KAISER ALUMINUM CORP — Director's Dealing 2014

Nov 18, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KAISER ALUMINUM CORP (KALU)
CIK: 0000811596
Period of Report: 2014-11-17

Reporting Person: DONNAN JOHN MALCOLM (EVP - Legal, Compliance & HR)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-17	Common Stock, par value $0.01 per share	S	2000	$72.73	Disposed	30929	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 (2083)	2083	Direct

Footnotes

F1: Sales made pursuant to a 10b5-1 plan adopted by the reporting person on November 12, 2014 as part of the reporting person's financial planning to diversify his stockholdings. The plan contemplates the sale of pre-determined amount of vested shares of common stock of the Registrant held by the reporting person in specified increments subject to designated floor prices.

F2: Represents the sale of 2,000 shares in multiple transactions, ranging from $72.71 to $72.75 per share, resulting in a weighted average sale price of $72.73 per share. The reporting person undertakes to provide upon request by the SEC staff, the Registrant, or a security holder of the Registrant, full information regarding the number of shares sold at each separate price within the range.

F3: Stock option award granted on April 3, 2007 for 2,083 shares of common stock, with one-third of such options vested on each of the first, second and third anniversaries of the grant date.