Document:

EX-10.9

 Exhibit 10.9 

CERTIFICATE OF DESIGNATIONS OF 

SERIES A REDEEMABLE PREFERRED STOCK, 

PAR VALUE $0.0001 PER SHARE, 

OF 
 PRIDE MIDCO, INC.

 Pursuant to Section 151 of the 

General Corporation Law of the State of Delaware 

The undersigned DOES HEREBY CERTIFY that the following resolution was duly adopted by the Board of Directors (the “Board”) of
Pride Midco, Inc., a Delaware corporation (hereinafter called the “Corporation”), creating a series of preferred stock with the designations, powers, preferences and other rights, and the qualifications, limitations or restrictions
thereof, having been fixed by the Board pursuant to authority granted to it under the Corporation’s Certificate of Incorporation and in accordance with the provisions of Section 151 of the General Corporation Law of the State of Delaware:

 RESOLVED: That, pursuant to authority conferred upon the Board by the Certificate of Incorporation of the Corporation, the Board hereby
creates as a series of preferred stock and authorizes for issuance 200,000 shares of Series A Redeemable Preferred Stock, par value $0.0001 per share, of the Corporation and hereby fixes the designations, powers, preferences and other rights, and
the qualifications, limitations or restrictions thereof, of such shares, as follows: 
 SECTION 1 Designation. The shares of
such series shall be designated “Series A Redeemable Preferred Stock,” and the number of shares constituting such series shall initially be 200,000 (the “Series A Preferred Stock”). The number of shares of Series A
Preferred Stock may be increased or decreased by resolution of the Board and, in the case of an increase, the approval by the Holders of at least a majority of the then outstanding shares of the Series A Preferred Stock, voting together as a
separate class (the “Holder Majority”); provided that no decrease shall reduce the number of shares of Series A Preferred Stock to a number less than the number of shares of such series then outstanding. 

SECTION 2 Ranking. The Series A Preferred Stock shall, with respect to dividend, distribution and redemption rights and rights
upon liquidation, winding-up and dissolution, rank senior to the common stock of the Corporation, par value $0.01 per share, and to each other class or series of Equity Interests of the Corporation (whether
issued on, prior to or following the Issue Date), the terms of which do not expressly provide that such class or series ranks on a parity basis with, or senior to, the Series A Preferred Stock, with respect to dividend, distribution or redemption
rights and/or rights upon liquidation, winding-up or dissolution (such common stock and such other class or series of Equity Interests being referred to hereinafter, collectively, as “Junior
Stock”). 
 The Series A Preferred Stock shall, with respect to dividend, distribution and redemption rights and rights upon
liquidation, winding-up and dissolution and in each case without limiting Section 5 below, rank (a) equally with each other class or series of Equity Interests of the Corporation
(whether issued on, prior to or following the Issue Date), the terms of which expressly provide that such class or series shall rank on a parity basis with the Series A Preferred 

 
Stock with respect to dividend, distribution or redemption rights and/or rights upon liquidation, winding-up or dissolution (“Parity
Stock”); and (b) junior to each other class or series of Equity Interests of the Corporation (whether issued on, prior to or following the Issue Date), the terms of which expressly provide that such class or series shall rank senior to
the Series A Preferred Stock with respect to dividend, distribution and redemption rights and rights upon liquidation, winding-up and dissolution (“Senior Stock”). 

Notwithstanding any other provision of this Certificate of Designations, including any other terms of this
Section 2, the making of any Restricted Payment that is permitted by Section 9 (including, to the extent permitted under Section 9, any dividend, distribution or
redemption of Junior Stock) shall not be permissible during the continuing nonpayment of any accrued Dividends on the Series A Preferred Stock required to be paid in cash (including in respect of any prior Dividend Payment Period); provided
that the foregoing shall not restrict the making of any Restricted Payment that is permitted by Sections 9(a). 
 SECTION 3
Dividends. 
 (a) Each Holder shall be entitled to receive dividends per share of Series A Preferred Stock held by such Holder
(“Dividends”) at a rate per annum (computed as a percentage of the sum of (x) the Liquidation Preference and (y) without duplication, all accrued and unpaid Dividends on such Series A Preferred Stock for all prior Dividend
Payment Periods (as defined below)) equal to the Prevailing Dividend Rate (as defined below). Dividends shall be cumulative and payable in the manner set forth in Section 3(c) whether or not declared by the Board and
whether or not there are profits or surplus therefor, and before any dividends shall be declared, set aside for or paid upon the Junior Stock (subject to the final paragraph of Section 2). For purposes hereof, the term
“Liquidation Preference” shall mean $1,000.00 per share of Series A Preferred Stock (the “Initial Liquidation Preference”), adjusted as appropriate in the event of any stock dividend, stock split, stock
distribution, recapitalization or combination with respect to the Series A Preferred Stock, and subject to increase as provided in clauses (c) and (e) of this Section 3. 

(b) Dividends, whether or not declared, shall begin to accrue daily and be cumulative from and including the Issue Date at the Prevailing
Dividend Rate. Dividends shall be payable (or shall compound as provided in this Certificate of Designations) quarterly in arrears, whether or not such dividends have been declared and whether or not there are profits or surplus available for the
payment of dividends, on March 31, June 30, September 30 and December 31 of each year for the quarterly period ended on such date (unless any such day is not a Business Day and the applicable Dividend (or portion thereof) is to
be paid in cash, in which event such Dividends shall be payable on the next succeeding Business Day, with additional accrual to the actual payment date), commencing on December 31, 2018 (each such payment date identified above being a
“Dividend Payment Date”; and the period from and including the Issue Date to the first Dividend Payment Date (and each such quarterly period thereafter beginning on and including the applicable Dividend Payment Date to the
immediately following Dividend Payment Date) are each referred to herein as a “Dividend Payment Period”). The amount of Dividends payable on the Series A Preferred Stock for any period shall be computed on the basis of a 360-day year and the actual number of days elapsed. 

  
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 (c) From the Issue Date to the second anniversary of the Issue Date, on each Dividend
Payment Date, either the Corporation shall pay Dividends in cash on the applicable Dividend Payment Date or such Dividends shall accrue and be added to the then-prevailing Liquidation Preference. From the day after the second anniversary of the
Issue Date through the third anniversary of the Issue Date, the Corporation shall, to the extent there is surplus for the payment of Dividends, pay at least 50% of the accrued Dividend for the applicable Dividend Payment Period in cash. 

From the day after the third anniversary of the Issue Date, the Corporation shall, to the extent there is surplus for the payment of
Dividends, pay 100% of the accrued Dividend for the applicable Dividend Payment Period in cash. 
 (d) If on any applicable Dividend Payment
Date, the Corporation is required to pay all or a portion of the accrued dividend for the applicable Dividend Payment Period in cash and the Corporation does not have surplus for the payment in cash of such dividend or otherwise fails to pay such
dividend in cash for any reason, the Corporation shall comply with the Pro Rata and Reasonable Best Efforts Requirement (as defined in Section 6(c) as if applicable to the payment of a dividend). 

(e) To the extent the Corporation does not pay Dividends entirely in cash on any Dividend Payment Date for any reason, then such accrued and
unpaid Dividends on each share of Series A Preferred Stock shall compound on a quarterly basis, such that the then prevailing Liquidation Preference shall increase by an amount equal to the accrued but unpaid dividends for the applicable Dividend
Payment Period. Not less than 10 days prior to the applicable Dividend Payment Date, the Corporation shall notify the Holders of record as of the applicable Dividend Payment Record Date of the Corporation’s election to pay Dividends on the
applicable Dividend Payment Date in cash (to the extent the Company is not required to pay Dividends in cash), or instead to cause such Dividends to increase the Liquidation Preference as described above. Without limiting the foregoing or the
Corporation’s ongoing obligation to deliver such notices, in the event the Corporation fails to so deliver any such notice when and as required by this Section 3(e), then with respect to the Dividends to which such
failure to deliver notice relates, the Corporation will be deemed to have elected to account for such Dividends by adding them to the Liquidation Preference with respect to each share of Series A Preferred Stock until paid in cash to the Holder
thereof. In the event the Corporation has elected (or is deemed to have elected) to account for any Dividends by adding them to the Liquidation Preference with respect to each share of Series A Preferred Stock, the Transfer Agent shall promptly give
by first class mail, postage prepaid, addressed to the Holders of record at their respective last addresses appearing on the stock ledger of the Corporation, a statement setting forth the aggregate amount of accrued and unpaid Dividends for all
prior Dividend Payment Periods with respect to each share of Series A Preferred Stock. Each Dividend paid in cash shall be paid by wire transfer in immediately available funds to the account(s) designated by each Holder that holds shares of Series A
Preferred Stock in writing given to the Corporation at least 5 days prior to the Dividend Payment Date. 

  
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 (f) If on the date that is the 42-month anniversary
of the Issue Date any shares of Series A Preferred Stock are outstanding, the Corporation shall pay an amount equal to 0.50% of the Initial Liquidation Preference of each of the shares of Series A Preferred Stock outstanding to the holders thereof
as of such date in cash. To the extent the Corporation does not pay such amount entirely in cash on such date for any reason, then such amount on each share of Series A Preferred Stock shall be added to the Liquidation Preference for each share,
such that the then prevailing Liquidation Preference shall increase by the amount set forth in in the immediately preceding sentence. 
 (g)
Each Dividend shall be payable (i) in the case of a Dividend paid in cash on a Dividend Payment Date, to the Holders of record as they appear on the stock ledger of the Corporation at the Close of Business on the date that is 10 days prior to
the applicable Dividend Payment Date, (ii) in the case of a Dividend that is initially not paid in cash and instead compounded and subsequently paid upon a payment date established by the Corporation for such purpose, to the Holders of record
as they appear on the stock ledger of the Corporation the date that is 10 days prior to the applicable Dividend payment date, and (iii) in the case of a Dividend that is initially not paid in cash and instead added to the Liquidation Preference
and subsequently paid pursuant to Section 4 or Section 6, to the Holders of record as they appear on the stock ledger of the Corporation at the date and time provided for in accordance with such
Sections (each such record date, a “Dividend Payment Record Date”). 
 (h) The Corporation acknowledges and agrees that the
capital of the Corporation (as such term is used in Section 154 of the Delaware General Corporation Law) in respect of the Series A Preferred Stock and any of the Corporation’s Equity Interests shall be equal to the aggregate par value of
the then outstanding shares of such Series A Preferred Stock or Equity Interests, as the case may be, and that, on or after the Issue Date, it shall not increase the capital of the Corporation with respect to any shares of the Corporation’s
Equity Interests. The Corporation also acknowledges and agrees that it shall not create any special reserves under Section 171 of the Delaware General Corporation Law without the prior written consent of each Holder. 

SECTION 4 Liquidation, Dissolution or Winding Up. 

(a) Upon any voluntary or involuntary liquidation, dissolution or winding-up of the Corporation (each,
a “Liquidation”), before any distribution or payment shall be made to, or set aside for, holders of any Junior Stock, each Holder shall be entitled to receive in full, out of the assets of the Corporation or proceeds thereof
(whether capital or surplus), an amount per share of Series A Preferred Stock held by such Holder equal to the Liquidation Preference, plus the amount of accrued and unpaid Dividends thereon (to the extent not previously included in the computation
of Liquidation Preference pursuant to Section 3(e)), without duplication, through the date of Liquidation. 
 (b)
The form of any distribution or payment described in Section 4(a) shall be determined in the following order of priority: (i) first, in cash and cash equivalents; and (ii) second, if cash and cash
equivalents distributed or paid to the Holders are insufficient to satisfy each Holder’s right to receive the full amount described in Section 4(a), in any other assets of the Corporation available therefor. 

  
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 (c) If, in connection with any distribution or payment described in
Section 4(a), the assets of the Corporation or proceeds thereof are not sufficient to pay in cash in full the amount required to be paid on the Series A Preferred Stock pursuant to Section 4(a),
then such assets, or the proceeds thereof, shall be paid on a pro rata basis among the then outstanding shares of Series A Preferred Stock. 

(d) For purposes of this Section 4, the Corporation’s merger, consolidation, binding share exchange or transfer
of all or substantially all of the assets of the Corporation and its Subsidiaries (on a consolidated basis), shall not constitute a liquidation, dissolution or winding up of the Corporation within the meaning of this
Section 4. 
 SECTION 5 Voting Rights; Amendment and Consent Rights. 

(a) No shares of Series A Preferred Stock shall have voting rights except such as may from time to time be required by law and as set forth in
this Section 5. For so long as any shares of Series A Preferred Stock remain outstanding, the Corporation shall not, either directly or indirectly by amendment, merger, consolidation or otherwise, do any of the following
without first obtaining the written consent or affirmative vote (in person or by proxy) at a meeting called for that purpose, of the Holder Majority: amend, alter or change the terms of the Corporation’s certificate of incorporation (including
this Certificate of Designations) or waive the compliance of any of the covenants included in the Corporation’s certificate of incorporation (including this Certificate of Designations), in each case as they relate to the Series A Preferred
Stock (including relating to any powers, rights, preferences or privileges of the Series A Preferred Stock) and including, without limitation, the following matters: 

(i) any waiver of or amendment to the Prevailing Dividend Rate; 

(ii) any waiver or amendment to the timing or method of payment of any Dividends; 

(iii) any waiver or amendment in respect of the Liquidation Preference; 

(iv) any waiver or amendment to any voting percentages or the matters enumerated in clauses (i) through (viii) of this
Section 5(a); 
 (v) any waiver or amendment affecting the ranking of the Series A Preferred Stock,
including a waiver or amendment of Section 2 hereof; 
 (vi) any changes to
Sections 6(b), (c), (d), (f) or (g); 
 (vii) any changes to provisions
regarding pro rata sharing, waterfall or priority of payments or dividends of the Series A Preferred Stock or similar provisions; and 

(viii) binding equity exchanges or reclassifications involving the Series A Preferred Stock or mergers or consolidations of the
Corporation. 
 (b) Other than amendments to the Corporation’s certificate of incorporation (including this Certificate of
Designations) made in compliance with clause (a) of this Section 5 pursuant to the written consent or affirmative vote of the Holder Majority, no fundamental amendment, modification, change or waiver shall be made to
(1) organizational documents 

  
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(including the certificate of incorporation, certificate of formation, certificate of limited partnership or similar document, as applicable) of the Corporation or any of its Subsidiaries (by
amendment, merger, consolidation or otherwise) that would materially adversely affect the Holders and/or (2) the bylaws of the Corporation that would adversely affect the Holders; provided that in the case of any amendment, modification,
change or waiver to the organizational documents of the Corporation or any of its Subsidiaries that would adversely (but not materially adversely) affect the Holders, the Corporation shall deliver to the Holders affected thereby a notice at least
five (5) Business Days prior to such amendment, modification, change or waiver briefly describing the amendment, modification, change or waiver. Any failure of the Corporation to deliver such notice, or any defect therein, shall not, however,
in any way impair or affect the validity of any such amendment, supplement or waiver. 
 SECTION 6 Redemption and Repurchase. 

(a) Optional Redemption. 

(i) At any time prior to the 18-month anniversary of the Issue Date, the Corporation
may, at its option, redeem for cash any or all of the then outstanding shares of Series A Preferred Stock, in whole at any time or in part from time to time, at a redemption price per share of Series A Preferred Stock equal to the sum of (i) 100% of
the then prevailing Liquidation Preference per share plus (ii) the Yield Maintenance Premium per share as of the date of redemption (the “Redemption Date”) plus (iii) the amount of accrued Dividends per share for the then
current and all prior Dividend Payment Periods (except to the extent actually paid in cash or added to the Liquidation Preference as described in Section 3(e)) to, but excluding, the Redemption Date (it being agreed that if
a Redemption Date is to occur after a Dividend Payment Record Date and before the corresponding Dividend Payment Date and the Corporation shall have notified the Holders that it has elected to pay Dividends on such Dividend Payment Date in cash,
then the accrued Dividends payable under this clause (iii) for the then current Dividend Payment Period shall be payable to the Holders of record on the Dividend Payment Record Date and not to the Holders of record as of the Redemption Date).

 (ii) The Corporation may, at its option, redeem for cash any or all of the then outstanding Series A Preferred Stock, in
whole at any time or in part from time to time, on and after May 2, 2020, at a redemption price per share equal to the following prices (expressed as a percentage of the then prevailing Liquidation Preference), plus the amount of all accrued
Dividends for the then current and all prior Dividend Payment Periods (except to the extent actually paid in cash or added to the Liquidation Preference as described in Section 3(e)): 

 

					
	 Redemption Date
	  	Redemption
Price	 
	 May 2, 2020 – November 1, 2020
	  	 	102.00	% 
	 November 2, 2020 – November 1, 2021
	  	 	101.00	% 
	 November 2, 2021 and thereafter
	  	 	100.00	% 

  
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 (b) Mandatory Redemption Upon a Mandatory Redemption Event. In the event of a
Mandatory Redemption Event, all outstanding shares of Series A Preferred Stock shall be redeemed (a “Mandatory Redemption”) for cash at a price per share equal to the amount due under the Optional Redemption provisions set forth in
clause (a) of this Section 6 (including with respect to any Mandatory Redemption Event prior to May 2, 2020, for the avoidance of doubt, any Yield Maintenance Premium, as applicable) as of the Redemption Date.

 (c) Pro Rata and Reasonable Best Efforts Requirement. If a Mandatory Redemption Event occurs and the Corporation does not have
surplus for the redemption of all outstanding shares of Series A Preferred Stock, the Corporation shall redeem a pro rata portion of each Holder’s shares of Series A Preferred Stock to the fullest extent of such surplus, based on the respective
amounts which would otherwise be payable in respect of the Series A Preferred Stock to be redeemed if the Corporation’s surplus was sufficient to redeem all such shares, and shall redeem the remaining shares of Series A Preferred Stock as soon
as practicable after the Corporation has surplus therefor. The Corporation shall use reasonable best efforts to generate sufficient surplus to redeem all outstanding shares of Series A Preferred Stock, including by way of incurrence of indebtedness,
issuance of equity, sale of assets, effecting a merger or similar transaction or otherwise. At any time thereafter when additional surplus is available for the redemption of the Series A Preferred Stock such surplus shall immediately be used to
redeem the balance of the Series A Preferred Stock. The requirements set forth in this clause (c) shall be referred to as the “Pro Rata and Reasonable Best Efforts Requirement.” 

(d) Mandatory Redemption Notice. In the case of a Mandatory Redemption Event other than pursuant to clause (a)(iii) of the definition
of Mandatory Redemption Event, the Corporation shall provide notice to each Holder in accordance with Section 17 stating the material facts giving rise to the occurrence of such Mandatory Redemption Event, including the
date (or anticipated date) of the facts, circumstances or event giving rise to such Mandatory Redemption Event, within the following time periods: (i) at least 10 Business Days prior to (a) a Change of Control, (b) initial public
offering (or direct listing) of the Corporation or any of its Subsidiaries or any entity of which the Corporation is a Subsidiary, (c) the Corporation’s liquidation, winding up or dissolution, or (d) a filing for bankruptcy or other
Insolvency Proceeding of the Corporation, or, in the case of (c) or (d), if later, as soon as reasonably practicable after the Corporation discovers facts that cause it to reasonably expect that such event will occur; and (ii) promptly
upon becoming aware of a Trigger Event but in any event no later than three Business Days after becoming aware of such Trigger Event. Upon receipt of notice from the Corporation, in the case of clauses (a)(i), (a)(ii) or (b) of the definition
of Mandatory Redemption Event, if the Holder Majority (acting alone in its sole and absolute discretion) elects to treat such facts, circumstances or event as a Mandatory Redemption Event, the Holder Majority shall so notify the Corporation within
five Business Days; provided, however, that whether a Mandatory Redemption Event shall occur is not dependent on the provision of notice by the Corporation and the Holder Majority may, at any time upon becoming aware of facts, circumstances
or events that are or may upon the election of the Holder Majority be a Mandatory Redemption Event, provide notice to the Corporation that the Holder Majority, on behalf of all Holders, elects to treat such facts, circumstances or events as a
Mandatory Redemption Event. The Redemption Date corresponding to a Mandatory Redemption Event shall be the earlier of (1) five Business Days following receipt of notice by the Corporation, provided that, in the case of a Mandatory Redemption
pursuant to clause (a)(i) or (a)(ii) of the definition of Mandatory Redemption Event, the Redemption Date shall be no earlier than the date of the applicable Change of Control or initial public offering (or direct listing), (2) the date of a Change
of Control 

  
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or initial public offering (or direct listing) corresponding to a Mandatory Redemption Event pursuant to clause (a)(i) or (a)(ii) of the definition of Mandatory Redemption Event, as applicable,
or (3) in the case of a Mandatory Redemption Event corresponding to a Trigger Event, five Business Days following receipt of notice by the Corporation from the Holder Majority that the Holder Majority has elected to treat such Trigger Event as
a Mandatory Redemption Event. In the case of a Mandatory Redemption Event pursuant to clause (a)(iii) of the definition of Mandatory Redemption Event, if the Holder Majority elects to cause a Mandatory Redemption Event, the Holder Majority shall
provide notice thereof at least 90 days prior to the Redemption Date corresponding to such Mandatory Redemption Event to the Corporation and the Redemption Date shall be 90 days following receipt of notice by the Corporation. In the case of a
Mandatory Redemption Event pursuant to clauses (c) or (d) of the definition of Mandatory Redemption Event, the Redemption Date shall be the earlier of (1) five Business Days following delivery of notice by the Corporation to the Holders,
and (2) the date immediately preceding the date of the Corporation’s liquidation, winding up or dissolution or a filing for bankruptcy or other Insolvency Proceeding of the Corporation, as applicable. Failure by the Corporation to give
such notice, or any defect in such notice or in the delivery thereof, to any Holder shall not affect the absolute and unconditional requirement to redeem or purchase all shares of Series A Preferred Stock as provided in
Section 6(b). Failure by any Holder to comply with the procedures for redemption or purchase shall not affect or in any way limit the right of such Holder to receive payment of the redemption price pursuant to this
Section 6; provided that the Corporation shall not be obligated to deliver such payment prior to the date of receipt of such Holder’s stock certificate or a customary affidavit of loss with respect to such stock
certificate. Once a Mandatory Redemption Event has occurred, all shares of Series A Preferred Stock become irrevocably due and payable on the Redemption Date. 

(e) Notice of Redemption at the Option of the Corporation. Notice of every redemption of shares of Series A Preferred Stock pursuant to
Section 6(a) shall be given to each Holder in accordance with Section 17 at least five Business Days before the date fixed for redemption. Each notice of redemption given to a Holder under this
Section 6(e) shall state: (1) the Redemption Date; (2) the total number of shares of the Series A Preferred Stock to be redeemed and, if less than all the shares held by such Holder are to be redeemed, the number
of such shares to be redeemed from such Holder; (3) the redemption price; and (4) the place or places where certificates for such shares are to be surrendered for payment of the redemption price. Failure by any Holder to comply with the
procedures for redemption shall not affect or in any way limit the right of any Holder to receive payment of the applicable optional redemption price pursuant to this Section 6; provided that the Corporation shall
not be obligated to deliver such payment prior to the date of receipt of such Holder’s stock certificate or a customary affidavit of loss with respect to such stock certificate. Once a notice of redemption is provided in accordance with this
Section 6(e), the shares called for redemption become irrevocably due and payable on the applicable Redemption Date. 

(f) Partial Redemption. In case of any redemption of part of the shares of Series A Preferred Stock at the time outstanding pursuant to
Section 6(a), such redemption shall be applied on a pro rata basis among the Holders thereof based on the number of shares of Series A Preferred Stock held by each such Holder (subject to payment of fractional shares of
Series A Preferred Stock to account for rounding, if applicable). If fewer than all the shares represented by any certificate are redeemed, a new certificate shall be issued representing the unredeemed shares without charge to the Holder thereof.

  
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 (g) Redemption Failure. If (i) the Corporation fails to effect a redemption upon
a Mandatory Redemption Event on the corresponding Redemption Date (a “Redemption Failure”) or (ii) any Event of Noncompliance shall occur and be continuing (for the avoidance of doubt, such a failure or event in (i) or
(ii) includes a failure to make any such payment when otherwise due whether due to the lack of surplus therefor or other reason), then (a) the Prevailing Dividend Rate shall automatically be increased by 2.00% per annum and shall increase by
1.00% each six months thereafter until all of the issued and outstanding shares of Series A Preferred Stock are redeemed or the Event of Noncompliance ceases to continue and (b) the Corporation shall, in the case of a Redemption Failure, comply
with the Pro Rata and Reasonable Best Efforts Requirement and, in the case of an Event of Noncompliance use reasonable best efforts to obtain sufficient liquidity to effect a refinancing and redemption of the Series A Preferred Stock. For the
avoidance of doubt, if either (i) both a Redemption Failure and one or more Events of Noncompliance occur and are continuing or (ii) more than one Event of Noncompliance occur and are continuing, the Prevailing Dividend Rate shall only be
increased, in the aggregate, by 2.00% per annum and an additional 1.00% each six months thereafter. If any shares of Series A Preferred Stock are not redeemed on a Redemption Date for any reason, all such unredeemed shares shall remain outstanding
and entitled to all the rights and preferences provided herein. 
 SECTION 7 Limitation on Incurrence of Indebtedness. 

(a) The Corporation will not, and will not permit any of its Subsidiaries to, Incur any Indebtedness or, with respect to the Subsidiaries,
issue any Preferred Stock, except: 
 (i) Indebtedness under the Senior Credit Agreement, and Guarantees in respect of such
Indebtedness, in a maximum aggregate principal amount at any time outstanding not exceeding $50.0 million, and any Refinancing Indebtedness in respect thereof not exceeding $50.0 million, provided that no modifications or amendments
to the Senior Credit Agreement or any permitted Refinancing Indebtedness in respect thereof shall be made without the consent of the Holder Majority if such modification, amendment or permitted refinancing would be materially adverse to Holders;

 (ii) letters of credit or bankers’ acceptances issued or created under the Senior Credit Agreement in a maximum
amount at any time outstanding of $7.5 million or any Refinancing Indebtedness in respect thereof, without duplication, in a maximum amount at any time outstanding of $7.5 million; 

(iii) Indebtedness in respect of the Corporation’s headquarters facility located at 4801 Montgomery Road, Norwood, Ohio
45212 (the “Headquarters Property”), in a maximum amount at any time outstanding of $25.0 million and any Refinancing Indebtedness in respect thereof in a maximum amount at any time outstanding of $25.0 million; 

  
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 (iv) additional Indebtedness Incurred in respect of the sale and leaseback
of the Headquarters Property, provided that the Indebtedness referred to in clause (3) of this Section 7(a) has been or is simultaneously repaid in full (and may not thereafter be incurred); 

(v) Indebtedness that is non-recourse to the Corporation and the Subsidiaries, other
than Paycor Headquarters, LLC, in a maximum amount at any time outstanding of $5.0 million; 
 (vi) Indebtedness
evidenced by this Certificate of Designations with respect to the Series A Preferred Stock; 
 (vii) endorsement of
instruments or other payment items for deposit in the ordinary course of business; 
 (viii) Indebtedness of the Corporation
owing to and held by any wholly owned Subsidiary of the Corporation or Indebtedness of a wholly owned Subsidiary owing to and held by the Corporation or any other wholly owned Subsidiary; provided, however, that: 

(A) any subsequent issuance or transfer of Equity Interests or any other event which results in any such Indebtedness being
held by a Person other than the Corporation or a Subsidiary of the Corporation, and 
 (B) any sale or other transfer of any
such Indebtedness to a Person other than the Corporation or a Subsidiary of the Corporation, shall be deemed, in each case, to constitute an Incurrence of such Indebtedness by the Corporation or such Subsidiary, as the case may be; 

(ix) Indebtedness incurred in the ordinary course of business in respect of credit cards, credit card processing services,
debit cards, stored value cards, commercial cards (including so-called “purchase cards,” “procurement cards” or “p-cards”); 

(x) unsecured (other than any right of setoff in the applicable deposit account) Indebtedness incurred in respect of netting
services, overdraft protection, and other like services, in each case, incurred in the ordinary course of business; and 

(xi) Indebtedness Incurred by Subsidiaries of the Corporation, the aggregate principal amount of which does not exceed 0.30
times LTM Recurring Revenue at any one time outstanding. 
 (b) For purposes of determining compliance with, and the outstanding principal
amount of any particular Indebtedness Incurred pursuant to and in compliance with, this Section 7: 

(i) in the event that all or any portion of any item of Indebtedness meets the criteria of more than one of the types of
Indebtedness described in Section 7(a), the Corporation, in its sole discretion, will classify, and may from time to time reclassify, such Indebtedness and only be required to include the amount and type of such
Indebtedness in one of the sub-clauses of Section 7(a); provided that all indebtedness outstanding under the Senior Credit Agreement will be deemed to have been incurred in
reliance on clause (1) only; 

  
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 (ii) additionally, all or any portion of any item of Indebtedness may later
be reclassified as having been Incurred pursuant to any type of Indebtedness described in the Section 7(a) so long as such Indebtedness is permitted to be Incurred pursuant to such provision and any related Liens are
permitted to be Incurred at the time of reclassification; provided that all indebtedness outstanding under the Senior Credit Agreement will be deemed to have been incurred in reliance on clause (1) only; and 

(iii) Indebtedness permitted by this Section 7 need not be permitted solely by reference to one
provision permitting such Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this covenant permitting such Indebtedness; provided that all indebtedness outstanding under the Senior
Credit Agreement will be deemed to have been incurred in reliance on clause (1) only. 
 SECTION 8 Limitation on Merger,
Consolidation and Sales of Assets and Subsidiary Stock. 
 (a) The Corporation shall not, and shall not permit its Subsidiaries to,
either directly or indirectly by amendment, merger, consolidation, allocation by division or otherwise, convey, sell, lease, assign, transfer or otherwise dispose of any property (including Equity Interests of Subsidiaries), except that the
following (each, a “Permitted Disposition”) shall be permitted: 
 (i) sales, abandonment, or other dispositions of
any property or assets (other than accounts (as that term is defined in the Code), intellectual property, Equity Interests of the Corporation or its Subsidiaries, or material contracts or agreements) that, in the reasonable judgment of the
Corporation, has become worn, damaged or obsolete or is no longer used or useful in the ordinary course of business, and leases or subleases of Real Property not useful in the conduct of the business of the Corporation and its Subsidiaries; 

(ii) sales of inventory to buyers in the ordinary course of business; 

(iii) the use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of this Certificate of
Designations; 
 (iv) the licensing, on a non-exclusive basis, of patents,
trademarks, copyrights, and other intellectual property rights in the ordinary course of business; 
 (v) the sale or
discount, in each case without recourse, of accounts receivable arising in the ordinary course of business, but only in connection with the compromise or collection thereof; 

(vi) any involuntary loss, damage or destruction of property; 

(vii) any involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation
or requisition of use of property; 

  
 11 

 (viii) the leasing or subleasing of assets of the Corporation or any of its
Subsidiaries in the ordinary course of business; 
 (ix) the sale or issuance of Equity Interests (other than Disqualified
Stock) of any of the wholly owned Subsidiaries to the Corporation or to any other wholly owned Subsidiary, subject to the terms set forth herein; 

(x) (A) the lapse of registered patents, trademarks, copyrights and other intellectual property of the Corporation or any of
its Subsidiaries that are, in the reasonable business judgment of the Corporation or such Subsidiary, no longer material to, or no longer used in, the business of the Corporation or such Subsidiary, or (B) the abandonment of patents,
trademarks, copyrights, or other intellectual property rights in the ordinary course of business, so long as (in each case under clauses (A) and (B)), (i) with respect to copyrights, such copyrights are not material revenue generating
copyrights and (ii) such lapse or abandonment is not materially adverse to the interests of the Holders or the Corporation and its Subsidiaries taken as a whole; 

(xi) the making of Restricted Payments that are expressly permitted to be made pursuant to Section 9;

 (xii) the making of Permitted Investments; 

(xiii) transfers of assets to the Corporation or any of its wholly owned Subsidiaries; 

(xiv) dispositions of property to the extent (A) such property is exchanged for credit against the purchase price of
similar replacement property or (B) the proceeds of such disposition are promptly applied to the purchase price of such replacement property; 

(xv) cancellations, terminations or surrenders of any lease; 

(xvi) the termination or unwinding of any Hedge Agreement in accordance with its terms; 

(xvii) dispositions by any Subsidiary of its own Equity Interests to qualify directors where required by applicable law and so
long as any such disposition is in the ordinary course of complying with or otherwise satisfying applicable legal requirements and not materially adverse to the interests of the Holders; 

(xviii) dispositions permitted by Section 8(c); 

(xix) conversion of any wholly owned Subsidiary from a corporation to a limited liability company, so long as the surviving
entity is a wholly owned Subsidiary of the Corporation; and 
 (xx) the consummation of sale-leaseback transactions with
respect to the Headquarters Property. 

  
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 (b) The Corporation will not consolidate with or merge with or into, or convey, transfer,
allocate by division or lease all or substantially all its assets, in one transaction or a series of related transactions, to any Person. 

(c) Notwithstanding anything in this Section 8 to the contrary, (i) any Subsidiary may consolidate or otherwise
combine with, merge into or transfer all or part of its properties and assets to the Corporation and (ii) any wholly owned Subsidiary may consolidate or otherwise combine with, merge into or transfer all or part of its properties and assets to
any other wholly owned Subsidiary. 
 (d) The foregoing clauses (b) and (c) shall not apply to the creation of a new wholly owned
Subsidiary. 
 SECTION 9 Limitation on Restricted Payments. 

The Corporation shall not and shall not permit any of its Subsidiaries to declare or make, directly or indirectly, any Restricted Payment,
except: 
 (a) the Corporation and each wholly owned Subsidiary may make Restricted Payments to the Corporation and other wholly owned
Subsidiaries of the Corporation 
 (b) the Corporation and each wholly owned Subsidiary of the Corporation may declare and make dividend
payments or other Restricted Payments payable solely in the Equity Interests (other than Disqualified Stock not otherwise permitted by this Certificate of Designations) of such Person to the Corporation and other wholly owned Subsidiaries of the
Corporation; 
 (c) Restricted Payments made (i) on the Issue Date to consummate the Transactions, (ii) in respect of working
capital adjustments or purchase price adjustments pursuant to the Acquisition Agreement as in effect on the date hereof or any Permitted Investment, (iii) in order to satisfy indemnity and other similar obligations pursuant to the Acquisition
Agreement as in effect on the date hereof or any Permitted Investment and (iv) to holders of Equity Interests of the Target (immediately prior to giving effect to the Transactions) in connection with, or as a result of, their exercise of
appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, in each case, with respect to the Transactions and pursuant to the terms of the Acquisition Agreement, and Restricted
Payments consisting of an IPO Reorganization Transaction; 
 (d) the payment of up to an aggregate under clauses (i) and (ii) below
collectively of $1.0 million in any fiscal year (with unused amounts in any fiscal year being carried over to succeeding fiscal years), of (i) indemnities and expenses to the Investors pursuant to the expenses recharge agreement among
Target, Pride Aggregator, LP, a Delaware limited partnership, and Apax IX GP Co. Limited, in effect on the Issue Date (the “Management Agreement”) (plus any indemnities and expenses accrued in any prior year) and
(ii) indemnification and other similar amounts to the Investors and reimbursement of expenses of the Investors, in each case, approved by, or pursuant to arrangements approved by, a majority of the members of the Board and consistent with past
practices and industry norms; 

  
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 (e) the Corporation and each Subsidiary may (i) pay (or make Restricted Payments to
allow Corporation or any Parent Entity to pay) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of such Subsidiary (or of the Corporation or any Parent Entity) held by any future, present or former
manager, officer, director, consultant, advisor, service provider or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees, transferees or distributees of any of the foregoing) of such Subsidiary (or the
Corporation or any Parent Entity) or any of its Subsidiaries or (ii) make Restricted Payments in the form of distributions to allow Corporation or any Parent Entity to pay principal or interest on promissory notes that were issued to any
future, present or former manager, officer, director, consultant or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees, transferees or distributees of any of the foregoing) of such Subsidiary (or the
Corporation or any Parent Entity) in lieu of cash payments for the repurchase, retirement or other acquisition or retirement for value of such Equity Interests held by such Persons, in each case, upon the death, disability, retirement or termination
of employment of any such Person or pursuant to any employee, manager or director equity plan, employee, manager or director stock option plan or any other employee, manager or director benefit plan or any agreement (including any stock subscription
or shareholder agreement) with any manager, officer, director, consultant, advisor, service provider or employee of such Subsidiary (or the Corporation or any Parent Entity) or any of its Subsidiaries; provided that the aggregate amount of
Restricted Payments made pursuant to this Section 9(e) shall not exceed (y) $5.0 million per fiscal year (with unused amounts in any fiscal year being carried over to succeeding fiscal years); plus (z) an
amount not to exceed the net proceeds of key man life insurance policies received by the Corporation or its Subsidiaries less the amount of Restricted Payments previously made with the cash proceeds of such key man life insurance policies;
provided that cancellation of Indebtedness owing to the Corporation or any Subsidiary from members of management of the Corporation, any Parent Entity or Subsidiary in connection with a repurchase or redemption of Equity Interests of any
Parent Entity will not be deemed to constitute a Restricted Payment for purposes of this Section 9 or any other provision of this Certificate of Designations; and, provided, further, that no payments,
including Restricted Payments, or cancellation of Indebtedness otherwise permitted by this Section 9(e) shall be made in favor of any Direct Sponsor Affiliates; 

(f) the Corporation may make Restricted Payments to any Parent Entity: 

(i) the proceeds of which shall be used to pay (or make Restricted Payments to allow any Parent entity to pay) franchise and
similar Taxes and other fees and expenses required to maintain its (or any Parent Entity’s) corporate existence (including any costs or expenses associated with being a public company listed on a national securities exchange) in an amount not
to exceed $5.0 million in the aggregate; 
 (ii) so long as the Corporation or any of its Subsidiaries is a member of a
consolidated, combined, or unitary group of which a Parent Entity is the common parent for federal, state, and local income tax purposes (or is a disregarded entity whose regarded owner is a member of such consolidated combined or unitary tax group)
that files a consolidated, combined, or unitary tax return, as applicable, the Corporation and its Subsidiaries may make cash distributions for a taxable period in amount necessary such that such Parent Entity may pay the Taxes imposed on it under
applicable law with 

  
 14 

 
respect to the consolidated, combined, or unitary taxable income allocable from the Corporation and its Subsidiaries (taking into account any deductions, losses or credits available to the
Corporation and its Subsidiaries), provided that such amount shall be no greater than what the Corporation and its Subsidiaries would have paid for their federal, state, and local income taxes for such taxable period had no consolidated,
combined, or unitary group filing been made; and 
 (iii) the proceeds of which shall be used to pay customary salary, bonus,
severance and other benefits payable to officers and employees of the Corporation or any Parent Entity to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Corporation and the Subsidiaries in
an amount not to exceed $1.0 million per calendar year; 
 (g) the Corporation or any of the Subsidiaries may pay cash in lieu of
fractional shares of Equity Interests in connection with any dividend, split or combination thereof or any Permitted Investment; 
 (h)
Restricted Payments in an amount not to exceed $5.0 million in the aggregate, so long as the Corporation has fully paid in cash 100% of the Dividends due on the shares of Series A Preferred Stock for the prior four consecutive fiscal
quarters; and 
 (i) Restricted Payments to pay dividends in respect of the Series A Preferred Stock. 

For the avoidance of doubt, any dividend or distribution otherwise permitted pursuant to this Section 9 may be in the form of a
loan. 
 SECTION 10 Transactions with Affiliates. 

The Corporation shall not and shall not permit any of its Subsidiaries to enter into any transaction or transactions of any kind with a value
in the aggregate in excess of $250,000 per calendar year, with any Affiliate of the Corporation, whether or not in the ordinary course of business, other than: 

(a) transactions solely among the Corporation and its wholly owned Subsidiaries; 

(b) transactions between a Direct Sponsor Affiliate that is an operating portfolio company of Sponsor and the Corporation or a Subsidiary of
the Corporation on terms (taken as a whole) substantially as favorable to the Corporation or such Subsidiary as would be obtainable by the Corporation or such Subsidiary at the time in a comparable
arm’s-length transaction with a Person other than an Affiliate; 
 (c) the provision of
services comparable to those services provided by the Corporation or any of its Subsidiaries to unaffiliated third parties to the Sponsor or any of its Affiliates on terms (taken as a whole) substantially as favorable to the Corporation or such
Subsidiary as would be obtainable by the Corporation or such Subsidiary at the time in a comparable arm’s-length transaction with a Person other than an Affiliate; provided that the Corporation
shall provide a copy of any agreement or instrument providing for the terms of such services to the Holder Majority prior to its effectiveness; 

  
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 (d) the Transactions and the payment of fees and expenses (including Transaction Expenses)
as part of or in connection with the Transactions; 
 (e) the issuance of Equity Interests of (x) the Corporation (or any Parent
Entity) or (y) any Subsidiary constituting directors’ qualifying shares or other shares required by applicable law, in each case, to any manager, officer, director, consultant or employee of the Corporation or any of its Subsidiaries;
provided that in no event shall any such Equity Interests (i) be issued to any individual who is a Direct Sponsor Affiliate and/or (ii) have any material adverse impact on the Corporation, any Parent Entity or any Subsidiary; 

(f) the payment to Sponsor of reasonable out-of-pocket
expenses pursuant to the Management Agreement as in effect on the Issue Date as disclosed to the Holders on or before such date; 
 (g)
loans and other transactions among the Corporation and its wholly owned Subsidiaries; 
 (h) so long as it has been approved by the Board or
the applicable Subsidiary’s board of directors (or comparable governing body) as required by and in accordance with applicable law, the payment of reasonable compensation, severance, or employee benefit arrangements to employees, officers,
outside directors and consultants of the Corporation or such Subsidiary in the ordinary course of business other than to Direct Sponsor Affiliates; 

(i) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, officers, employees
and consultants of the Corporation and its wholly owned Subsidiaries (or any Parent Entity) other than to Direct Sponsor Affiliates (excluding customary director and officer indemnity and liability insurance) in the ordinary course of business to
the extent attributable to the ownership or operation of the Corporation and its wholly owned Subsidiaries; 
 (j) transactions pursuant to
agreements, instruments or arrangements in existence on the Closing Date in an amount not to exceed $250,000, other than any such agreements, instruments, arrangements or amendments thereto with Sponsor, and any amendment thereto to the extent such
an amendment is not adverse to the holders of Series A Preferred Stock in any material respect; and 
 (k) payments by the Corporation or
any of its Subsidiaries pursuant to any tax sharing agreements with any Parent Entity to the extent attributable to the ownership or operation of the Corporation and its Subsidiaries, but only to the extent permitted by
Section 9(f)(ii). 

  
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 SECTION 11 Limitation on Restrictions on Distributions from Subsidiaries. 

(a) The Corporation shall not, and shall not permit any Subsidiary to, create or otherwise cause or permit to exist or become effective any
consensual encumbrance or consensual restriction on the ability of any Subsidiary to: 
 (i) pay dividends or make any other
distributions in cash or otherwise on its Equity Interests or pay any Indebtedness or other obligations owed to the Corporation or any Subsidiary; 

(ii) make any loans or advances to the Corporation or any Subsidiary; or 

(iii) sell, lease or transfer any of its property or assets to the Corporation or any Subsidiary; 

provided that (x) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating
distributions being paid on common stock and (y) the subordination of (including the application of any standstill requirements to) loans or advances made to the Corporation or any Subsidiary to other Indebtedness Incurred by the Corporation or
any Subsidiary shall not be deemed to constitute such an encumbrance or restriction. 
 (b) The provisions of clause (a) of this
Section 11 will not prohibit the following, in each case to the extent that they do not limit or restrict the rights of the Holders under this Certificate of Designations (other than solely as a result of provisions similar
to Section 8.12 or Section 6.4 of the Senior Credit Agreement in connection with the repayment of the underlying obligations). 

(i) any encumbrance or restriction pursuant to (a) any Credit Facility or (b) any other agreement or instrument, in
each case, in effect at or entered into on the Issue Date; 
 (ii) any encumbrance or restriction pursuant to the Series A
Preferred Stock or this Certificate of Designations; 
 (iii) any encumbrance or restriction pursuant to applicable law,
rule, regulation or order; 
 (iv) any encumbrance or restriction pursuant to an agreement or instrument of a Person or
relating to any Equity Interests or Indebtedness of a Person (in each case, which applies only to such Person), entered into on or before the date on which such Person was acquired by or merged, consolidated or otherwise combined with or into the
Corporation or any Subsidiary, or was designated as a Subsidiary or on which such agreement or instrument is assumed by the Corporation or any Subsidiary in connection with an acquisition of assets (other than Equity Interests or Indebtedness
Incurred as consideration in, or to provide all or any portion of the funds utilized to consummate, the transaction or series of related transactions pursuant to which such Person became a Subsidiary or was acquired by the Corporation or was merged,
consolidated or otherwise combined with or into the Corporation or any Subsidiary or entered into in contemplation of or in connection with such transaction) and outstanding on such date; provided that, for the purposes of this clause, if
another Person is the Successor Corporation, any Subsidiary thereof or agreement or instrument of such Person or any such Subsidiary shall be deemed acquired or assumed by the Corporation or any Subsidiary when such Person becomes the Successor
Corporation; 

  
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 (v) any encumbrance or restriction: 

(A) that restricts in a customary manner the subletting, assignment or transfer of any property or asset that is subject to a
lease, license or similar contract or agreement, or the assignment or transfer of any lease, license or other contract or agreement; 

(B) contained in mortgages, pledges, charges or other security agreements or securing Indebtedness of the Corporation or a
Subsidiary permitted under this Certificate of Designations to the extent such encumbrances or restrictions restrict the transfer or encumbrance of the property or assets subject to such mortgages, pledges, charges or other security agreements; or
or 
 (C) pursuant to customary provisions restricting dispositions of real property interests set forth in any reciprocal
easement agreements of the Corporation or any Subsidiary; 
 (vi) any encumbrance or restriction pursuant to Purchase Money
Obligations and Capitalized Lease Obligations permitted under this Certificate of Designations, in each case, that impose encumbrances or restrictions on the property so acquired; 

(vii) any encumbrance or restriction imposed pursuant to an agreement entered into for the direct or indirect sale or
disposition to a Person of all or substantially all the Equity Interests or assets of the Corporation or any Subsidiary (or the property or assets that are subject to such restriction) pending the closing of such sale or disposition; provided
that such restriction applies only to the assets or Equity Interests subject to such sale or disposition; provided, further, that any such action pursuant to this Section 11(b)(vii) shall otherwise comply with the
provisions of this Certificate of Designations; 
 (viii) customary provisions in leases, licenses, shareholder agreements,
joint venture agreements and other similar agreements, organizational documents and instruments restricting the transfer of such leases, license or Equity Interests subject thereto; 

(ix) encumbrances or restrictions arising or existing by reason of applicable law or any applicable rule, regulation or order,
or required by any regulatory authority; 
 (x) any encumbrance or restriction on cash or other deposits or net worth imposed
by customers under agreements entered into in the ordinary course of business or consistent with past practice; 
 (xi) any
encumbrance or restriction pursuant to Hedging Obligations; 
 (xii) other Indebtedness, Disqualified Stock or Preferred
Stock of Foreign Subsidiaries permitted to be Incurred or issued subsequent to the Issue Date pursuant to the provisions of Section 11 that impose restrictions solely on the Foreign Subsidiaries party thereto or their
Subsidiaries; 

  
 18 

 (xiii) any encumbrance or restriction arising pursuant to an agreement or
instrument relating to any Indebtedness permitted to be Incurred subsequent to the Issue Date pursuant to the provisions of the covenant described under Section 7 if the encumbrances and restrictions contained in any such
agreement or instrument taken as a whole are not materially less favorable to the Holders than (i) the encumbrances and restrictions contained in the Senior Credit Agreement in effect on the Issue Date, together with the security documents
associated therewith, each as in effect on the Issue Date or (ii) in comparable financings (as determined in good faith by the Corporation) and where, in the case of clause (ii), either (a) the Corporation determines at the time of entry
into such agreement or instrument that such encumbrances or restrictions will not adversely affect, in any material respect, the Corporation’s ability to make principal or interest payments on the Notes or (b) such encumbrance or
restriction applies only during the continuance of a default relating to such agreement or instrument solely as permitted in the Senior Credit Agreement on the Issue Date; 

(xiv) any encumbrance or restriction existing by reason of any lien permitted under Section 11; or

 (xv) any encumbrance or restriction pursuant to an agreement or instrument effecting a refinancing of Indebtedness
Incurred pursuant to, or that otherwise refinances, an agreement or instrument referred to in clauses (i) to (xiv) of this Section 11(b) or this clause (an “Initial Agreement”) or contained in any
amendment, supplement or other modification to an agreement referred to in clauses (i) to (xiv) of this Section 11(b) or this clause (xv); provided, however, that the encumbrances and restrictions with
respect to such Subsidiary contained in any such agreement or instrument are no less favorable in any material respect to the Holders taken as a whole than the encumbrances and restrictions contained in the Initial Agreement or Initial Agreements to
which such refinancing or amendment, supplement or other modification relates (as determined in good faith by the Corporation). 
 (c)
Notwithstanding any provision of this Certificate of Designations to the contrary, the Corporation shall not, and shall cause its Subsidiaries not to, directly or indirectly, enter into any agreement, arrangement, understanding or instrument that
would restrict the Corporation from effecting a Mandatory Redemption pursuant to Section 6 or any other payment permitted hereunder, including submitting payment to the Holders in connection therewith; provided that in no event shall
this clause (c) prohibit the Senior Credit Agreement or any Refinancing Indebtedness in respect thereof with the same redemption and default terms as those in the Senior Credit Agreement; provided, further, that this clause
(c) shall not prohibit any agreement, arrangement, understanding or instrument solely because it contains a customary change of control provision that would require repayment of such arrangement upon the consummation of such change of control.

  
 19 

 SECTION 12 Layering and Holding Company Passivity. 

(a) The Corporation shall (x) directly own 100% of Holdings and (y) indirectly own 100% of its other Subsidiaries, except for,
solely with respect to clause (y), the following: 
 (i) Permitted Investments; 

(ii) sales of Equity Interests in Subsidiaries of the Corporation otherwise permitted pursuant to
Section 8; and 
 (iii) maintenance of the percentage ownership in Paycor Headquarters, LLC that it
held as of the Issue Date. 
 (b) The Corporation shall not issue Parity Stock or Senior Stock, and shall not permit its Subsidiaries to
issue Preferred Stock, without consent of the Holder Majority. 
 (c) Each of the Corporation and Holdings shall not own or acquire any
assets (other than Equity Interests of its respective Subsidiaries, cash and Cash Equivalents) or engage in any business or activity other than: 

(i) the ownership of all the outstanding Equity Interests of its respective Subsidiaries and activities incidental thereto;

 (ii) the maintenance of its corporate existence and activities incidental thereto, including general and corporate
overhead; 
 (iii) the issuance of Junior Stock or Equity Securities of the Subsidiaries of the Corporation to the extent
expressly permitted by this Certificate of Designations; 
 (iv) the receipt and making of Restricted Payments and other
transactions between the Corporation, Holdings and any of their Subsidiaries expressly permitted by this Certificate of Designations; 

(v) with respect to Holdings, compliance with its obligations under the Senior Credit Agreement and any Refinancing
Indebtedness with respect thereto; 
 (vi) incurring liabilities, Indebtedness or Guarantee obligations in respect of
Indebtedness, in each case, to the extent expressly permitted by this Certificate of Designations; and 
 (vii) activities
incidental to legal, tax and accounting matters in connection with any of the foregoing activities. 
 SECTION 13 Reports. 

(a) Notwithstanding that the Corporation may not be subject to the reporting requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the U.S.
Securities and Exchange Commission (the “SEC”), from and after the Issue Date, the Corporation shall furnish to the Holders, within 15 days after the time periods specified below: 

  
 20 

 (i) Annual Financial Statements. Within 90 days (or 120 days in the
case of the fiscal year containing the Issue Date) after the end of each fiscal year, all financial information that would be required to be contained in an annual report on Form 10-K, or any successor or
comparable form, filed with the SEC, including a report on the annual financial statements by the Corporation’s independent registered public accounting firm and year end bookings and retention; 

(ii) Quarterly Financial Statements. Within 30 days after the end of each of each fiscal quarter, all financial
information that would be required to be contained in a quarterly report on Form 10-Q, or any successor or comparable form, filed with the SEC, including financial statements prepared in accordance with GAAP
and quarterly bookings and retention; 
 in each case, in a manner that complies in all material respects with the requirements specified in such form,
except as described above or below; provided, however, that the Corporation shall not be required to (i) comply with Regulation G under the Exchange Act or Item 10(e) of Regulation S-K with
respect to any “non-GAAP” financial information contained therein, (ii) provide separate financial statements or other information contemplated by Rules
3-09, 3-10 or 3-16 of Regulation S-X promulgated by the SEC (“Regulation S-X”), or in each case any successor provisions or any schedules required by Regulation S-X, (iii) comply with Sections 302, 906 and 404 of the
Sarbanes-Oxley Act of 2002, as amended, or (iv) otherwise furnish any information, certificates or reports required by Items 307, 308 or 402 of Regulation S-K. 

(b) The Corporation shall furnish to the Holders, within 60 days following the beginning of each fiscal year, an annual budget in the form
customarily prepared by the Corporation. 
 (c) The Corporation shall make available such information and such reports required by clauses
(a) and (b) (as well as the details regarding the conference call described below) to any holder of Series A Preferred Stock by posting such information on its website, on Intralinks or any comparable password-protected online data system which
shall require a customary confidentiality acknowledgment, and shall make such information readily available to any Holder who agrees to treat such information as confidential or accesses such information on Intralinks or any comparable
password-protected online data system which shall require a customary confidentiality acknowledgment; provided that the Corporation shall post such information thereon and make readily available any password or other login information to any
such Holder; provided, further, that any such Holder shall agree to (i) treat all such reports (and the information contained therein) and information as confidential, (ii) not use such reports and the information contained
therein for any purpose other than their investment in the Series A Preferred Stock and (iii) not publicly disclose any such reports (and the information contained therein). 

(d) The Corporation shall hold annual conference calls to which the Holders shall have participatory access to discuss such financial
information (including a customary Q&A session) no later than 15 Business Days after distribution of such financial information. 

  
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 (e) The financial statements, annual investor calls, budgets, letters, reports and
officers’ certificates of the Borrowers provided in accordance with the Credit Agreement shall be sufficient to satisfy the requirements of clauses (a), (b) and (d) of this Section 13 provided that the
Corporation is in compliance with Section 12(c). 
 (f) The Corporation will cause its Subsidiaries to have a
fiscal year that is the same as the Corporation and will maintain a system of accounting that enables the Corporation and its Subsidiaries to produce financial statements in accordance with GAAP. 

(g) The Corporation shall be deemed to have furnished the reports referred to in Section 13(a) if the Corporation,
the Borrower or the applicable Parent Entity has filed reports containing such information with the SEC. 
 (h) In addition to the
information to be provided pursuant to this Section 13, the Corporation shall reasonably promptly provide any customary and market information reasonably requested by the Holder Majority from time to time concerning the Corporation or its
Subsidiaries; 
 (i) The Corporation shall, and shall cause each Subsidiary to, permit officers and designated representatives of the
Holders to visit and inspect any of the properties or assets of the Corporation and any such Subsidiary in whomsoever’s possession to the extent that it is within such party’s control to permit such inspection (and shall use commercially
reasonable efforts to cause such inspection to be permitted to the extent that it is not within such party’s control to permit such inspection), and to examine the books and records of the Corporation and any such Subsidiary and discuss the
affairs, finances and accounts of the Corporation and of any such Subsidiary with, and be advised as to the same by, its and their officers and independent accountants, all at such reasonable times and intervals and to such reasonable extent as the
Holders may request (and subject, in the case of any such meetings or advice from such independent accountants, to such accountants’ customary policies and procedures); provided that, excluding any such visits and inspections during the
continuation of an Event of Noncompliance, (i) only the Holder Majority (as defined below) may exercise the rights under this Section 13(i), and (ii) the Holder Majority shall not exercise such rights more than
one time in any calendar year, which such visit will be at the Corporation’s expense; provided, further, that when an Event of Noncompliance exists, the Holder Majority (or any of its representatives or independent contractors)
may do any of the foregoing at the expense of the Corporation at any time during normal business hours and upon reasonable advance notice. The Holder Majority shall give the Corporation the opportunity to participate in any discussions with the
Corporation’s independent public accountants. 
 SECTION 14 Compliance Certificate. 

(a) The Corporation shall deliver to the Holders, in the manner described in Section 13(c), within 120 days after
the end of each fiscal year of the Corporation an officer’s certificate, the signer of which shall be the principal executive officer, principal financial officer or principal accounting officer of the Corporation, stating that in the course of
the performance by the signer of his or her duties as an officer of the Corporation he or she would normally have knowledge of any Event of Noncompliance and whether or not the signer knows of any Event of

  
 22 

 
Noncompliance that occurred during the previous fiscal year; provided that no such officer’s certificate shall be required for any fiscal year ended prior to the Issue Date. If such
officer does have such knowledge, the certificate shall describe the Event of Noncompliance, its status and the action the Corporation is taking or proposes to take with respect thereto. 

SECTION 15 Financial Covenant. 

On and after the third anniversary of the Issue Date, the Corporation and its Subsidiaries shall not have LTM Recurring Revenue less than
$250.0 million or Consolidated EBITDA of less than $10.0 million, in each case, which shall be tested on a trailing four quarter basis as of the last day of each fiscal quarter of the Corporation. 

SECTION 16 Affirmative Covenants. 

(a) Maintenance of Properties. The Corporation shall, and shall cause each of its Subsidiaries to, maintain and preserve all of its
assets that are necessary in the proper conduct of its business in good working order and condition, ordinary wear, tear, casualty, and condemnation and asset sales permitted by Section 8 excepted (and except where the
failure to so maintain and preserve assets could not reasonably be expected to result in a Material Adverse Effect). 
 (b)
Insurance. The Corporation shall, and shall cause each of its Subsidiaries to, at the Corporation’s expense, maintain insurance respecting each of the Corporation’s and each of its Subsidiaries’ assets wherever located,
covering liabilities, losses or damages as are customarily insured against by other Persons engaged in the same or similar businesses and similarly situated and located; provided, for the avoidance of doubt, that this
Section 16(b) does not require maintenance of flood insurance except to the extent permitted by applicable law. All such policies of insurance shall be with financially sound and reputable insurance companies and in such
amounts as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and located. The Corporation shall give the Holders prompt notice of any loss exceeding $500,000.00 covered by their or
their Subsidiaries’ casualty or business interruption insurance. 
 (c) Existence. Except as otherwise permitted under
Section 8, the Corporation shall, and shall cause each of its Subsidiaries to, at all times preserve, maintain and keep in full force and effect such Person’s valid existence and good standing in its jurisdiction of
organization and, except as could not reasonably be expected to result in a Material Adverse Effect, good standing with respect to all other jurisdictions in which it is qualified to do business and any rights, franchises, permits, licenses,
accreditations, authorizations, or other approvals material to its business. 
 (d) Taxes. The Corporation shall, and shall cause
each of its Subsidiaries to, pay in full before delinquency or before the expiration of any extension period all material Taxes imposed, levied, or assessed against it, or any of its assets or in respect of any of its income, businesses, or
franchises, except where the failure to timely pay such Taxes is being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP. 

  
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 (e) Compliance with Laws. The Corporation shall, and shall cause each of its
Subsidiaries to, comply with the requirements of all applicable laws, rules, regulations, and orders of any Governmental Authority, other than laws, rules, regulations, and orders the non-compliance with
which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 (f) OFAC; Sanctions;
Anti-Corruption Laws; Anti-Money Laundering Laws. The Corporation shall, and shall cause each of its Subsidiaries to comply with all applicable Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. The Corporation and each of its
Subsidiaries shall implement and maintain in effect policies and procedures designed to ensure compliance by the Corporation and its Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all Sanctions,
Anti-Corruption Laws and Anti-Money Laundering Laws. 
 (g) Environmental. The Corporation shall, and shall cause each of its
Subsidiaries to, 
 (i) keep any property either owned or operated by the Corporation or any of its Subsidiaries free of any
Environmental Liens or post bonds or other financial assurances sufficient to satisfy the obligations or liability evidenced by such Environmental Liens except to the extent that any such Environmental Liens, individually or in the aggregate, would
not reasonably be expected to result in a Material Adverse Effect; and 
 (ii) comply, in all respects, with Environmental
Laws, except to the extent that any such non-compliance, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, and provide to the Holders documentation of
such compliance which the Holder Majority reasonably requests. 
 (iii) promptly notify the Holders of any release of which
the Corporation or any of its Subsidiaries has Knowledge of a Hazardous Material in any reportable quantity from or onto property owned or operated by the Corporation or any of its Subsidiaries, which release would reasonably be expected to have a
Material Adverse Effect, and take any Remedial Actions required to abate such release or otherwise to come into compliance, in all material respects, with applicable Environmental Law; and 

(iv) promptly, but in any event within five (5) Business Days of its receipt thereof, provide the Holders with written
notice of any of the following: (A) an Environmental Lien has been filed against any of the real or personal property of the Corporation or its Subsidiaries, (B) commencement of any Environmental Action or written notice that an
Environmental Action will be filed against the Corporation or its Subsidiaries, and (C) a violation, citation, or other administrative order from a Governmental Authority , in each case of (A), (B) and (C), that would reasonably be expected to
result in a Material Adverse Effect. 
 (h) Certain Notices. The Corporation shall promptly, but in any event within two
(2) Business Days upon becoming aware of such matter, notify each Holder of any of the following: (i) commencement of any material litigation or legal proceeding against or governmental investigation or inquiry of the Corporation;
(ii) any Event of Non-Compliance; or (iii) the issuance by the Corporation or its Subsidiaries of additional Indebtedness in excess of $25.0 million in the aggregate (but in any event, not to
include amounts drawn under any revolving Credit Facility). 

  
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 (i) Nature of Business. Without the prior consent of the Holder Majority, the
Corporation and its Subsidiaries will only engage only in material lines of business substantially similar to those lines of business conducted by the Corporation and its Subsidiaries (after giving effect to the Transactions) on the Issue Date or
any business reasonably related, complementary or ancillary thereto. 
 SECTION 17 Notices. 

Any and all notices or other communications or deliveries hereunder shall be in writing and shall be deemed given and effective on the
earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via email at the email address specified in this Section 17 prior to or at the Close of
Business on a Business Day and, with respect to facsimile transmissions, electronic confirmation of receipt is received by the sender, (b) the next Business Day after the date of transmission, if such notice or communication is delivered via
facsimile or email at the facsimile number or email address specified in this Section 17 on a day that is not a Business Day or later than the Close of Business on any Business Day, (c) the Business Day following the
date of mailing, if sent by nationally recognized overnight courier service, or (d) if otherwise, upon actual receipt by the party to whom such notice is required to be given. The addresses for such communications shall be: (i) if to the
Corporation, c/o Apax Partners, L.P., 601 Lexington Avenue, 53rd Floor, New York, New York 10022, Telephone: (212) 753-6300, Email: jason.wright@apax.com, Attention: Jason Wright, with a copy to
Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022, Telephone: (212) 446-4800, Facsimile: (212) 446-4900, Email: leo.greenberg@kirkland.com;
joshua.korff@kirkland.com; and david.curtiss@kirkland.com, Attention: Leo M. Greenberg, P.C.; Joshua N. Korff, P.C.; and David A. Curtiss, or (ii) if to a Holder, to the address, email address or facsimile number at which such Holder has
consented to receive notice appearing on the Corporation’s stock ledger or such other address, email address or facsimile number as such Holder may provide to the Corporation in accordance with this Section 17 (the
provision of such substitute address, email address or facsimile number to the Corporation to be deemed to constitute the consent of such Holder to receive notice at such address, email address or facsimile number). 

SECTION 18 Certain Definitions and Terms Generally. 

(a) As used in this Certificate of Designations, the following terms shall have the following meanings, unless the context otherwise requires:

 “Acquisition Agreement” shall mean that certain Agreement and Plan of Merger, dated as of September 7, 2018, by and
among Holdings, Pride Merger Subsidiary, Inc., Pride Aggregator, LP, Target and Shareholder Representative Services, LLC, as representative of Target’s equityholders. 

  
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 “Adjusted LIBOR” shall mean, with respect to any Dividend Payment Period,
(i) the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for U.S. Dollar deposits and for a three month interest period (“ICE
LIBOR”), as published on the applicable Bloomberg screen page (or such other commercially available source providing quotations of ICE LIBOR as may be chosen by the Corporation from time to time in consultation with the Holders) at
approximately 11:00 a.m., New York City time, two Business Days prior to the commencement of such Dividend Payment Period, or (ii) if such rate described in clause (i) of this definition is not available, the rate of interest
(rounded upwards, if necessary, to the nearest 1/100th) appearing in the money markets section of the Wall Street Journal (or any successor or substitute page of such service, or any successor to such service as determined by the Corporation) as the
London interbank offered rate for deposits in U.S. dollars for a term of three months on the applicable determination date; provided that, notwithstanding anything to the contrary, in no event shall Adjusted LIBOR be less than 1.00% per
annum. 
 “Affiliate” shall mean, as to any Person, any other Person that, directly or indirectly, controls, or is
controlled by, or is under common control with, such Person; provided, however, (i) that the Corporation and its Subsidiaries shall not be deemed to be Affiliates of any Investor or any of its Affiliates and (ii) portfolio
companies in which any Investor or any of its Affiliates has an investment (whether as debt or equity) shall not be deemed an Affiliate of such Investor. For this purpose, “control” (including, with its correlative meanings,
“controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management or policies of a Person, whether through the ownership of securities
or partnership or other ownership interests, by contract or otherwise. 
 “AGA” shall mean Apax Global Alpha Limited, a
closed-ended investment company. 
 “Board” shall have the meaning ascribed to it in the recitals; provided that any
action specified to be taken by the Board may be taken by an authorized committee thereof to the extent permitted under Delaware law. 

“Board of Governors” means the Board of Governors of the Federal Reserve System of the United States (or any successor). 

“Borrowers” shall mean Target, Pride Merger Subsidiary, Inc. and each of the Subsidiaries party to the Senior Credit
Agreement as borrowers. 
 “Business Day” shall mean any day excluding Saturday, Sunday and any other day on which banking
institutions in New York City are authorized by law or other governmental actions to close, and, if such day relates to any dividend rate settings as to Adjusted Eurodollar Rate, such day shall be a day on which dealings in deposits in dollars are
conducted by and between banks in the applicable London interbank market. 
 “Capitalized Lease Obligation” shall mean an
obligation that is required to be classified and accounted for as a capitalized lease for financial reporting purposes on the basis of GAAP. The amount of Indebtedness represented by such obligation will be the capitalized amount of such obligation
at the time any determination thereof is to be made as determined on the basis of GAAP, and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be
terminated without penalty. 

  
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 “Cash Equivalents” shall mean (a) marketable direct obligations issued
by, or unconditionally guaranteed by, the United States or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one (1) year from the date of acquisition thereof,
(b) marketable direct obligations issued or fully guaranteed by any state of the United States or any political subdivision of any such state or any public instrumentality thereof maturing within one (1) year from the date of acquisition
thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s, (c) commercial paper maturing no more than 270 days from the date of creation thereof and, at the time of
acquisition, having a rating of at least A-1 from S&P or at least P-1 from Moody’s, (d) certificates of deposit, time deposits, overnight bank deposits or
bankers’ acceptances maturing within one (1) year from the date of acquisition thereof issued by any bank organized under the laws of the United States or any state thereof or the District of Columbia or any United States branch of a
foreign bank having at the date of acquisition thereof combined capital and surplus of not less than $500,000,000, (e) Deposit Accounts maintained with (i) any bank that satisfies the criteria described in clause (d) above, or
(ii) any other bank organized under the laws of the United States or any state thereof so long as the full amount maintained with any such other bank is insured by the Federal Deposit Insurance Corporation, (f) repurchase obligations of
any commercial bank satisfying the requirements of clause (d) of this definition or recognized securities dealer having combined capital and surplus of not less than $500,000,000, having a term of not more than seven days, with respect to
securities satisfying the criteria in clauses (a) or (d) above, (g) debt securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the
criteria described in clause (d) above, and (h) Investments in money market funds substantially all of whose assets are invested in the types of assets described in clauses (a) through (g) above. 

“Certificate of Designations” shall mean this Certificate of Designations relating to the Series A Preferred Stock, as it may
be amended from time to time. 
 “Change of Control” shall mean (a) any person or group (other than any of the Initial
Investors and their respective Affiliates) comes to beneficially own, directly or indirectly, equity securities representing at least 50% of the aggregate voting power represented by the issued and outstanding equity securities of the Corporation
(or any successor thereto), by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor
provision) or (b) the direct or indirect sale, lease, exchange, exclusive license, transfer or other disposition, in one or a series of related transactions, of all or substantially all of the assets of the Corporation or its Subsidiaries,
including by way of a merger, consolidation or other business combination, including one in which the Corporation is not the surviving entity. 

“Close of Business” shall mean 5:00 p.m., New York City time, on any Business Day. 

  
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 “Contingent Obligations” shall mean with respect to any Person, any
obligation of such Person guaranteeing in any manner, whether directly or indirectly, any operating lease, dividend or other obligation that does not constitute Indebtedness (“primary obligations”) of any other Person (the
“primary obligor”), including any obligation of such Person, whether or not contingent: 
 (1) to purchase any such primary
obligation or any property constituting direct or indirect security therefor; 
 (2) to advance or supply funds: 

 

	 	(i)	 for the purchase or payment of any such primary obligation; or 

 

	 	(ii)	 to maintain the working capital or equity capital of the primary obligor or otherwise to maintain the net worth
or solvency of the primary obligor; or 

  

	 	(iii)	 to purchase property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Corporation” shall have the meaning ascribed to it in the recitals. 

“Credit Facility” shall mean the Senior Credit Agreement in effect on the Issue Date or any refinancing thereof subject to
Section 7(a)(i). 
 “Direct Sponsor Affiliate” shall mean any Person affiliated with Sponsor or
its Affiliates (other than solely on account of such Person’s employment by the Corporation or its Subsidiaries or other operating portfolio companies of Sponsor and its Affiliates). For clarity, any Person who has an employment, consulting or
other similar arrangement with Sponsor or its Affiliates (other than solely on account of such Person’s employment by the Corporation or its Subsidiaries or other operating portfolio companies of Sponsor and its Affiliates) shall be a Direct
Sponsor Affiliate. 
 “Disqualified Stock” shall mean with respect to any Person, any Equity Interests of such Person which
by their terms (or by the terms of any security into which they are convertible or for which they are exchangeable) or upon the happening of any event: 

(1) matures or is mandatorily redeemable for cash or in exchange for Indebtedness or Equity Interests that are Disqualified Stock pursuant to a
sinking fund obligation or otherwise; 
 (2) is or may become (in accordance with its terms) upon the occurrence of certain events or
otherwise redeemable or repurchasable for cash or in exchange for Indebtedness or Equity Interests that would constitute Disqualified Stock at the option of the holder of the Equity Interests in whole or in part; or 

(3) provides for the scheduled or mandatory payments of dividends in cash, 

  
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 in each case on or prior to date that is 180 days after the earlier of (a) the sixth
anniversary of the Issue Date or (b) the date on which there are no shares of Series A Preferred Stock outstanding; provided that if such Equity Interests are issued to any plan for the benefit of employees of the Corporation or its
wholly owned Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Stock solely because they may be required to be repurchased by the Corporation or its wholly owned Subsidiaries in order to
satisfy applicable statutory or regulatory obligations. 
 “Dividend” shall have the meaning ascribed to it in
Section 3(a). 
 “Dividend Payment Date” shall have the meaning ascribed to it in
Section 3(b). 
 “Dividend Payment Period” shall have the meaning ascribed to it in
Section 3(b). 
 “Dollars” or “$” shall mean the lawful currency of the United
States of America. 
 “Event of Noncompliance” means any of the following events: 

(1) default in the payment when due (a) pursuant to Section 6 or (b) of any cash dividends or cash
distribution pursuant to Section 3(c) (a “Redemption or Dividend Failure”) (for the avoidance of doubt, such a default includes a failure to make any such payment when otherwise due whether due to the lack
of surplus therefor or any other reason); 
 (2) failure for 10 days after notice by the Holder Majority to comply with provisions of the
Corporation’s certificate of incorporation applicable to the Series A Preferred Stock (including this Certificate of Designations) or any other material breach of the Corporation’s certificate of incorporation (including this Certificate
of Designations) (other than those described (i) in clauses (1) or (3) through (6) of this definition of “Event of Noncompliance,” (ii) Section 5 and/or
(iii) Sections 7, 8, 9, 10, 11, 12 and 15 with respect to which such cure period shall not apply); 

(3) the occurrence of an acceleration or a payment default at maturity of the Indebtedness in excess of $10.0 million (“Material
Debt”) of the Corporation or its Subsidiaries (a “Payment Failure”); 
 (4) the occurrence of an event of default
under any Material Debt of the Corporation or its Subsidiaries (a “Material Debt Failure”); 
 (5) failure to pay final
judgments in excess of $10.0 million when due by the Corporation or its Subsidiaries (a “Judgment Failure”); or 
 (6)
bankruptcy or insolvency with respect to the Corporation or any Subsidiary or group of Subsidiaries that would constitute a Material Subsidiary (as such term is defined in the Senior Credit Agreement as in effect on the Issue Date) (a
“Bankruptcy Event”). 
 “Foreign Subsidiary” shall mean with respect to any Person, any Subsidiary of such
Person that is not organized or existing under the laws of the United States or any state thereof, the District of Columbia, and any Subsidiary of such Subsidiary. 

  
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 “GAAP” shall mean, other than as specifically provided in the definition of
Recurring Revenue, generally accepted accounting principles in the United States of America as in effect on the date of any calculation or determination required hereunder, consistently applied. 

“Golub” shall mean, collectively: (i) Golub Capital CP Funding LLC, (ii) Golub Capital BDC Holdings LLC,
(iii) GBDC 3 Holdings LLC, and (iv) GCIC Holdings LLC. 
 “Governmental Authority” shall mean the government of
any nation or any political subdivision thereof, whether at the national, state, territorial, provincial, municipal or any other level, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of, or pertaining to, government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Guarantee” means as to any Person, without duplication, (a) any obligation, contingent or otherwise, of such Person
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including
any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation, (ii) to purchase or lease property, securities or
services for the purpose of assuring the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance of such Indebtedness or other monetary obligation, (iii) to maintain working capital, equity capital or
any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other monetary obligation, or (iv) entered into for the purpose of
assuring in any other manner the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or other monetary obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such
Indebtedness to obtain any such Lien);provided that the term “Guarantee” shall not include endorsements for collection or deposit, in either case in the ordinary course of business; provided, further, that the amount
of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Hedging Obligations” shall mean with respect to any Person, the obligations of such person under any interest rate swap
agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contracts, currency swap agreement or similar agreement providing for the
transfer or mitigation of interest rate, commodity price or currency risks either generally or under specific contingencies. 

  
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 “Holder” shall mean, as of any date of determination, any Person in whose
name shares of the Series A Preferred Stock are registered in the Corporation’s stock ledger as of such date, which Person shall be treated by the Corporation and Transfer Agent (and any other similar agent) as the absolute owner of the shares
of Series A Preferred Stock for the purpose of making payment, exercising and receiving the benefits of the designations, powers, preferences and other rights of the Series A Preferred Stock and for all other purposes. 

“Holdings” shall mean Pride Guarantor, Inc., a Delaware corporation. 

“Incur” shall mean issue, create, assume, enter into any Guarantee of, incur, extend or otherwise become liable for;
provided, however, that any Indebtedness or Equity Interests of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be deemed to be Incurred by such
Subsidiary at the time it becomes a Subsidiary and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing and any Indebtedness pursuant to any revolving credit or similar facility shall only be
“Incurred” at the time any funds are borrowed thereunder. 
 “Indebtedness” shall mean, with respect to any
Person on any date of determination (without duplication): 
 (1) the principal of indebtedness of such Person for borrowed money; 

(2) the principal of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3) all reimbursement obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar instruments (the
amount of such obligations being equal at any time to the aggregate then undrawn and unexpired amount of such letters of credit or other instruments plus the aggregate amount of drawings thereunder that have not been reimbursed); 

(4) the principal component of all obligations of such Person to pay the deferred and unpaid purchase price of property (except trade payables
or similar obligation to a trade creditor in the ordinary course and repayable in accordance with customary practices and, for the avoidance of doubt, other than royalty payments payable in the ordinary course of business in respect of non-exclusive licenses), which purchase price is due after the date of placing such property in service or taking final delivery and title thereto; 

(5) Capitalized Lease Obligations of such Person; 

(6) any Disqualified Stock or, with respect to any Subsidiary, any Preferred Stock; 

(7) the principal component of all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such
Indebtedness is assumed by such Person; provided, however, that the amount of such Indebtedness will be the lesser of (a) the fair market value of such asset at such date of determination (as determined in good faith by the
Corporation) and (b) the amount of such Indebtedness of such other Persons; 

  
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 (8) to the extent not otherwise included in this definition, net obligations of such Person
under Hedging Obligations (the amount of any such obligations to be equal at any time to the net payments under such agreement or arrangement giving rise to such obligation that would be payable by such Person at the termination of such agreement or
arrangement); and 
 (9) any obligation of such Person Guaranteeing or intended to Guarantee (whether directly or indirectly Guaranteed,
endorsed, co-made, discounted, or sold with recourse) any obligation of any other Person that constitutes Indebtedness under any of clauses (1) through (8) above 

with respect to clauses (1), (2), (4) and (5) above, if and to the extent that any of the foregoing Indebtedness (other than letters of credit and
Hedging Obligations) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; provided that Indebtedness of any Parent Entity appearing upon the balance sheet of the
Corporation solely by reason of push-down accounting under GAAP shall be excluded. 
 “Independent Financial Advisor” shall
mean an accounting, appraisal, investment banking firm or consultant to Persons engaged in Similar Businesses of nationally recognized standing; provided, however, that such firm or appraiser is not an Affiliate of the Corporation.

 “Initial Investors” shall mean T2C Holdings I, LLC and T2C Holdings II, LLC and the
Non-Voting Investors. 
 “Initial Liquidation Preference” shall have the meaning
ascribed to it in Section 3(a). 
 “Insolvency Proceeding” shall mean any proceeding commenced by
or against any Person under any provision of title 11 of the United States Code, as in effect from time to time, or under any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal
moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief. 

“Investment” shall mean with respect to any Person, all investments by such Person in other Persons (including Affiliates) in
the form of advances, loans or other extensions of credit (other than advances or extensions of credit to customers, suppliers, directors, officers or employees of any Person in the ordinary course of business or consistent with past practice, and
excluding any debt or extension of credit represented by a bank deposit other than a time deposit) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or
use of others), or the Incurrence of a Guarantee of any obligation of, or any purchase or acquisition of Equity Interests, Indebtedness or other similar instruments issued by, such other Persons and all other items that are or would be classified as
investments on a balance sheet prepared on the basis of GAAP; provided, however, that endorsements of negotiable instruments and documents in the ordinary course of business or consistent with past practice will not be deemed to be an
Investment. If the Corporation or any Subsidiary issues, sells or otherwise disposes of any Equity Interests of a Person that is a Subsidiary such that, after giving effect thereto, such Person is no longer a Subsidiary, any Investment by the
Corporation or any Subsidiary in such Person remaining after giving effect thereto will be deemed to be a new Investment made at such time. 

  
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 “Investment Agreement” shall mean that certain Investment Agreement between
the Corporation and the Initial Investors dated as of November 2, 2018, as it may be amended, supplemented or otherwise modified from time to time, with respect to certain terms and conditions concerning, among other things, the rights of and
restrictions on the Holders. 
 “Investors” shall mean the Initial Investors and each permitted transferee of the Investors
to whom shares of Series A Preferred Stock are transferred pursuant to Section 5.02 of the Investment Agreement. 

“Intercompany Advances” shall mean loans made by (a) the Corporation to a wholly owned Subsidiary of the Corporation,
(b) a wholly owned Subsidiary of the Corporation to another wholly owned Subsidiary of Corporation, or (c) a wholly owned Subsidiary of the Corporation to the Corporation. 

“IPO Reorganization Transaction” shall mean transactions among the Corporation and its Subsidiaries taken in connection with
and reasonably related to consummating an underwritten public offering of the Equity Interests of the Corporation or any Parent Entity. 

“Issue Date” shall mean November 2, 2018. 

“Junior Stock” shall have the meaning ascribed to it in Section 2. 

“Lien” shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance,
easement, lien (statutory or other), security interest, or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever, including any conditional sale contract or other title retention
agreement, the interest of a lessor under a capital lease and any synthetic or other financing lease having substantially the same economic effect as any of the foregoing. 

“Liquidation” shall have the meaning ascribed to it in Section 4(a). 

“Liquidation Preference” shall have the meaning ascribed to it in Section 3(a). 

“LTM Recurring Revenue” shall mean, as of any date of determination, Recurring Revenue of the Corporation and its
Subsidiaries determined on a consolidated basis in accordance with GAAP, for the 12 month period most recently ended. For the purposes of calculating LTM Recurring Revenue for any period, if at any time during such period (and after the Issue
Date), the Corporation or any of its Subsidiaries shall have made an acquisition that constitutes a Permitted Investment, or shall have consummated a Permitted Disposition described in Section 8(a)(20), LTM Recurring
Revenue for such period shall be calculated after giving pro forma effect thereto. 
 “Mandatory Redemption Event”
shall mean (a) at the option of the Holder Majority, upon (i) the occurrence of a Change of Control, (ii) an initial public offering (or direct listing) of the Corporation or any of its Subsidiaries or any entity of which the
Corporation is a subsidiary, or (iii) at least 90 days’ prior notice by the Holder Majority, on or at any time after the sixth anniversary of the Issue Date, (b) at the option of the Holder Majority, the occurrence of a Trigger Event,
(c) the Corporation’s liquidation, winding up or dissolution, and/or (d) a filing for bankruptcy or other Insolvency Proceeding of the Corporation. 

  
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 “Margin Stock” has the meaning specified therefor in Regulation U of the
Board of Governors as in effect from time to time. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. and or
any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization. 
 “Nationally Recognized
Statistical Rating Organization” means a nationally recognized statistical rating organization within the meaning of Rule 436 under the Securities Act. 

“Non-Voting Investors” shall mean Holders other than the Holder Majority, which, as
of the Issue Date consists of AGA and Golub; provided that, notwithstanding anything else in this Certificate of Designations to the contrary, all actions to be taken by the Holders pursuant to this Certificate of Designations shall be determined by
the Holder Majority. In furtherance thereof, the Holders have entered into a voting agreement on the Issue Date (the “Voting Agreement”). 

“Parent Entity” means any direct or indirect parent of the Corporation. 

“Parity Stock” shall have the meaning ascribed to it in Section 2. 

“Permitted Investments” shall mean: 

(1) Investments in cash and Cash Equivalents, 

(2) Investments in negotiable instruments deposited or to be deposited for collection in the ordinary course of business, 

(3) advances made in connection with purchases of goods or services in the ordinary course of business, 

(4) Investments received in settlement of amounts due to the Corporation or any of its Subsidiaries effected in the ordinary course of
business or owing to the Corporation or any of its Subsidiaries as a result of Insolvency Proceedings involving an account debtor or upon the foreclosure or enforcement of any Lien in favor of the Corporation or its Subsidiaries, 

(5) Investments owned by the Corporation or any of its Subsidiaries on the Issue Date as set forth on Schedule
P-1 to the Senior Credit Agreement, 
 (6) Guarantees permitted under
Section 7, 
 (7) Intercompany Advances, 

(8) Equity Interests or other securities acquired in connection with the satisfaction or enforcement of Indebtedness or claims due or owing to
the Corporation or its Subsidiaries (in bankruptcy of customers or suppliers or otherwise outside the ordinary course of business) or as security for any such Indebtedness or claims, 

  
 34 

 (9) deposits of cash made in the ordinary course of business to secure performance of
operating leases, 
 (10) loans and advances to employees, officers and directors of the Corporation or any of its Subsidiaries (other than
to Direct Sponsor Affiliates) in the ordinary course of business for any other business purpose (including, but not limited to, moving, relocation, travel and similar expenses) and in an aggregate amount not to exceed $500,000.00 at any one time,

 (11) Investments in the form of capital contributions and the acquisition of Equity Interests made by the Corporation or any wholly owned
Subsidiary of the Corporation in any wholly owned Subsidiary of the Corporation in an aggregate amount not to exceed $5.0 million, 

(12) Investments resulting from entering into Bank Product Agreements other than Hedge Agreements (as such terms are defined in the Senior
Credit Agreement) in an aggregate amount not to exceed $5.0 million, 
 (13) equity Investments by the Corporation in any Subsidiary of
the Corporation which is required by law to maintain a minimum net capital requirement or as may be otherwise required by applicable law, 

(14) the consummation of the Transactions, 

(15) Investments in Paycor Headquarters, LLC in respect of the capital expenditure build-out of the
Headquarters Property in an aggregate amount not to exceed $30,000,000 during any period when there are outstanding shares of the Series A Preferred Stock, 

(16) endorsements for collection or deposit in the ordinary course of business consistent with past practice, and 

(17) so long as no Event of Noncompliance has occurred and is continuing at the time of such Investment or would result therefrom, any other
Investments in an aggregate amount not to exceed $1,000,000 (net of all returns of profit and capital on such Investments, including dividends and other distributions, up to the amount of Investments then made in reliance of this clause
(17)). 
 “Person” shall mean any individual, company, partnership, limited liability company, joint venture,
association, joint stock company, trust, unincorporated organization, government or agency or political subdivision thereof or any other entity. 

“Preferred Stock” shall mean, as applied to the Equity Interests of any Person, Equity Interests of any class or classes
(however designated) which is preferred as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Equity Interests of any other class of such
Person. 
 “Prevailing Dividend Rate” means (i) from the day after the Issue Date to the third anniversary of the
Issue Date, Adjusted LIBOR plus 8.875%, and (ii) from the day after the third anniversary of the Issue Date until there are no shares of Series A Preferred Stock outstanding, Adjusted LIBOR plus 8.375%, in each case which shall increase as a
result of an Event of 

  
 35 

 
Noncompliance or a Redemption Failure as provided in Section 6(g); provided that, notwithstanding the foregoing, in the event that from the day after the
second anniversary of the Issue Date through the third anniversary of the Issue Date the Corporation elects to pay 100% of the accrued dividend for the applicable Dividend Payment Period in cash, then the Prevailing Dividend Rate shall mean Adjusted
LIBOR plus 8.375% (subject to increase as a result of an Event of Noncompliance or a Redemption Failure). 
 “Pro Rata and
Reasonable Best Efforts Requirement” shall have the meaning ascribed to it in Section 6(c). 

“Purchase Money Obligations” shall mean any Indebtedness Incurred to finance or refinance the acquisition, leasing,
construction or improvement of property (real or personal) or assets (including Equity Interests), and whether acquired through the direct acquisition of such property or assets or the acquisition of the Equity Interests of any Person owning such
property or assets, or otherwise. 
 “Recurring Revenue” shall mean, with respect to any period, all recurring maintenance
support, subscription, hosting and transactional revenues attributable to software licensed or sold by Holdings or any of its Subsidiaries, which recurring revenues are earned during such period, and all other recurring fees, extra payroll runs, year-end ACA fees and courier fees, calculated on a basis consistent with the financial statements delivered in connection with the Investment Agreement prior to the Issue Date; provided that interest income shall
not constitute recurring revenue; provided, further, that with respect to any Permitted Investments after the Issue Date, the following adjustments may be included in determining “Recurring Revenue,” (x) purchase accounting
adjustments, including, without limitation, a dollar for dollar adjustment for that portion of revenue that would have been recorded in the relevant period had the balance of deferred revenue (unearned income) recorded on the closing balance sheet
and before application of purchase accounting not been adjusted downward to fair value to be recorded on the opening balance sheet in accordance with GAAP purchase accounting rules; and (y) non-cash
adjustments in accordance with GAAP purchase accounting rules under FASB Statement No. 141 and 141R and EITF Issue No. 01-3 (including deferred revenue), in the event that such an adjustment is
required by the Corporation’s independent auditors; provided, further, that “Recurring Revenue” shall be calculated under GAAP as in existence on the Issue Date. 

“Refinancing Indebtedness” shall mean Indebtedness that is Incurred to refund, refinance, replace, exchange, renew, repay or
extend (including pursuant to any defeasance or discharge mechanism) any Indebtedness existing on the Issue Date or Incurred in compliance with this Certificate of Designations (including Indebtedness of the Corporation that refinances Indebtedness
of any Subsidiary and Indebtedness of any Subsidiary that refinances Indebtedness of the Corporation or another Subsidiary) including Indebtedness that refinances Refinancing Indebtedness; provided, however, that: 

(1) (a) such Refinancing Indebtedness has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is
not less than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded or refinanced; and (b) to the extent such Refinancing Indebtedness refinances Disqualified Stock or
Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred Stock, respectively; and 

  
 36 

 (2) such Refinancing Indebtedness has an aggregate principal amount (or if Incurred with
original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted value) then outstanding (plus fees and expenses, including any
premium and defeasance costs) under the Indebtedness being Refinanced. 
 Subject to the limitations in this definition and elsewhere in
this Certificate of Designations, Refinancing Indebtedness in respect of any Credit Facility or any other Indebtedness may be Incurred from time to time after the termination, discharge or repayment of any such Credit Facility or other Indebtedness.

 “Restricted Investment” shall mean any Investment other than a Permitted Investment. 

“Restricted Payment” shall mean: 

(1) any dividend or distribution on or in respect of the Corporation’s or any Subsidiary’s Equity Interests (including, without
limitation, any such payment in connection with any merger or consolidation involving the Corporation or any of the Subsidiaries); 
 (2)
the purchase, repurchase, redemption, making of any sinking fund, retirement or other acquisition for value of any Equity Interests of the Corporation or any Parent Entity held by Persons (including in connection with any merger or consolidation
involving the Corporation or any of its Subsidiaries) other than the Corporation or a wholly owned Subsidiary; 
 (3) any payment to retire,
or to obtain the surrender of, any outstanding warrants, options or other rights to acquire Equity Interests of the Corporation or any of its wholly owned Subsidiaries now or hereafter outstanding; or 

(4) any Restricted Investment. 

“S&P” shall mean Standard & Poor’s Investors Ratings Services or any of its successors or assigns that is a
Nationally Recognized Statistical Rating Organization. 
 “Senior Credit Agreement” shall mean that certain Credit
Agreement, dated as of November 2, 2018, by and among the lenders party thereto, Wells Fargo Bank, National Association, as administrative agent and as lead arranger and bookrunner, Holdings, Target and the subsidiaries of Target party thereto.

 “Senior Stock” shall have the meaning ascribed to it in Section 2. 

“Series A Preferred Stock” shall have the meaning ascribed to it in Section 1. 

“Similar Business” shall mean (a) any businesses, services or activities engaged in by the Corporation or any of its
Subsidiaries on the Issue Date and (b) any businesses, services and activities engaged in by the Corporation or any of its Subsidiaries that are related, complementary, incidental, ancillary or similar to any of the foregoing or are extensions
or developments of any thereof. 

  
 37 

 “Sponsor” shall mean Apax Partners LLP and its Affiliates. 

“Stated Maturity” shall mean, with respect to any security, the date specified in such security as the fixed date on which
the payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision, but shall not include any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally
scheduled for the payment thereof. 
 “Subsidiary” means any company or corporate entity for which the Corporation owns,
directly or indirectly, an amount of the voting securities, other voting rights or voting partnership interests of which is sufficient to elect at least a majority of its board of directors or other governing body (or, if there are no such voting
interests, more than 50% of the equity interests of such company or entity). 
 “Target” shall mean Paycor, Inc., a
Delaware corporation. 
 “Taxes” shall mean any taxes, levies, imposts, duties, fees, assessments, deductions, withholding
(including backup withholding) or other charges in the nature of a tax now or hereafter imposed by any Governmental Authority, and all interest, penalties or additional amounts with respect thereto. 

“Transactions” shall mean the issuance of the Series A Preferred Stock, entry into the Senior Credit Agreement and the
transactions contemplated thereby, and the transactions contemplated by the Acquisition Agreement, including the payment of any Transaction Expenses. 

“Transfer Agent” means the Corporation or any entity duly appointed by the Corporation as such pursuant to
Section 26(a), acting in the capacity of transfer agent, registrar and paying agent for the Series A Preferred Stock. 

“Trigger Event” means a Redemption or Dividend Failure, a Payment Failure, a Material Debt Failure, a Judgment Failure, a
Bankruptcy Event, material uncured breaches of Section 7, 8, 9, 10 or 12, or a breach of Section 5. 

“Yield Maintenance Premium” means, with respect to any share of Series A Preferred Stock on any Redemption Date: 

(1) the aggregate amount of remaining dividends, calculated at the Prevailing Dividend Rate less Adjusted LIBOR, that would have otherwise
been payable from the date of redemption through May 2, 2020 on such share of Series A Preferred Stock being redeemed on such Redemption Date, assuming that dividends were not paid in cash on each Dividend Payment Date during the period
beginning on the date of redemption and ending on May 2, 2020 and were instead added to the Liquidation Preference as described in Section 3(e) during such period (provided, that for the avoidance of doubt, such dividends deemed to be
added to the Liquidation Preference shall be included in the aggregate amount of remaining dividends that would have otherwise been payable from the date of redemption through May 2, 2020 pursuant to this clause (1)), plus 

  
 38 

 (2) an amount equal to the excess of (i) the redemption price (expressed as a
percentage of the then prevailing Liquidation Preference) that would otherwise be payable under Section 6(a) as if such prepayment had occurred on the day after May 2, 2020 over (ii) 100% of the then prevailing
Liquidation Preference. 
 For the avoidance of doubt, to the extent the Yield Maintenance Premium becomes due and payable as a result of
clauses (b), (c) or (d) of the definition of Mandatory Redemption Event, the rate to be used in calculating the Yield Maintenance Premium pursuant to clause (1) of the preceding sentence shall be the applicable calculated at the Prevailing
Dividend Rate less Adjusted LIBOR, as on the Redemption Date, assuming such Mandatory Redemption Event occurred and was continuing for the period from the occurrence of such Mandatory Redemption Event until the end of the 18th month after the Issue
Date. 
 (b) As used in this Certificate of Designations, the following terms shall have the following meanings, and any capitalized terms
used in this clause (b) but not defined in this Certificate of Designations shall have the meaning ascribed to such term in the Senior Credit Agreement as in effect on the Issue Date (and without giving any effect to any amendment,
modification, supplementation or termination of the Senior Credit Agreement after such date): 
 “Anti-Corruption Laws”
shall mean the Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act of 2010, as amended, and all other applicable laws and regulations or ordinances concerning or relating to bribery, money laundering or corruption in any
jurisdiction in which the Corporation or any of its Subsidiaries or Affiliates is located or is doing business. 
 “Anti-Money
Laundering Laws” shall mean the applicable laws or regulations in any jurisdiction in which the Corporation or any of its Subsidiaries or Affiliates is located or is doing business that relates to money laundering, any predicate crime to
money laundering, or any financial record keeping and reporting requirements related thereto. 
 “Code” shall mean New York
Uniform Commercial Code, as in effect from time to time; provided, however, that, in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, priority of or remedies with respect to the
lenders’ security interest in any item or portion of the collateral under the Senior Credit Agreement is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “Code” shall
mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies. 

“Consolidated EBITDA” shall mean, with respect to any fiscal period for the Corporation and its Subsidiaries (other than
Paycor Headquarters, LLC): 
 (1) net income (loss) of the Corporation and its Subsidiaries for such period on a consolidated basis, 

  
 39 

 minus 

(2) without duplication, the sum of the following amounts of the Corporation and its Subsidiaries for such period to the extent included in
determining consolidated net income (calculated in accordance with GAAP) (or loss) for such period: 
  

	 	(i)	 any extraordinary, unusual, or non-recurring gains,

  

	 	(ii)	 any net income (loss) of any Person, except that the Corporation’s equity in the net income (loss) of any
such Person for such period will be included up to the aggregate amount of cash or Cash Equivalents actually distributed (or that (as reasonably determined by the Corporation) could have been distributed by such Person during such period to the
Corporation or a Subsidiary) as a dividend or other distribution or return on investment, 

  

	 	(iii)	 any amount included in net income for such period attributable to
non-controlling interests pursuant to the application of Accounting Standards Codification Topic 810-10-45,

  

	 	(iv)	 any realized or unrealized foreign currency translation gains or losses in respect of Indebtedness of any
Person denominated in a currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to translation of assets and liabilities denominated in foreign currencies, 

 

	 	(v)	 any purchase accounting effects including, but not limited to, adjustments to inventory, property and
equipment, software and other intangible assets and deferred revenue in component amounts required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Corporation and its
Subsidiaries), as a result of any consummated acquisition, or the amortization or write-off of any amounts thereof (including any write-off of in process research and
development), 

  

	 	(vi)	 interest income on unrestricted funds owned by the Corporation and its Subsidiaries (for the avoidance of
doubt, interest income on funds held by the Corporation and its Subsidiaries on behalf of clients shall not be included for purposes of this clause (vi), 

  

	 	(vii)	 federal, state and local income tax credits, and 

 

	 	(viii)	 any software development costs to the extent capitalized during such period, 

plus 

  
 40 

 (3) without duplication, the sum of the following amounts of the Corporation and its
Subsidiaries for such period to the extent included in determining consolidated net income (calculated in accordance with GAAP) (or loss) for such period: 
  

	 	(i)	 any extraordinary, unusual, or non-recurring losses, expenses, or
charges not to exceed, with respect to any such losses, expenses, or charges paid in cash, $2.0 million in the aggregate for such period, 

  

	 	(ii)	 Interest Charges for such period (including (x) net losses or any obligations under any Hedge Agreements
or other derivative instruments entered into for the purpose of hedging interest rate, risk, (y) bank fees and (z) costs of surety bonds in connection with financing activities, to the extent the same were deducted (and not added back) in
calculating net income), 

  

	 	(iii)	 tax expense based on income, profits or capital, including federal, foreign, state, franchise and similar taxes
paid or accrued during such period, including any penalties and interest relating to any tax examinations, deducted (and not added back) in computing net income, 

 

	 	(iv)	 depreciation and amortization expense for such period, including the amortization of deferred financing fees or
costs, capitalized expenditures, the amortization of original issue discount resulting from the issuance of Indebtedness at less than par and amortization of favorable or unfavorable lease assets or liabilities, to the extent deducted (and not added
back) in computing net income, 

  

	 	(v)	 with respect to Investments (including Permitted Investments), equity offerings, acquisitions, dispositions,
recapitalizations and incurrences of Indebtedness (including a refinancing thereof) (whether consummated or unconsummated), any costs, fees, charges, or expenses including (x) such costs, fees, charges or expenses related to the Senior Credit
Agreement, the Series A Preferred Stock and any other credit facilities or debt securities (including costs, fees, charges or expenses of any consultants and advisors incurred in connection with the Transactions) and (y) any amendment or other
modification of the Senior Credit Agreement, the Series A Preferred Stock and any other credit facilities or debt securities, in each case, deducted (and not added back) in computing net income, 

 

	 	(vi)	 the amount of “run-rate” cost savings, operating expense
reductions and synergies projected by the Corporation in good faith to result from actions taken prior to or during, or expected to be taken following such period (which cost savings or synergies shall be subject only to certification by the
Corporation and shall be calculated on a pro forma basis as though such cost savings or synergies had been realized on the first day of such period), net of the amount of actual benefits realized prior to or during such period from such actions;
provided that the Corporation shall have 

  
 41 

	 	
certified to the Holders that (x) such cost savings or synergies are reasonably identifiable, factually supportable, reasonably attributable to the actions specified and reasonably
anticipated to result from such actions, and (y) such actions have been taken or are to be taken within eighteen (18) months of the event giving rise thereto; provided, further, that the aggregate amount added back pursuant
to this clause (vi) (together with amounts added back pursuant to clause (b) of “Pro Forma Adjustment”) shall not exceed twenty percent (20%) of Consolidated EBITDA (calculated prior to giving effect to such addback),

  

	 	(vii)	 any non-cash charges, write-downs, expenses, losses or items reducing
net income for such period, including (x) purchase accounting adjustments and (y) non-cash adjustments in accordance with GAAP purchase accounting rules under FASB Statement No. 141 and EITF
Issue No. 01-3 (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, (A) the
Corporation may elect not to add back such non-cash charge in the current period and (B) to the extent the Corporation elects to add back such non-cash charge, the
cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent), 

  

	 	(viii)	 (x) non-cash compensation expense (including deferred non-cash compensation expense), or other non-cash expenses or charges, arising from the sale or issuance of Equity Interests, the granting of stock options, and the granting
of stock appreciation rights and similar arrangements (including any repricing, amendment, modification, substitution, or change of any such Equity Interests, stock option, stock appreciation rights, or similar arrangements) minus the amount of any
such expenses or charges when paid in cash to the extent not deducted in the computation of net earnings (or loss) and (y) any costs or expense incurred pursuant to any management equity plan or stock option plan or any other management or
employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Corporation or Net Cash Proceeds of an issuance of Equity
Interests of the Corporation, 

  

	 	(ix)	 any restructuring charge, cost or expense or reserve, integration cost or other business optimization expense
or cost, including in connection with the establishment of new facilities, that is deducted (and not added back) in computing net income, including any one-time costs incurred in connection with acquisitions
or divestitures and costs related to the closure and/or consolidation of facilities and to exiting lines of business; provided that the aggregate amount added back pursuant to this sub-clause (3)(ix)
for cash charges, costs or expenses shall not exceed $2.0 million in any twelve-month period, 

  
 42 

	 	(x)	 realized foreign exchange losses relating to translation of assets and liabilities denominated in foreign
currencies, 

  

	 	(xi)	 non-cash losses on sales of fixed assets or write-downs of fixed or
intangible assets, 

  

	 	(xii)	 [reserved], 

  

	 	(xiii)	 the amount of board, management, advisory, consulting, refinancing, subsequent transaction and exit fees
(including termination fees) and related indemnities and expenses paid or accrued in such period to the Sponsor (or, in the case of board fees, to any director) to the extent permitted hereunder, 

 

	 	(xiv)	 with respect to and in connection with the Transactions, fees, costs, charges, or expenses incurred in
connection therewith and disclosed to the Holders on the Issue Date, 

  

	 	(xv)	 (x) business interruption insurance proceeds and (y) to the extent covered by insurance proceeds, losses
in connection with casualty events, in each case to the extent such insurance proceeds are actually received in cash, 

  

	 	(xvi)	 cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing
Consolidated EBITDA or net income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA for any previous period and not added back,

  

	 	(xvii)	 other charges, costs and expenses paid in cash during such period to the extent such charges, costs and
expenses are reimbursed within the same period of add-back by third-party that is not the Corporation or a Subsidiary of the Corporation, 

 

	 	(xviii)	 any costs, payment, loss, settlement, charges and expenses arising from litigation to the extent such are
(A) covered by liability insurance for which the carrier has not denied coverage, (B) funded with proceeds of an issuance of Equity Interests, or (C) other than amounts covered by clauses (A) and (B), not in excess of
$1.0 million in the aggregate in any twelve month period, and 

  

	 	(xix)	 any other adjustments or add-backs of the nature reflected in
(a) the quality of earnings report delivered to the administrative agent under the Senior Credit Agreement on September 18, 2018 and (b) the financial model prepared by the Sponsor and delivered to the administrative agent under the
Senior Credit Agreement on September 18, 2018, 

 in each case, determined on a consolidated basis in accordance with GAAP, and 

  
 43 

 (4) increased or decreased (to the extent not already included in determining Consolidated
EBITDA) by any Pro Forma Adjustment. 
 For the purposes of calculating Consolidated EBITDA for any period of four (4) consecutive fiscal quarters or
twelve (12) consecutive months (each, a “Reference Period”), if at any time during such Reference Period (and after the Issue Date) the Corporation or any of its Subsidiaries shall have acquired any Person, property, business
or asset (each such Person, property, business or asset acquired and not subsequently so disposed of, an “Acquired Entity or Business”), (a) the Consolidated EBITDA of such Acquired Entity or Business for such Reference Period shall
be included and (b) an adjustment in respect of each Acquired Entity or Business equal to the amount of the Pro Forma Adjustment with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to
such acquisition) shall be included. For purposes of calculating Consolidated EBITDA for any Reference Period, the Consolidated EBITDA of any Person, property, business or asset sold, transferred or otherwise disposed of, closed or classified as
discontinued operations by the Corporation or any Subsidiary during such period (each such Person, property, business or asset so sold or disposed of, a “Sold Entity or Business”) shall be excluded, based on the actual Consolidated
EBITDA of such Sold Entity or Business for such period (including the portion thereof occurring prior to such sale, transfer or disposition). Notwithstanding the foregoing, but subject to any adjustment set forth above with respect to any
transactions occurring after the Issue Date, Consolidated EBITDA shall be ($2,661,000), $5,180,000, ($1,617,000), and ($2,104,000) for the fiscal quarters ended June 30, 2018, March 31, 2018, December 31, 2017 and September 30,
2017, respectively. 
 “Deposit Account” shall mean any deposit account (as that term is defined in the Code). 

“Environmental Action” shall mean any written complaint, summons, citation, notice, directive, order, claim, litigation,
investigation, judicial or administrative proceeding, judgment, letter, or other written communication from any Governmental Authority, or any third party involving violations of Environmental Laws or releases of Hazardous Materials (a) from
any assets, properties, or businesses of the Corporation, any Subsidiary of the Corporation, or any of their predecessors in interest, (b) from adjoining properties or businesses, or (c) from or onto any facilities which received Hazardous
Materials generated by the Corporation, any Subsidiary of the Corporation, or any of their predecessors in interest. 

“Environmental Law” shall mean any applicable federal, state, provincial, foreign or local statute, law, rule, regulation,
ordinance, code, binding and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in effect and in each case as amended, or any judicial or administrative interpretation thereof, including any
judicial or administrative order, consent decree or judgment, in each case, to the extent binding on the Corporation or any of its Subsidiaries, relating to the environment, the effect of the environment on employee health, or Hazardous Materials,
in each case as amended from time to time. 
 “Environmental Liabilities” shall mean all liabilities, monetary obligations,
losses, damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result
of any claim or demand, or Remedial Action required, by any Governmental Authority or any third party, and which relate to any Environmental Action. 

  
 44 

 “Environmental Lien” shall mean any Lien in favor of any Governmental
Authority for Environmental Liabilities. 
 “Equity Interest” shall mean, with respect to a Person, all of the shares,
options, warrants, interests, participations, or other equivalents (regardless of how designated, whether voting or non-voting) of equity of such Person, whether voting or nonvoting, including capital stock
(or other ownership or profit interests or units), Preferred Stock, any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the SEC
under the Exchange Act) or, if such Person is a partnership, partnership interests (whether general or limited) or any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or
distributions of assets of, such partnership. 
 “Hazardous Materials” shall mean (a) substances that are defined or
listed in, or otherwise classified pursuant to, any applicable laws or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic substances,” or any other formulation intended to
define, list, or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity,” (b) oil, petroleum, or petroleum derived substances, natural
gas, natural gas liquids, synthetic gas, drilling fluids, produced waters, and other wastes associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources, (c) any flammable substances or
explosives or any radioactive materials, and (d) asbestos in any form or electrical equipment that contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million. 

“Hedge Agreement” shall mean a “swap agreement” as that term is defined in Section 101(53B)(A) of title 11 of
the United States Code, as in effect from time to time. 
 “Interest Expense” shall mean, for any period, the aggregate of
the interest expense of the Corporation for such period, determined on a consolidated basis in accordance with GAAP. 
 “Material
Adverse Effect” shall mean (a) a material adverse effect in the business, operations, assets, liabilities or financial condition of the Corporation and its Subsidiaries, taken as a whole, or (b) a material impairment of the
Corporation and its Subsidiaries’ ability to perform their payment or other material obligations under this Certificate of Designations or the Series A Preferred Stock (other than, in the case of this clause (b), as a result of an action taken
or not taken that is solely in the control of the Holders). 
 “Net Cash Proceeds” shall mean: 

(1) with respect to any sale or disposition by the Corporation or any of its Subsidiaries of assets, the amount of cash proceeds received
(directly or indirectly) from time to time (whether as initial consideration or through the payment of deferred consideration) by or on behalf of the Corporation or such Subsidiary, in connection therewith after deducting therefrom only (i) the
amount of any Indebtedness secured by any Permitted Lien on any asset (other than (A) Indebtedness owing to Agent or any Lender under the Senior Credit Agreement or the other 

  
 45 

 
Loan Documents and (B) Indebtedness assumed by the purchaser of such asset) which is required to be, and is, repaid in connection with such sale or disposition, (ii) reasonable fees,
commissions, and expenses related thereto and required to be paid by the Corporation or such Subsidiary in connection with such sale or disposition, (iii) Taxes paid or payable to any taxing authorities by the Corporation or such Subsidiary and
any Tax Distributions made in connection with such sale or disposition, in each case to the extent, but only to the extent, that the amounts so deducted are, at the time of receipt of such cash, actually paid or payable, directly or indirectly, to a
taxing authority, and are properly attributable to such transaction; and (iv) all amounts that are set aside as a reserve (A) for adjustments in respect of the purchase price of such assets, (B) for any liabilities associated with
such sale or casualty, to the extent such reserve is required by GAAP, and (C) for the payment of unassumed liabilities relating to the assets sold or otherwise disposed of at the time of, or within 30 days after, the date of such sale or other
disposition, to the extent that in each case the funds described above in this clause (iv) are (x) deposited into escrow with a third party escrow agent or set aside in a separate Deposit Account that is subject to a Control Agreement in favor
of the administrative agent under the Senior Credit Agreement and (y) paid to such agent as a prepayment of the applicable obligations in accordance with Section 2.4(e) of the Senior Credit Agreement at such time when such amounts are no
longer required to be set aside as such a reserve. 
 “Post-Acquisition Period” shall mean, with respect to any acquisition
that is a Permitted Investment, the period beginning on the date such Permitted Investment is consummated and ending on the last day of the fourth full consecutive fiscal quarter immediately following the date on which such Permitted Investment is
consummated. 
 “Pro Forma Adjustment” shall mean, for any Reference Period that includes all or any part of a fiscal
quarter included in any Post-Acquisition Period, with respect to the Consolidated EBITDA of the applicable Acquired Entity or Business or the Corporation and its Subsidiaries, (a) the pro forma increase or decrease in such Consolidated EBITDA,
as the case may be, that is factually supportable and is expected to have a continuing impact, in each case as determined on a basis consistent with Article 11 of Regulation S-X, as interpreted by the SEC and
(b) additional good faith pro forma adjustments arising out of cost savings initiatives attributable to such transaction and additional costs associated with the combination of the operations of such Acquired Entity or Business with the
operations of the Corporation and its Subsidiaries, in each case being given pro forma effect, that (i) have been realized or (ii) will be implemented following such transaction are reasonably identifiable, factually supportable and
quantifiable, reasonably attributable to the actions specified and reasonably anticipated to result from such actions and expected to be realized within the succeeding eighteen (18) months and, in each case, including, but not limited to,
(w) reduction in personnel expenses, (x) reduction of costs related to administrative functions, (y) reductions of costs related to leased or owned properties and (z) reductions from the consolidation of operations and
streamlining of corporate overhead taking into account, for purposes of determining such compliance, the historical financial statements of the Acquired Entity or Business and the consolidated financial statements of the Corporation and its
Subsidiaries, assuming such Permitted Investment or conversion, and all other Permitted Investments or conversions that have been consummated during the period, and any Indebtedness or other liabilities repaid in connection therewith had been
consummated and incurred or repaid at the beginning of such period (and assuming that such Indebtedness to be incurred bears interest during any portion of the applicable measurement period prior to the

  
 46 

 
relevant acquisition at the interest rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination); provided that the aggregate amount
added back pursuant to this clause (b) (together with amounts added back pursuant to clause (vi) of “EBITDA”) shall not exceed twenty percent (20%) of EBITDA (calculated prior to giving effect to such addback); provided,
further, that, so long as such actions are initiated during such Post-Acquisition Period or such costs are incurred during such Post-Acquisition Period, as applicable, for purposes of projecting such pro forma increase or decrease to such
EBITDA, as the case may be, it may be assumed that such cost savings will be realizable during the entirety of such Reference Period, or such additional costs, as applicable, will be incurred during the entirety of such Reference Period. 

“Real Property” shall mean any estates or interests in real property now owned or hereafter acquired by the Corporation or
one of its Subsidiaries and the improvements thereto. 
 “Remedial Action” shall mean all actions taken to (a) clean
up, remove, remediate, contain, treat, monitor, assess, evaluate, or in any way address Hazardous Materials in the indoor or outdoor environment, (b) prevent or minimize a release or threatened release of Hazardous Materials so they do not
migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (c) restore or reclaim natural resources or the environment, (d) perform any pre-remedial
studies, investigations, or post-remedial operation and maintenance activities, or (e) conduct any other actions with respect to Hazardous Materials required by Environmental Laws. 

“Sanctioned Entity” means (a) a country or a government of a country, (b) an agency of the government of a country,
(c) an organization directly or indirectly controlled or owned 50% or more by a country or its government, or (d) a Person resident in or determined to be resident in a country, in each case of clauses (a) through (d) that is a target
of Sanctions, including any U.S. comprehensive country sanctions program. 
 “Sanctioned Person” means, at any time
(a) any Person named on the list of Specially Designated Nationals and Blocked Persons maintained by the OFAC, OFAC’s consolidated Non-SDN list or any other Sanctions-related list maintained by any
relevant applicable Sanctions authority, (b) a Person or legal entity that is a target of Sanctions, (c) any Person operating, organized, or resident in a Sanctioned Country, or (d) any Person directly or indirectly controlled or
owned 50% or more (individually or in the aggregate) by any such Person or Persons described in clauses (a) through (c) above. 

“Sanctions” shall mean individually and collectively, respectively, any and all economic sanctions, trade sanctions,
financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes anti-terrorism laws and other sanctions laws, regulations or embargoes, including those imposed, administered or enforced from time to time by: (a) the United States
of America, including those administered by the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future executive order,
(b) the United Nations Security Council, (c) the European Union or any European Union member state, (d) Her Majesty’s Treasury of the United Kingdom, or (e) any other Governmental Authority with jurisdiction over any Holder,
the Corporation or any of its Subsidiaries or Affiliates. 

  
 47 

 “Transaction Expenses” means any fees, expenses and other
transaction costs incurred or paid by the Sponsor, Holdings, the Corporation or any of their respective Subsidiaries in connection with the Transactions (including fees and expenses reflected in the funds flow and/or sources and uses provided to the
Arrangers and expenses in connection with hedging transactions), the Senior Credit Agreement and the other Loan Documents and the transactions contemplated hereby and thereby. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing: (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect
thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (ii) the then outstanding principal amount of such
Indebtedness; provided that AHYDO payments and the effects of any reductions in scheduled amortization or other scheduled payments as a result of any prior prepayment of the applicable Indebtedness shall be disregarded. 

“wholly owned” means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity
Interests of which (other than (x) director’s qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law, provided, in each case, that in no event shall any such shares (i) be
issued to any Direct Sponsor Affiliate and/or (ii) have any material impact on the Corporation, any Parent Entity or any Subsidiary) are owned by such Person and/or by one or more wholly owned Subsidiaries of such Person. 

(c) References in this Certificate of Designations to section references and capitalized terms that are defined in the Senior Credit Agreement
shall have the meaning assigned to such terms in the Senior Credit Agreement (as in effect on the Issue Date and without giving effect to any amendment, modification, supplementation or termination of the Senior Credit Agreement after such date),
except that if any such definition in the Senior Credit Agreement includes a term defined herein, the definition assigned to such term herein shall be used when interpreting the relevant definitions of the Senior Credit Agreement. 

SECTION 19 Headings. The headings of the paragraphs of this Certificate of Designations are for convenience of reference only
and shall not define, limit or affect any of the provisions hereof. 
 SECTION 20 Record Holders. To the fullest extent
permitted by applicable law, the Corporation may deem and treat the record holder of any share of the Series A Preferred Stock as the true and lawful owner thereof for all purposes, and the Corporation shall not be affected by any notice to the
contrary. 
 SECTION 21 Reserved. 

SECTION 22 Currency. All Series A Preferred Stock shall be denominated in United States currency, and all payments and
distributions thereon or with respect thereto shall be made in United States currency. All references herein to “$” or “dollars” refer to United States currency. 

  
 48 

 SECTION 23 Legends. All certificates representing shares of Series A Preferred
Stock shall bear the following legend unless and until the Holder thereof provides the Corporation with evidence satisfactory to the Corporation (which may include an opinion of counsel in a form reasonably satisfactory to the Corporation) that such
legend may be removed consistent with, in the case of the first paragraph of such legend, applicable law, or, in the case of the second paragraph of such legend, the provisions of the Investment Agreement: 

THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES OR BLUE
SKY LAWS AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF WITHOUT REGISTRATION UNDER THE ACT AND UNDER APPLICABLE BLUE SKY LAW OR UNLESS SUCH SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION IS EXEMPT FROM REGISTRATION THEREUNDER. 

ADDITIONALLY, SUCH SECURITIES MAY ALSO BE SUBJECT TO TRANSFER RESTRICTIONS PURSUANT TO THE INVESTMENT AGREEMENT AND THE VOTING AGREEMENT, EACH
DATED NOVEMBER 2, 2018, AS MAY BE AMENDED FROM TIME TO TIME, RELATING TO SUCH SECURITIES. 
 SECTION 24 Rule 144A(d)(4)
Information. As long as any shares of Series A Preferred Stock remain outstanding and are “restricted securities” within the meaning of Rule 144(a)(3), the Corporation will furnish to the Holders and to prospective Holders of the
Series A Preferred Stock, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

SECTION 25 Replacement Certificates. The Corporation shall replace any mutilated certificate at the Holder’s expense upon
surrender of that certificate to the Corporation. The Corporation shall replace certificates that become destroyed, stolen or lost at the Holder’s expense upon delivery to the Corporation of a customary affidavit of loss with respect to such
certificates. 
 SECTION 26 Maintaining Records; Transfer Agent. 

(a) The Corporation shall act as the initial Transfer Agent and may appoint a successor Transfer Agent approved by the Holder Majority who
accepts such appointment. If the Corporation is not acting as the Transfer Agent, the Corporation may remove the Transfer Agent in accordance with the agreement between the Corporation and such Transfer Agent; provided that the Corporation
shall appoint a successor Transfer Agent approved by the Holder Majority and who accepts such appointment prior to the effectiveness of such removal. Upon any such removal or appointment, the Corporation shall send notice thereof by first-class
mail, postage prepaid, to the Holders. 

  
 49 

 (b) The Corporation shall cause a stock ledger for the Series A Preferred Stock to be
maintained at all times in accordance with this Certificate of Designations and the Delaware General Corporation Law. 
 SECTION 27
Waiver; Ultra Vires Actions. 
 (a) To the greatest extent permissible under law, (i) any provision of this Certificate of
Designations may only be waived, consented to, enforced or otherwise amended or changed by the Holder Majority on behalf of all Holders and (ii) the failure of the Holder Majority to insist upon strict adherence to any term of this Certificate
of Designations on one or more occasions shall not be considered a waiver or deprive that the Holder Majority, on behalf of all Holders, of the right thereafter to insist upon strict adherence to that term or any other term of this Certificate of
Designations on any other occasion. Any waiver by any Holder Majority must be in writing. 
 (b) Any of the actions or omissions (other than
ministerial or immaterial actions or omissions) prohibited by this Certificate of Designations (including without limitation Sections 7, 8, 9, 10, 11 and 12(a)) (if taken without the prior consent of the Holder Majority) shall be ultra vires,
null and void ab initio and of no force or effect; provided that this Section 27(b) (i) shall not prohibit the Corporation from engaging in transactions which would result in an optional or mandatory redemption as specifically
permitted hereunder, provided that such redemption is actually consummated, and (ii) shall have no effect on whether a Redemption Failure or Event of Noncompliance has occurred or is continuing for purposes of this Certificate of
Designations. 
 SECTION 28 Severability. If any term of the Series A Preferred Stock set forth herein is invalid, unlawful or
incapable of being enforced by reason of any rule of law or public policy, all other terms set forth herein which can be given effect without the invalid, unlawful or unenforceable term will, nevertheless, remain in full force and effect, and no
term herein set forth will be deemed dependent upon any other such term unless so expressed herein. 
 SECTION 29 Absolute
Obligation. Except as expressly provided herein, no provision of this Certificate of Designations shall alter or impair the obligation of the Corporation, which is absolute and unconditional, to pay Dividends, redemption payments or to make
other payments, as applicable, on the shares of Series A Preferred Stock at the time, place, and rate, and in the coin or currency, herein prescribed. 

SECTION 30 Remedies. Subject in all respects to Section 27, the Corporation and each Holder acknowledge and agree that
irreparable damage would occur in the event that any provision of this Certificate of Designations is not performed by the Corporation in accordance with its specific terms or is otherwise breached or threatened to be breached and that an award of
money damages would be inadequate in such event. Accordingly, it is acknowledged that each Holders shall be entitled to equitable relief, without proof of actual damages, including an injunction or injunctions or orders for specific performance to
prevent breaches of this Certificate of Designations and to enforce specifically the terms and provisions of this Certificate of Designations, in addition to any other remedy to which they are entitled at law or in equity as a remedy for any such
breach or threatened breach. The Corporation and each Holder further acknowledge and agree that none of them shall be required to obtain, furnish or post any bond or 

  
 50 

 
similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 30 and each of them irrevocably waives any right they may
have to require the obtaining, furnishing or posting of any such bond or similar instrument. The Corporation and each Holder further acknowledge and agree that the only permitted objection the Corporation may raise in response to any action for
equitable relief is that it contests the existence of a breach or threatened breach of this Certificate of Designations. 

  
 51 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate of Designations this 1st
day of November, 2018. 
  

			
	PRIDE MIDCO, INC.
		
	By:	 	/s/ Robert Coughlin
	Name:	 	Robert Coughlin
	Title:	 	Chief Executive Officer

  
 [Signature Page to the
Redeembale Preferred Certificate of Designations]EX-10.10

 Exhibit 10.10 

PAYCOR HCM, INC. 

EXECUTIVE SEVERANCE PLAN 

ARTICLE I 
 PURPOSE

 The purpose of this Executive Severance Plan (this “Plan”) is to provide severance benefits to certain eligible
employees of Paycor HCM, Inc. (the “Company”) and its Affiliates, who experience a Qualifying Termination under the conditions described in this Plan. Capitalized terms used herein without definition shall have the meanings ascribed
to such terms in Article II. 
 ARTICLE II 

DEFINITIONS 
 As used
herein the following words and phrases shall have the following respective meanings (unless the context clearly indicates otherwise): 

“Accrued Obligations” means, with respect to a Participant’s Termination of Employment, (a) such
Participant’s base salary through the Termination Date; (b) reimbursement for business expenses in accordance with Company policy; (c) any accrued but unused paid time off to the extent not theretofore paid; and (d) vested
employee benefits accrued through the Termination Date in accordance with applicable law or the governing plan rules. 

“Administrator” means the Committee or such other Person as selected by the Committee. 

“Affiliate” means any Subsidiary or other entity that is directly or indirectly controlled by the Company or any entity in
which the Company has a significant ownership interest as determined by the Administrator. 
 “Annual Base Salary” means,
with respect to a Participant, the annual rate of base salary in effect for such Participant as of such Participant’s Termination Date. 

“Board” means the Board of Directors of the Company. 

“COBRA” means the U.S. Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 

“COBRA Period” means, with respect to a Participant, the lesser of (a) the Severance Period, and (b) the 18-month period following the Termination Date. 
 “Code” means the U.S. Internal Revenue
Code of 1986, as amended from time to time. 
 “Committee” means the Compensation and Benefits Committee of the Board. 

“Company Group” means, collectively, the Company and its Affiliates. 

“Disaffiliation” means an Affiliate’s ceasing to be an Affiliate for any reason (including, without limitation, as a
result of a public offering, or a spinoff or sale by the Company, of the stock of the Affiliate) or a sale of a division of the Company Group (including, without limitation, a sale of assets). 

 

 “Disability” means a physical or mental incapacity or disability, the
result of which causes an Eligible Employee to fail to perform the essential functions of his or her position for a continuous period of 180 days or any 270 days within any 12-month period. 

“Eligible Employee” means an employee of the Company Group who is designated within one of the employee classification
categories specified on Annex A attached hereto, excluding any such employee of the Company Group who: (a) is covered under any collective bargaining agreement; (b) is party to any individual employment, severance, or similar
agreement with the Company Group that provides for severance benefits; (c) is eligible to receive benefits under the Company’s Employee Severance Plan; or (d) during the Protected Period (as defined in the Company’s Executive
Change in Control Severance Plan (the “CIC Plan”)) is eligible to receive benefits under the CIC Plan. 

“Multiple” means, with respect to any Participant, a whole or fractional number so designated for such Participant on
Annex A attached hereto. 
 “Participant” means any Eligible Employee who incurs a Qualifying Termination and
thereby becomes eligible for Severance Benefits under this Plan. 
 “Person” means any individual, entity, or group (within
the meaning of Section 13(d)(3) or 14(d)(2) of the U.S. Securities Exchange Act of 1934, as amended). 
 “Qualifying
Termination” means, with respect to an Eligible Employee, a Termination of Employment initiated by the Company and/or its Affiliates (including any successors thereto as described in Section 8.1) other than a
Termination for Cause or due to Disability. 
 “Severance Benefits” means the amounts and benefits payable or required to
be provided in accordance with Section 5.1 and Annex B, excluding Accrued Obligations. 

“Severance Period” means, with respect to a Participant, a number of months equal to the product of (a) 12 months and
(b) such Participant’s Multiple. 
 “Subsidiary” means any company (other than the Company) in an unbroken chain
of companies beginning with the Company; provided that, each company in the unbroken chain (other than the Company) owns, at the time of determination, stock possessing 50% or more of the total combined voting power of all classes of stock in
one of the other companies in such chain. 
 “Target Annual Bonus” means, with respect to a Participant, the target
annual incentive payment for which such Participant is eligible in respect of the fiscal year in which the Termination Date occurs. 

“Termination Date” means, with respect to an Eligible Employee, the date on which such Eligible Employee incurs a Termination
of Employment for any reason. 
 “Termination for Cause” means a Termination of Employment on account of (a) any material failure,
refusal, or inability by an Eligible Employee to perform his or her duties designated under his or her employment agreement with the Company Group (other than by reason of such Eligible Employee’s death or Disability) that continues after
written notice to such Eligible Employee that such failure or refusal will result in a Termination for Cause; (b) any intentional act of fraud or embezzlement by an Eligible Employee in connection with his or her duties or employment with the
Company Group, or the admission or conviction of, or entering of a plea of nolo contendere by, such Eligible Employee of any felony or any lesser crime involving moral turpitude, fraud, embezzlement or theft; (c) any gross negligence,

  
 2 

 
willful misconduct or personal dishonesty of an Eligible Employee resulting, in the good faith determination of the Company, in a loss to the Company Group or in damage to the reputation of the
Company or any of its parent or subsidiary entities, affiliates, successors or assigns; (d) any material breach by an Eligible Employee of any of the covenants contained in this Plan or such Eligible Employee’s employment agreement with
the Company Group; or (e) any failure of an Eligible Employee to comply with Company policies or procedures; provided that, in each case, such Eligible Employee shall have been given written notice from the Company describing in
reasonable detail the event or circumstance the Company believes gives rise to the Company’s right to effectuate a Termination for Cause within 30 days of its initial existence, and such Eligible Employee shall have 30 days to remedy the
condition to the satisfaction of the Company. An Eligible Employee’s failure to cure such condition(s) within such 30-day period shall result in a Termination for Cause. 

“Termination of Employment” means an Eligible Employee’s termination of employment with the Company Group.
Notwithstanding the foregoing, unless otherwise determined by the Administrator, an Eligible Employee employed by, or performing services for, an Affiliate, or a division of the Company and its Affiliates shall not be deemed to have incurred a
Termination of Employment if, as a result of a Disaffiliation, such Affiliate, or division ceases to be an Affiliate, or division, as the case may be. In addition, temporary absences from employment because of illness, vacation, or leave of absence
and transfers among the Company Group shall not be considered Terminations of Employment. 
 ARTICLE III 

EFFECTIVENESS 
 This Plan
shall become effective as of [•]. 
 ARTICLE IV 

ELIGIBILITY 

Section 4.1 Participation. Any Eligible Employee who incurs a Qualifying Termination and who satisfies the conditions set forth in
Section 4.2 shall be eligible to receive the Severance Benefits set forth on Annex B attached hereto. An Eligible Employee will not be eligible to receive Severance Benefits following a Termination of Employment
initiated by such Eligible Employee. 
 Section 4.2 Release of Claims. An Eligible Employee’s right to receive the
Severance Benefits shall be subject to (a) such Eligible Employee’s execution and delivery to the Company not later than 45 days following such Eligible Employee’s Termination Date of a general release of claims (a
“Release”) in favor of the Company Group in a form provided by the Company and (b) such Release becoming irrevocable in accordance with its terms. 

ARTICLE V 
 SEVERANCE
BENEFITS 
 Section 5.1 General. If the Participant incurs a Qualifying Termination, then the Participant shall, subject to
Sections 4.2 and 6.1 (in each case, other than with respect to the Accrued Obligations), be entitled to receive from the Company the benefits set forth on Annex B attached hereto. 

Section 5.2 No Offset; No Mitigation. The Company’s obligation to make the payments provided for in this Plan and otherwise
to perform its obligations hereunder shall not be affected by any setoff, counterclaim, recoupment, defense, or other claim, right, or action that the Company Group may have against a Participant or any other Person. In no event shall a Participant
be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Participant under any of the provisions of this Plan, and such amounts shall not be reduced whether or not the Participant obtains
other employment. 

  
 3 

 Section 5.3 No Duplication; Other Benefit Plans. A Participant who experiences a
Qualifying Termination that entitles him or her to the Severance Payments set forth on Annex B shall not be entitled to any compensation or benefits under any other Company severance plan or policy in connection with such Qualifying
Termination. Other than with respect to any such severance plan or policy, this Plan shall not affect a Participant’s entitlement to compensation or benefits under any other employee benefit plan or compensatory arrangement of the Company
Group, which, in each case, shall be construed in accordance with its respective terms. 
 ARTICLE VI 

RESTRICTIVE COVENANTS 

Section 6.1 General. A Participant’s right to receive the Severance Benefits set forth on Annex B shall be subject to
the Participant’s continued compliance with the covenants set forth in this Article VI. 
 Section 6.2 Confidential
Information. Each Participant shall hold in a fiduciary capacity for the benefit of the Company Group, all secret or confidential information, knowledge, or data relating to the Company Group and its businesses (including, without limitation,
any proprietary and not publicly available information concerning any processes, methods, trade secrets, research secret data, costs, names of users or purchasers of their respective products or services, business methods, operating procedures or
programs, or methods of promotion and sale) that such Participant has obtained or obtains during such Participant’s employment by the Company Group and that is not public knowledge (other than as a result of the Participant’s violation of
this Section 6.2) (“Confidential Information”). For the purpose of this Section 6.2, information shall not be deemed to be publicly available merely because it is embraced by
general disclosures or because individual features or combinations thereof are publicly available. No Participant shall communicate, divulge, or disseminate Confidential Information at any time during or after such Participant’s employment with
the Company Group, except with prior written consent of the applicable Company Group company, or as otherwise required by law or legal process. All records, files, memoranda, reports, customer lists, drawings, plans, documents, and the like that the
Participant uses, prepares, or comes into contact with during the course of the Participant’s employment shall remain the sole property of the Company and/or the Company Group, as applicable, and shall be turned over to the applicable Company
Group company upon the Participant’s Termination of Employment. 
 Section 6.3 Nondisparagement. Each Participant shall at
all times refrain from taking action or making statements, written or oral, that (a) denigrates, disparages, or defames the goodwill or reputation of any member of the Company Group or any of such member’s directors, officers,
securityholders, partners, agents, or employees, or (b) are intended to, or may be reasonably expected to, adversely affect the morale of employees. Each Participant further agrees not to make any negative statements to third parties relating
to the Participant’s employment or any aspect of the businesses of the Company Group and not to make any negative statements to third parties about any member of the Company Group or such member’s directors, officers, securityholders,
partners, agents, or employees, except as may be required by a court or government body. Each Participant further agrees not to make any statements to third parties about the circumstances of the termination of the Participant’s employment with
the Company Group, except as may be required by applicable law (or in response to a statement by the other party in violation of this sentence). 

  
 4 

 Section 6.4 Cooperation. Each Participant agrees that, following such
Participant’s Termination of Employment for any reason, such Participant shall assist and cooperate with the Company with regard to any matter or project in which the Participant was involved during the Participant’s employment with the
Company Group, including, but not limited to, any litigation that may be pending or arise after such Termination of Employment. Each Participant further agrees to notify the Company at the earliest opportunity of any contact that is made by any
third parties concerning any such matter or project. The Company shall not unreasonably request such cooperation of a Participant and shall cooperate with the Participant in scheduling any assistance by the Participant, taking into account the
Participant’s business and personal affairs and shall compensate the Participant for any lost wages or expenses associated with such cooperation and assistance. 

Section 6.5 Acknowledgement and Enforcement. Each Participant acknowledges and agrees that: (a) the purpose of the foregoing
covenants is to protect the goodwill, trade secrets, and other Confidential Information of the Company Group; (b) because of the nature of the business in which the Company Group is engaged and because of the nature of the Confidential
Information to which the Participant has access, the Company would suffer irreparable harm and it would be impractical and excessively difficult to determine the actual damages of the Company Group if the Participant breached any of the covenants
set forth in this Article VI; and (c) remedies at law (such as monetary damages) for any breach of the Participant’s obligations under this Article VI would be inadequate. Each Participant therefore agrees and consents that,
if the Participant commits any breach of a covenant under this Article VI or threatens to commit any such breach, the Company shall have the right (in addition to, and not in lieu of, any other right or remedy that may be available to it) to
temporary and permanent injunctive relief from a court of competent jurisdiction, without posting any bond or other security and without the necessity of proof of actual damage. If any of the covenants contained in this Article VI is finally
held by a court to be invalid, illegal, or unenforceable (whether in whole or in part), such covenant shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality, or unenforceability and the remaining covenants
shall not be affected thereby; provided, however, that, if any of such covenants is finally held by a court to be invalid, illegal, or unenforceable because it exceeds the maximum scope and/or duration determined to be acceptable to
permit such provision to be enforceable, such covenant shall be deemed to be modified to the minimum extent necessary to modify such scope and/or duration to make such provision enforceable hereunder. 

Section 6.6 Similar Covenants in Other Agreements Unaffected. Each Participant acknowledges that the Participant currently is, or
in the future may become, subject to covenants contained in other agreements (including, but not limited to, agreements to protect Company assets, confidentiality and business protection agreements, stock option agreements, performance share unit
agreements, and restricted share unit agreements) that are similar to those contained in this Article VI. Further, a breach of the covenants contained in this Article VI may have implications under the terms of such other agreements,
including, but not limited to, a forfeiture of equity awards and long-term cash compensation. Each Participant acknowledges the foregoing and understands that the covenants contained in this Article VI are in addition to, and not in
substitution of, the similar covenants contained in any such other agreements. 
 Section 6.7 Whistleblower Rights. Under the
federal Defend Trade Secrets Act of 2016, Eligible Employees shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal,
state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; (b) is made to the Eligible Employee’s attorney in
relation to a lawsuit for retaliation against such Eligible Employee for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Nothing
in this Plan shall (A) prevent any Eligible Employee from testifying truthfully as required by law, (B) prohibit or prevent any Eligible Employee from filing a charge with or participating, testifying, or assisting in any investigation,
hearing, whistleblower proceeding, or other proceeding before any federal, state, or local government agency (e.g., EEOC, NLRB, SEC, etc.), or (C) prevent any Eligible Employee from disclosing Confidential Information in confidence to a
federal, state, or local government official for the purpose of reporting or investigating a suspected violation of law. 

  
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 ARTICLE VII 

ADMINISTRATION 

Section 7.1 Administrator. This Plan shall be administered by the Administrator. The Administrator may delegate its authority
under this Plan to an individual or another committee. 
 Section 7.2 Standard of Review. Except as otherwise provided in this
Plan, the decision of the Administrator upon all matters within the scope of its authority shall be final, conclusive, and binding on all parties. 

Section 7.3 Indemnification. The Administrator or any delegee of the Administrator permitted under
Section 7.1 (if any) shall be indemnified by the Company against personal liability for actions taken in good faith in the discharge of the Administrator’s duties hereunder. 

ARTICLE VIII 

MISCELLANEOUS 

Section 8.1 Successors. This Plan shall bind any successor of the Company, its assets, or its businesses (whether direct or
indirect, by purchase, merger, consolidation, or otherwise), in the same manner and to the same extent that the Company would be obligated under this Plan if no succession had taken place. The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and to honor this Plan in the same manner and to the same extent that the Company would be
required to honor it if no such succession had taken place, unless such successor succeeds to the Plan by operation of law. The term “Company,” as used in this Plan, shall mean the Company as hereinbefore defined and any successor or
assignee to the business or assets that by reason hereof becomes bound by this Plan. 
 Section 8.2 Amendment, Suspension, and
Termination. This Plan may be suspended, terminated or modified by written resolution of the Committee at any time; provided that, no such suspension, termination or modification shall adversely affect the Severance Benefits payable to
any Participant who has experienced a Qualifying Termination prior to such amendment or termination. 
 Section 8.3 Compliance with
Law. Notwithstanding anything else contained herein, the Company shall not be required to make any payment or take any other action prohibited by law, including, but not limited to, any regulation, directive, or order of federal or state
regulatory authorities. 
 Section 8.4 Notices. All notices and other communications hereunder shall be in writing and shall be
given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

if to the Company: 
 Paycor HCM,
Inc. 
 Attention: Karen L. Crone 

4811 Montgomery Rd. 
 Cincinnati,
OH 45212 
 Email: kcrone@paycor.com 

  
 6 

 With a copy to the Company’s Legal Department, at: 

Paycor HCM, Inc.     

Attention Legal Department     

4811 Montgomery Rd.     

Cincinnati, OH 45212 
 if to the
Participant: 
 At the address most recently on the books and records of the Company 

or to such other address as the Company or any Participant shall have furnished to the other in writing in accordance herewith. Notice and
communications shall be effective when actually received by the addressee. 
 Section 8.5 Employment Status. This Plan does not
constitute a contract of employment or impose on any Participant or the Company Group any obligation to retain any Participant as an employee. 

Section 8.6 Tax Withholding. The Company may withhold from any amounts payable under this Plan such federal, state, local, or
foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 Section 8.7 ERISA Status.
This Plan is intended to be an unfunded plan maintained primarily for the purpose of providing severance benefits for a select group of management or highly compensated employees, or alternatively, is intended to be payroll practice plan not
requiring an ongoing administrative program for paying benefits. Consequently, this Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended. All payments pursuant to this Plan shall be made from the
general funds of the Company and no special or separate fund shall be established or other segregation of assets made to assure payment. No Participant or other Person shall have under any circumstances any interest in any particular property or
assets of the Company as a result of participating in this Plan. Notwithstanding the foregoing, the Company may (but shall not be obligated to) create one or more grantor trusts, the assets of which are subject to the claims of the Company’s
creditors, to assist it in accumulating funds to pay its obligations under this Plan. 
 Section 8.8 Construction. The
invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision of this Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The captions of this Plan are not part of the provisions hereof and shall have no force or effect. Neither a Participant’s nor the
Company’s failure to insist upon strict compliance with any provision of this Plan, or the failure to assert any right a Participant or the Company may have hereunder shall not be deemed to be a waiver of such provision or right or any other
provision or right of this Plan. 
 Section 8.9 Governing Law. This Plan shall be governed by and construed in accordance with
the laws of the State of Delaware, without reference to principles of conflict of laws. 

  
 7 

 Section 8.10 Section 409A of the Code. 

(a) General. It is intended that this Plan shall comply with the provisions of Section 409A of the Code and the Treasury
Regulations relating thereto, or an exemption to Section 409A of the Code. Any payments that qualify for the “short-term deferral” exception, the separation pay exception, or another exception under Section 409A of the Code shall
be paid under the applicable exception. For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Plan shall be treated as a separate payment of compensation
for purposes of applying the exclusion under Section 409A of the Code for short-term deferral amounts, the separation pay exception, or any other exception or exclusion under Section 409A of the Code. All payments to be made upon a
Termination of Employment under this Plan that constitute “nonqualified deferred compensation” under Section 409A of the Code may only be made upon a “separation from service” under Section 409A of the Code. In no event
may a Participant, directly or indirectly, designate the calendar year of any payment under this Plan. 
 (b) In-Kind Benefits and Reimbursements. Notwithstanding anything to the contrary in this Plan, all reimbursements and in-kind benefits provided under this Plan shall be made
or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Participant’s lifetime (or during a shorter
period of time specified in this Plan); (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense
is incurred; and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(c) Delay of Payments. Notwithstanding any other provision of this Plan to the contrary, if the Participant is considered a
“specified employee” for purposes of Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the applicable Termination Date), any payment that constitutes nonqualified
deferred compensation within the meaning of Section 409A of the Code that is otherwise due to the Participant under this Plan during the six-month period following the Participant’s separation from
service (as determined in accordance with Section 409A of the Code) on account of the Participant’s separation from service shall be accumulated and paid to the Participant on the first business day of the seventh month following the
Participant’s separation from service (the “Delayed Payment Date”) to the extent necessary to avoid the imposition of tax penalties under Section 409A of the Code. The Participant shall be entitled to interest on any
delayed cash payments from the date of termination to the Delayed Payment Date at a rate equal to the applicable federal short-term rate in effect under Section 1274(d) of the Code for the month in which the Participant’s separation from
service occurs. If the Participant dies during the postponement period, the amounts and entitlements delayed on account of Section 409A of the Code shall be paid to the personal representative of the Participant’s estate on the first to
occur of the Delayed Payment Date or 30 calendar days after the date of the Participant’s death. 
 As adopted by the Board of
Directors of Paycor HCM, Inc. on [•], 2021. 

  
 8 

 Annex A 

PLAN PARTICIPANTS 
  

					
	 Position
	  	Multiple	 
	 Executives of the Company reporting directly to the Company’s Chief Executive Officer who are
at the M8 Executive Career Level (other than executives who are party to an individual Executive Employment Agreement), and any other key employee of the Company designated by the Committee
	  	 	0.5	 

 Annex B 

SEVERANCE BENEFITS 
 If
the Participant incurs a Qualifying Termination, then the Participant shall, subject to Sections 4.2 and 6.1 of the Plan (in each case, other than with respect to the Accrued Obligations), be entitled to receive from the Company: 

(a) The Accrued Obligations, which, in the case of clauses (a) through (c) of such definition, shall be payable in cash in a lump sum
within 30 days following the Termination Date and in the case of clause (d) of such definition, shall be payable in accordance with applicable law and the terms of the governing plan rules. 

(b) An amount in cash equal to the product of (i) the Participant’s Multiple and (ii) the sum of the Participant’s Annual
Base Salary and Target Annual Bonus (the “Severance Payment”), which Severance Payment shall be payable in substantially equal installments over the applicable Severance Period in accordance with the Company’s normal payroll
practices; provided, however, that the first such installment shall be paid on the 60th day following the Termination Date and the first payment shall include any portion of the Severance Payment that would have otherwise been payable
during the period between the Termination Date and such payment date. 
 (c) If the Participant timely elects COBRA coverage, then
reimbursement for the cost of health insurance continuation coverage under COBRA in excess of the cost that employees of the Company Group are required to pay for health insurance benefits under the plan in which the Participant was eligible to
participate as of the Termination Date (the “COBRA Reimbursement”) until the earlier of (i) the end of the COBRA Period and (ii) the date on which the Participant obtains alternative insurance coverage; provided that, the
first such reimbursement payment shall be paid on the 60th day following the Termination Date and the first payment shall include any portion of the COBRA Reimbursement that would have otherwise been payable during the period between the Termination
Date and such payment date.

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