FIRST LOAN MODIFICATION AGREEMENT

Exhibit 10.1

[Loans 1414700 & 1498200]

FIRST LOAN MODIFICATION AGREEMENT

THIS FIRST LOAN MODIFICATION AGREEMENT (“Agreement”) is made and entered into effective as of Dec 31, 2013 (the “Effective Date”), by and between KIRKPATRICK BANK, an Oklahoma banking (“Lender), and PAYCOM PAYROLL, LLC, a Delaware limited liability company (“Borrower”), with reference to the following:

RECITALS:

A. Certain defined terms used in this Agreement are set forth below:

All capitalized terms used but not otherwise defined in this Agreement shall have the respective meanings ascribed to those terms in the Loan Agreement, as amended hereby.

B. At Borrower’s request, Lender and Borrower mutually desire to amend the Existing Loan Documents in order to (i) consolidate the Construction Note and the Land Note, (ii) reduce the aggregate commitment by $640,000.00, and (iii) cause the Mortgaged Property to secure the Consolidated Note (defined below).

AGREEMENT:

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, Lender and Borrower hereby agree as follows:

1. Recital Paragraphs. The recital paragraphs set forth above are hereby incorporated as a part of this Agreement.

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2. Conditions Precedent to Lender’s Agreements. The following are conditions precedent to Lender’s agreements under this Agreement. Borrower shall cause such conditions precedent to be satisfied, on or before the date of this Agreement:

(a) Receipt by Lender of fully executed originals of this Agreement, the Consolidated Note, the First Amendment to the Land Mortgage (defined below) and the First Amendment to the Construction Mortgage and Assignment of Leases (defined below), which each shall serve to reference the Consolidated Note as the indebtedness secured thereby, and any and all other documents and agreements that are required by this Agreement, each in form and content acceptable to Lender.

(b) Receipt by Lender of an appraisal of Tract 3 of the Mortgaged Property, in form and content acceptable to Lender, which, when combined with the appraised values of Tract 1 and Tract 2 of the Mortgaged Property, and when compared to the total indebtedness owing by Borrower to Lender (which shall include the Consolidated Note and that certain Consolidated, Amended and Restated Promissory Note [Loan 1292900], dated December 15, 2011, from Borrower to Lender in the face amount of $12,761,000.00), reflects an aggregate loan-to-value of not more than eighty percent (80%). The loan-to-value calculation shall exclude enterprise value and going-concern value.

(c) Borrowers’ delivery to Lender of the following documents, all in form and substance satisfactory to Lender and its counsel:

(d) Payment by Borrower of all fees, costs and expenses relating to this modification of the Loan, including, but limited to, the fees, costs and expenses referenced in paragraph 9 of this Agreement.

(e) Lender shall have sold a participation interest of 36.54% of the aggregate indebtedness (including the Consolidated Note and Loan 1292900) payable by Borrower to Lender.

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3. Modification of Existing Loan Documents.

(a) Consolidation, Amendment and Restatement of Construction Note and Land Note. In connection with this Agreement, Borrower shall execute and deliver to Lender a Consolidated, Amended and Restated Promissory Note in the maximum principal amount of $14,631,096.00 (the “Consolidated Note”), which will serve to (i) consolidate the Construction Note with a maximum principal balance of $12,271,096.00 and the Land Note with an outstanding principal balance of $3,000,000.00, and (ii) reduce the aggregate commitment by $640,000.00 in order to reduce the maximum loan-to-value ratio of the Consolidated Note relative to the Mortgaged Property to 80.0%. Until the Term Loan Commencement Date, the Borrower shall be permitted to continue to make advances of the remaining, unadvanced principal balance of the Consolidated Note in accordance with the terms and conditions set forth in the Loan Agreement, as amended by this Agreement. Upon the Term Loan Commencement Date, no further advances shall be made on the Consolidated Note, and Borrower shall make monthly installments of principal and interest as more particularly described in the Consolidated Note. The Consolidated Note will be signed, delivered and accepted for the purpose of consolidating, amending and restating the Construction Note and the Land Note, but not in payment, settlement, satisfaction or discharge of the Construction Note and the Land Note or the indebtedness evidenced by the Construction Note and the Land Note, all of which indebtedness continues in full force and effect and will be evidenced by the Consolidated Note as soon as it is signed and delivered to Lender.

(b) Amendment to Construction Mortgage. In connection with this Agreement, Borrower shall execute a First Amendment to Mortgage (With Power of Sale), Security Agreement and Financing Statement and Assignment of Leases, Rents and Profits which shall serve to reference the indebtedness evidenced by the Consolidated Note as the indebtedness encumbering Tract 1 and Tract 2 of the Mortgaged Property.

(c) Amendment to Land Mortgage. In connection with this Agreement, Borrower shall execute a First Amendment to Mortgage which shall serve to reference the indebtedness evidenced by the Consolidated Note as the indebtedness encumbering Tract 1, Tract 2 and Tract 3 of the Mortgaged Property.

(d) Amendment of Security Instruments to Secure Consolidated Note and Amend Mortgaged Property Description. All Security Instruments other than the Construction Mortgage, the Land Mortgage, the Second Mortgage (defined below) and the Assignment of Leases are hereby amended to (i) identify the Consolidated Note as the current evidence of the Development Loan indebtedness thereby secured, and (ii) substitute the description of the Mortgaged Property attached to this Agreement as Exhibit “A” in place of the description of the Mortgaged Property originally set forth therein. In other words, each of such documents is hereby amended to (i) secure the Consolidated Note and the principal, interest, after default interest, late charges, prepayment premiums, collection costs and other amounts which may now or hereafter become due and payable under the terms and provisions thereof, together with all amendments, renewals, modifications, restatements, consolidations and replacements of the Consolidated Note, and (ii) encumber, affect and/or relate to the Mortgaged Property as described in Exhibit “A” to this Agreement.

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(e) Modification of Loan Agreement. Effective as of the Effective Date, the Loan Agreement is hereby amended as follows:

(i) The definitions of the terms “Loan” in Section 1.27 and “Note” in Section 1.31 shall be revised as set forth in the amended Sections 2 and 3 below.

(ii) The definition of the term “Loan Documents” in Section 1.28 shall be revised to additionally include the Land Mortgage and the Second Mortgage as Loan Documents.

(iii) The following Sections 1.43 and 1.44 shall be added to the Loan Agreement.

1.43 Land Mortgage. “Land Mortgage” shall have the meaning set forth in Section 4.6.

1.44 Second Mortgage. “Second Mortgage” shall mean that certain Second Mortgage (With Power of Sale), Security Agreement and Financing Statement, dated March 28, 2013, signed by Borrower for the benefit of Lender and recorded in Book RE12202, Page 1135 in the official records of the Recorder for Oklahoma County, Oklahoma, securing that certain Consolidated, Amended and Restated Promissory Note, dated December 15, 2011, in the principal amount of $12,761,000.00, executed by Borrower in favor of Lender, and encumbering Tract “1” of the Mortgaged Property.

(iv) Section 2 of the Loan Agreement is hereby amended and restated in its entirety as follows:

2. LENDING AGREEMENT. Subject to the terms, provisions, covenants and agreements hereinafter set forth, Lender agrees to lend to Borrower, and the borrower agrees to borrow from the Lender, up to the principal sum of Fourteen Million Six Hundred Thirty-One Thousand Ninety-Six and No/100 Dollars ($14,631,096.00) (the “Loan”), which Loan shall be made to Borrower for the purpose of (i) consolidating a portion of the indebtedness evidenced by that certain Promissory Note, dated March 28, 2013, executed by Borrower in favor or Lender in the maximum principal amount of $12,271,096.00 (the “Construction Note”), and the indebtedness evidenced by that certain Promissory Note, dated November 1, 2013, executed by Borrower in favor of Lender in the maximum principal amount of $3,000,000.00 (the “Land Note”), and (ii) to offer the Borrower three (3) different interest rate options upon the Term Loan Commencement Date, each of which corresponds with a separate maturity date option, as more particularly described in the Consolidated Note. The unadvanced principal balance available under the Loan may be advanced by Borrower for the purposes of (i) paying

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contractors, architects, engineers, mechanics, materialmen, laborers, service agencies and suppliers pursuant to the terms of the contracts for construction on the Construction Project, for services in fact performed and materials purchased for and either incorporated into the Construction Project or suitably stored on the Real Property for later incorporation, (ii) reimbursing Lender for expenses incurred by Lender pursuant to this Agreement, and (iii) paying other costs which are incidental or related to the cost of completing or financing the Construction Project; provided, however, notwithstanding any other language set forth in this Agreement, or any of the other Loan Documents, Loan proceeds shall not be used to pay interest, Loan fees, late charges, after default interest and/or any other similar costs, unless otherwise expressly determined or approved by Lender in its sole discretion.

(v) Section 3 of the Loan Agreement is hereby amended and restated in its entirety as follows:

3. BORROWER’S NOTE. The Loan shall be evidenced by a Consolidated, Amended and Restated Promissory Note (the “Note”) in the maximum principal amount of $14,631,096.00, which Note shall be signed by Borrower and delivered to Lender concurrently with execution of this Agreement. The Loan shall be paid by Borrower to Lender in accordance with the terms of the Note.

(vi) The following Section 4.6 shall be added to the Loan Agreement:

4.6 Land Mortgage. The Loan shall additionally be secured by that certain Mortgage (the “Land Mortgage”), dated November 1, 2013, executed by Borrower in favor of Lender and recorded in Book RE12399, Page 295 in the official records of the Recorder for Oklahoma County, Oklahoma, securing the Land Note and encumbering Tract 1, Tract 2, and Tract 3 of the Mortgaged Property as modified by that certain First Amendment to Mortgage, dated December    , 2013, executed by Borrower in favor of Lender.

(vii) The following Section 7.16 shall be added to the Loan Agreement:

7.16 Liquidity Account and Compensating Balances. Throughout the term of the Loan, Borrower shall (i) maintain the Liquidity Account in accordance with the requirements of Section 5.7 herein, and (ii) maintain aggregate compensating account balances with Lender of not less than $4,000,000.00, which such compensating account balances shall include all accounts of Borrower held with Lender, including, but not limited to, the Liquidity Account and the funds held in that certain deposit account with Lender, identified by account number 10234777, with a balance of not less than $250,000.00 pledged pursuant to that certain Security Agreement, dated March 28, 2013, executed by Borrower in favor of Lender.

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(viii) The last notice address listed in Section 12.2 of the Loan Agreement shall be revised as follows:

(f) General Amendment of Existing Loan Documents. All of the terms and provisions of the Existing Loan Documents are hereby amended and modified wherever necessary, and even though not specifically addressed herein, so as to conform to the amendments and modifications set forth in or made pursuant to this Agreement. Borrower shall also sign and deliver to Lender such amendments to one or more of the Existing Loan Documents that Lender may now or hereafter require to (i) further identify the Consolidated Note as the current evidencing of the Loan, and (ii) modify, ratify and confirm other Loan Documents pursuant to this Agreement.

4. Borrowers’ Representations and Warranties. Without limitation of any obligations, representations, warranties or liabilities of Borrowers pursuant to the Loan Documents, Borrowers jointly and severally represent and warrant to Lender that:

(a) No Secondary Financing. No lien or other charge upon the Mortgaged Property, other than the mortgages referenced in Exhibit “B” and that certain Consolidated, Amended and Restated Mortgage (With Power of Sale), Security Agreement and Financing Statement, dated December 15, 2011, executed by Borrower in favor of Lender (Collectively defined herein as “Mortgages”), has been given or executed by Borrower, or has been contracted or agreed to be so given or executed.

(b) Title to Properties, Etc. Borrower has good and indefeasible fee title to the Mortgaged Property, including the Building.

(c) Litigation. Except as disclosed to Lender on Schedule 4(c) attached hereto, there are no actions, suits or proceedings (whether or not purportedly on behalf of Borrower) pending or, to the best knowledge of Borrower, threatened against of affecting Borrower, at law or in equity or by or before any federal, state, municipal or other governmental department, commission, board, bureau, agency of instrumentality, domestic or foreign, which involve any of the transactions contemplated in this Agreement or the possibility of any judgment or liability that may result in any material adverse change in the business, operations, properties or assets, or in the condition, financial or otherwise, of Borrower; Borrower is not, to the best knowledge of Borrower, in default with respect to any judgment, writ, injunction, decree, rule or regulation of any court or federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign.

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(d) Agreements. Borrower is not a party to any agreement or instrument, materially and aversely affecting the operations or condition, financial or otherwise, of Borrower, and Borrower is not in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party, which default would have a material adverse effect upon the business, properties or assets, operations or condition, financial or otherwise of Borrower.

(e) Governmental Consents. Borrower is not required to obtain any order, consent, approval or authorization of, or to make any declaration or filing with, any governmental authority in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, the issuance and delivery of this Agreement.

(f) No Offsets. There are no defenses, offsets or counterclaims against the Loan, and no Event of Default exists under the Loan.

(g) Building. All improvements encompassing the Building are being constructed on Tract 1 and Tract 2 the Mortgaged Property and therefore encumbered by the Construction Mortgage and the Land Mortgage, and all rents and revenues resulting from the Building are encumbered by the Assignment of Leases.

5. Ratification. Except as expressly modified herein or by documents signed pursuant to this Agreement, all of the terms and conditions of the Existing Loan Documents (i) remain unmodified and in full force and effect and (ii) are hereby ratified and confirmed by Borrower and Lender. Borrower covenants and agrees that the indebtedness originally evidenced by the Construction Note and the Land Note shall be evidenced by the Consolidated Note, that said indebtedness continues to be secured by the Loan Documents and that by acceptance of the Consolidated Note pursuant to this Agreement, (i) Lender has not and does not release or relinquish any rights, remedies and/or lien priorities evidenced by or granted to Lender in any of the Existing Loan Documents, (ii) the unpaid balance of the Construction Note and the Land Note, as the two are consolidated, amended and restated pursuant to the Consolidated Note, remain outstanding and have not been satisfied, and (iii) the first and prior liens of the Construction Mortgage and the Land Mortgage remain in full force and effect and is unaltered and unimpaired. Borrower waives all defenses, rights of offset, counterclaims and the like, if any, whether legal or equitable in nature, which any of them may have with respect to their respective responsibilities, obligations and liabilities under the Loan Documents. In the event of any inconsistency between the provisions of this Agreement and those of the Existing Loan Documents, the provisions of this Agreement shall control.

6. Payment of Costs. Borrower shall pay or cause to be paid, at the time of execution of this Agreement, any and all fees and expenses incurred by Lender and/or its counsel in connection with the preparation and execution of this Agreement, including without limitation, all legal fees and expenses, title insurance and endorsement fees, title search expenses, UCC search expenses, costs of filing and/or recording documents, and any unpaid sums due to Lender. Borrowers shall be responsible for a modification fee equal to $750.00, which shall be paid by the Borrower upon the execution of this Agreement.

7. Additional Documentation. In addition to the instruments and agreements specified herein, Borrower shall execute and deliver to Lender such additional instruments or agreements as Lender may reasonably require for purposes of consummating or evidencing the transactions contemplated in this Agreement.

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8. Default Under this Agreement. The failure of Borrower to comply with any provisions of this Agreement shall constitute a default under the Loan Documents, entitling Lender to exercise any and all remedies to which it may be entitled thereunder and hereunder, at law and/or in equity (after such notice and such opportunity to cure such default as may be required by the Loan Agreement).

9. Headings; Time of Essence. The headings used in this Agreement are for convenience only and shall be disregarded in interpreting the substantive provisions of this Agreement. Time is of the essence of each term of this Agreement.

10. Severability. If any provision of this Agreement shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be deemed severed from this Agreement and the remaining parts shall remain in full force as though the invalid, illegal, or unenforceable portion had never been a part thereof.

11. Descriptive Headings. The descriptive headings of the paragraphs of this Agreement are for convenience only and shall not be used in the construction of the terms hereof.

12. No Oral Agreements. THIS AGREEMENT AND THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.

[SIGNATURE PAGE FOLLOWS]

Exhibits & Schedules

Exhibit “A” - Mortgaged Property description

Exhibit “B” - Security Documents

Schedule 4(c) - Pending Litigation

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IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement effective as of the date set forth above.

This instrument was acknowledged before me on December 31, 2013, by Chad Richinson, as President of Paycom Payroll, LLC, a Delaware limited liability company.

This instrument was acknowledged before me on December 31, 2013, by David Sutter, as Executive Vice President of Kirkpatrick Bank, an Oklahoma state banking association.

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EXHIBIT “A”

MORTGAGED PROPERTY

Tract 1:

All of Lot One (1), Block One (1) and Common Area A, of Paycom, an Addition to the City of Oklahoma City, Oklahoma County, Oklahoma, according to the recorded plat thereof.

Tract 2:

A tract of land being a part of the Southwest Quarter (SW/4) of Section Eight (8), Township Thirteen (13) North, Range Four (4) West of the Indian Meridian, Oklahoma City, Oklahoma County, Oklahoma, being more particularly described as follows:

Commencing at the Southeast (SE) Corner of said Southwest Quarter (SW/4); THENCE North 00°15’38” West, along and with the East line of said Southwest Quarter (SW/4), a distance of 1,496.10 feet to the Northeast (NE) Corner of Paycom recorded in Book PL68, Page 95, said point being the POINT OF BEGINNING; THENCE South 89°35’06” West along and with the North line of Paycom, a distance of 667.91 feet to the Northwest (NW) Corner of Paycom; THENCE North 00°01’27” West, along and with the extended West line of Paycom, a distance of 1,155.56 feet to the North line of Southwest Quarter (SW/4); THENCE South 89°52’I8” East, along and with the North line of said Southwest Quarter (SW/4), a distance of 663.15 feet to the Northeast (NE) Corner of said Southwest Quarter (SW/4); THENCE South 00°15’38” East, along and with the East line of said Southwest Quarter (SW/4), a distance of 1,149.24 feet to the POINT OF BEGINNING.

Tract 3:

A tract of land being a part of the Southwest Quarter (SW/4) of Section Eight (8), Township Thirteen (13) North, Range Four (4) West of the Indian Meridian, Oklahoma City, Oklahoma County, Oklahoma, being more particularly described as follows:

Commencing at the Southeast (SE) Corner of said Southwest Quarter (SW/4);

THENCE North 00°15’38” West (North 00°15’26” West record), along and with the East line of said Southwest Quarter (SW/4), a distance of 575.51 feet (575.66 feet record) to the Southeast (SE) Corner of Paycom recorded in Book PL68, Page 95;

THENCE North 88°41’40” West (North 88°42’11” West record), along and with the South line of said Paycom and the North line of a tract of land owned by the Oklahoma Turnpike Authority recorded in Book 7536, Page 339, a distance of 671.88 feet to the Southwest (SW) Corner of said Paycom, said point being the POINT OF BEGINNING;

THENCE continuing North 88°41’40” West (North 88°42’11” West record) along and with the North line of a tract of land owned by the Oklahoma Turnpike Authority recorded in Book 7536, Page 339, a distance of 29.87 feet;

THENCE North 86°46’27” West (North 86°48’46” West record), continuing along and with the North line of a tract of land owned by the Oklahoma Turnpike Authority recorded in Book 7536, Page 339, a distance of 360.72 feet;

THENCE North 00°01’27” West, departing said North line, a distance of 2,035.89 feet to a point on the North line of said Southwest Quarter (SW/4);

THENCE South 89°52’18” East, along and with the North line of said Southwest Quarter (SW/4), a distance of 390.00 feet to a extended West line of Paycom;

THENCE South 00°01’27” East, along and with the extended West line of Paycom, a distance of 2,055.99 feet to the POINT OF BEGINNING.

EXHIBIT “B”

SECURITY DOCUMENTS

SCHEDULE 4(C)

PENDING LITIGATION

SCHEDULE 4(C)

Arunachalam v. Paycom Payroll, LLC, Case No. 13-1350-RGA, U.S. District Ct., Distrct of Delaware. A Complaint was filed against Paycom alleging patent infringement. Paycom answered the Complaint and denied all allegations and filed counterclaims seeking declaratory relief and seeking to invalidate Plaintiff’s patent. No discovery has been undertaken. Paycom was sued on the same date that Plaintiff sued approximately ten other Defendants. The law firm of Richards, Layton & Finger of Wilmington, DE has been hired to represent Paycom.