Document:

EX-10.7

 Exhibit 10.7 

DIRECTOR NOMINATION AGREEMENT 

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

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

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

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

1.    Board Nomination Rights. 
  

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

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

  

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

  

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

  

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

 

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

 

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

  

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

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

  

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

  

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

 

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

  

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

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

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

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

3.    Governance. 
  

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

  

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

  

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

  

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

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

  

	 	IV.	 winding up the Company; and 

 

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

  

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

 

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

  

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

  

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

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

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

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

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

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

 

	 	(a)	 The Company shall defend, indemnify and hold harmless Apax Partners, their respective Affiliates, partners,
employees, agents, directors, managers, officers and controlling persons (collectively, the “Indemnified Parties”) from and against any and all actions, causes of action, suits, claims, liabilities, losses, damages, costs, expenses, or
obligations of any kind or nature (whether accrued or fixed, absolute or contingent) in connection therewith (including reasonable attorneys’ fees and expenses) incurred by the Indemnified Parties before or after the date of this Agreement
(each, an “Action”) arising directly or indirectly out of, or in any way relating to, (i) Apax Partners’ or its respective Affiliates’ Beneficial Ownership of Common Stock or other equity securities of the Company or control or
ability to influence the Company or any of its subsidiaries (other than any such Actions (x) to the extent such Actions arise out of any breach of this Agreement by an Indemnified Party or its Affiliates or the breach of any fiduciary or other duty
or obligation of such Indemnified Party to its direct or indirect equity holders, creditors or Affiliates or (y) to the extent such Actions are directly caused by such Person’s willful misconduct), (ii) the business, operations, properties,
assets or other rights or liabilities of the Company or any of its subsidiaries or (iii) any services provided prior, on or after the date of this Agreement by Apax Partners or its respective Affiliates to the Company or any of its subsidiaries. The
Company shall defend at its own cost and expense in respect of any Action which may be brought against the Company and/or its Affiliates and the Indemnified Parties. The Company shall defend at its own cost and expense any and all Actions which may
be brought in which the Indemnified Parties may be impleaded with others upon any Action by the Indemnified Parties, except that if such damage shall be proven to be the direct result of gross negligence, bad faith or willful misconduct by any of
the Indemnified Parties, then such Indemnified Party shall reimburse the Company for the costs of defense and other costs incurred by the Company in proportion to such Indemnified Party’s culpability as proven. In the event of the assertion
against any Indemnified Party of any Action or the commencement of any Action, the Company shall be entitled to participate in such Action and in the investigation of such Action and, after written notice from the Company to such Indemnified Party,
to assume the investigation or defense of such Action with counsel of the Company’s choice at the Company’s expense; provided, however, that such counsel shall be reasonably satisfactory to the Indemnified Party. Notwithstanding anything
to the contrary contained herein, the Company may retain one firm of counsel to represent all Indemnified 

  
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Parties in such Action; provided, however, that the Indemnified Party shall have the right to employ a single firm of separate counsel (and any necessary local counsel) and to participate in the
defense or investigation of such Action and the Company shall bear the expense of such separate counsel (and local counsel, if applicable), if (x) in the opinion of counsel to the Indemnified Party use of counsel of the Company’s choice could
reasonably be expected to give rise to a conflict of interest, (y) the Company shall not have employed counsel satisfactory to the Indemnified Party to represent the Indemnified Party within a reasonable time after notice of the assertion of any
such Action or (z) the Company shall authorize the Indemnified Party to employ separate counsel at the Company’s expense. The Company further agrees that with respect to any Indemnified Party who is employed, retained or otherwise associated
with, or appointed or nominated by, Apax Partners or any of their respective Affiliates and who acts or serves as a director, officer, manager, fiduciary, employee, consultant, advisor or agent of, for or to the Company or any of its subsidiaries,
that the Company or such subsidiaries, as applicable, shall be primarily liable for all indemnification, reimbursements, advancements or similar payments (the “Indemnity Obligations”) afforded to such Indemnified Party acting in such
capacity or capacities on behalf or at the request of the Company, whether the Indemnity Obligations are created by law, organizational or constituent documents, contract (including this Agreement) or otherwise. The Company hereby agrees that in no
event shall the Company or any of its subsidiaries have any right or claim against Apax Partners for contribution or have rights of subrogation against Apax Partners through an Indemnified Party for any payment made by the Company or any of its
subsidiaries with respect to any Indemnity Obligation. In addition, the Company hereby agrees that in the event that Apax Partners pays or advances an Indemnified Party any expenses with respect to an Indemnity Obligation, the Company will, or will
cause its subsidiaries to, as applicable, promptly reimburse Apax Partners for such payment or advance upon request; subject to the receipt by the Company of a written undertaking executed by the Indemnified Party and Apax Partners, as applicable,
that makes such payment or advance to repay any such amounts if it shall ultimately be determined by a court of competent jurisdiction that such Indemnified Party was not entitled to be indemnified by the Company. The foregoing right to indemnity
shall be in addition to any rights that any Indemnified Party may have at common law or otherwise and shall remain in full force and effect following the completion or any termination of the engagement. If for any reason the foregoing
indemnification is unavailable to any Indemnified Party or insufficient to hold it harmless as and to the extent contemplated by this Section 8, then the Company shall contribute to the amount paid or payable by the Indemnified Party as a result of
such Action in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Indemnified Party, as the case may be, on the other hand, as well as any other relevant equitable considerations.

  

	 	(b)	 The Company hereby acknowledges that the certain of the Indemnified Parties have certain rights to
indemnification, advancement of expenses and/or insurance provided by investment funds managed by Apax Partners and certain of their Affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees with respect to any
indemnification, hold harmless obligation, expense advancement or reimbursement provision or any other similar obligation whether pursuant to or with respect to this Agreement, the organizational documents of the Company or any of its subsidiaries
or any other agreement, as applicable, (i) that the Company and its subsidiaries are the indemnitor of first resort (i.e., their obligations to the Indemnified Parties are primary and any obligation of the Fund Indemnitors to advance expenses or to
provide indemnification for claims, expenses or obligations arising out of the same or similar facts and circumstances suffered by any Indemnified Party are secondary), (ii) that the Company shall be required to advance the full amount of expenses
incurred by any Indemnified Party and shall be liable for the full amount of all expenses, liabilities, obligations, judgments, penalties, fines, and amounts paid in settlement to the extent legally permitted and as required by the terms of this
Agreement, the organizational documents of the Company or any of its subsidiaries or any other agreement, as applicable, without regard to any rights any Indemnified Party may have against the Fund Indemnitors, and (iii) that the Company, on behalf
of itself and each of its subsidiaries, irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all Actions against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The
Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any Indemnified Party with respect to any Action for which any Indemnified Party has sought indemnification from the Company shall affect the foregoing and
the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of any Indemnified Party against the Company. The Company agrees that the Fund Indemnitors are
express third-party beneficiaries of the terms of this Section 8(b). 

 9.    Headings.
Headings are for ease of reference only and shall not form a part of this Agreement. 
 10.    Governing Law.
This Agreement shall be construed in accordance with and governed by the law of the State of Delaware without giving effect to the principles of conflicts of laws thereof. 

  
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 11.    Jurisdiction. Any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in connection with, this Agreement may be brought against any of the parties in any federal court located in the State of Delaware or any Delaware state court, and each of the
parties hereby consents to the exclusive jurisdiction of such court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in any such suit, action or proceeding may
be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each of the parties agrees that service of process upon such party at the address referred to in
Section 17, together with written notice of such service to such party, shall be deemed effective service of process upon such party. 

12.    WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT. 
 13.    Entire Agreement.
This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, both written and oral among the parties with respect to the subject
matter hereof. 
 14.    Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts,
each of which shall be deemed an original. This Agreement shall become effective when each party shall have received a counterpart hereof signed by each of the other parties. An executed copy or counterpart hereof delivered by facsimile shall be
deemed an original instrument. 
 15.    Severability. If any provision of this Agreement or the application
thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provisions to other persons or circumstances shall not be affected thereby and shall be enforced to
the greatest extent permitted by law. 
 16.    Further Assurances. Each of the parties hereto shall execute and
deliver such further instruments and do such further acts and things as may be required to carry out the intent and purpose of this Agreement. 

17.    Specific Performance. Each of the parties hereto agree that irreparable damage would occur if any provision
of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and
provisions hereof in any federal or state court located in the State of Delaware, in addition to any other remedy to which they are entitled at law or in equity. 

18.    Notices. All notices, requests and other communications to any party or to the Company shall be in writing
(including telecopy or similar writing) and shall be given, 

  
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 If to the Company: 

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

Attention:        Chief Legal Officer 

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

Kirkland & Ellis LLP 

300 N. LaSalle 
 Chicago, IL 60654

 Attention:        Robert M. Hayward, P.C. 

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

If to Pride Aggregator or any of its Nominees: 

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

New York, New York 10022 

Attention:        [*****] 

Email:             [*****] 

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

Kirkland & Ellis LLP 

300 N. LaSalle 
 Chicago, IL 60654

 Attention:        Robert M. Hayward, P.C. 

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

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

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

*        *        *       
 *        * 

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

			
	PAYCOR HCM, INC.
		
	By:	 	  

	Name:	 	Raul Villar, Jr.
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Director Nomination Agreement] 

 
			
	PRIDE AGGREGATOR, L.P.
		
	By:	 	Pride GP, Inc., its general partner
		
	By:	 	  

	Name:	 	Jason Wright
	Title:	 	President

  
 [Signature Page to
Director Nomination Agreement]Exhibit 10.17.1

 

CONFIRMATION
AGREEMENT

 

This Confirmation Agreement
(this “Agreement”) is made and effective as of July 12, 2021 among MINERA PLATA REAL, S. DE R.L. DE C.V.,
a Mexico variable capital company (a “sociedad de responsabilidad limitada de capital variable” in Spanish) (“MPR”),
OPERACIONES SAN JOSÉ DE PLATA S. DE R.L. DE C.V., a Mexico variable capital company (“Operaciones”),
Servicios San José de Plata S. de R.L. de C.V., a Mexico variable capital
company (“SSJ”) (MPR, Operaciones and SSJ, collectively, the “LGJV”), GATOS SILVER, INC.,
a corporation formed under the laws of the State of Delaware (formerly, Sunshine Silver Mining & Refining Corporation) (“GSI”),
and DOWA METALS & MINING CO., LTD., a corporation incorporated under the laws of Japan (“Dowa”,
and collectively with the LGJV and GSI, the “Parties”).

 

Background

 

		A.	Reference is made to (i) the Unanimous Omnibus Partner Agreement, dated January 1, 2015 (as
amended, the “Partner Agreement”), entered into among the Parties, and (ii) the Term Loan Agreement, dated July 11,
2017 (the “Term Loan Agreement”), entered into among the same Parties.

 

		B.	Dowa directly owns 30% of the equity interests of each of MPR and Operaciones, and GSI directly owns 70%
of the equity interests in each of MPR and Operaciones.

 

		C.	To meet the ongoing capital needs of the LGJV, the Parties entered into the Term Loan Agreement, pursuant
to which Dowa loaned $210,000,000 to the LGJV to be repaid on or before December 29, 2027. As of the date of this Agreement the total
amount of principal and capitalized interest outstanding and owed to Dowa under the Term Loan Agreement is approximately $206,900,000
(the “Term Loan Balance”).

 

		D.	To facilitate the repayment of all amounts owed to Dowa under the Term Loan Agreement, GSI has agreed
to advance a loan to the LGJV in an aggregate amount equal to 70% of the then outstanding Term Loan Balance (the “GSI Term Loan
Portion”), which loan will subsequently be converted into a capital contribution, and Dowa has agreed to convert the remaining
30% of the Term Loan Balance into a capital contribution.

 

		E.	In exchange for Dowa agreeing to the transactions contemplated herein, the Parties have agreed, as set
forth below that GSI will pay to Dowa a closing fee equal to $10,000,000 (the “Closing Fee”).

 

		F.	In connection with the execution of this Agreement, the Parties hereto and Bank of Montreal, Chicago Branch
will enter into that certain escrow agreement (the “Escrow Agreement (Term Loan)”), with U.S. Bank National Association,
a national banking association (the “Escrow Agent”) providing for the escrow and release of certain payments and documents
as further set forth herein in order to facilitate the transactions contemplated hereby. The Escrow Agreement (Term Loan) will be in form
and substance acceptable to the Parties, acting reasonably, substantially in the form attached hereto as Exhibit A.

 

Unless expressly defined in this Agreement or
unless context otherwise requires, capitalized terms used herein will have the meanings specified in the Partner Agreement.

 

     

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Agreements

 

For good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

		1.	Pre-Closing Flow of Funds
and Certain Other Matters.

 

		(a)	On or before September 30, 2021 (the “Initial Funding Date”) and after satisfaction
or waiver of the conditions set out in Section 6, below, GSI shall deposit or cause to be deposited into an escrow account
maintained by the Escrow Agent (the “Escrow Account”), each such deposit to be held in accordance with the terms of
this Agreement and the Escrow Agreement (Term Loan), an amount that equals (i) the GSI Term Loan Portion; plus (ii) the Closing
Fee, by one or more wire transfers of immediately available funds pursuant to the wire instructions attached hereto as Exhibit B.

 

		(b)	Immediately after the Escrow Agent’s confirmation that it has received the deposit required under
Section 1(a), and in any event no later than September 30, 2021 (but subject to the Escrow Agent’s confirmation
that it has received such deposit) (the “Second Funding Date”):

 

		(i)	The Parties shall instruct the Escrow Agent to release from the Escrow Account to the LGJV, by wire transfer
of immediately available funds, as follows:

 

		(A)	the applicable portion of the GSI Term Loan Portion shall be released to MPR necessary for MPR to repay
its portion of the then outstanding amount of Term Loan attributable to the GSI Term Loan Portion (the “MPR GSI Payoff”)
pursuant to the wire instructions attached hereto as Exhibit B; and

 

		(B)	the applicable portion of the GSI Term Loan Portion shall be released to Operaciones necessary for Operaciones
to repay its portion of the then outstanding amount of Term Loan attributable to the GSI Term Loan Portion (the “Operaciones
GSI Payoff” and collectively with the MPR GSI Payoff, the “Payoffs”) pursuant to the wire instructions attached
hereto as Exhibit B.

 

		(ii)	Immediately following the LGJV’s receipt of the Payoffs from the Escrow Agent under Section 1(b)(i),
the LGJV shall deposit or cause to be deposited an amount equal to the aggregate of: (A) the Payoffs; (B) any remaining interest
and any other amounts payable to Dowa pursuant to the Term Loan Agreement on the Closing Date; and (C) US$1,584,677.57 (collectively,
the “LGJV Payment”), by wire transfer of immediately available funds to the Escrow Agent pursuant to the wire instructions
attached hereto as Exhibit B to be held in accordance with the terms of this Agreement and the Escrow Agreement (Term Loan).

 

		(c)	Promptly following the Second Funding Date and the Escrow Agent’s confirmation that it has received
the LGJV Payment from the LGJV under Section 1(b)(ii), and in any event no later than Outside Date (as defined herein), the
Parties shall instruct the Escrow Agent to release from the Escrow Account an amount equal to the sum of the LGJV Payment and the Closing
Fee (“Closing Payment Amount”), to Dowa.

 

     

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Each Party hereto shall take all actions
reasonably required under the Escrow Agreement (Term Loan) necessary for the Escrow Agent to make the releases contemplated by this Section 1.
The “Closing Date” is the date on which the releases contemplated by this Section 1(c) are completed
by the Escrow Agent and received by Dowa.

 

		2.	GSI Makes a Loan to the LGJV. On the Second Funding Date, GSI shall make a loan in the principal
amount equal to the Payoffs to the LGJV, of which: (i) the MPR GSI Payoff will be loaned to MPR; and (ii) the Operaciones GSI
Payoff will be loaned to Operaciones. The loan of the Payoffs shall be subordinate to the Term Loan Agreement. The loan of the Payoffs
shall bear interest, and the LGJV shall be permitted to pre-pay, in part or in full, the loan of the Payoffs at any time without penalty.
The loan of the Payoffs shall be evidenced by (i) a promissory note from MPR payable to GSI in form and substance acceptable to the
Parties, acting reasonably, and substantially in the form attached hereto as Exhibit C, (ii) a promissory note from Operaciones
payable to GSI in form and substance acceptable to the Parties, acting reasonably, substantially in the form attached hereto as Exhibit D,
(iii) GSI’s deposit of the GSI Term Loan Portion in accordance with Section 1(a), and (iv) the Escrow Agent’s
release of the Payoffs in accordance with Section 1(b)(i).

 

		3.	Prepayment of Portion
of the Term Loan Balance. On the Closing Date, the LGJV will be deemed to have repaid a portion of the Term Loan Balance
equal to the Payoffs and the interest portion of the LGJV Payment (excluding, for certainty the amount referred to in Section 1(b)(ii)(C))
(“Closing Date Term Loan Repayment Amount”) by virtue of the LGJV having deposited the LGJV Payment with the Escrow
Agent and the Escrow Agent’s subsequent release of the Closing Payment Amount to Dowa.

 

		4.	Dowa and GSI Capital Contributions
to the LGJV. On the Closing Date, in accordance with their respective Participating Interests and only after Dowa has confirmed
its receipt of the Closing Payment Amount pursuant to Section 3, each of Dowa and GSI shall make, and shall be deemed to have
made, the following Capital Contributions to the LGJV in the ratio of their respective Participating Interests:

 

		(a)	For GSI, in an amount equal to the Payoffs, by converting the loan of the Payoffs to capital in the LGJV;
and

 

		(b)	For Dowa, in an amount equal to the remaining balance of all amounts owed to Dowa under the Term Loan
Agreement after receipt of the Closing Date Term Loan Repayment Amount and allocation of the Closing Date Term Loan Repayment Amount portion
of the Closing Payment Amount to repayment of the Term Loan Balance, by converting such remaining balance to capital in the LGJV.

 

Each of the foregoing Capital Contributions
will be deemed to have been made immediately after receipt by Dowa of the Closing Payment Amount.

 

The LGJV acknowledges and agrees to
the foregoing and shall reflect the transactions contemplated by this Section 4 in its corporate records by updating the capital
accounts of each of Dowa and GSI to reflect their respective Capital Contributions. The Parties acknowledge and agree that following the
consummation of the transactions contemplated by this Agreement, all amounts owing under each of the loan of the Payoffs and the Term
Loan Agreement will have been satisfied in full.

 

		5.	No Withholding. The Parties acknowledge and agree that the terms of Section 2.7 of
the Term Loan Agreement will apply to all payments required to be made to Dowa pursuant to this Agreement.

 

     

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		6.	Conditions, Board Approvals;
Public Announcements.

 

		(a)	Each of the Parties hereto acknowledges and agrees that Dowa’s obligations under and performance
of this Agreement are expressly conditioned upon: (i) Dowa’s receipt of: (A) the approval from Dowa’s board of directors
of this Agreement and the transactions contemplated hereby; and (B) the approval from the board of directors of Dowa’s parent,
Dowa Holdings, to this Agreement and the transactions contemplated hereby (such approvals, together the “Dowa Board Approvals”),
and each such board of directors shall make its determination of whether to approve this Agreement and the transactions contemplated hereby
in its absolute and sole discretion; (ii) GSI’s receipt of the GSI Board Approval (as defined below) and the occurrence of
the GSI Issuance (as defined below); and (iii) any debt financing portion of the GSI Issuance (as defined below) shall be subject
to the applicable terms of the Partner Agreement and, if a pledge of GSI’s Interest is required in connection with such debt financing:
(x) the lender will be required to enter into a direct agreement with Dowa, on terms and conditions acceptable to Dowa, acting reasonably;
and (y) no pledge of GSI’s Interest will be permitted prior to repayment in full of all obligations under the Term Loan Agreement.

 

		(b)	Each of the Parties hereto acknowledges and agrees that GSI’s obligations under and performance
of this Agreement are expressly conditioned upon: (i) Dowa’s receipt of the Dowa Board Approvals; (ii) GSI’s receipt
of the approval from GSI’s board of directors of this Agreement and the transactions contemplated hereby (the “GSI Board
Approval”), and the board of directors shall make its determination of whether to approve this Agreement and the transactions
contemplated hereby in its absolute and sole discretion; and (iii) GSI’s issuance of debt or equity securities with net proceeds
in an amount equal to or greater than the GSI Term Loan Portion under Section 1(a) on or before September 30, 2021
(the “GSI Issuance”).

 

		(c)	In the event any Party hereto proposes to issue any press release or public announcement concerning any
provisions of this Agreement or the transactions contemplated hereby, such Party shall so advise the other Parties hereto, and the Parties
shall thereafter use their reasonable best efforts to cause a mutually agreeable release or announcement to be issued. No Party will publicly
disclose or divulge any provisions of this Agreement or the transactions contemplated hereby without the other Parties’ prior written
consent, except as may be required by applicable law, including, but not limited to, any applicable laws associated with the GSI Issuance.
Notwithstanding the forgoing, in no event shall any such press release or public announcement be made prior to written confirmation that
the Dowa Board Approvals and the GSI Board Approval have both been obtained.

 

		7.	Termination. This Agreement shall terminate: (i) immediately upon written notice from
one Party to the others in the event that the conditions specified above are not satisfied or waived on or before the dates specified,
unless the Parties mutually agree in writing to extend such dates; (ii) immediately upon written notice from GSI to the other Parties
hereto that GSI has not received the GSI Board Approval; or (iii) immediately upon written notice from either Dowa or GSI to the
other Parties hereto if for any reason the Closing Date does not occur by October 15, 2021 (the “Outside Date”), unless
the Parties mutually agree in writing to extend the Outside Date. If this Agreement is terminated in accordance with the terms hereof,
then the transactions contemplated hereby shall be automatically abandoned and the terms and provisions hereof shall be of no force or
effect. For clarity, if this Agreement is terminated pursuant to the terms hereof, then: (a) the Parties shall instruct the Escrow
Agent to return to the applicable party all deposits received by the Escrow Agent pursuant to this Agreement, including all executed signature
pages; (b) the Arrangement Fee (as defined under the Term Loan Agreement) shall continue to accrue under the Term Loan Agreement;
and (c) the Term Loan Agreement will continue in full force and effect, without any amendments, modifications or otherwise as contemplated
by this Agreement.

 

     

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		8.	Further Assurances. Each Party hereby agrees, at the expense of the LGJV, to execute and
deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate,
carry out and perform all of the terms, provisions and conditions of this Agreement and the transactions contemplated hereby, including
(a) participating in a partners’ meeting to confirm and ratify approval by the LGJV of such transactions; and (b) cause
the transactions described above to be recorded in the corporate records of the LGJV. Dowa hereby agrees to, at the LGJV’s expense,
execute and deliver documents to authorize the release of Security (as defined in the Term Loan Agreement) granted under the Term Loan
Agreement and the Amending Agreement to the Partnership Shares Collateral Agreement, dated December 7, 2017 (as may be amended, modified
and/or supplemented from time to time, including but not limited to the Second Amending Agreement to the Partnership Shares Collateral
Agreement) in accordance with the terms thereof on or as soon as reasonably practicable after the Closing Date.

 

		9.	Representations and Warranties. Each Party hereby represents and warrants to each other
Party that, as of the date hereof and the Closing Date:

 

		(a)	Such Party has full power, authority and legal right to enter into this Agreement and the other documents
contemplated hereby to which it is a Party and to perform all its obligations hereunder and thereunder.

 

		(b)	This Agreement and the other documents contemplated hereby to which such Party is a Party have been duly
executed and delivered by such Party, and this Agreement and the other documents contemplated hereby to which it is a Party constitute
the legal, valid and binding obligation of such Party enforceable in accordance with their terms, except as such enforceability may be
limited by any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and or similar laws affecting creditors’
rights generally, and subject, as to enforceability, to general principles of equity.

 

		(c)	The execution, delivery and performance of this Agreement and of the other documents contemplated hereby
to which such Party is a Party (A) are within such Party’s corporate or company powers, as applicable, have been duly authorized
by all necessary corporate or company action, as applicable, are not in contravention of law or the terms of such Party’s organizational
and governing documents, (B) will not conflict with or violate any law or regulation, or any judgment, order or decree of any governmental
authority, (C) will not require the approval and/or consent of any governmental authority or any other person, and (D) will
not conflict with, nor result in any breach in any of the provisions of or constitute a default under the provisions of any agreement,
instrument, or other document to which such Party is a Party or by which it or its property is a Party or by which it may be bound.

 

		10.	Notices. All notices required or permitted hereunder will be in writing and will be deemed
effectively given:

 

		(a)	upon personal delivery to the Party to be notified;

 

		(b)	five business days after having been sent by registered or certified mail, return receipt requested, postage
prepaid; or

 

     

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		(c)	one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with
written verification of receipt.

 

All communications will be
sent as follows:

 

	If to Dowa and/or	Dowa Metals & Mining Co., Ltd.
	the LGJV, to:	14-1, Sotokanda 4-Chome

Chiyoda-ku, Tokyo 101-0021 Japan

Attn: Hideo Kudo

Director, General Manager

Resource Development &

Raw Materials Department

kudoh@dowa.co.jp

Telephone: +81 3-6847-1201

 

with a copy to (which will not constitute
notice to Dowa):

 

Torys LLP

1114 Avenue of the Americas

23rd Floor

New York, NY 10036

Attn: Don Bell

dbell@torys.com

Telephone: +1 (212) 880-6118

 

	If to GSI and/or	8400 E. Crescent Parkway, Suite 600
	the LGJV, to:	Greenwood Village, CO 80111

	 	Attn:	Roger Johnson, CFO
	 	Telephone:	+1 (303) 784-5350
	 	E-mail:	rjohnson@gatossilver.com

 

with a copy to (which
will not constitute notice to GSI):

 

Snell & Wilmer
L.L.P.

1200 17th St #1900

Denver, Colorado 80202

Attn: Jason B. Brinkley

Email: jbrinkley@swlaw.com

Telephone: +1 (303)
634-2066

 

		11.	Severability. The determination that any provision of this Agreement is invalid or unenforceable
will not affect the validity or enforceability of the remaining provisions or of that provision under other circumstances. Any invalid
or unenforceable provision will be enforced to the maximum extent permitted by law.

 

		12.	Counterparts. This Agreement may be executed in counterparts, each of which when executed
will be an original, and all of which, when taken together, will constitute one agreement. A signed copy of this Agreement delivered by
facsimile, email or other means of electronic transmission has the same legal effect as an original signed copy.

 

     

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		13.	Governing Law. This Agreement and the rights and obligations of the Parties hereunder will
be construed in accordance with and be governed by the internal laws of the state of New York without regard to its conflicts of laws
principles.

 

		14.	Amendments, Assignments. All amendments to this Agreement must be in writing and signed
by the Parties hereto. No Party may assign its rights hereunder, in whole or in part, without the consent of the other Parties.

 

		15.	Currency. Unless otherwise stated, all references to currency, monetary values and dollars
(including “$”) set forth herein shall mean United States (U.S.) dollars and all payments hereunder shall be made in United
States dollars.

 

		16.	Dates. Unless otherwise stated, all dates set forth herein shall mean such date in the United
States.

 

		17.	Entire Agreement. This Agreement contains the entire agreement and understanding among the
Parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements
and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The amendments,
modifications and waivers contained herein with respect to the agreements expressly referenced herein shall not be construed as an amendment
or modification to, or waiver of any provision of, any other agreement or understanding among any of the Parties hereto, including, without
limitation, the Priority Distribution Agreement, dated May 30, 2019, by and between Dowa, GSI and the LGJV, which remains in full
force and effect.

 

     

     

    

 

IN WITNESS WHEREOF, the Parties
hereto have executed this Confirmation Agreement as of the date first set forth above.

 

	 	DOWA METALS & MINING CO., LTD.
	 	 
	 	By:	/s/ Toshiaki Suyama
	 	 	
    Name: Toshiaki Suyama

    Title: President

 

     

     

    

 

	 	GATOS SILVER, INC.
	 	 
	 	By:	/s/ Stephen Orr
	 	 	
    Name: Stephen Orr

    Title: Chief Executive Officer

 

     

     

    

 

	 	MINERA PLATA REAL, S. DE R.L. DE C.V.
	 	 
	 	By:	/s/ Roger Johnson
	 	 	
    Name: Roger Johnson

    Title: Treasurer

 

	 	OPERACIONES SAN JOSE DE PLATA, S. DE R.L. DE C.V.
	 	 
	 	By:	/s/ Roger Johnson
	 	 	
    Name: Roger Johnson

    Title: Treasurer

 

	 	Servicios San José de Plata S. de R.L. de C.V.
	 	 
	 	By:	/s/ Roger Johnson
	 	 	
    Name: Roger Johnson

    Title: Treasurer

 

     

     

    

 

EXHIBIT A

 

Escrow Agreement (Term Loan)

 

     

     

    

 

EXHIBIT B

 

Wire Instructions

 

     

     

    

 

EXHIBIT C

 

MPR Note

 

     

     

    

 

EXHIBIT D

 

Operaciones Note

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