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<BR></P>
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      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><B><FONT
      size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B></P></TD></TR>
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    width="34%">
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      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
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    vAlign=top width="30%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><B><FONT
      size=2>Washington, D.C. 20549</FONT></B></P></TD>
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    width="34%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
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    <TD width=187></TD>
    <TD width=162></TD>
    <TD width=187></TD></TR></TABLE>
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size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
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      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><B><FONT
      size=5>Form 8-K</FONT></B></P></TD></TR></TABLE>
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size=2></FONT>&nbsp;</P>
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size=2></FONT>&nbsp;</P>
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size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 85.5pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=417 border=0>
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      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><B><FONT
      size=3>Current Report Pursuant to Section 13 or 15(d)
  of</FONT></B></P></TD></TR>
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    width="12%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="73%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><B><FONT
      size=3>The Securities Exchange Act of 1934</FONT></B></P></TD>
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    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    width="13%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD width=54></TD>
    <TD width=308></TD>
    <TD width=55></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 106.5pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=361 border=0>
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      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT
      size=2>Date of Report (date of earliest event reported): March 28,
      2005</FONT></P></TD></TR></TABLE>
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size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 150.75pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=243 border=0>
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    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    width="7%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="86%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><B><FONT
      size=5>MAXXAM INC.</FONT></B></P></TD>
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    width="7%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
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    vAlign=top colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT
      size=1>(Exact name of Registrant as specified in its
  Charter)</FONT></P></TD></TR>
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    <TD width=17></TD>
    <TD width=209></TD>
    <TD width=17></TD></TR></TABLE>
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size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 146.25pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=254 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    width="35%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="28%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><B><FONT
      size=2>Delaware</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    width="35%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
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    vAlign=top colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT
      size=2>(State or other jurisdiction of incorporation)</FONT></P></TD></TR>
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    <TD width=91></TD>
    <TD width=73></TD>
    <TD width=90></TD></TR></TABLE>
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size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 180pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=165 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    width="32%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="35%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><B><FONT
      size=2>1-3924</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    width="32%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
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    vAlign=top colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT
      size=2>(Commission File Number)</FONT></P></TD></TR>
  <TR>
    <TD width=53></TD>
    <TD width=59></TD>
    <TD width=53></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 153pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=236 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    width="31%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="36%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><B><FONT
      size=2>95-2078752</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    width="31%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT
      size=2>(I.R.S. Employer Identification Number)</FONT></P></TD></TR>
  <TR>
    <TD width=75></TD>
    <TD width=86></TD>
    <TD width=75></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=624 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="50%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 64.8%; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 32.25pt; TEXT-ALIGN: left"><B><FONT
      size=2>1330 Post Oak Boulevard, Suite 2000</FONT></B></P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 78pt; TEXT-ALIGN: left"><B><FONT
      size=2>Houston, Texas</FONT></B></P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.9pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt; TEXT-ALIGN: left"><FONT
      size=2>(Address of Principal Executive Offices)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="50%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 64.8%; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 86.25pt; TEXT-ALIGN: left"><B><FONT
      size=2>77056-3058</FONT></B></P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.9pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 89.25pt; TEXT-ALIGN: left"><FONT
      size=2>(Zip Code)</FONT></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 96.75pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=387 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="100%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Registrant's telephone number, including area code: </FONT><B><FONT
      size=2>(713) 975-7600</FONT></B></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2>&nbsp;<BR></FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P><BR>
<HR align=center width="100%" noShade SIZE=2>

<P style="PAGE-BREAK-BEFORE: always"></P><PAGE>
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size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=352 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="24%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=2>Item 1.01</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="75%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=2>Entry into a Material Definitive
  Agreement</FONT></B></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>On April 1, 2005, the Registrant and Emily Madison entered into an Executive
Employment Agreement (the "Employment Agreement"). The Employment Agreement has
a three year term and provides for Ms. Madison to become the Registrant's Vice
President, Finance at a beginning salary of $228,600 per year. Ms. Madison is
also to be paid a one-time signing bonus of $37,500, an annual bonus of not less
than $50,000, and an automobile allowance of $15,000 per year. She will also
become a participant in the Registrant's capital accumulation plan, as well as
be granted stock options in respect of 5,000 shares of the Registrant's Common
Stock. This description is qualified in its entirety by the actual provisions of
the Employment Agreement, a copy of which is attached hereto as Exhibit 10.1 and
incorporated herein by reference.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>On March 28, 2005, the Registrant's Section 162(m) Compensation Committee
(the "Section 162(m) Committee") adopted the 2005 bonus criteria (the "2005
Bonus Criteria") under the MAXXAM 1994 Executive Bonus Plan (the "Executive
Plan") for eligible participants. For 2005, these persons are the Registrant's
Chief Executive Officer (Charles E. Hurwitz), President and Chief Financial
Officer (Paul N. Schwartz), and Vice Chairman and General Counsel (J. Kent
Friedman). Section 162(m) of the Internal Revenue Code generally disallows a tax
deduction to a public company for any compensation over $1.0 million paid to the
chief executive officer and the four other most highly compensated officers of
such company. Performance-based compensation is not subject to the deduction
limit if certain requirements are met. The Executive Plan is designed to award
bonuses meeting these requirements.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>The 2005 Bonus Criteria in respect of Mr. Hurwitz were based upon
improved consolidated financial results, certain subsidiaries undertaking new
business opportunities or favorable developments in respect of the Registrant's
racing operations, completion of an Extraordinary Transaction (as defined in the
Executive Plan), improved earnings per share, and achievement by the
Registrant's operating segments of their 2005 business plans. Mr. Hurwitz earns
various specified amounts if such criteria are satisfied, subject to exercise by
the Section 162(m) Committee of its "negative discretion" (the absolute
discretion of the 162(m) Committee to reduce the actual bonus payable as the
result of any of the criteria being achieved). The 2005 Bonus Criteria for
Messrs. Schwartz and Friedman were based upon similar categories, although
certain categories were narrowed or eliminated entirely to reflect their
specific duties. Awards to Messrs. Schwartz and Friedman are also subject to the
negative discretion of the 162(m) Committee. This description is qualified in
its entirety by the actual provisions of the 2005 Bonus Criteria for Messrs.
Hurwitz, Schwartz, and Friedman, copies of which are attached hereto as Exhibits
10.2, 10.3 and 10.4, respectively, and incorporated herein by
reference.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>As previously disclosed, on December 30, 2004, the Registrant and Ms.
Diane Dudley, the Registrant's former Vice President, Chief Personnel Officer
entered into a one-year Consulting Agreement (the "Consulting Agreement"). On
March 28, 2005, the Registrant executed an undertaking (the "Undertaking") in
favor of Ms. Dudley, which document indemnifies Ms. Dudley against certain
matters in connection with her services under the Consulting Agreement. This
description is qualified in its entirety by the actual provisions of the
Undertaking, a copy of which is attached hereto as Exhibit 10.5 and incorporated
herein by reference.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=300 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="28%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=2>Item 9.01 </FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="71%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=2>Financial Statements and
Exhibits</FONT></B></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 36pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=102 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="36%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>(c)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="63%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Exhibits</FONT></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 64.5pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=497 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="11%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>10.1</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="88%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Executive Employment Agreement between the Registrant and Emily
      Madison</FONT></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 64.8pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="10%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>10.2</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top>

<P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>
2005
      Bonus Criteria for the MAXXAM Chief Executive Officer under the MAXXAM
      1994 Executive
      Bonus Plan</FONT></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 64.8pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="10%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>10.3</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top>
<P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>
2005
      Bonus Criteria for the MAXXAM President and Chief Financial Officer under
      the MAXXAM 1994 Executive Bonus Plan</FONT></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 64.8pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="10%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>10.4</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top>
<P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>2005
      Bonus Criteria for the MAXXAM Vice Chairman and General Counsel under the
      MAXXAM 1994 Executive Bonus Plan</FONT></P></TD></TR></TABLE>


<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 64.8pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="10%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>10.5</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top>
<P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Undertaking executed by the Registrant in favor of Diane
      Dudley</FONT></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P><BR>
<HR align=center width="100%" noShade SIZE=2>

<P style="PAGE-BREAK-BEFORE: always"></P><PAGE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.2in; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 202.5pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=105 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="100%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><B><FONT
      size=2>SIGNATURES</FONT></B></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT
size=2>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.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=624 border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="48%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 64.8%; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2></FONT>&nbsp;</P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2></FONT>&nbsp;</P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.9pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Date: April 1, 2005</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt"
    vAlign=top width="51%">
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 64.8%; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 82.5pt; TEXT-ALIGN: left"><B><FONT
      size=2>MAXXAM Inc.</FONT></B></P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 92.25pt; TEXT-ALIGN: left"><FONT
      size=2>(Registrant)</FONT></P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2></FONT>&nbsp;</P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT
      size=2>/S/ BERNARD L. BIRKEL</FONT></U> <FONT size=2>&nbsp;</FONT></P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 81pt; TEXT-ALIGN: left"><FONT
      size=2>Bernard L. Birkel</FONT></P>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.9pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.25pt; TEXT-ALIGN: left"><FONT
      size=2>Secretary and Senior Assistant General
  Counsel</FONT></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT
size=2></FONT>&nbsp;</P>
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size=2></FONT>&nbsp;</P>
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size=2></FONT>&nbsp;</P>
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size=2></FONT>&nbsp;</P>
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size=2></FONT>&nbsp;</P>
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size=2></FONT>&nbsp;</P>
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{"company-data": {"conformed-name": "MAXXAM INC", "cik": "0000063814", "assigned-sic": "3334", "irs-number": "952078752", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-03924", "film-number": "05724629"}, "business-address": {"street1": "1330 POST OAK BOULEVARD", "street2": "SUITE 2000", "city": "HOUSTON", "state": "TX", "zip": "77056-3058", "phone": "7139757600"}, "mail-address": {"street1": "1330 POST OAK BOULEVARD", "street2": "SUITE 2000", "city": "HOUSTON", "state": "TX", "zip": "77056-3058"}, "former-company": [{"former-conformed-name": "MCO HOLDINGS INC", "date-changed": "19881115"}, {"former-conformed-name": "MCCULLOCH OIL CORP", "date-changed": "19800630"}, {"former-conformed-name": "MCCULLOCH OIL CORP OF CALIFORNIA", "date-changed": "19691118"}]}
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 28,
      2005
MAXXAM INC.
(Exact name of Registrant as specified in its
  Charter)
Delaware
(State or other jurisdiction of incorporation)
1-3924
(Commission File Number)
95-2078752
(I.R.S. Employer Identification Number)
1330 Post Oak Boulevard, Suite 2000
Houston, Texas
(Address of Principal Executive Offices)
77056-3058
(Zip Code)
Registrant's telephone number, including area code:
(713) 975-7600
Item 1.01
Entry into a Material Definitive
  Agreement
On April 1, 2005, the Registrant and Emily Madison entered into an Executive
Employment Agreement (the "Employment Agreement"). The Employment Agreement has
a three year term and provides for Ms. Madison to become the Registrant's Vice
President, Finance at a beginning salary of $228,600 per year. Ms. Madison is
also to be paid a one-time signing bonus of $37,500, an annual bonus of not less
than $50,000, and an automobile allowance of $15,000 per year. She will also
become a participant in the Registrant's capital accumulation plan, as well as
be granted stock options in respect of 5,000 shares of the Registrant's Common
Stock. This description is qualified in its entirety by the actual provisions of
the Employment Agreement, a copy of which is attached hereto as Exhibit 10.1 and
incorporated herein by reference.
On March 28, 2005, the Registrant's Section 162(m) Compensation Committee
(the "Section 162(m) Committee") adopted the 2005 bonus criteria (the "2005
Bonus Criteria") under the MAXXAM 1994 Executive Bonus Plan (the "Executive
Plan") for eligible participants. For 2005, these persons are the Registrant's
Chief Executive Officer (Charles E. Hurwitz), President and Chief Financial
Officer (Paul N. Schwartz), and Vice Chairman and General Counsel (J. Kent
Friedman). Section 162(m) of the Internal Revenue Code generally disallows a tax
deduction to a public company for any compensation over $1.0 million paid to the
chief executive officer and the four other most highly compensated officers of
such company. Performance-based compensation is not subject to the deduction
limit if certain requirements are met. The Executive Plan is designed to award
bonuses meeting these requirements.
The 2005 Bonus Criteria in respect of Mr. Hurwitz were based upon
improved consolidated financial results, certain subsidiaries undertaking new
business opportunities or favorable developments in respect of the Registrant's
racing operations, completion of an Extraordinary Transaction (as defined in the
Executive Plan), improved earnings per share, and achievement by the
Registrant's operating segments of their 2005 business plans. Mr. Hurwitz earns
various specified amounts if such criteria are satisfied, subject to exercise by
the Section 162(m) Committee of its "negative discretion" (the absolute
discretion of the 162(m) Committee to reduce the actual bonus payable as the
result of any of the criteria being achieved). The 2005 Bonus Criteria for
Messrs. Schwartz and Friedman were based upon similar categories, although
certain categories were narrowed or eliminated entirely to reflect their
specific duties. Awards to Messrs. Schwartz and Friedman are also subject to the
negative discretion of the 162(m) Committee. This description is qualified in
its entirety by the actual provisions of the 2005 Bonus Criteria for Messrs.
Hurwitz, Schwartz, and Friedman, copies of which are attached hereto as Exhibits
10.2, 10.3 and 10.4, respectively, and incorporated herein by
reference.
As previously disclosed, on December 30, 2004, the Registrant and Ms.
Diane Dudley, the Registrant's former Vice President, Chief Personnel Officer
entered into a one-year Consulting Agreement (the "Consulting Agreement"). On
March 28, 2005, the Registrant executed an undertaking (the "Undertaking") in
favor of Ms. Dudley, which document indemnifies Ms. Dudley against certain
matters in connection with her services under the Consulting Agreement. This
description is qualified in its entirety by the actual provisions of the
Undertaking, a copy of which is attached hereto as Exhibit 10.5 and incorporated
herein by reference.
Item 9.01
Financial Statements and
Exhibits
(c)
Exhibits
10.1
Executive Employment Agreement between the Registrant and Emily
      Madison
10.2
2005
      Bonus Criteria for the MAXXAM Chief Executive Officer under the MAXXAM
      1994 Executive
      Bonus Plan
10.3
2005
      Bonus Criteria for the MAXXAM President and Chief Financial Officer under
      the MAXXAM 1994 Executive Bonus Plan
10.4
2005
      Bonus Criteria for the MAXXAM Vice Chairman and General Counsel under the
      MAXXAM 1994 Executive Bonus Plan
10.5
Undertaking executed by the Registrant in favor of Diane
      Dudley
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.
Date: April 1, 2005
MAXXAM Inc.
(Registrant)
By:
/S/ BERNARD L. BIRKEL
Bernard L. Birkel
Secretary and Senior Assistant General
  Counsel