8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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 30, 2007

KAISER ALUMINUM CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware
(State or Other Jurisdiction
of Incorporation) 0-52105
(Commission
File Number) 94-3030279
(IRS Employer
Identification No.)

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)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

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))

TABLE OF CONTENTS

	Item 1.01. Entry into a Material Definitive Agreement.
	Item 5.02. Departure of Directors or Certain officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
Consulting Agreement
Release between KAFP and Maddox
Press Release

Item 1.01. Entry into a Material Definitive Agreement.

Consulting Agreement with Daniel D. Maddox

     Effective April 1, 2007, Kaiser Aluminum Fabricated Products, LLC, a wholly owned subsidiary of Kaiser Aluminum Corporation (the “Company”), and Daniel D. Maddox entered into (i) a Release (the “Release”) and (i) a Consulting Agreement (the “Consulting Agreement”) in connection with Mr. Maddox’s resignation (see Item 5.02 “Departure of Directors or Certain officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers” below). Pursuant to the Consulting Agreement, Mr. Maddox will continue to provide services to the Company as a consultant in exchange for a monthly base fee of $3,000, plus an additional hourly amount of $150 for each hour worked, all as more fully set forth in the Consulting Agreement. In addition, Mr. Maddox will be reimbursed for reasonable and customary expenses incurred providing those services. The Consulting Agreement will continue until June 30, 2007, unless terminated earlier or extended as provided in the Consulting Agreement. A copy of the Consulting Agreement and the Release are attached hereto as Exhibit 10.1 and Exhibit 10.2, respectively, and are incorporated herein by reference.

Item 5.02. Departure of Directors or Certain officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

     Effective April 1, 2007, Mr. Maddox resigned his position as Vice President and Controller of the Company at the conclusion of, and as contemplated by, the Employment Agreement, dated July 6, 2006, between Mr. Maddox and the Company. In connection with his resignation, Mr. Maddox will receive severance benefits set forth in the Release.

     In addition, effective April 1, 2007, Lynton J. Rowsell, 32, was appointed as Chief Accounting Officer of the Company to assume all Mr. Maddox’s external reporting responsibilities. Mr. Rowsell joined the Company in October 2006 as Director of External Reporting. Prior to joining the Company, Mr. Rowsell worked as assistant corporate controller of GeoLogistics, an international freight management and logistics company, from March 2006 to October 2006. Prior to joining GeoLogistics, Mr. Rowsell was with Ernst & Young as audit senior manager from October 2004 to March 2006, audit manager from October 2001 to September 2004 and supervising senior from October 1999 to September 2001.

     A copy of the press release announcing Mr. Maddox’s resignation and Mr. Rowsell’s appointment as Chief Accounting Officer is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

     (d) Exhibits.

Exhibit
Number	Description
10.1	Consulting Agreement between Kaiser Aluminum Fabricated Products,
	LLC (“KAFP”) and Daniel D. Maddox (“Maddox”).
10.2	Release between KAFP and Maddox.
99.1	Press Release dated April 3, 2007.

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 CORPORATION (Registrant)
By:	/s/ John M. Donnan
	John M. Donnan
	Vice President, Secretary and General Counsel

Date: April 4, 2007

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EXHIBIT INDEX

Exhibit
Number	Description
10.1	Consulting Agreement between Kaiser Aluminum Fabricated Products, LLC (“KAFP”) and Daniel D. Maddox (“Maddox”).
10.2	Release between KAFP and Maddox.
99.1	Press Release dated April 3, 2007.

EX-10.1

Exhibit 10.1

CONSULTING AGREEMENT

     This Consulting Agreement (“Agreement”) is entered into and effective as of April 1, 2007 between Daniel D. Maddox (“Consultant”) and Kaiser Aluminum Fabricated Products, LLC, a Delaware limited liability company with principal offices located at 27422 Portola Parkway, Suite 350, Foothill Ranch, California 92610 (“Kaiser”).

     WHEREAS, Consultant formerly served as Kaiser’s Vice President and Controller and has terminated his employment with Kaiser pursuant to the terms of his employment agreement; and

     WHEREAS, Kaiser desires to have Consultant continue to perform certain services for Kaiser as set forth herein, and Consultant is willing to perform such services.

     NOW THEREFORE, in consideration of the mutual promises contained herein the parties hereto agree as follows:

     1. Term and Termination

          The term of this Agreement shall commence as of the above referenced effective date and shall continue in effect through June 30, 2007 subject to such extensions or amendments as the parties may mutually agree upon in writing.

     2. Services

          2.1 Unless otherwise agreed by Kaiser in writing, Consultant shall remain available to Kaiser to assist and consult with Kaiser with various accounting tasks and responsibilities previously managed by Consultant. However, this is not an exclusive arrangement and does not preclude Consultant from accepting other arrangements that do not materially conflict.

          2.2 All services hereunder shall be performed by Consultant only as authorized by Kaiser’s Chief Financial Officer or Chief Accounting Officer, or such other person as Kaiser may designate and only as Consultant shall agree to accept such request.

          2.3 Consultant shall at all time act in accordance with his own best judgment, experience and expertise and shall conform to the high professional standards of work and business ethics as an independent Consultant. Consultant shall achieve results without supervision except as to manner or means of accomplishing those results.

          2.3 The parties anticipate that the services under this Agreement will primarily be performed remotely in Houston, Texas, however infrequent or occasional travel to Kaiser’s offices in Foothill Ranch, California may be required as mutually agreed. In addition, the parties do not anticipate the services contemplated by this Agreement to require Consultant’s full time and attention. The parties anticipate Consultant providing no more than 20-40 hours per month; however this shall not be deemed to be a commitment or guaranteed number of hours. In the event that the services require more time than anticipated, the parties will meet and confer to discuss modifications to the Agreement.

          2.4 This contact can be terminated by either party upon 45 days notice. In the case of termination by the Consultant, any previously paid retainer for the month in which termination occurs must be refunded to the Company.

     3. Fees and Reimbursements/Invoices

          3.1 Consultant shall receive a retainer each month during the term of this Agreement in the amount of Three Thousand Dollars ($3,000) payable on the fist day of each month. In addition, for each hour of actual services performed, Consultant shall receive compensation of One Hundred Fifty Dollars ($150) per hour for work performed . Both parties agree that Consultant is not an employee for state or federal tax purposes. No FICA, federal, state, nor local income tax, nor payroll tax or any kind, shall be withheld or paid by Kaiser on behalf of Consultant. Consultant shall be solely responsible for payment of all FICA and federal, state and local income taxes payable on compensation received hereunder. All travel time in connection with this Agreement will be prorated as required and compensated at the above rates. In addition, upon submission of proper documentation, Kaiser will reimburse Consultant for all reasonable and customary expenses incurred while providing consulting services. The term “reasonable and customary” shall mean expenses incurred consistent with Kaiser’s corporate policies on reimbursement of travel and related expenses.

          3.2 At the beginning of each month Consultant shall submit a statement (invoice) setting forth in reasonable detail Consultant’s fees and expenses for the prior month. Expenses shall be supported by standard Kaiser expense account documentation. Invoices must show the breakdown for services performed. These statements shall be submitted to Kaiser at the address set forth below.

Kaiser Aluminum Fabricated Products, LLC
27422 Portola Parkway, Suite 350
Foothill Ranch, California 92610
Attn: Chief Financial Officer

Kaiser shall promptly review and pay each such statement.

     4. Independent Contractor

          4.1 Consultant shall perform services hereunder as an independent contractor and not as an employee. Consultant shall have no power or authority to act for, legally represent, or commit Kaiser in any way unless Kaiser specifically authorizes Consultant to do so.

          4.2 Consultant understands and agrees that during the period of this Agreement and any extensions thereto Consultant is not entitled to participate in or accrue benefits, and Consultant hereby expressly waives any claim to participate in or accrue benefits, under Kaiser’s employee benefit plans, including but not limited to the Kaiser Aluminum Savings and Investment Plan, Kaiser’s Restoration Plan, Severance Pay and Benefits Continuation, Personal Choice, Life Insurance, Sick Leave with Salary Continuation, Long Term Disability, Accidental Death and Dismemberment, Medical and Dental plans for services performed hereunder. In addition, Consultant is not entitled to participate in any employee bonus plans.

     5. Protection of Confidential Information

          5.1 All work product of Consultant in the performance of this Agreement, including without limitation, analyses, reports, data and other information made by Consultant, shall be the property of Kaiser and shall be considered Confidential Information. Any information disclosed to Consultant by Kaiser or others in connection with this Agreement shall also be considered Confidential Information, and shall, as between Kaiser and Consultant, be the property of Kaiser.

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          5.2 Except as Kaiser may authorize in writing, Consultant shall not disclose any Confidential Information or use it for any purpose other than the performance of Consultant’s services under this Agreement. Promptly upon Kaiser’s request, and in any event upon the termination of this Agreement, Consultant shall deliver to Kaiser all such material (including all copies made thereof) which Consultant has in Consultant’s possession.

          5.3 All documents and tangible items prepared for and submitted to Kaiser by Consultant in connection with the services rendered under this Agreement shall belong exclusively to Kaiser (“Deliverable Items”). Consultant agrees to give Kaiser or its designees all assistance reasonably required to perfect such rights.

     6. Construction of Terms

          If any provision of this Agreement is held unenforceable by a court of competent jurisdiction, that provision shall be severed and shall not affect the validity or enforceability of the remaining provisions.

     7. Successors and Assigns

          This Agreement may not be assigned by Consultant without the prior consent of Kaiser. The benefits and obligations of this Agreement shall be binding upon and inure to the parties hereto, their successors and assigns.

     8. No Conflict

          Consultant warrants that Consultant has not previously assumed any obligations inconsistent with those undertaken by Consultant under this Agreement.

     9. Applicable Law/Entire Agreement

          9.1 This Agreement shall in all respects be governed by and construed in accordance with the laws of the State of California, except that conflicts of laws/provisions of California law shall not be applied for the purpose of making other law applicable.

          9.2 This Agreement constitutes the entire agreement and supersedes all prior agreements and understanding, both written and oral, between the parties relating to the subject matter hereof. It shall not be amended, supplemented or superseded except by a written agreement signed by both parties.

     10. Disputes

          Any dispute, controversy or claim arising out of, relating to, or in connection with this Agreement, or the breach, termination of validity thereof, which is not settled by mutual agreement of the parties involved in such dispute, controversy or claim shall be subject to the exclusive jurisdiction and venue of state and federal courts located in Orange County, California. In the regard, each of the parties submits to the jurisdiction of such courts and waives any defense to such jurisdiction.

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     11. Notices

          All notices, correspondence, consents, requests, demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given when actually received. Such notices may be given personally, by registered or certified mail, by telex, or by facsimile transmission:

if to Consultant:	Daniel D. Maddox
	12303 Woodthorpe
	Houston, Texas 77024
if to Kaiser:	Kaiser Aluminum Fabricated Products, LLC
	Attn: Chief Financial Officer
	27422 Portola Parkway — Suite 350
	Foothill Ranch, CA 92610-2831

     or to such other address as either party shall have last designated by notice to the other party hereto.

     12. Waiver

     Failure of either Kaiser or Consultant to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of such provisions nor in any way affect the validity of this Agreement or any part thereof or the right of either party thereafter to enforce each and every provision thereof. The waiver of any provisions of this Agreement or any breach thereof shall not constitute waiver of any subsequent breach of the same or any other provisions of this Agreement.

     13. Knowing and Voluntary Waiver

     Consultant understands and agrees that Consultant:

a.	Has carefully read and fully understands all of the provisions of this Agreement;
b.	Has had an opportunity to negotiate the terms of this Agreement;
c.	Is, through this Agreement, waiving right to employee benefits and/or any future claim to benefits set forth in paragraph 4.2 of this Agreement as a result of services provided under this Agreement;
d.	Knowingly and voluntarily intends to be legally bound by the terms of this Agreement; and
e.	Was advised and hereby is advised in writing to consider the terms of this Agreement and consult with an attorney of his choice prior to executing this Agreement.

     14. Survival

     The obligations of Consultant under Section 9 and 10 of this Agreement shall survive termination or expiration of this Agreement.

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     IN WITNESS WHEREOF, the parties have executed this Consulting Agreement as of the date first set forth above.

CONSULTANT:	KAISER ALUMINUM FABRICATED PRODUCTS, LLC
/s/ Daniel D. Maddox Daniel D. Maddox	By:	/s/ James E. McAuliffe, Jr. James E. McAuliffe, Jr.
		Vice President — Human Resources

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EX-10.2

Exhibit 10.2

RELEASE

     This Release (“Agreement”) is made and entered into to be effective as of the 1^st day of April, 2007, by and between Daniel D. Maddox, his heirs, executors/administrators, successors, and assigns (collectively “Maddox”) and the Kaiser Aluminum Fabricated Products, LLC, its successors, assigns, officers, directors, shareholders, members, employees, agents, and counsel (collectively “Kaiser”).

     WHEREAS, Maddox and Kaiser agree that Maddox’s last day of active employment with Kaiser will be April 1, 2007 (the “Termination Date”);

     WHEREAS, Kaiser and Maddox reached certain agreements with respect to the terms of his severance after his termination of employment as more fully set forth in Maddox’s Employment Agreement dated as of July 6, 2006 (the “Employment Agreement”) and his Change in Control Severance Agreement (the “Severance Agreement”) entered into in connection with the Kaiser Key Employee Retention Program (the “KERP”) as well as benefits provided under the KERP, and his Consulting Agreement executed to be effective as of the Termination Date (the “Consulting Agreement”);

     NOW, THEREFORE, in consideration of the mutual promises contained in this Agreement, and other good and valuable consideration, the parties agree as follows:

     1. Maddox and Kaiser agree that Maddox’s employment with Kaiser will terminate effective as of the Termination Date.

     2. Pursuant to the terms of the Severance Agreement, Maddox agrees to release and discharge forever Kaiser from all causes of action, claims, demands, costs, and expenses for damages which he now has or may have, whether known or unknown, against Kaiser on account of his employment with and/or termination from such employment with Kaiser, except for any specific claims that might arise out of the Severance Agreement, the KERP (including long term incentive payments), his Employment Agreement and the Consulting Agreement. This release also includes, but is not limited to, any claim of discrimination or harassment based upon any basis, including race, color, national origin, religion, sex, age, or disability arising under any federal, state, or local statute, regulation, ordinance, order, or law, including, without limitation, the Age Discrimination in Employment Act, as amended; Title VII of the Civil Rights Act of 1964, as amended; the Equal Pay Act; the Americans with Disabilities Act; the Family and Medical Leave Act; the Fair Labor Standards Act; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act; the National Labor Relations Act, as amended; the Civil Rights Acts of 1866 and 1871 (42 U.S.C. §§ 1981, 1983, 1985, et. seq.), as amended; the Civil Rights Act of 1991; any and all claims under federal, state, or local law including, without limitation, any claim of the existence or breach of an oral, implied, or written contract of employment; negligent or intentional misrepresentations; wrongful discharge; interference with contract; defamation; assault and battery; negligent or intentional infliction of emotional distress; violation of public policy; whistle-blowing; promissory and/or equitable estoppel; and any other federal, state, or local laws regarding rights or claims relating to employment. This release does not apply to any claims that may arise after the effective date of this Agreement for indemnity by Maddox, including claims for indemnity under that certain indemnity agreement between

Maddox and Kaiser dated as of July 6, 2006. Similarly, the foregoing shall not apply to claims Maddox that may arise after the effective date of this Agreement under Kaiser’s director and officer insurance programs.

     3. Kaiser will pay to Maddox the amounts contemplated by his Severance Agreement, less all authorized deductions and required legal withholdings. Maddox agrees that this amount represents consideration to which he is not otherwise entitled in the absence of execution of this Agreement. The monies pursuant to this paragraph 3 will be delivered to Maddox within three (3) business days following the Termination Date.

     4. Except as otherwise set forth in the Severance Agreement, Maddox’s participation in or receipt of any other benefits made available by the Kaiser, including, but not limited to all insurance programs or plans will terminate effective as of the Termination Date. Pursuant to any applicable plan documents, Maddox’s participation in Kaiser’s retirement and/or 401(k) plans terminated effective as of the Termination Date. Maddox will be entitled to those amounts in which he is vested, if any, under the terms of the retirement and/or 401(k) plans.

     5. Maddox and Kaiser acknowledge that it is their mutual intent that this Agreement comply with the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act. Accordingly, this Agreement requires, and Maddox acknowledges and agrees that:

(a) By signing this Agreement, Maddox is knowingly and voluntarily waiving his rights under the Age Discrimination in Employment Act, as amended;

(b) Kaiser has advised Maddox to consult with an attorney of his choosing regarding the terms of this Agreement including the waiver of rights, and Maddox has done so;

(c) Kaiser has given Maddox twenty-one (21) calendar days to consider this Agreement, and hereby voluntarily waives the 21-day consideration period;

(d) Maddox has the right to revoke this Agreement within seven (7) calendar days after execution, and hereby voluntarily waives the 7-day revocation period effective upon his receipt of the payments contemplated in Section 3;

(e) Kaiser has advised Maddox that none of the terms and provisions of this Agreement shall become effective or be enforceable until the seven (7) day revocation period has expired; and

(f) Maddox has read and fully understands the terms of this Agreement.

     6. Maddox represents and warrants that he has not filed or instituted any claim, complaint, charge, or proceeding before any court, administrative agency, or any other tribunal regarding his employment with Kaiser, the terms and conditions of such employment, the termination of such employment, or any alleged violation of state, federal, or local law or regulations by Kaiser.

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     7. This Agreement may not be amended, supplemented or superseded except by a written agreement signed by both parties.

     8. This Agreement shall be interpreted, construed, governed, and enforced under the laws of the State of Texas.

     9. If any phrase, clause, term, item or provision of this Agreement is declared invalid or unenforceable by a court, administrative agency, or arbitrator of competent jurisdiction; such phrase, clause, term, item or provision shall be deemed severed from this Agreement, as applicable, but will not affect any other provisions of this Agreement which shall otherwise remain in full force and effect.

     WHEREFORE, the parties hereto have executed this Release in counterpart originals or otherwise, as of the dates set forth below.

	DANIEL D. MADDOX
Date: March 30, 2007	/s/ Daniel D. Maddox
	KAISER ALUMINUM FABRICATED PRODUCTS, LLC
	By	/s/ James E. McAuliffe, Jr.
Date: March 30, 2007		Name:	James E. McAuliffe, Jr.
		Its:	Vice President -- Human Resources

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Kaiser Aluminum Announces Appointment of Chief Accounting Officer to Replace
Outgoing Vice President and Controller

FOOTHILL RANCH, Calif. — April 3, 2007 — Kaiser Aluminum (NASDAQ:KALU) today announced that Lynton Rowsell has been appointed Chief Accounting Officer to assume all the external reporting responsibilities of vice president and controller, Daniel D. Maddox, whose employment agreement ended on March 31, 2007.

Mr. Maddox and the company have entered into a three month consulting arrangement. In anticipation of Mr. Maddox’s departure, Mr. Rowsell joined the company in October 2006 as director of external reporting.

“We are very grateful for Dan’s many contributions over more than a decade as well as his work and dedication related to our emergence,” said Jack A. Hockema, chairman, president and CEO of Kaiser Aluminum. “We are also thankful to Dan for ensuring the successful transition of his critical roles and responsibilities to Lynton. We wish Dan well and look forward to Lynton playing a more significant role in our future.”

Mr. Rowsell has been working closely with Mr. Maddox for the past six months in his role as director of external reporting. Prior to joining Kaiser Aluminum in October 2006, Mr. Rowsell worked as assistant corporate controller for GeoLogistics, a freight forwarding company with revenues of approximately $2 billion. Prior to joining GeoLogistics, Mr. Rowsell was associated with the accounting firm of Ernst & Young, completing his tenure as audit senior manager.

Kaiser Aluminum is a leading producer of fabricated aluminum products for aerospace and high-strength, general engineering, and automotive and custom industrial applications. The company has more than 2,000 employees and 11 plants in North America and produces more than 500 million pounds annually of value-added sheet, plate, extrusions, forgings, rod, bar and tube. For more information, please see www.kaiseraluminum.com.

F-1069

Certain statements in this release relate to future events and expectations and, as a result, constitute forward-looking statements involving known and unknown risks and uncertainties that may cause actual results, performance or achievements of the company to be different from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include: (a) the effectiveness of the transition described in the release, (b) the effectiveness of management’s strategies and decisions; and (c) the other risk factors summarized in the company’s Form 10-K for the year ended December 31, 2006, and other reports filed with the Securities and Exchange Commission.

Investor Relations Contacts:
Joe Bellino
Dan Rinkenberger
Kaiser Aluminum
(949) 614-1740

Public Relations Contact:
Geoff Mordock
Fleishman-Hillard
(213) 489-8271