Document:

Table of Contents

 

 

PAR TECHNOLOGY CORPORATION

RESTRICTED STOCK AGREEMENT

PURSUANT TO THE 2005 EQUITY INCENTIVE PLAN

AGREEMENT made this ____ day of ______, 20__ (the "Effective Date"), between PAR Technology Corporation, a Delaware corporation (the "Company"), and _____________ (the "Stockholder").

WITNESSETH:

WHEREAS, the shareholders of the Company previously approved, and the Company continues to maintain, the PAR Technology Corporation 2005 Equity Incentive Plan, as amended, ("Plan");

WHEREAS, for purposes of this Agreement, all defined terms, as indicated by the capitalization of the first letter of such term, shall have the meanings specified in the Plan to the extent not specified in this Agreement;

WHEREAS, the above-named Stockholder is serving, or will henceforth serve, as _____________ of the Company (a "Business Relationship"); and

WHEREAS, pursuant and subject to the terms of the Plan, and in accordance with the terms of this Agreement, the Company wishes for the Stockholder to have a proprietary interest in the Company's financial success by granting such Stockholder the right to purchase _________ shares of the Company's Common Stock (the "Restricted Shares"). The right to purchase was approved by the Board on _____________.

NOW, THEREFORE, for good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE 1.  ACQUISITION OF SHARES

1.1            Purchase of Shares.  The Stockholder shall purchase the Restricted Shares, subject to the terms and conditions set forth in this Agreement, at a purchase price of $.02 per Restricted Share ("Per Share Purchase Price").  The aggregate purchase price of ______________ Dollars ($________) (the "Purchase Price") for the Restricted Shares shall be paid by the Stockholder.

1.2            Stock Power.  Simultaneously with execution of this Agreement, the Stockholder shall execute the Stock Power attached hereto as Attachment A.  Upon receipt of the Stock Power and full payment of the Purchase Price by the Company for the Restricted Shares, the Company shall issue and hold in escrow one or more certificates in the name of the Stockholder for that number of Restricted Shares purchased by the Stockholder, subject to the restrictive legend described in Section 4.6, and subject to the other terms and conditions of this Agreement.  As an alternative to issuing physical certificates, the Company may record ownership of the Restricted Shares, and the applicable restrictions, in book form (or in any other form of un-certificated ownership).

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ARTICLE 2.  BUSINESS RELATIONSHIP; VESTING; FORFEITURE; COMPANY REPURCHASE RIGHT

2.1            Business Relationship.  For purposes of this Agreement, a Business Relationship with the Company shall include a Business Relationship with an affiliate or subsidiary of the Company (i.e., any business organization controlling, controlled by, or under common control with, the Company).

2.2            Vesting.  The Restricted Shares shall vest pursuant to those terms set forth in Attachment B which the Company has identified via X or other notation to be applicable to the Restricted Shares acquired pursuant to this Agreement.  Until vesting has been achieved the Restricted Shares shall be referred to as Unvested Restricted Shares.  Upon vesting the Restricted Shares shall be referred to as Vested Restricted Shares.

2.3            Forfeiture, Claw Back and Company's Repurchase Rights.

 

(a)            Forfeiture.  Unvested Restricted Shares shall be forfeited and subject to the Company's Repurchase Rights described below upon the earlier of (i) the date the Stockholder ceases to have a Business Relationship with the Company, for any reason or no reason, or (ii) the date of expiration of the measurement period for any performance vesting triggers (including the associated catch-up provisions, if any) ("Forfeiture Date").  The Company shall repurchase (the "Repurchase Right") from the Stockholder, each of the Unvested Restricted Shares for the Per Share Purchase Price stated in Section 1.1 above.  In no event shall the Repurchase Right obligate the Company to purchase from the Stockholder any Vested Shares.

 

(b)            Termination for Cause.  In addition to the Repurchase Right described in 2.2(a), above, in the event the Business Relationship between the Stockholder and the Company is terminated by the Company "for Cause" (as defined in the Plan), all rights and benefits to Stockholder under this Agreement shall immediately terminate and the Company shall have the right, but not the obligation, to repurchase (for the Per Share Purchase Price stated in Section 1.1 and in accordance with the procedure stated in Section 2.2(d) any or all of the Vested Restricted Shares.

 

(c)            [APPLICABLE TO PERFORMANCE VESTING ONLY].  Return of Shares (Claw Back) of Shares with Performance Vesting.  To the extent that the Company's Board of Directors determines that Restricted Shares were considered vested under a performance measurement and that such vesting was based on materially inaccurate financial information or any other materially inaccurate performance criteria, (a) such Restricted Shares shall no longer be treated as vested, (b) such Restricted Shares shall be forfeited, and (c) to the extent released to the Stockholder from the escrow described in this Agreement, such Restricted Shares shall be returned (or the gross cash equivalent repaid) by the Stockholder to the Company.  Stockholder agrees to return such Restricted Shares (or to make such repayment) within 10 business days of the Board of Directors' demand.  Within 10 business days of the Company's receipt of returned Restricted Shares, the Company shall pay to the Stockholder the amount actually paid by the Stockholder for the returned Restricted Shares pursuant to Section 1.1.  In the case of a repayment of the cash equivalent, the amount to be repaid to the Company shall equal (x) the value of the applicable Restricted Shares, determined as the average of the closing prices for the Company's Common Stock on the five trading days that immediately precede the date of the Board of Directors' demand, minus (y) the amount actually paid by the Stockholder for the applicable Restricted Shares pursuant to Section 1.1.

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(d)            Exercise of Repurchase Right and Closing.

	
(i)

	
The Company shall exercise the Repurchase Right by delivering or mailing to the Stockholder (or his estate), in accordance with Section 5.9, written notice of exercise within 30 days after the Forfeiture Date or the date the Business Relationship between the Stockholder and the Company is terminated by the Company "for Cause".

	
(ii)

	
Within 10 days after his receipt of the Company's notice of the exercise of the Repurchase Right described above, the Stockholder (or his estate or escrow agent) shall tender to the Company at its principal offices the certificate or certificates, if applicable, representing the Restricted Shares which the Company has elected to purchase, duly endorsed in blank by the Stockholder or with duly executed stock powers attached thereto, all in form suitable for the transfer of such Restricted Shares to the Company.  If ownership of the Restricted Shares is reflected in book form (or in any other form of un-certificated ownership), the Stockholder shall execute and provide any and all such documentation or other authorization suitable for the transfer of such Restricted Shares to the Company.

	
(iii)

	
After the time at which any Restricted Shares are required to be delivered to the Company for transfer to the Company pursuant to subsection (ii) above, the Company shall not pay any dividend to the Stockholder on account of such Restricted Shares or permit the Stockholder to exercise any of the privileges or rights of a stockholder with respect to such Restricted Shares, but shall, insofar as permitted by law, treat the Company as the owner of such Restricted Shares.

	
(iv)

	
The Company shall not purchase any fraction of a Restricted Share upon exercise of the Repurchase Right, and any fraction of a Restricted Share shall be rounded to the nearest whole Restricted Share (with any one-half Restricted Share being rounded upward).

ARTICLE 3.  ESCROW; RESTRICTIONS ON TRANSFER

3.1            Escrow and Restriction on Transfer of Unvested Restricted Shares.  All Unvested Restricted Shares shall be held in escrow by the Company.  While in escrow, the Stockholder shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively "transfer"), any of the Unvested Restricted Shares, or any interest therein.

3.2            Market "Stand-Off" Agreement.  The Stockholder hereby agrees that, during the period of duration (not to exceed one hundred eighty (180) days) specified by the Company and an underwriter of Common Stock or other securities of the Company, following the effective date of a registration statement of the Company filed under the Act, such Stockholder shall not, to the extent requested by the Company and such underwriter, directly or indirectly sell, offer to sell, contract to sell (including without limitation, any short sale), grant any option to purchase or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any securities of the Company held by the Stockholder at any time during such period except shares included in such registration; provided, however, that all officers and directors of the Company enter into similar agreements. The market "stand-off" agreement established pursuant to this Section shall survive termination or expiration of this Agreement.

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3.3            Additional Escrow and Restrictions on Transfer.  Additional escrow and restrictions on transfer shall apply pursuant to those terms set forth in Attachment C which the Company has identified via X or other notation to be applicable to the Restricted Shares acquired pursuant to this Agreement.

3.4            Transfers in Violation of Agreement.  If any transfer of the Unvested Restricted Shares, or Vested Shares, is made or attempted contrary to the provisions of this Agreement, the Company shall have the right to purchase the Restricted Shares or Vested Shares, as applicable, from the owner thereof or his transferee at any time before or after the transfer, as herein provided.  In the event that the Company elects to exercise its right under this Section, it may do so by canceling the certificate(s) representing the affected Unvested Restricted Shares or Vested Shares and depositing the purchase price, which shall be the Purchase Price, in a bank account for the benefit of Stockholder, whereupon such Unvested Restricted Shares or Vested Shares, as applicable, shall be, for all purposes, canceled and neither the Stockholder nor any transferee shall have any rights as one of its stockholders with respect to such Unvested Restricted Shares or Vested Shares, as applicable, for any purpose, including without limitation dividend and voting rights, until there has been compliance with all applicable provisions of this Agreement.  In addition to any other legal or equitable remedies which it may have, the Company may enforce its rights by actions for specific performance (to the extent permitted by law).

ARTICLE 4.  RESTRICTIVE COVENANTS

4.1            Restrictive Covenants.  In consideration for the grant of the Restricted Shares, Stockholder agrees to those restricted covenants set forth in Attachment D which the Company has identified via X or other notation to be applicable to the Restricted Shares acquired pursuant to this Agreement

4.2            If the Stockholder violates any of the restrictive covenants described in Attachment D and marked as being applicable or in any policy of the Company, then in addition to any other legal and equitable remedies (including injunctive relief) that may be available to the Company, this Agreement shall immediately terminate and the Company shall have the right to repurchase (for the Per Share Purchase Price stated in Section 1.1 and in accordance with the procedure stated in Section 2.3(d)) any of the Restricted Shares whether or not such shares have vested.

 

 

ARTICLE 5.  MISCELLANEOUS

5.1            Adjustments for Stock Splits, Stock Dividends, etc.  If from time to time during the term of the Repurchase Right there is any stock split-up, stock dividend, stock distribution or other reclassification of the Common Stock of the Company, any and all new, substituted or additional securities to which the Stockholder is entitled by reason of his or her ownership of the Restricted Shares shall be immediately subject to the Repurchase Right, the restrictions on transfer and the other provisions of this Agreement in the same manner and to the same extent as the Restricted Shares, and the Purchase Price shall be appropriately adjusted.

5.2            Investment and Tax Representations.  The Stockholder represents, warrants and covenants as follows:

(a)            He has had such opportunity as he has deemed adequate to obtain from representatives of the Company such information as is necessary to permit him to evaluate the merits and risks of an investment in the Company.  The Stockholder acknowledges that certain of such information may be forward-looking and is therefore speculative and subject to known and unknown risks and uncertainties and other factors which may cause the actual performance of the Company to be materially and adversely different from any performance expressed or implied by such forward-looking statements.

(b)            He has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in an investment in the Restricted Shares and to make an informed investment decision with respect to such investment.

(c)            He can afford the complete loss of the value of the Restricted Shares and is able to bear the economic risk of holding such Restricted Shares for an indefinite period of time.

(d)            He understands that (i) the Federal income tax consequences to the Stockholder of the purchase and sale of the Shares will vary depending upon whether the Stockholder makes an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) the Stockholder understands that the Company is not providing the Stockholder with any advice as to whether to make such election, (iii) the Stockholder has been advised to seek, and has sought, the counsel of his or his own tax advisor as to whether, where and how to make such election, (iv) such election, if made, must be filed with the Internal Revenue Service within 30 days of the date of this Agreement, and (v) the Stockholder must notify the Company upon making such election.  A sample election form is provided in Attachment E.

 

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5.3            Withholding Taxes.

(a)            The Stockholder acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Stockholder any federal, state or local taxes of any kind required by law to be withheld with respect to the purchase of the Restricted Shares by the Stockholder.

(b)            If the Stockholder elects, in accordance with Section 83(b) of the Code to recognize ordinary income in the year of acquisition of the Restricted Shares, the Company will require at the time of such election an additional payment for withholding tax purposes based on the difference, if any, between the purchase price for such Restricted Shares and the fair market value of such Restricted Shares as of the date of the purchase of such Restricted Shares by the Stockholder.

5.4            No Rights to Business Relationship.  Nothing contained in this Agreement shall be construed as giving the Stockholder any right to continue his or her Business Relationship with the Company.

5.5            Waiver; Disposition of Stock.  From time to time the Company may waive its rights hereunder either generally or with respect to one or more specific transfers which have been proposed, attempted or made.  All action to be taken by the Company hereunder shall be taken by vote of a majority of its disinterested members of the Board of Directors then in office.  Any Restricted Shares which the Company has elected to purchase hereunder may be disposed of by the Board of Directors in such manner as it deems appropriate, with or without further restrictions upon the transfer thereof.

5.6            Restrictive Legends.  All certificates representing Restricted Shares shall have affixed thereto legends in substantially the following form:

"The shares of stock represented by this certificate are subject to restrictions on transfer and an option to purchase set forth in a certain Restricted Stock Agreement between the corporation and the registered owner of this certificate (or his predecessor in interest), and such Agreement is available for inspection without charge at the office of the Secretary of the Corporation."

5.7            Acknowledgments by Stockholder.  Stockholder acknowledges that he has been advised, and that Stockholder understands, that:

(a)            the grant of the Restricted Shares and the issuance of any shares pursuant to this Agreement may be subject to, or may become subject to, applicable reporting, disclosure and holding period restrictions imposed by Rule 144 under the Securities Act of 1933 ("Rule 144") and Section 16 of the Securities Exchange Act of 1934 ("Section 16"); and

(b)            shares acquired could be subject to Section 16(a) reporting requirements as well as the short swing trading prohibition contained in Section 16(b) which precludes any profit taking with respect to any stock transactions which occur within any six-month period.

The Stockholder further acknowledges receipt of a copy of the Plan.

5.8            Successors and Assigns; Assignment.  This Agreement shall be binding upon the parties hereto and their heirs, representatives, successors and assigns.  The Company may assign its rights hereunder either generally or from time to time.

5.9            Notices.  All notices to a party hereto shall be in writing and shall be deemed to have been adequately given if delivered in person or if given by registered or certified mail, postage prepaid:

If to the Company:                                                                                    PAR Technology Corporation

PAR Technology Park

8383 Seneca Turnpike

New Hartford, NY  13413-4991

Attn:  Legal Department

If to the Stockholder:                                                                           _____________________

_____________________

_____________________

_____________________

or to such other address as any party may from time to time designate for itself by notice in writing given to the other parties hereto.

 

 

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5.10            Term and Termination.  This Agreement shall remain in effect until all Repurchase Rights contained in this Agreement have expired.

5.11            Amendments.  This Agreement may be amended or modified in whole or in part only by an instrument in writing signed by the Company and the Stockholder.

5.12            Entire Agreement.  This Agreement is entered into pursuant to and subject to the terms of the Plan, the applicable terms of which are incorporated herein by reference.  This Agreement, Exhibits to this Agreement and applicable terms of the Plan constitute the entire agreement between the parties, and all premises, representations, understandings, warranties and agreements with reference to the subject matter hereof have been expressed herein or in the documents incorporated herein by reference.

5.13            Applicable Law; Severability.  This Agreement shall be governed by and construed and enforced in accordance with New York law.  Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision hereof shall be prohibited by or invalid under any such law, that provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or nullifying the remainder of that provision or any other provisions of this Agreement.

5.14            Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be deemed in original but all of which together shall constitute one and the same instrument.

5.15            Effect of Heading.  Any table of contents, title of any article or section heading herein contained is for convenience or reference only and shall not affect the meaning of construction of any of the provisions hereof.

IN WITNESS WHEREOF, the Stockholder has hereunto set his hand and the Company has authorized this Agreement to be signed by its officers thereunto duly authorized, effective as an instrument under seal.

PAR TECHNOLOGY CORPORATION

By:                                                                                          

Name:  ______________________

Title:  CEO  & President

                                                                                    

_________________, Stockholder

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ATTACHMENT A

IRREVOCABLE STOCK POWER

 

 

 

FOR VALUE RECEIVED, the undersigned does hereby sell, assign and transfer to PAR Technology Corporation

                                                                                                                                                                                        

                                                                                                                                                                                        

	
________ shares of the common stock of PAR Technology Corporation represented by Certificate(s) No (s).   inclusive, standing in the name of the undersigned on the books of said Company.

 

	
The undersigned does hereby irrevocably constitute and appoint the Treasurer or Secretary of PAR Technology Corporation as attorney to transfer the said stock, as the case may be, on the books of said Company, with full power of substitution in the premises.

 

 

 

 

                                                                                                            

 

 

	
 

	
 

	
 

	
 Dated:

	
 

	
  (x)  Person Executing This Stock Power Sign Here

	 		

  

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ATTACHMENT B

VESTING

1.2.            [Company to mark all that apply]

 

 

___  Time Vesting.  If the Stockholder maintains a continuous Business Relationship with the Company, the Restricted Shares shall vest in accordance with the schedule set forth below:

___  Performance Vesting – One Installment.  If the Stockholder maintains a continuous Business Relationship with the Company through _______________ (the end of the performance measurement period), and if __________________________________________, then the Stockholder shall vest in 100% percent of the Restricted Shares.

 

___  Performance Vesting – Multiple Installments. Terms of vesting shall be as set forth in Attachment B-1.

 

___  As an exception to the vesting requirements described above, or Attachment B-1, as the case may be, if a Change in Control (as defined in the Plan) occurs prior to the ___________ anniversary of the Effective Date, and if the Stockholder maintains a continuous Business Relationship with the Company through the effective date of the Change in Control, the Stockholder shall (to the extent not already vested) vest in all of the Restricted Shares as of the effective date of the Change in Control.

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ATTACHMENT B-1

Terms for Performance Vesting – Multiple Installments.

 

 

 

	1.	If the Stockholder maintains a continuous Business Relationship with the Company through _______________ (the end of the performance measurement period of the first installment), and if __________________ [insert the metric or metrics which will trigger vesting of first installment], then the Stockholder shall vest _____ percent of the Restricted Shares.

	2.	If the Stockholder maintains a continuous Business Relationship with the Company through ____________ (the end of the performance measurement period of the second installment), and if __________________ [insert the metric or metrics which will trigger vesting of second installment], then the Stockholder shall vest in either

		a.	____ percent of the Restricted Shares, if the Stockholder previously vested in Restricted Shares pursuant to 1 above, or

		b.	____ percent of the Restricted Shares, if the Stockholder did not previously vest in Restricted Shares pursuant to 1 above.

[If more than 2 installments, add the following paragraph as many times as required to reach 100% vesting]

	(___)	If the Stockholder maintains a continuous Business Relationship with the Company through ____________ (the end of the performance measurement period of the [insert third, fourth as appropriate] installment), and if __________________ [insert the metric or metrics which will trigger vesting of each installment], then the Stockholder shall vest in either

		a.	____ percent of the Restricted Shares, if the Stockholder previously vested in Restricted Shares pursuant to (__) above, or

		b.	____ percent of the Restricted Shares, if the Stockholder did not previously vest in Restricted Shares pursuant to (__) above.

	(___)	If the Stockholder maintains a continuous Business Relationship with the Company through ___________, and if the _______________ for at least____ out the _____ applicable installments described in (_____) above meet or exceed the applicable threshold (_____________), then the Stockholder shall vest in ___ percent of the Restricted Shares.  (For purposes of this paragraph (__), the "catch-up" provisions in subparagraphs 2.b, ______ [insert other paragraphs as appropriate] above shall be disregarded.)

	(___)	To the extent Restricted Shares do not become vested pursuant to the terms of this Attachment B above on or before the ______ anniversary of the Effective Date, such "Unvested Restricted Shares" shall be forfeited as of the earlier of such ________ anniversary or the date of termination of the Business Relationship of the Stockholder with the Company.  The forfeiture of such Unvested Restricted Shares shall be pursuant to the terms of Section ___ (Forfeiture) of this Agreement.

 

 

 

 

ATTACHMENT C

Additional Escrow and Restrictions on Transfer

 

 

[Company to mark all that apply]

____              Escrow and Restriction on Transfer of All Restricted Shares.  All Unvested and Vested Restricted Shares shall be held in escrow by the Company.  While in escrow, the Stockholder shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively "transfer"), any of the Restricted Shares, or any interest therein.  Subject to other restrictions contained herein, as and when vested pursuant to the terms of this Agreement:

	
(a)

	
affected Restricted Shares shall be released from the escrow to the Stockholder in such number of shares as the Company reasonably estimates will be sufficient (when sold by the Stockholder) to pay income and employment taxes that become due as a result of vesting;

	
(b)

	
____ percent (____%) of the Restricted Shares that remain undistributed after the release described in (a) above shall be released from the escrow to the Stockholder; and

	
(c)

	
____ percent (____%) of the Restricted Shares that remain undistributed after the release described in (a) above shall be released from the escrow to (or on behalf of) the Stockholder upon the earliest of:

 

	
(i)

	
the first anniversary of the date of termination of the Business Relationship of the Stockholder with the Company,

	
(ii)

	
the Stockholder's death, or

	
(iii)

	
the closing of a Change in Control.

 

____                        Restrictions on Transfer of Vested Restricted Shares.  The Stockholder shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively "transfer"), any of the Vested Restricted Shares, or any interest therein prior to

 

_____________ [Insert event(s) or date(s) after which Vested Restricted Shares will be allowed to be transferred.  If more than a single event or date, state percentage of Vested Restricted Shares associated with each such event or date].

____            Company's Right to Purchase Vested Restricted Shares.  Any conflicting provision of this Agreement notwithstanding, prior to the Stockholder's intended disposition or transfer of any Vested Restricted Shares that are no longer subject to any holding periods described in this Agreement, the Stockholder shall provide advance written notice to the Company of such intended disposition or transfer.  Such advance written notice shall be provided at least 10 days but not more than 20 days in advance of the intended disposition or transfer.  The Company shall have seven days following its receipt of the Stockholder advance notice during which the Company may elect to purchase the Vested Shares that the Stockholder intends to dispose of or transfer.  If the Company elects to purchase such Vested Shares, the Company shall provide the Stockholder with written notice of the Company's election to purchase the Vested Shares and shall complete the purchase within five business days of the Company's notice of its election.  The per share purchase price for the Vested Shares purchased by the Company shall equal the average of the closing prices for a share of the Company's Common Stock on the five trading days that immediately precede the date the purchase is completed.  The Stockholder (or his estate or escrow agent) shall tender to the Company at its principal offices the certificate or certificates, if applicable, representing the Vested Shares which the Company has elected to purchase, duly endorsed in blank by the Stockholder or with duly executed stock powers attached thereto, all in form suitable for the transfer of such Vested Shares to the Company.  If ownership of the Vested Shares is reflected in book form (or in any other form of un-certificated ownership), the Stockholder shall execute and provide any and all such documentation or other authorization suitable for the transfer of such Vested Shares to the Company.

____            Other [Describe]

 

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ATTACHMENT D

Restrictive Covenants

[Company to mark all that apply]

____     Confidentiality.  Stockholder agrees that he shall not, without the prior written consent of the Company, disclose or use in any way, either during employment by the Company or thereafter, except to perform services as an employee or director of the Company, any confidential business or technical information or trade secret that is not in the public domain acquired in the course of employment by the Company.  Stockholder acknowledges and agrees that it would be difficult to fully compensate the Company for damages resulting from the breach or threatened breach of the foregoing provision and, accordingly, that the Company shall be entitled to temporary preliminary and permanent injunctive relief to enforce such provision.  This provision with respect to injunctive relief shall not, however, diminish the Company's right to claim and recover damages.  Stockholder covenants to use his best efforts to prevent the publication or disclosure of any trade secret or confidential information that is not in the public domain concerning the business or finances of the Company or the Company's affiliates, or any of its or their dealings, transactions or affairs which may come to his knowledge in the pursuance of his duties or employment.

____     Non-Competition.  While Stockholder is employed by the Company, and for a period of one year after employment with the Company ends for any reason, Stockholder shall not, directly or indirectly, own, manage, operate, control or participate in the ownership, management, operation or control of, or be connected as an officer, employee, partner, director, individual proprietor, lender, consultant or otherwise with, or have any financial interest in, or aid or assist anyone else in providing services or products to or on behalf of, any of the Company's direct competitors (which include, by way of example and not limitation, _________________________) in any way, in any jurisdiction(s) in which the Company (inclusive of any group, affiliate, division or subsidiary of the Company) operates, has clients or customers, or otherwise conducts or is engaged in business, whether within or outside the United States; provided, however, that ownership of not more than 5% of the voting stock of any publicly held corporation shall not constitute a violation of this paragraph.

____    Non-Solicitation.  While Stockholder is employed by the Company, and for a period of one year after employment with the Company ends for any reason, Stockholder shall not directly or indirectly solicit (other than on behalf of the Company) business or contracts for any products or services of the type provided, developed or under development by the Company during employment by the Company, from or with (i) any person or entity which was a customer of the Company for such products or services as of, or within 24 months prior to, the date of termination of employment with the Company, or (ii) any prospective customer which the Company was soliciting as of, or within 24 months prior to, termination.  Additionally, while Stockholder is employed by the Company, and for a period of two years after employment with the Company ends for any reason, Stockholder will not directly or indirectly contract with any such customer or prospective customer for any product or service of the type provided, developed or which was under development by the Company during employment with the Company.  Stockholder will not at any time knowingly interfere or attempt to interfere with any transaction, agreement or business relationship in which the Company was involved or was contemplating during Stockholder's employment with the Company, including but not limited to relationships with investors, prospective investors, customers, prospective customers, agents, contractors, vendors, service providers and suppliers.

 

____  Non-Recruitment. While Stockholder is employed by the Company, and for a period of one year after employment with the Company ends for any reason, Stockholder shall not, directly or indirectly, solicit, recruit or hire, or in any manner assist in the hiring, solicitation or recruitment, of any individual who is or was an employee of the Company, or who otherwise provided services to the Company, within 24 months prior to the termination of Stockholder's employment with the Company.

 

 

____   Other. [Describe]

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ATTACHMENT E

Election under Section 83(b) on Behalf of Taxpayer

(Soft copy available upon request)

The undersigned Taxpayer hereby elects under Section 83(b) of the Internal Revenue Code of 1986, as amended, and Section 1.83-2(a) of the Income Tax Regulations, to include in his gross income the excess of the fair market value of the property described below over the amount paid therefor by the Taxpayer.  In compliance with Reg. § 1.83-2(e) the Taxpayer provides the following information:

	
1.

	
The Taxpayer's name, address and taxpayer identification number are as follows:

Name:

Address:

Taxpayer identification number:

	
2.

	
The property with respect to which this election is being made is:  _________________ shares of common stock of PAR Technology Corporation, a Delaware corporation (the "Company"), $0.02 par value per share (the "Shares").

	
3.

	
The date of the transfer of the Shares is _________, 20___.  This election is made for the taxable year of the Taxpayer ending December 31, 20____.

	
4.

	
The nature of the restrictions to which the Shares are subject is as follows:

	
5.

	
The fair market value of such Shares at the time of transfer to the Taxpayer, determined without regard to any lapse restrictions as defined in Reg. § 1.83-3(i), is ____________ per share.

	
6.

	
The amount paid for the Shares is $0.02 per share.

	
7.

	
A copy of this election has been furnished by personal delivery to the Company.

The date of this election is ___, 20__.

______________________________

 Taxpayer

12FCF-EX10.1_EmploymentAgreement-JG

Exhibit 10.1

EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this “Agreement”), by and among First Commonwealth Financial Corporation, a Pennsylvania corporation (“Employer”), and Jane Grebenc (“Executive”), is entered into effective as of May 31, 2013 (the “Effective Date”).
WITNESSETH:
WHEREAS, Employer wishes to employ Executive as Executive Vice President and Chief Revenue Officer and to cause First Commonwealth Bank, a Pennsylvania bank and trust company (“FCB”), to appoint Executive as President, and Executive is willing to accept such employment upon the terms and conditions set forth herein.
NOW, THEREFORE, intending to be legally bound, Employer agrees to employ Executive, and Executive agrees to be employed by the Employer, upon the following terms and conditions:
ARTICLE I
EMPLOYMENT
1.01.    Office.  Executive is employed hereunder as Executive Vice President and Chief Revenue Officer of Employer reporting to Employer’s President and Chief Executive Officer (“CEO”) and in such capacity shall use her best energies and abilities in the performance of her duties and in the performance of such other duties as may be assigned to her from time to time by the CEO.  Executive will serve in such additional capacities as the CEO may from time to time direct without additional compensation therefor, including, without limitation, as President of FCB.
1.02.    Term.  Subject to the terms and conditions of Article II, pursuant to the terms of this Agreement, Executive’s employment will continue until May 31, 2015, unless such term is extended pursuant to the following sentence.  Executive’s employment will automatically be extended on June 1, 2015 and on each subsequent June 1 for successive one (1) year periods unless Employer or Executive provides notice in writing to the other party at least sixty (60) days prior to the end of any such term that such party does not intend to extend Executive’s employment hereunder for another year.  
1.03.    Base Salary.  Subject to Article II hereof, during the term of her employment under this Agreement, Employer will pay Executive compensation at the rate of Three Hundred Fifty Thousand Dollars ($350,000) per annum (the “Base Salary”), payable in accordance with Employer’s normal payroll practices in equal monthly installments, less legally required taxes and withholdings and elected deductions.  Executive’s Base Salary may be increased but not decreased by the CEO at any time based upon Executive’s contributions to the success of Employer and on such other factors as the Board shall deem appropriate.  Executive will be eligible to participate in any Short-Term and Long-Term Incentive Plans that may be offered to executive employees of Employer.  Without limiting the generality of the foregoing, Executive will be eligible to earn (i) a cash incentive award under the Employer’s 2013 Annual Incentive Plan (“AIP”) with a target award of 30% of Base Salary and (ii) a performance-based restricted stock unit award under the Employer’s 2013-2015 Long-Term Incentive Plan with a target share award of 10,000 shares; provided, however, that any award earned under the 2013 AIP will be prorated at the rate of seven-twelfths (7/12ths).  Executive’s participation in Employer’s Long-Term Equity Incentive Plan will be conditioned upon minimum equity ownership as established by the Compensation & Human Resources Committee of the Board.  Executive will also be eligible to participate in the Employer’s Non-Qualified Deferred Compensation Plan as provided in the documents that govern that plan.  
1.04.    Employee Benefits.  Subject to Article II hereof, during the term of her employment under this Agreement, Executive will be eligible to participate in such major medical or health benefit plans, pensions, and other benefits as are available generally to employees of Employer, to the extent available to employees.  
ARTICLE II
TERMINATION
2.01.     Termination For Cause.  Employer may terminate Executive’s employment and the term of employment under this Agreement at any time for “Cause,” as defined herein, by providing written notice to Executive that her employment is terminated, whereupon Executive’s employment with the Employer will be terminated.  Upon 

1

Exhibit 10.1

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 Executive on Employer’s behalf prior to the termination date that are not yet paid (“Accrued Obligations”), all obligations of the Employer to Executive shall terminate.  In the event Employer terminates Executive’s employment for Cause, Employer will pay all Accrued Obligations to Executive within thirty (30) days following such termination of employment.  Termination shall be deemed to be for Cause if: (i) Executive fails to comply with any material provision of this Agreement; (ii) Executive refuses to comply with any lawful, written directive from the Board; (iii) Executive fails to perform her duties under this Agreement with the degree of skill and care reasonably to be expected of a professional of her experience and stature after notice and a reasonable opportunity to cure (unless the failure to perform is incapable of being cured); or (iv) Executive engages in an act of dishonesty, fraud or moral turpitude or Executive is convicted of a crime which, in the judgment of the Board, renders her continued employment by Employer materially damaging or detrimental to Employer.  The obligations of Executive under Article III shall continue notwithstanding termination of Executive’s employment pursuant to this Section 2.01. If Executive’s employment terminates under Section 2.01, she is entitled to no severance under Section 2.05.
2.02.     Termination Without Cause. Executive’s employment with Employer and the term of employment under this Agreement may be terminated at any time by Employer without Cause immediately upon written notice by Employer to Executive, whereupon Executive’s employment with Employer will be terminated.  In the event Employer terminates Executive’s employment without Cause, Employer will pay all Accrued Obligations to Executive within thirty (30) days following such termination of employment and will provide Executive with the Severance Benefits set forth in Section 2.05, provided that as a condition precedent to Executive’s receipt of Severance Benefits under this Section 2.02 and Section 2.05, Executive must execute and deliver to Employer a Separation Agreement and General Release (as defined in Section 2.05). All other obligations of Employer to Executive shall cease as of the date of termination. The obligations of Executive under Article III shall continue notwithstanding termination of Executive’s employment pursuant to this Section 2.02.  
2.03.     Resignation for Good Reason.  Executive may resign from employment with Employer and terminate the term of employment under this Agreement for Good Reason.  Good Reason means:  (i) a material change in Executive’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 Employer or FCB); or (iii) the assignment of Executive to a position which requires her to relocate permanently to a site more than fifty (50) miles outside of Pittsburgh, Pennsylvania; or (iv) the assignment to Executive of any duties or responsibilities (other than due to a promotion) which are materially inconsistent with the position of Executive Vice President and Chief Revenue Officer of Employer.  Before Executive resigns employment with Employer for Good Reason, Executive must give Employer twenty (20) days’ notice of said resignation and an opportunity to correct.  In the event Executive resigns from employment with Employer for Good Reason, Employer will pay all Accrued Obligations to Executive within thirty (30) days following such termination of employment and will provide Executive with the Severance Benefits set forth in Section 2.05, provided that as a condition precedent to Executive’s receipt of Severance Benefits under this Section 2.03 and Section 2.05, Executive must execute and deliver to Employer a Separation Agreement and General Release (as defined in Section 2.05).  All other obligations of Employer to Executive shall cease as of the date of termination.  The obligations of Executive under Article III shall continue notwithstanding termination of Executive’s employment pursuant to this Section 2.03.  Notwithstanding the foregoing, if Employer corrects within twenty (20) days of its receipt of notice of the Good Reason, Employer shall owe Executive no severance under Section 2.05 and Executive shall be eligible to continue in her capacity as Executive Vice President and Chief Revenue Officer of Employer.  
2.04.     Termination by Executive. Executive agrees to give Employer sixty (60) days’ prior written notice of the termination of her employment with Employer. Simultaneously with such notice, Executive shall inform Employer in writing as to her employment plans following the termination of her employment with Employer.  In the event Executive terminates her employment with Employer pursuant to this Section 2.04, Employer will pay all Accrued Obligations to Executive within thirty (30) days following such termination of employment.  All other obligations of Employer to Executive shall cease as of the termination date. The obligations of Executive under Article III shall continue notwithstanding termination of Executive’s employment pursuant to this Section 2.04. If Executive’s employment terminates under Section 2.04 she is entitled to no severance under Section 2.05.
2.05.     Severance Benefits. In the event that Employer terminates Executive’s employment during the term of this Agreement without Cause pursuant to Section 2.02, or if Executive terminates her employment with Employer 

2

Exhibit 10.1

during the term of this Agreement 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, Employer will pay to Executive an amount equal to the product of (x) one-twelfth (1/12) of the Base Salary times (y) the greater of (i) twelve or (ii) the number of months remaining in the term, less legally required taxes and withholdings and elected deductions.  Said sum is to be paid in equal periodic installments payable in accordance with Employer’s normal payroll practices, provided, however, that any installments that would otherwise be payable in the six month period following separation from service shall be paid on the day following the six month anniversary of such separation from service in accordance with the requirements of Section 5.02(b) of this Agreement.  Upon termination, Employer will offer continuation coverage to Executive, 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 Executive’s payment of the applicable COBRA premiums and shall pay the full cost of Executive's COBRA premiums for the twelve (12) month period following such separation from service.
Employer’s obligations to make any payment to Executive as described in this Agreement is contingent upon Executive's execution and non-revocation of a separation agreement and general release of any and all claims and causes of action that Executive may have against Employer, as permitted by law, in a form and substance reasonably satisfactory to the Employer, that, in the opinion of the Employer’s counsel, is effective to release the Employer Entities (as defined in Section 3.01) from all claims relating to Executive’s employment or the termination thereof (other than under the terms of this Employment Agreement) (a “Separation Agreement and General Release”), and the Employer will have no obligation to make any payment unless and until such Separation Agreement and General Release has become effective. 
2.06.     Resignation of Board Membership. Executive expressly promises and agrees that she will resign from the Board of Directors of FCB, and all related or affiliated board of directors, officer positions, committee memberships and other positions immediately upon and concurrent with the termination of her employment with Employer for any reason, including, without limit, by Employer for Cause or without Cause or by Executive for any reason.
ARTICLE III
EXECUTIVE’S COVENANTS AND AGREEMENTS
3.01.     Non-Disclosure of Confidential Information. Executive recognizes and acknowledges that: (a) in the course of Executive’s employment by Employer, it will be necessary for Executive to acquire information concerning Employer and its subsidiaries and affiliates (individually, an “Employer Entity,” and collectively, the “Employer Entities”), which could include, in whole or in part, the Employer Entities’ 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 the Employer Entities, the Employer Entities’ sources of supply, the Employer Entities’ computer programs, system documentation, special hardware, product hardware, related software development, Employer Entities’ manuals, formulae, processes, methods, machines, compositions, ideas, improvements, inventions, or other confidential or proprietary information belonging to the Employer Entities or relating to the Employer Entities' affairs (collectively referred to herein as the “Confidential Information”); (b) the Confidential Information is the property of the Employer Entities; (c) the use, misappropriation or disclosure of the Confidential Information would constitute a breach of trust and could cause irreparable injury to the Employer Entities; and (d) it is essential to the protection of the Employer Entities' good will and to the maintenance of the Employer Entities' competitive position that the Confidential Information be kept secret and that Executive not disclose the Confidential Information to others or use the Confidential Information to Executive’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 Executive. Executive agrees to hold and safeguard the Confidential Information in trust for the Employer Entities, its successors and assigns and agrees that she shall not, without the prior written consent of the Employer Entities, misappropriate or disclose or make available to anyone for use outside the Employer Entities' organizations at any time, either during her employment with any Employer Entity or subsequent to the termination of her employment with Employer for any reason, including without limitation, termination by Employer, any of the Confidential Information, whether or not developed by Executive, except as required in the performance of Executive’s duties to Employer.
3.02.     Non-Solicitation of Employees. Executive agrees that, during the term of her employment with Employer and for one (1) year following termination of Executive’s employment with Employer for any reason, 

3

Exhibit 10.1

including without limitation termination by Employer for Cause or without Cause, Executive will not, directly or indirectly, solicit or induce, or attempt to solicit or induce, any employee of any Employer Entity, to leave any Employer Entity for any reason whatsoever, or to hire any such employee.
3.03.     Duties. Executive agrees to be a loyal employee of Employer. Executive agrees to devote her best efforts to the performance of her duties for Employer, to give proper time and attention to furthering the Employer’s business, and to comply with all rules, regulations and instruments established or issued by, or applicable to, the Employer Entities.  Executive further agrees that during the term of this Agreement, Executive shall not, directly or indirectly, engage in any business which would detract from Executive’s ability to apply her best efforts to the performance of her duties.  Executive also agrees that she shall not usurp any corporate opportunities of the Employer Entities. 
3.04.     Return of Materials. Upon the termination of Executive’s employment with Employer for any reason, Executive shall promptly deliver to the Employer Entities 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 the Employer Entities' customers or concerning products or processes used by the Employer Entities and, without limiting the foregoing, will promptly deliver to the Employer Entities any and all other documents or materials containing or constituting Confidential Information.
3.05.     Work Made for Hire. Executive agrees that in the event of publication by Executive 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., the Employer Entities will retain and own all rights in said materials, including right of copyright.
3.06     Non-Compete. Executive agrees that, during the term of her employment with Employer and for one (1) year following termination of Executive's employment with Employer for any reason, including without limitation termination by Employer for Cause or without Cause or termination by Executive for Good Reason or otherwise, Executive will not, for herself, 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, partner, member, or otherwise: (i) where Executive will be engaged in the management, sale, development, or marketing of products or services of the type provided by any Employer Entity; and (ii) during employment with Employer, Executive was privy to or given access to proprietary and/or confidential business information of Employer concerning any Employer Entity’s management, strategy, performance, sale, development or marketing of that type of product or service and/or was involved in maintaining the Employer Entities' 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 the Employer Entities, currently and in the future, in the Restricted Territory, in which Executive had involvement, and/or about which Executive learned of, and/or may have acquired any knowledge about, while employed by Employer; and “Restricted Territory” shall mean any county in which any Employer Entity maintains an office or branch and any county which is contiguous to such a county. During the term of her employment with Employer and for one (1) year following termination of Executive's employment with Employer for any reason, including without limitation termination by Employer for Cause or without Cause, or termination by Executive for Good Reason or otherwise, Executive also agrees not to enter into, consult about, or become involved with any transactions that she learned and/or became aware of through her employment with Employer.  Executive acknowledges that the foregoing restrictions are properly limited so that they will not interfere with her ability to earn a livelihood and that such restrictions are reasonable and necessary to protect the Employer Entities' legitimate business interest, including the protection of its confidential and trade secret information. In exchange for the consideration set forth in this Agreement, Executive agrees to be bound by the terms of this Section 3.06. The foregoing covenants shall not be deemed to prohibit Executive 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.
3.07     Effect of Change of Control. The covenants in Section 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 between Employer and Executive, effective as of May 31, 2013 (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.

4

Exhibit 10.1

ARTICLE IV
EXECUTIVE’S REPRESENTATIONS AND WARRANTIES
4.01.     Executive’s Abilities. Executive represents that her experience and capabilities are such that the provisions of Article III will not prevent her from earning her livelihood, and acknowledges that it would cause the Employer Entities serious and irreparable injury and cost if Executive were to use her ability and knowledge in breach of the obligations contained in Article III.
4.02.     Remedies. In the event of a breach by Executive of the terms of this Agreement, Employer 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 Executive and to enjoin Executive 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. Executive acknowledges, however, that the remedies at law for any breach by her of the provisions of this Agreement may be inadequate and that Employer shall be entitled to injunctive relief against her in the event of any breach.  In addition, in the event that Executive breaches any obligation under this Agreement or any obligation that Executive has to any Employer Entity under common law, or otherwise engages in tortious behavior that damages any Employer Entity in any way, any Employer Entity will have the right to not provide Executive with, or to cease providing Executive with, any amounts or benefits that would otherwise be provided pursuant to Section 2.05 above.
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 hereof. 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.      Section 409A. 
(a)    This Agreement will be administered, interpreted and construed in compliance with Section 409A of the Internal Revenue Code and the regulations and other guidance promulgated thereunder (“Section 409A”), including any exemption thereunder.  With respect to payments, if any, subject to Section 409A (and not excepted therefrom), each such payment is paid as a result of a permissible distribution event, and at a specified time, consistent with Section 409A.  Executive has no right to, and there shall not be, any acceleration or deferral with respect to payments hereunder.  Executive acknowledges and agrees that Employer shall not be liable for, and nothing provided or contained in this Agreement will obligate or cause Employer to be liable for, any tax, interest or penalties imposed on Executive related to or arising with respect to any violation of Section 409A.  For purposes of this Agreement, any reference to “termination of employment”, “termination” or similar reference shall be construed to be a reference to “separation from service” within the meaning of Section 409A.  
(b)    Notwithstanding any other provision of this Agreement to the contrary, to the extent that any amount payable or benefit to be provided under this Agreement constitutes an amount payable or benefit to be provided under a “nonqualified deferred compensation plan” (as defined in Section 409A) that is not exempt from Section 409A, and such amount or benefit is payable or to be provided as a result of a “separation from service” (as defined in Section 409A), and Executive is a “specified employee” (as defined and determined under Section 409A and any relevant procedures that either Employer Entity may establish) at the time of her “separation from service,” then such payment or benefit will not be made or provided to Executive until the day after the date that is six months following Executive's “separation from service,” at which time all payments or benefits that otherwise would have been paid or provided to Executive under this Agreement during that six-month period, but were not paid or provided because of this clause, will be paid or provided, with any cash payment to be made in a single lump sum (without any interest with respect to that six-month period).  This six-month delay will cease to be applicable if Executive “separates from service” due to death or if Executive dies before the six-month period has elapsed, in which event any such payments or benefits will be paid or provided to Executive's estate within thirty (30) days of the date of death.

5

Exhibit 10.1

5.03.    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 other prior arrangements and agreements between the parties, except the Change of Control Agreement 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 Agreement and there is a Qualifying Termination within the Protected Period, in each case, as defined in the Change of Control Agreement, the provisions of the Change of Control Agreement will apply and this Agreement will cease to apply, and Executive will be entitled to no benefits under this Agreement, including the severance benefits in Section 2.05.  Notwithstanding the foregoing sentence, except as provided in Section 3.07, Executive’s obligations under Article III will continue even if there is a Change of Control.
5.04.     Governing Law. This Agreement shall be interpreted, construed, and governed according to the laws of the Commonwealth of Pennsylvania without giving effect to the principles of conflicts of law.
5.05.     Jurisdiction and Service of Process.  Executive and Employer waives 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.  Employer will absorb the fee charged and the expenses incurred by the neutral arbitrator selected.
5.06.     Agreement Binding. The obligations of Executive under Article III of this Agreement shall continue after the termination of her employment with the Employer Entities for any reason and shall be binding on her heirs, executors, legal representatives and assigns and shall inure to the benefit of any successors and assigns of the Employer Entities. Likewise, the obligations of Employer shall be binding upon any successors.
5.07.  Signatures. This Agreement may be executed in counterparts, any such copy of which to be deemed an original, but all of which together shall constitute the same instrument.
5.08.    Assignment.  Employer has the right to assign this Agreement, but Executive does not. 
EXECUTIVE ACKNOWLEDGES THAT SHE HAS READ AND UNDERSTANDS THE FOREGOING PROVISIONS AND THAT SUCH PROVISIONS ARE REASONABLE AND ENFORCEABLE.
[Signature page follows.]

6

Exhibit 10.1

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.

	
		
	ATTEST:
	 

	 
	FIRST COMMONWEALTH FINANCIAL CORPORATION

	 
	 

	/s/ Carrie L. Riggle
	By: /s/ T. Michael Price
Name:  T. Michael Price
Title:    President and Chief Executive Officer

	
		
	WITNESS:
	 

	 
	 

	 
	 

	/s/ Carrie L. Riggle
	/s/ Jane Grebenc
  Jane Grebenc

7

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