Separation Agreement between Kaiser Aluminum Corporation and Joseph P. Bellino (April 16, 2008)

Summary

Kaiser Aluminum Corporation and Joseph P. Bellino have agreed on the terms of Bellino's departure from the company. Bellino will receive benefits outlined in his original employment agreement, including a two-year continuation of his car allowance, based on a termination date of April 14, 2008. Additionally, restricted shares granted to him in 2006 will vest, while all other equity grants will be canceled as of the agreement date. This letter confirms the mutual understanding and acceptance of these terms.

EX-10.1 2 a39948exv10w1.htm EXHIBIT 10.1 exv10w1

Exhibit 10.1

April 16, 2008

Mr. Joseph P. Bellino
c/o Kaiser Aluminum Corporation
27422 Portola Parkway, Suite 350
Foothill Ranch, California 92610

Dear Joe:

This letter reflects the terms of our agreement in regard to the impact of your departure on your employment agreement dated as of July 6, 2006 (the “employment agreement”) and outstanding equity grants. Pursuant to our agreement:

	1)		you will receive the benefits contemplated by Sections 4.1 and 4.5 of your employment agreement, including the continuation of your car allowance for two years, in each case based on a termination date of April 14, 2008; and

	2)		the restricted shares granted to you on July 6, 2006 will vest and all other equity grants issued to you will be canceled effective as of the date of this letter.

If the foregoing reflects your understanding of the terms of our agreement, please acknowledge your agreement by executing this letter in the space provided below.


	KAISER ALUMINUM CORPORATION

	By:	/s/ John M. Donnan

		Senior Vice President and General Counsel

Agreed and accepted this 16^th day of April, 2008:

/s/ Joseph P. Bellino

JOSEPH P. BELLINO


		27422 Portola Parkway, Suite 350 Foothill Ranch, California ###-###-#### Tel (949) ###-###-#### Fax (949) ###-###-#### www.kaiseraluminum.com