Kaiser Aluminum (KALU) EVP sells 18,461 shares at $125 average

Rhea-AI Filing Summary

Kaiser Aluminum Corp executive John Malcolm Donnan, EVP, CAO and GC, sold 18,461 shares of common stock in an open-market transaction on 2026-02-23 at a weighted average price of $125.0758 per share. After the sale, he directly owns 22,205 shares, including 17,962 acquired through restricted stock unit grants.

Insider Trade Summary

Net Seller: 18,461 shares ($2,309,024)

Net Sell 1 txn

Insider DONNAN JOHN MALCOLM

Role EVP, CAO and GC

Sold 18,461 shs ($2.31M)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.01 per share	18,461	$125.0758	$2.31M

Holdings After Transaction: Common Stock, par value $0.01 per share — 22,205 shares (Direct)

Footnotes (1)

1. Represents the sale of 18,461 shares in multiple transactions, raging from $125.00 to $126.39 per share, resulting in a weighted average sale price of $125.0758 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. Includes 17,962 shares acquired pursuant to grants of restricted stock units.

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

DONNAN JOHN MALCOLM

(Last) (First) (Middle)

1550 WEST 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, CAO and GC

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

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	02/23/2026		S		18,461	D	$125.0758(1)	22,205(2)	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. Represents the sale of 18,461 shares in multiple transactions, raging from $125.00 to $126.39 per share, resulting in a weighted average sale price of $125.0758 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.

2. Includes 17,962 shares acquired pursuant to grants of restricted stock units.

	/s/ Cherrie I. Tsai, with power of attorney for John M. Donnan	02/25/2026
	** 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 insider transaction did Kaiser Aluminum (KALU) report for John Malcolm Donnan?

Kaiser Aluminum reported that EVP, CAO and GC John Malcolm Donnan sold 18,461 shares of common stock in an open-market transaction. The sale was executed at a weighted average price of $125.0758 per share across multiple trades within a disclosed price range.

At what prices were John Malcolm Donnan’s Kaiser Aluminum shares sold?

John Malcolm Donnan’s 18,461 Kaiser Aluminum shares were sold in multiple transactions ranging from $125.00 to $126.39 per share. These trades resulted in a weighted average sale price of $125.0758 per share, as disclosed in the insider transaction footnote.

How many Kaiser Aluminum shares does John Malcolm Donnan own after this sale?

After selling 18,461 shares, John Malcolm Donnan directly owns 22,205 Kaiser Aluminum common shares. This remaining balance includes 17,962 shares that were previously acquired through grants of restricted stock units, according to the detailed ownership disclosure in the filing’s footnotes.

How many Kaiser Aluminum shares did John Malcolm Donnan sell in this Form 4 filing?

The Form 4 filing shows that John Malcolm Donnan sold 18,461 shares of Kaiser Aluminum common stock. These were open-market sales executed on a single date and disclosed as a series of transactions aggregated into one reported weighted average sale price figure.

What role does John Malcolm Donnan hold at Kaiser Aluminum (KALU)?

John Malcolm Donnan serves as Executive Vice President, Chief Administrative Officer, and General Counsel at Kaiser Aluminum. His status as an officer requires reporting transactions like this 18,461-share sale on Form 4 to provide transparency around changes in his beneficial ownership of company stock.

Were John Malcolm Donnan’s Kaiser Aluminum share sales executed in a single trade?

The sale of 18,461 Kaiser Aluminum shares was executed in multiple transactions, not a single trade. These trades occurred within a price range of $125.00 to $126.39, producing the reported weighted average sale price of $125.0758 per share for disclosure purposes.