The Severance Plan has not been filed with the SEC. The following summary is taken from the 2005 Proxy.
MAXXAM Severance Plan
Severance pay is generally granted to regular full-time employees who are
involuntarily terminated, subject to certain conditions and a number of
exclusions, pursuant to an unfunded plan. The plan provides for payment after
such termination in an amount ranging from two weeks' salary for at least one
year of service graduating to a maximum of 104 weeks' salary. The amounts
payable under the plan if the named executive officers who remain at the Company
had been involuntarily terminated on December 31, 2004 would have been as
follows: Mr. Hurwitz--$1,667,388; Mr. Friedman--$95,477; Mr.
Schwartz--$1,193,368; and Mr. Birkel--$390,000.