Document:

EX-10.4

 Exhibit 10.4 

NONQUALIFIED STOCK OPTION AGREEMENT 

PURSUANT TO THE 
 PAYCOR
HCM, INC. 2021 OMNIBUS INCENTIVE PLAN 
 * * * * * 

Participant: [•] 
 Grant Date: [•] 

Per Share Exercise Price: $[•] 
 Number of Shares
subject to this Option: [•] 
 * * * * * 

THIS NON-QUALIFIED STOCK OPTION AWARD AGREEMENT (this “Agreement”), dated as of the
Grant Date specified above, is entered into by and between Paycor HCM, Inc., a corporation organized in the State of Delaware (the “Company”), and the Participant specified above, pursuant to the Paycor HCM, Inc. 2021 Omnibus
Incentive Plan, as in effect and as amended from time to time (the “Plan”), which is administered by the Committee; and 

WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the Non-Qualified Stock Option provided for herein to the Participant. 
 NOW, THEREFORE, in consideration of
the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows: 

1. Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and provisions of the Plan
(including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the Award provided hereunder), all of which terms and provisions are made a part of and
incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement will have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of a true
copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan will control. No part of the
Option granted hereby is intended to qualify as an “incentive stock option” under Section 422 of the Code. 
 2. Grant of
Option. The Company hereby grants to the Participant, as of the Grant Date specified above, a Non-Qualified Stock Option (this “Option”) to acquire from the Company at the Per Share
Exercise Price specified above, the aggregate number of shares of Common Stock specified above (the “Option Shares”). Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this
Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason. The Participant will have no rights as a stockholder with respect
to any shares of Common Stock covered by the Option unless and until the Participant has become the holder of record of such shares, and no adjustments will be made for dividends in cash or other property, distributions or other rights in respect of
any such shares, except as otherwise specifically provided for in the Plan or this Agreement. 

 3. Vesting and Exercise. 

(a) Vesting. Subject to the provisions of Sections 3(b) and 3(c) hereof, the Option will vest and become exercisable as follows;
provided that, the Participant has not incurred a Termination prior to each such vesting date: 
  

			
	 Vesting Date
	  	Number of Shares
	[•]	  	[•]
	[•]	  	[•]
	[•]	  	[•]
	[•]	  	[•]

 There will be no proportionate or partial vesting in the periods prior to each vesting date and all vesting
will occur only on the appropriate vesting date, subject to the Participant’s continued service with the Company or any of its Subsidiaries on each applicable vesting date. Upon expiration of the Option, the Option will be cancelled and no
longer exercisable. 
 (b) Committee Discretion to Accelerate Vesting. Notwithstanding the foregoing, the Committee may, in its sole
discretion, provide for accelerated vesting of the Option at any time and for any reason; provided that, the Option will immediately accelerate and become fully vested if (i) the Participant experiences a Termination that is the result
of a termination by the Company or any of its Subsidiaries for reasons other than Cause (and not due to death or Disability) at any time on or following a Change in Control or (ii) the Participant experiences a Termination that is the result of
Participant’s death or Disability at any time. 
 (c) Expiration. Unless earlier terminated in accordance with the terms and
provisions of the Plan and/or this Agreement, all portions of the Option (whether vested or not vested) will expire and will no longer be exercisable after the expiration of ten years from the Grant Date. 

4. Termination. Subject to the terms of the Plan and this Agreement, the Option, to the extent vested at the time of the
Participant’s Termination, will remain exercisable as follows: 
 (a) Termination due to Death or Disability. In the event of the
Participant’s Termination by reason of death or Disability, the vested portion of the Option will remain exercisable until the earlier of (i) one year from the date of such Termination, and (ii) the expiration of the stated term of
the Option pursuant to Section 3(c) hereof; provided, however, that in the case of a Termination due to Disability, if the Participant dies within such one year exercise period, any unexercised Option held by
the Participant will thereafter be exercisable by the legal representative of the Participant’s estate, to the extent to which it was exercisable at the time of death, for a period of one year from the date of death, but in no event beyond the
expiration of the stated term of the Option pursuant to Section 3(c) hereof. 
 (b) Involuntary Termination
Without Cause. In the event of the Participant’s involuntary Termination by the Company without Cause, the vested portion of the Option will remain exercisable until the earlier of (i) 90 days from the date of such Termination, and
(ii) the expiration of the stated term of the Option pursuant to Section 3(c) hereof. 
 (c) Voluntary
Resignation. In the event of the Participant’s voluntary Termination (other than a voluntary Termination described in Section 4(d) hereof), the vested portion of the Option will remain exercisable until the earlier
of (i) 30 days from the date of such Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3(c) hereof. 

  
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 (d) Termination for Cause. In the event of the Participant’s Termination for
Cause or in the event of the Participant’s voluntary Termination (as provided in Section 4(c) hereof) after an event that would be grounds for a Termination for Cause, the Participant’s entire Option (whether or
not vested) will terminate and expire upon such Termination. 
 (e) Treatment of Unvested Options upon Termination. Any portion of
the Option that is not vested as of the date of the Participant’s Termination for any reason will terminate and expire as of the date of such Termination. 

5. Method of Exercise and Payment. Subject to Section 8 hereof, to the extent that the Option has become
vested and exercisable with respect to a number of shares of Common Stock as provided herein, the Option may thereafter be exercised by the Participant, in whole or in part, at any time or from time to time prior to the expiration of the Option as
provided herein and in accordance with Sections 6.4(c) and 6.4(d) of the Plan, including, without limitation, by the filing of any written form of exercise notice as may be required by the Committee and payment in full of the Per Share Exercise
Price specified above multiplied by the number of shares of Common Stock underlying the portion of the Option exercised. The Participant acknowledges and agrees to notify the Company in writing if he or she sells any shares of Common Stock acquired
pursuant to such exercise within one year of any such sale. 
 6. Non-Transferability. The
Option, and any rights and interests with respect thereto, issued under this Agreement and the Plan will not be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary of the Participant),
other than by testamentary disposition by the Participant or the laws of descent and distribution. Notwithstanding the foregoing, the Committee may, in its sole discretion, permit the Option to be Transferred to a Family Member for no value;
provided that, such Transfer will only be valid upon execution of a written instrument in form and substance acceptable to the Committee in its sole discretion evidencing such Transfer and the transferee’s acceptance thereof signed by
the Participant and the transferee; and, provided, further, that the Option may not be subsequently Transferred other than by will or by the laws of descent and distribution or to another Family Member (as permitted by the Committee in
its sole discretion) in accordance with the terms of the Plan and this Agreement, and will remain subject to the terms of the Plan and this Agreement. Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or
hypothecate in any way the Option, or the levy of any execution, attachment or similar legal process upon the Option, contrary to the terms and provisions of this Agreement and/or the Plan will be null and void and without legal force or effect.

 7. Governing Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by,
and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof. 
 8.
Withholding of Tax. The Company, or an Affiliate, as applicable, will have the power and the right to deduct or withhold, or require the Participant to remit to the Company, or an Affiliate, as applicable, an amount sufficient to satisfy any
federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or
any other applicable law, rule or regulation with respect to the Option and, if the Participant fails to do so, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this
Agreement. With the consent of the Committee, any minimum statutorily required withholding obligation incurred in connection with the exercise of its Option may be satisfied by reducing the amount of cash or shares of Common Stock otherwise
deliverable upon exercise of the Option. 

  
 3 

 9. Entire Agreement; Amendment. This Agreement, together with the Plan, contains the
entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee
will have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the
Participant. The Company will give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof. 

10. Notices. Any notice hereunder by the Participant will be given to the Company in writing and such notice will be deemed duly given
only upon receipt thereof by the General Counsel of the Company. Any notice hereunder by the Company will be given to the Participant in writing and such notice will be deemed duly given only upon receipt thereof at such address as the Participant
may have on file with the Company. 
 11. No Right to Employment. Any questions as to whether and when there has been a Termination
and the cause of such Termination will be determined in the sole discretion of the Committee. Nothing in this Agreement will interfere with or limit in any way the right of the Company, its Subsidiaries or its Affiliates to terminate the
Participant’s employment or service at any time, for any reason and with or without Cause. 
 12. Transfer of Personal Data. The
Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the Option awarded under this Agreement for legitimate business purposes (including, without
limitation, the administration of the Plan). This authorization and consent is freely given by the Participant. 
 13. Compliance with
Laws. The issuance of the Option (and the Option Shares upon exercise of the Option) pursuant to this Agreement will be subject to, and will comply with, any applicable requirements of any foreign and U.S. federal and state securities laws,
rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The
Company will not be obligated to issue the Option or any of the Option Shares pursuant to this Agreement if any such issuance would violate any such requirements. 

14. Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the Option is intended to be exempt from the
applicable requirements of Section 409A of the Code and will be limited, construed and interpreted in accordance with such intent. 

15. Binding Agreement; Assignment. This Agreement will inure to the benefit of, be binding upon, and be enforceable by the Company and
its successors and assigns. The Participant will not assign (except in accordance with Section 6 hereof) any part of this Agreement without the prior express written consent of the Company. 

16. Headings. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only
and will not be deemed to be a part of this Agreement. 
 17. Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original, but all of which will constitute one and the same instrument. 

  
 4 

 18. Further Assurances. Each party hereto will do and perform (or will cause to be
done and performed) all such further acts and will execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of
this Agreement and the Plan and the consummation of the transactions contemplated thereunder. 
 19. Severability. The invalidity or
unenforceability of any provisions of this Agreement in any jurisdiction will not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of
this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder will be enforceable to the fullest extent permitted by law. 

20. Acquired Rights. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time;
(b) the award of the Option made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the Option awarded
hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and will not be considered as part of such
salary in the event of severance, redundancy or resignation. 
 * * * * * 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	PAYCOR HCM, INC.
		
	By:	 	 

 
			
		
	Name:	 	                                     
                                         
        
		
	Title:	 	                                     
                                         
        

 [Signature Page to Stock Option Agreement] 

 
	
	THE PARTICIPANT
	
	   

	
	Name:                                     
                                         
          

 [Signature Page to Stock Option Agreement]EX-10.5

 Exhibit 10.5 

RESTRICTED STOCK UNIT AGREEMENT 

PURSUANT TO THE 
 PAYCOR
HCM, INC. 2021 OMNIBUS INCENTIVE PLAN 
 * * * * * 

Participant: [•] 
 Grant Date: [•] 

Number of Restricted Stock Units Granted: [•]: 

* * * * * 
 THIS RESTRICTED STOCK
UNIT AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between Paycor HCM, Inc., a corporation organized in the State of Delaware (the “Company”), and the
Participant specified above, pursuant to the Paycor HCM, Inc. 2021 Omnibus Incentive Plan, as in effect and as amended from time to time (the “Plan”), which is administered by the Committee; and 

WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the Restricted Stock Units
(“RSUs”) provided herein to the Participant. 
 NOW, THEREFORE, in consideration of the mutual covenants and promises
hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows: 
 1.
Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such
amendments are expressly intended not to apply to the Award provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not
defined in this Agreement will have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content.
In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan will control. 
 2.
Grant of Restricted Stock Unit Award. The Company hereby grants to the Participant, as of the Grant Date specified above, the number of RSUs specified above. Except as otherwise provided by the Plan, the Participant agrees and understands
that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason, and no adjustments will be made for
dividends in cash or other property, distributions or other rights in respect of the shares of Common Stock underlying the RSUs, except as otherwise specifically provided for in the Plan or this Agreement. 

3. Vesting. 
 (a) Subject
to the provisions of Sections 3(b) and 3(c) hereof, the RSUs subject to this Award will become vested as follows; provided that, the Participant has not incurred a Termination prior to each such vesting date: 

 

			
	 Vesting Date
	  	 Number of RSUs

	[•]	  	[•]
	[•]	  	[•]
	[•]	  	[•]
	[•]	  	[•]

 There will be no proportionate or partial vesting in the periods prior to each vesting date and all vesting
will occur only on the appropriate vesting date, subject to the Participant’s continued service with the Company or any of its Subsidiaries on each applicable vesting date. 

(b) Committee Discretion to Accelerate Vesting. Notwithstanding the foregoing, the Committee may, in its sole discretion, provide for
accelerated vesting of the RSUs at any time and for any reason; provided that, the RSUs will immediately accelerate and become fully vested if (i) the Participant experiences a Termination that is the result of a termination by the
Company or any of its Subsidiaries for reasons other than Cause (and not due to death or Disability) at any time on or following a Change in Control or (ii) the Participant experiences a Termination that is the result of Participant’s
death or Disability at any time. 
 (c) Forfeiture. Subject to the Committee’s discretion to accelerate vesting hereunder, all
unvested RSUs will be immediately forfeited upon the Participant’s Termination for any reason. 
 4. Delivery of Shares. 

(a) General. Subject to the provisions of Section 4(b) hereof, within 30 days following the vesting of the
RSUs, the Participant will receive the number of shares of Common Stock that correspond to the number of RSUs that have become vested on the applicable vesting date. Without limiting the foregoing, in lieu of delivering only shares of Common Stock,
the Committee may, in its sole discretion, settle any vested RSUs by payment to the Participant in cash of an amount equal to the Fair Market Value of the number of shares of Common Stock that correspond to the number of RSUs that have become vested
on the applicable vesting date. The Participant acknowledges and agrees to notify the Company in writing if he or she sells any shares of Common Stock acquired pursuant to such settlement within one year of any such sale. 

(b) Blackout Periods. If the Participant is subject to any Company “blackout” policy or other trading restriction imposed by
the Company on the date such distribution would otherwise be made pursuant to Section 4(a) hereof, the Company may defer such distribution until the earlier of (i) the date that the Participant is not subject to any such policy or
restriction and (ii) the later of (A) the end of the calendar year in which such distribution would otherwise have been made and (B) a date that is immediately prior to the expiration of two and
one-half months following the date such distribution would otherwise have been made hereunder. 
 5.
Dividends; Rights as Stockholder. Cash dividends on shares of Common Stock issuable hereunder will be credited to a dividend book entry account on behalf of the Participant with respect to each RSU granted to the Participant and will be held
uninvested and without interest and paid in cash at the same time that the shares of Common Stock (or cash payments, if applicable) underlying the RSUs are delivered to the Participant in accordance with the provisions hereof. Stock dividends on
shares of Common Stock will be credited to a dividend book entry account on behalf of the Participant with respect to each RSU granted to the Participant; provided that, such stock dividends will be paid in shares of Common Stock at the same
time that the shares of Common Stock underlying the RSUs are delivered to the Participant in accordance with the provisions hereof. Except as otherwise provided herein, the Participant will have no rights as a stockholder with respect to any shares
of Common Stock covered by any RSU unless and until the Participant has become the holder of record of such shares. 

  
 2 

 6. Non-Transferability. No portion of the
RSUs may be sold, assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to the Company as a result of forfeiture of the RSUs as provided herein, unless and until payment is made in respect of vested RSUs in
accordance with the provisions hereof and the Participant has become the holder of record of the vested shares of Common Stock issuable hereunder. 

7. Governing Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by, and
construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof. 
 8. Withholding
of Tax. The Company will have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited
to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the RSUs and, if
the Participant fails to do so, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this Agreement. With the consent of the Committee, any minimum statutorily required
withholding obligation incurred in connection with the settlement of the RSUs may be satisfied by reducing the amount of cash or shares of Common Stock otherwise deliverable upon settlement of the RSUs. 

9. Legend. The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on
all certificates representing shares of Common Stock issued pursuant to this Agreement. The Participant will, at the request of the Company, promptly present to the Company any and all certificates representing shares of Common Stock acquired
pursuant to this Agreement in the possession of the Participant in order to carry out the provisions of this Section 9. 
 10.
Securities Representations. This Agreement is being entered into by the Company in reliance upon the following express representations and warranties of the Participant. The Participant hereby acknowledges, represents and warrants that: 

(a) The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under the Securities
Act and in this connection the Company is relying in part on the Participant’s representations set forth in this Section 10. 

(b) If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the shares of Common Stock issuable
hereunder must be held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional registration statement (or a “re-offer prospectus”)
with regard to such shares of Common Stock and the Company is under no obligation to register such shares of Common Stock (or to file a “re-offer prospectus”). 

(c) If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Participant understands that
(i) the exemption from registration under Rule 144 will not be available unless (A) a public trading market then exists for the Common Stock of the Company, (B) adequate information concerning the Company is then available to the
public, and (C) other terms and conditions of Rule 144 or any exemption therefrom are complied with, and (ii) any sale of the shares of Common Stock issuable hereunder may be made only in limited amounts in accordance with the terms and
conditions of Rule 144 or any exemption therefrom. 

  
 3 

 11. Entire Agreement; Amendment. This Agreement, together with the Plan, contains the
entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee
will have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the
Participant. The Company will give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof. 

12. Notices. Any notice hereunder by the Participant will be given to the Company in writing and such notice will be deemed duly given
only upon receipt thereof by the General Counsel of the Company. Any notice hereunder by the Company will be given to the Participant in writing and such notice will be deemed duly given only upon receipt thereof at such address as the Participant
may have on file with the Company. 
 13. No Right to Employment. Any questions as to whether and when there has been a Termination
and the cause of such Termination will be determined in the sole discretion of the Committee. Nothing in this Agreement will interfere with or limit in any way the right of the Company, its Subsidiaries or its Affiliates to terminate the
Participant’s employment or service at any time, for any reason and with or without Cause. 
 14. Transfer of Personal Data. The
Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the RSUs awarded under this Agreement for legitimate business purposes (including, without
limitation, the administration of the Plan). This authorization and consent is freely given by the Participant. 
 15. Compliance with
Laws. The grant of RSUs and the issuance of shares of Common Stock hereunder will be subject to, and will comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including,
without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law, rule regulation or exchange requirement applicable thereto. The Company will
not be obligated to issue the RSUs or any shares of Common Stock pursuant to this Agreement if any such issuance would violate any such requirements. As a condition to the settlement of the RSUs, the Company may require the Participant to satisfy
any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation. 
 16.
Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the RSUs are intended to be exempt from the applicable requirements of Section 409A of the Code and will be limited, construed and
interpreted in accordance with such intent. 
 17. Binding Agreement; Assignment. This Agreement will inure to the benefit of, be
binding upon, and be enforceable by the Company and its successors and assigns. The Participant will not assign (except in accordance with Section 6 hereof) any part of this Agreement without the prior express written
consent of the Company. 
 18. Headings. The titles and headings of the various sections of this Agreement have been inserted for
convenience of reference only and will not be deemed to be a part of this Agreement. 
 19. Counterparts. This Agreement may be
executed in one or more counterparts, each of which will be deemed to be an original, but all of which will constitute one and the same instrument. 

  
 4 

 20. Further Assurances. Each party hereto will do and perform (or will cause to be
done and performed) all such further acts and will execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of
this Agreement and the Plan and the consummation of the transactions contemplated thereunder. 
 21. Severability. The invalidity or
unenforceability of any provisions of this Agreement in any jurisdiction will not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of
this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder will be enforceable to the fullest extent permitted by law. 

22. Acquired Rights. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time;
(b) the Award of RSUs made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the RSUs awarded
hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and will not be considered as part of such
salary in the event of severance, redundancy or resignation. 
 * * * * * 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above. 
  

			
	PAYCOR HCM, INC.
		
	By:	 	
                     
   

	Name:	 	  

	Title:	 	  

 [Signature Page to Restricted Stock Agreement] 

 
	
	THE PARTICIPANT
	  

	Name: ____________________________________

 [Signature Page to Restricted Stock Agreement]

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