[Form 4] KAISER ALUMINUM CORP Insider Trading Activity

Rhea-AI Filing Summary

James D. Hoffman, a director of Kaiser Aluminum Corporation (KALU), reported two equity awards received on 09/18/2025. He was granted 1,363 restricted shares under the Kaiser Aluminum 2021 Equity and Incentive Compensation Plan; those restrictions will lapse on September 18, 2026. He also received 1,022 shares elected in lieu of his annual cash retainer, priced at $77.03 per share (the 20-trading-day average closing price prior to 09/18/2025). Following these transactions he beneficially owns 2,385 shares directly.

Insights

Financial Analyst

TL;DR: Director received restricted shares and stock in lieu of cash, increasing direct ownership to 2,385 shares.

The filings show two non-derivative acquisitions on 09/18/2025: a grant of 1,363 restricted shares under the company's 2021 Equity and Incentive Compensation Plan with restrictions expiring 09/18/2026, and receipt of 1,022 shares elected in lieu of a cash retainer at an average price of $77.03. These are compensation-related equity grants typical for board members and do not report dispositions or option exercises. The change increases direct beneficial ownership to 2,385 shares.

Corporate Governance Expert

TL;DR: Routine director compensation transactions documented; restricted shares carry a one-year vesting/restriction period.

The Form 4 documents routine governance-related equity compensation: restricted stock awards and election of shares instead of cash retainer. The restricted shares are subject to lapse of restrictions on 09/18/2026, indicating a one-year restriction period from the grant date. The report is filed individually by the reporting person and shows direct ownership only. No derivative instruments or indirect holdings are reported.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HOFFMAN JAMES DONALD

(Last) (First) (Middle)

1550 W. MCEWEN DRIVE, SUITE 500

(Street)

FRANKLIN TN 37067

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
KAISER ALUMINUM CORP [ KALU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share	09/18/2025		A		1,363(1)	A	$0.00(1)	1,363	D
Common Stock, par value $0.01 per share	09/18/2025		A		1,022(2)	A	$77.03(3)	2,385	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Grant to the reporting person of restricted stock under the Kaiser Aluminum Corporation 2021 Equity and Incentive Compensation Plan, as amended and restated. All restrictions will lapse on September 18, 2026.

2. Stock received by the reporting person under the Kaiser Aluminum Corporation 2021 Equity and Incentive Compensation Plan, as amended and restated, at such person's election in lieu of all or a portion of the reporting person's annual cash retainer for serving as a member of the Board of Directors of Kaiser Aluminum Corporation, and chair or a member of one or more committees of the Board of Directors.

3. Equal to the average closing price of the Issuer's common stock as reported by the Nasdaq Stock Market, LLC for the twenty trading days prior to September 18, 2025.

	/s/ John M. Donnan, with power of attorney for James D. Hoffman	09/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did James D. Hoffman report on the KALU Form 4?

He reported two acquisitions on 09/18/2025: a grant of 1,363 restricted shares and receipt of 1,022 shares in lieu of cash retainer.

When do the restrictions on the restricted shares lapse for KALU director Hoffman?

The Form 4 states restrictions on the 1,363 restricted shares will lapse on September 18, 2026.

At what price were the 1,022 KALU shares received in lieu of cash retainer valued?

They were valued at $77.03 per share, equal to the 20-trading-day average closing price prior to 09/18/2025.

How many Kaiser Aluminum (KALU) shares does Hoffman beneficially own after these transactions?

Following the reported transactions, he beneficially owns 2,385 shares directly.

Were any derivative securities reported by Hoffman on this Form 4?

No. Table II (derivative securities) contains no reported acquisitions or dispositions; only non-derivative shares are reported.