Document:

Joseph E. O'Dell Separation Agreement

 Exhibit 10.1 
 AGREEMENT AND GENERAL RELEASE 
 WHEREAS, First Commonwealth Financial Corporation
(“Employer”) employed Joseph E. O’Dell (“Employee”); and 
 WHEREAS, Employer and Employee wish to resolve any and
all matters between them relating to Employee’s employment and termination from employment; 
 NOW, THEREFORE, in consideration of the
mutual undertakings set forth below, this Separation Agreement and Release (“SAR”) will govern Employee’s termination from employment with Employer and will resolve, finally and completely, any and all possible claims and disputes
between Employer and Employee arising from such employment and termination of employment: 
 1. Employer’s employment records will
reflect that Employee’s employment with Employer terminated effective February 28, 2007 (the “Termination Date”). 
 2.
In exchange for Employee’s execution of this SAR, Employer agrees to: 
  

	 	(a)	pay Employee Four Hundred Thousand Dollars ($400,000.00), less any and all legally required withholding and deductions. This amount will be paid in twelve equal installments
beginning in March 2007 and ending in February 2008, in accordance with Employer’s regular payroll practices; 

  

	 	(b)	pay the Employee Two Hundred Fifty-Seven Thousand Dollars ($257,000), less any legally required withholdings and deductions. This amount will be paid in a single sum payment on
March 14, 2008; provided, however, that if Employee fails to comply with the covenants set forth in paragraphs 11-12 hereof, as determined by the Employer, Employee shall be required and hereby agrees to immediately repay the full amount of
$257,000 to the Employer upon written demand thereof; and 

  

	 	(c)	 pay Employee Twenty Thousand Four Hundred and Seventy-Two Dollars and Fifty-Six Cents ($20,472.56), less any legally required withholdings and deductions. The sum
of Twenty Thousand Four 

	 	 
Hundred and Seventy-Two Dollars and Fifty-Six Cents ($20,472.56) will be paid on March 30, 2007, in accordance with Employer’s regular payroll
practices. Employer will also extend continuation coverage to the Employee, as required by Section 4980B of the Internal Revenue Code of 1986, as amended (“COBRA”) under the First Commonwealth Financial Corporation Group Health Plan
(“Plan”) on the terms and conditions mandated by COBRA including the Employee’s payment of the applicable COBRA premiums. If Employee exhausts COBRA (completion of the applicable 18-month COBRA coverage period), the Employer shall
provide a conversion health insurance policy and as permitted under state law (“Conversion Policy”), beginning in September 2008, and Employer shall be responsible for the cost of such Conversion Policy up to Two Thousand Two Hundred
Dollars ($2,200.00) per month in premiums for the Conversion Policy with the Employee required to pay any remainder in premiums. The Employer will cease to provide Conversion Policy coverage under this paragraph on the earlier of: (i) August
2010; (ii) the date the Employee fails to pay his portion of the Conversion Policy premiums; or (iii) the date of the Employee’s death. 

 Employee acknowledges that he is not otherwise entitled to receive the foregoing payments and benefits unless he executes this SAR. Employee agrees that he accepts the consideration set forth in paragraphs 2 and
4 of this SAR as adequate and in the full, final, and complete settlement of all possible claims which he might have as described in paragraph 3 of this SAR. Employee expressly understands, agrees and covenants that Employer shall not be
required to make any further payment, for any reason whatsoever and including any payment of attorneys’ fees or costs, to him or to any person, attorney, representative, heir or estate, regarding any claim or right whatsoever which might
possibly be asserted by him or on his behalf. In the event that Employee dies prior to the amounts set forth in paragraph 2(a) — (b) being paid to him, Employer agrees to pay any remaining but unpaid amounts to Alice O’Dell.

 3. In exchange for the promises contained in paragraphs 2 and 4, Employee hereby unconditionally releases Employer, its affiliates,
officers, directors, Board, employees, shareholders, agents, benefit plans, predecessors, successors and/or assigns from any and all claims, issues, or causes of action, known or unknown, as of the Effective Date of this Agreement (defined in
paragraph 16), including those arising out of Employee’s employment 

  

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with Employer, Employee’s interaction with Employer’s employees, and Employee’s separation from employment with Employer, including, but not
limited to: (i) all claims under any possible legal, equitable, contract, or tort theory, including, but not limited to, any and all claims for wrongful discharge or for breach of contract and any and all claims for defamation, slander,
invasion of privacy, misrepresentation, negligence, or intentional or negligent infliction of emotional distress; (ii) all claims under any possible statutory theory, including, but not limited to, any and all claims under Title VII of the
Civil Rights Act of 1964, the Civil Rights Act of 1991, the Federal Rehabilitation Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Pregnancy Discrimination Act, the
Equal Pay Act, the Pennsylvania Human Relations Act, and any and all other federal, state, and/or local employment and other legal claims, and any other civil rights law, including any federal, state, or local law, statute, ordinance, regulation, or
executive order prohibiting employment discrimination based on age, sex, sexual orientation, religion, race, color, handicap, disability, retaliation, or any other characteristic proscribed by law, or any other legal claims, such as whistleblower
claims, wrongful discharge claims, and claims for possible attorneys’ fees and costs; (iii) all claims under the Employee Retirement Income Security Act of 1974, all claims under the Wage Payment and Collection Law, and all claims under
the Family and Medical Leave Act; and (iv) all claims for the fees, costs, and expenses of any and all attorneys who have at any time or are now representing Employee in connection with this SAR or in connection with any matter released by
Employee. Employee acknowledges and covenants that he has not sustained any work-related injury or illness during his employment with Employer. Employee acknowledges that he has filed no charges, complaints, or other claims against Employer.
Employee further understands, covenants, and agrees that he will not enter suit or initiate any proceedings of any kind against Employer or any other person or entity on any of the claims mentioned above. To the extent, however, that any entity or
person sues on Employee’s behalf concerning any possible claim, Employee agrees that this SAR has fully and finally satisfied any and all possible claims, and Employee agrees to waive and otherwise relinquish eligibility for any recovery beyond
what he has received in this SAR, even if he participates or otherwise assists in such litigation. 
 4. Employer will offer Employee the
opportunity to perform services for Employer pursuant to the Independent Contractor Services Agreement attached hereto as Attachment A. 
 5. Employee does not waive, nor shall this SAR be construed to waive, any right which is not subject to waiver as a matter of law (such as a claim for workers’ 

  

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compensation benefits), claims for vested benefits under, for example, any qualified retirement plan, or any claim or right which arises after the Effective
Date of this Release. 
 6. Employee understands and agrees that Employer, including any successor or affiliate of Employer, will not be
obligated in any way to provide him with future employment, compensation, or benefits in any amount or for any reason, and Employee agrees not to seek any such employment, reemployment, compensation or benefits. 
 7. Employee expressly understands and agrees that Employer expressly denies that it harmed him or treated him unlawfully, unfairly or discriminatorily in
any way, or that it retaliated against him. Neither this SAR nor the implementation thereof shall be construed to be, or shall be, admissible in any proceedings as evidence of an admission by Employer of any violation of or failure to comply with
any federal, state or local law, ordinance, agreement, rule, regulation, or order. The preceding sentence does not preclude introduction of this SAR by either party to establish that the other’s claims were resolved and released according to
the terms of this SAR or by Employer or Employee to establish any breach of this SAR. 
 8. Employee is hereby advised to consult with an
attorney prior to executing this SAR to help him fully understand and appreciate its legal effect. Employee swears that he has carefully read the foregoing release, that he understands completely its contents, that he understands the significance
and consequences of signing it, and that he has had a full and fair opportunity to have his attorney explain all of its contents and ramifications. Employee expressly warrants that he has been afforded the opportunity to consider this SAR for a
period of twenty-one (21) calendar days. Employee further swears that he has agreed to and signed this SAR knowingly and voluntarily of his own free will, act, and deed, and for full and sufficient consideration. 
 9. Employee shall have a period of seven (7) days following his execution of this SAR to revoke it (“Revocation Period”), and this SAR
shall not be effective or enforceable prior to the expiration of the Revocation Period. Revocation must be made by delivering, within the Revocation Period, a notice to Thaddeus Clements, Senior Vice President, P.O. Box 400, Indiana, Pennsylvania
15701. The revocation of this SAR by Employee will automatically revoke the terms described in paragraphs 2 and 4 of this SAR. If Employee does not advise Employer in writing that he revokes this SAR within the Revocation Period, the SAR shall
become effective and be forever enforceable. Employee understands that if he revokes this SAR, he will not receive the sums or other consideration set forth in paragraphs 2 and 4 of this SAR. 

  

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This SAR shall not become effective or enforceable until at least the eighth (8th) day after the date that Employee signs the SAR. 
 10. By entering into this SAR, Employer expressly denies any unlawful or unfair conduct. 
 11. Employee agrees that for the period
from February 28, 2007 to August 2010, Employee will not, for himself, as an agent, employee, contractor or owner, or on behalf of another person or entity, directly or indirectly, engage in any “Prohibited Position” with any
“Competing Business.” For purposes of this SAR, “Prohibited Position” shall mean any position, whether as principal, agent, officer, director, employee, consultant, shareholder, or otherwise: (i) where Employee will be
engaged in the management, sale, development, or marketing of products or services of the type provided by the Employer; and (ii) during employment with Employer, Employee was privy to or given access to proprietary and/or confidential business
information of the Employer concerning the Employer’s management, strategy, performance, sale, development or marketing of that type of product or service and/or was involved in maintaining the Employer’s customer relationships or
goodwill; “Competing Business” shall mean any person, corporation or other entity which engages in the marketing and/or sale of: (i) retail banking products in the Commonwealth of Pennsylvania, 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, currently and in the future, in the Commonwealth of
Pennsylvania, in which the Employee had involvement, and/or about which Employee learned of, and/or may have acquired any knowledge about, while employed by the Company. Employee also agrees not to enter into, consult about, or become involved with
any transactions that he learned and/or became aware of through his employment with Employer. Employee acknowledges that this restriction is properly limited so that it will not interfere with his ability to earn a livelihood and that this
restriction is reasonable and necessary to protect Employer’s legitimate business interest, including the protection of its confidential and trade secret information. In exchange for the consideration set forth in paragraphs 2 and 4, Employee
agrees to be bound by the terms of this paragraph 11. Employee’s provision of services to Employer pursuant to the Independent Contractor Services Agreement with Employer will not violate the terms of paragraph 11. The foregoing covenants shall
not be deemed to prohibit Employee from acquiring as an investment not more than five percent (5%) of the capital stock of a Competing Business, whose stock is traded on a national securities exchange or through an automated quotation system of
a registered securities association. 
  

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 12. a. Except as otherwise required by law, Employee agrees to refrain from directly or indirectly
engaging in publicity or any other action or activity that reflects adversely upon Employer, its Board, officers, employees, agents and business, including any successor or affiliate. 
 b. Employee agrees to keep confidential any proprietary information and other knowledge acquired or otherwise learned from or on behalf of
Employer during his employment to the extent such information or knowledge has not been published, has not been disseminated, or is not otherwise a matter of general public knowledge. 
 c. Except as otherwise required by law, Employee agrees to keep confidential and not disclose the terms of this SAR to any person, with
the exception of attorneys or other individuals consulted by Employee to understand the interpretation, application, or legal or financial effect of this SAR or to implement any portion of it. Employee further agrees that prior to disclosing the
terms of this SAR to any of the foregoing individuals, those persons must pledge to strictly maintain such confidentiality before Employee shares such information with them. 
 13. If, contrary to this SAR, a lawsuit is filed by Employee, or Employee otherwise commits a material breach of this SAR, Employer will have the right,
without affecting the continued validity and enforceability of the SAR, and in addition to and not in lieu of all other legal and equitable remedies, to discontinue all further payments and benefits due under this SAR and to seek redress at law for
any and all damages, costs and fees. 
 14. In response to inquiries by prospective employers of Employee, Employer agrees to provide only
confirmation of Employee’s job title and dates of employment. All such reference inquiries should be directed solely to Thaddeus Clements. 
 15. Employee warrants that he has returned any and all Employer documents or other materials, including, without limitation, electronic or “hard” data, software, policy manuals, office supplies, keys, and any Employer property in
his possession to Employer. 
 16. In exchange for Employer’s promises contained in this SAR, Employee has executed this SAR, including
the release in paragraph 3 of this Agreement. Employer has no obligation to pay any sums or benefits under this SAR, including under paragraphs 2 and 4 of this Agreement, until: (1) it receives a fully executed copy of this SAR from Employee;
and (2) the Revocation Period set forth in paragraph 9 expires and Employee does not revoke the 

  

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SAR during the Revocation Period (“Effective Date”). If Employer revokes the SAR, Employer owes no obligations under this SAR and has no
obligations to pay the sums or give the benefits set forth in paragraphs 2 and 4. 
 17. Employee and Employer understand and agree that
the terms and conditions of this SAR constitute the full and complete understandings, agreements, and promises of the parties, and that there are no oral or written understandings, agreements, promises, or inducements made or offered other than
those set forth in writing in this SAR. Notwithstanding the foregoing, Employee agrees that this SAR does not cancel, reduce or otherwise diminish any post-employment obligations relating to confidentiality, use of confidential information,
non-competition, and non-solicitation. 
 18. Employee agrees that his seat on the Board of Directors of First Commonwealth Financial
Corporation and all affiliate Boards and Committees will end effective February 28, 2007. 
 19. Employee is solely responsible for all
tax liabilities and other consequences beyond the deductions made by Employer from amounts payable under this SAR. 
 20. Employee expressly
agrees that this SAR will be governed by Pennsylvania law, except as preempted by federal law. 
 21. Employee and Employer waive any right
to a court (including jury) proceeding and instead agree to submit any dispute over the application, interpretation, validity, or any other aspect of this Agreement to binding arbitration consistent with the application of the Federal Arbitration
Act and the procedural rules of the American Arbitration Association (“AAA”) before an arbitrator who is a member of the National Academy of Arbitrators (“NAA”) out of a panel of eleven (11) arbitrators to be supplied by the
AAA. 
 22. If any court, arbitrator, or other authority determines that any term, condition, clause, or other provision of this SAR is void
or invalid, it, he, or she will have discretion to modify such term, condition, clause, or other provision of this SAR to make it valid, or, alternatively, if it, he, or she declines to make such a modification and leaves it invalid, the remaining
portions of this SAR will remain in full force and effect. 
  

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	AGREED:	 		 	
			
	/s/ Joseph E. O’Dell	 		 	 
	 Joseph E. O’Dell
 For Myself, My Heirs,
Personal
 Representatives and Assigns
	 		 	Dated: February 28, 2007
			
	AGREED:	 		 	
			
	/s/ David R. Tomb Jr.	 		 	 
	 David Tomb
 Senior Vice President
 On Behalf of First Commonwealth
 Financial Corporation
	 		 	Dated: February 28, 2007

  

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 ATTACHMENT A 

 CONSULTING SERVICES AGREEMENT 
 THIS CONSULTING SERVICES AGREEMENT (“Agreement”) is entered into by and between Joseph E. O’Dell (“Consultant”)
and First Commonwealth Financial Corporation for and on behalf of itself, its subsidiaries, and affiliated and related companies (“FCFC”). 
 WHEREAS, the Consultant and FCFC are mutually interested in Consultant’s performing services for FCFC from time to time as needed and requested by FCFC; and 
 WHEREAS, the Parties acknowledge that Consultant was formerly employed by FCFC; and 
 WHEREAS, Consultant acknowledges that he is no longer an employee of FCFC, his employment having terminated on February 28, 2007. 

NOW, THEREFORE, for and in consideration for the mutual covenants and promises hereinafter set forth, and for other good and valuable
consideration, Consultant and FCFC agree as follows: 
  

	 	1.	Services. From time to time as needed and requested by FCFC during the period commencing March 1, 2007 through September 3, 2010 (“Consulting
Period”), Consultant agrees to perform services in a consulting capacity. 

 Consultant will not be entitled to
participate, or continue to participate, as an active employee in any employee benefit programs or plan provided by FCFC. Consultant will be solely responsible for filing and paying federal income and social security taxes as required by law with
respect to any remuneration received under the terms of this Agreement. 
  

	 	2.	Compensation and Expenses. 

 As compensation
for the satisfactory performance of services hereunder, FCFC will pay Consultant One Thousand Dollars ($1,000.00) per month in exchange for Consultant’s performance of requested projects and/or services. 
  

	 	3.	Standard of Performance. 

  

	 	(a)	Consultant will be given work assignments by the President and Chief Executive Officer of FCFC. Any work performed by Consultant must be previously authorized and approved by
FCFC. 

  

	 	(b)	 The details of the method and manner of performing the services shall be under Consultant’s own control, FCFC being interested only in the results of
Consultant’s work. The services to be provided hereunder shall conform to the requirements specified by FCFC and shall be performed in accordance with sound and generally accepted industry standards. In the event Consultant’s services
hereunder should fail to meet the foregoing standard, or not prove satisfactory to FCFC, as a result of human error, 

	 	 
omission, or otherwise, FCFC shall notify Consultant, and Consultant shall perform such corrective services, including re-performance of the services,
requested by FCFC. Any such corrective services requested by FCFC shall be completed in a timely manner and at Consultant’s expense. 

  

	 	(c)	Consultant is, for all purposes hereunder, an independent contractor, and in no event shall he or any of his employees, contract personnel, sub-contractors or other personnel
performing services hereunder (collectively, “Consultant’s Associates”) be considered employees of FCFC. It is further understood and agreed that FCFC shall not have any obligations as an employer to Consultant, or to
Consultant’s Associates as an employer, including, but not limited to, federal income taxes, FICA taxes, Workers’ Compensation, retirement benefit plans and programs, any employee welfare benefit plans, programs, and all insurance
coverages related to any of the foregoing. 

  

	 	(d)	Consultant agrees not to be unavailable to the FCFC for more than two (2) consecutive weeks without prior approval. Consultant will give FCFC notice if he will be unavailable
for any more than one (1) week. 

  

	 	(e)	Consultant agrees to conduct his activities hereunder in accordance with all applicable laws and FCFC’s Code of Business Conduct and applicable law. 

 

	 	(f)	Consultant agrees to obtain FCFC’s written approval prior to subcontracting any of the services under this Agreement. The terms and conditions of this Agreement shall apply to
all Consultant’s Associates who perform services under this Agreement. 

  

	 	4.	Termination of Consulting Agreement. 

  

	 	(a)	This Agreement shall terminate and expire on the last day of the Consulting Period, as defined in paragraph 1, unless earlier terminated. Any new agreement must be approved in
accordance with FCFC’s policies and business practices then in effect. 

  

	 	(b)	 This Agreement may be terminated during the Consulting Period by FCFC for convenience at any time upon seven (7) days’ advance written notice to
Consultant. In the event of such termination, FCFC shall pay Consultant for all services rendered through the date of termination in accordance with Section 2(a) of this Agreement. FCFC will also pay Consultant the amount of One Thousand
Dollars ($1,000.00) per month for each month remaining in the term of the Consulting Agreement after the termination of the Consulting Agreement, unless FCFC terminates the Consulting Agreement because of Consultant’s non-performance. If FCFC
terminates this Agreement due to Consultant’s non-performance, it shall owe no sums to him under this Agreement other than those for 

  

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services already provided as of the date of the termination of the Consulting Agreement. “Non-performance” is defined as Consultant’s material
breach of this Agreement, such as a substantial failure to perform, or failure to perform in a timely manner, the reasonable work assigned to him by FCFC. In the event of Consultant’s non-performance, FCFC agrees to give Consultant written
notice setting forth the details of the non-performance, requesting corrective action by Consultant, and to provide Consultant with fifteen (15) days to cure. If Consultant terminates this Consultant Agreement for any reason, FCFC will have no
obligation to pay him any sums under this Consulting Agreement other than those for services already provided as of the date of the termination of the Consulting Agreement. Consultant agrees to give FCFC seven (7) days’ advance notice of
any termination of this Agreement by him. 

  

	 	(c)	This Agreement shall terminate automatically and immediately upon Consultant’s death or in the event Consultant becomes incapable, in FCFC’s reasonable judgment, from
effectively performing his services under this Consulting Agreement by reason of illness, disability, incapacity or any other reason. Any remuneration due to Consultant under this Consulting Agreement at the time of his death will be paid to his
estate. 

  

	 	(d)	Notwithstanding termination of the consulting arrangement prior to the end of the Consulting Term, the parties agree that Consultant’s obligations under Sections 5 and 6 shall
survive in accordance with their respective terms. 

  

	 	5.	Proprietary and Confidential Information. Consultant agrees to cooperate fully with FCFC in its patents, proprietary information, and nondisclosure policies.
Consultant further agrees as follows: 

  

	 	(a)	Except as permitted below, Consultant will not at any time disclose to others, permit to be disclosed, use, permit to be used, copy or permit to be copied any Proprietary and
Confidential Information (as defined below), which he learns or observe as a result of, or during the performance of, the services to be provided hereunder or have previously learned as a result of a prior relationship, including, without
limitation, a previous employment relationship or previous consulting relationship, with FCFC. Further, Consultant agrees to maintain in confidence any proprietary and confidential information of customers and other third parties received or of
which he has knowledge as a result of his consulting services and/or prior employment by FCFC. 

  

	 	(b)	 “Proprietary and Confidential Information” shall include, without limitation, financial information; marketing plans and cost data; business and
implementation plans; engineering plans; photographs, maps, drawings, reports and specifications; prospect lists; technical information 

  

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concerning products, equipment, services and processes; procurement procedures and pricing techniques; names and other information (such as credit and
financial data) concerning customers and business affiliates; and other trade secrets, concepts, ideas, plans, strategies, analyses, surveys and proprietary information related to the past, present or anticipated business of FCFC. Except as required
by law, no such information shall be released to anyone other than authorized representatives of FCFC or the customer for whom the services are being performed, who have a bona fide need to know in order to enable Consultant to perform the services,
either before or after completion of the work, except with written consent of FCFC and the customer, if applicable, as communicated in writing to Consultant by FCFC’s authorized representative. The prohibitions of this Section 5 shall not
apply, however, to information in the public domain (but only if the same becomes part of the public domain through means other than a disclosure prohibited hereunder). 

  

	 	(c)	Consultant and the Consultant’s Associates understand and agree that these obligations may be enforced by legal or equitable action for damages, injunction or otherwise,
brought by FCFC, or by the customer for whom the work is performed, or their assigns. 

  

	 	(d)	FCFC shall have the sole ownership of all intellectual property rights (including patent and copyright rights) in the goods, systems and services provided to FCFC by Consultant
under this Agreement, including, without limitation, reports, information or data provided in electronic form or generated through use of Consultant’s hardware, firmware or software (including microcodes, applications, programs, files and
databases), computers, or other information technology systems, or otherwise provided through use or application of any items containing any electronic controls, valve or embedded chip or controller (the “Deliverables”), except that
Consultant shall retain the sole ownership of all intellectual property rights (including patent and copyright rights) in any software, programs, documents, systems or any other items, including modifications thereof, owned or developed by
Consultant prior to, and/or completely independent and separate from, Consultant’s engagement and performance hereunder (the “Consultant Technology”) and which may be used by Consultant in its performance of services and incorporated
into the Deliverables. FCFC shall have a perpetual, non-revocable, royalty-free license to utilize such Consultant Technology solely as part of the Deliverables. 

  

	 	(e)	 All correspondence, memoranda, notes, records, reports, papers, summaries, photographs, drawings, data or information, analyses, or other documents (including,
without limitation, any computer-generated, computer-stored or electronically-stored materials), and all copies, extracts or summaries thereof, made, composed or received by Consultant, solely or jointly with others, and which are in
Consultant’s possession, custody 

  

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or control and which are related in any manner to the past, present or anticipated business or FCFC (collectively, the “FCFC Documents”) shall
either be delivered to FCFC or destroyed by Consultant, as directed by an authorized representative of FCFC, on or before the date of termination of this Agreement. Consultant hereby grants and conveys to FCFC all right, title and interest in and
to, including, without limitation, the right to possess, print, copy and sell or otherwise dispose of, any FCFC Documents which may have been prepared by Consultant or under his direction or which may have come into his possession in any way during
the Consulting Period which relate to the past, present or anticipated business of FCFC. 

  

	 	(f)	Prior to engaging a Consultant’s Associate to provide services in connection with this Agreement, Consultant agrees that he will cause each such Consultant’s Associate to
separately execute an agreement agreeing to be bound by the terms of this Section 5. 

  

	 	7.	Dispute Resolution. It is the mutual intention of the parties to have any disputes concerning this Agreement resolved out of court. Accordingly, the parties agree that
any such dispute or controversy that cannot be resolved by the parties shall be submitted for resolution through final and binding arbitration. The foregoing notwithstanding, FCFC shall be entitled to seek a restraining order or injunction in any
court of competent jurisdiction to prevent any breach or continuation of any breach of the provisions of Section 5, and Consultant hereby consents that such restraining order or injunction may be granted without the necessity of FCFC posting
any bond. 

  

	 	8.	Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the state of Pennsylvania, without regard to principles of conflicts of
law, unless preempted by federal law, in which case federal law shall govern without application of the principles of conflicts of law; provided, however, that the Federal Arbitration Act shall govern in all respects with regard to the resolution of
disputes hereunder. 

  

	 	9.	Enforcement of Agreement. No waiver or nonaction with respect to any breach by the other party of any term or provision of this Agreement, or the waiver or nonaction
with respect to any breach of the provisions of similar consulting agreements with other consultants, shall be construed to be a waiver of any succeeding breach of such provision, or as a waiver of the provision itself. No waiver shall be binding
unless in writing and signed by the party waiving the breach. If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications and, to this end, the provisions of this
Agreement are declared to be severable. 

  

	 	10.	 Conflicting Requirements. FCFC objects to the inclusion of any different or additional terms by Consultant or in Consultant’s performance of the
services under this Agreement. The terms and conditions contained herein shall take 

  

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precedence over any of those either expressed or implied by Consultant’s documentation presented to FCFC. 

  

	 	11.	Entire Agreement. The foregoing and any attached schedules and exhibits constitute the entire agreement between the parties and supersede any representations or
agreements heretofore made, except that the Confidential Separation and General Release Agreement between the Parties remains in full force and effect. This Agreement may be amended only by a document signed by Consultant and a duly authorized
representative of FCFC. 

  

	 	12.	Notices. For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when
received by or tendered to Consultant or FCFC, as applicable, by pre-paid courier or by United States registered or certified mail, return receipt requested, postage pre-paid, addressed as follows: 

 FCFC: 
 Thaddeus Clements

 First Commonwealth Bank 
 Senior Vice President 
 P.O. Box 400 
 Indiana, Pennsylvania 15701 
 CONSULTANT: 
 Joseph E. O’Dell 
 IN WITNESS
WHEREOF, the Parties have executed this Agreement as of the 28th day of February, 2007. 
  

									
	CONSULTANT	 		 	 FIRST COMMONWEALTH
 FINANCIAL
CORPORATION

					
	By:	 	/s/ Joseph E. O’Dell	 		 	By:	 	/s/ David R. Tomb Jr.
					
	Name:	 	Joseph E. O’Dell	 		 	Name:	 	David R. Tomb Jr.

  

 -6-John J. Dolan Employment Contract

 Exhibit 10.2 
 EMPLOYMENT AGREEMENT 
 THIS
AGREEMENT is made as of the 1st day of March, 2007, by and between First Commonwealth Financial Corporation, a
Pennsylvania corporation (“FCFC”), and John Dolan (“Dolan”). 
 W I T N E S
S E T H: 
 WHEREAS, FCFC wishes to employ Dolan as its President and Chief Executive Officer,
Dolan wishes to be employed in that capacity, and Dolan is willing to accept employment with FCFC upon the terms and conditions hereinafter set forth: 
 NOW, THEREFORE, intending to be legally bound, FCFC agrees to continue to employ Dolan, and Dolan agrees to be employed by FCFC, upon the following terms and conditions: 
 ARTICLE I 
 EMPLOYMENT

 1.01. Office. Dolan is employed hereunder as President and Chief Executive Officer reporting directly to the Board
and in such capacity shall use his best energies and abilities in the performance of his duties and in the performance of such other duties as may be assigned to him from time to time by FCFC’s Board of Directors (“Board”).

 1.02. Term. Subject to the terms and provisions of Article II, Dolan’s employment hereunder shall continue through
March 1, 2010, unless extended in accordance with the following sentence. Dolan’s employment hereunder shall automatically be extended on March 1, 2010 and on each subsequent March 1 for successive one (1) year periods
unless either party gives notice in writing to the other party sixty (60) days prior to the end of any such term that they do not intend to extend employment for another year.  
 1.03. Base Salary. Beginning March 1, 2007, compensation shall be paid to Dolan by FCFC at the rate of Four Hundred Thousand Dollars
($400,000.00) per annum (the “Base Salary”), payable in equal monthly installments, less applicable and elected deductions. Dolan’s Base Salary may be increased but not decreased by the Board at any time based upon Dolan’s
contributions to the success of FCFC and on such other factors as the Board shall deem appropriate. Dolan will be eligible to participate in any Short-Term and Long-Term Incentive Plans that may be offered to FCFC Executive employees. Dolan will
also be eligible to participate in the FCFC Supplemental Executive Retirement Plan and Executive Stock Option Plan as provided in the documents that govern those respective Plans. 
 1.04. Employee Benefits. Dolan shall be eligible to participate in such major medical or health benefit plans, pensions, and other benefits
as are available generally to employees of FCFC, to the extent available to employees and subject to the terms of any such plans. 

 ARTICLE II 
 TERMINATION 
 2.01. FCFC Termination For Cause. FCFC may terminate Dolan’s
employment “For Cause,” as defined herein, by providing written notice to Dolan that his employment is terminated. Upon delivery of said notice together with payment of any salary accrued under Section 1.03 prior to the date of
termination but not yet paid, as well as payment for any accrued vacation time not taken and expenses which were properly incurred by Dolan on FCFC’s behalf prior to the termination date that are not yet paid, Dolan’s employment and all
obligations of FCFC to Dolan shall terminate. Termination shall be deemed to be For Cause if: (i) Dolan fails to comply with any material provision of this Agreement; (ii) Dolan fails to perform in any material respect the duties of his
employment (including, without limitation, failure to comply with any lawful directive from the Board); (iii) Dolan engages in misconduct which, in the good faith judgment of the Board is materially harmful to FCFC, including, without
limitation, any failure to comply with policies and procedures of FCFC; (iv) Dolan engages in an act of dishonesty or fraud or Dolan is convicted of a crime which, in the judgment of the Board, renders his continued employment by FCFC
materially damaging or detrimental to FCFC; or (v) Dolan is grossly negligent in the performance of his job duties. The obligations of Dolan under Article IV shall continue notwithstanding termination of Dolan’s employment pursuant to
this Section 2.01. If Dolan’s employment terminates under Section 2.01, he is entitled to no severance under Section 2.05. 
 2.02. FCFC Termination Without Cause. Dolan’s employment may be terminated at any time by FCFC without cause immediately upon written notice by FCFC to Dolan. In the event FCFC terminates Dolan’s employment without
cause, FCFC will provide Dolan with the Severance Benefits set forth in Section 2.05, provided that as a condition precedent to Dolan’s receipt of Severance Benefits under this Section 2.02 and Section 2.05, Dolan must execute
and deliver to FCFC a Separation Agreement and General Release of any and all claims and causes of action that Dolan may have against FCFC, as permitted by law, in a form substantially similar to the Release attached hereto as Exhibit A. All other
obligations of FCFC to Dolan shall cease as of the date of termination except for the payment of any salary accrued under Section 1.03 but not yet paid, as well as payment for any accrued vacation time not taken and expenses which were properly
incurred by Dolan on FCFC’s behalf prior to the termination date that are not yet paid as of the termination date. The obligations of Dolan under Article IV shall continue notwithstanding termination of Dolan’s employment pursuant to this
Section 2.02. 
 2.03. Resignation for Good Reason. Dolan may resign for Good Reason. Good Reason means: (i) a
material change in Dolan’s title, position or responsibilities which represents a substantial reduction of the title, position or responsibilities in effect immediately prior to the change; (ii) the assignment of Dolan to a position which
requires him to relocate permanently to a site more than fifty (50) miles outside of Indiana, Pennsylvania; or (iii) the assignment to Dolan of any duties or responsibilities (other than due to a promotion) which are materially
inconsistent with the position of President and CEO. Before Dolan resigns for Good Reason, Dolan must give FCFC twenty (20) days’ notice of said resignation and an opportunity to correct. If Dolan resigns for Good Reason, he will receive
severance under Section 2.05. If, however, FCFC corrects within twenty (20) days of its receipt of notice of the Good Reason, 

  

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FCFC shall owe Dolan no severance under Section 2.05. The obligations of Dolan under Article IV shall continue notwithstanding the terms of
Dolan’s employment pursuant to Section 2.03. 
 2.04. Termination by Dolan. Dolan agrees to give FCFC sixty
(60) days’ prior written notice of the termination of his employment with FCFC. Simultaneously with such notice, Dolan shall inform FCFC in writing as to his employment plans following the termination of his employment with FCFC. All
obligations of FCFC to Dolan shall cease as of the termination date except for the payment of salary accrued under Section 1.03 prior to the date of termination, as well as payment for any accrued vacation time not taken and expenses which were
properly incurred by Dolan on FCFC’s behalf prior to the termination date that are not yet paid as of the termination date. The obligations of Dolan under Article IV shall continue notwithstanding termination of Dolan’s employment pursuant
to this Section 2.04. If Dolan’s employment terminates under Section 2.04 he is entitled to no severance under Section 2.05. 
 2.05. Severance Benefits. In the event that FCFC terminates Dolan’s employment prior to March 1, 2010 for any reason other than For Cause, or if Dolan terminates his employment pursuant to Section 2.03, and
subject to the conditions set forth in this Section and subject to Sections 2.02 and/or 2.03 as applicable, FCFC will pay to Dolan the amount equal to his Base Salary as if he had remained employed for the remainder of his initial term of employment
(i.e., through March 1, 2010), less legally required taxes and withholdings. Said sum is to be paid in one lump sum within sixty (60) days of the date of Dolan’s termination from employment. Upon termination, FCFC will offer
continuation coverage to Dolan, as required by Section 4980B of the Internal Revenue Code of 1986, (“Code”) as amended (“COBRA”), under the First Commonwealth Financial Corporation Group Health Plan (“Plan”) on the
terms and conditions mandated by COBRA including Dolan’s payment of the applicable COBRA premiums. 
 In the event that FCFC terminates Dolan’s employment prior to March 1, 2010 for any reason other than For Cause or if Dolan terminates his employment pursuant to Section 2.03, and subject to the
conditions set forth in this Section and subject to Sections 2.02 and/or 2.03 as applicable, FCFC will pay Dolan, beginning on the 19th month following the date Dolan’s employment is terminated an amount equal to the lesser of: (a) Two Thousand Two Hundred Dollars ($2,200.00) per month; or (b) the monthly cost of the Conversion Policy
coverage (as defined below), less any and all legally required withholdings. Any payment under this Section will be made to Dolan monthly on or before the last day of each month. Payments under this Section will cease on the earlier of:
(i) March 2010; (ii) the date Dolan fails to continue to maintain the Conversion Policy; or (iii) the date of Dolan’s death. For purposes of this Section, Conversion Coverage means coverage Dolan obtains by converting his COBRA
benefit into an individual health insurance policy as permitted under state law (“Conversion Policy”) provided that such conversation is made after Dolan has elected and received COBRA coverage under the Plan for the entire initial
18-month COBRA coverage period. While payments are being paid pursuant to this Section, FCFC may require Dolan to provide periodically evidence of the continuation of the Conversion Policy and the monthly cost of such Conversion Policy. Should Dolan
secure or be offered health coverage through another employer at any time following the termination of his employment with FCFC but before March 1, 2010, or if Dolan does not elect to continue COBRA coverage under the Plan for the entire
initial 19 month period (including 

  

 -3- 

 
payment of required COBRA premiums), all of Employer’s obligations with regard to paying for Conversion Coverage as set forth in this Section shall
immediately cease. 
 To the extent required to comply with Section 409A of the Code and to avoid the imposition of additional tax under
Code Section 409A(a)(1)(B), payment of amounts due under this Agreement shall be delayed for six months (or the earliest date on which such amount can be paid without incurring such additional taxes) and any payments during such period shall be
accumulated and paid on the first day following the end of such period. 
 Dolan will receive the severance benefits set forth in
Section 2.05 if and only if he executes and does not revoke a Separation Agreement and General Release of any and all claims and causes of action that Dolan may have against FCFC, as permitted by law, in a form substantially similar to the
Release attached hereto as Exhibit A. 
 2.06. Resignation of Board Membership. Dolan expressly promises and agrees that he
will resign from the FCFC Board of Directors and all related or affiliated Board of Directors immediately upon and concurrent with the termination of his employment with FCFC for any reason, including, without limit, by FCFC for cause or without
cause or by Dolan for any reason. 
 ARTICLE III 
 DOLAN’S ACKNOWLEDGMENTS 
 Dolan recognizes and acknowledges that: (a) in the course
of Dolan’s employment by FCFC, it will be necessary for Dolan to acquire information which could include, in whole or in part, information concerning FCFC’s business, sales volume, sales methods, sales proposals, financial statements and
reports, customers and prospective customers, identity of customers and prospective customers, identity of key purchasing personnel in the employ of customers and prospective customers, amount or kind of customers’ purchases from FCFC,
FCFC’s sources of supply, FCFC’s computer programs, system documentation, special hardware, product hardware, related software development, FCFC’s manuals, formulae, processes, methods, machines, compositions, ideas, improvements,
inventions, or other confidential or proprietary information belonging to FCFC or relating to FCFC’s affairs (collectively referred to herein as the “Confidential Information”); (b) the Confidential Information is the property of
FCFC; (c) the use, misappropriation or disclosure of the Confidential Information would constitute a breach of trust and could cause irreparable injury to FCFC; and (d) it is essential to the protection of FCFC’s good will and to the
maintenance of FCFC’s competitive position that the Confidential Information be kept secret and that Dolan not disclose the Confidential Information to others or use the Confidential Information to Dolan’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 Dolan. 
  

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 ARTICLE IV 
 DOLAN’S COVENANTS AND AGREEMENTS 
 4.01. Non-Disclosure of Confidential
Information. Dolan agrees to hold and safeguard the Confidential Information in trust for FCFC, its successors and assigns and agrees that he shall not, without the prior written consent of FCFC, misappropriate or disclose or make available
to anyone for use outside FCFC’s organization at any time, either during his employment with FCFC or subsequent to the termination of his employment with FCFC for any reason, including without limitation, termination by FCFC, any of the
Confidential Information, whether or not developed by Dolan, except as required in the performance of Dolan’s duties to FCFC. 
 4.02. Non-Solicitation of Employees. Dolan agrees that, during his employment with FCFC and for one (1) year following termination of Dolan’s employment with FCFC, including without limitation termination by FCFC For
Cause or Without Cause, Dolan shall not, directly or indirectly, solicit or induce, or attempt to solicit or induce, any employee of FCFC or of any of its subsidiaries or affiliates, including First Commonwealth Bank, to leave FCFC or any of its
subsidiaries, or affiliates, including First Commonwealth Bank, for any reason whatsoever, or to hire any such employee. 
 4.03.
Duties. Dolan agrees to be a loyal employee of FCFC. Dolan agrees to devote his best efforts to the performance of his duties for FCFC, to give proper time and attention to furthering FCFC’s business, and to comply with all rules,
regulations and instruments established or issued by, or applicable to, FCFC. Dolan further agrees that during the term of this Agreement, Dolan shall not, directly or indirectly, engage in any business which would detract from Dolan’s ability
to apply his best efforts to the performance of his duties. Dolan also agrees that he shall not usurp any corporate opportunities of FCFC. 
 4.04. Return of Materials. Upon the termination of Dolan’s employment with FCFC for any reason, Dolan shall promptly deliver to FCFC 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 FCFC’s customers or concerning products or processes used by FCFC and, without limiting the foregoing,
will promptly deliver to FCFC any and all other documents or materials containing or constituting Confidential Information. 
 4.05.
Work Made for Hire. Dolan agrees that in the event of publication by Dolan 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., FCFC will retain and own all rights in said materials, including right of copyright. 
 4.06 Non-Compete. Dolan
agrees that for the period of one year from the date of his termination for any reason, he will not, for himself, as an agent, employee, contractor or owner, or on behalf of another person or entity, directly or indirectly, engage in any
“Prohibited Position” with any “Competing Business.” For purposes of this Agreement, “Prohibited Position” shall mean any position, whether as principal, agent, officer, director, employee, 

  

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consultant, shareholder, or otherwise: (i) where Dolan will be engaged in the management, sale, development, or marketing of products or services of the
type provided by FCFC; and (ii) during employment with FCFC, Dolan was privy to or given access to proprietary and/or confidential business information of FCFC concerning FCFC’s management, strategy, performance, sale, development or
marketing of that type of product or service and/or was involved in maintaining the FCFC’s customer relationships or goodwill; “Competing Business” shall mean any person, corporation or other entity which engages in the marketing
and/or sale of: (i) retail banking products in the Commonwealth of Pennsylvania, 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 FCFC, currently and in the future, in the Commonwealth of Pennsylvania, in which Dolan had involvement, and/or about which Dolan learned of, and/or may have acquired any knowledge about, while
employed by FCFC. Dolan also agrees not to enter into, consult about, or become involved with any transactions that he learned and/or became aware of through his employment with FCFC. Dolan acknowledges that this restriction is properly limited so
that it will not interfere with his ability to earn a livelihood and that this restriction is reasonable and necessary to protect FCFC’s legitimate business interest, including the protection of its confidential and trade secret information. In
exchange for the consideration set forth in this Agreement, Dolan agrees to be bound by the terms of Section. The foregoing covenants shall not be deemed to prohibit Dolan 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. 
 ARTICLE V 
 DOLAN’S REPRESENTATIONS AND WARRANTIES

 5.01. Dolan’s Abilities. Dolan represents that his experience and capabilities are such that the provisions of
Article IV will not prevent him from earning his livelihood, and acknowledges that it would cause FCFC serious and irreparable injury and cost if Dolan were to use his ability and knowledge in breach of the obligations contained in Article IV.

 5.02. Remedies. In the event of a breach by Dolan of the terms of this Agreement, FCFC 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 Dolan and to enjoin Dolan 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. Dolan acknowledges, however, that the remedies at law for any breach by him of the provisions of this Agreement may be inadequate and that FCFC shall be entitled to
injunctive relief against him in the event of any breach. 
  

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 ARTICLE VI 
 MISCELLANEOUS 
 6.01. Authorization to Modify Restrictions. It is the intention
of the parties that the provisions of Article IV shall be enforceable to the fullest extent permissible under applicable law, but that the unenforceability (or modification to conform to such law) of any provision or provisions of this Agreement
shall not render unenforceable, or impair, the remainder thereof. If any provision or provisions hereof shall be deemed invalid or unenforceable, either in whole or in part, this Agreement shall be deemed amended to delete or modify, as necessary,
the offending provision or provisions and to alter the bounds thereof in order to render it valid and enforceable. 
 6.02. Entire
Agreement. This Agreement represents the entire agreement of the parties and may be amended only by a writing signed by each of them. This Agreement supersedes all prior arrangements and agreements between the parties, except any Change of
Control Agreement and other agreements referred to herein. In the event that there is a Change of Control as defined by the Change of Control Agreement during the term of this Employment Agreement, the provisions of that Change of Control Agreement
will apply and this Employment Agreement will cease to apply, and Employee will be entitled to no benefits under this Employment Agreement, including the severance benefits in Section 2.05. Notwithstanding the foregoing sentence,
Employee’s obligations under Articles III and IV will continue even if there is a Change of Control. 
 6.03. Governing
Law. This Agreement shall be interpreted, construed, and governed according to the laws of the Commonwealth of Pennsylvania. 
 6.04. Jurisdiction and Service of Process. Dolan and FCFC waive any right to a court (including jury) proceeding and instead agree to submit any dispute over the application, interpretation, validity, or any other aspect of
this Agreement to binding arbitration consistent with the application of the Federal Arbitration Act and the procedural rules of the American Arbitration Association (“AAA”) before an arbitrator who is a member of the National Academy of
Arbitrators (“NAA”) out of a nationwide panel of eleven (11) arbitrators to be supplied by the AAA. FCFC will absorb the fee charged and the expenses incurred by the neutral arbitrator selected. 
 6.05. Agreement Binding. The obligations of Dolan under Articles III and IV of this Agreement shall continue after the termination of his
employment with FCFC for any reason and shall be binding on his heirs, executors, legal representatives and assigns and shall inure to the benefit of any successors and assigns of FCFC. Likewise, the obligations of FCFC shall be binding upon any
successors. 
 DOLAN ACKNOWLEDGES THAT HE HAS READ AND UNDERSTANDS THE FOREGOING PROVISIONS AND THAT SUCH PROVISIONS ARE REASONABLE AND
ENFORCEABLE. 
  

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

									
	WITNESS:	 		 	
			
	/s/ Wendy Reynolds	 		 	/s/ John J. Dolan
		 		 		 	John Dolan
			
	ATTEST:	 		 	
			
		 		 	 FIRST COMMONWEALTH
 FINANCIAL
CORPORATION

				
		 		 	By:	 	/s/ David R. Tomb Jr.
		 		 		 	Name:	 	David Tomb
		 		 		 		 	First Commonwealth Financial
		 		 		 		 	 Corporation
 P.O. Box 400
 Indiana, PA 15701

  

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 EXHIBIT A 

 SEPARATION AGREEMENT AND GENERAL RELEASE 
 WHEREAS, First Commonwealth Financial Corporation (“Employer”) employed John Dolan (“Employee”); and 
 WHEREAS, Employer and Employee wish to resolve any and all matters between them relating to Employee’s employment and termination from employment;

 NOW, THEREFORE, in consideration of the mutual undertakings set forth below, this Separation Agreement and Release (“SAR”) will
govern Employee’s termination from employment with Employer and will resolve, finally and completely, any and all possible claims and disputes between Employer and Employee arising from such employment and termination of employment: 

1. Employer’s employment records will reflect that Employee’s employment with Employer terminated effective (the “Termination
Date”). 
 2. In exchange for Employee’s execution of this SAR, Employer agrees to: 
  

	 	a.	pay to Employee an amount equal to his Base Salary as if he had remained employed for the remainder of his initial term of employment (i.e., through March 1, 2010), less
legally required taxes and withholdings. Said sum is to be paid in one lump sum within sixty (60) days of the date of Employee’s termination from employment. 

  

	 	b.	offer continuation coverage to Employee, as required by Section 4980B of the Internal Revenue Code of 1986, (“Code”) as amended (“COBRA”), under the First
Commonwealth Financial Corporation Group Health Plan (“Plan”) on the terms and conditions mandated by COBRA including Employee’s payment of the applicable COBRA premiums. 

  

	 	c.	 pay Employee, beginning on the 19th month following the date Employee’s employment is terminated an amount equal to the lesser of: (a) Two Thousand Two
Hundred Dollars ($2,200.00) per 

	 	 
month; or (b) the monthly cost of the Conversion Policy coverage (as defined below), less any and all legally required withholdings. Any payment under
this Section will be made to Employee monthly on or before the last day of each month. Payments under this Section will cease on the earlier of: (i) March 2010; (ii) the date Employee fails to continue to maintain the Conversion Policy; or
(iii) the date of Employee’s death. For purposes of this Section, Conversion Coverage means coverage Employee obtains by converting his COBRA benefit into an individual health insurance policy as permitted under state law (“Conversion
Policy”) provided that such conversation is made after Employee has elected and received COBRA coverage under the Plan for the entire initial 18-month COBRA coverage period. While payments are being paid pursuant to this Section, FCFC may
require Employee to provide periodically evidence of the continuation of the Conversion Policy and the monthly cost of such Conversion Policy. Should Employee secure or be offered health coverage through another employer at any time following the
termination of his employment with FCFC but before March 1, 2010, or if Employee does not elect to continue COBRA coverage under the Plan for the entire initial 19 month period (including payment of required COBRA premiums), all of
Employer’s obligations with regard to paying for Conversion Coverage as set forth in this Section shall immediately cease. 

 To the extent required to comply with Section 409A of the Code and to avoid the imposition of additional tax under Code Section 409A(a)(1)(B), payment of amounts due under this Agreement shall be delayed for six months (or the
earliest date on which such amount can be paid without incurring such additional taxes) and any payments during such period shall be accumulated and paid on the first day following the end of such period. 
 Employee acknowledges that he is not otherwise entitled to receive the foregoing payments and benefits unless he executes this SAR. Employee agrees that
he accepts the consideration set forth in Paragraph 2 of this SAR as adequate and in the full, final, and complete settlement of all possible claims which he might have as described in Paragraph 3 of this Release. Employee expressly
understands, agrees and covenants that Employer shall not be 

  

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required to make any further payment, for any reason whatsoever and including any payment of attorneys’ fees or costs, to him or to any person,
attorney, representative, heir or estate, regarding any claim or right whatsoever which might possibly be asserted by him or on his behalf. In the event that Employee dies prior to the amounts set forth in paragraph 2 being paid to him, Employer
agrees to pay any remaining but unpaid amounts to his spouse if she survives him. 
 3. In exchange for the promises contained in paragraph
2, Employee hereby unconditionally releases Employer, its affiliates, officers, directors, Board, employees, shareholders, agents, benefit plans, predecessors, successors and/or assigns from any and all claims, issues, or causes of action, known or
unknown, as of the Effective Date of this Agreement (defined in paragraph 14), including those arising out of Employee’s employment with Employer, Employee’s interaction with Employer’s employees, and Employee’s separation
from employment with Employer, including, but not limited to: (i) all claims under any possible legal, equitable, contract, or tort theory, including, but not limited to, any and all claims for wrongful discharge or for breach of contract and
any and all claims for defamation, slander, invasion of privacy, misrepresentation, negligence, or intentional or negligent infliction of emotional distress; (ii) all claims under any possible statutory theory, including, but not limited to,
any and all claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Federal Rehabilitation Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection
Act, the Pregnancy Discrimination Act, the Equal Pay Act, the Pennsylvania Human Relations Act, and any and all other federal, state, and/or local employment and other legal claims, and any other civil rights law, including any federal, state, or
local law, statute, ordinance, regulation, or executive order prohibiting employment discrimination based on age, sex, sexual orientation, religion, race, color, handicap, disability, retaliation, or any other characteristic proscribed by law, or
any other legal claims, such as whistleblower claims, wrongful discharge claims, and claims for possible attorneys’ fees and costs; (iii) all claims under the Employee Retirement Income Security Act of 1974, all claims under the Wage
Payment and Collection Law, and all claims under the Family and Medical Leave Act; and (iv) all claims for the fees, costs, and expenses of any and all attorneys who have at any time or are now representing Employee in connection with this SAR
or in connection with any matter released by Employee. Employee acknowledges and covenants that he has not sustained any work-related injury or illness during his employment with Employer. Employee acknowledges that he has filed no charges,
complaints, or other claims against Employer. Employee further understands, covenants, and agrees that he will not enter suit or initiate any proceedings of any kind against Employer or any other person or entity on any of the claims mentioned
above. To the extent, however, that any entity or person sues on 

  

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Employee’s behalf concerning any possible claim, Employee agrees that this SAR has fully and finally satisfied any and all possible claims, and Employee
agrees to waive and otherwise relinquish eligibility for any recovery beyond what he has received in this SAR, even if he participates or otherwise assists in such litigation. Notwithstanding anything in the SAR to the contrary, Employee has not
released any right to indemnification under the Pennsylvania Business Corporation Law, any insurance policy covering directors and officers of the Employer or its affiliates, or the Employer’s articles of incorporation or by-laws, with respect
to any actions taken by Employee as a director or officer of the Employer or its affiliates. 
 4. Employee does not waive, nor shall this
SAR be construed to waive, any right which is not subject to waiver as a matter of law (such as a claim for workers’ compensation benefits), claims for vested benefits under, for example, any qualified retirement plan, or any claim or right
which arises after the Effective Date of this Release. 
 5. Employee understands and agrees that Employer, including any successor or
affiliate of Employer, will not be obligated in any way to provide him with future employment, compensation, or benefits in any amount or for any reason, and Employee agrees not to seek any such employment, reemployment, compensation or benefits.

 6. Employee expressly understands and agrees that Employer expressly denies that it harmed him or treated him unlawfully, unfairly or
discriminatorily in any way, or that it retaliated against him. Neither this SAR nor the implementation thereof shall be construed to be, or shall be, admissible in any proceedings as evidence of an admission by Employer of any violation of or
failure to comply with any federal, state or local law, ordinance, agreement, rule, regulation, or order. The preceding sentence does not preclude introduction of this SAR by either party to establish that the other’s claims were resolved and
released according to the terms of this SAR or by Employer or Employee to establish any breach of this SAR. 
 7. Employee is hereby advised
to consult with an attorney prior to executing this SAR to help him fully understand and appreciate its legal effect. Employee swears that he has carefully read the foregoing release, that he understands completely its contents, that he understands
the significance and consequences of signing it, and that he has had a full and fair opportunity to have his attorney explain all of its contents and ramifications. Employee expressly warrants that he has been afforded the opportunity to consider
this SAR for a period of twenty-one (21) calendar days. Employee further swears that he has agreed to and signed this 

  

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SAR knowingly and voluntarily of his own free will, act, and deed, and for full and sufficient consideration. 
 8. Employee shall have a period of seven (7) days following his execution of this SAR to
revoke it (“Revocation Period”), and this SAR shall not be effective or enforceable prior to the expiration of the Revocation Period. Revocation must be made by delivering, within the Revocation Period, a notice to Thaddeus Clements,
Senior Vice President, P.O. Box 400, Indiana, Pennsylvania 15701. The revocation of this SAR by Employee will automatically revoke the terms described in paragraph 2 of this SAR. If Employee does not advise Employer in writing that he revokes
this SAR within the Revocation Period, the SAR shall become effective and be forever enforceable. Employer understands that if he revokes this SAR, he will not receive the sums set forth in paragraph 2 of this SAR. This SAR shall not become
effective or enforceable until at least the eighth (8th) day after the date that Employee signs the SAR.

 9. By entering into this SAR, Employer expressly denies any unlawful or unfair conduct. 
 10. a. Except as otherwise required by law, Employee agrees to refrain from directly or indirectly engaging in publicity or any other action or activity
that reflects adversely upon Employer, its Board, officers, employees, agents and business, including any successor or affiliate. 
 b.
Employee agrees to keep confidential any proprietary information and other knowledge acquired or otherwise learned from or on behalf of Employer during his employment to the extent such information or knowledge has not been published, has not been
disseminated, or is not otherwise a matter of general public knowledge. 
 c. Except as otherwise required by law, Employee agrees to keep
confidential and not disclose the terms of this SAR to any person, with the exception of attorneys or other individuals consulted by Employee to understand the interpretation, application, or legal or financial effect of this SAR or to implement any
portion of it. Employee further agrees that prior to disclosing the terms of this SAR to any of the foregoing individuals, those persons must pledge to strictly maintain such confidentiality before Employee shares such information with them.

  

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 11. If, contrary to this SAR, a lawsuit is filed by Employee, or Employee otherwise commits a material
breach of this SAR, Employer will have the right, without affecting the continued validity and enforceability of the SAR, and in addition to and not in lieu of all other legal and equitable remedies, to discontinue all further payments and benefits
due under this SAR and to seek redress at law for any and all damages, costs and fees. 
 12. In response to inquiries by prospective
employers of Employee, Employer agrees to provide only confirmation of Employee’s job title and dates of employment. All such reference inquiries should be directed solely to Thaddeus Clements. 
 13. Employee warrants that he has returned any and all Employer documents or other materials, including, without limitation, electronic or
“hard” data, software, policy manuals, office supplies, keys, and any Employer property in his possession to Employer. 
 14. In
exchange for Employer’s promises contained in this SAR, Employee has executed this SAR, including the release in paragraph 3 of this Agreement. Employer has no obligation to pay any sums or benefits under this SAR, including under paragraph 2
of this Agreement, until: (1) it receives a fully executed copy of this SAR from Employee; and (2) the Revocation Period set forth in paragraph 8 expires and Employee does not revoke the SAR during the Revocation Period (“Effective
Date”). If Employer revokes the SAR, Employer owes no obligations under this SAR and has no obligations to pay the sums or give the benefits set forth in Paragraph 2. 
 15. Employee and Employer understand and agree that the terms and conditions of this SAR constitute the full and complete understandings, agreements, and
promises of the parties, and that there are no oral or written understandings, agreements, promises, or inducements made or offered other than those set forth in writing in this SAR. Notwithstanding the foregoing, Employee agrees that this SAR does
not cancel, reduce or otherwise diminish any post-employment obligations relating to confidentiality, use of confidential information, non-competition, and non-solicitation, including those set forth in Articles III and IV of his Employment
Agreement. 
 16. Employee agrees that his seat on the Board of Directors of First Commonwealth Financial Corporation and all affiliated
Boards and Committees will end effective the Date of his Termination from Employment. 
  

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 17. Employee is solely responsible for all tax liabilities and other consequences beyond the deductions
made by Employer from amounts payable under this SAR. 
 18. Employee expressly agrees that this SAR will be governed by Pennsylvania law,
except as preempted by federal law. 
 19. Employee and Employer waive any right to a court (including jury) proceeding and instead agree to
submit any dispute over the application, interpretation, validity, or any other aspect of this Agreement to binding arbitration consistent with the application of the Federal Arbitration Act and the procedural rules of the American Arbitration
Association (“AAA”) before an arbitrator who is a member of the National Academy of Arbitrators (“NAA”) out of a nationwide panel of eleven (11) arbitrators to be supplied by the AAA. 
 20. If any court, arbitrator, or other authority determines that any term, condition, clause, or other provision of this SAR is void or invalid, it, he,
or she will have discretion to modify such term, condition, clause, or other provision of this SAR to make it valid, or, alternatively, if it, he, or she declines to make such a modification and leaves it invalid, the remaining portions of this SAR
will remain in full force and effect. 
  

					
	AGREED:	 		 	
			
	   	 		 	 
	John Dolan	 		 	Dated:
                                       
 
	For Myself, My Heirs, Personal	 		 	
	Representatives and Assigns	 		 	

  

					
	AGREED:	 		 	
			
	   	 		 	 
	On Behalf of First Commonwealth	 		 	Dated:
                                       
 
	Financial Corporation	 		 	

  

 -7-

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