General from Termination Agreement
THIS AGREEMENT between YP Corp., a Nevada corporation, f/k/a YP.Net, Inc. (the Company), and Sunbelt Financial Concepts, Inc., an Arizona corporation (Sunbelt), is entered into and effective this 12th day of July 2004 (the Effective Date).
General. Sunbelt and the Company acknowledge that, at the request of the Board of Directors of Company, Angelo Tullo has resigned as Chief Executive Officer, President and Chairman and also as a director and officer, in all cases, of both the Company and its wholly-owned subsidiary, Telco Billing, Inc., effective as of May 28, 2004. The resignation and termination was not due to negligence, malfeasance, theft or embezzlement by Tullo or other employees of Sunbelt while in the employ of the Company.