Form of Restricted Stock Agreement for service-based restricted stock



 Exhibit 10.3 
 FIRST COMMONWEALTH FINANCIAL CORPORATION 
 INCENTIVE COMPENSATION PLAN

 RESTRICTED STOCK AGREEMENT 
 This Restricted Stock Agreement (this “Agreement”) is made as of the      day of
                ,             (the “Effective Date”) between First Commonwealth
Financial Corporation (the “Company”) and the “Grantee” identified on the signature page of this Agreement. The Restricted Stock awarded pursuant to this Agreement is subject to the terms set forth herein and in all respects are
subject to the terms and provisions of the First Commonwealth Financial Corporation Incentive Compensation Plan (the “Plan”) applicable to Restricted Stock, which terms and provisions are incorporated herein by this reference. Unless the
context requires otherwise, the terms defined in the Plan shall have the same meanings herein. 
 1. Award of Stock. The
Company hereby grants to the Grantee              shares of Restricted Stock (the “Shares”). 
 2. Forfeiture of Shares. The Shares are subject to forfeiture to the Company until such time as they become nonforfeitable as set forth below in this Section 2. 

(a) All of the Shares will become nonforfeitable on the third anniversary of the Effective Date, provided that the Grantee
remains an Employee through such anniversary. 
 (b) If the Grantee ceases to be an Employee for any reason other
than the Grantee’s death or Disability, any Shares which have not as of the termination of Grantee’s employment become nonforfeitable will immediately and automatically be forfeited. 

(c) If the Grantee ceases to be an Employee due to the Grantee’s death or Disability, any Shares which have not as of
the termination of Grantee’s employment become nonforfeitable will immediately and automatically, without any action on the part of the Company, become nonforfeitable. 
 Notwithstanding the foregoing schedule, if a Change in Control occurs while the Grantee is an Employee, then any Shares which have not become nonforfeitable will immediately and automatically, without any
action on the part of the Company, become nonforfeitable as of the date of the Change in Control. 
 3. Share Legends.
The following legend will be placed on any certificates evidencing all Shares subject to forfeiture in accordance with Section 2, in addition to any other legends that may be required to be placed on such certificates pursuant to applicable
law, the Plan or otherwise: 
 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS
AND CONDITIONS OF THE FIRST COMMONWEALTH FINANCIAL CORPORATION INCENTIVE COMPENSATION PLAN AND A RESTRICTED STOCK AGREEMENT BETWEEN THE SHAREHOLDER NAMED ON THE FACE OF THIS CERTIFICATE AND FIRST COMMONWEALTH FINANCIAL CORPORATION (WHICH TERMS AND


  
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CONDITIONS MAY INCLUDE, WITHOUT LIMITATION, FORFEITURE CONDITIONS AND TRANSFER RESTRICTIONS). A COPY OF THAT AGREEMENT IS ON FILE IN THE PRINCIPAL OFFICES OF FIRST COMMONWEALTH FINANCIAL
CORPORATION AND WILL BE MADE AVAILABLE TO THE HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON REQUEST TO THE SECRETARY OF THE CORPORATION. 

Where a book-entry system is used with respect to the issuance of Shares, appropriate notation of such forfeiture possibility and transfer restrictions
will be made on the system with respect to the account or accounts to which the Shares are credited. 
 4. Escrow of
Shares. 
 (a) All Shares issued under this Agreement will be held in escrow by the Secretary of the Company
or his or her designee (the “Escrow Holder”) until such Shares cease to be subject to forfeiture in accordance with Section 2, at which time the Escrow Holder will deliver such nonforfeitable Shares to the Grantee; provided, however,
that no Shares will be delivered to the Grantee until appropriate arrangements have been made with the Company for the withholding or payment of any taxes that may be due with respect to such Shares. 

(b) If any of the Shares are forfeited by the Grantee under Section 2, upon request by the Company, the Escrow Holder
will deliver those Shares to the Company, which will then have the right to retain and transfer those Shares to its own name free and clear of any rights of the Grantee under this Agreement or otherwise. 

(c) The Escrow Holder is hereby directed to permit transfer of the Shares only in accordance with this Agreement or in
accordance with instructions which are consistent with this Agreement which are signed by both parties. In the event further instructions are reasonably desired by the Escrow Holder, he or she shall be entitled to conclusively rely upon directions
given by a majority of the members of the Board. The Escrow Holder shall have no liability for any act or omissions hereunder while acting in good faith in the exercise of his or her own judgment. 

5. Rights of Grantee. The Grantee shall have the right to vote the Shares and to receive dividends with respect to the Shares.

 6. Stock Splits, etc. If, while any of the Shares remain subject to forfeiture, there occurs any merger,
consolidation, reorganization, recapitalization, stock split, stock dividend, combination or exchange of shares, or other similar change in the Company’s common stock, then any and all new, substituted or additional securities or other
consideration to which the Grantee is entitled by reason of the Grantee’s ownership of the Shares will be immediately subject to this escrow, deposited with the Escrow Holder and included thereafter as “Shares” for purpose of this
Agreement. 
 7. Tax Withholding. Grantee shall be required to deposit with the Company an amount of cash equal to the
amount determined by the Company to be required with respect to any withholding taxes, FICA contributions, or the like under any federal, state, or local statute, ordinance, rule, or regulation in connection with the vesting or award of the Shares.
Alternatively, the Company may, at Grantee’s election, (i) withhold the required amounts from 

  
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Grantee’s pay during the pay periods next following the date on which any such applicable tax liability otherwise arises, or (ii) withhold a number of Shares otherwise deliverable
having a Fair Market Value sufficient to satisfy the statutory minimum of all or part of Grantee’s estimated total federal, state, and local tax obligations associated with the vesting or award of the Shares. 

8. Restriction on Transfer. Except for the escrow described in Section 4 hereof or the transfer of the Shares to the Company
as contemplated by this Agreement, none of the Shares or any beneficial interest therein shall be transferred, encumbered, pledged or otherwise alienated or disposed of in any way until the Shares become nonforfeitable in accordance with
Section 2 of this Agreement. 
 9. Grantee Covenants. 

(a) General. Grantee and the Company acknowledge and agree that Grantee has received adequate consideration with
respect to enforcement of the provisions of this Section 9 by virtue of receiving the Shares (regardless of whether the Shares are subsequently forfeited); that such provisions are reasonable and properly required for the adequate protection of
the business of the Company and its subsidiaries; and that enforcement of such provisions will not prevent Grantee from earning a living. 
 (b) Non-Solicitation; No-Hire. Grantee agrees to comply with the provisions of subsections (i) and (ii) of this Section 9(b) while employed by the Company and for a period of one
year after the last day of Grantee’s employment with the Company or any subsidiary (such last day being the “Termination Date”) regardless of the reason for such termination of employment. 

(i) Non-Solicitation. Grantee shall not, directly or indirectly, either for Grantee’s own benefit or purpose
or for the benefit or purpose of any Person other than the Company or any of its subsidiaries, solicit, call on, do business with, or actively interfere with the Company’s or any subsidiary’s relationship with, or attempt to divert or
entice away, any Person that Grantee should reasonably know (A) is a customer of the Company or any subsidiary for which the Company or any subsidiary provides any services as of the Termination Date, or (B) was a customer of the Company
or any subsidiary for which the Company or any subsidiary provided any services at any time during the twelve (12) months preceding the Termination Date, or (C) was, as of the Termination Date, considering retention of the Company or any
subsidiary to provide any services. 
 (ii) No-Hire. Grantee shall not, directly or indirectly, either for
Grantee’s own benefit or purpose or for the benefit or purpose of any Person other than the Company or any of its subsidiaries, employ or offer to employ, call on, or actively interfere with the Company’s or any subsidiary’s
relationship with, or attempt to divert or entice away, any employee of the Company or any of its subsidiaries, nor shall Grantee assist any other Person in such activities. 

(c) Confidentiality. During Grantee’s employment with the Company, and thereafter regardless of the reason for
termination of such employment, Grantee will not disclose or use in any way any confidential business or technical information or trade secret acquired in the course of such employment, all of which is the exclusive and valuable property of the
Company whether or not conceived of or prepared by Grantee, other than (1) information generally known in the Company’s industry or acquired from public sources, (2) as required in the course of employment by the Company, (3) as
required by any court, supervisory authority, administrative agency or applicable law, or (4) with the prior written consent of the Company. 

  
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 (d) Ownership of Inventions. Grantee shall promptly and fully
disclose to the Company any and all inventions, discoveries, improvements, ideas or other works of inventorship or authorship, whether or not patentable, that have been or will be conceived and/or reduced to practice by Grantee during the term of
Grantee’s employment with the Company, whether alone or with others, and that are (1) related directly or indirectly to the business or activities of the Company or any of its subsidiaries or (2) developed with the use of any time,
material, facilities or other resources of the Company or any subsidiary (“Developments”). Grantee agrees to assign and hereby does assign to the Company or its designee all of Grantee’s right, title and interest, including copyrights
and patent rights, in and to all Developments. Grantee shall perform all actions and execute all instruments that the Company or any subsidiary shall deem necessary to protect or record the Company’s or its designee’s interests in the
Developments. The obligations of this Section 9(d) shall be performed by Grantee without further compensation and will continue beyond the Termination Date. 
 10. Acceptance of Award; the Company’s Right to Cancel. If Grantee does not accept the Award by executing and delivering a copy of this Agreement to the Company, without altering or changing
the terms thereof in any way, within thirty (30) days of receipt by Grantee of a copy of the Agreement, the Company may, in its sole discretion, withdraw its offer and cancel the Award at any time prior to Grantee’s delivery to the Company
of a copy of the Agreement executed by Grantee. Otherwise, upon execution and delivery of the Agreement by both the Company and Grantee, the Agreement is effective as of the Effective Date and the Shares will be issued as soon thereafter as
administratively practicable. 
 11. 83(b) Election. Grantee hereby acknowledges that he may file an election pursuant to
Section 83(b) of the Code to be taxed currently on the fair market value of the Shares (less any purchase price paid for the Shares), provided that such election must be filed with the Internal Revenue Service no later than thirty
(30) days after the grant of such Shares. Grantee will seek the advice of his own tax advisors as to the advisability of making such a Section 83(b) election, the potential consequences of making such an election, the requirements for
making such an election, and the other tax consequences of this Award under federal, state, and any other laws that may be applicable. The Company and its Subsidiaries and agents have not and are not providing any tax advice to Grantee. 

12. Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the
Award, Grantee acknowledges that: (a) Grantee’s participation in the Plan is voluntary; and (b) the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits,
severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and Grantee will not be entitled to compensation or damages as a consequence of
Grantee’s forfeiture of any unvested portion of the Award as a result of Grantee’s separation from service with the Company or any Subsidiary for any reason. 

  
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 13. General Provisions: 

(a) This Agreement, together with the Plan, constitutes the entire agreement between the Company and the Grantee regarding
the grant of the Shares. 
 (b) The Committee may modify this Agreement to bring it into compliance with any
valid and mandatory government regulation or exchange listing requirement. This Agreement may also be amended by the Committee with the consent of the Grantee. Any such amendment shall be in writing and signed by the Company and the Grantee.

 (c) Nothing contained in this Agreement shall be deemed to require the Company and its Subsidiaries to
continue the Grantee’s relationship as an Employee or to modify any agreement between the Grantee and the Company or its Subsidiaries relating thereto. 
 (d) The Committee may from time to time impose any conditions on the Shares as it deems reasonably necessary to ensure that the Plan and this Award satisfy the conditions of Rule 16b-3 of the Securities
Exchange Act of 1934, as amended, and that Shares are issued and resold in compliance with the Securities Act of 1933, as amended. 
 (e) The Grantee agrees upon request execute any further documents or instruments necessary or desirable to carry out the purposes or intent of this Agreement. 

(f) Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions
thereof. The terms of the Plan as it presently exists, and as it may hereafter be amended, are deemed incorporated herein by reference, and in the event of any conflict between the terms of this Agreement and the provisions of the Plan, the
provisions of the Plan shall be deemed to supersede the provisions of this Agreement. 
 (g) This Agreement shall
be governed by, and enforced in accordance with, the laws of the Commonwealth of Pennsylvania without regard to the application of the principals of conflicts or choice of laws. 

(h) This Agreement may be executed, including execution by facsimile signature, in one or more counterparts, each of which
shall be deemed an original, and all of which together shall be deemed to be one and the same instrument. 
 Signature page
follows. 

  
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 IN WITNESS WHEREOF, the parties have duly executed this Restricted Stock Agreement as of the
day and year first set forth above. 
  

									
	GRANTEE:	 		 	COMPANY:
			
	 	 		 	FIRST COMMONWEALTH FINANCIAL CORPORATION
	Signature	 		 		 	
				
	 	 		 	By:	 	 
	Printed Name	 		 	Name:	 	T. Michael Price
		 		 		 	Title:	 	President and CEO


  
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