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: Krouse Mark (VP - Human Resources)

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	1329	—	Acquired	6595	Direct
2017-03-05	Common Stock, par value $0.01 per share	A	2228	—	Acquired	8823	Direct
2017-03-05	Common Stock, par value $0.01 per share	F	890	$79.69	Disposed	7933	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 1,395 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 2,724 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.