KAISER ALUMINUM CORP — Director's Dealing 2013

Mar 8, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KAISER ALUMINUM CORP (KALU)
CIK: 0000811596
Period of Report: 2013-03-05

Reporting Person: BARNESON JOHN (Sr. VP - Corporate Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-03-05	Common Stock, par value $0.01 per share	A	3823	$0.00	Acquired	56270	Direct
2013-03-05	Common Stock, par value $0.01 per share	A	2404	$0.00	Acquired	58674	Direct
2013-03-05	Common Stock, par value $0.01 per share	F	938	$61.12	Disposed	57736	Direct
2013-03-05	Common Stock, par value $0.01 per share	F	2206	$61.12	Disposed	55530	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Options (Right to Buy)	$80.01	2017-04-03	Common Stock, par value $0.01 per share (2334)	2334	Direct

Footnotes

F1: Grant to the reporting person effective as of March 5, 2013, of restricted stock under the Kaiser Aluminum Corporation Amended and Restated 2006 Equity and Performance Incentive Plan. All restrictions will lapse on March 5, 2016 or earlier upon the occurrence of certain specified circumstances.

F2: Shares earned upon the vesting on March 5, 2013 of certain performance shares granted to the reporting person in 2010 under the Kaiser Aluminum Corporation 2006 Equity and Performance Incentive Plan, as amended. On March 5, 2013, the Registrant's compensation committee certified the performance shares payout multiplier based on the level of achievement by the Registrant of a certain pre-established performance goal for 2010 through 2012.

F3: Shares withheld to satisfy the withholding tax obligations resulting from the vesting on March 5, 2013 of the above-referenced performance shares.

F4: Shares withheld to satisfy the withholding tax obligations resulting from the vesting on March 5, 2013 of certain shares granted to the reporting person in 2010 under the Kaiser Aluminum Corporation 2006 Equity and Performance Incentive Plan, as amended.

F5: Stock option award granted on April 3, 2007 for 2,334 shares of common stock, with one-third of such options vested on each of the first, second and third anniversaries of the grant date.