director compensation program consisted of:
Annual Compensation
($)
Fixed cash retainer $ 90,000
Target incentive cash retainer* $ 15,000
Restricted Stock Unit (RSU) award $ 155,000
Audit Committee Chair additional cash retainer $ 20,000
Human Resources Committee Chair additional cash retainer $ 20,000
Finance Committee Chair additional cash retainer $ 15,000
Nominating and Corporate Governance Committee Chair additional cash retainer $ 15,000
Lead Independent Director additional cash retainer $ 30,000
Special meeting or assignment fee (per meeting or assignment) $ 750
*
The annual incentive retainer is subject to our performance under the same performance measures as the Annual EVA® Incentive Compensation Plan, which is based on EVA® principles. The actual amount paid may range from $0 to $30,000.
Newly elected directors are each awarded a one-time grant of RSUs valued at $150,000 upon joining the Board. Nonmanagement directors may be able to defer certain portions of their compensation as detailed under “Non-Qualified Deferred Compensation.”
The Director Compensation Table sets out the compensation earned for 2023, with any other compensation payments noted.
DIRECTOR COMPENSATION TABLE
Name & Principal Position
Fees
Earned
or Paid in
Cash

($)(1)
Stock
Awards

($)(2)
Option
Awards

($)
Non-Equity
Incentive
Plan
Compensation

($)(3)
Change in
Pension
Value and
Non-Qualified
Deferred
Compensation
Earnings

($)(4)
All Other
Compensation

($)(5)
Total
($)
John A. Bryant $ 90,000 $ 155,001 $ $ 13,350 $ $ $ 258,351
Michael J. Cave $ 105,000 $ 155,001 $ $ 13,350 $ $ 20,000 $ 293,351
Dune Ives $ 90,000 $ 155,001 $ $ 13,350 $ $ $ 258,351
Pedro H. Mariani $ 90,000 $ 155,001 $ $ 13,350 $ $ $ 258,351
Georgia R. Nelson $ 110,000 $ 155,001 $ $ 13,350 $ $ 9,302 $ 287,653
Cynthia A. Niekamp $ 90,000 $ 155,001 $ $ 13,350 $ $ 5,000 $ 263,351
Todd A. Penegor $ 90,000 $ 155,001 $ $ 13,350 $ $ 25,000 $ 283,351
Cathy D. Ross $ 110,000 $ 173,473 $ $ 13,350 $ $ 20,000 $ 316,823
Betty Sapp $ 90,000 $ 155,001 $ $ 13,350 $ $ $ 258,351
Stuart A. Taylor II $ 135,000 $ 155,001 $ $ 13,350 $ 353 $ 20,000 $ 323,704
(1)
Values represent fees for annual fixed retainer, committee chair retainer and Lead Independent Director retainer paid under the nonmanagement director compensation program.
(2)
Reflects the fair value of RSU awards granted to nonmanagement directors in 2023, calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, “Compensation — Stock Compensation” ​(“Topic 718”). All continuing nonmanagement directors received an annual award of 3,025 RSUs, using the closing price of Ball’s common stock April 26, 2023, at $51.24 per unit, resulting in a total award value of $155,001 for each director. Some nonmanagement directors also received grants under the Deposit Share Program. Ms. Ross received a DSP award of 339 RSUs, using the closing price of the Corporation’s common stock on June 15, 2023, at $54.49 per unit, resulting in a total award value of $18,472.
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BOARD AND CORPORATE GOVERNANCE​
(3)
Values represent the annual incentive retainer achieved for 2023, which was paid in February 2024, based on a performance factor of 89% applied to the $15,000 target for all nonmanagement directors.
(4)
Represents the amount of above-market interest earned under Ball’s Deferred Compensation Plans, described under “Non-Qualified Deferred Compensation”.
(5)
Values represent the 20% company match, up to a maximum of $20,000, available under the 2005 Deferred Compensation Company Stock Plan and 2017 Deferred Compensation Company Stock Plan for Directors as described under “Non-Qualified Deferred Compensation” for Mr. Cave, Ms. Nelson, Mr. Penegor, Ms. Ross and Mr. Taylor. Specific deferrals may result in Company match to both plans, up to the $20,000 annual maximum, per plan. Values also represent Company matching charitable donations under the Matching Gifts Program for Directors for Ms. Niekamp and Mr. Penegor.
Name
Aggregate Number of
Outstanding Stock Awards
as of December 31, 2023
John A. Bryant 15,181
Michael J. Cave 37,505
Dune E. Ives 4,708
Pedro H. Mariani 65,753
Georgia R. Nelson 98,425
Cynthia A. Niekamp 31,069
Todd A. Penegor 11,218
Cathy D. Ross 18,537
Betty J. Sapp 12,040
Stuart A. Taylor II 181,681
BALL CORPORATION 2024 PROXY STATEMENT |27

BOARD AND CORPORATE GOVERNANCE
NON-EMPLOYEE DIRECTOR STOCK OWNERSHIP GUIDELINES
All nonmanagement directors are in compliance with our stock ownership guidelines. Each director is required to own Ball common stock valued at five times the amount of their annual cash retainer and has five years from the date of their election to meet this requirement. Ms. Ives, who joined the Board in October 2021, is in the process of attaining the required shares within the prescribed timeframe.
TRANSACTIONS WITH RELATED PERSONS, PROMOTERS AND CERTAIN CONTROL PERSONS
We have adopted a policy requiring our executive officers and directors to comply with all SEC and NYSE requirements, concerning transactions between us and “related persons,” as defined in the applicable SEC and NYSE rules. To facilitate compliance with the related persons policy, the Board adopted procedures for the review, approval or ratification of any transaction required to be reported under the applicable rules. The policy provides that each executive officer and director will promptly report to the Chairman of the Board any transaction with Ball undertaken or contemplated by such officer or director, by any beneficial owner of 5% or more of Ball’s voting securities or by any immediate family member. The Chairman of the Board will refer any such transaction to the Chief Legal Officer for review and recommendation. Then the matter will be brought
before the Nominating and Corporate Governance Committee to consider whether the transaction in question should be approved, ratified, suspended, revoked or terminated. This policy for transactions with related persons is part of the Executive Officers and Directors Business Ethics Statement. The written form of the policy can be found at www.ball.com/investors under “Corporate Governance.” Any contractual or other relationships between Ball and other companies on whose boards our directors serve are arm’s length. Trista L. Fisher, vice president, global business services, is the spouse of Daniel W. Fisher and in 2023 she earned approximately $504,000 in total compensation from Ball, inclusive of base salary, annual bonus payment and value of granted annual equity and incentive awards.
28|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION
COMPENSATION DISCUSSION AND ANALYSIS
CD&A TABLE OF CONTENTS
65
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BALL CORPORATION 2024 PROXY STATEMENT |29

EXECUTIVE COMPENSATION
EXECUTIVE SUMMARY
This Compensation Discussion and Analysis (“CD&A”) describes Ball Corporation’s business strategy and the alignment between our business strategy, shareholder interests, and our pay-for-performance executive compensation programs. We also discuss the specific compensation paid or awarded in 2023 to our named executive officers (“NEOs”).
NEO
Age
Title
Years
at Ball
Years in Position
Daniel W. Fisher
51
President & CEO(1)
13
1 (Chairman & CEO), 1 (President & CEO), 2 (President)
Howard H. Yu
52
Executive Vice President and Chief Financial Officer(2)
1
1
Scott C. Morrison
61
Former Executive Vice President and Chief Financial Officer(3)
23
13
Ronald J. Lewis
57
Senior Vice President and Chief Operating Officer Global Beverage
4
3
David A. Kaufman
57
Senior Vice President and President, Ball Aerospace(4)
23
3
Stacey J. Valy Panayiotou
51
Senior Vice President and Chief Human Resources Officer
2
2
Charles E. Baker
66
Former Vice President, General Counsel and Corporate Secretary(5)
30
19 (General Counsel),
12 (Corporate Secretary)
(1)
Mr. Fisher transitioned to the company’s Chairman and CEO effective April 26, 2023.
(2)
Mr. Yu joined the company as Executive Vice President and Chief Financial Officer on September 25, 2023.
(3)
Mr. Morrison transitioned from his position as Executive Vice President and Chief Financial Officer effective September 25, 2023, currently serves in an advisory role, and will retire in the third quarter of 2024.
(4)
Mr. Kaufman resigned from Ball Corporation following the sale of the aerospace business to BAE Systems in February 2024.
(5)
Mr. Baker transitioned from his position as Vice President, General Counsel and Corporate Secretary effective September 18, 2023, and served in an advisory role until January 31, 2024.
30|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION​
Ball Is Committed to Shareholder-Oriented Corporate Governance
Ball Corporation’s governance process ensures that our executive compensation program is maintained and updated to continually reflect excellence in pay-for-performance alignment. We follow a number of practices and policies to promote the continuous improvement and accountability of our executive compensation program.
COMPENSATION BEST PRACTICES

Decisions are made by the HR Committee of the Board of Directors, which is composed entirely of independent directors;

An independent executive compensation consultant is engaged by and reports directly to the HR Committee;

The HR Committee reviews total compensation using tally sheets;

Compensation levels and incentive design practices are benchmarked against industry peers;

Dividend equivalents for stock awards accrue during the vesting or performance period are paid only if the associated vesting terms or performance measures are achieved;

Nominal perquisites are not grossed-up for taxes;

We regularly assess the relationship between risk and our compensation programs;

Our executives are subject to rigorous stock ownership guidelines;

Our executives are prohibited from hedging or pledging their Ball Corporation stock;

Cash incentive and stock compensation (including service-based and performance-based) to any executive officer (current or former) or executive at the level of vice president or above is subject to a robust recoupment (“clawback”) policy, including a shareholder-approved clawback provision, that applies in the case of a required financial restatement, and in the case of fraud, intentional misconduct or actions causing harm to Ball Corporation, regardless of a requirement for financial restatement; and

Change-in-control agreements have multiples that do not exceed two times pay and require a termination of employment following a change in control (“double trigger”) before severance benefits are due, consistent with the change in control provision in our Amended and Restated 2013 Stock and Cash Incentive Plan. Excise tax gross-ups have been eliminated for any change-in-control agreements entered into after January 1, 2010 and do not apply to any currently employed executive officer.
The HR Committee is confident that our executive compensation program, our management-as-owners culture, and our pay-for-performance philosophy have directly contributed to the successful performance of the business and resulted in an executive team closely aligned with shareholder interests. The Committee takes very seriously the business challenges encountered in 2022, which continued into 2023, and the resulting share price performance. As is further disclosed in this CD&A, all compensation components, especially the incentive opportunities based upon performance-based metrics, have performed in alignment with our executive compensation philosophy.
Our Compensation Philosophy
Our compensation program is designed to accomplish several goals: to foster a pay-for-performance and management-as-owners culture that aligns the interests of management with shareholders; to deliver on strategic objectives and results; to provide competitive and reasonable compensation opportunities; and to support recruitment and retention of key executives. Balancing these objectives helps ensure accountability to our shareholders, who have broadly expressed support for our compensation program through regular engagements and an average 92% advisory vote in favor of NEO compensation over the last two years. We believe that offering several compensation elements that incorporate multiple absolute and relative performance metrics and measurement periods promotes our compensation goals. In addition, we believe that making the compensation program consistent and transparent demonstrates our commitment to stakeholders and ensures that Ball employees understand company and shareholder expectations.
BALL CORPORATION 2024 PROXY STATEMENT |31

EXECUTIVE COMPENSATION
Ball’s EVA®-Focused Business Strategy Delivers Results in 2023
Our vision for the future relies upon our long-held “economic value added” or EVA® discipline. Simply put, EVA® is sales less operating costs (“NOPAT” or net operating profit after-tax) less a cost of capital charge. All lines of business and strategic initiatives are consistently measured through an EVA® lens. We have, for 30 years, sought to increase total EVA® generated year over year, creating sustainable shareholder value. Requiring each business to earn returns higher than its cost of capital drives managers to make the best long-term decisions for our shareholders; they invest in innovation, technology and infrastructure capital to drive profitable growth; intelligently cut costs by implementing lean initiatives and process efficiencies; undertake focused outsourcing efforts; and seek to turn working capital faster or reduce working capital and assets.
Some of the actions taken in 2023 to enhance long-term EVA® and perpetuate the social, economic and environmental sustainability of our company include:

balancing supply/demand through consolidation of high-cost manufacturing plants into new high efficiency state-of-the-art facilities, to drive improved financial results and long-term capital efficiency;

constructing two new beverage can facilities in EMEA to serve long-term volume growth;

agreement to sell our Aerospace business for approximately $5.6 billion, which will allow significant deleveraging, reduction in invested capital and return of value to shareholders;

expanding our global aluminum aerosol and reclosable bottle portfolio to provide personal care and refillable packaging solutions, resulting in 8% volume growth;

expanding our development programs throughout the business, from increasing our investment in production management roles through to enhancing our management development curriculum;

continuing our work on ambitious 2030 ESG and sustainability goals, including making progress on becoming a more diverse and inclusive culture, global recycling goals and publishing our Climate Transition Plan to provide key scenarios related to our aspiration to achieve net zero greenhouse gas emissions before 2050;

supporting our global communities where we live and operate with employees supporting 2,800 nonprofit organizations across 30 countries and contributing 30,000 volunteer hours; and

joining the World Economic Forum's First Movers Coalition to lead collaboration across the aluminum industry to prioritize circularity and decarbonize the industry, achieving Aluminum Stewardship Initiative, ASI certification across our global footprint, remaining on the 2023 Dow Jones Sustainability Index, North America, receiving an A‑ in the CDP's climate change questionnaire in 2023.
32|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION​
Ball’s EVA®-Disciplined Performance Continues to Deliver for Shareholders
Our multi-year execution of our EVA®-focused strategy provided the following results:

In 2023, we provided annual dividends of $252 million, and completed $3 million of net repurchases of our common stock. Since 2009, we have returned over $7.26 billion to shareholders via share repurchases and dividends.

Ball’s 1-year and 10-year total shareholder returns exceeded the return of the Dow Jones Containers & Packaging Index, as demonstrated in the following charts.
Ball Total Shareholder Returns vs. Key Indices
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Key drivers in 2024 will be improving operational efficiencies and fixed cost absorption, leveraging our well-capitalized plan assets to grow the use of innovative, sustainable aluminum packaging across channels, categories and venues. Additionally, we remain committed to further actions to strengthen the balance sheet and reduce long-term liabilities, including the utilization of net proceeds from the sale of our aerospace business to deleverage and repurchase stock.
BALL CORPORATION 2024 PROXY STATEMENT |33

EXECUTIVE COMPENSATION
NEO Compensation Has a Strong Pay-for-Performance Linkage
Consistent with our pay-for-performance, management-as-owners philosophy, most of the target total compensation for our named executive officers is at-risk and varies with performance, with performance being measured by a number of absolute and relative measures, each of which drive shareholder value. The following charts represent the mix of target total compensation awarded to our CEO and other NEOs in 2023. Our emphasis on longer-term compensation, through performance-based long-term cash and stock awards, ensures strong continued alignment between the interests of our executives and the interests of our shareholders, and is consistent with competitive market data.
2023 CEO TARGET COMPENSATION MIX
2023 AVERAGE OTHER NEO TARGET COMPENSATION(1)
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Elements of Executive Compensation
The major elements of Ball’s compensation program (in 2023) are shown in the table below, with the page number to find more information:
Compensation
Compensation
Element
Purpose
Performance
Measure(s)
Alignment with our
Compensation Philosophy
Page
SHORT-TERM
ANNUAL CASH
COMPENSATION
Annual Base Salary
Fixed element of pay based on an individual’s primary duties and responsibilities
Position-based pay adjusted for individual performance and contribution
Competitive compensation element required to recruit and retain top executive talent
38
Economic Value Added (“EVA®”) Annual Incentive Plan
Designed to reward achievement of specified annual corporate financial goals (and possibly unit financial goals)
Absolute EVA® dollars generated (net operating profit after-tax, less a cost of capital charge)
Incentive linked to actual economic value generated demonstrates pay for performance and drives shareholder value
39
(1)
Average NEO target compensation mix includes Mr. Yu’s annualized Base Salary and Short-Term Cash Incentive and excludes his one-time, service-based RSU and cash awards granted upon his hire to make up for forfeited awards with his previous employer.
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EXECUTIVE COMPENSATION​
Compensation
Compensation
Element
Purpose
Performance
Measure(s)
Alignment with our
Compensation Philosophy
Page
LONG-TERM
INCENTIVES
(CASH)
Long-Term Cash Incentive Compensation (“LTCIC”)
Designed to promote long-term creation of shareholder value in relative and absolute terms
50% weighting of:

ROAIC

Relative TSR vs. S&P 500 subset
Incentive linked to returns demonstrates pay for performance
41
LONG-TERM
INCENTIVES (EQUITY)
Stock Options
Designed to promote stock ownership and long-term performance
Stock price appreciation
Ties to our management- as-owners philosophy and rewards performance contributing to shareholder value through absolute stock price growth
42
Performance Contingent Restricted Stock Units (“PC-RSUs”)
Designed to promote stock ownership through the achievement of absolute EVA® dollar growth over a 3-year period
Absolute EVA® dollars generated versus 0%, 4% and 8% compound annual growth rates
Ties to our management- as-owners philosophy and rewards performance contributing to absolute EVA® dollar growth
42
OTHER ONE-TIME
INCENTIVES
Restricted Stock/ RSUs
Designed to promote stock ownership, provide a retention incentive and incentivize the creation of shareholder value
Value based on stock price
Granted from time-to- time and tied to our management-as-owners philosophy, generally in connection with the promotion or recruitment of individuals to facilitate ownership and retention
43
Deposit Share Program (“DSP”)
Designed to promote financial investment in Ball, promote stock ownership and incentivize the creation of shareholder value
Value based on stock price
Granted from time-to- time and tied to our management-as-owners philosophy, offering RSUs in exchange for the recipient voluntarily and newly investing in and holding shares of Ball stock
43
BALL CORPORATION 2024 PROXY STATEMENT |35

EXECUTIVE COMPENSATION
ROLE OF THE HUMAN RESOURCES COMMITTEE AND EXECUTIVE COMPENSATION CONSULTANT
The HR Committee oversees the administration of the executive compensation program and determines the compensation of our executive officers. The HR Committee is composed solely of nonmanagement directors, all of whom are independent.
The HR Committee retained Farient Advisors LLC (“Farient”), an independent compensation consultant (the “Consultant”), to provide advice on best practices and market developments, as well as to provide independent advice to the Committee. Farient has served as the Consultant since May 2023, succeeding Pay Governance LLC (“Pay Governance”) in that role. The Consultant reports directly to the HR Committee and performs no additional services on behalf of the company. The HR Committee assessed and confirmed the Consultant’s independence in 2023, and determined that no conflict of interest exists with the work the Consultant performs for the HR Committee. The Consultant develops recommendations for the HR Committee related to all aspects of the executive compensation program and works with management to obtain information necessary to develop those recommendations.
MARKET REFERENCE POINTS AND PEER GROUPS
We use two primary market reference points to benchmark our executive compensation to the competitive market, referred to as “Peer Group” and “General Industry.” This two-pronged approach provides a spectrum of relevant information on executive compensation levels, practices and trends in the marketplace. The HR Committee does not target pay to a specific market benchmark but rather considers the range of market data available — along with tenure, company performance and individual performance — when setting pay for the NEOs.
The “Peer Group” is composed of companies within the containers and packaging, food and beverage, household durable and nondurable goods, and manufacturing industries. The HR Committee reviews this market data when setting compensation for the CEO and CFO because it is a transparent reference point for assessing pay levels among similarly situated CEOs and CFOs. In addition to pay levels, the HR Committee reviews executive tenure and performance data across the Peer Group when determining target pay levels. Compensation data for the Peer Group are collected from publicly available SEC filings.
“General Industry” market data reflects the broad talent market in which we compete, and informs compensation decisions regarding all of our NEOs. The critical skills required by our management team have historically been found both inside and outside industries that are considered for our “Peer Group.” Therefore, the HR Committee believes it is appropriate to focus on General Industry market levels as the primary market reference point for evaluating the overall competitiveness of our executive compensation program. This data is size-adjusted to ensure that market levels are developed for like roles within businesses of similar size and scope. Data for the General Industry are collected from multiple proprietary survey sources published by leading market data providers.
In developing the Peer Group, Pay Governance sourced objective, financial and industry criteria, and also used qualitative criteria regarding the nature of our business operations. Specifically, they used the following principles and criteria in identifying the Peer Group companies used in making pay decisions for 2023:
Design Principle
Criteria
Quantitative financial criteria to ensure organizations are comparable in terms of size and structure

Revenue in an approximate range of between 0.4x and 2.5x our revenues

Market capitalization between 0.25x and 5.0x our market capitalization (used as a secondary reference)

Ratio of market capitalization to revenue generally between 1.0x and 5.0x

Positive operating margins generally ranging from 5% to 20%
Qualitative criteria regarding appropriate industry, business types and organizational complexity

Direct peers in the containers and packaging industry

Food & beverage companies with some aluminum packaged products where the consumer is the purchaser of the product

Durable and nondurable consumer products that may compete for “shelf-space” or provide complimentary products to Ball’s consumer products

Broader manufacturing companies within the capital goods, chemical manufacturing, metals, aerospace and other complex manufacturing industries
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EXECUTIVE COMPENSATION​
Following a review in the third quarter of 2022, the HR Committee approved adjustments to the Peer Group to create better alignment and adherence to the criteria listed above. The 2023 Peer Group consists of the following companies:

Avery Dennison Corporation

Eaton Corporation plc(1)

Molson Coors Beverage Company

Campbell Soup Company

General Mills Inc.

Packaging Corporation of America(1)

ConAgra Brands, Inc.

International Flavors & Fragrances Inc(1)

PPG Industries, Inc.

Crown Holdings Inc.

Kimberly-Clark Corporation(1)

The Sherwin Williams Company

Eastman Chemical Company

Keurig Dr. Pepper
(1)
Newly added peer for 2023. Berry Global Group, Inc., International Paper Company, Nucor Corporation, Sealed Air Corporation, and WestRock Company were removed from the peer group for 2023.
Following a review in the third quarter of 2023 conducted by Farient, the Committee approved adjustments to this Peer Group to create better alignment and adherence to the criteria above and to take into consideration a market cap-to-revenue ratio. Specific changes included the removal of Eaton Corporation and the addition of Graphic Packaging and Silgan Holdings. This amended Peer Group will be used to inform 2024 pay decisions.
PROCESS FOR DETERMINING EXECUTIVE COMPENSATION
The HR Committee reviews and adjusts executive target total compensation levels, including long-term incentive levels, in January of each year.
We begin the annual process by reviewing each executive officer’s target total compensation in relation to the 50th percentile of the General Industry and/or Peer Group. The Consultant, in collaboration with our Total Rewards Department, gathers this data, presents it to management and the HR Committee in detailed reports providing a comparative analysis of our executive officer compensation to the market data.
Additionally, the Consultant creates a tally sheet for each executive, outlining the executive’s annual target and actual pay in relation to competitive market information as well as total accumulated pay under various corporate performance scenarios, both recent and projected. The HR Committee uses the tally sheets to analyze and determine executive officer pay recommendations and to understand each executive’s potential realizable compensation. The Consultant also prepares for the HR Committee an independent review and recommendation regarding the CEO’s compensation. In its deliberations, the HR Committee meets with the CEO and other members of senior management, as appropriate, to discuss the application of the competitive benchmarking (pay and performance) relative to Ball’s unique structure and needs.
The HR Committee sets the CEO’s target total compensation package during an executive session based on the HR Committee’s review of the Consultant’s recommendation, peer and competitive information, an assessment of the
CEO’s relative tenure and individual performance, Ball’s financial and operating performance, and appropriate business judgment.
The CEO makes a recommendation for the target total compensation of other executive officers, including the other NEOs after reviewing each executive’s and the organization’s business performance and the executive’s responsibilities and experience relative to the competitive market information prepared by the Consultant. The HR Committee uses its business judgement to establish the compensation packages for the other executive officers considering the CEO’s recommendations and each executive officer’s individual job responsibilities, experience and overall performance.
The HR Committee does not target pay to a specific market benchmark and may set a particular executive’s target award higher or lower than the 50th percentile when circumstances warrant. For example, when modifying compensation because of promotions, an individual may be placed below the 50th percentile for the role and then adjusted closer to the market median over time, in order to ensure the individual is successfully performing and growing into the new role. Similarly, a long-tenured high- performing individual may be placed above median. Additionally, the HR Committee may adjust an executive’s compensation level during the year as a result of a promotion. Such adjustments take into consideration competitive market data and recommendations from the Consultant and the CEO, as well as the additional responsibilities and overall experience and performance of the executive.
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EXECUTIVE COMPENSATION
SPECIFICS RELATED TO 2023 EXECUTIVE COMPENSATION
When making our executive target total compensation decisions in January 2023, the HR Committee took into account our operating and financial performance in 2022, which resulted in a total return to shareholders of (46.2%), based on stock price appreciation plus reinvested dividends, that was below the (19.4%) return of the S&P 500 and the (19.7%) return of the Dow Jones Containers and Packaging Index. Ball also generated $64 million EVA® dollars (above the minimum 9% after-tax hurdle rate) in 2022. The Committee took very seriously the business challenges encountered in 2022, and the resulting share price performance, while also recognizing that all of the NEOs contributed to the company’s initiatives in 2022, including:

executing mid-2022 fixed and SG&A cost-out initiatives to enable combined savings of $150 million in 2023;

balancing supply/demand through consolidation of high cost manufacturing plants into new high efficiency state-of-the-art facilities, to drive improved financial results and long-term capital efficiency;

constructing two new beverage can facilities in EMEA to serve long term volume growth in 2023;

successfully completing the sale of our beverage packaging business in Russia in September 2022 for $530 million;

leveraging past capital investments, achieving 20% year over year growth in aerospace contracted backlog;

expanding our global aluminum aerosol and reclosable bottle portfolio to provide personal care and refillable packaging solutions, resulting in 12% volume growth;

expanding training and development programs across our global businesses to foster employee growth, operational excellence and retention;

continuing our work on ambitious 2030 ESG and sustainability goals, including making progress against our ambition to become a more diverse and inclusive culture;

supporting our global communities where we live and operate with employees supporting 2,800 nonprofit organizations across 30 countries and contributing 30,000 volunteer hours; and

joining the World Economic Forum’s First Movers Coalition to lead collaboration across the aluminum industry to prioritize circularity and decarbonize the industry, achieving Aluminum Stewardship Initiative (ASI) certification across our global footprint, remaining on the 2022 Dow Jones Sustainability Index, North America for the ninth year, receiving an A- in the CDP’s climate change questionnaire in 2022, inclusion on the 2022 Disability Equality Index, and achieving a perfect score on the 2022 Corporate Equality Index.
Base Salary
Base salary levels are set based on factors such as job responsibilities, the Committee’s and the CEO’s subjective judgment of individual performance and contributions to overall business performance, tenure and experience level, internal merit increase budgets, external market base salary movement, and market competitiveness as compared to 50th percentile data. Except for the specific note in the table below, the HR Committee reviewed base salary levels during the executive compensation review described in the previous section, and approved salary increases for all NEOs in late January 2023, with changes effective retroactively to January 1, 2023.
NEO
2023
Base Salary
Rationale
Daniel W. Fisher
$ 1,250,000
All NEOs’ 2023 base salary was based on the executive compensation review, including an analysis of external market data, and reflected a merit increase consistent with Ball’s merit increase budget, except for Mr. Yu who joined the company on September 25, 2023.
Howard H. Yu* $ 700,000
Scott C. Morrison $ 815,081
Ronald J. Lewis $ 754,208
David A. Kaufman $ 520,000
Stacey J. Valy Panayiotou
$ 520,000
Charles E. Baker $ 608,482
*
Mr. Yu joined the company on September 25, 2023. The Base Salary shown above represents his full-year amount and his proration amount earned based on his hire date is disclosed in the “Summary Compensation Table”.
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EXECUTIVE COMPENSATION​
Annual Incentive
The short-term annual pay-for-performance incentive is used to encourage and reward the NEOs for making decisions that improve performance as measured by EVA®. Our focus on EVA® is designed to produce sustained shareholder value by requiring each business to earn returns that exceed its cost of capital. EVA® has been the measure for our Annual Incentive Compensation Plan for over three decades because it has been shown to correlate management’s incentive with share price growth and shareholder returns. EVA® is calculated by subtracting a charge for the use of invested capital from net operating profit after-tax as illustrated below:
EVA®
=



Net Operating
Profit After-Tax

(“NOPAT”)



minus



Capital Charge (the Amount of
Capital Invested by Us Multiplied
by Our After-Tax Hurdle Rate)



Generating profits in excess of both operating and capital costs (debt and equity) creates EVA® dollars. If EVA® improves, by definition, shareholder value has been created.
EVA® GROWTH-BASED PERFORMANCE TARGETS PROMOTE SHAREHOLDER VALUE CREATION
Our estimated weighted average cost of capital (“WACC”) is approximately 7%. However, when determining EVA® dollars generated for purposes of calculating incentive compensation, we use a formula that applies a minimum hurdle rate of 9% after-tax. As shown below, setting the hurdle rate above the WACC ensures that shareholders benefit before the incentive plans begin to reward our employees.
[MISSING IMAGE: bc_totaleva-pn.jpg]
In some cases, such as when we calculate EVA® dollars generated for higher-risk regions, emerging markets, or new technologies, we require hurdle rates higher than 9% after-tax.
Annual Incentive Performance Targets
The annual incentive plan design requires continuous improvement to achieve payouts at or above target over time. Targets are established annually for each operating unit and for Ball as a whole based on prior performance. To allow for transparency with employees and shareholders and to avoid unnecessary subjectivity and internal budget negotiations regarding short-term incentive performance targets, we follow a best-practice approach to goal-setting that is consistent, objective, formulaic, and continuously focuses on EVA® dollar growth. This process is core to EVA® mechanics, requires consistent incremental value creation, and allows for direct employee engagement in achieving desired results that are aligned with shareholder interests.
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EXECUTIVE COMPENSATION
EVA® financial performance relative to the established EVA® target for Ball (and, in some cases, for an operating unit) determines the amount, if any, of an NEO’s award under the Annual Incentive Compensation Plan. Every year, the EVA® target is calculated as follows:
Current Year’s
EVA® Target
=


Prior Year’s
EVA® Target


Plus 1/2


Prior Year’s
Actual EVA
®
minus
Prior Year’s
EVA® Target


Annual Incentive Target Award Amounts
The HR Committee establishes a target incentive opportunity for each NEO every year. NEOs can earn higher awards for above-target performance or lower awards (possibly zero) for below-target performance. Target awards, which are expressed as a percentage of annual base salary, are established based upon individual responsibilities, individual performance, internal pay equity, our financial and operating performance, and market competitiveness as compared to the 50th percentile of market data.
The 2023 target incentive opportunity for each of Messrs. Fisher, Yu, Morrison and Baker and Ms. Valy Panayiotou was dependent upon Ball’s consolidated EVA® performance. Messrs. Lewis’ and Kaufman’s incentive opportunities were 80% dependent upon the EVA® performance of the Global Beverage Packaging and Aerospace operating units that they manage, respectively, and 20% dependent upon Ball’s consolidated EVA® performance. As mentioned under “2024 Growth Strategy and Related Executive Compensation Impacts,” the company has set target opportunities for all eligible Ball employees, including the NEOs, based 100% upon Ball’s consolidated EVA® performance, eliminating individual region and operating unit performance factors to simplify the design structure and focus on enterprise financial results beginning in 2024. Additionally, ELT members, including the NEOs, have 20% of their overall annual incentive target aligned to well-defined Individual Performance Objectives which were approved by the HR Committee in January 2024.
The table below shows, for each NEO, the 2023 target incentive opportunity.
Target Annual
Incentive
NEO
% of Base
$ Value
Daniel W. Fisher 145% $ 1,812,500
Howard H. Yu* 90% $ 172,620
Scott C. Morrison 100% $ 815,081
Ronald J. Lewis 100% $ 754,208
David A. Kaufman 85% $ 442,000
Stacey J. Valy Panayiotou 80% $ 416,000
Charles E. Baker 80% $ 486,786
*
Mr. Yu joined the company on September 25, 2023. The % of Base shown above represents his full-year target and the Target $ Value above reflects the proration based on his hire date.
Annual Incentive Payouts
Annual incentive payments for the NEOs each year can range from 0% to 200% of the targeted incentive opportunity based on corporate performance and, in some cases, the performance of the operating unit over which an executive has responsibility. For the portion of the plan based on Ball’s corporate consolidated results, there is no payout when actual EVA® is $230 million less than target EVA®. A payout of 200% or greater may be achieved if actual EVA® is $115 million or higher above target EVA®. However, any amounts over 200% of target are “banked” and remain at risk until paid over time in one-third increments whenever future performance under the Annual Incentive Plan results in a payout of less than 200% of target. Any unpaid bank balance will be offset if actual performance falls below the threshold in the future. When a participant’s bank balance falls below $10,000, it is paid in full. As mentioned under “2024 Growth Strategy and Related Executive Compensation Impacts,” the company has implemented a hard-cap of 200% on annual incentive payments and removed the banking feature to simplify our annual incentive program beginning in 2024.
In 2023, Ball’s consolidated EVA® performance fell short of our EVA® target by $25.1 million and resulted in a payout of 89% of target, as shown below:
Performance
Measure
Threshold
(0%
payout)
Target
(100%
payout)
Maximum
(200%
payout)
Actual
EVA® $ (64.0 million) $ 166.0 million $ 281.0 million $ 140.9 million
The following table shows the actual incentive awards earned in 2023 and paid in early 2024 as a result of the year’s EVA® performance. In some cases, the amount paid may include a one-third increment of prior banked payouts. For Mr. Lewis, the amount includes blended performance with his Global Beverage Packaging operating unit, which had a payout of 60%. For Mr. Kaufman, the amount includes blended performance with his Aerospace operating unit, which had a payout of 290%.
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EXECUTIVE COMPENSATION​
Actual Annual
Incentive
NEO
% of Base
$ Value
Paid
Daniel W. Fisher 129% $ 1,613,125
Howard H. Yu* 88% $ 153,632
Scott C. Morrison 89% $ 725,422
Ronald J. Lewis 66% $ 496,269
David A. Kaufman 176% $ 913,744
Stacey J. Valy Panayiotou 71% $ 370,240
Charles E. Baker 71% $ 433,239
*
Mr. Yu joined the company on September 25, 2023. The $ Value Paid shown above represents his actual payment amount and the % of Base above reflects the proration based on his hire date.
Certain U.S.-based executives, including the NEOs, may elect to defer the payment of all or a portion of their annual incentive compensation into the 2005 Deferred Compensation Plan and/or the 2005 Deferred Compensation Company Stock Plan, as described under “Non-Qualified Deferred Compensation.”
Long-Term Incentives
Long-term incentive compensation is designed to provide ownership and cash opportunities to promote the achievement of longer-term financial performance goals and enhanced Total Shareholder Return (“TSR”). This long-term incentive opportunity is generally provided through a combination of equity and cash awards, which the HR Committee believes best matches the compensation principles for the program.
The 2023 target award mix of long-term incentive vehicles, which the HR Committee has determined as market competitive, was

20% LTCIC;

40% Stock Options; and

40% PC-RSUs.
Long-Term Target Awards
The HR Committee sets the total target amount of long-term incentives, based on the grant date expected value, after considering individual roles and responsibilities, individual performance, internal pay equity, financial and operating performance, and market competitiveness as compared to the 50th percentile of market data. The HR Committee approved the following target awards in January 2023:
Mix of Long-Term Vehicles
NEO*
Total Target
Long-Term
Value
LTCIC
Stock
Options
PC-RSUs
Daniel W. Fisher $ 7,250,000 1,450,000 2,900,000 2,900,000
Scott C. Morrison $ 1,805,000 361,000 722,000 722,000
Ronald J. Lewis $ 1,650,000 330,000 660,000 660,000
David A. Kaufman $ 700,000 140,000 280,000 280,000
Stacey J. Valy Panayiotou $ 858,000 171,600 343,200 343,200
Charles E. Baker $ 1,175,000 235,000 470,000 470,000
*
Mr. Yu joined the company on September 25, 2023. He did not receive a 2023 long-term incentive award, and was granted one-time, service based RSU and cash awards to make up for forfeited awards at his previous employer.
As described below, the long-term incentive awards provide value only if Ball achieves positive stock price appreciation and/or strong financial performance.
Performance for the LTCIC and the PC-RSUs are measured on a multi-year basis and any actual awards earned are paid at the end of the three-year performance period. Since awards are made annually, results for any year are considered in each of three overlapping performance periods.
Long-Term Performance-Based Cash Awards
Our performance-based long-term cash incentive award, LTCIC, is intended to focus executives on the achievement of three-year performance goals that will enhance shareholder value. The two performance metrics are TSR and Return on Average Invested Capital (“ROAIC”), weighted equally.
TSR metric —  The performance measure for half of the LTCIC award is our three-year TSR as measured against the TSRs of a subset of companies in the S&P 500, (excluding companies that are classified as being part of the Financial or Utilities industry sectors or the Transportation industry group and companies added to the S&P 500 during the performance period). TSR is measured by comparing our average daily closing price and dividends in the third year of the performance period with the average daily closing price and dividends for the year prior to the start of the performance period. The target performance requirement for the TSR measure is the 50th percentile of the S&P 500 subset described above.
ROAIC metric —  The other half of the LTCIC award is based on average ROAIC performance over the three-year period. ROAIC is calculated by dividing the average of Ball’s net operating profit after-tax over the relevant performance period by average invested capital over such period. The threshold performance requirement of 7% and the target performance requirement of 9% are both greater than our estimated weighted average cost of capital. As a result, management is not rewarded until shareholder value has been created.
BALL CORPORATION 2024 PROXY STATEMENT |41

EXECUTIVE COMPENSATION
Performance Goals —  The target, threshold and maximum performance requirements for the two metrics for the awards granted in 2023 were as follows:
Performance Measure
Threshold
(0% payout)
Target
(100% payout)
Maximum
(200% payout)
TSR 37.5th percentile 50th percentile 75th percentile
ROAIC (after tax)
7%
9%
11%
Performance between threshold and target or target and maximum for either metric is interpolated to determine the payout factor.
An executive’s award for any given performance period is calculated as follows:
LTCIC
Payment
=
Fixed Target
Dollar Amount
times







50% x
TSR
Payout
Factor



plus



50% x
ROAIC
Payout
Factor







Equity-Based Awards —  Our equity awards are tied to the price of Ball Corporation common stock. Annual equity awards associated with target total compensation are typically granted in January on the date of the Board’s quarterly meeting. Equity awards may be granted at other times as part of an executive’s promotion, to recognize extraordinary performance, or for retention purposes. In addition, newly hired executives may receive equity awards when they join Ball.
In January 2023, the HR Committee approved the award of stock options and PC-RSUs to the NEOs and executive officers. All equity awards are made under the Amended and Restated 2013 Stock and Cash Incentive Plan.

Stock Options:  Stock options are granted to reward executives for the creation of shareholder value, as options will only provide value to executives if the price of our stock increases. Stock options generally vest at 25% on each of the first four anniversaries of the grant date and expire in ten years. The grant value of each stock option is based on the Black-Scholes value of our common stock on the date of grant.

Performance-Contingent RSUs:  PC-RSUs are granted to promote share ownership through the achievement of defined multiyear performance goals that enhance shareholder value. The performance measure is a future target value of our absolute corporate consolidated EVA®dollars generated in the third year of the performance period.
The calculation of the target value begins with the actual consolidated EVA® dollars generated, in excess of the 9% after tax hurdle rate, in the year prior to the start of the performance period. That amount is then increased by a compound annual growth rate of 4% over the three year period.
The threshold performance level before any award will vest is absolute EVA® dollars achieved as of the year prior to the start of the performance period. In this case, even though we would have continued to generate positive EVA® and contributed to ongoing shareholder returns, the lack of EVA® dollar growth over the performance period results in a zero payout.
The maximum performance level is only achieved if we generate absolute EVA® dollars in the third year of the performance period at, or above, a value calculated in the same manner as the target, but using an aggressive compound annual growth rate of 8% over the three year period.
Performance Goals —  The target, threshold and maximum performance requirements for the 2023-2025 award of PC-RSUs are as follows:
Performance Measure
Threshold
(0% payout)
Target
(100% payout)
Maximum
(200% payout)
Target Corporate Consolidated
Absolute EVA® Dollars $ 63.7 million $ 71.1 million $ 80.2 million
Performance between threshold and target or target and maximum is interpolated to determine the payout factor.
Recently Concluded Awards
2021-2023 LTCIC —  Due to our actual performance for the 2021-2023 LTCIC performance period of 6th percentile TSR and average ROAIC of 10.5%, cash payouts (made in early 2024) to the NEOs were 88% of their target opportunities, as shown below:
NEO*
Target LTCIC Dollar Value
for the 2021-2023
Performance Period
Daniel W. Fisher $ 497,000
Scott C. Morrison $ 361,000
Ronald J. Lewis $ 274,000
David A. Kaufman $ 130,000
Stacey J. Valy Panayiotou $ 140,000
Charles E. Baker $ 220,000
*
Mr. Yu joined the company on September 25, 2023 and did not receive a 2021 long-term incentive award.
2021-2023 PCRSUs —  Our consolidated EVA® dollars generated in 2023 of $140.9 million was below our compound growth rate target of $305.1 million, and fell short of meeting the minimum threshold for payout. As a result, no shares vested in January 2024 and NEOs and other executives received no PCRSU payouts form the 2021-2023 cycle.
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EXECUTIVE COMPENSATION​
OTHER EQUITY AWARDS
Restricted Stock or RSUs
The HR Committee or CEO may grant restricted stock or RSUs which are generally provided in limited circumstances such as to newly promoted or newly hired employees. As permitted by the Amended and Restated 2013 Stock and Cash Incentive Plan, the HR Committee delegated to the CEO the authority to grant up to a maximum of 10,000 restricted shares or RSUs in a calendar year to any one individual who is not an officer. Any such grant is ratified by the HR Committee at its first meeting following the grant. These grants generally are effective at the closing stock price on the day of the grant, but they may instead be effective at the closing stock price on a specific day in the future as defined by the HR Committee or the CEO. For example, the future grant of a restricted stock or RSU award may be approved pending the effective date of a promotion or start date.
Restricted stock awards and RSUs generally vest in either 20% or 25% increments on each successive anniversary of the grant date. These grants serve as a long-term incentive element, promote share ownership, and may provide an executive retention incentive. An RSU award was granted to Mr. Yu in September 2023 as a new hire award to bridge his outstanding annual and long-term incentives in order to minimize any forfeiture resulting from his resignation from his previous employer. The number and/or value of RSUs awarded is reported in the “Summary Compensation Table” and the “Grants of Plan-Based Awards Table.”
Deposit Share Program
This program has been in existence for many years, offered from time to time, and is used to further drive an ownership culture, especially among new leaders who may have little-to-no Ball stock ownership, and to further align our leadership focus with shareholder interests. When offered, this program is only available to a participant who voluntarily acquires new shares of Ball common stock. Under the DSP, for every common share of stock a participant acquires (during the specified acquisition period) and subsequently holds (for the minimum holding period outlined below) the participant receives one matching RSU. New shares may be attained in the open market, through the exercise of stock options, or, if eligible, deferral of annual incentive compensation to the Deferred Compensation Company Stock Plan. The DSP match is available up to a maximum number of shares pre-established by the HR Committee for each individual.
RSUs granted pursuant to the DSP are made on the 15th day of the last month of a calendar quarter after a participant submits adequate documentation detailing the acquisition of
the newly acquired shares. Matching RSUs vest on one of two schedules. For a participant who has not met applicable stock ownership guidelines (a value equal to a multiple of base pay as outlined in the Stock Ownership Guidelines section of this CD&A), matching RSUs will cliff vest four years from the grant date as long as the participant continues to hold the associated newly-acquired shares during that complete four year period. If the participant meets their applicable stock ownership guideline by the second anniversary of the grant date and maintains those ownership guidelines on each subsequent anniversary throughout, the matching RSUs will vest at the rate of 30% at the end of the second and third years and 40% at the end of the fourth year. No new opportunities were awarded to the NEOs in 2023.
Retirement Benefits
We strive for overall benefits to be competitive with the market. All NEOs participate in the same benefit plans and on the same terms as provided to all other U.S. salaried employees.
We sponsor two qualified defined benefit pension plans in the U.S.; one covers our Aerospace subsidiary’s employees (“Aerospace Pension Plan”)(1) and the other covers all other U.S. salaried employees (“Ball Pension Plan”). The benefit in both plans is an accumulated annual credit based on base salary, the Social Security Wage Base and a multiplier that varies with length of service. Both plans were closed to new participants on January 1, 2022, and employees hired, or rehired, on or after this date are not eligible for these plans, and may be eligible to receive an annual company contribution to the 401(k) savings plan.
Our 401(k) savings plan is a tax-qualified defined contribution plan that allows U.S. salaried employees, including the NEOs, to contribute to the plan 1% to 55% of their base salary up to IRS-determined limits on a before-tax basis. Ball matches 100% of the first 3% of base salary contributed, and 50% of the next 2% of base salary contributed, up to a maximum match of 4% of base salary contributed.
Certain executives, including the NEOs, may also receive benefits under the non-qualified Supplemental Employee Retirement Plan (“SERP”), which replaces benefits that would have been available in the qualified pension plan but for the limits on covered compensation set by the Internal Revenue Code of 1986, as amended. The SERP is designed to provide retirement benefits calculated on base salary that exceeds the maximum amount of pay that can be included in the pension calculation under a qualified pension plan. The SERP was also closed to new participants on January 1, 2022, and executives hired, or rehired (or who otherwise
(1)
The Aerospace Pension Plan was acquired by BAE Systems in the sale of the aerospace business in February 2024.
BALL CORPORATION 2024 PROXY STATEMENT |43

EXECUTIVE COMPENSATION
would have been eligible based on meeting the compensation requirement), on or after this date are not eligible for this plan, and may be eligible to receive an annual company contribution under the deferred compensation program. Further information regarding the pension plans and the SERP appears in the “Pension Benefits Table”.
Our U.S. pension plans and SERP provide pension benefits based on base salary only. Incentive compensation is not included in the pension calculation.
Additionally, we provide a deferred compensation benefit to certain U.S. employees, including the NEOs to help
participants accumulate funds for retirement or other purposes. Under the terms of the deferred compensation program, participants are eligible to defer current annual incentive compensation to be paid, RSUs to be issued in the future, or both. When amounts are deferred, the participant becomes a general unsecured creditor of Ball and deferred amounts become subject to claims on the same basis as other general unsecured creditors.
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EXECUTIVE COMPENSATION​
OTHER EXECUTIVE COMPENSATION POLICIES AND GUIDELINES
Risk Assessment
The HR Committee continually reviews the relationship between risk and reward in our compensation programs through both recurring in-depth reviews and the ongoing review of any program changes as they occur. At this time, the HR Committee does not believe Ball’s compensation programs encourage excessive or inappropriate risk. Our internal assessment of risk confirms that our compensation arrangements are performance driven and have strong governance and control mechanisms.
The HR Committee’s Consultant conducted a risk assessment of our executive compensation programs in 2023 and reported the results to the HR Committee. The Consultant reviews a number of criteria regarding compensation design and governance and considers whether any of our programs, policies or practices may generate financial risks, operational risks or reputational risks. The Consultant did not identify any elements within our compensation programs and processes that pose material risk to Ball. In particular, the Consultant determined that Ball’s incentive plans and processes are well designed, diversified and appropriately structured to mitigate risk without diluting incentives for high performance.
Stock Ownership Guidelines
Consistent with our stock ownership philosophy, the HR Committee has established guidelines for senior management and executive officers, who are expected to achieve the required levels of ownership within five years of their hire or promotion. The 2023 stock ownership guidelines (minimum requirements) are as follows:
Executive
Ownership Multiple
(of Base Salary)
Chairman and CEO
6x
SVPs and EVPs
3x
Other Executives
1 to 2x
All executive officers are in compliance with our stock ownership guidelines. Two NEOs, Mr. Yu, who joined the company in September 2023 and Ms. Valy Panayiotou, who joined the company in November 2021, are in the process of attaining the required shares within the prescribed timeframe.
Anti-Hedging and Anti-Pledging Policy
Ball employees, officers and directors may not engage in any transaction in Ball securities, including purchases, sales,
pledges, hedges, loans and gifts, while they possess material nonpublic information. Additionally, insider employees, including Section 16 officers and their immediate family members and entities they control, may not engage in hedging transactions (such as equity swaps and forward sale contracts), that would neutralize the economic risk associated with holding Ball Corporation common stock. Executives and directors are permitted to use contracts to purchase or sell Ball Corporation common stock including pursuant to SEC Rule 10b5-1, subject to preapproval and applicable rules, but put and call options, pledging, and short selling transactions are not permitted. Directors and officers are also prohibited from holding Ball Corporation securities in margin accounts and from pledging Ball Corporation securities as collateral for a loan.
Recoupment (“Clawback”) Policy
The company adopted a new Incentive Compensation Recoupment Policy in October 2023 to address the recovery of erroneously awarded incentive-based compensation in compliance with the rules set forth in Section 10D-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the related listing rules of the New York Stock Exchange (the “NYSE”), specifically including Section 303A.14 of the NYSE Listed Company Manual. This new policy supplements the company’s already existent recoupment provisions within the Amended and Restated 2013 Stock and Cash Incentive Plan ensuring that the company is in compliance with, and in several elements in excess of, the Exchange Act minimum requirements. The company’s current recoupment policy, reflective of both components described herein, is summarized below.
If the company is required to restate financial results due to noncompliance with financial reporting requirements, the company shall take action to recoup all incentive-based compensation from all subject executive officers (current or former) that exceeded the amount of incentive-based compensation that otherwise have been paid, vested or issued to the subject executive officers had the amount been determined based upon the results of the financial restatement.
Additionally, if the company finds that an executive officer or executive at the level of vice president or above has engaged in acts such as fraud, intentional misconduct or actions causing harm to Ball Corporation, and as a result received undue compensation, it reserves the right to take corrective measures, including but not limited to, recoupment of any compensation, wherever it may reside. This applies even if the acts do not require a financial restatement and even if the compensation is not incentive-based compensation. Remedial actions may include, as
BALL CORPORATION 2024 PROXY STATEMENT |45

EXECUTIVE COMPENSATION
allowed by law and, consistent with existing plan documents, requiring the reimbursement or cancellation of incentive compensation, including options, restricted stock units (‘‘RSUs”), and other service-based awards.
Severance and Change in Control Benefits
The NEOs are covered by arrangements that specify payments in the event the executive’s employment is terminated. The type and amount of payments vary by executive level and whether the termination is following a change in control. These severance benefits, which are competitive with General Industry practices, are payable only if the executive’s employment is terminated as specified in the applicable agreements. Further discussion is provided under “Other Potential Post-Termination Employment Benefits.”
Accounting and Tax Considerations
When establishing pay elements or associated programs, the HR Committee reviews projections of the estimated
pro forma expense and tax impact of all material elements of the executive compensation program. Generally, an accounting expense is accrued over the requisite service period of the particular pay element, which in many cases is equal to the performance period, and we may realize a tax deduction when compensation is actually paid to or realized by the executive.
Consistent with our guiding principles, our short- and long-term incentives impose performance conditions for our CEO and NEOs. Prior to the Tax Cuts and Jobs Act (“TCJA”) passed in fiscal year 2017, we were able to deduct most of our performance-based executive compensation under Section 162(m) of the Internal Revenue Code (“IRC”). While the TCJA reduced the amount of compensation we can deduct under IRC Section 162(m), our ownership focused pay-for-performance philosophy remains central to our compensation programs.
Finally, Code Section 280G considerations related to tax reimbursements made to executives for taxes on amounts paid in the event of termination following a change in control are discussed in the narrative included under “Other Potential Post- Termination Employment Benefits.”
2024 GROWTH STRATEGY AND RELATED EXECUTIVE COMPENSATION IMPACTS
In 2024, following the closing of the successful sale of our aerospace business, we began our transformational journey to become a singularly-focused, sustainable aluminum packaging company. As we progress on this growth strategy to unlock value to our shareholders, employees, and customers, the company has approved the following incentive compensation changes effective in 2024 to simplify our compensation structure during this period of transformation and enterprise-focus:

annual incentive target incentive opportunities for all eligible Ball employees, including the NEOs, are based 100% upon Ball’s consolidated EVA® performance, eliminating individual region and operating unit performance factors to simplify the design structure and focus on enterprise results;

Executive Leadership Team (“ELT”) members, including the NEOs, have 80% of their overall annual incentive target based upon Ball’s consolidated EVA® performance and 20% aligned to well-defined Individual Performance Objectives which were approved by the HR Committee in January 2024;

implementation of a hard-cap on annual incentive payments of 200% and the removal of the banking feature for amounts earned in excess of 200%.
The company is also performing a full review of all incentive programs, including incentive vehicles and mix, performance metrics, and target levels to ensure that our compensation plans support our business strategy, while continuing to align with our pay-for-performance and management-as-owners philosophy. Following this analysis, any resulting changes to our incentive programs will be disclosed in our future proxy statements.
46|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION​
REPORT OF THE HUMAN RESOURCES COMMITTEE OF THE
BOARD OF DIRECTORS
The HR Committee has reviewed the above CD&A and discussed its contents with members of our management team. Based on this review and discussion, the HR Committee has recommended that this CD&A be incorporated by reference in our Annual Report on Form 10-K as set out in this Proxy Statement.
Georgia R. Nelson
Cynthia A. Niekamp
Betty J. Sapp
Todd A. Penegor
Stuart A. Taylor II
BALL CORPORATION 2024 PROXY STATEMENT |47

COMPENSATION TABLES AND NARRATIVE
SUMMARY COMPENSATION TABLE
The “Summary Compensation Table”represents all fiscal year 2023 elements of compensation for Ball’s NEOs including:

Base salary earned

Awards earned under the Annual EVA® Incentive Compensation Plan for 2023 performance

Awards earned under the LTCIC for the three-year performance period ended in 2023

Fair value of PC-RSU and/or other RSU awards granted in 2023, calculated in accordance with Topic 718

Fair value of Stock Options awards granted in 2023, calculated in accordance with Topic 718
The 2023 payout factors used to determine the amounts earned for the Annual EVA® Incentive Compensation Plan and LTCIC for the NEOs are provided under “Recently Concluded Awards in this CD&A.
In addition to these elements of compensation, the table also presents the change in 2023 in the value of pensions payable at age 65 for the NEOs as well as above-market earnings associated with non-qualified deferred compensation. Interest rates for certain of our predecessor deferred compensation plans vary; some provide for an interest rate that is equal to the Moody’s Seasoned Corporate Bond Index (“Moody’s”); some provide for an interest rate that is 5 percentage points higher than Moody’s; and one provides for a fixed interest rate equal to 9%. No additional deferrals are permitted into these plans. Any earnings credited to accounts within plans that provide the Moody’s rate plus 5 percentage points or the 9% fixed interest that is in excess of above-market earnings that would have been credited at a rate that is 120% of the applicable federal long-term rate have been classified as above-market earnings on deferred compensation.
The “All Other Compensation” column represents the sum of the values of a variety of standard executive programs, including but not limited to:

Perquisites and other personal benefits

Company contributions to defined contribution plans or deferred compensation plans

Company-paid insurance premiums

Company match of securities purchases pursuant to Ball’s broad-based Employee Stock Purchase Plan (“ESPP”)

Amounts related to the company’s expatriate assignment and relocation programs
The individual values are disclosed in the “All Other Compensation Table” that follows the “Summary Compensation Table.” Details regarding post-employment compensation are discussed under “Other Potential Post-Employment Benefits.”
48|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION​
Name & Principal Position
Year
Salary
($)
Bonus
($)
Stock
Awards

($)(1)
Option
Awards

($)(2)
Non-Equity
Incentive
Plan
Compensation

($)(3)
Change in
Pension
Value and
Non-Qualified
Deferred
Compensation
Earnings

($)(4)
All Other
Compensation

($)(5)
Total
($)
Daniel W. Fisher
Chairman and CEO
2023 $ 1,249,038 $ 0 $ 2,900,025 $ 2,899,992 $ 2,050,485 $ 174,155 $ 44,861 $ 9,318,556
2022 $ 1,086,231 $ 0 $ 3,019,438 $ 2,193,986 $ 493,700 $ 0 $ 46,026 $ 6,839,380
2021 $ 857,846 $ 0 $ 994,009 $ 994,002 $ 1,918,261 $ 71,578 $ 23,640 $ 4,859,338
Howard H. Yu
EVP and CFO
2023 $ 175,000 $ 700,000 $ 2,682,929 $ 0 $ 153,632 $ 0 $ 698,748 $ 4,410,309
2022 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
2021 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Scott C. Morrison
Former EVP, CFO
2023 $ 814,478 $ 0 $ 721,990 $ 722,002 $ 1,043,102 $ 246,543 $ 87,820 $ 3,635,935
2022 $ 783,293 $ 0 $ 721,994 $ 722,006 $ 426,210 $ 0 $ 32,637 $ 2,686,139
2021 $ 760,563 $ 0 $ 721,977 $ 722,009 $ 1,629,588 $ 109,666 $ 27,301 $ 3,971,104
Ronald J. Lewis
SVP & COO Global Bev Pkging
2023 $ 753,650 $ 0 $ 660,026 $ 659,999 $ 737,389 $ 106,018 $ 104,299 $ 3,021,381
2022 $ 724,715 $ 0 $ 660,010 $ 660,000 $ 221,756 $ 38,826 $ 1,132,218 $ 3,437,526
2021 $ 697,471 $ 0 $ 1,466,589 $ 548,006 $ 1,532,600 $ 87,644 $ 1,201,938 $ 5,534,248
David A. Kaufman
SVP & President Ball Aerospace
2023 $ 519,615 $ 0 $ 280,028 $ 279,997 $ 1,028,144 $ 125,122 $ 45,379 $ 2,278,285
2022 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
2021 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Stacey J. Valy Panayiotou
SVP & CHRO
2023 $ 519,615 $ 0 $ 343,182 $ 343,204 $ 493,440 $ 28,390 $ 187,432 $ 1,915,263
2022 $ 500,000 $ 300,000 $ 1,754,481 $ 339,992 $ 181,250 $ 19,594 $ 555,019 $ 3,650,336
2021 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Charles E. Baker
Former VP, General Counsel and Corporate Secretary
2023 $ 608,032 $ 0 $ 469,999 $ 470,007 $ 626,839 $ 169,450 $ 24,396 $ 2,368,723
2022 $ 584,699 $ 0 $ 469,989 $ 470,000 $ 251,487 $ 98,390 $ 34,077 $ 1,908,640
2021 $ 565,041 $ 0 $ 812,801 $ 439,997 $ 1,017,651 $ 159,921 $ 33,631 $ 3,029,043
(1)
Reflects the fair value of PC-RSU awards granted for each reported year, calculated in accordance with Topic 718 assuming the probable outcome, except for Mr. Yu who received a one-time, service-based RSU award granted upon his hire to make up for forfeited awards with his previous employer. The assumptions used in the calculation of these amounts are included in the company’s Annual Report on Form 10-K in Notes 1 and 19 to the Consolidated Financial Statements for fiscal year ended December 31, 2023. At the maximum number, the values for 2023 PC-RSU are: Mr. Fisher $5,800,049; Mr. Morrison $1,443,980; Mr. Lewis $1,320,052; Mr. Kaufman $560,056; Ms. Valy Panayiotou $686,364; and Mr. Baker $939,997 and the values for 2022 PC-RSUs are: Mr. Fisher $4,387,996; Mr. Morrison $1,443,988; Mr. Lewis $1,320,019; Mr. Kaufman $559,935; Ms. Valy Panayiotou $679,921; and Mr. Baker $939,977.
(2)
Reflects the fair value of Stock Option or SAR equity awards granted for each reported year, calculated in accordance with Topic 718. The assumptions used in the calculation of these amounts are included in Ball’s Annual Report on Form 10-K in Notes 1 and 19 to the Consolidated Financial Statements for fiscal year ended December 31, 2023.
(3)
Includes payouts from the Annual Incentive Compensation Plan and LTCIC, which were earned in 2023 and paid or deferred in 2024. The detail for each NEO is as follows:
 
Mr. Fisher—Annual Incentive Compensation Plan $1,613,125; LTCIC $437,360; and $100,000 of the annual incentive was deferred in February 2024.
 
Mr. Yu—Annual Incentive Compensation Plan $153,632; LTCIC $0; no portion of the annual incentive was deferred in February 2024.
 
Mr. Morrison—Annual Incentive Compensation Plan $725,422; LTCIC $317,680; no portion of the annual incentive was deferred in February 2024.
 
Mr. Lewis—Annual Incentive Compensation Plan $496,269; LTCIC $241,120; and $100,000 of the annual incentive was deferred in February 2024.
 
Mr. Kaufman—Annual Incentive Compensation Plan $913,744; LTCIC $114,400; and $100,000 of the annual incentive was deferred in February 2024.
 
Ms. Valy Panayiotou—Annual Incentive Compensation Plan $370,240; LTCIC $123,200; and $100,000 of the annual incentive was deferred in February 2024.
 
Mr. Baker—Annual Incentive Compensation Plan $433,239; LTCIC $193,600; and $100,000 of the annual incentive was deferred in February 2024.
(4)
The aggregate change in pension value and above-market earnings, on deferred compensation for each NEO, is as follows:
 
Mr. Fisher—$174,155 aggregate change in pension value.
 
Mr. Morrison—$246,543 aggregate change in pension value.
 
Mr. Lewis—$106,018 aggregate change in pension value.
 
Mr. Kaufman—$125,122 aggregate change in pension value.
 
Ms. Valy Panayiotou—$28,390 aggregate change in pension value.
 
Mr. Baker—$117,266 aggregate change in pension value and $52,184 above-market earnings on deferred compensation.
The change in pension value includes benefit accruals during 2023 and the impact of changes in assumptions from December 31, 2022, to December 31, 2023. The discount rate for this time period decreased from 5.47% to 5.13% for the Ball Pension Plan and from 5.65% to 5.32% for the Aerospace Pension Plan, which increased the present value of the pension benefits.
The amounts in this column are excluded for the purpose of determining the NEOs, per item 402(a) of Regulation S-K.
(5)
May include the value of financial planning services, the incremental cost for the personal use of the corporate aircraft, executive physical examinations, employer contributions to 401(k), employer contributions to the Employee Stock Purchase Plan, employer contributions to the 2005 Deferred Compensation Company Stock Plan, employer paid disability insurance premiums, and amounts related to the company’s expatriate assignment and relocation programs. Additional information for all is included in the “All Other Compensation Table” below.
BALL CORPORATION 2024 PROXY STATEMENT |49

EXECUTIVE COMPENSATION
NEO
Perquisites
and Other
Personal
Benefits
(1)(2)
Payments/
Accruals on
Termination
Plans
Registrant
Contributions
to Defined
Contribution
Plans
(3)
Insurance
Premiums
Discounted
Securities
Purchases
Registrant
Contributions
to Deferred
Compensation
Plans
(4)
Expatriate &
Relocation
Benefits
(5)
Daniel W. Fisher $ 30,755 $ $ 13,200 $ 906 $ $ $
Howard H. Yu $ $ $ 14,606 $ 533 $ $ $ 683,609
Scott C. Morrison $ 72,564 $ $ 13,200 $ 856 $ 1,200 $ $
Ronald J. Lewis $ $ $ 13,200 $ 533 $ 1,200 $ $ 89,366
David A. Kaufman $ 10,000 $ $ 13,200 $ 979 $ 1,200 $ 20,000 $
Stacey J. Valy Panayiotou $ $ $ 13,200 $ 533 $ $ 9,481 $ 164,218
Charles E. Baker $ $ $ 13,200 $ 533 $ 1,200 $ 9,463 $
(1)
Includes the value of financial planning services, the incremental cost for the personal use of the corporate aircraft and the value of executive physical examinations.
(2)
The incremental costs of the personal use of our corporate aircraft are determined based on the variable operating costs to the Corporation, including aircraft operating costs, supplies, jet fuel and ancillary costs. Because virtually all aircraft usage is for business travel, this methodology excludes fixed costs that do not change based on usage.
 
Mr. Fisher—The amount reported in this column includes personal use of the corporate aircraft consisting of one flight to an outside Board meeting worth a value of $7,480, two personal trips worth values of $7,412 and $12,036, and the incremental costs of seats for Mr. Fisher’s guests who accompanied him on business trips worth a total value of $3,827.
 
Mr. Morrison—The amount reported in this column includes personal use of the corporate aircraft consisting of four trips to outside Board meetings worth a value of $58,820, and the incremental costs of seats for Mr. Morrison’s guests who accompanied him business trips worth a total value of $1,544.
(3)
The amounts reported in this column include company matching contributions and non-elective company contributions under the company’s 401(k) plan. Messrs. Fisher, Morrison, Lewis, Kaufman and Baker and Ms. Valy Panayiotou received company matching contributions of $13,200. Mr. Yu received company matching contributions of $5,856 and non-elective company contributions of $8,750.
(4)
The amounts reported in this column include company matching contributions and supplemental executive company contributions under the company’s 2005 Deferred Compensation Company Stock Plan. Mr. Kaufman received company matching contributions of $20,000.
(5)
Mr. Yu—Prior to Mr. Yu’s hiring, he was located in California. As a result of Mr. Yu’s relocation to Colorado in 2023, he was provided benefits under Ball’s relocation program. The amount for Mr. Yu reflects the following: $2,336 in home purchase assistance; $3,501 for a pre-relocation house hunting trip; $2,032 for travel; $350,000 lump sum payment; $15,192 for temporary living; $4,329 for vehicle shipment; $12,693 in miscellaneous allowances, costs and fees; and $293,526 for tax gross-ups. All benefits, tax gross-ups, and other amounts provided to Mr. Yu are standard features of Ball’s relocation program.
 
Mr. Lewis—Prior to Mr. Lewis’ promotion to SVP & Chief Operating Officer Global Beverage Packaging, he was based in the UK on an expatriate international assignment for his prior role as President Beverage Packaging EMEA. As a result of Mr. Lewis’ UK assignment and subsequent relocation to the US in October 2021 for his new role, he was provided benefits under Ball’s expatriate assignment, tax equalization and relocation programs. The amount reported in this column for Mr. Lewis reflects the following: $3,128 for relocation costs; and $86,238 for tax equalization benefits which include foreign taxes and accompanying tax gross-ups paid by the Company. All benefits, tax reimbursements, tax gross-ups and other amounts provided to Mr. Lewis are standard features of Ball’s expatriation assignment, tax equalization and relocation programs.
 
Ms. Valy Panayiotou—Prior to Ms. Valy Panayiotou’s hiring, she was located in Georgia. As a result of Ms. Valy Panayiotou’s relocation to Colorado in 2022, she was provided benefits under Ball’s relocation program. The 2023 amount for Ms. Valy Panayiotou reflects the following: $19,768 in home purchase assistance; $20,599 for storage; $75,877 for transportation of household goods; $3,818 lump sum payment; $1,000 miscellaneous allowances and fees; and $43,156 for tax gross-ups. All benefits, tax gross-ups, and other amounts provided to Ms. Valy Panayiotou are standard features of Ball’s relocation program.
GRANTS OF PLAN-BASED AWARDS TABLE
The “Grants of Plan-Based Awards Table” summarizes the plan-based awards granted by us to the NEOs during 2023, which includes the following:

Annual cash incentives pursuant to the Annual Incentive Compensation Plan for the 2023 performance period

Cash-based long-term incentives under the LTCIC for the 2023-2025 three-year performance period

Fair value of PC-RSUs for the 2023-2025 three-year performance period and/or other RSUs, calculated in accordance with Topic 718

Fair value of Stock Options, calculated in accordance with Topic 718
Awards made under the Annual EVA® Incentive Compensation Plan are determined based on EVA® performance. For the NEOs, awards can range from 0% to 200% of target. Amounts earned in excess of 200% are banked and may be paid over time in one-third increments based on corporate and/or operating unit performance. As mentioned under “2024 Growth Strategy and Related Executive Compensation Impacts”, the company has implemented a hard-cap of 200% on annual incentive payments and removed the banking feature to simplify our annual incentive program beginning in 2024.
50|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION​
Awards under the LTCIC are granted on an annual basis and are determined based on Ball’s TSR (compared to the subset of S&P 500 companies described in the CD&A) and ROAIC. The award made in 2023 is for the three-year performance period beginning January 1, 2023, and ending December 31, 2025.
PC-RSUs were granted to the NEOs in 2023. The awards will cliff vest after the performance period based on Ball’s EVA® performance over a three-year period. PC-RSUs awarded in 2023 have a potential outcome to the executive from 0% to 200%.
Stock Options were granted to the NEOs in 2023. The awards vest annually in 25% increments starting on the first
anniversary of the date of grant. Upon exercise, an NEO can either purchase shares of Ball’s stock at the grant price or, if the price of Ball’s stock has increased, receive the value of the appreciation over the original grant price in cash.
Dividend equivalents related to RSUs granted pursuant to the Amended and Restated 2013 Stock and Cash Incentive Plan are accrued and paid only if the vesting (including performance, if applicable) conditions are achieved and the restrictions on the units lapse.
The vesting of plan-based awards may be accelerated as described in the narrative to the “Other Potential Post- Employment Benefits Table.”
NEO
Grant Date
Estimated Future Payouts
Under Non-Equity Incentive
Plan Awards
Estimated Future Payouts
Under Equity Incentive
Plan Awards
All Other
Stock
Awards:
Number of
Shares of
Stock or
Units

(#)
Grant Date
per Share
Fair Value
of All Other
Stock Awards
All Other
Option
Awards:
Number of
Securities
Underlying
Options

(#)
Exercise or
Base Price of
Equity
Incentive Plan
Awards or
Option Awards
($ per Share)
Grant Date
Fair Value of
Equity
Incentive Plan
Awards and
Stock
and Option
Awards
(1)
Threshold
($)
Target
($)
Maximum
($)
Threshold
(#)
Target
(#)
Maximum
(#)
Daniel W. Fisher
1/1/23(2) $ $ 1,812,500 $ 3,625,000
1/25/23(3) $ $ 1,450,000 $ 2,900,000
1/25/23(4) 51,201 102,402 $ 56.64 $ 2,900,025
1/25/23 171,091 $ 56.64 $ 2,899,992
Howard H. Yu
9/25/23(5) $ $ 172,620 $ 345,240
10/13/23(6) 60,865 $ 44.08 $ 2,682,929
Scott C. Morrison
1/1/23(2) $ $ 815,081 $ 1,630,161
1/25/23(3) $ $ 361,000 $ 722,000
1/25/23(4) 12,747 25,494 $ 56.64 $ 721,990
1/25/23 42,596 $ 56.64 $ 722,002
Ronald J. Lewis
1/1/23(2) $ $ 754,208 $ 1,508,416
1/25/23(3) $ $ 330,000 $ 660,000
1/25/23(4) 11,653 23,306 $ 56.64 $ 660,026
1/25/23 38,938 $ 56.64 $ 659,999
David A. Kaufman
1/1/23(2) $ $ 442,000 $ 884,000
1/25/23(3) $ $ 140,000 $ 280,000
1/25/23(4) 4,944 9,888 $ 56.64 $ 280,028
1/25/23 16,519 $ 56.64 $ 279,997
Stacey J. Valy Panayiotou
1/1/23(2) $ $ 416,000 $ 832,000
1/25/23(3) $ $ 171,600 $ 343,200
1/25/23(4) 6,059 12,118 $ 56.64 $ 343,182
1/25/23 20,248 $ 56.64 $ 343,204
Charles E. Baker
1/1/23(2) $ $ 486,786 $ 973,572
1/25/23(3) $ $ 235,000 $ 470,000
1/25/23(4) 8,298 16,596 $ 56.64 $ 469,999
1/25/23 27,729 $ 56.64 $ 470,007
(1)
The grant date fair value of equity incentive plan awards, based on the probable outcome of the performance condition, and stock and option awards all calculated in accordance with Topic 718, and as referenced in Ball’s Annual Report on Form 10-K in Notes 1 and 19 to the Consolidated Financial Statements for the fiscal year ended December 31, 2023.
(2)
Represents grants made under the Annual EVA® Incentive Compensation Plan.
(3)
Represents grants made under the LTCIC.
(4)
Represents PC-RSUs granted January 25, 2023, at a value of $56.64 per unit, with an assumption of probable outcome at target if the performance measurements are met.
(5)
Represents grant made to Mr. Yu under the Annual EVA® Incentive Compensation Plan. Grant is pro-rated using his hire date of September 25, 2023.
(6)
Represents RSU grant made to Mr. Yu related to new hire offering.
BALL CORPORATION 2024 PROXY STATEMENT |51

EXECUTIVE COMPENSATION
OUTSTANDING EQUITY AWARDS TABLE
The following table outlines the outstanding option awards and stock awards held by the NEOs as of December 31, 2023. The outstanding option awards and stock awards represented in the table were granted to the NEOs over a period of several years, including 2023.
Option Awards
Stock Awards
NEO
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable
Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable
(1)
Equity
Incentive
Plan Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options (#)
Option
Exercise
Price ($)
Option
Expiration
Date
Number of
Shares or
Units of
Stock That
Have Not
Vested (#)
(2)
Market Value
of Shares or
Units of
Stock That
Have Not
Vested ($)
(3)
Equity
Incentive Plan
Awards:
Number of
Unearned
Shares, Units
or Other
Rights That
Have Not
Vested (#)
(4)
Equity Incentive
Plan Awards:
Market or
Payout Value of
Unearned
Shares, Units or
Other Rights
That Have Not
Vested ($)
(3)
Daniel W. Fisher
22,536(5) $ 33.0750 2/4/2025 14,000 $ 805,280 89,145 $ 5,127,620
19,378(5) $ 33.0500 1/27/2026
46,838(5) $ 38.3750 1/25/2027
49,614 $ 38.8400 1/24/2028
52,805 $ 50.7800 1/23/2029
31,836 10,612 $ 72.5900 1/29/2030
25,101 25,101 $ 85.3300 1/28/2031
11,478 34,434 $ 86.5700 1/26/2032
13,520 40,558 $ 81.0100 4/27/2032
171,091 $ 56.6400 1/25/2033
Howard H. Yu 60,865 $ 3,500,955
Scott C. Morrison
54,400(5) $ 24.5350 1/29/2024 29,548 $ 1,699,601
70,422(5) $ 33.0750 2/4/2025
57,702(5) $ 33.0500 1/27/2026
67,916(5) $ 38.3750 1/25/2027
70,562 $ 38.8400 1/24/2028
54,785 $ 50.7800 1/23/2029
33,203 11,068 $ 72.5900 1/29/2030
18,233 18,232 $ 85.3300 1/28/2031
8,337 25,012 $ 86.5700 1/26/2032
42,596 $ 56.6400 1/25/2033
Ronald J. Lewis
47,506 $ 72.7300 9/13/2029 7,000 $ 402,640 25,699 $ 1,478,206
19,532 6,510 $ 72.5900 1/29/2030
13,839 13,838 $ 85.3300 1/28/2031
7,621 22,864 $ 86.5700 1/26/2032
38,938 $ 56.6400 1/25/2033
David A. Kaufman
8,680(5) $ 38.3750 1/25/2027 4,900 $ 281,848 11,225 $ 645,662
8,379 $ 38.8400 1/24/2028
6,766 $ 50.7800 1/23/2029
5,371 1,790 $ 72.5900 1/29/2030
6,566 6,565 $ 85.3300 1/28/2031
3,233 9,700 $ 86.5700 1/26/2032
16,519 $ 56.6400 1/25/2033
Stacey J. Valy Panayiotou
12,222 12,222 $ 94.8100 11/29/2031 6,000 $ 345,120 12,939 $ 744,251
3,926 11,778 $ 86.5700 1/26/2032
20,248 $ 56.6400 1/25/2033
Charles E. Baker
35,212(5) $ 33.0750 2/4/2025 2,800 $ 161,056 18,883 $ 1,086,150
29,066(5) $ 33.0500 1/27/2026
37,470(5) $ 38.3750 1/25/2027
39,691 $ 38.8400 1/24/2028
31,353 $ 50.7800 1/23/2029
19,532 6,510 $ 72.5900 1/29/2030
11,111 11,111 $ 85.3300 1/28/2031
5,427 16,282 $ 86.5700 1/26/2032
27,729 $ 56.6400 1/25/2033
(1)
The unexercisable stock options and SARs become exercisable in 25% annual increments on the anniversary of the grant date, beginning on the first anniversary.
52|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION​
(2)
The vesting schedule for units not yet vested for each NEO is as follows:
 
Mr. Fisher— 2,100 on June 15, 2024, 2,100 on December 15, 2024, 2,100 on June 15, 2025, 2,100 on December 15, 2025, 2,800 on June 15, 2026, and 2,800 on December 15, 2026.
 
Mr. Yu—20,289 on October 13, 2024, 20,288 on October 13, 2025, and 20,288 on October 13, 2026.
 
Mr. Lewis—3,000 on December 15, 2024 and 4,000 on December 15, 2025.
 
Mr. Kaufman—2,100 on September 15, 2024, and 2,800 on September 15, 2025.
 
Ms. Valy Panayiotou—1,800 on March 15, 2024; 1,800 on March 15, 2025; 2,400 on March 15, 2026.
 
Mr. Baker—1,200 on September 15, 2024; 1,600 on September 15, 2025.
(3)
The market value of shares is based on $57.52, the closing price of Ball Corporation common stock on December 31, 2023.
(4)
The vesting dates for the units attributable to PC-RSUs not yet vested for each NEO for years 2024, 2025, and 2026 contingent on meeting the performance goal of the period ending December 31 in years 2023, 2024, and 2025, respectively, and upon certification of the performance measures by Board, are as follows:
~January 31, 2024
~January 31, 2025
~January 31, 2026
Mr. Fisher
11,649 26,295 51,201
Mr. Morrison
8,461 8,340 12,747
Mr. Lewis
6,422 7,624 11,653
Mr. Kaufman
3,047 3,234 4,944
Ms. Valy Panayiotou
2,953 3,927 6,059
Mr. Baker
5,156 5,429 8,298
(5)
Represents a grant of stock-settled SARs.
OPTION EXERCISES AND STOCK VESTED TABLE
The following table summarizes for each NEO the options exercised and the stock awards vested during 2023. The options that were exercised by each NEO were granted in prior years and became exercisable pursuant to a prescribed vesting schedule. The value realized on exercise reflects the appreciation in the stock price from the option base price on grant date to the exercise date and is reported on a before-tax basis. The shares acquired upon vesting for each NEO were for RSUs granted in prior years that vested pursuant to a prescribed vesting schedule. The value realized reflects the closing stock price on the vesting date and is
also reported on a before-tax basis. NEOs can defer the receipt of units of certain awards into the Ball Corporation 2005 Deferred Compensation Company Stock Plan, pursuant to which distributions may take place no earlier than the participant’s separation from service. Footnotes are provided to detail circumstances when amounts realized upon vesting were deferred. Information regarding the 2005 Deferred Compensation Company Stock Plan is provided under “Non-Qualified Deferred Compensation”. The value realized on vesting also includes the payment of accrued dividend equivalents earned during 2023.
Option Awards
Stock Awards(1)
NEO
Number of
Shares Acquired
on Exercise
Value
Realized on
Exercise ($)
Number of
Shares Acquired
on Vesting
Value
Realized on
Vesting ($)
(2)(3)
Daniel W. Fisher $ $
Howard H. Yu $ $
Scott C. Morrison 30,000 $ 792,150 $
Ronald J. Lewis $ 7,773 $ 436,543
David A. Kaufman $ 2,100 $ 111,888
Stacey J. Valy Panayiotou $ $
Charles E. Baker 44,800 $ 1,483,328 1,200 $ 63,936
(1)
The number of shares acquired and value realized on vesting deferred in 2023 for each NEO were:
 
Mr. Kaufman—420 shares and $21,706 in value on vesting was deferred to the 2005 Deferred Compensation Company Stock Plan.
(2)
Value realized on vesting is based on the closing stock price on the day the RSUs vested.
(3)
Value realized on vesting also includes the value of dividend equivalents accrued and paid relative to RSUs which vested during 2023. Accrued dividend equivalents are paid only if the vesting criteria (service and/or performance conditions) is achieved and the restrictions on the units vest. Dividend equivalents paid during 2023 for each NEO were:
 
Mr. Lewis—$18,403
 
Mr. Kaufman—$3,360
 
Mr. Baker — $1,920
BALL CORPORATION 2024 PROXY STATEMENT |53

EXECUTIVE COMPENSATION
NON-QUALIFIED DEFERRED COMPENSATION PLANS TABLE
We have four active deferred compensation plans to which eligible participants may make contributions: the 2017 Deferred Compensation Company Stock Plan for Directors, the 2005 Ball Corporation Deferred Compensation Plan, the 2005 Ball Corporation Deferred Compensation Company Stock Plan and the 2005 Ball Corporation Deferred Compensation Plan for Directors.

2017 Deferred Compensation Company Stock Plan for Directors—Eligible nonmanagement directors may defer payment of a portion or all of their annual fixed cash retainer (including any committee chair and/or Lead Independent Director fees), annual incentive cash retainer and their eligible RSU awards. Elections to defer this compensation are made annually. Amounts are deferred or credited to a participant account as stock units with each unit having the value equivalent to one share of Ball Corporation common stock. Participants also receive a 20% company match, up to an annual maximum match of $20,000 per year. Dividend equivalents, applicable to any balance denominated in units, are credited to participant accounts as of each dividend payment date. Distributions follow the payment schedule elected by the participant and may commence at a defined point no sooner than six months following separation of service, in the form of a lump sum or annual installments for periods ranging from two to 15 years.

2005 Deferred Compensation Plan and 2005 Deferred Compensation Plan for Directors— Eligible employee participants may defer payment of a portion or all of their annual incentive compensation. Eligible employee participants who are ineligible for the SERP due to the closure of that plan may be eligible to receive an annual company contribution equal to 5% of eligible compensation that exceeds the maximum amount under a qualified retirement plan. Nonmanagement directors may defer a portion or all of their annual cash director fees. Amounts deferred or credited are notionally invested among various investment funds the return on the participant’s balance is determined as if the amounts were invested in those funds. The menu of investment funds consists of 24 mutual fund-like investments. The one-year annual rate of return of the funds ranged from 4.8% to 38%, and the three-year average annual rate of return of the funds ranged from (7.0%) to 12.2%. Distributions are based on the payment schedule elected by the participant, and may occur in service or commence at a defined point no sooner than six months following separation of service.
Distributions are in the form of either a lump sum or annual installments for periods ranging from two and 15 years.

2005 Deferred Compensation Company Stock Plan —On an annual basis, eligible employee participants may defer payment of a portion or all of their annual incentive compensation. Participants may also elect to defer certain RSU awards. Amounts are deferred or credited to a participant account as stock units having a value equivalent to one share of Ball Corporation common stock. Participants also receive a 20% company match, up to an annual maximum match of $20,000 per year. Pursuant to specified timing rules, participants may reallocate a prescribed percentage of units to other mutual fund-like investments (the same investments as are in the 2005 Deferred Compensation Plan and 2005 Deferred Compensation Plan for Directors, above). However, at least 50% of the balance will remain in stock units until retirement. Dividend equivalents applicable to any balance denominated in units, are credited to participant accounts as of each dividend payment date Distributions follow the payment schedule elected by the participant and may commence at a defined point no sooner than six months following separation of service, in the form of a lump sum or annual installments for periods ranging from two to 15 years. For nonmanagement directors, this plan was replaced with the 2017 Deferred Compensation Company Stock Plan for Directors. Because some previous deferral elections remain for certain nonmanagement directors, some participants may receive match contributions to the 2005 Deferred Compensation Company Stock Plan and the 2017 Deferred Compensation Company Stock Plan for Directors in the same year.
The basis for investment earnings on prior, frozen plans varies as follows:

2001 Deferred Compensation Plan and 2002 Deferred Compensation Plan for Directors— Balance is notionally invested in mutual fund-like investments (the same investments as are in the 2005 Deferred Compensation Plan and 2005 Deferred Compensation Plan for Directors described above).

2000 Deferred Compensation Company Stock Plan —Balance is represented in the form of stock units, with each unit having a value equivalent to one share of Ball Corporation common stock.
54|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION​
Dividend equivalents are credited to the account as of each dividend payment date for Ball’s common stock.

1989 Deferred Compensation Plan—Provides for an annual return equal to the average composite yield on Moody’s for the 12 months ending October 31.

1986 Deferred Compensation Plan for Directors and 1988 Deferred Compensation Plan—Provides for an annual return equal to the average composite
yield on Moody’s for the 12 months ending October 31 plus 5 percentage points. Additionally, the 1988 Deferred Compensation Plan includes a fixed rate set at 9% for company directed deferrals.
The following table provides information related to Ball’s deferred compensation plans. The “Aggregate Balance at Last FYE” column represents compensation earned, deferred and accumulated by the NEOs over many years and does not represent current year compensation.
NEO
Executive
Contributions
in Last FY

($)
Registrant
Contributions
in Last FY

($)
Aggregate
Earnings
in Last FY

($)
Aggregate
Withdrawals/

Distributions
($)
Aggregate
Balance
at Last FYE

($)
Daniel W. Fisher $ $ $ 147,890 $ $ 1,193,073
Howard H. Yu $ $ $ $ $
Scott C. Morrison $ $ $ 2,670,308 $ $ 20,884,419
Ronald J. Lewis $ $ $ 161,067 $ $ 1,277,013
David A. Kaufman $ 121,706 $ 20,000 $ 228,836 $ $ 2,094,669
Stacey J. Valy Panayiotou $ $ 9,481 $ 417 $ $ 10,167
Charles E. Baker $ 47,317 $ 9,463 $ 1,801,254 $ $ 15,954,378
Mr. Fisher—$684,148 of the Aggregate Balance was reported as compensation in the “Summary Compensation Table” since 2017. The Aggregate Earnings reflects $147,890 based on an increase in value and dividend equivalents on equity accounts.
Mr. Morrison—$2,834,010 of the Aggregate Balance was reported as compensation in the “Summary Compensation Table” since 2010. The Aggregate Earnings reflects $451,490 from cash accounts composed of notional investments in investment funds, plus $2,218,818 based on an increase in value and dividend equivalents on equity accounts.
Mr. Lewis—$40,000 of the Aggregate Balance was reported as compensation in the “Summary Compensation Table” since 2021. The Aggregate Earnings reflects $93,280 based on notional investments in investment funds, plus $67,787 based on an increase in value and dividend equivalents on equity accounts.
Mr. Kaufman—$20,000 of the Registrant Contributions was reported as compensation in the “Summary Compensation Table” for fiscal year 2023. The Aggregate Earnings reflects
$49,306 based on notional investments in investment funds, plus $179,530 based on an increase in value and dividend equivalents on equity accounts.
Ms. Valy Panayiotou—$9,481 of the Registrant Contributions was reported as compensation in the “Summary Compensation Table” for fiscal year 2023 and $19,231 of the Aggregate Balance was reported as compensation in the “Summary Compensation Table” since 2022. The Aggregate Earnings reflects $417 from cash accounts composed of notional investments in investment funds.
Mr. Baker—$9,463 of the Registrant Contributions and $52,184 of the Aggregate Earnings are reported as compensation in the “Summary Compensation Table” for fiscal year 2023 and $3,528,953 of the Aggregate Balance has been reported as compensation in the “Summary Compensation Table” since 2011. The Aggregate Earnings reflects $972,597 from cash accounts composed of $93,949 based on Moody’s rate plus 5 percentage points, $2,950 based on Moody’s rate, and $875,698 based on notional investments in investment funds, plus $828,657 based on an increase in value and dividend equivalents on equity accounts.
BALL CORPORATION 2024 PROXY STATEMENT |55

EXECUTIVE COMPENSATION
PENSION BENEFITS TABLE
NEOs, except Mr. Yu, receive retirement benefits under a qualified defined benefit pension plan and all NEO’s except for Mr. Yu and Ms. Valy Panayiotou, also receive retirement benefits under a non-qualified SERP. The “Pension Benefits Table” shows each NEO’s number of years of credited service, present value of accumulated benefits and payments during fiscal year 2023 for the qualified plan and the SERP, as applicable. The present value of the accumulated benefit is the value of the annual benefit that was earned as of December 31, 2023.
We offer two qualified defined benefit pension plans for U.S. salaried employees that provide the same benefits. One plan covers our Aerospace subsidiary’s salaried employees (“Aerospace Pension Plan)(1) and the other covers all other U.S. salaried employees (“Ball Pension Plan”). Both plans were closed to new participants on January 1, 2022 and employees hired, or rehired, on or after this date are not eligible for these plans. The qualified plans were designed to provide tax-qualified pension benefits that are generally available to all U.S. salaried employees. Effective January 1, 2007, we changed the formula by which the accrued pension benefit under the plans is determined. Prior to January 1, 2007, the accrued pension benefit expressed as a monthly annuity payable at age 65 was based on final average salary, covered compensation and years of service. Effective January 1, 2007, the accrued pension benefit is an accumulated annual credit based on base salary, the Social Security Wage Base (“SSWB”) and a multiplier that varies with length of service. Payments of accrued benefits earned may be in the form of an annuity, lump sum, or a combination of both, depending on the election of the participant at retirement. We also sponsor a non-qualified SERP that mirrors the pension plans and is designed to replace the benefits that would have been provided under the pension plans if they were not subject to IRS-imposed limits. Under the Code, the maximum permissible benefit from the qualified plans for retirement in 2023 is $265,000, and annual compensation exceeding $330,000 cannot be considered in computing the maximum permissible benefit under the plans. The SERP was also closed to new participants on January 1, 2022, and executives hired, or rehired (or who otherwise would have been eligible based on meeting the compensation requirement), on or after this date are not eligible for this plan.
Terms for U.S.-Accrued Benefits Prior to January 1, 2007
The monthly accrued benefit for benefits earned prior to January 1, 2007, was determined according to the following formula:

1% times Final Monthly Average Salary plus 0.5% times Final Monthly Average Salary in excess of Covered Compensation times Benefit Service through December 31, 2006, up to a maximum of 35 years,
Salary is defined as an NEO’s monthly base salary excluding bonus and incentive compensation.
Final Monthly Average Salary is calculated based on the highest average for any 60 consecutive months out of the last 120 months through December 31, 2006.
Covered Compensation is an average of the SSWB in effect during an NEO’s career. The SSWB is the maximum monthly amount of income on which FICA taxes are due. The years included in the average are the 35 years ending in the year the NEO is eligible for an unreduced social security benefit. This portion of the benefit formula accounts for the fact that social security does not cover earnings over a certain level.
Benefit Service is an NEO’s service as a salaried employee with Ball plus any service with a predecessor plan as appropriate. Participants are 100% vested in their benefit at the time they are credited with five or more years of service with Ball.
Normal retirement age under the plan is 65 with a minimum of five years of benefit service, but a participant may elect to receive payment upon termination or at any time after reaching age 55. Benefits paid before age 65 are subject to reduction based on the age and service at termination. Participants who terminate employment after age 55 with at least ten years of vesting service will receive a reduction of benefit equal to 4% for each year that benefit commencement age is between 60 and 65, and a 6% reduction for each year that benefit commencement age precedes age 60. Benefits for participants not meeting these requirements are reduced for payment prior to age 65 on an actuarial equivalent basis.
(1)
The Aerospace Pension Plan was acquired by BAE Systems in the sale of the aerospace business in February 2024.
56|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION​
Terms for U.S.-Accrued Benefits Beginning January 1, 2007
The monthly annuity, which is the equivalent of a lump sum benefit payable at age 65, is based on a percentage of the participant’s base pay each year as follows:
If, at the beginning of the year, benefit service is: Annual lump sum benefit accrued and payable at age 65
0 to 9 full years of benefit service 11.5% of base pay + 5% of base pay over 50% of SSWB(1)
10 to 19 full years of benefit service 13.0% of base pay + 5% of base pay over 50% of SSWB(1)
20 or more full years of benefit service 15.0% of base pay + 5% of base pay over 50% of SSWB(1)
(1)
SSWB is the maximum earnings on which the participant pays FICA tax each year. This portion of the pension formula accounts for the fact that social security does not cover earnings over a certain level.
Base pay is the NEO’s base salary during the calendar year excluding incentive compensation, severance pay or vacation payouts.
Upon termination or retirement, the vested pension benefit accrued beginning January 1, 2007 may be paid to the participant in either a lump sum or an annuity. If the benefit is paid prior to age 65, the benefit will be reduced by 5% compounded annually for each year the payment is made before such age.
Terms for U.S. SERP Accrued Benefits
Since the SERP mirrors the U.S. qualified pension plan, the formulas for deriving the SERP accrued benefits are the same as those described for the pension plans. The amount of retirement benefit a participant can ultimately receive from the SERP is equal to the difference between the benefit
calculated without IRS limits and the benefit calculated with IRS limits. Effective January 1, 2007, the SERP was amended to provide participants with benefits accrued as of December 31, 2006, a one-time option to elect the form of payment under which the participant will receive benefits in the future. The payment options available consist of various annuities and a lump sum. For all SERP benefits accrued beginning January 1, 2007, participants will receive benefits only in the form of a lump sum. In accordance with Code Section 409A, payments from the SERP will commence six months after termination of employment. When determining lump sum payments, the SERP uses the same assumptions that exist in the salaried retirement plans except the interest rate used is equal to four-fifths of the interest rate used to determine lump sum benefits under those salaried retirement plans in recognition that payments from the SERP cannot be rolled into a tax-deferred account such as an IRA.
Present Value Assumptions
The Present Value of Accumulated Benefit reported in the Pension Benefits table is based on the following assumptions, which are consistent with those used for the Consolidated Financial Statements in Ball’s Form 10-K for fiscal year ending December 31, 2023:
Discount Rate at December 31, 2023 5.13% and 5.32% for U.S. accounting assumptions for the Ball Pension Plan and Aerospace Pension Plan, respectively
Mortality Pri-2012 white collar tables projected generationally from 2012 using Scale MP-2021
Preretirement Decrements None
Qualified Form of Pension Payment
Ball Pension Plan: Life Annuity—30% and Lump Sum—70%
Aerospace Pension Plan: Life Annuity—50% and Lump Sum—50%
BALL CORPORATION 2024 PROXY STATEMENT |57

EXECUTIVE COMPENSATION
NEO
Plan Name
Number
of Years
Credited
Service
Present
Value of
Accumulated
Benefit

($)
Payments
During
Last Fiscal
Year

($)
Daniel W. Fisher
U.S. Qualified
13.86 $ 284,371 $ 0
U.S. SERP 13.86 $ 383,401 $ 0
Howard H. Yu
U.S. Qualified
$ 0 $ 0
U.S. SERP $ 0 $ 0
Scott C. Morrison
U.S. Qualified
23.26 $ 813,253 $ 0
U.S. SERP 23.26 $ 891,186 $ 0
Ronald J. Lewis
U.S. Qualified
4.33 $ 139,475 $ 0
U.S. SERP 4.33 $ 186,201 $ 0
David A. Kaufman
U.S. Qualified
23.15 $ 548,880 $ 0
U.S. SERP 23.15 $ 96,501 $ 0
Stacey J. Valy Panayiotou
U.S. Qualified
2.09 $ 51,002 $ 0
U.S. SERP $ 0 $ 0
Charles E. Baker
U.S. Qualified
30.46 $ 1,225,769 $ 0
U.S. SERP 30.46 $ 738,306 $ 0
OTHER POTENTIAL POST-EMPLOYMENT BENEFITS
This section provides information related to the potential post-employment benefits that could be payable or due to the NEOs under various termination scenarios. Such potential benefits may arise because of our obligation to the executive under a compensation and benefit plan, policy, practice or program that is generally available to all participants, or under an agreement specifically between Ball and the executive.
In general, the compensation and benefit elements provided to employees, including the NEOs, are governed by plan documents, policies and practices that define the rights of a participant in the case of termination of employment. These terms and conditions apply to all employees, including the NEOs, receiving such compensation or benefit. Such compensation and benefit elements may include annual incentive compensation, long-term cash incentives, long-term equity incentives, retirement benefits and deferred compensation.
We have entered into certain severance benefit and change-in-control agreements with the NEOs. These agreements require us to provide post-employment payments or benefits to each executive in the event of termination of employment without cause or termination following a change in control. These agreements also contain customary noncompete provisions, non-solicitation provisions, non-disparagement provisions and confidentiality covenants, and were amended and restated in 2008 to conform to Code Section 409A. We do not have employment agreements with any of the NEOs. The key provisions, terms or procedures that would apply to the NEOs for the various compensation and benefit elements under various termination scenarios are summarized below. Another table provides an estimate of the compensation payable or the value of compensation elements due to the NEOs under the various termination scenarios assuming termination was effective at the end of the fiscal year 2023.
58|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION​
Post-Employment Benefits Summary
Component
Voluntary
Termination or
Retirement
Death
Disability
Termination
Without Cause
Termination for
Cause
Termination
Following a
Change in Control
Cash Severance
No additional benefits received.
No additional benefits received.
No additional benefits received.
CEO—2 times base salary plus target annual incentive in a lump sum.
No additional benefits received.
All NEOs—2 times base salary plus target annual incentive in a lump sum.
All other NEOs—1.25 or 1.5 times base salary plus target annual incentive in a lump sum.
Treatment of
Annual Incentives
If voluntary termination occurs mid- performance period, the NEO will forfeit the payment. NEOs who meet the criteria for retirement (combined age and service years of 70 or above with minimum age of 55) will receive a prorated portion of the award at the end of the performance period if the performance goal is attained.
If death occurs mid-performance period, NEOs’ beneficiaries receive a prorated portion of the award at the end of the performance period if the performance goal is attained.
If disability occurs mid-performance period, NEOs receive a prorated portion of the award at the end of the performance period if the performance goal is attained.
If terminated mid-performance period, NEOs will receive a prorated portion of the award at the end of the performance period if the performance goal is attained.
Any payment is forfeited.
If terminated mid-performance period, NEOs receive a prorated portion of the target award.
BALL CORPORATION 2024 PROXY STATEMENT |59

EXECUTIVE COMPENSATION
Component
Voluntary Termination
or Retirement
Death
Disability
Termination
Without Cause
Termination for
Cause
Termination
Following a
Change in Control
Treatment of Long-Term Cash Incentives
If voluntary termination occurs mid-performance period, the NEO will forfeit the payment. NEOs who meet the criteria for retirement (combined age and service years of 70 or above with minimum age of 55) will receive the full award at the end of the performance period if the performance goal is attained, contingent upon signing a noncompetition agreement.
If death occurs mid-performance period, NEOs’ beneficiaries receive the full award at the end of the performance period if the performance goal is attained.
If disability occurs mid-performance period, NEOs receive the full award at the end of the performance period if the performance goal is attained.
If termination occurs mid- performance period, NEOs who meet the criteria for retirement (combined age and service of 70 or above with minimum age 55) receive the full award at the end of the performance period if the performance goal is attained, contingent upon signing a noncompetition agreement.
Any payments are forfeited.
NEOs receive a lump sum payment prorated based on the performance at target
Treatment of Restricted Stock Units
All unvested RSUs are forfeited. All unvested RSUs vest. All unvested RSUs vest. All unvested RSUs are forfeited. All unvested RSUs are forfeited. All unvested RSUs vest.
Treatment of Performance- Contingent RSUs
If voluntary termination occurs mid- performance period, the NEO will forfeit the award. For NEOs who meet the criteria for retirement (combined age and service years of 70 or above with minimum age of 55) and who have signed a noncompetition agreement, unvested PC-RSUs will vest at the end of the performance period if the performance measure is achieved.
All unvested PC-RSUs vest at the end of the performance period if the performance measure is achieved.
All unvested PC-RSUs vest at the end of the performance period if the performance measure is achieved.
For NEOs who meet the criteria for retirement (combined age and service of 70 or above with minimum age of 55) and who have signed a noncompetition agreement, unvested PC-RSUs will vest at the end of the performance period if the performance measure is achieved.
Any awards are forfeited.
All unvested PC-RSUs vest.
60|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION​
Component
Voluntary Termination
or Retirement
Death
Disability
Termination
Without Cause
Termination for
Cause
Termination
Following a
Change in Control
Treatment of Stock Options/ SARs
Awards granted before 2017. For NEOs age 55 or above with 15 years of service or age 60 or above with 10 years of service, and who have signed a noncompetition agreement, unvested options/SARs will continue to vest under the normal schedule and vested options/ SARs will remain exercisable for a maximum of 5 years. For all other NEOs, unvested options/SARs are forfeited and vested options/SARs remain exercisable for a maximum of 30 days. Awards granted in 2017 or later. Treatment of awards remains the same, except NEOs who voluntarily retire must have combined age and service years of 70 or above (minimum age of 55) and sign a noncompetition agreement for continued vesting of unvested options/SARs.
All options/SARs vest.
Options/SARs continue to vest pursuant to the original vesting schedule.
Awards granted before 2017. For NEOs age 55 or above with 15 years of service or age 60 or above with 10 years of service, and who have signed a noncompetition agreement, unvested options/SARs will continue to vest under the normal schedule and vested options/ SARs will remain exercisable for a maximum of 5 years. For all other NEOs, unvested options/SARs are forfeited and vested options/ SARs remain exercisable for a maximum of 30 days. Awards granted in 2017 or later. Treatment of awards remains the same, except NEOs who voluntarily retire must have combined age and service years of 70 or above (minimum age of 55).
Any awards are forfeited.
All options/SARs vest and in lieu of common stock issuable upon exercise, the NEOs are paid a lump sum amount equal to the number of outstanding shares underlying the options/SARs multiplied by the excess of the closing stock price on the date of termination over the exercise price.
BALL CORPORATION 2024 PROXY STATEMENT |61

EXECUTIVE COMPENSATION
Component
Voluntary Termination
or Retirement
Death
Disability
Termination
Without Cause
Termination for
Cause
Termination
Following a
Change in Control
Treatment of Deposit Share Program RSUs
NEOs who voluntarily terminate forfeit any unvested award. NEOs who meet the criteria for retirement (combined age and service years of 70 or above with minimum age of 55) receive a prorated portion of unvested RSUs.
All unvested RSUs vest.
All unvested RSUs vest.
NEOs who meet the criteria for retirement (combined age and service years of 70 or above minimum age of 55) receive a prorated portion of unvested RSUs.
Any award is forfeited.
All unvested RSUs vest.
Retirement Benefits
No additional benefits received.
No additional benefits received.
No additional benefits received.
CEO—Paid a lump sum amount equal to 2 years of full premium accounts.
No additional benefits received.
Paid a lump sum amount equal to 2 years of full premium accounts.
All other NEOs—Paid a lump sum amount equal to 1.25 or 1.5 years of full premium amounts.
Health and Welfare Benefits
No additional benefits received.
No additional benefits received.
Continued for 2 years.
CEO—Paid a lump sum amount equal to 2 years of full premium amounts.
No additional benefits received.
All NEOs—Paid a lump sum amount equal to 2 years of full premium amounts.
All other NEOs—Paid a lump sum amount equal to 1.25 or 1.5 years of full premium amounts.
Other Benefits
NEOs who voluntarily retire with combined age and service years of 70 or above (minimum age of 55) receive financial planning services valued at up to $10,000 per year for two years.
No additional benefits received.
For all NEOs, insurance provides long-term disability payment of up to $20,000 per month.
For all NEOs, outplacement benefits valued at $20,000 and financial planning services valued at up to $10,000 per year for two years.
No additional benefits received.
For all NEOs, outplacement benefits valued at $20,000 and payment for excise taxes incurred as a result of Code Section 280G excess payments, if applicable.
62|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION​
A termination without cause will be triggered if the NEO is terminated in either an Actual Termination not for cause or a Constructive Termination. An Actual Termination is any termination by us for reasons other than death or disability or for cause or by the executive for reasons other than Constructive Termination. Generally, a Constructive Termination can occur after a change in control, and means any significant reduction in duties, compensation or benefits or change of office location from those in effect immediately prior to the change in control, unless agreed to by the executive. Payments associated with a termination following a change in control will be triggered if both of the following two events occur:

There is a change in control. Generally, a “change in control” means (i) an acquisition by any person of 30% or more of Ball’s voting shares, (ii) a merger in which Ball’s shareholders before the merger own 50% or less of Ball’s voting shares after the merger, (iii) shareholder approval of a plan of liquidation or a plan to sell or dispose of substantially all of Ball’s assets, or (iv) during any two-year look-back period, a majority of the members of the Board of Directors changes, unless the election or nomination for election by the company’s stockholders of each new director was approved by the vote of two-thirds of the directors who were board members at the beginning of the two-year look-back period; and

The executive is terminated in either an Actual Termination not for cause or a Constructive Termination.
With respect to change-in-control agreements executed prior to 2010, in the event benefits are paid because of a change in control and such benefits are subject to Code Section 280G, Ball would reimburse the executive for such excise taxes paid, together with taxes incurred as a result of such reimbursement. Excise tax gross-ups have been eliminated for any change-in-control agreements entered into after January 1, 2010 and do not apply to any currently employed executive officer.
The following table represents the amounts potentially payable to the NEOs under various termination scenarios. The values assume termination on December 31, 2023, with stock awards and unexercisable stock options benefit values based on Ball’s December 31, 2023, stock price of $57.52 and performance-based RSUs using a payout at target.
BALL CORPORATION 2024 PROXY STATEMENT |63

EXECUTIVE COMPENSATION
NEO
Voluntary
Death
Disability
Without
Cause
For
Cause
Change
in Control
Daniel W. Fisher
Cash Severance
$ $ $ $ 6,125,000 $ $ 6,125,000
Long-Term Cash Incentive 2,547,000 2,547,000 1,214,667
Outstanding Stock Awards 805,280 805,280 805,280
Outstanding Performance Awards
4,457,570 4,457,570 4,457,570
Unexercisable Stock Options 150,560 150,560 150,560
Retirement Benefits 271,146 271,146
Health & Welfare 39,752 39,752 55,101
Perquisites 40,000 20,000
Total
$ $ 7,960,410 $ 8,000,162 $ 6,475,898 $ $ 13,099,324
Howard H. Yu
Cash Severance
$ $ $ $ 1,995,000 $ $ 2,660,000
Long-Term Cash Incentive
Outstanding Stock Awards 3,500,955 3,500,955 3,500,955
Outstanding Performance Awards
Unexercisable Stock Options
Retirement Benefits
Health & Welfare 51,079 51,079 52,678
Perquisites 40,000 20,000
Total
$ $ 3,500,955 $ 3,552,034 $ 2,086,079 $ $ 6,233,633
Scott C. Morrison
Cash Severance
$ $ $ $ 2,445,242 $ $ 3,260,323
Long-Term Cash Incentive 722,000 722,000 722,000 722,000 361,000
Outstanding Stock Awards
Outstanding Performance Awards
1,212,924 1,212,924 1,212,924 1,212,924 1,212,924
Unexercisable Stock Options 37,484 37,484 37,484 37,484 37,484
Retirement Benefits 166,981 233,987
Health & Welfare 39,993 39,993 55,423
Perquisites 20,000 40,000 20,000
Total
$ 1,992,408 $ 1,972,408 $ 2,012,401 $ 4,664,624 $ $ 5,181,141
Ronald J. Lewis
Cash Severance
$ $ $ $ 2,262,624 $ $ 3,016,832
Long-Term Cash Incentive 660,000 660,000 330,000
Outstanding Stock Awards 402,640 402,640 402,640
Outstanding Performance Awards
1,108,813 1,108,813 1,108,813
Unexercisable Stock Options 34,265 34,265 34,265
Retirement Benefits 138,006 193,684
Health & Welfare 37,956 37,956 52,678
Perquisites 40,000 20,000
Total
$ $ 2,205,718 $ 2,243,674 $ 2,478,586 $ $ 5,158,912
David A. Kaufman
Cash Severance
$ $ $ $ 1,443,000 $ $ 1,924,000
Long-Term Cash Incentive 280,000 280,000 280,000 280,000 140,000
Outstanding Stock Awards 161,574 281,848 281,848 281,848 281,848
Outstanding Performance Awards
470,399 470,399 470,399 470,399 470,399
Unexercisable Stock Options 14,537 14,537 14,537 14,537 14,537
Retirement Benefits 115,550 161,939
Health & Welfare 37,956 37,956 52,678
Perquisites 20,000 40,000 20,000
Total
$ 946,510 $ 1,046,784 $ 1,084,740 $ 2,683,290 $ $ 3,065,401
Stacey J. Valy Panayiotou
Cash Severance
$ $ $ $ 1,170,000 $ $ 1,872,000
Long-Term Cash Incentive 341,600 341,600 170,533
Outstanding Stock Awards 345,120 345,120 345,120
Outstanding Performance Awards
574,395 574,395 574,395
Unexercisable Stock Options 17,818 17,818 17,818
Retirement Benefits 37,961 59,347
Health & Welfare 1,080 1,080 3,038
Perquisites 40,000 20,000
Total
$ $ 1,278,933 $ 1,280,013 $ 1,249,041 $ $ 3,062,252
Charles E. Baker
Cash Severance
$ $ $ $ 1,369,085 $ $ 2,190,536
Long-Term Cash Incentive 470,000 470,000 470,000 470,000 235,000
Outstanding Stock Awards 92,320 161,056 161,056 161,056 161,056
Outstanding Performance Awards
789,577 789,577 789,577 789,577 789,577
Unexercisable Stock Options 24,402 24,402 24,402 24,402 24,402
Retirement Benefits 148,825 245,232
Health & Welfare 19,420 19,420 33,206
Perquisites 11,000 31,000 20,000
Total
$ 1,387,299 $ 1,445,035 $ 1,464,455 $ 3,013,365 $ $ 3,699,009
64|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION​
CEO PAY RATIO
The total annual compensation of our median employee, not including our CEO, was $90,927. This total compensation amount includes salary paid in the fiscal year, bonuses, non-equity incentive plan compensation (even if paid in the following fiscal year), change in pension value, company contributions to defined contribution plans, and other required compensation calculated in a manner consistent with Item 402 of SEC Regulation S-K. The total annual compensation of our CEO, as reported in the Summary Compensation Table was $9,318,556. For 2023, the ratio of the total annual compensation of our CEO to the total annual compensation of our median employee was 102 to 1.
To identify our median-paid employee from our total, global workforce, we used the methodology, material assumptions, adjustments and estimates described below:

We used annual base salary as the “consistently applied compensation measure” rather than total
compensation as calculated under the Summary Compensation Table disclosure rules.

We determined our median employee as of October 31, 2023.

As of our October 31 determination date, our total, global workforce was 20,860 employees, consisting of 9,989 U.S. employees and 10,871 non-U.S. employees.

All non-U.S. employees’ pay was converted into USD using exchange rates based on our determination date.

We excluded, under the de minimis exception to the pay ratio rule, all employees in Paraguay (296), Myanmar (112), Turkey (142), Italy (138) and Chile (265), or 953 employees out of a total of 20,860 employees.
PAY VERSUS PERFORMANCE
Fiscal
year
Summary
Compensation
Table Total
for
First PEO
(1)
Summary
Compensation
Table Total
for
Second

PEO(1)
Compensation
Actually Paid
to
First PEO
(2)
Compensation
Actually Paid
to
Second

PEO(2)
Average
Summary
Compensation
Table Total
for non-PEO
NEOs
(2)
Average
Compensation
Actually Paid
to non-PEO
NEOs
(3)
Value of Initial Fixed $100
Investment
Based on:
Net Income
(in millions)
EVA®(5)
(in millions)
Total
Shareholder
Return
Peer Group
Total
Shareholder
Return
(4)
2023 N/A $ 9,318,556 N/A $ 12,840,113 $ 2,938,316 $ 3,598,246 $ 93 $ 108 $ 707 $ 140.9
2022 $ 9,355,973 $ 6,839,380 $ (13,778,165) $ (1,197,919) $ 2,920,660 $ (968,660) $ 81 $ 103 $ 719 $ 63.7
2021 $ 13,924,380 $ N/A $ 17,348,994 $ N/A $ 4,348,433 $ 4,895,797 $ 152 $ 128 $ 878 $ 289.8
2020 $ 13,875,858 $ N/A $ 46,128,593 $ N/A $ 3,339,322 $ 9,252,715 $ 145 $ 118 $ 585 $ 271.2
The following table identifies the three most important financial performance measures used to link the compensation paid to our CEO and other NEOs. The role of each of these performance measures is discussed in detail in the CD&A section.
Most Important
Performance Measures
(5)
EVA®
TSR
ROAIC
(1)
As disclosed in our 2023 proxy statement, and as further referenced under “Board Leadership Structure” in this proxy statement, Mr. John A. Hayes transitioned from CEO to Chairman of the Board and Mr. Fisher succeeded Mr. Hayes as CEO in April 2022. All references to “First PEO” in this table and footnotes relate to Mr. Hayes and all references to “Second PEO” relate to Mr. Fisher.
(2)
The non-PEO NEOs represented in the table and footnotes are as follows:
2023—Mr. Yu, Mr. Morrison, Mr. Lewis, Mr. Kaufman, Ms. Valy Panayiotou, and Mr. Baker
2022—Mr. Morrison, Ms. Valy Panayiotou, Mr. Lewis, and Mr. Baker
2021—Mr. Morrison, Mr. Fisher, Mr. Lewis, and Mr. Baker
2020—Mr. Morrison, Mr. Fisher, Ms. Pauley, and Mr. Baker
(3)
Values have been calculated as prescribed by the SEC and the fair value of equity awards was determined using methodologies and assumptions developed in a manner substantively consistent with those used to determine the grant date fair value of such awards.
BALL CORPORATION 2024 PROXY STATEMENT |65

EXECUTIVE COMPENSATION
PEO SCT Total to CAP Reconciliation
Prior FYE
12/31/2019
12/31/2020
12/31/2021
12/31/2021
12/31/2022
Current FYE
12/31/2020
12/31/2021
12/31/2022
12/31/2022
12/31/2023
Fiscal Year
2020—1st PEO
2021—1st PEO
2022—1st PEO
2022—2nd PEO
2023—2nd PEO
SCT Total $ 13,875,858 $ 13,924,380 $ 9,355,973 $ 6,839,380 $ 9,318,556
− Defined Benefit Pension Compensation included in SCT $ (450,696) $ (186,605) $ $ $ (174,155)
+ ASC Service Cost for All Defined Benefits Plans
in Fiscal Year
$ 145,018 $ 149,468 $ 144,577 $ 54,840 $ 50,534
- Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year $ (6,080,002) $ (6,520,023) $ (6,519,959) $ (5,213,423) $ (5,800,017)
+ Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock Awards Granted in Fiscal Year $ 13,460,031 $ 6,283,459 $ 1,153,420 $ 1,550,659 $ 8,810,484
+ Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Years $ 22,372,515 $ 4,883,938 $ (16,788,025) $ (4,004,324) $ 465,890
+ Fair Value at Vesting of Option Awards and
Stock Awards Granted in Fiscal Year That Vested
During Fiscal Year
$ $ $ $ $
+ Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year $ 2,801,549 $ (1,185,622) $ (1,124,151) $ (425,050) $ 168,821
- Fair Value as of Prior Fiscal Year-End of Option
Awards and Stock Awards Granted in Prior Fiscal
Years That Failed to Meet Applicable Vesting
Conditions During Fiscal Year
$ $ $ $ $
+ Dividends Accrued not included in Fair Values $ 4,320 $ $ $ $
Compensation Actually Paid $ 46,128,593 $ 17,348,994 $ (13,778,165) $ (1,197,919) $ 12,840,113
Non-PEO NEO SCT Total to CAP Reconciliation
Prior FYE
12/31/2019
12/31/2020
12/31/2021
12/31/2022
Current FYE
12/31/2020
12/31/2021
12/31/2022
12/31/2023
Fiscal Year
2020
2021
2022
2023
SCT Total $ 3,339,322 $ 4,348,433 $ 2,920,660 $ 2,938,316
- Defined Benefit Pension Compensation included in SCT $ (220,868) $ (107,202) $ (39,202) $ (112,587)
+ ASC Service Cost for All Defined Benefits Plans in Fiscal Year $ 63,608 $ 58,044 $ 38,432 $ 30,055
- Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year $ (1,068,010) $ (1,674,848) $ (1,449,618) $ (1,272,227)
+ Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards
and Stock Awards Granted in Fiscal Year
$ 2,364,371 $ 1,640,084 $ 271,498 $ 1,838,842
+ Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Years $ 4,083,753 $ 834,008 $ (2,546,960) $ 110,635
+ Fair Value at Vesting of Option Awards and Stock Awards Granted in Fiscal
Year That Vested During Fiscal Year
$ $ $ 139,155 $
+ Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year $ 687,107 $ (202,756) $ (302,626) $ 65,212
- Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year $ $ $ $
+ Dividends Accrued not included in Fair Values $ 3,433 $ 34 $ $
Compensation Actually Paid $ 9,252,715 $ 4,895,797 $ (968,660) $ 3,598,246
66|WWW.BALL.COM/INVESTORS

EXECUTIVE COMPENSATION​
(4)
Our Peer Group TSR is the Dow Jones Containers & Packaging Index (DJCPI). The majority of Ball’s sales and earnings are generated from our global packaging business, and members of the DJCPI compete across similar markets and product categories for rigid packaging and secondary packaging. In comparison to the peers in the DJCPI in 2022, Ball was the only company to sell a wholly owned Russian beverage packaging business due to the war in Ukraine, resulting in the loss of notable sales and earnings. In addition, relative to the capital invested in our Americas beverage packaging businesses, retail shelf price increases dampened demand for our products resulting in lower returns on capital than expected. In response the company right sized its manufacturing footprint for current demand conditions in advance of anticipated volume recovery in 2023 and beyond.
(5)
Our Company Selected Measure is EVA® as it is the lens used for our strategic decisions. When Ball generates EVA® and focuses on continued EVA® growth, there is a direct correlation to future shareholder value. There is an 80% correlation between our total executive compensation actually paid compared to our EVA® performance and our total shareholder return over the past three years, given that at least 75% of total executive compensation made up of variable, at-risk compensation directly linked to our three most important performance measures noted above. As mentioned under “2024 Growth Strategy and Related Executive Compensation Impacts”, the company is performing a full review of all incentive programs to ensure that our compensation plans support our business strategy, while continuing to align with our pay-for-performance and management-as-owners philosophy. Following this analysis, any resulting changes to our incentive programs will be disclosed in our future proxy statements.
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EQUITY COMPENSATION PLAN INFORMATION
The following table summarizes the shares of common stock which may be issued under Ball’s existing compensation plans, as of December 31, 2023.
Plan Category
Number of
Securities to be
Issued Upon
Exercise of
Outstanding
Options, Warrants
and Rights

(A)
Weighted-Average
Exercise Price of
Outstanding
Options, Warrants
and Rights

(B)
Number of
Securities
Remaining Available
for Future Issuance
Under Equity
Compensation Plans
(Excluding
Securities Reflected
in Column (A))

(C)
Equity compensation plans approved by security holders 8,905,005 $ 55.48 11,286,918
Equity compensation plans not approved by security holders
Total 8,905,005 $ 55.48 11,286,918
BALL CORPORATION 2024 PROXY STATEMENT |67

STOCK OWNERSHIP INFORMATION
BENEFICIAL OWNERSHIP
The following table lists the beneficial ownership of Ball common stock by our directors, all individuals who served as either CEO or CFO during the last fiscal year, Ball’s three other highest paid executive officers (and two former executive officers) during the last fiscal year and, as a group, all of such individuals and our other executive officers as of the close of business on March 4, 2024.
Title of Class
Name of Beneficial Owner
Shares
Beneficially
Owned
(1)
Percent of
Class
(2)
Number of Shares
Which Become
Available or
Subject to Options
Exercisable
or Which Become
Exercisable
Within 60 Days of
March 4, 2024
(3)
Deferred
Share or
Stock Unit
Equivalent
(4)
Restricted
Stock Unit
Shares or
Units
(5)
Common Charles E. Baker 466,273(6) * 233,288 118,307 13,727
Common John A. Bryant 8,863 * 3,025 4,989 15,181
Common Michael J. Cave 11,225 * 3,025 9,488 37,505
Common Daniel W. Fisher 485,854(7) * 364,039 22,828 149,040
Common Dune E. Ives 4,960 * 3,025 4,708
Common David A. Kaufman 63,851 * 51,431 24,691 13,190
Common Ronald J. Lewis 151,303 * 119,284 11,593 51,873
Common Pedro H. Mariani 14,844 * 3,025 65,753
Common Scott C. Morrison 883,934 * 420,331 311,194 21,087
Common Georgia R. Nelson 25,960 * 3,025 74,978 98,425
Common Cynthia A. Niekamp 16,863 * 3,025 31,069
Common Todd A. Penegor 6,025 * 3,025 3,222 11,218
Common Cathy D. Ross 3,025 * 3,025 12,404 18,537
Common Betty Sapp 7,822 * 3,025 1,541 12,040
Common Stuart A. Taylor II 122,381 * 3,025 6,105 181,681
Common Stacey J. Valy Panayiotou 45,144 * 26,936 2,086 22,788
Common Howard H. Yu * 73,895
Common
All of the above and present
executive officers as a group (
23)
2,544,547(8) * 1,383,822 616,717 898,356
(1)
For individual beneficial owners, this represents sole voting and dispositive investment power, unless otherwise noted.
(2)
* Indicates less than 1% ownership.
(3)
Includes RSUs that may vest or options that may vest or be acquired upon exercise during the next 60 days.
(4)
These deferred shares or stock units are equivalent to an equal number of shares of common stock that have been deferred to the Ball Corporation Deferred Compensation Company Stock Plans, with no voting rights or dispositive investment power with respect to the underlying common stock prior to its issuance.
(5)
These Restricted Stock Shares or Restricted Stock Units have no voting rights or dispositive investment power.
(6)
Includes 125,295 shares held by an entity controlled by Mr. Baker, as to which he disclaims beneficial ownership except to the extent of his pecuniary interest, as well as 800 shares owned by his children as to which he disclaims beneficial ownership.
(7)
Includes 11,890 shares owned by Mr. Fisher’s spouse, as to which he disclaims beneficial ownership.
(8)
Includes 11,890 shares to which beneficial ownership is disclaimed. In addition, no shares have been pledged as security.
DELINQUENT SECTION 16(a) REPORTS
To our knowledge, based solely upon a review of the copies of the forms furnished to us and/or written representations from certain reporting persons, we believe that all filing requirements under Section 16(a) applicable to officers and directors were met during the fiscal year ended December 31, 2023, except as the result of unintentional administrative error. In 2023, there were two transactions which resulted in a late filing due to administrative error: Mr. Kaufman’s transaction completed on August 21, 2023, was not reported until August 25, 2023, and Mr. Lewis’ transaction completed on November 21, 2023, was not reported until December 4, 2023.
68|WWW.BALL.COM/INVESTORS

STOCK OWNERSHIP INFORMATION​
VOTING SECURITIES AND PRINCIPAL SHAREHOLDERS
At the close of business on March 4, 2024, there were outstanding 314,820,413 shares of common stock. Each of the shares of common stock is entitled to one vote. Shareholders do not have cumulative voting rights with respect to the election of directors.
Based on Schedule 13-G filings with the “SEC”, the following table indicates the beneficial owners of more than 5% of Ball’s outstanding common stock as of December 31, 2023:
Name and Address of Beneficial Owner
Shares
Beneficially Owned
Percent
of Class
The Vanguard Group
100 Vanguard Boulevard
Malvern, Pennsylvania 19355
35,587,833(1) 11.29
BlackRock, Inc.
55 East 52nd Street
New York, New York 10055
22,543,154(2) 7.1
Parnassus Investments, LLC
1 Market Street
San Francisco, CA 94105
21,062,707(3) 6.68
State Street Corporation
1 Congress Street, Suite 1
Boston, MA 02114
18,962,210(4) 6.01
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, Maryland 21202
18,348,229(5) 5.8
(1)
No shares with sole power to vote or direct to vote.
363,926 shares with shared power to vote or direct to vote.
34,331,167 shares with sole power to dispose of or to direct the disposition of.
1,256,666 shares with shared power to dispose of or to direct the disposition of.
(2)
20,584,791 shares with sole voting power.
22,543,154 shares with sole dispositive power.
No shares with shared voting power and shared dispositive power.
(3)
21,062,707 shares with sole voting power.
21,062,707 shares with sole dispositive power.
No shares with shared voting power and shared dispositive power.
(4)
No shares with sole power to vote.
7,226,474 shares with shared voting power.
No shares with sole positive power.
13,535,804 shares with shared dispositive power.
(5)
7,524,661 shares with sole voting power.
18,348,229 shares with sole dispositive power.
No shares with shared voting power.
No shares with shared dispositive power.
BALL CORPORATION 2024 PROXY STATEMENT |69

AUDIT MATTERS
FEES PAID TO THE INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
The following table represents fees for professional services rendered by PricewaterhouseCoopers LLP, Ball’s independent auditor, for 2023 and 2022.
The Audit Committee’s Charter requires management to submit for preapproval all audit, audit-related and non-audit-related services to be performed by the independent auditor. Management and the independent auditor submit a report of fees for review and preapproval by the Committee on a quarterly basis. The Audit Committee requires management and the independent auditor to submit a report at least annually regarding audit, audit-related, tax and all other fees paid by us to the independent auditor for services rendered in the immediately
preceding two fiscal years. The Committee has considered the non-audit services provided during 2023 and 2022 by the independent auditor as disclosed below and determined the services were compatible with maintaining the auditor’s independence. The Committee believes the fees paid to the independent auditor in respect of the services were appropriate, necessary and cost-efficient in the management of Ball’s business and are compatible with maintaining the auditor’s independence. The Committee requires management and the independent auditor to confirm these findings as well. The Audit Committee preapproved 100% of the fees paid in 2023 and 2022 for services that were provided by PricewaterhouseCoopers LLP.
(In millions)
Fiscal 2023
Fiscal 2022
Audit Fees $ 11.5 $ 10.9
Audit-Related Fees 0.7 0.5
Tax Fees 1.1 0.9
All Other Fees
Audit fees included the audit of Ball’s annual Consolidated Financial Statements, reviews of quarterly reports and the auditor’s report under the Sarbanes-Oxley Act of 2002, together with fees for statutory and subsidiary audits, SEC registration statements, comfort letters and consents.
Audit-related services consisted principally of consultations related to our acquisitions and divestitures, audits of
employee benefit plans, audits of carve-out financial statements and pending accounting pronouncements.
Tax fees consist principally of tax compliance matters related to tax audits, return preparation fees and fees for tax consultations.
70|WWW.BALL.COM/INVESTORS

AUDIT MATTERS​
REPORT OF THE AUDIT COMMITTEE
The Audit Committee of Ball’s Board consists of non- employee directors who are independent under the NYSE Listing Standards and SEC rules.
Management is responsible for monitoring the performance of PricewaterhouseCoopers LLP, the independent auditor, and for Ball’s

accounting policies;

system of internal accounting controls over financial reporting;

disclosure controls and procedures;

Internal Audit Department; and

compliance with laws, regulations and applicable ethical business standards.
The independent auditor is responsible for performing an audit of our Consolidated Financial Statements in accordance with the standards of the Public Company Accounting Oversight Board (“PCAOB”) and issuing a report thereon as well as issuing an opinion on the effectiveness of our internal control over financial reporting.
The Committee’s responsibility is to monitor and oversee the internal controls over financial reporting and disclosure controls and procedures, and to engage and evaluate the independent auditor. Management has represented to the Committee that Ball’s financial statements for the year ended December 31, 2023, were prepared in accordance with U.S. GAAP, and the Committee has reviewed and discussed those financial statements with management and the independent auditor. The Committee has also discussed
with the independent auditor the matters required to be discussed by the Statement of Auditing Standards, as amended, the PCAOB Auditing Standards and the NYSE Listing Standards.
Ball’s independent auditor provided to the Committee on a quarterly basis the written disclosures and letter required by PCAOB Rule 3526, Communication with Audit Committees Concerning Independence. The Committee has discussed with the independent auditor that firm’s independence and that firm’s internal quality control procedures, peer reviews and any investigations or inquiries by governmental or professional authorities disclosed by the independent auditor.
Based upon the Committee’s review and discussion with management and the independent auditor, the representations of management and the disclosures and letter of the independent auditor (as required by PCAOB Rule 3526), the Committee recommended to the Board that the audited Consolidated Financial Statements in Ball’s Annual Report on Form 10-K, including management’s and the independent auditor’s opinion of Ball’s effectiveness of internal control over financial reporting as of December 31, 2023, be filed with the SEC.
The foregoing report has been furnished by the following members of the Audit Committee:
Cathy D. Ross
John A. Bryant
Michael J. Cave
Todd A. Penegor
BALL CORPORATION 2024 PROXY STATEMENT |71

PROPOSALS TO BE VOTED ON AT THE ANNUAL MEETING
VOTING ITEM 1—ELECTION OF DIRECTORS
Our Board of Directors was historically divided into three classes with directors serving staggered three-year terms. In our 2022 Proxy Statement, we included a proposal to amend our Articles of Incorporation to declassify the Board over the following three years. On April 27, 2022, the Shareholders approved the proposal. The amendment to the Articles eliminates the classification of the Board over a three-year period and will provide for the annual election of all directors beginning at the 2025 Annual Meeting of Shareholders. On April 24, 2024, seven nominees are to be elected to serve as directors until the 2025 Annual Meeting of Shareholders. Unless otherwise instructed on the accompanying proxy, the individuals named in the Proxy intend to vote for nominees John A. Bryant, Michael J. Cave, Daniel W. Fisher, Pedro H. Mariani, Cathy D. Ross, Betty J. Sapp and Stuart A. Taylor II to hold office as directors until the 2025 Annual Meeting of Shareholders (Classes II and III), or, in each case, until his or her respective successor is elected and qualified. Proxies may not be voted for more than seven nominees.
Each of the nominees has consented to be named as a candidate in the Proxy Statement and has agreed to serve if elected. If, for any reason, any nominee becomes unavailable for election, the shares represented by proxies will be voted for any substitute nominee or nominees designated by the Board. The Board has no reason to believe that any of the nominees will be unable to serve.
Under Ball’s Amended Articles of Incorporation, as amended, in an uncontested election (which we expect at this Annual Meeting), directors are elected by a majority of the votes cast by the shares entitled to vote on the matter at a meeting at which a quorum is present. If a nominee receives more “against” than “for” votes, Ball’s Bylaws provide that the director must tender a resignation and the Nominating and Corporate Governance Committee must make a recommendation to the Board on whether to accept the resignation. The relevant provisions can be found in Ball’s Bylaws which are on our website at www.ball.com/investors.
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The Board of Directors recommends a vote FOR the election of each director nominee named.
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PROPOSALS TO BE VOTED ON AT THE ANNUAL MEETING​
VOTING ITEM 2—RATIFICATION OF THE APPOINTMENT OF
INDEPENDENT AUDITOR
The Audit Committee of the Board of Directors has appointed PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2024.
PricewaterhouseCoopers LLP has been retained as our external auditor continuously for many years. The members of the Audit Committee and the Board believe that the continued retention of PricewaterhouseCoopers LLP to serve as the independent external auditor is in the best interests of Ball and our investors.
We are asking our shareholders to ratify the selection of PricewaterhouseCoopers LLP as our independent registered public accounting firm. Although ratification is not required, the Board of Directors is submitting the selection of PricewaterhouseCoopers LLP to our shareholders for ratification as a matter of good corporate practice.
Representatives of PricewaterhouseCoopers LLP will attend the 2024 Annual Meeting of Shareholders and will have an opportunity to make a statement, if desired, and to respond to appropriate questions.
To approve the selection of auditors, at a meeting at which a quorum is present, more votes must be cast “for” the proposal than are cast “against” it.
In the event shareholders do not ratify the appointment, the appointment will be reconsidered by the Audit Committee. Even if the selection is ratified, the Audit Committee, in its discretion, may select a different registered independent public accounting firm at any time during the year if it determines that such a change would be in the best interests of Ball and our shareholders.
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The Board of Directors recommends that shareholders vote FOR the ratification of the appointment of PricewaterhouseCoopers LLP as Ball’s independent registered public accounting firm.
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PROPOSALS TO BE VOTED ON AT THE ANNUAL MEETING
VOTING ITEM 3—ADVISORY (NON-BINDING) VOTE TO APPROVE COMPENSATION OF NEO’S
We are asking our shareholders to provide advisory approval of the compensation of our NEOs, as we have described it in the “Executive Compensation” section of this Proxy Statement. While this vote is advisory and is not binding on us, it will provide useful information to our management team and our Human Resources Committee, regarding our shareholders’ views about our executive compensation philosophy, policies and practices. The HR Committee will be able to consider these views when determining executive compensation for the balance of 2024 and beyond.
Our compensation program is designed to accomplish several goals: to foster a pay-for-performance and management-as-owners culture that aligns the interests of management with shareholders; to deliver on strategic objectives and results; to provide competitive and reasonable compensation opportunities; and to support recruitment and retention of key executives. We believe that offering several compensation elements that incorporate multiple absolute and relative performance metrics and measurement
periods promotes our compensation goals. In addition, we believe that making the compensation program consistent and transparent demonstrates our commitment to stakeholders and ensures that Ball employees understand the company’s expectations. In aggregate, our approach ensures accountability to our shareholders.
In the course of establishing the 2023 compensation program and awarding compensation, and after reviewing data and analyses regarding comparable market compensation, our management team and our Human Resources Committee determined the use and metrics of performance-based incentives to motivate our NEOs to achieve current and long-term business goals. Our management team and the HR Committee received advice and counsel on the program from an independent compensation consultant, which provided no other services to the Company other than those provided directly to or on behalf of the HR Committee. We believe our 2023 executive compensation program reflects best practices and was designed to balance risk and reward.
VOTE REQUESTED
We believe the information we have provided above and within the “Executive Compensation Discussion and Analysis” section of this Proxy Statement demonstrates that our executive compensation program with respect to our NEOs was designed appropriately and is working to ensure that management’s interests are aligned with our shareholders’ interests to support long-term value creation. Accordingly, the Board of Directors recommends that shareholders approve the following advisory resolution, the results of which will be considered by the Board.
RESOLVED: That the shareholders of Ball Corporation hereby approve, on an advisory basis, the compensation of the individuals identified in the “Summary Compensation Table,” as disclosed in the Ball Corporation 2024 Proxy Statement pursuant to Item 402 of Regulation S-K which disclosure includes the “Executive Compensation Discussion and Analysis” section, the compensation tables and the accompanying footnotes and narratives within and following the “Executive Compensation Discussion and Analysis” section of such Proxy Statement.
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The Board of Directors recommends a vote FOR the advisory (non-binding) vote approving compensation of the company’s named executive officers.
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VOTING AND MEETING INFORMATION
ANNUAL MEETING
This year’s Annual Meeting will be held in a virtual and in-person format through a live webcast.
To be admitted to the Virtual Annual Meeting at www.virtualshareholdermeeting.com/BALL2024, you must enter the 16-digit control number found next to the label “Control Number” on your Notice of Internet Availability, proxy card, or Voting Information Form, or in the email sending the Proxy Statement to you. If you are a beneficial shareholder, you may contact the bank, broker or other institution where you hold your account if you have questions about obtaining your control number.
Questions may be submitted through www.virtualshareholdermeeting.com/BALL2024 either
before (during check-in) or during the Annual Meeting. We will answer as many shareholder-submitted questions as time permits.
We encourage you to access the Annual Meeting before it begins. Online check-in will start approximately thirty minutes before the meeting on April 24, 2024.
Although the live webcast is available only to shareholders at the time of the meeting, a webcast replay and answers to all questions asked by investors during the Annual Meeting will be posted to our website, www.ball.com/investors under “News & Presentations.”
QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING AND VOTING
Why am I receiving the Proxy Statement? You are receiving the Proxy Statement because you owned shares of Ball Corporation common stock on March 4, 2024, the record date, entitling you to vote at the Annual Meeting. The Board is soliciting your proxy to vote at the scheduled 2024 Annual Meeting or at any later meeting should the scheduled Annual Meeting be adjourned or postponed for any reason. Your proxy will authorize specified people (proxies)
to vote on your behalf at the Annual Meeting in accordance with your written instructions. Using a proxy enables you to vote even if you do not attend the Annual Meeting.
What will I be voting on? The matters that will be presented for a vote and the Board’s recommendations are shown below:
Proposal
Management
Proposals
1
Election of the seven director nominees to serve for a one-year term expiring at the annual meeting in 2024
FOR
each nominee
 John A. Bryant
 Michael J. Cave  Daniel W. Fisher  Pedro H. Mariani
 Cathy D. Ross 
 Betty J. Sapp
 Stuart A. Taylor II
2
Ratification of the appointment of PricewaterhouseCoopers LLP as Ball’s independent registered public accounting firm for 2024
FOR
3
Approve, by non-binding advisory vote, the compensation of our named executive officers
FOR
Could other matters be decided at the Annual Meeting? We do not know of any other matters that will be raised at the Annual Meeting. The Chairman will allow presentation of a proposal or a nomination for the Board from the floor at the Annual Meeting only if the proposal or nomination was properly submitted. The proxies will have discretionary authority, to the extent permitted by law, to vote for or against other matters that may properly come before the Annual Meeting as those individuals deem advisable.
How many votes can I cast? Each share of Ball Corporation common stock is entitled to one vote on each of the three directors to be elected and one vote on each other matter that is properly presented at the Annual Meeting.
How do I vote if I am a record holder? If you are a record holder of shares, that is, the shares are registered in your name and not the name of your broker or other nominee, we urge you to submit your proxy as soon as possible, so that
BALL CORPORATION 2024 PROXY STATEMENT |75

VOTING AND MEETING INFORMATION
your shares can be voted at the meeting in accordance with your instructions. You may submit your proxy by telephone or electronically as instructed on page 2 of the Proxy Statement and on your proxy card, or you can complete, sign, date and mail your proxy card if you request a paper copy of the proxy materials. You may also vote by attending the virtual Annual Meeting, or sending a personal representative to the Annual Meeting with an appropriate proxy. Unless you or a personal representative plan to attend and vote at the meeting, your vote must be received no later than 11:59 P.M. (EDT) on Tuesday, April 23, 2024.
How do I vote if I hold my shares under the Employee Stock Purchase Plan (“ESPP”) or the 401(k) Plan? Plan participants may vote their shares in the manner set forth above. However, shares held through the ESPP or the 401(k) Plan must be voted by 11:59 P.M. (EDT) on Sunday, April 21, 2024. The Trustee of the 401(k) Plan will vote the unvoted shares for each voting item in the same proportion as the voted shares for each item. The Administrator of the ESPP will vote the unvoted shares for that Plan in accordance with the Board of Directors’ recommendations.
How do I vote if I hold my shares in “street name” through a bank or broker? If you hold your shares as a beneficial owner through a bank, broker or other nominee, that entity will send you specific instructions. You must provide voting instructions to your bank, broker or other nominee by the deadline stated in the materials they provide to ensure your shares are voted in the way you would like. If you do not provide instructions to your bank, broker or other nominee, that entity will only be permitted to vote on the proposal to approve the appointment of independent
auditors. Brokerage firms and other nominees that do not receive voting instructions from their clients on the proposal to elect directors or the proposal to approve our executive compensation may not vote on those items. This will result in so-called “broker non-votes”.
What is the effect of abstentions and broker non-votes? Broker non-votes and abstentions will be included in the calculation of the number of votes considered to be present at the meeting for purposes of determining a quorum, but will not be considered in determining the number of votes necessary for approval for an item, and will have no effect on the outcome of any vote. For the board declassification proposal, 75% of the outstanding shares are required to approve the proposal and for the bylaw amendment a majority of the outstanding shares are required to approve the proposal and broker non-votes and abstentions would have the same effect as a vote against such proposal.
How can I change my vote? Shareholders of record may revoke their proxies or change their votes in writing at any time prior to the meeting by sending written notice of revocation to the Corporate Secretary; by voting again by telephone or via the Internet; by voting in writing if they requested their materials in paper copy; or by voting at the virtual meeting. Simply attending the Annual Meeting will not revoke a proxy. If you hold shares in street name, you may change your vote by submitting new voting instructions to your bank, broker or other nominee or, if you have obtained a valid proxy from your broker or nominee giving you the right to vote your shares, by attending the meeting virtually and voting in person.
SHAREHOLDER PROPOSALS FOR 2025 ANNUAL MEETING
To be eligible for inclusion in our Proxy Statement for the 2025 Annual Meeting of Shareholders, shareholder proposals must be received in writing by the Corporate Secretary at Ball’s principal executive offices, 9200 W. 108th Circle, Westminster, CO 80021, by November 13, 2024.
If a shareholder desires to bring business before the 2025 Annual Meeting of Shareholders without submitting a
proposal for inclusion in the Proxy Statement, we must receive written notice of the shareholder proposal, at our principal executive offices between December 31, 2024, and January 30, 2025, or the proposal may be considered untimely. The appointed proxies may exercise their discretionary authority to vote previously solicited proxies against any such proposal if it is raised at the 2024 Annual Meeting.
HOUSEHOLDING
The SEC has adopted rules that permit companies and intermediaries such as brokers to satisfy the delivery requirements for Proxy Statements and annual reports with respect to two or more shareholders sharing the same address by delivering a single Proxy Statement addressed to those shareholders. This process, which is commonly
referred to as “householding,” potentially means extra convenience for shareholders, cost savings for companies, and less waste.
A number of brokers may be householding our proxy materials. That means a single Proxy Statement and Annual
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VOTING AND MEETING INFORMATION​
Report will be delivered to multiple shareholders sharing an address unless contrary instructions have been received from the affected shareholders. If you receive notice from your broker that it will be householding communications to your address, householding will continue until you are notified otherwise or until you specifically request separate copies of these documents. If, at any time, you no longer wish to participate in householding and would prefer to receive a separate Proxy Statement and Annual Report,
please notify your broker to discontinue householding and direct your written request to receive a separate Proxy Statement and Annual Report to us at: Ball Corporation, Attention: Investor Relations, 9200 W. 108th Circle, Westminster, Colorado 80021 or call Investor Relations at 303-460-3537. Shareholders who currently receive multiple copies of the Proxy Statement and Annual Report at their address and would like to request householding of their communications should contact their broker.
SOLICITATION AND OTHER MATTERS
We will pay the cost of soliciting proxies. Georgeson Inc. has been retained to assist in the solicitation of proxies for a fee of $10,000. In addition to solicitations by mail, proxies also may be solicited personally, or by telephone or electronic means by some directors, officers and Ball employees, without additional compensation, as well as by employees of Georgeson Inc. We will reimburse brokerage firms and other custodians, nominees and fiduciaries for reasonable expenses incurred by them in sending proxy material, Annual Report and other shareholder materials to the beneficial owners of common stock where those owners request such materials.
As of the date of this Proxy Statement, the Board has no knowledge of any matters to be presented for consideration at the Annual Meeting other than those referred to above. However, the individuals named in the accompanying proxy shall have authority to vote such proxy as to any other matters that properly come before the meeting and as to matters incidental to the conduct of the meeting, according to their discretion.
By Order of the Board of Directors,
Hannah Lim-Johnson
Corporate Secretary
March 13, 2024
Westminster, Colorado
BALL CORPORATION 2024 PROXY STATEMENT |77

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BALL CORPORATION ATTN: HANNAH LIM-JOHNSON 9200 W. 108TH CIRCLE WESTMINSTER, CO 80021 SCAN TO VIEW MATERIALS & VOTE VOTE BY INTERNET — www.proxyvote.com or scan the QR Barcode above Use the Internet to transmit your voting instructions and for electronic delivery of information. Vote by 11:59 P.M. ET on 04/23/2024 for shares held directly and by 11:59 P.M. ET on 04/21/2024 for shares held in a Plan. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. During The Meeting — Go to www.virtualshareholdermeeting.com/BALL2024 You may attend the meeting via the Internet or in person and vote during the meeting. Have the information that is printed in the box marked by the arrow available and follow the instructions. VOTE BY PHONE — 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions. Vote by 11:59 P.M. ET on 04/23/2024 for shares held directly and by 11:59 P.M. ET on 04/21/2024 for shares held in a Plan. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. KEEP THIS PORTION FOR YOUR RECORDS DETACH AND RETURN THIS PORTION ONLY The Board of Directors recommends you vote FOR the following: 1. Election of Directors Nominees For Against Abstain 1a. John A. Bryant 1b. Michael J. Cave 1c. Daniel W. Fisher 1d. Pedro H. Mariani 1e. Cathy D. Ross 1f. Betty J. Sapp 1g. Stuart A. Taylor II The Board of Directors recommends you vote FOR proposals 2 and 3. 3. Approve, by non-binding vote, the compensation paid to the named executive officers. NOTE: The proxies will have discretionary authority, to the extent permitted by law, to act and vote upon such other matters that may properly come before the meeting or any adjournment or adjournments thereof. For Against Abstain For Against Abstain 0000629840_1 R1.0.0.6 2. Ratification of the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the company for 2024. Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. Signature [PLEASE SIGN WITHIN BOX] Date Signature (Joint Owners) Date

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Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The Notice and Proxy Statement, Combined Annual Report and Form 10-K are available at www.proxyvote.com BALL CORPORATION Annual Meeting of Shareholders April 24, 2024 This proxy is solicited by the Board of Directors The shareholder(s) hereby appoint(s) Dune E. Ives, Georgia R. Nelson and Todd A. Penegor, or any one of them, as proxies, each with the power to appoint his/her substitute, and hereby authorize(s) them to represent and to vote, as designated on the reverse side of this proxy, all of the shares of Common Stock of Ball Corporation that the shareholder(s) is/are entitled to vote at the Annual Meeting of Shareholders to be held in person at 9200 W. 108th Circle, Westminster, CO 80021 and virtually at 7:30 A.M. MDT on April 24, 2024, at www.virtualshareholdermeeting.com/BALL2024, and any adjournment or postponement thereof. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED AS DIRECTED BY THE SHAREHOLDERS. IF NO SUCH DIRECTIONS ARE MADE, THIS PROXY WILL BE VOTED FOR THE ELECTION OF THE NOMINEES LISTED ON THE REVERSE SIDE FOR THE BOARD OF DIRECTORS IN ITEM 1 AND FOR EACH PROPOSAL IN ITEMS 2 AND 3. 0000629840_2 R1.0.0.6 Continued and to be signed on reverse side

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