Document:

Separation Agreement and General Release - Edward J. Lipkus, III

 Exhibit 10.12 
 SEPARATION AGREEMENT AND GENERAL RELEASE 
 THIS
SEPARATION AGREEMENT AND GENERAL RELEASE (this “Agreement”) is made by and between FIRST COMMONWEALTH FINANCIAL CORPORATION and its subsidiaries, divisions, successors and assigns, and the employees, officers, directors and agents
thereof (collectively referred to throughout this Agreement as “FCFC”) and Edward J. Lipkus, III (hereinafter referred to through out this Agreement as “Employee”), residing at 105 Adams Circle, Indiana, PA 15701
agree that: 
 WHEREAS, Employee has been employed with FCFC; 
 WHEREAS, the parties have mutually agreed upon the terms and conditions of the separation of Employee and FCFC as set forth in this
Agreement; and 
 WHEREAS, the parties desire to set forth their agreement in writing; 
 NOW, THEREFORE, the parties hereto, each in consideration of the actions and promises of the other, intending to be legally bound,
hereby agree as follows. 
  

	1.	Employee’s employment is to be terminated August 17, 2009 (the “Termination Date”). 

  

	2.	In accordance with Employee’s resignation and separation from employment, FCFC agrees to the pay and provide the following payments and benefits to Employee:

  

	 	A.	Separation Payment: A lump sum payment equal to one hundred forty thousand dollars and zero cents ($140,000.00), comprised of seventy-one thousand, two
hundred fifty dollars and one cent ($71,250.01) representing thirteen (13) weeks of Employee’s current annual salary as of the Termination Date of two hundred eighty-five thousand dollars and zero cents ($285,000.00), and comprised of
sixty-eight thousand, seven hundred fifty thousand dollars ($68,749.99) representing a bonus payment for 2009, less applicable federal, state, and local taxes. 

  

	 	B.	Health Care Continuation Via COBRA: Employee will be eligible to receive continuation of group health care insurance coverage under the Consolidated
Omnibus Budget Reconciliation Act of 1986 (COBRA). If Employee elects to receive COBRA continuation coverage as set forth below, FCFC will pay Employee’s COBRA premiums for up to thirteen (13) weeks after the Termination Date. Thereafter,
Employee may continue to receive COBRA continuation coverage at Employee’s cost and expense for a period of up to eighteen (18) months after the Termination Date. 

 In order to receive health care continuation, the Employee must exercise his rights under COBRA by completing the appropriate COBRA forms.
The COBRA forms will be sent to the Employee after the Employee’s last day worked. Employee will have up to sixty (60) days, from the later of the Termination date or the date on which COBRA forms are provided to exercise his COBRA rights.
Employee’s health care coverage will end on the Termination Date, but if Employee submits COBRA forms within the sixty (60) day period, Employee’s health care coverage will be reinstated back to the Termination Date and there will be
no lapse of health care coverage. Failure to submit the completed COBRA forms within the sixty (60) day period shall result in the forfeiture of health care continuation under COBRA. 

 Employee may not change his group health care coverage from and after the Termination Date,
unless a qualified family status change occurs. 
 If Employee declines COBRA continuation coverage, Employee will receive fifty
(50) percent of the monthly premium that would have been paid by the Employer for the the thirteen (13)-week separation period had he exercised his COBRA rights. In order to receive this benefit, Employee must notify Employer (in writing) that
Employee does not want continuation of his health care coverage via COBRA. 
 If Employee obtains other health care coverage
prior to the expiration of the thirteen (13)-week separation period, the Employee must notify the Employer (in writing) with the effective date that coverage should cease. Upon such notification, the health care coverage via COBRA will be terminated
and the Employee will receive fifty (50) percent of the monthly premium that would have been paid by the Employer for the remaining portion of the thirteen (13)-week separation period. 
 Notwithstanding anything to the contrary in this policy, if the Employer changes the scope of the health insurance benefits for its employees
while this policy is in effect, the Employee’s health insurance benefits will be subject to the same change. 
  

	 	C.	Benefits Generally Available to Displaced Employees: In addition to the consideration described in paragraphs 2(A) and 2(B) above, Employee will also
remain eligible for any other benefits or compensation to which similarly situated Employees of FCFC are eligible. These other benefits include, by way of illustration and not limitation, entitlement to vested benefits, if any, under the FCFC ESOP
and the FCFC 401(k) Retirement Savings Plan, in which Employee participated prior to his final date of employment in accordance with the terms of the particular plan. Employee’s election to accept or reject this Agreement will not affect these
other benefits except as required by plan documents. However, separation payments are not considered qualified earnings for 401(k) and ESOP contributions. Employee may not contribute any portion of any amount payable to Employee under this Agreement
into FCFC’s 401(k) Plan nor will payment of any such amount generate any Employer contributions to the 401(k) and ESOP Plans. 

 Employee may continue to participate in voluntary benefit plans pursuant to the plan documents at the conclusion of the Employee’s active employment. Life, A.D.&D. and Long-Term Disability
insurance conversion privileges will be offered at the conclusion of the Employee’s active employment. Employee will be responsible for premium payments. 
  

	 	D.	Paid Time Off: Payment for any unused Paid Time Off will be made in the Employee’s final regular pay based on the provisions of FCFC’s Paid Time
Off policy 

  

	 	E.	Unemployment Compensation: Employee will be permitted to apply for Unemployment Compensation benefits to the manner and extent permitted by law.

  

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	 	F.	Obligation to Pay Separation Payment to Beneficiary. If employee becomes deceased after the Termination Date but prior to the payment of all amounts
payable under this Agreement, any unpaid amounts will be paid to Employee’s named beneficiary specified on Attachment A – Beneficiary Designation, if living, otherwise to the personal representative on behalf of or the benefit of
Employee’s estate. 

  

	3.	IN CONSIDERATION for the agreements and payments set forth above, Employee agrees and hereby releases FCFC and its subsidiaries, and each of their respective employees,
officers, directors, shareholders, affiliates, agents, successors and assigns, including, without limitation, trustees and administrators of each employee benefit plan maintained by FCFC or any of its subsidiaries (each of the foregoing is
hereinafter referred to individually as a “Released Party” and collectively as the “Released Parties”) from any and all claims, counterclaims, rights, demands, costs, damages, losses, liabilities, causes of actions, including any
claims for attorneys’ fees and court costs that Employee may have or claim to have against any Released Party as a result of his employment by, association with and separation from FCFC. Such release shall include, but not be limited to, claims
for any compensation, bonus, commissions, salaries, pensions, vacation payments or any payments of any kind, apart from those set forth above. This Release shall include a release from any and all such claims, whether known or unknown, suspected or
unsuspected, foreseen or unforeseen, real or imagined, actual or potential through the date of this Agreement. Employee agrees to pay for any legal fees, costs or damages incurred by any Released Party as a result of any breach of his promises as
contained in this Agreement. 

  

	4.	Employee knowingly and voluntarily releases and forever discharges each Released Party of and from any and all claims, known and unknown, suspected or unsuspected,
foreseen or unforeseen, real or imagined, actual or potential, which Employee, his heirs, executors, administrators, successors, and assigns (referred to collectively throughout this Agreement as “Employee”) have or may have against such
Released Party at any time prior to the date of execution of this Agreement, including, but not limited to, any alleged violation of: The National Labor Relations Act, as amended; Title VII of the Civil Rights Act of 1964, as amended; The
Civil Rights Act of 1991; Sections 1981 through 1988 of Title 42 of the United States Code, as amended; The Employee Retirement Income Security Act of 1974, as amended; The Immigration Reform and Control Act, as amended; The Americans with
Disabilities Act of 1990, as amended; The Age Discrimination in Employment Act of 1967, as amended; The Older Workers Benefit Protection Act; The Fair Labor Standards Act, as amended; The Occupational Safety and Health Act, as amended; The Family
and Medical Leave Act; The Pennsylvania Human Relations Act, as amended; The Pennsylvania Wage Payment and Collection Law, as amended; The Pennsylvania Minimum Wage Act, as amended; The Pennsylvania Equal Pay Law, as amended; The Pennsylvania
Workers’ Compensation Act; any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance; any public policy, contract, tort or common law; or any allegation for costs, fees, or
other expenses including attorneys’ fees incurred in this matter. 

  

	5.	With respect to any and all claims that Employee could potentially allege under the Age Discrimination in Employment Act, 29, U.S.C. §629 et seq., he hereby agrees
and acknowledges the following: 

  

	 	a.	That the terms of this Agreement constitute a release and waiver of any and all claims he may have under the Age Discrimination in Employment Act, 29 U.S.C. §629,
through the date of this Release; and 

  

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	 	b.	That he has carefully read and reviewed the terms of this Agreement with his legal counsel and fully understands the terms of the Agreement, including that it will
release and waive any claim he may have under the Age Discrimination and Employment Act; 

  

	 	c.	That this Agreement affects only those rights and claims under the Age Discrimination and Employment Act that accrued to him through the date of this Agreement, but not
any claim which may arise after the date of this Agreement; 

  

	 	d.	That his waiver and release of claims under the Age Discrimination in Employment Act are given specifically and in consideration for the promises and benefits set forth
in the Agreement referred to above; 

  

	 	e.	That he is hereby advised in writing to consult with his attorney prior to executing this Agreement, and that he acknowledges that he has done so prior to signing this
Agreement; 

  

	 	f.	That he acknowledges that he has been given a period of twenty-one (21) days within which to consider the terms of this Agreement and any claims he may have
under the Age Discrimination in Employment Act; and, 

  

	 	g.	That he understands and acknowledges that he has a period of seven (7) days following his execution of this Agreement to revoke this Agreement with respect to any
claims that he may have under the Age Discrimination in Employment Act, and that the Agreement shall not be enforceable under the Age Discrimination in Employment Act during this seven (7) day period with the understanding that any such
revocation will release FCFC from any and all obligations it may have under any agreement existing between Employee and FCFC. Any revocation within this period must be submitted, in writing, to Carrie L. Riggle of FIRST COMMONWEALTH FINANCIAL
CORPORATION and state “I hereby revoke my acceptance of our Agreement and General Release.” The revocation must be personally delivered to Carrie L. Riggle or her designee, or mailed to Carrie L. Riggle, FIRST COMMONWEALTH FINANCIAL
CORPORATION, P.O. BOX 400, INDIANA, PA 15701 - 0400 and be postmarked within seven (7) days of execution of this Separation Agreement and General Release. If Employee does not advise Carrie L. Riggle, in writing that he revokes this
Agreement within seven (7) days of his execution of it, he understands that this Agreement shall be forever effective and enforceable. If the last day of the revocation period is a Saturday, Sunday or legal holiday in Pennsylvania, then the
revocation period shall not expire until the next following day which is not a Saturday, Sunday or legal holiday. 

  

	6.	Employee recognizes and acknowledges FCFC’s interest in preventing other employees from misconstruing this Agreement as a precedent setting event creating an
entitlement for them and, therefore, agrees that he shall keep the fact and terms of this Agreement and the negotiations leading to this Agreement completely confidential, unless required by law or Court order to do otherwise. The parties agree that
this confidentiality provision is essential to the Agreement and that any breach of this provision by Employee constitutes a material breach of this Agreement. 

  

	7.	Employee agrees that he will not make any disparaging statements to any current or former employee of FCFC or any of its subsidiaries, its or their clients, customers,
contractors, vendors, or to the media or to any other person, about FCFC, its subsidiaries or any of their respective officers, directors or employees. A disparaging statement is any communication, oral or written, which would cause or tend to cause

  

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 humiliation or embarrassment or to cause a recipient to question the business condition,
integrity, product and service, quality, confidence or good character of any of these persons or entities. Employee agrees that this non-disparaging provision is a material inducement to the execution of this Agreement by FCFC and that any breach of
this provision constitutes a material breach of this Agreement. FCFC also agrees that it will not make any disparaging statements about Employee. Additionally, Employee and FCFC agree to cooperate in the preparation of a letter of recommendation of
Employee to be written and signed by John J. Dolan. 
  

	8.	Employee Cooperation. Employee agrees to cooperate with FCFC upon reasonable notice and at reasonable times, in the prosecution and defense of litigation
and in related investigations and preparations of any claims or actions now in existence or that may be threatened or brought in the future relating to events or occurrences that transpired while he was employed by FCFC. 

  

	9.	Employee shall not apply for or accept employment now or in the future with FCFC or with any entity owned or operated by FCFC. 

  

	10.	Employee agrees that neither this Agreement nor the furnishing of the consideration for this Agreement shall be deemed or construed at any time for any purpose as an
admission by FCFC of any liability or unlawful conduct of any kind. 

  

	11.	This Agreement may not be modified, altered or changed except upon express written consent of both parties wherein specific reference is made to this Agreement.

  

	12.	This Agreement shall not be governed by the substantive laws of the Commonwealth of Pennsylvania, and any action to enforce this Agreement shall be brought in the
courts of the Commonwealth of Pennsylvania. Should any provision of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, excluding the general release language, such
provision shall immediately become null and void, leaving the remainder of this Agreement in full force and effect. 

  

	13.	Voluntary and Knowing Execution of Agreement: Employee can read and write and acknowledges that he executed this Agreement and agreed to all of its terms
freely, voluntarily, knowingly and in accordance with the advice and recommendations of his counsel. Employee further acknowledges and represents that he is under no physical or mental disability or impairment that would prevent or impair
(a) his ability to understand this Agreement or its effects: or (b) his ability to enter into this Agreement knowingly or voluntarily. 

 To this end, having elected to execute this Separation Agreement and General Release, to fulfill the promises set forth herein, and to receive thereby the sums and benefits set forth in Paragraph two
herein, Employee freely, knowingly, and voluntarily and after due consideration, enters into this Separation Agreement and General Release intending to waive, settle and release all claims he has or might have against Employer. 
  

	14.	This Agreement sets forth the entire agreement between the parties hereto, and fully supersedes any prior agreements or understandings between the parties. Employee
acknowledges that he has not relied on any representation, promises, or agreements of any kind made to him in connection with his decision to sign this Agreement except for those set forth in this Agreement. 

  

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 IN WITNESS WHEREOF, the parties hereto knowingly and voluntarily executed this Separation
Agreement and General Release as of the date set forth below: 
  

					
	 September 30, 2009
	 		  	 /s/  Edward J. Lipkus III

	 Date
	 		  	                    Edward J. Lipkus III
		
		 	FIRST COMMONWEALTH FINANCIAL CORPORATION
			
	 September 30, 2009
	 	By:	  	 /s/   Carrie L. Riggle

	 Date
	 		  	                    Carrie L. Riggle
		 		  	                    SVP/Human Resources Manager
		 		  	                    First Commonwealth Financial
Corporation

  

 -6-Second Amendment to Amended and Restated Senior Employment Agreement

 Exhibit 10.12 
 SECOND AMENDMENT TO 
 AMENDED AND RESTATED 
 SENIOR EMPLOYMENT AGREEMENT 
 This SECOND AMENDMENT TO THE AMENDED AND RESTATED SENIOR EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into effective as of the 31st day of December, 2009, by and between HORNBECK OFFSHORE OPERATORS, LLC, a Delaware limited liability company
(“Employer”), and Todd M. Hornbeck (“Employee”). 
 WHEREAS, Employer and Employee wish to amend that certain
Amended and Restated Senior Employment Agreement dated May 6, 2007 (the “Agreement”) between Employer and Employee to comply with Section 162(m) of the Internal Revenue Code of 1986, as amended, and IRS Revenue Ruling 2008-13,
and to make certain technical changes; 
 NOW, THEREFORE, the parties hereby agree that from and after the date hereof, the
following amended provisions shall be effective for the Agreement. 
  

	 	1.	Section 8(c)(i) shall be deleted in its entirety and replaced with the following: 

 “(i) If Employer shall terminate the employment of Employee without good cause effective on a date earlier than the termination date provided for in Section 2 (with the effective date of termination as so
identified by Employer being referred to herein as the “Accelerated Termination Date”), Employee, until the termination date provided for in Section 2 shall continue to receive the salary and other compensation and benefits specified
in Section 3, in each case in the amount and kind and at the time provided for in Section 3 (provided, however, that if such benefits are not available under Employer’s benefit plans or applicable law, Employer shall be responsible
for the cost of providing equivalent benefits); provided that bonuses for each calendar year till the termination date 
 (A) that are discretionary in nature, shall be paid based on the greater of (x) the amount equal to the total bonus paid for the last completed year for which bonuses have been paid or (y) the amount equal to the bonuses that
would have been payable for the then current year (or, in the case of an Accelerated Termination Date that occurs between January 1 of any year and the date that bonuses are paid based on the previous year, such previous year), determined on a
basis consistent with the last completed year for which bonuses have been paid but using the projected bonus amounts for the then current year (or, in the case of an Accelerated Termination Date that occurs between January 1 of any year and the
date that bonuses are paid based on the previous year, such previous year) determined by extrapolating the information as of the Accelerated Termination Date based on the best information available at the time of the calculation, and 
 (B) that are performance based, shall be based on the amount equal to the bonuses that would have been payable for the applicable year
(or, in the case of an Accelerated Termination Date that occurs between January 1 of any year and the date that bonuses are paid based on the previous year, such previous year), had

 
Employee been employed with the Employer at the end of each such year and paid at the time bonuses for each such year are paid to those still employed by Employer, determined on a basis
consistent with the last completed year for which bonuses have been paid but using the bonus amounts for the then current year (or, in the case of an Accelerated Termination Date that occurs between January 1 of any year and the date that
bonuses are paid based on the previous year, such previous year); 
 provided further that, notwithstanding such termination of
employment, Employee’s covenants set forth in Sections 11 and 12 shall remain in full force and effect; also provided further that, at Employer’s option, Employee’s covenants set forth in Sections 11 and 12 shall
renew in full force and effect for an additional one (1) year following the period referred to in Sections 11 and 12 if Employer elects to provide and provides to Employee the salary and other compensation and other benefits specified in
Section 3 for an additional period of one (1) year following the period set forth above in this Section (8)(c)(i). If Employee shall violate any of the provisions of Sections 10, 11 or 12 at any time prior to the expiration of
two years after the termination of Employee’s employment with Employer (or, if applicable, the referenced one-year renewal period), then, in addition to its other rights and remedies, Employer shall have the right to terminate all further
payments of compensation or benefits to Employee, and shall have no further obligation therefor.” 
  

	 	2.	Section 8(c)(ii) shall be deleted in its entirety and replaced with the following: 

 “(ii) If Employer shall terminate the employment of Employee without good cause effective on a date earlier than the termination date provided for
in Section 2, any and all options, rights or awards granted in conjunction with Parent’s or Employer’s incentive compensation and stock option plans shall immediately vest; provided that, with respect to each such option, right or
award that contains performance criteria for vesting, the number of shares that would have vested (or the amount of cash that would have been paid) had Employee been employed with the Employer through the end of each Measurement Period (depending on
satisfaction of the performance criteria at the end of each such Measurement Period) shall vest (or be paid) at the time Employee would have otherwise vested (or been paid) had he been employed with the Employer through the end of each such
Measurement Period, and thereafter all entitlements under such option, right or award that could have vested at the end of each such Measurement Period, but did not, shall be forfeited. Further, if Employer amends or waives such performance criteria
for the benefit of any employees before or after the Employer terminates Employee’s employment without good cause but prior to the end of each applicable Measurement Period, then Employer shall treat Employee’s applicable options, rights
or awards in a substantially similar manner.” 
  

	 	3.	The flush language of Section 8(d)(i) shall be deleted in its entirety and replaced with the following: 

 “then in any of the above four cases, Employee shall have, instead of the rights described in Section 3(a), the right to immediately
terminate this Agreement and receive from Employer, within fifteen business days following the date Employee notifies Employer of his constructive or voluntary termination pursuant to this

  

 2 

 
Section 8(d)(i)(1), (2) or (3) or within three business days of having his employment terminated under 8(d)(i)(4) above, (A) a lump sum cash payment equal to three times the
amount of Employee’s Basic Salary with respect to the year in which such termination has occurred plus three times the greater of (x) the amount equal to the total bonus paid for the last completed year for which bonuses have been paid or
(y) the amount equal to the bonuses that would have been payable for the then current year (or, in the case of termination date that occurs between January 1 of any year and the date that bonuses are paid based on the previous year), such
previous year determined on a basis consistent with the last completed year for which bonuses have been paid but using the projected bonus amounts for the then current year (or, in the case of a termination date that occurs between January 1 of
any year and the date that bonuses are paid based on the previous year, such previous year), determined by extrapolating the information as of the termination date based on the best information available at the time of the calculation; provided,
however, that if Employee for any reason did not receive a bonus in the immediately preceding year and would not have been eligible for a bonus under (y) of the previous clause, Employee shall be deemed for purposes of this Section 8(d)(i)
to have received a bonus in the amount of one-fourth of his annual Basic Salary for such year, and (B) medical plan coverage and other insurance benefits provided for himself and his spouse and dependents (to the extent his spouse and
dependents are covered under the medical plan and other insurance benefits as of the date of Employee’s termination of employment) for a period of three (3) years following the date of Employee’s termination of employment (provided,
however, that if such benefits are not available under Employer’s benefit plans or applicable laws, Employer shall be responsible for the cost of providing equivalent benefits), and (C) any and all options, rights or awards granted in
conjunction with Parent’s or Employer’s incentive compensation and stock option plans shall immediately vest (or be payable in cash); provided that, with respect to restricted stock awards or restricted stock unit awards that contain
performance criteria for vesting, the greater of (x) the Base Shares (as such term is used in the restricted stock awards and restricted stock unit awards) or (y) the number of shares that would have vested on the date of the Change in
Control as if such date were the end of the Measurement Period (as such term is used in the restricted stock awards and the restricted stock unit awards) shall vest and all other shares covered by such awards shall be forfeited. Employee shall not
be required to mitigate the amount of any payment provided for in this Section 8(d)(i) by seeking other employment or otherwise. Without duplication with the provisions under Section 9, to the extent the provision of any such medical
benefits are taxable to Employee or his spouse or dependents, Employer shall “gross up” Employee for such taxes based on Employee’s actual tax rate (certified to Employer by Employee), up to 35% (without a “gross up” on the
initial gross up). The obligation to provide this medical plan coverage shall terminate in the event Employee becomes employed by another employer that provides a medical plan that fully covers Employee and his dependents without a preexisting
condition limitation. Employee shall be eligible for payments pursuant to this Section 8(d) if Employee complies with the terms of Sections 11 and 12 of this Agreement.” 
  

 3 

	 	4.	The changes effectuated in this Amendment shall apply to all outstanding performance-based bonuses, options, rights, awards and agreements between Employer and Employee with
respect to the subject matter hereof, notwithstanding any conflicting language to the contrary contained in such outstanding performance-based bonuses, options, rights, awards and agreements. 

  

	 	5.	Except as set forth herein, the Agreement shall continue in full force and effect. 

 [Remainder of page intentionally left blank.] 
  

 4 

 IN WITNESS WHEREOF the parties have executed this Amendment as of the date first above written.

  

			
	 EMPLOYER:
  
 HORNBECK OFFSHORE OPERATORS, LLC

		
	By:	 	/s/ Samuel A. Giberga
		 	 Samuel A. Giberga,
 Senior Vice President and
General Counsel

	
	EMPLOYEE:
	
	/s/ Todd M. Hornbeck
	Todd M. Hornbeck

  

			
	 ACKNOWLEDGED AND AGREED TO FOR PURPOSES OF GUARANTEEING THE FINANCIAL OBLIGATIONS OF EMPLOYER TO EMPLOYEE:
  
 HORNBECK OFFSHORE SERVICES, INC.

		
	By:	 	/s/ Samuel A. Giberga
		 	 Samuel A. Giberga,
 Senior Vice President and
General Counsel

  

 Signature Page to Second Amendment to Amended and Restated Senior Employment Agreement

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