BALL Corp — Director's Dealing 2006

Sep 19, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BALL CORP (BLL)
CIK: 0000009389
Period of Report: 2006-09-18

Reporting Person: HOOVER R DAVID (Director, CHAIRMAN, PRESIDENT & CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-18	Prepaid Variable Forward Contract	$	J	80000	Acquired	2009-09-18	Common Stock (80000)	Indirect

Footnotes

F1: On 09-18-06, the Suzanne A. Hoover Revocable Trust dated 1-30-97 and as amended and restated 7-11-03 (the Trust) entered into a prepaid variable forward contract (Contract) with a broker/dealer (Buyer) for disposition by the Trust of up to 80,000 shares of Ball Corp Common Stock (Ball Shares). Contract obligates the Trust to deliver to Buyer on 09-18-09 (Settlement Date), a number of Ball Shares equal to $3,297,216 (currently 80,000 shares @ 41.2152). In exchange, the Trust initially receives 81% of $3,297,216. Per the Contract, on the Settlement Date the Trust receives up to 130% of the $41.2152 per share price (Ceiling Price) if Ball Shares appreciate above $41.2152 per share (Floor Price). The number of shares to be sold by the Trust will be up to 80,000 Ball Shares & will depend on whether the Ceiling Price is above the Floor Price. At the Trust's option, it may deliver cash in an amount equivalent to the value of the required number of Ball Shares to be delivered on the Settl

F2: The reporting person expressly disclaims beneficial ownership of these securities; 80,000 of these shares are committed for use in a prepaid variable forward contract dated 09-18-06.