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): ~~April 30~~June 2, 2006

AKSYS, LTD.

(Exact name of registrant as specified in its charter)

000-28290

000-28290
(Commission File Number)

Delaware	36-3890205
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Two Marriott Drive Lincolnshire, Illinois 60069
(Address of principal executive offices, with zip code)

(847) 229-2020
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

(Commission File Number)

Delaware		36-3890205
(State or other jurisdiction of		(I.R.S. Employer Identification No.)
incorporation or organization)

Two Marriott Drive Lincolnshire, Illinois 60069 (Address of principal executive offices, with zip code)

(847) 229-2020 (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 (see General Instruction A.2. below):

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 ~~May 4~~June 2, 2006, Aksys, Ltd. (the “Company”) and ~~William~~Nancy CS. ~~Dow~~Schmelkin, the Company’s former Senior Vice President, ~~and~~Global ~~Chief~~Marketing ~~Executive~~and ~~Officer,~~Customer Care, entered into a ~~separation~~letter agreement ~~and general release~~. ~~Pursuant~~ toThe ~~the~~letter ~~separation~~ agreement, ~~Mr. Dow will~~provides ~~receive~~that athe Company ~~lump~~will ~~sum~~pay ~~payment of $368,000~~Ms. ~~Mr. Dow~~Schmelkin ~~will~~severance ~~also~~in ~~receive~~the ~~a lump~~amount ~~sum payment~~ of approximately $15106,~~300~~000, ~~which~~less ~~may~~required bedeductions, ~~used~~representing tosix ~~pay~~months ~~for~~of ~~insurance~~Ms. ~~premiums he~~Schmelkin’s ~~incurs~~base assalary. aThe ~~result~~severance ofamount ~~his~~shall ~~election~~be topaid ~~continue~~in ~~his~~equal ~~health~~installments ~~insurance~~over ~~coverage~~six ~~under COBRA~~months. ~~These~~The ~~payments~~letter ~~will~~agreement ~~discharge~~provides ~~any~~that ~~other~~the ~~severance~~effective ~~obligations~~date ~~that~~of Ms. Schmelkin’s separation from the Company ~~may~~was ~~have~~May to5, Mr2006. ~~Dow.~~ MrMs. ~~Dow~~ Schmelkin also has released ~~the~~ the Company of any and all claims in connection with ~~his~~her departure from the Company,. ~~and~~The ~~Mr. Dow~~letter ~~has~~agreement ~~agreed~~will ~~not~~become toeffective ~~compete~~only ~~with~~after the expiration ~~Company~~of ora ~~solicit employees~~seven-day ofrevocation ~~the~~period ~~Company~~following ~~for~~the ~~one~~execution ~~year~~of the agreement.

InThe ~~connection~~letter ~~with the separation~~ agreement~~, the~~ ~~Company~~is ~~entered~~attached ~~into~~hereto ~~a consulting agreement with Mr. Dow effective~~ as of ~~April 30, 2006. The consulting agreement provides for a consulting~~Exhibits ~~period commencing on April 30, 2006, the date upon which Mr~~99. ~~Dow’s employment~~1 ~~with the Company terminated. During the consulting period, Mr. Dow agrees to be available to consult with officers~~ and ~~directors~~is ofincorporated ~~the~~herein ~~Company regarding the Company’s business and to perform such other consulting services as the Company reasonably requests. In consideration of the services rendered~~ by Mrreference. Dow thereunder, the Company has agreed to pay Mr. Dow a monthly consulting fee equal to $10,000 per month. The Company has agreed that Mr. Dow will be a consultant for the Company for a minimum of three months or, if the consultant arrangement is terminated by the Company prior to the end of such three month period, Mr. Dow shall nevertheless be entitled to total consulting fees of $30,000.

The consulting agreement and the separation agreement and general release are attached hereto as Exhibits 10.29 and 10.30 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
10.29		Separation Agreement and General Release entered into by William C. Dow and Aksys, Ltd. on May 4, 2006
10.1		Letter Agreement entered into by Aksys, Ltd. and Nancy S. Schmelkin
10.30		Consulting Agreement by and between William C. Dow and Aksys, Ltd. entered into as of April 30, 2006

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.

	AKSYS, LTD.
Dated: May 4, 2006	By:	/s/ Laurence P. Birch
Dated: June 8, 2006	By:	/s/ Laurence P. Birch
		Chief Financial Officer and interim
		Name:	Laurence P. Birch
		President and Chief Executive Officer
		Title:	Chief Financial Officer and Interim President and Chief Executive Officer

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