KAISER ALUMINUM CORP — Director's Dealing 2017

Mar 8, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KAISER ALUMINUM CORP (KALU)
CIK: 0000811596
Period of Report: 2017-03-05

Reporting Person: Parkinson Ray (VP - Advanced Engineering)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-03-05	Common Stock, par value $0.01 per share	A	1936	—	Acquired	10532	Direct
2017-03-05	Common Stock, par value $0.01 per share	A	3182	—	Acquired	13714	Direct
2017-03-05	Common Stock, par value $0.01 per share	F	1240	$79.69	Disposed	12474	Direct
2017-03-05	Common Stock, par value $0.01 per share	F	795	$79.69	Disposed	11679	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.01 per share	9082	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 (643.0)	643	Direct

Footnotes

F1: Grant to the reporting person effective as of March 5, 2017 of restricted stock units under the Kaiser Aluminum Corporation 2016 Equity and Incentive Compensation Plan. All restrictions will lapse on March 5, 2020 or earlier upon the occurrence of certain specified circumstances.

F2: The acquisition of 1,993 shares was inadvertently reported as a grant of restricted stock on the reporting person's prior Form 4. Such shares were acquired pursuant to a grant of restricted stock units. These restricted stock units have the same vesting terms as previously reported.

F3: Includes 3,929 shares acquired pursuant to grants of restricted stock units.

F4: Shares earned upon the vesting on March 5, 2017 of certain performance shares granted to the reporting person in 2014 under the Kaiser Aluminum Corporation 2006 Equity and Performance Incentive Plan, as amended. On March 5, 2017, 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 2014 through 2016.

F5: Shares withheld to satisfy the withholding tax obligations resulting from the vesting on March 5, 2017 of the above-referenced performance shares.

F6: Shares withheld to satisfy the withholding tax obligations resulting from the vesting on March 5, 2017 of certain shares granted to the reporting person in 2014 under the Kaiser Aluminum Corporation 2006 Equity and Performance Incentive Plan, as amended.

F7: 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.