Stock Option Amendment and Grant Agreement between Kaiser Aluminum Corporation, Kaiser Aluminum & Chemical Corporation, and George T. Haymaker, Jr.

Summary

This agreement is between George T. Haymaker, Jr. and Kaiser Aluminum Corporation (including Kaiser Aluminum & Chemical Corporation). It amends a previous stock option grant by canceling 97,510 shares from the original grant and simultaneously grants Mr. Haymaker a new option to purchase the same number of shares under the same terms as the canceled portion. The agreement is effective as of April 14, 2000, and all other terms of the original grant remain unchanged.

EX-10.14 7 0007.htm AGREEMENT Exhibit 10.14 to KAC 10-K

AGREEMENT This Agreement is made by and among George T. Haymaker, Jr. ("Optionee") and Kaiser Aluminum Corporation and Kaiser Aluminum & Chemical Corporation, both Delaware corporations (together, the "Company"). WHEREAS, the Company granted to Optionee a stock option to purchase up to 386,000 shares of common stock, $.01 par value per share, of Kaiser Aluminum Corporation, and the terms and conditions of such grant are set forth in that certain Performance-Accelerated Stock Option Grant between Optionee and the Company having an effective date of January 1, 1998, as amended by that certain Director and Non-Executive Chairman Agreement between Optionee and the Company dated January 1, 2000 (the Performance-Accelerated Stock Option Grant, as so amended, the "1998 Grant"); and WHEREAS, Optionee and the Company desire (i) to amend the 1998 Grant to cancel 97,510 Option Shares, and (ii) to evidence the grant of a new stock option to Optionee to purchase up to 97,510 Option Shares, on the same terms and conditions as were applicable to the canceled portion of the 1998 Grant; NOW, THEREFORE, Optionee and the Company hereby agree as follows: 1. All capitalized terms used herein shall have the meanings provided in the 1998 Grant unless otherwise specifically provided herein. 2. Effective as of April 14, 2000, the 1998 Grant is amended to cancel 97,510 Option Shares. Except as expressly set forth herein, the terms and conditions of the 1998 Grant are hereby ratified and affirmed. 3. This Agreement evidences that the Company has granted to Optionee, effective as of April 14, 2000, the right, privilege and option to purchase up to 97,510 Option Shares and that such grant is on the same terms and conditions as are set forth in the 1998 Grant. IN WITNESS WHEREOF, Optionee and the Company have executed this Agreement effective as of the 14th day of April, 2000. "COMPANY" KAISER ALUMINUM CORPORATION By: /S/ RAYMOND J. MILCHOVICH Raymond J. Milchovich President and Chief Executive Officer KAISER ALUMINUM & CHEMICAL CORPORATION By: /S/ RAYMOND J. MILCHOVICH Raymond J. Milchovich President and Chief Executive Officer "OPTIONEE" /S/ GEORGE T. HAYMAKER, JR. George T. Haymaker, Jr.