Document:

EX-10.1

 Exhibit 10.1 

DIRECTOR NOMINATION AGREEMENT 

THIS DIRECTOR NOMINATION AGREEMENT (this “Agreement”) is made and entered into as of July 23, 2021, by and among Paycor
HCM, Inc., a Delaware corporation (the “Company”) and Pride Aggregator, L.P., a Delaware limited partnership (“Pride Aggregator”). This Agreement shall become effective (the “Effective Date”) upon
the closing of the Company’s initial public offering (the “IPO”) of shares of its common stock, par value $0.001 per share (the “Common Stock”). 

WHEREAS, as of the date hereof, Pride Aggregator owns a majority of the outstanding equity interests of the Company; 

WHEREAS, as of the date hereof, the majority of limited partnership interests in Pride Aggregator are held by Apax Partners, L.P. (together
with its affiliated investment entities, “Apax Partners”); 
 WHEREAS, Pride Aggregator is contemplating causing the
Company to effect the IPO; 
 WHEREAS, in consideration of Pride Aggregator agreeing to undertake the IPO, the Company has agreed to permit
Pride Aggregator to designate persons for nomination for election to the board of directors of the Company (the “Board”) following the Effective Date on the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each of the parties to this Agreement agrees as follows: 
 1. Board Nomination
Rights. 
  

	 	(a)	 From the Effective Date, Pride Aggregator shall have the right to designate (i) all of the nominees for
election to the Board for so long as Pride Aggregator beneficially owns at least forty percent (40%) of the total number of shares of the Common Stock beneficially owned by Pride Aggregator upon completion of the IPO, as adjusted for any
reorganization, recapitalization, stock dividend, stock split, reverse stock split or similar changes in the Company’s capitalization (the “Original Amount”); (ii) forty percent (40%) of the nominees for election to the Board
for so long as Pride Aggregator beneficially owns less than forty percent (40%) but at least thirty percent (30%) of the Original Amount; (iii) thirty percent (30%) of the nominees for election to our Board for so long as Pride Aggregator
beneficially owns less than thirty percent (30%) but at least twenty percent (20%) of the Original Amount; (iv) twenty percent (20%) of the nominees for election to the Board for so long as Pride Aggregator beneficially owns less than twenty
percent (20%) but at least ten percent (10%) of the Original Amount; and (v) one (1) of the nominees for election to the Board for so long as Pride Aggregator beneficially own at least five percent (5%) of the Original Amount (each such person,
a “Nominee”, and together, the “Nominees”). If Pride Aggregator is 

	 	
dissolved at any time after the IPO, then Apax Partners will be permitted to cause the rights of Pride Aggregator to be assigned to it or one or more of its Affiliates (as defined below).

  

	 	(b)	 In the event that Pride Aggregator has nominated less than the total number of designees that Pride Aggregator
shall be entitled to nominate pursuant to Section 1(a), Pride Aggregator shall have the right, at any time, to nominate such additional designees to which it is entitled, in which case, the Company and the Directors (as
defined below) shall take all necessary corporation action, to the fullest extent permitted by applicable law (including with respect to fiduciary duties under Delaware law), to (x) enable Pride Aggregator to nominate and effect the election or
appointment of such additional individuals, whether by increasing the size of the Board, or otherwise and (y) to designate such additional individuals nominated by Pride Aggregator to fill such newly created vacancies or to fill any other
existing vacancies. 

  

	 	(c)	 The Company shall pay all reasonable
out-of-pocket expenses incurred by any Nominee in connection with the performance of his or her duties as a Director and in connection with his or her attendance at any
meeting of the Board. 

  

	 	(d)	 “Beneficially Own” shall mean that a specified person has or shares the right, directly or
indirectly, through any contract, arrangement, understanding, relationship or otherwise, to vote shares of capital stock of the Company. “Affiliate” of any person shall mean any other person controlled by, controlling or under
common control with such person; where “control” (including, with its correlative meanings, “controlling,” “controlled by” and “under common control with”) means possession,
directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise). 

 

	 	(e)	 “Director” means any member of the Board. 

 

	 	(f)	 No reduction in the number of shares of Common Stock that Pride Aggregator Beneficially Owns shall shorten the
term of any incumbent Director. At the Effective Date, the Board shall be comprised of eight members and the initial Nominees shall be (i) Raul Villar Jr., (ii) Whitney Bouck, (iii) Kathleen Burke, (iv) Steven Collins,
(v) Jonathan Corr, (vi) Umang Kajaria, (vii) Scott Miller and (viii) Jason Wright. 

  

	 	(g)	 In the event that any Nominee shall cease to serve for any reason, Pride Aggregator shall be entitled to
designate such person’s successor in accordance with this Agreement (regardless of Pride Aggregator’ Beneficial Ownership of Common Stock at the time of such vacancy) and the Board shall promptly fill the vacancy with such successor
nominee; it being understood that any such designee shall serve the remainder of the term of the Director whom such designee replaces. 

  
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	 	(h)	 If a Nominee is not appointed or elected to the Board because of such person’s death, disability,
disqualification, withdrawal as a Nominee or for other reason is unavailable or unable to serve on the Board, Pride Aggregator shall be entitled to designate promptly another Nominee and the director position for which the original Nominee was
nominated shall not be filled pending such designation. 

  

	 	(i)	 So long as Pride Aggregator has the right to nominate at least one (1) Nominee under this
Section 1 or any such Nominee is serving on the Board, the Company shall maintain in effect at all times directors and officers indemnity insurance coverage reasonably satisfactory to Pride Aggregator, and the
Company’s Second Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws (each as may be further amended, supplemented or waived in accordance with its terms) shall at all times provide for indemnification, exculpation
and advancement of expenses to the fullest extent permitted under applicable law. 

  

	 	(j)	 Except as provided for in Section 1(b) hereof, at any time that Pride Aggregator shall have any nomination
rights under this Section 1, the Company shall not increase or decrease the number of Directors serving on the Board without the prior written consent of Pride Aggregator. 

 

	 	(k)	 At such time as the Company ceases to be a “controlled company” and is required by applicable law or
The Nasdaq Global Select Market (the “Exchange”) listing standards to have a majority of the Board comprised of “independent directors” (subject in each case to any applicable
phase-in periods), the Nominees shall include a number of persons that qualify as “independent directors” under applicable law and the Exchange listing standards such that, together with any other
“independent directors” then serving on the Board that are not Nominees, the Board is comprised of a majority of “independent directors”; provided that at any time that Pride Aggregator shall have any nomination rights
under this Section 1, (i) Pride Aggregator shall be entitled to nominate at least one (1) Nominee who does not qualify as an “independent director” and (ii) the number of “independent
directors” required to be nominated by Pride Aggregator pursuant to this provision shall not be greater than the number of Nominees required to be “independent directors” pursuant to this provision to be nominated by Pride Aggregator
with the right to nominate the same number of, or more, Nominees as Pride Aggregator. 

  

	 	(l)	 At any time that Pride Aggregator shall have any nomination rights under this
Section 1, the Company shall not take any action, including making or recommending any amendment to Company’s Company’s Second Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws (each
as may be further amended, supplemented or waived in accordance with its terms) that could reasonably be expected to adversely affect Pride Aggregator’ rights under this Agreement, in each case without the prior written consent of Pride
Aggregator. 

  
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	 	(m)	 The Company recognizes that Nominees (i) will from time to time receive
non-public information concerning the Company, and (ii) may share such information with other individuals associated with Pride Aggregator and its affiliated entities. The Company hereby irrevocably
consents to such sharing. Pride Aggregator agrees that it will keep confidential and not disclose or divulge to any third party any confidential information regarding the Company it receives from the Company or a Nominee, unless such information
(x) is known or becomes known to the public in general, (y) is or has been independently developed or conceived by Pride Aggregator without use of the Company’s confidential information or (z) is or has been made known or
disclosed to Pride Aggregator by a third party without a breach of any obligation of confidentiality such third party may have; provided, however, that Pride Aggregator may disclose confidential information (I) to its Affiliates
(other than, in the case of Apax Partners, portfolio companies), (II) to each of its and its Affiliate’s (other than portfolio companies) attorneys, accountants, consultants, advisors and other professionals to the extent necessary to obtain
their services in connection with evaluating the information, or (III) as may be required by law or legal, judicial or regulatory process or requested by any regulatory or self-regulatory authority or examiner, provided that Pride
Aggregator takes reasonable steps to minimize the extent of any required disclosure described in this clause (III). 

 2.
Company Obligations. The Company agrees that prior to the date that Pride Aggregator and its Affiliates cease to Beneficially Own shares of Common Stock representing at least 5% of the Original Amount, (i) each Nominee is included in the
Board’s slate of nominees to the stockholders (the “Board’s Slate”) for each election of Directors; and (ii) each Nominee is included in the proxy statement prepared by management of the Company in connection with
soliciting proxies for every meeting of the stockholders of the Company called with respect to the election of members of the Board (each, a “Director Election Proxy Statement”), and at every adjournment or postponement thereof, and
on every action or approval by written consent of the stockholders of the Company or the Board with respect to the election of members of the Board. Pride Aggregator will promptly report to the Company after Pride Aggregator ceases to Beneficially
Own shares of Common Stock representing at least 5% of the total voting power of the Original Amount, such that Company is informed of when this obligation terminates. The calculation of the number of Nominees that Pride Aggregator is entitled to
nominate to the Board’s Slate for any election of Directors shall be based on the percentage of the Original Amount Beneficially Owned by Pride Aggregator immediately prior to the mailing to shareholders of the Director Election Proxy Statement
relating to such election (or, if earlier, the filing of the definitive Director Election Proxy Statement with the U.S. Securities and Exchange Commission). Unless Pride Aggregator notifies the Company otherwise prior to the mailing to shareholders
of the Director Election Proxy Statement relating to an election of Directors, the Nominees for such election shall be presumed to be the same Nominees currently serving on the Board, and no further action shall be required of Pride Aggregator for
the Board to include such Nominees on the Board’s Slate; provided that, in the event Pride Aggregator is no longer entitled to nominate the full number of Nominees then serving on the Board, Pride Aggregator shall provide advance written
notice to the Company, of which currently servicing Nominee(s) shall be excluded from the Board’s Slate, and of any other changes to the list of Nominees. If Pride Aggregator fails to provide such notice prior to the mailing to shareholders of
the Director 

  
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Election Proxy Statement relating to such election (or, if earlier, the filing of the definitive Director Election Proxy Statement with the U.S. Securities and Exchange Commission), a majority of
the independent directors then serving on the Board shall determine which of the Nominees of Pride Aggregator then serving on the Board will be included in the Board’s Slate. Furthermore, the Company agrees for so long as the Company qualifies
as a “controlled company” under the rules of the Exchange the Company will elect to be a “controlled company” for purposes of the Exchange and will disclose in its annual meeting proxy statement that it is a “controlled
company” and the basis for that determination. The Company and Pride Aggregator acknowledge and agree that, as of the Effective Date, the Company is a “controlled company.” The Company agrees to provide written notice of the
preparation of a Director Election Proxy Statement to Pride Aggregator at least 20 business days, but no more than 40 business days, prior to the earlier of the mailing and the filing date of any Director Election Proxy Statement. 

3. Governance. 
  

	 	(a)	 Protective Provisions. Notwithstanding any other provision of this Agreement and to the fullest extent
permitted by applicable law, in addition to the approval of the Directors, the following actions described in this Section 3(a) (collectively, the “Consent Matters”) shall require the prior written consent
of Pride Aggregator as set out below: 

  

	 	i.	 none of the following actions shall be taken by the Company, including any proposal by the Board to be put to
the vote of the stockholders of the Company with respect thereto, without the prior written consent of Pride Aggregator for so long as Pride Aggregator owns at least 5% of the Original Amount (except as set forth in the proviso in
Section 3(a)(I)): 

  

	 	I.	 amending, altering or changing, or waiving any rights under, this Agreement, the organizational documents,
including the Second Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws of the Company (which shall also be subject to Section 5 hereof), and/or the organizational documents of any subsidiary
of the Company; provided that, notwithstanding the foregoing, for so long as Pride Aggregator owns any outstanding Common Stock, any amendment, alteration, or change to, or waiver under, other organizational documents, including the Second
Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws of the Company, and/or the organizational documents of any subsidiary of the Company that would adversely affect in any respect any rights specific to Pride Aggregator
(subject to applicable law) require the written consent of Pride Aggregator; 

  

	 	II.	 authorizing or issuing any equity securities of the Company having rights, preferences or privileges that are
superior or senior to the outstanding Common Stock (or any securities convertible or exchangeable therefor pursuant to their terms); 

  
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	 	III.	 any transaction with any stockholder or Affiliate of a stockholder or any Director or officer of the Company or
any of its subsidiaries (other than employment agreements with officers not otherwise affiliated with a stockholder); 

  

	 	IV.	 winding up the Company; and 

 

	 	V.	 entering into any agreement with respect to the matters described in the foregoing clauses (I) through
(IV) or taking any such action indirectly. 

  

	 	ii.	 none of the following actions shall be taken by the Company, including any proposal by the Board to be put to
the vote of the stockholders of the Company with respect thereto, without the prior written consent of Pride Aggregator for so long as Pride Aggregator owns at least 20% of the Original Amount: 

 

	 	I.	 the declaration or payment of any dividend or other distribution to the stockholders by the Company or
redemption, repurchase or exchange (as applicable) of any equity securities of the Company; 

  

	 	II.	 issuing or granting any equity securities of the Company or its subsidiaries, other than (A) grants under
the Paycor HCM, Inc. 2021 Omnibus Incentive Plan, or (B) in connection with transactions consistent with certain specified strategies; and 

  

	 	III.	 entry by the Company into any agreement with respect to the matters described in the foregoing clauses
(I) through (II) or taking any such action indirectly. 

 4. Committees. From and after the Effective Date
hereof until such time as Pride Aggregator and its Affiliates cease to Beneficially Own Common Stock representing at least 5% of the Original Amount, Pride Aggregator shall have the right to designate one member of each committee of the Board,
provided that any such designee shall be a Director and shall be eligible to serve on the applicable committee under applicable law or listing standards of the Exchange, including any applicable independence requirements (subject in each case
to any applicable exceptions, including those for newly public companies and for “controlled companies,” and any applicable phase-in periods). Any additional members shall be determined by the Board.
Nominees designated to serve on a Board committee shall have the right to remain on such committee until the next election of Directors, regardless of the number of shares of Common Stock Pride Aggregator Beneficially Owns following such
designation. Unless Pride Aggregator notifies the Company otherwise prior to the time the Board takes action to change the composition of a Board committee, and to the extent Pride Aggregator Beneficially Owns the

  
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requisite percentage of the Original Amount for Pride Aggregator to nominate a Board committee member at the time the Board takes action to change the composition of any such Board committee, any
Nominee currently designated by Pride Aggregator to serve on a committee shall be presumed to be re-designated for such committee. 

5. Amendment and Waiver. Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in
writing and is signed, in the case of an amendment, by the Company and Pride Aggregator, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by law. Pride Aggregator shall not be obligated to nominate all (or any) of the Nominees they are entitled to nominate pursuant to this Agreement for any election of Directors
but the failure to do so shall not constitute a waiver of their rights hereunder with respect to future elections; provided, however, that in the event Pride Aggregator fails to nominate all (or any) of the Nominees it is entitled to
nominate pursuant to this Agreement prior to the mailing to shareholders of the Director Election Proxy Statement relating to such election (or, if earlier, the filing of the definitive Director Election Proxy Statement with the U.S. Securities and
Exchange Commission), the Nominating & Governance Committee of the Board shall be entitled to nominate individuals in lieu of such Nominees for inclusion in the Board’s Slate and the applicable Director Election Proxy Statement with
respect to the election for which such failure occurred and Pride Aggregator shall be deemed to have waived its rights hereunder with respect to such election; provided, further, however, that any such waiver shall only be
effective if the Company has provided written notice to Pride Aggregator of such Director Election Proxy Statement no less than 20 business days, and no more than 40 business days, prior to the earlier of the mailing or filing date of such Director
Election Proxy Statement. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 

6. Benefit of Parties. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
permitted successors and assigns. Notwithstanding the foregoing, the Company may not assign any of its rights or obligations hereunder without the prior written consent of Pride Aggregator. Except as otherwise expressly provided in
Section 7, nothing herein contained shall confer or is intended to confer on any third party or entity that is not a party to this Agreement any rights under this Agreement. 

7. Assignment. Upon written notice to the Company, Pride Aggregator may assign to any Affiliate (other than a portfolio company) all of
its rights hereunder. 
 8. Indemnification. 
  

	 	(a)	 The Company shall defend, indemnify and hold harmless Apax Partners, their respective Affiliates, partners,
employees, agents, directors, managers, officers and controlling persons (collectively, the “Indemnified Parties”) from and against any and all actions, causes of action, suits, claims, liabilities, losses, damages, costs, expenses,
or obligations of any kind or nature (whether accrued or fixed, 

  
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absolute or contingent) in connection therewith (including reasonable attorneys’ fees and expenses) incurred by the Indemnified Parties before or after the date of this Agreement (each, an
“Action”) arising directly or indirectly out of, or in any way relating to, (i) Apax Partners’ or its respective Affiliates’ Beneficial Ownership of Common Stock or other equity securities of the Company or control or
ability to influence the Company or any of its subsidiaries (other than any such Actions (x) to the extent such Actions arise out of any breach of this Agreement by an Indemnified Party or its Affiliates or the breach of any fiduciary or other
duty or obligation of such Indemnified Party to its direct or indirect equity holders, creditors or Affiliates or (y) to the extent such Actions are directly caused by such Person’s willful misconduct), (ii) the business, operations,
properties, assets or other rights or liabilities of the Company or any of its subsidiaries or (iii) any services provided prior, on or after the date of this Agreement by Apax Partners or its respective Affiliates to the Company or any of its
subsidiaries. The Company shall defend at its own cost and expense in respect of any Action which may be brought against the Company and/or its Affiliates and the Indemnified Parties. The Company shall defend at its own cost and expense any and all
Actions which may be brought in which the Indemnified Parties may be impleaded with others upon any Action by the Indemnified Parties, except that if such damage shall be proven to be the direct result of gross negligence, bad faith or willful
misconduct by any of the Indemnified Parties, then such Indemnified Party shall reimburse the Company for the costs of defense and other costs incurred by the Company in proportion to such Indemnified Party’s culpability as proven. In the event
of the assertion against any Indemnified Party of any Action or the commencement of any Action, the Company shall be entitled to participate in such Action and in the investigation of such Action and, after written notice from the Company to such
Indemnified Party, to assume the investigation or defense of such Action with counsel of the Company’s choice at the Company’s expense; provided, however, that such counsel shall be reasonably satisfactory to the Indemnified Party.
Notwithstanding anything to the contrary contained herein, the Company may retain one firm of counsel to represent all Indemnified Parties in such Action; provided, however, that the Indemnified Party shall have the right to employ a single firm of
separate counsel (and any necessary local counsel) and to participate in the defense or investigation of such Action and the Company shall bear the expense of such separate counsel (and local counsel, if applicable), if (x) in the opinion of
counsel to the Indemnified Party use of counsel of the Company’s choice could reasonably be expected to give rise to a conflict of interest, (y) the Company shall not have employed counsel satisfactory to the Indemnified Party to represent
the Indemnified Party within a reasonable time after notice of the assertion of any such Action or (z) the Company shall authorize the Indemnified Party to employ separate counsel at the Company’s expense. The Company further agrees that
with respect to any Indemnified Party who is employed, retained or otherwise associated with, or appointed or nominated by, Apax Partners or any of their respective Affiliates and who acts or serves as a director, officer, manager, fiduciary,
employee, consultant, advisor or agent of, for or to the Company or any of its subsidiaries, that the Company or such 

  
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subsidiaries, as applicable, shall be primarily liable for all indemnification, reimbursements, advancements or similar payments (the “Indemnity Obligations”) afforded to such
Indemnified Party acting in such capacity or capacities on behalf or at the request of the Company, whether the Indemnity Obligations are created by law, organizational or constituent documents, contract (including this Agreement) or otherwise. The
Company hereby agrees that in no event shall the Company or any of its subsidiaries have any right or claim against Apax Partners for contribution or have rights of subrogation against Apax Partners through an Indemnified Party for any payment made
by the Company or any of its subsidiaries with respect to any Indemnity Obligation. In addition, the Company hereby agrees that in the event that Apax Partners pays or advances an Indemnified Party any expenses with respect to an Indemnity
Obligation, the Company will, or will cause its subsidiaries to, as applicable, promptly reimburse Apax Partners for such payment or advance upon request; subject to the receipt by the Company of a written undertaking executed by the Indemnified
Party and Apax Partners, as applicable, that makes such payment or advance to repay any such amounts if it shall ultimately be determined by a court of competent jurisdiction that such Indemnified Party was not entitled to be indemnified by the
Company. The foregoing right to indemnity shall be in addition to any rights that any Indemnified Party may have at common law or otherwise and shall remain in full force and effect following the completion or any termination of the engagement. If
for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold it harmless as and to the extent contemplated by this Section 8, then the Company shall contribute to the amount paid or payable by the
Indemnified Party as a result of such Action in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Indemnified Party, as the case may be, on the other hand, as well as any other
relevant equitable considerations. 

  

	 	(b)	 The Company hereby acknowledges that the certain of the Indemnified Parties have certain rights to
indemnification, advancement of expenses and/or insurance provided by investment funds managed by Apax Partners and certain of their Affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees with respect to any
indemnification, hold harmless obligation, expense advancement or reimbursement provision or any other similar obligation whether pursuant to or with respect to this Agreement, the organizational documents of the Company or any of its subsidiaries
or any other agreement, as applicable, (i) that the Company and its subsidiaries are the indemnitor of first resort (i.e., their obligations to the Indemnified Parties are primary and any obligation of the Fund Indemnitors to advance expenses
or to provide indemnification for claims, expenses or obligations arising out of the same or similar facts and circumstances suffered by any Indemnified Party are secondary), (ii) that the Company shall be required to advance the full amount of
expenses incurred by any Indemnified Party and shall be liable for the full amount of all expenses, liabilities, obligations, judgments, penalties, fines, and amounts paid in settlement to the extent legally permitted and as required by the terms of
this Agreement, the organizational documents of the Company or any of its subsidiaries or any other agreement, as 

  
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applicable, without regard to any rights any Indemnified Party may have against the Fund Indemnitors, and (iii) that the Company, on behalf of itself and each of its subsidiaries,
irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all Actions against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no
advancement or payment by the Fund Indemnitors on behalf of any Indemnified Party with respect to any Action for which any Indemnified Party has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a
right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of any Indemnified Party against the Company. The Company agrees that the Fund Indemnitors are express third-party beneficiaries
of the terms of this Section 8(b). 

 9. Headings. Headings are for ease of reference only and shall not form a
part of this Agreement. 
 10. Governing Law. This Agreement shall be construed in accordance with and governed by the law of the
State of Delaware without giving effect to the principles of conflicts of laws thereof. 
 11. Jurisdiction. Any suit, action or
proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement may be brought against any of the parties in any federal court located in the State of Delaware or any Delaware state court,
and each of the parties hereby consents to the exclusive jurisdiction of such court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in any such suit, action or
proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each of the parties agrees that service of process upon such party at the address referred to
in Section 17, together with written notice of such service to such party, shall be deemed effective service of process upon such party. 

12. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT. 
 13. Entire Agreement. This Agreement constitutes the entire
agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, both written and oral among the parties with respect to the subject matter hereof. 

14. Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be deemed an original.
This Agreement shall become effective when each party shall have received a counterpart hereof signed by each of the other parties. An executed copy or counterpart hereof delivered by facsimile shall be deemed an original instrument. 

  
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 15. Severability. If any provision of this Agreement or the application thereof to
any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provisions to other persons or circumstances shall not be affected thereby and shall be enforced to the greatest
extent permitted by law. 
 16. Further Assurances. Each of the parties hereto shall execute and deliver such further instruments and
do such further acts and things as may be required to carry out the intent and purpose of this Agreement. 
 17. Specific
Performance. Each of the parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to
prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any federal or state court located in the State of Delaware, in addition to any other remedy to which they are entitled at law or in
equity. 
 18. Notices. All notices, requests and other communications to any party or to the Company shall be in writing (including
telecopy or similar writing) and shall be given, 
 If to the Company: 

Paycor HCM, Inc. 
 4811 Montgomery
Road 
 Cincinnati, OH 45212 

			
	Attention:	  	Chief Legal Officer

 With a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 

300 N. LaSalle 
 Chicago, IL 60654

			
	Attention:	  	Robert M. Hayward, P.C.
		  	Robert E. Goedert, P.C.
		  	Kevin M. Frank
	Facsimile:	  	(312) 862-2200

 If to Pride Aggregator or any of its Nominees: 

c/o Apax Partners, L.P. 
 601
Lexington Avenue 
 53rd Floor 

New York, New York 10022 

  
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 With a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 

300 N. LaSalle 
 Chicago, IL 60654

			
	Attention:	  	Robert M. Hayward, P.C.
		  	Robert E. Goedert, P.C.
		  	Kevin M. Frank
	Facsimile:	  	(312) 862-2200

 or to such other address or telecopier number as such party or the Company may hereafter specify for the purpose by
notice to the other parties and the Company. Each such notice, request or other communication shall be effective when delivered at the address specified in this Section 17 during regular business hours. 

19. Enforcement. Each of the parties hereto covenants and agrees that the disinterested members of the Board have the right to enforce,
waive or take any other action with respect to this Agreement on behalf of the Company. 

*        *        *       
 *        * 

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

			
	PAYCOR HCM, INC.
		
	By:	 	 /s/ Raul Villar Jr.

	Name:	 	Raul Villar Jr.
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Director Nomination Agreement] 

 
			
	PRIDE AGGREGATOR, L.P.
		
	By:	 	Pride GP, Inc., its general partner
		
	By:	 	 /s/ Jason Wright

	Name:	 	Jason Wright
	Title:	 	President

  
 [Signature Page to
Director Nomination Agreement]EX-10.5

 Exhibit 10.5 

RESTRICTED STOCK UNIT AGREEMENT 

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

Participant: Set forth in the attached award notice (the “Award Notice”) 

Grant Date: Set forth in the Award Notice 
 Number of
Restricted Stock Units Granted: Set forth in the Award Notice 
 * * * * * 

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 set forth
in the Award Notice; provided that, the Participant has not incurred a Termination prior to each such vesting date. 
 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 

  
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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. 
 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”). 

  
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 (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. 
 11. Entire Agreement;
Amendment. This Agreement, together with the Plan and the Award Notice, 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. 

  
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 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. 
 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. 

23. Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan, this Agreement, and the Award Notice. As a condition
the grant of RSUs herein, the Participant will execute a separate form of grant acknowledgement within 30 days of the Grant Date provided by the Company. 

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