8-K

FORM 8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): March 20, 2006

KAISER ALUMINUM & CHEMICAL
CORPORATION

(Exact name of Registrant as Specified in its Charter)

Delaware
(State of incorporation) 1-3605
(Commission File Number) 94-0928288
(I.R.S. Employer Identification Number)

27422 Portola Parkway, Suite 350
Foothill Ranch, California
(Address of Principal Executive Offices)  
92610-2831
(Zip Code)

(949) 614-1740
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement

On March 20, 2006, Kaiser Aluminum & Chemical Corporation (the “Company”), its parent, Kaiser Aluminum Corporation (“KAC”), and George T. Haymaker, Jr. completed a second extension of Mr. Haymaker’s agreement concerning his service as a director and non-executive Chairman of the Boards of the Company and KAC. The financial terms of the extension are the same as those under his prior contract and are disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004. The second extension runs from March 31, 2006 through the earlier of June 30, 2006 or the effective date of the Company’s and KAC’s emergence from Chapter 11.

Item 9.01 Financial Statements and Exhibits

     (c) Exhibits

*10.1 Non-Executive Chairman of the Boards Agreement dated March 20, 2006, among Kaiser Aluminum Corporation, Kaiser Aluminum & Chemical Corporation and George T. Haymaker, Jr.

     * Included with this filing

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	KAISER ALUMINUM & CHEMICAL CORPORATION (Registrant)
	By:	/s/ Daniel D. Maddox
Dated: March 23, 2006		Daniel D. Maddox
		Vice President and Controller

Exhibit Index

*10.1 Non-Executive Chairman of the Boards Agreement dated March 20, 2006, among Kaiser Aluminum Corporation, Kaiser Aluminum & Chemical Corporation and George T. Haymaker, Jr.

     * Included with this filing

EX-10.1

Exhibit 10.1

March 20, 2006

Mr. George T. Haymaker, Jr.
c/o Kaiser Aluminum & Chemical Corporation
27422 Portola Parkway, Suite 350
Foothill Ranch, California 92610

     Re:     Non-Executive Chairman of the Boards Agreement

Dear George:

     On behalf of the Boards of Directors (the “Boards”) of Kaiser Aluminum Corporation and Kaiser Aluminum & Chemical Corporation this letter confirms the extension of the term of your Non-Executive Chairman of the Boards Agreement dated January 7, 2005 (as amended, the “Agreement”) through the earlier of (i) June 30, 2006 and (ii) the effective date of the plan of reorganization filed by the companies as such plan may be amended or modified. As a result of the extension, any references to March 31, 2006 in the Agreement will be deemed to be amended to refer to June 30, 2006. Except as noted in this letter, all other terms of the Agreement shall continue in full force and effect.

     George, the Boards are very pleased that you are willing to continue the duties of non-executive Chairman of the Boards. Your contributions continue to be invaluable and we look forward to continuing to work with you.

     If the terms of this extension are consistent with your understanding of the terms of the extension, please sign this letter in the space provided below and return a copy to me.

Very truly yours,

John Barneson
Senior Vice President and
Chief Administrative Officer

The foregoing is agreed to and accepted
effective as of March ___, 2006
 

George T. Haymaker, Jr.