<SEC-DOCUMENT>0000950123-20-006991.txt : 20201208
<SEC-HEADER>0000950123-20-006991.hdr.sgml : 20201208
<ACCEPTANCE-DATETIME>20200715172320
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-20-006991
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200715

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Concentrix Corp
		CENTRAL INDEX KEY:			0001803599
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				271605762
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		44111 NOBEL DRIVE
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538
		BUSINESS PHONE:		1-510-565-3178

	MAIL ADDRESS:	
		STREET 1:		44111 NOBEL DRIVE
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538
</SEC-HEADER>
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<TYPE>DRSLTR
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Confidential Treatment Requested by Concentrix Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g880425pillsbury.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Pillsbury Winthrop Shaw Pittman LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">2550 Hanover Street | Palo Alto, CA <FONT STYLE="white-space:nowrap">94304-1115</FONT> | tel 650.233.4500 | fax 650.233.4545 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Allison M. Leopold Tilley </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">tel
650.233.4518 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">allison@pillsburylaw.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;15, 2020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mara Ransom </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office Chief </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Trade&nbsp;&amp; Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities&nbsp;&amp; Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100
F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Concentrix Corporation </B></P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Amendment No.&nbsp;1 to Draft Registration Statement on Form 10 </B></P></TD></TR></TABLE>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Submitted on June&nbsp;12, 2020 </B></P></TD></TR></TABLE>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CIK No.&nbsp;0001803599 </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Ransom: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client,
Concentrix Corporation (&#147;<U>Concentrix</U>&#148; or the &#147;<U>Company</U>&#148;), set forth below are the responses to the comments of the Staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the U.S. Securities and
Exchange Commission (the &#147;<U>Commission</U>&#148;) set forth in your letter dated June&nbsp;26, 2020, regarding Amendment No.&nbsp;1 to the Company&#146;s Draft Registration Statement on Form 10 (CIK No.&nbsp;0001803599) submitted on
June&nbsp;12, 2020. In connection with this letter responding to the Staff&#146;s comments, the Company is confidentially submitting to the Commission Amendment No.&nbsp;2 to the Company&#146;s Draft Registration Statement on Form 10 (the
&#147;<U>Amended Registration Statement</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, the Staff&#146;s comments are set forth in bold, followed by
responses on behalf of the Company. Terms not otherwise defined in this letter shall have the meanings set forth in the Amended Registration Statement. All page references in the responses set forth below refer to pages of the information statement
filed as Exhibit 99.1 (the &#147;<U>Information Statement</U>&#148;) to the Amended Registration Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Confidential Treatment Requested by Concentrix Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Amendment No.&nbsp;1 to Draft Registration Statement on Form 10 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Our Market Opportunity, page 2 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to prior comment 2 and <FONT STYLE="white-space:nowrap">re-issue</FONT> in part.
Please revise your disclosure to address the <FONT STYLE="white-space:nowrap">one-time</FONT> and recurring costs of developing, maintaining, and integrating the new technologies that you employ to improve client outcomes In this regard, we note the
continual need to stay current as these new technologies evolve. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the
Staff&#146;s comment and advises the Staff that, due to the size and scale of the Company&#146;s business, the Company&#146;s costs of developing, maintaining and integrating new technologies are not material on a stand-alone basis whether as <FONT
STYLE="white-space:nowrap">one-time</FONT> or recurring charges. Moreover, the Company regularly develops, maintains and implements technologies as part of its customer experience solutions service offerings and, therefore, the related costs can be
spread across multiple client projects in a manner that makes separately quantifying such costs impractical. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The information statement
has been revised on pages 6 and 80 to clarify that the Company&#146;s costs of developing, maintaining and integrating new technologies are not material on a stand-alone basis. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Will I be paid any dividends, page 15 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>In your response to prior comment 6, you state that SYNNEX and Concentrix have suspended their quarterly
dividend due to the &#147;unpredictable current environment.&#148; Please revise your disclosure in the registration statement to more fully explain the factors that led to the suspension of the dividend and whether you anticipate that the suspended
dividend will be paid in the future. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the Staff&#146;s comment and advises
the Staff that, as part of its response to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, SYNNEX announced the suspension of its dividend on March&nbsp;24, 2020. SYNNEX disclosed that, given the significant and sudden shock to the
worldwide economy, it believed that its capital would be best used over the near-term to support its business associates, customers, partners and related strategic priorities. On June&nbsp;25, 2020, SYNNEX announced that consideration to reinstate
the dividend will be assessed after a few more quarters of consistent performance and market stability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">As disclosed in the Information
Statement, the Company&#146;s payment of dividends in the future will be within the discretion of the Company&#146;s board of directors and will depend on many factors, including the Company&#146;s financial condition, earnings, capital
requirements, debt service obligations, restrictive covenants in the Company&#146;s debt, industry practice, legal requirements, and regulatory constraints. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The information statement has been revised on page 44 to disclose SYNNEX&#146; suspension of its quarterly dividend, factors that led to the
suspension, and SYNNEX&#146; recent disclosure regarding consideration of reinstatement of its dividend. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Confidential Treatment Requested by Concentrix Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Reasons for the <FONT STYLE="white-space:nowrap">Spin-Off,</FONT> page 35 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to prior comment 9 and <FONT STYLE="white-space:nowrap">re-issue</FONT> in part.
Please revise to address the areas in which SYNNEX and Concentrix may have benefitted from synergies in the past, as alluded to on page 28. In this regard, we note that the technologies which undergird the Concentrix product offerings might be
expected to overlap with those used in your information technology business. To the extent that shared costs and resources related to technology development or implementation may be lost due to the spinoff, please revise to discuss.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the Staff&#146;s comment and advises the Staff that the material
technologies used in the SYNNEX and Concentrix businesses do not overlap, and the two businesses do not share costs or resources related to technology development or implementation. The principal synergies that we believe the Company has benefited
from in the past are (i)&nbsp;SYNNEX&#146; larger size and purchasing power in procuring certain goods and services and (ii)&nbsp;the costs of operating as a stand-alone public company, each of which are disclosed on page 36 of the Information
Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The Information Statement has been further revised on page 36 to disclose the possibility that some of Concentrix&#146; client
relationships may have been improved historically by the client&#146;s relationship with SYNNEX. As we noted in our prior response, the Company is not aware of significant client relationships that have been materially improved by the client&#146;s
relationship with SYNNEX, and the Company believes that any client-related synergies are immaterial. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Results of Operations &#150; Years Ended November&nbsp;30, 2019, 2018 and 2018, page 61
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We reviewed your response and revisions made in response to comment 14. Disclosure should be provided to
explain how the pro forma presentation was derived, why management believes the presentation to be useful, and any potential risks associated with using such a presentation. Typically, the presentation of complete pro forma financial information
(reflecting the adjustments) in Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations will be necessary in order to facilitate an understanding of the basis of the information being discussed. However, there may
be situations where the pro forma adjustments are limited in number and easily understood so that narrative disclosure of the adjustments alone will be sufficient. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the Staff&#146;s comment and advises the Staff that the pro forma comparisons included in the
results of operations discussion were derived by adding the Convergys results of operations for the relevant period prior to the Company&#146;s acquisition of Convergys to the Company&#146;s combined results of operations for the relevant period.
Due to the limited nature of the adjustments, we believe that the adjustments are easily understood and, therefore, that narrative disclosure of the adjustments is sufficient to facilitate an understanding of the information discussed. The
Information Statement has been revised on page 53 to add disclosure of how the pro forma presentation was derived, why management believes the presentation to be useful, and potential risks associated with using such a presentation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Confidential Treatment Requested by Concentrix Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to 17 C.F.R. Section 200.83 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Performance-Based, Long-Term Equity Incentives, page 93 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Your revised disclosure indicates that equity grants are not made by reference to strict formulas or
specific fixed targets, but rather objective data synthesized to competitive ranges. It seems as though objective data synthesized to competitive ranges would be equatable to target ranges and, if so, please revise to disclose such targets, if you
haven&#146;t already. If our understanding is inaccurate, please advise. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges
the Staff&#146;s comment and advises the Staff that while objective data synthesized to competitive ranges is one factor reviewed by the SYNNEX Compensation Committee or SYNNEX management, as the case may be, in determining the size of the equity
grants for the Company&#146;s named executive officers, such ranges were only one of several factors. As disclosed on page 93 of the Information Statement, determination of the size of equity grants is also based on, among other factors, internal
policies and practices, including job responsibilities, management tier classification, existing vested and unvested equity holdings and an overall review of both employee and corporate performance. As a result, we do not believe that these
competitive ranges are appropriately characterized as targets and are not material to an understanding of the compensation of our named executive officers. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Unaudited Combined Financial Statements of Concentrix </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Combined Financial Statements, page <FONT STYLE="white-space:nowrap">F-50</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Any unaudited interim financial statements furnished shall reflect all adjustments which are, in the opinion
of management, necessary to a fair statement of the results for the interim periods presented. Please revise to include a statement to that effect. Refer to Rule <FONT STYLE="white-space:nowrap">10-01(b)(8)</FONT> of Regulation <FONT
STYLE="white-space:nowrap">S-X.</FONT> </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U>Response</U>:&nbsp;&nbsp;&nbsp;&nbsp;In response to the Staff&#146;s
comment, the information statement has been revised on page <FONT STYLE="white-space:nowrap">F-50.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If you have any questions or require any additional information, please do not hesitate to contact the undersigned at <FONT
STYLE="white-space:nowrap">(650)&nbsp;233-4518.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Allison M. Leopold Tilley </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Allison M. Leopold Tilley </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Chris Caldwell, Concentrix Corporation </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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