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<SEC-DOCUMENT>0001140361-06-013611.txt : 20060925
<SEC-HEADER>0001140361-06-013611.hdr.sgml : 20060925
<ACCEPTANCE-DATETIME>20060925135622
ACCESSION NUMBER:		0001140361-06-013611
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060919
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
FILED AS OF DATE:		20060925
DATE AS OF CHANGE:		20060925

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YP CORP
		CENTRAL INDEX KEY:			0001045742
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				850206668
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24217
		FILM NUMBER:		061106261

	BUSINESS ADDRESS:	
		STREET 1:		4840 E JASMINE ST
		STREET 2:		STE 110
		CITY:			MESA
		STATE:			AZ
		ZIP:			85020
		BUSINESS PHONE:		4806549646

	MAIL ADDRESS:	
		STREET 1:		4840 EAST JASMINE STREET
		STREET 2:		SUITE 105
		CITY:			MESA
		STATE:			AZ
		ZIP:			85020

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	YP NET INC
		DATE OF NAME CHANGE:	19991112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RIGL CORP
		DATE OF NAME CHANGE:	19980707

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RENAISSANCE INTERNATIONAL GROUP LTD
		DATE OF NAME CHANGE:	19980115
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<DESCRIPTION>YP CORP 8-K 9-19-2006
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      YP Corp 8-K 9-19-2006
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      AND EXCHANGE COMMISSION</strong></font></div>
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                  Incorporation)</font></div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
              1.01.</strong></font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
                into a Material Definitive
                Agreement</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: -63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      September 19, 2006, YP Corp. (the &#8220;Company&#8221;) entered into an employment
      agreement with Daniel L. Coury, Sr., which calls for Mr. Coury to serve as
      the
      Chief Executive Officer and President of the Company. As previously disclosed
      in
      the Company&#8217;s Current Report on Form 8-K dated February 21, 2006, Mr. Coury has
      acted as interim Chief Executive Officer since January 25, 2006. As permanent
      Chief Executive Officer and President, Mr. Coury will receive a salary of
      $420,000, plus 10% annual salary increases, beginning with the Company&#8217;s fiscal
      year ending September 30, 2008; an annual bonus of $150,000, provided the
      Company obtains certain performance measures as established by the Company&#8217;s
      Board of Directors; a one time bonus of $150,000 if and when the common stock
      of
      the Company is listed on a national exchange; and a grant of 1,000,000 shares
      of
      restricted stock of the Company (&#8220;Restricted Shares&#8221;), which vest upon the
      earlier to occur of three years or a &#8220;change of control&#8221; (as defined in the
      Company&#8217;s 2003 Stock Plan); provided, however, that Mr. Coury is obligated to
      return 1/3 of the Restricted Shares at the end of each fiscal year unless
      certain performance targets are reached for that fiscal year. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additionally,
      in the event that Mr. Coury terminates his employment for &#8220;good reason&#8221; or the
      Company terminates his employment other than for &#8220;Cause&#8221; or on account of his
      death or &#8220;disability,&#8221; as each of those terms is defined in the employment
      agreement, Mr. Coury will receive 12 months of continuing salary, and all
      restricted stock granted to the employee prior to the employment agreement
      and
      the portion of the Restricted Shares that remain unvested and for which the
      annual risk of forfeiture has lapsed due to annual performance targets being
      achieved will be immediately accelerated. </font></div>
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      September 19, 2006, the Company also amended the employment agreements of Gary
      Perschbacher, the Company&#8217;s Chief Financial Officer, and John Raven, the
      Company&#8217;s Chief Operating Officer. Mr. Perschbacher&#8217;s amended employment
      agreement provides for an extension of the term until September 20, 2009; 10%
      annual salary increases, beginning with the Company&#8217;s fiscal year ending
      September 30, 2008; and a grant of 100,000 shares of restricted stock of the
      Company pursuant to the Company&#8217;s 2003 Stock Plan. Mr. Raven&#8217;s amended
      employment agreement provides for an extension of the term until September
      20,
      2009; an annual salary of $220,000, plus 10% annual salary increases, beginning
      with the Company&#8217;s fiscal year ending September 30, 2008; a $25,000 cash bonus
      upon execution of the employment agreement; and a grant of 25,000 shares of
      restricted stock of the Company pursuant to the Company&#8217;s 2003 Stock Plan.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      September 19, 2006, the Company also granted to Joseph Cunningham, a member
      of
      the Company&#8217;s Board of Directors, 100,000 shares of restricted stock of the
      Company in connection with his appointment to serve as Chairman of the Board
      of
      Directors and Chairman of the Company&#8217;s Audit Committee. Mr. Cunningham will
      receive an aggregate of $6,000 per month in lieu of all other director
      compensation for his service as Chairman of the Board and Chairman of the Audit
      Committee. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: -63pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
              5.02.</strong></font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Departure
                of Directors or Principal Officers; Election of Directors; Appointment
                of
                Principal Officers.</strong></font></div>
            </td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      information disclosed under Item 1.01 is incorporated herein by reference.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
      September 19, 2006, the Company appointed Mr. Coury to serve as its permanent
      Chief Executive Officer and President, subject to the terms of his employment
      agreement. Mr. Coury will remain a member of the Company&#8217;s Board of Directors;
      however, he has resigned his position as Chairman of the Board. Joseph
      Cunningham, the Chairman of the Company&#8217;s Audit Committee, will also assume the
      title of Chairman of the Board.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
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        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <td align="left" valign="top" width="50%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">YP
                CORP.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="50%">&#160;</td>
            <td align="left" valign="top" width="50%">&#160;</td>
          </tr>
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            <td align="left" valign="top" width="50%">&#160;</td>
          </tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
                September 22, 2006</font></div>
            </td>
            <td align="left" valign="top" width="50%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
                Gary Perschbacher</u></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="50%">&#160;</td>
            <td align="left" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                Perschbacher</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="50%">&#160;</td>
            <td align="left" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                Financial Officer</font></div>
            </td>
          </tr>

      </table>
    </div>
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    <div>&#160;

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