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: February 4, 2005
(Date of Earliest Event Reported)
OLYMPIC CASCADE FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 001-12629 36-4128138
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
875 NORTH MICHIGAN AVENUE, SUITE 1560, CHICAGO, IL 60611
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 751-8833
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:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS
SEVERANCE AGREEMENT WITH MICHAEL BRESNER
On February 4, 2005, National Securities Corporation ("National"), the
wholly-owned subsidiary of Olympic Cascade Financial Corporation (the "Company,"
"we" or "us") entered into a Severance Agreement (the "Severance Agreement")
with Michael A. Bresner. The Severance Agreement provides for the termination of
Mr. Bresner's existing employment with National.
Pursuant to the Severance Agreement, Mr. Bresner's employment
terminated, and he resigned as National's President and as a Director, effective
February 4, 2005.
Pursuant to the Severance Agreement, Mr. Bresner will receive monthly
severance payments of $6,250 commencing March 1, 2005 and ending February 1,
2006, for a total amount of $75,000.
APPOINTMENT OF MARK GOLDWASSER
Effective as of February 4, 2005, National appointed Mark Goldwasser,
as President. This appointment was approved by the Board of Directors of both
the Company and National.
Mr. Goldwasser is presently an executive officer and director of the
Company.
The information required by Items 401(b), (d) and (e) and Item 404(a)
of Regulation S-K with respect to Mr. Bresner is incorporated by reference from
our Definitive Proxy Statement on Schedule 14A filed with the Securities and
Exchange Commission on January 27, 2005.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibit
10.43 Severance Agreement, dated February 4, 2005 between Michael A.
Bresner and Nationals Securities Corporation.
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 thereunto duly authorized.
OLYMPIC CASCADE FINANCIAL CORPORATION
By: /s/ Mark Goldwasser
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Mark Goldwasser
President and Chief Executive Officer
Dated: February 9, 2005