Document:

Change of Control Agreement between FCFC and Edward J. Lipkus, III

 Exhibit 10.8 
 CHANGE OF CONTROL AGREEMENT 
 THIS AGREEMENT, is entered into as of October 15, 2007, by and
between First Commonwealth Financial Corporation, a Pennsylvania corporation (the “Company”), and EDWARD J. LIPKUS III (“Executive”). 
 RECITALS 
 The Executive Compensation Committee of the Company’s Board of Directors (the
“Board”) has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a
“Change of Control” (as defined below) of the Company. The Board believes that it is important to diminish the inevitable distraction of the Executive that would result from the personal uncertainties and risks created by a pending or
threatened Change of Control and to encourage the Executive to continue to devote Executive’s full attention and dedication to the Company currently and in the event of any threatened or pending Change of Control, and to provide the Executive
with compensation and benefit arrangements upon the termination of Executive’s employment following a Change of Control. In order to accomplish these objectives, the Board has authorized the Company to enter into this Agreement with Executive.

 AGREEMENT 
 Accordingly, Executive and the Company hereby agree as follows: 
 ARTICLE 1 
 CERTAIN DEFINITIONS 
 1.1.
“Cause” for termination shall be deemed to exist if: 
 (a) The Executive is convicted of, or pleads guilty or nolo contendere to,
any crime which constitutes a felony under the laws of the United States of America or of any state or territory thereof, and the commission of that felony resulted in, or was intended to result in, a loss (monetary or otherwise) to the Company, or
any of their respective clients, customers, directors, officers or employees; or 
 (b) The Executive deliberately and intentionally fails or
refuses to perform the Executive’s duties to the Company (other than during such time as the Executive is incapacitated due to an accident or illness or during the Executive’s regularly scheduled vacation periods) for a period of thirty
(30) consecutive days following the receipt by the Executive of a notice from the Company sent by certified mail, return receipt requested, setting forth in detail the facts upon which the Company relies in concluding that the Executive has
deliberately and intentionally refused to perform the Executive’s duties and indicating with specificity the duties that the Company demands that the Executive perform without delay. 

 1.2. “Change of Control” shall mean: 
 (a) The acquisition, other than from the Company, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the then outstanding shares of common stock of the Company; or 
 (b) Individuals who, as of October 15, 2007, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a
majority of the Board, provided that any individual becoming a director subsequent to October 15, 2007, whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board; or 
 (c)
Consummation of a reorganization, merger, consolidation, sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, with respect to which all or substantially all of the
individuals and entities who were the beneficial owners of shares outstanding shares of the Company’s common stock immediately prior to such Business Combination do not, following such Business Combination, beneficially own, directly or
indirectly, more than 50% of the then outstanding shares of common stock of the corporation resulting from such a Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or
substantially all of the Company’s assets either directly or through one or more subsidiaries). 
 1.3. “Client” means any
client or prospective client of the Company to whom Executive provided services, or for whom Executive transacted business, or whose identity became known to Executive in connection with Executive’s relationship with or employment by the
Company 
 1.4. “Code” means the Internal Revenue Code of 1986, as amended. 
 1.5. “Competitive Enterprise” means any business enterprise that either (a) engages in any activity closely associated with commercial
banking or the operation of an institution, the deposits of which are insured by the Federal Deposit Insurance Corporation, in a Restricted Territory, or (b) holds a 25% or greater equity, voting or profit participation interest in any
enterprise that engages in such a competitive activity. 
 1.6. “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 1.7. “Good Reason” means: 
 (a) the assignment to the Executive of any duties inconsistent in any respect with the Executive’s position, authority, duties or responsibilities immediately prior to the Change of Control or any other action by
the Company which results in a diminution of such position, authority, duties or responsibilities, other than an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after the receipt of
notice thereof given by the Executive; 
  

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 (b) any requirement of the Company that Executive (i) be based anywhere more than fifty
(50) miles from the office where Executive is located immediately prior to the Change of Control or (ii) travel on Company business to an extent substantially greater than the travel obligations of Executive immediately prior to the Change
of Control; or 
 (c) (i) a reduction by the Company in Executive’s rate of annual base salary as in effect immediately prior to the
Change of Control or (ii) the failure of the Company to continue in effect any employee benefit plan, compensation plan, welfare benefit plan or material fringe benefit plan in which Executive is participating or entitled to participate
immediately prior to the Change of Control, unless Executive is permitted to participate in other plans providing Executive with substantially equivalent benefits in the aggregate (at substantially equivalent cost with respect to welfare benefit
plans). 
 1.8. “Qualifying Termination” means a termination of Executive’s employment (i) by the Company other than for
Cause or (ii) by Executive for Good Reason. 
 1.9. “Restricted Territory” means the geographic area within a radius of fifty
(50) air miles from the location of the Company’s office at which Executive’s employment was based as of the date of the termination of Executive’s employment. 
 1.10. “Solicit” means any direct or indirect communication of any kind, regardless of who initiates it, that in any way invites, advises,
encourages or requests any person to take or refrain from taking any action. 
 1.11. “Termination Period” means the period of time
beginning with a Change of Control and ending one year following such Change of Control. 
 ARTICLE 2 
 SEVERANCE PAYMENT 
 2.1.
Payments. If during the Termination Period the employment of Executive shall terminate pursuant to a Qualifying Termination, then the Company shall pay to the Executive (or Executive’s beneficiary as provided in Article 4) severance
payments on the first day of the calendar month following the month in which the Qualifying Termination occurred and each of the twenty-four (24) calendar months thereafter (the “Severance Period”), so that a total of twenty-four
(24) consecutive monthly payments shall be made. The amount of each monthly severance payment shall be equal to one-twelfth (1/12) of the sum of the following: (a) Executive’s annual base salary immediately prior to the Change of
Control, (b) the aggregate amount of all bonuses paid to Executive during the twelve-month period preceding the Change of Control, (c) the aggregate amount of all contributions by the Company for the account of Executive under the First
Commonwealth Financial Corporation 401(k) Savings and Investment Plan and the First Commonwealth Financial Corporation Stock Ownership Plan during the twelve-month period preceding the Change of Control, and (d) the aggregate of all
contributions by Executive and by the Company for the account of Executive to the Company’s Supplemental Executive Retirement Plan during the twelve-month period preceding the Change of Control. 
  

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 2.2. Benefits. In addition to the monthly severance payments, during the Severance Period, the
Company shall, at the Company’s sole cost and expense, continue to provide the Executive and the Executive’s family with the same level of medical, dental, accident, disability and life insurance benefits upon substantially the same terms
and conditions as existed immediately prior to the Qualifying Termination (or, if more favorable to the Executive, as such benefits and terms and conditions existed immediately prior to the Change of Control). 
 2.3. Severance Not Exclusive. The severance payments and benefits provided in this Article 2 shall be in addition to any other compensation or
remuneration to which the Executive is, or shall become, entitled to receive from the Company. 
 2.4. Termination at Retirement Age.
Notwithstanding anything to the contrary in this Agreement, the Executive shall no longer be entitled to receive severance payments and benefits pursuant to this Agreement beginning on the first day of the first calendar month after the Executive
reaches “full retirement age” for purposes of receiving full Social Security benefits. 
 2.5. Release. The Company’s
obligation to make any payment to Executive as described in this Article 2 is contingent upon Executive’s execution of a release, in form and substance reasonably satisfactory to the Company, that, in the opinion of the Company’s
counsel, is effective to release the Company from all claims relating to Executive’s employment or the termination thereof, and the Company will have no obligation to make any payment unless and until such a release has become effective.

 ARTICLE 3 
 LIMITATION
ON PAYMENT OF BENEFITS 
 Notwithstanding anything to the contrary in this Agreement, if the payments and benefits pursuant to Article 2
hereof, either alone or together with other payments and benefits which the Executive has the right to receive from the Company or any of its subsidiaries, would constitute a “parachute payment” under Section 280G of the Code, the
payments and benefits pursuant to Article 2 hereof shall be reduced, in the manner determined by independent tax counsel selected as provided below, by the amount, if any, which is the minimum necessary to result in no portion of the payments and
benefits under Article 2 being non-deductible to the Company or such subsidiary pursuant to Section 280G of the Code and subject to the excise tax imposed under Section 4999 of the Code. The determination of whether any reduction in the
payments and benefits is to be made pursuant to Article 3 shall be based upon the written advice of independent tax counsel selected by the Company and reasonably acceptable to the Executive. The fees and expenses of the tax counsel shall be paid by
the Company. The Company shall use its best efforts to cause such counsel to prepare the foregoing opinion as promptly as practicable, and in any event, within thirty (30) days after the date of the Qualifying Termination. The Company and the
Executive agree to be bound by the determination of such tax counsel and to make appropriate payments to each other to give effect to the intent and purpose of this Article 3. 
 ARTICLE 4 
 BENEFICIARIES 
 If the Executive shall die after the occurrence of a Qualifying Termination, but prior to the payment of all of the monthly severance payments required
by Article 2 hereof, then all remaining severance payments shall be paid to the beneficiary designated in writing by the 

  

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Executive at the same time, and in the same amount, as would have been payable to the Executive. The designation of a beneficiary for purposes of this
Article 4 shall be revocable during the lifetime of the Executive. If the Executive does not designate a beneficiary under this Agreement, the beneficiary shall be deemed to be the same person that the Executive designated with respect to the
Executive’s group life insurance program maintained by the Company. 
 ARTICLE 5 
 COVENANTS NOT TO COMPETE OR SOLICIT CLIENTS 
 5.1. Non-Compete. During Executive’s employment with the Company and throughout the Severance Period (the “Restricted Period”), Executive shall not directly or indirectly (without the prior written consent of
the Company) associate (including as a director, officer, employee, partner, consultant, agent or advisor) with a Competitive Enterprise in the Restricted Territory and in connection with Executive’s association engage, or directly or
indirectly manage or supervise personnel engaged, in any activity: 
 (a) that is substantially related to any activity that Executive was
engaged in with the Company during the 12 months prior to the date of termination of Executive’s employment, 
 (b) that is
substantially related to any activity for which Executive had direct or indirect managerial or supervisory responsibility with the Company during the 12 months prior to the date of termination of Executive’s employment, or 
 (c) that calls for the application of specialized knowledge or skills substantially related to those used by Executive in Executive’s activities
with the Company during the 12 months prior to the date of termination of Executive’s employment. 
 5.2. Non-Solicitation.
During the Restricted Period, Executive shall not, in any manner, directly or indirectly (without the prior written consent of the Company): (i) Solicit any Client to transact business with a Competitive Enterprise in the Restricted Territory
or to reduce or refrain from doing any business with the Company, (ii) interfere with or damage any relationship between the Company and a Client or (iii) Solicit anyone who is then an employee of the Company (or who was an employee of the
Company within the prior 12 months) to resign from the Company or to apply for or accept employment with any other business or enterprise. 
 5.3. Validity. The terms and provisions of this Article 5 are intended to be separate and divisible provisions and if, for any reason, any one or more of them is held to be invalid or unenforceable, neither the validity nor the
enforceability of any other provision of this Agreement shall thereby be affected. The parties hereto acknowledge that the potential restrictions on Executive’s future employment imposed by this Article 5 are reasonable in both duration and
geographic scope and in all other respects. If for any reason any court of competent jurisdiction shall find any provisions of this Article 5 unreasonable in duration or geographic scope or otherwise, Executive and the Company agree that the
restrictions and prohibitions contained herein shall be effective to the fullest extent allowed under applicable law in such jurisdiction. 
  

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 5.4. Consideration. The parties acknowledge that this Agreement would not have been entered into
and the benefits described herein would not have been promised in the absence of Executive’s promises under this Article 5. 
 5.5.
Cease Payments. In the event that Executive breaches Section 5.1 or 5.2, the Company’s obligation to make or provide payments or benefits under Article 2 shall cease, to the extent not already paid or provided. 
 ARTICLE 6 
 SUCCESSORS; BINDING
AGREEMENT 
 6.1. This Agreement will inure to the benefit of and be binding upon the Company and its successors and assigns. 

6.2. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all
of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this
Agreement, “Company” shall mean the Company as defined above and any successor to its business and/or assets which assumes and agrees to perform this Agreement by operation of law or otherwise. 
 6.3. This Agreement shall be binding upon, and shall inure to the benefit of and be enforceable by, the Executive, the Executive’s heirs, personal
representatives, executors and administrators. 
 ARTICLE 7 
 ATTORNEY’S FEES 
 Each party will bear all attorney’s fees and related
expenses in connection with or relating to the negotiation and enforcement of this Agreement; provided, that if Executive is wholly successful on the merits of any action or proceeding to enforce Executive’s rights under this Agreement, the
Company shall reimburse all reasonable attorney’s fees and related expenses incurred by Executive in connection with such action or proceeding. 
 ARTICLE 8 
 EMPLOYMENT WITH SUBSIDIARIES 
 Employment with the Company for purposes of this Agreement shall include employment with any subsidiary of the Company. 
 ARTICLE 9 
 NO SETOFF 
 No amounts otherwise due or payable under this Agreement shall be subject to setoff by the Company. 
  

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 ARTICLE 10 
 NOT A CONTRACT FOR EMPLOYMENT 
 This Agreement shall not in any way constitute an employment
agreement between the Company and the Executive and it shall not oblige the Executive to continue in the employ of Company, nor shall it oblige the Company to continue to employ the Executive. 
 ARTICLE 11 
 RIGHTS UNDER OTHER PLANS AND AGREEMENTS 
 The severance benefits herein provided shall be in addition to, and are not intended to reduce, restrict or eliminate any benefit to which the Executive
may otherwise be entitled by virtue of his termination of employment or otherwise. 
 ARTICLE 12 
 NOTICES 
 All notices and other
communications required to be given hereunder shall be in writing and shall be deemed to have been delivered or made when mailed, by certified mail, return receipt requested, if to the Executive, to the last address which the Executive shall provide
to the Employer, in writing, for this purpose, but if the Executive has not then provided such an address, then to the last address of the Executive then on file with the Company; and if to the Company, then to the last address which the Company
shall provide to the Executive, in writing, for this purpose, but if the Company has not then provided the Executive with such an address, then to: 
 President and Chief Executive Officer 
 First Commonwealth Financial Corporation 

Old Courthouse Square 
 22 North Sixth Street 
 Indiana, Pennsylvania 15701 
 ARTICLE 13 
 GOVERNING LAW AND
JURISDICTION 
 This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania,
except for the laws governing conflict of laws. In the event that either party shall institute suit or other legal proceeding, whether in law or equity, the Courts of the Commonwealth of Pennsylvania shall have exclusive jurisdiction with respect
thereto. 
 ARTICLE 14 
 ENTIRE AGREEMENT 
 This Agreement constitutes the entire understanding between the Company and the Executive concerning the
subject matter hereof and supersedes all prior written or oral agreements or understandings between the parties hereto. No term or provision of this Agreement may be changed, waived, amended or terminated except by a written instrument of equal
formality to this Agreement. 
  

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 Signature page follows. 
  

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 IN WITNESS WHEREOF, the parties have executed this Change of Control Agreement as of the date set forth
above. 
  

									
	(Corporate Seal)	 		 	 FIRST COMMONWEALTH FINANCIAL
 CORPORATION

				
	/s/ David R. Tomb, Jr.	 		 	By:	 	/s/ John J. Dolan        
	Corporate Secretary	 		 		 	      John J. Dolan
      President and Chief Executive Officer

			
	/s/ Corrine S. Cramer	 		 	/s/ Edward J. Lipkus, III
	Witness	 		 	             Edward J. Lipkus, III

  

 9Employment Agreement between FCFC and T. Michael Price

 Exhibit 10.9 
 EMPLOYMENT AGREEMENT 
 THIS
AGREEMENT is made as of the 19th day of October, 2007, by and between First Commonwealth Bank, a Pennsylvania corporation (“FCB”), and T. Michael Price (“Price”). 
 W I T N E S S E T H: 
 WHEREAS, FCB wishes to employ Price as its President, Price wishes to be employed in that capacity, and Price is willing to accept employment with FCB upon the terms and conditions hereinafter set forth:

 NOW, THEREFORE, intending to be legally bound, FCB agrees to employ Price, and Price agrees to be employed by FCB, upon the
following terms and conditions: 
 ARTICLE I 
 EMPLOYMENT 
 1.01. Office. Price is employed hereunder as President of First
Commonwealth Bank reporting directly to the Board and in such capacity shall use his best energies and abilities in the performance of his duties and in the performance of such other duties as may be assigned to him from time to time by FCB’s
Board of Directors (“Board”) or the Chief Executive Officer of First Commonwealth Financial Corporation (“FCFC”). 
 1.02. Term. Subject to the terms and provisions of Article II, Price’s employment hereunder shall begin on November 12, 2007 and shall continue through November 30, 2010, unless extended in accordance with the
following sentence. Price’s employment hereunder shall automatically be extended on December 1, 2010 and on each subsequent December 1 for successive one (1) year periods unless either party gives notice in writing to the other
party at least sixty (60) days prior to the end of any such term that they do not intend to extend employment for another year.  
 1.03. Base Salary. Beginning November 12, 2007, compensation shall be paid to Price by FCB at the rate of Three Hundred and Fifty Thousand Dollars ($350,000.00) per annum (the “Base Salary”), payable in equal
monthly installments, less applicable and elected deductions. Price’s Base Salary may be increased but not decreased by the Board at any time based upon Price’s contributions to the success of FCB and on such other factors as the Board
shall deem appropriate. Price will be eligible to participate in any Short-Term and Long-Term Incentive Plans that may be offered to FCB Executive employees and will participate at the 50% level (including a Long-Term Equity Incentive Compensation
Plan if and when such Plan is approved by the Compensation Committee and shareholders of FCFC). If an equity-based plan is implemented for the long-term incentive compensation plan, Price’s participation will be conditioned upon minimum equity
ownership as established by the Compensation Committee. Price will also be eligible to participate in the First Commonwealth Supplemental Executive Retirement Plan as provided in the documents that govern that Plan. 

 1.04. Employee Benefits. Price shall be eligible to participate in such major medical or
health benefit plans, pensions, and other benefits as are available generally to employees of FCB, to the extent available to employees and subject to the terms of any such plans. Commencement of health benefits, should Price elect to participate,
will be available to Price upon his employment. Price will be eligible for four weeks of vacation beginning on January 1, 2008. 
 1.05. Bonus. Price shall receive a bonus of One-Hundred and Seventy-Five Thousand Dollars ($175,000.00), 50% of which will be payable upon the commencement of Price’s employment and 50% of which will be payable upon the
one-year anniversary of Price’s employment so long as Price is employed at that time. The second installment of the bonus will be paid to Price if he is not employed on the one-year anniversary of his employment only if he was involuntarily
terminated by FCB without Cause pursuant to Section 2.02 or if he resigns for Good Reason pursuant to Section 2.03. 
 1.06.
Inducement Equity Award. Contemporaneously with the execution of this Agreement, Price and FCFC are entering into a Restricted Stock Agreement pursuant to which FCFC will award a total of Thirty-Five Thousand (35,000) shares of
restricted stock to Price as an inducement award, effective on the first day of his employment by FCB, subject to vesting or forfeiture in accordance with the terms of the Restricted Stock Agreement. 
 1.07. Club Memberships. FCB will pay Price’s initiation fees, annual dues and monthly fees for membership at the Duquesne Club in
Pittsburgh, Pennsylvania and at the Sunnehanna Country Club in Johnstown, Pennsylvania should Price choose to join either or both clubs. 
 1.08. Automobile Allowance. FCB will provide Price with a monthly allowance in the amount of Four Hundred and Fifty Dollars ($450.00) for the purchase or lease of an automobile. 
 ARTICLE II 
 TERMINATION 
 2.01. FCB Termination For Cause. FCB may terminate Price’s employment for
“Cause,” as defined herein, by providing written notice to Price that his employment is terminated. Upon delivery of said notice together with payment of any salary accrued under Section 1.03 prior to the date of termination but not
yet paid, as well as payment for any accrued vacation time not taken and expenses which were properly incurred by Price on FCB’s behalf prior to the termination date that are not yet paid, Price’s employment and all obligations of FCB to
Price shall terminate. Termination shall be deemed to be for Cause if: (i) Price fails to comply with any material provision of this Agreement; (ii) Price fails to perform in any material respect the duties of his employment (including,
without limitation, failure to comply with any lawful directive from the Board or the Chief Executive Officer of FCFC); (iii) Price engages in an act of dishonesty or fraud or Price is convicted of a crime which, in the judgment of the Board,
renders his continued employment by FCB materially damaging or detrimental to FCB; or (iv) Price is grossly negligent in the performance of his job duties. The obligations of Price under Article III shall continue notwithstanding
termination of Price’s employment pursuant to this Section 2.01. If Price’s employment terminates under Section 2.01, he is entitled to no severance under Section 2.05. 
  

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 2.02. FCB Termination Without Cause. Price’s employment may be terminated at any time
by FCB without Cause immediately upon written notice by FCB to Price. In the event FCB terminates Price’s employment without Cause, FCB will provide Price with the Severance Benefits set forth in Section 2.05, provided that as a condition
precedent to Price’s receipt of Severance Benefits under this Section 2.02 and Section 2.05, Price must execute and deliver to FCB a Separation Agreement and General Release of any and all claims and causes of action that Price may
have against FCB, as permitted by law, in a form substantially similar to the Release attached hereto as Exhibit A. All other obligations of FCB to Price shall cease as of the date of termination except for the payment of any salary accrued under
Section 1.03 but not yet paid, as well as payment for any accrued vacation time not taken and expenses which were properly incurred by Price on FCB’s behalf prior to the termination date that are not yet paid as of the termination date.
The obligations of Price under Article III shall continue notwithstanding termination of Price’s employment pursuant to this Section 2.02. 
 2.03. Resignation for Good Reason. Price may resign for Good Reason. Good Reason means: (i) a material change in Price’s title, position or responsibilities which represents a substantial
reduction of the title, position or responsibilities in effect immediately prior to the change; (ii) any reduction in the Base Salary or a material reduction of benefits provided under this Agreement (unless such reduction of benefits applies
equally to all similarly situated employees of FCB); (iii) the assignment of Price to a position which requires him to relocate permanently to a site more than fifty (50) miles outside of Indiana, Pennsylvania; or (iv) the assignment
to Price of any duties or responsibilities (other than due to a promotion) which are materially inconsistent with the position of President. Before Price resigns for Good Reason, Price must give FCB twenty (20) days’ notice of said
resignation and an opportunity to correct. If Price resigns for Good Reason, he will receive severance under Section 2.05. If, however, FCB corrects within twenty (20) days of its receipt of notice of the Good Reason, FCB shall owe Price
no severance under Section 2.05 and Price shall continue in his capacity as President of FCB. The obligations of Price under Article IIII shall continue notwithstanding the terms of Price’s employment pursuant to Section 2.03.

 2.04. Termination by Price. Price agrees to give FCB sixty (60) days’ prior written notice of the termination of
his employment with FCB. Simultaneously with such notice, Price shall inform FCB in writing as to his employment plans following the termination of his employment with FCB. All obligations of FCB to Price shall cease as of the termination date
except for the payment of salary accrued under Section 1.03 prior to the date of termination, as well as payment for any accrued vacation time not taken and expenses which were properly incurred by Price on FCB’s behalf prior to the
termination date that are not yet paid as of the termination date. The obligations of Price under Article III shall continue notwithstanding termination of Price’s employment pursuant to this Section 2.04. If Price’s employment
terminates under Section 2.04 he is entitled to no severance under Section 2.05. 
 2.05. Severance Benefits. In the
event that FCB terminates Price’s employment prior to November 30, 2010 for any reason other than for Cause, or if Price terminates his employment pursuant to Section 2.03, and subject to the conditions set forth in this Section and
subject to Sections 2.02 and/or 2.03 as applicable, FCB will pay to Price an amount equal to the product of (x) one-twelfth of the sum of (A) the Base Salary, (B) the aggregate amount of all bonuses paid to Price during the
twelve-month period preceding his termination, (C) the aggregate amount of 

  

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all contributions by FCB for the account of Price under the First Commonwealth Financial Corporation 401(k) Savings and Investment Plan and the First
Commonwealth Financial Corporation Stock Ownership Plan during the twelve-month period preceding his termination, and (D) the aggregate of all contributions by Price and by FCB for the account of Price to the FCB Supplemental Executive
Retirement Plan during the twelve-month period preceding his termination, multiplied by (y) the number of months remaining in the initial term of employment (i.e., through November 30, 2010), less legally required taxes and withholdings.
Said sum is to be paid in one lump sum within sixty (60) days of the date of Price’s termination from employment. Upon termination, FCB will offer continuation coverage to Price, as required by Section 4980B of the Internal Revenue
Code of 1986, (“Code”) as amended (“COBRA”), under the First Commonwealth’s group health plan (the “Health Plan”) on the terms and conditions mandated by COBRA including Price’s payment of the applicable COBRA
premiums. 
 In the event that FCB terminates Price’s employment prior to
November 30, 2010 for any reason other than for Cause or if Price terminates his employment pursuant to Section 2.03, and subject to the conditions set forth in this Section and subject to Sections 2.02 and/or 2.03 as applicable, FCB will
pay Price, beginning on the 19th month following the date Price’s employment is terminated an amount equal to the lesser of: (a) Two
Thousand Two Hundred Dollars ($2,200.00) per month; or (b) the monthly cost of the Conversion Policy coverage (as defined below), less any and all legally required withholdings. Any payment under this Section will be made to Price monthly on or
before the last day of each month. Payments under this Section will cease on the earlier of: (i) December 1, 2010; (ii) the date Price fails to continue to maintain the Conversion Policy; or (iii) the date of Price’s death.
For purposes of this Section, Conversion Coverage means coverage Price obtains by converting his COBRA benefit into an individual health insurance policy as permitted under state law (“Conversion Policy”) provided that such conversation is
made after Price has elected and received COBRA coverage under the Plan for the entire initial 18-month COBRA coverage period. While payments are being paid pursuant to this Section, FCB may require Price to provide periodically evidence of the
continuation of the Conversion Policy and the monthly cost of such Conversion Policy. Should Price secure or be offered health coverage through another employer at any time following the termination of his employment with FCB but before
December 1, 2010, or if Price does not elect to continue COBRA coverage under the Plan for the entire initial 19 month period (including payment of required COBRA premiums), all of Employer’s obligations with regard to paying for
Conversion Coverage as set forth in this Section shall immediately cease. 
 To the extent required to comply with Section 409A of the
Code and to avoid the imposition of additional tax under Code Section 409A(a)(1)(B), payment of amounts due under this Agreement shall be delayed for six months (or the earliest date on which such amount can be paid without incurring such
additional taxes) and any payments during such period shall be accumulated and paid on the first day following the end of such period. 
 Price will receive the severance benefits set forth in Section 2.05 if and only if he executes and does not revoke a Separation Agreement and General Release of any and all claims and causes of action that Price may have against FCB,
as permitted by law, in a form substantially similar to the Release attached hereto as Exhibit A. 
  

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 2.06. Resignation of Board Membership. Price expressly promises and agrees that he will
resign from the FCB Board of Directors and all related or affiliated Board of Directors immediately upon and concurrent with the termination of his employment with FCB for any reason, including, without limit, by FCB for Cause or without Cause or by
Price for any reason. 
 ARTICLE III 
 PRICE’S COVENANTS AND AGREEMENTS 
 3.01. Non-Disclosure of Confidential
Information. Price recognizes and acknowledges that: (a) in the course of Price’s employment by FCB, it will be necessary for Price to acquire information which could include, in whole or in part, information concerning FCB’s
business, sales volume, sales methods, sales proposals, financial statements and reports, customers and prospective customers, identity of customers and prospective customers, identity of key purchasing personnel in the employ of customers and
prospective customers, amount or kind of customers’ purchases from FCB, FCB’s sources of supply, FCB’s computer programs, system documentation, special hardware, product hardware, related software development, FCB’s manuals,
formulae, processes, methods, machines, compositions, ideas, improvements, inventions, or other confidential or proprietary information belonging to FCB or relating to FCB’s affairs (collectively referred to herein as the “Confidential
Information”); (b) the Confidential Information is the property of FCB; (c) the use, misappropriation or disclosure of the Confidential Information would constitute a breach of trust and could cause irreparable injury to FCB; and
(d) it is essential to the protection of FCB’s good will and to the maintenance of FCB’s competitive position that the Confidential Information be kept secret and that Price not disclose the Confidential Information to others or use
the Confidential Information to Price’s own advantage or the advantage of others. Confidential Information shall not include information otherwise available in the public domain through no act or omission of Price. Price agrees to hold and
safeguard the Confidential Information in trust for FCB, its successors and assigns and agrees that he shall not, without the prior written consent of FCB, misappropriate or disclose or make available to anyone for use outside FCB’s
organization at any time, either during his employment with FCB or subsequent to the termination of his employment with FCB for any reason, including without limitation, termination by FCB, any of the Confidential Information, whether or not
developed by Price, except as required in the performance of Price’s duties to FCB. 
 3.02. Non-Solicitation of
Employees. Price agrees that, during his employment with FCB and for one (1) year following termination of Price’s employment with FCB, including without limitation termination by FCB for Cause or without Cause, Price shall not,
directly or indirectly, solicit or induce, or attempt to solicit or induce, any employee of FCB or of any of its subsidiaries or affiliates, including FCFC, to leave FCB or any of its subsidiaries, or affiliates, including FCFC, for any reason
whatsoever, or to hire any such employee. 
 3.03. Duties. Price agrees to be a loyal employee of FCB. Price agrees to devote
his best efforts to the performance of his duties for FCB, to give proper time and attention to furthering FCB’s business, and to comply with all rules, regulations and instruments established or issued by, or applicable to, FCB. Price further
agrees that during the term of this Agreement, Price shall not, directly or indirectly, engage in any business which would detract from Price’s ability to apply his best efforts to the performance of his duties. Price also agrees that he shall
not usurp any corporate opportunities of FCB. 
  

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 3.04. Return of Materials. Upon the termination of Price’s employment with FCB for any
reason, Price shall promptly deliver to FCB all correspondence, drawings, blueprints, manuals, letters, notes, notebooks, reports, flow-charts, computer equipment, programs, software, databases, proposals, financial statements and reports, and any
documents concerning FCB’s customers or concerning products or processes used by FCB and, without limiting the foregoing, will promptly deliver to FCB any and all other documents or materials containing or constituting Confidential Information.

 3.05. Work Made for Hire. Price agrees that in the event of publication by Price of written or graphic materials
constituting “work made for hire,” as defined and used in the Copyright Act of 1976, 17 USC § 1 et seq., FCB will retain and own all rights in said materials, including right of copyright. 
 3.06 Non-Compete. Price agrees that during the term of his employment by FCB and for the period of one year from the date of his
termination for any reason, he will not, for himself, as an agent, employee, contractor or owner, or on behalf of another person or entity, directly or indirectly, engage in any “Prohibited Position” with any “Competing
Business.” For purposes of this Agreement, “Prohibited Position” shall mean any position, whether as principal, agent, officer, director, employee, consultant, shareholder, or otherwise: (i) where Price will be engaged in the
management, sale, development, or marketing of products or services of the type provided by FCB; and (ii) during employment with FCB, Price was privy to or given access to proprietary and/or confidential business information of FCB concerning
FCB’s management, strategy, performance, sale, development or marketing of that type of product or service and/or was involved in maintaining the FCB’s customer relationships or goodwill; “Competing Business” shall mean any
person, corporation or other entity which engages in the marketing and/or sale of: (i) retail banking products in the Restricted Territory, including, for example, personal and business accounts, private banking, business banking, loans, lines
of credit, mortgages, and other investment or financial products; or (ii) any other product or service of FCB, currently and in the future, in the Restricted Territory, in which Price had involvement, and/or about which Price learned of, and/or
may have acquired any knowledge about, while employed by FCB; and “Restricted Territory” shall mean any county in which FCB maintains an office or branch and any county which is contiguous to such a county. During the term of his
employment by FCB and for a period of one year from the date of his termination for any reason, Price also agrees not to enter into, consult about, or become involved with any transactions that he learned and/or became aware of through his
employment with FCB. Price acknowledges that the foregoing restrictions are properly limited so that they will not interfere with his ability to earn a livelihood and that such restrictions are reasonable and necessary to protect FCB’s
legitimate business interest, including the protection of its confidential and trade secret information. In exchange for the consideration set forth in this Agreement, Price agrees to be bound by the terms of this Section. The foregoing covenants
shall not be deemed to prohibit Price from acquiring as an investment not more than five percent (5%) of the capital stock of a Competing Business, whose stock is traded on a national securities exchange or through an automated quotation system
of a registered securities association. 
  

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 3.07 Effect of Change of Control. The covenants in Sections 3.02 and 3.06 above shall
terminate and be of no further force or effect upon the occurrence of a Change of Control (as defined in the Change of Control Agreement of even date herewith between FCB and Price (the “Change of Control Agreement”) if the Change of
Control Agreement remains in full force and effect at the time of such Change of Control. 
 ARTICLE IV 
 PRICE’S REPRESENTATIONS AND WARRANTIES 
 4.01. Price’s Abilities. Price represents that his experience and capabilities are such that the provisions of Article III will not prevent him from earning his livelihood, and acknowledges that it
would cause FCB serious and irreparable injury and cost if Price were to use his ability and knowledge in breach of the obligations contained in Article III. 
 4.02. Remedies. In the event of a breach by Price of the terms of this Agreement, FCB shall be entitled, if it shall so elect, to institute legal proceedings to obtain damages for any such breach, or to
enforce the specific performance of this Agreement by Price and to enjoin Price from any further violation of this Agreement and to exercise such remedies cumulatively or in conjunction with all other rights and remedies provided by law. Price
acknowledges, however, that the remedies at law for any breach by him of the provisions of this Agreement may be inadequate and that FCB shall be entitled to injunctive relief against him in the event of any breach. 
 ARTICLE V 
 MISCELLANEOUS 
 5.01. Authorization to Modify Restrictions. It is the intention of the parties that the
provisions of Article III shall be enforceable to the fullest extent permissible under applicable law, but that the unenforceability (or modification to conform to such law) of any provision or provisions of this Agreement shall not render
unenforceable, or impair, the remainder thereof. If any provision or provisions hereof shall be deemed invalid or unenforceable, either in whole or in part, this Agreement shall be deemed amended to delete or modify, as necessary, the offending
provision or provisions and to alter the bounds thereof in order to render it valid and enforceable. 
 5.02. Entire Agreement.
This Agreement represents the entire agreement of the parties and may be amended only by a writing signed by each of them. This Agreement supersedes all prior arrangements and agreements between the parties, except any Change of Control Agreement
and other agreements referred to herein. In the event that there is a Change of Control as defined by the Change of Control Agreement during the term of this Employment Agreement, the provisions of that Change of Control Agreement will apply and
this Employment Agreement will cease to apply, and Employee will be entitled to no benefits under this Employment Agreement, including the severance benefits in Section 2.05. Notwithstanding the foregoing sentence, except as provided in
Section 3.07, Employee’s obligations under Article III will continue even if there is a Change of Control. 
  

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 5.03. Governing Law. This Agreement shall be interpreted, construed, and governed according
to the laws of the Commonwealth of Pennsylvania. 
 5.04. Jurisdiction and Service of Process. Price and FCB waive any right to
a court (including jury) proceeding and instead agree to submit any dispute over the application, interpretation, validity, or any other aspect of this Agreement to binding arbitration consistent with the application of the Federal Arbitration Act
and the procedural rules of the American Arbitration Association (“AAA”) before an arbitrator who is a member of the National Academy of Arbitrators (“NAA”) out of a nationwide panel of eleven (11) arbitrators to be supplied
by the AAA. FCB will absorb the fee charged and the expenses incurred by the neutral arbitrator selected. 
 5.05. Agreement
Binding. The obligations of Price under Article III of this Agreement shall continue after the termination of his employment with FCB for any reason and shall be binding on his heirs, executors, legal representatives and assigns and shall
inure to the benefit of any successors and assigns of FCB. Likewise, the obligations of FCB shall be binding upon any successors. 
 PRICE
ACKNOWLEDGES THAT HE HAS READ AND UNDERSTANDS THE FOREGOING PROVISIONS AND THAT SUCH PROVISIONS ARE REASONABLE AND ENFORCEABLE. 
 Signature page follows. 
  

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 IN WITNESS WHEREOF, the parties hereto have knowingly and voluntarily executed this Agreement or
caused this Agreement to be executed the day and year first above written. 
  

					
	WITNESS:	 		 	
			
	/s/ Matthew C. Tomb	 		 	/s/ T. Michael Price
		 		 	 T. Michael Price

 ATTEST: 
  

									
		 		 	FIRST COMMONWEALTH BANK
				
	/s/ Matthew C. Tomb	 		 	By:	 	/s/ John J. Dolan
		 		 		 	Name:	 	John J. Dolan
		 		 		 	Title:	 	President and Chief Executive Officer

  

 -9-

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