On April 7, 2022, Kaiser Aluminum Corporation and certain subsidiaries of the Company (collectively with the Company, the Borrowers) entered into the Amendment No. 3 to Credit Agreement and Loan Documents with Wells Fargo Bank, National Association (Wells Fargo"), as administrative agent, Wells Fargo and JPMorgan Chase Bank, N.A. (JPMorgan Chase"), as joint lead arrangers and as joint book runners, and the other financial institutions party thereto (the Amendment"), which modifies the Credit Agreement dated as of October 30, 2019 (as amended by the Amendment and as otherwise amended, restated, supplemented, or otherwise modified from time to time, the Amended Credit Agreement"). The Amended Credit Agreement among other things, (1) increased the commitment from $375 million to $575 million (of which up to a maximum of $50 million may be utilized for letters of credit), (2) extended the maturity date from the earlier of (i) February 15, 2024 (if certain conditions were met) and (ii) October 30, 2024 to April 7, 2027, (3) removed eligible equipment from the borrowing base and as collateral, and (4) updated relevant benchmark provisions to reference the Secured Overnight Financing Rate (SOFR") instead of the London Interbank Offered Rate.

Under the Amended Credit Agreement, the Company may borrow from time to time an aggregate amount equal to the lesser of $575 million and a borrowing base comprised of (a) 90% of eligible accounts receivable in which the account debtor is an investment-grade domestic account debtor, less the amount, if any, of the dilution reserve, (b) 85% of eligible accounts receivable in which the account debtor is a domestic account debtor, but not an investment-grade domestic account debtor, less the amount, if any, of the dilution reserve, (c) the lesser of (i) 85% of eligible accounts receivable in which the account debtor is not a domestic account debtor, less the amount, if any, of the dilution reserve and (ii) an amount equal to 25% of the lesser of (A) maximum revolver amount or (B) borrowing base, (d) the lesser of (i) the product of 75% multiplied by the value of eligible inventory and (ii) the product of 85% multiplied by the net recovery percentage identified in the most recent acceptable appraisal of inventory, multiplied by the value of eligible inventory, and (e) at the option of the Company, 100% of eligible cash, (f) less certain reserves, all as specified in the Amended Credit Agreement. At maturity, all principal amounts outstanding under the Amended Credit Agreement will be due and payable. Borrowings under the Amended Credit Agreement bear interest at a rate equal to either a base rate or SOFR, plus, in each case, a specified variable percentage of between 125 basis points and 150 basis points (the Variable Margin") determined by reference to the then-remaining borrowing availability under the Credit Agreement and, in certain instances, a fixed margin.

The Company will also pay a monthly commitment fee equal to 0.25% per annum multiplied by the result of (i) the aggregate amount of revolver commitments, less (ii) the average revolver usage during the immediately preceding month. The Credit Agreement may, subject to certain conditions and the agreement of lenders thereunder, be increased up to $775 million and may be modified, subject to approval by the requisite number of lenders, to create certain ESG benchmarks.