Set your popped popcorn in a bowl on the side, being sure to remove and discard any unpopped kernels.
Make Caramel: To a saucepan, on med-low heat, add in the butter, salt, sugar, and molasses and bring to a low simmer, stirring constantly. Once it begins simmering, stir in your vanilla until fully combined (it will bubble and release some steam). Lower your heat and let it simmer on low, undisturbed for 2 minutes.
Once the 2 minutes are up, stir in the baking soda and mix it throughout the caramel, allowing it to froth up.
Pour Caramel: Working quickly, pour your caramel over your popcorn and using a rubber spatula scrape the pot and then toss to evenly coat all your popcorn pieces in the caramel. Keep tossing and mixing for a few minutes as your popcorn cools and sets, or you can spread it onto a baking tray in a single layer to allow it to cool.
Popcorn Balls: Working quickly while the popcorn is still warm and pliable but not fully set (be sure it's not too hot to handle) scoop a small handful of popcorn into your cupped hands and shape into a ball by pressing and molding it. Allow them to cool. Additionally, you can press it into cookie cutter molds to make other shapes such as gingerbread men and immediately demold them and let them cool to set.
Storage: Store in an airtight container at room temp for up to a week. You can store it in the fridge for a longer shelf-life but doing so may make it a bit soggy.