**Exhibit 10.2****RELEASE**     This Release (“Agreement”) is made and entered into this 15th day of August, 2005, by andbetween Edward F. Houff, his heirs, executors/administrators, successors, and assigns (collectively“Houff”) and the Kaiser Aluminum & Chemical Corporation, its successors, assigns, officers,directors, shareholders, members, employees, agents, and counsel (collectively “Kaiser”).     **WHEREAS**, Houff and Kaiser agree that Houff’s last day of active employment with Kaiser will beAugust 15, 2005;     **WHEREAS**, Kaiser and Houff have reached certain agreements with respect to the terms of hisseverance and the continuing availability of Houff’s services after his termination of employmentas more fully set forth in Houff’s Severance Agreement (the “Severance Agreement”) entered into inconnection with the Kaiser Key Employee Retention Program (the “KERP”) as well as benefits providedunder the KERP, and Houff’s Non-Exclusive Consulting Agreement executed to be effective as ofAugust 16, 2005 (the “Consulting Agreement”);     **NOW, THEREFORE**, in consideration of the mutual promises contained in this Agreement, and othergood and valuable consideration, the parties agree as follows:     1. Houff and Kaiser agree that Houff’s employment with Kaiser will terminate effective August15, 2005.     2. Pursuant to the terms of the Severance Agreement, Houff agrees to release and dischargeforever Kaiser from all causes of action, claims, demands, costs, and expenses for damages which henow has or may have, whether known or unknown, against Kaiser on account of his employment withand/or termination from such employment with Kaiser, except for any specific claims that mightarise out of the Severance Agreement, the KERP and the Consulting Agreement. This release alsoincludes, 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 anyfederal, state, or local statute, regulation, ordinance, order, or law, including, withoutlimitation, the Age Discrimination in Employment Act, as amended; Title VII of the Civil Rights Actof 1964, as amended; the Equal Pay Act; the Americans with Disabilities Act; the Family and MedicalLeave Act; the Fair Labor Standards Act; the Older Workers Benefit Protection Act; the EmployeeRetirement Income Security Act; the National Labor Relations Act, as amended; the Civil Rights Actsof 1866 and 1871 (42 U.S.C. §§ 1981, 1983, 1985, et. seq.), as amended; the Civil RightsAct 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 otherfederal, state, or local laws regarding rights or claims relating to employment. This release doesnot apply to any claims that may arise after the effective date of this Agreement.
 

 
     3. Kaiser will pay to Houff the amounts contemplated by his Severance Agreement, less allauthorized deductions and required legal withholdings. Houff agrees that this amount representsconsideration 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 Houff within three (3) business daysfollowing August 15, 2005.     4. Kaiser will pay Houff all accrued, but unused vacation as of August 15, 2005, meaningunused vacation for 2005 and vacation accrued in 2005 for 2006.     5. Except as otherwise set forth in the Severance Agreement, Houff’s participation in orreceipt of any other benefits made available by the Kaiser, including, but not limited to allinsurance programs or plans will terminate effective August 15, 2005. Pursuant to any applicableplan documents, Houff’s participation in Kaiser’s retirement and/or 401(k) plans terminatedeffective August 15, 2005. Houff will be entitled to those amounts in which he is vested, if any,under the terms of the retirement and/or 401(k) plans.     6. Houff and Kaiser acknowledge that it is their mutual intent that this Agreement comply withthe Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act.Accordingly, this Agreement requires, and Houff acknowledges and agrees that:(a) By signing this Agreement, Houff is knowingly and voluntarily waiving his rightsunder the Age Discrimination in Employment Act, as amended;(b) Kaiser has advised Houff to consult with an attorney of his choosing regardingthe terms of this Agreement including the waiver of rights, and Houff has done so;(c) Kaiser has given Houff twenty-one (21) calendar days to consider this Agreement,and hereby voluntarily waives the 21-day consideration period;(d) Houff has the right to revoke this Agreement within seven (7) calendar daysafter execution, and hereby voluntarily waives the 7-day revocation period;(e) Kaiser has advised Houff that none of the terms and provisions of this Agreementshall become effective or be enforceable until the seven (7) day revocation periodhas expired; and(f) Houff has read and fully understands the terms of this Agreement.     7. Houff 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 hisemployment with Kaiser, the terms and conditions of such employment, the termination of suchemployment, or any alleged violation of state, federal, or local law or regulations by Kaiser.     8. This Agreement, the Severance Agreement, the Consulting Agreement and Houff’s RetentionAgreement entered into in connection with the KERP constitute the entire       2 *Edward F. Houff*