KAISER ALUMINUM CORP — Director's Dealing 2014

Mar 7, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KAISER ALUMINUM CORP (KALU)
CIK: 0000811596
Period of Report: 2014-03-05

Reporting Person: Parkinson Ray (VP - Advanced Engineering)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-05	Common Stock, par value $0.01 per share	A	2115	$0.00	Acquired	8693	Direct
2014-03-05	Common Stock, par value $0.01 per share	A	1061	$0.00	Acquired	9754	Direct
2014-03-05	Common Stock, par value $0.01 per share	F	449	$71.88	Disposed	9305	Direct
2014-03-05	Common Stock, par value $0.01 per share	F	718	$71.88	Disposed	8587	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.01 per share	5465	Indirect

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 (643)	643	Direct

Footnotes

F1: Grant to the reporting person effective as of March 5, 2014, of restricted stock under the Kaiser Aluminum Corporation Amended and Restated 2006 Equity and Performance Incentive Plan. All restrictions will lapse on March 5, 2017 or earlier upon the occurrence of certain specified circumstances.

F2: Shares earned upon the vesting on March 5, 2014 of certain performance shares granted to the reporting person in 2011 under the Kaiser Aluminum Corporation 2006 Equity and Performance Incentive Plan, as amended. On March 5, 2014, 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 2011 through 2013.

F3: Shares withheld to satisfy the withholding tax obligations resulting from the vesting on March 5, 2014 of the above-referenced performance shares.

F4: Shares withheld to satisfy the withholding tax obligations resulting from the vesting on March 5, 2014 of certain shares granted to the reporting person in 2011 under the Kaiser Aluminum Corporation 2006 Equity and Performance Incentive Plan, as amended.

F5: Stock option award granted on April 3, 2007 for 643 shares of common stock, with one-third of such options vested on each of the first, second and third anniversaries of the grant date.