THIS AGREEMENT is made as of the 19th day of October, 2007, by and between First Commonwealth Bank, a
Pennsylvania corporation (“FCB”), and T. Michael Price (“Price”).
W I T N E S S E T H :
WHEREAS , FCB wishes to employ Price as its President , Price wishes to be employed in that capacity, and Price is willing
to accept employment with FCB upon the terms and conditions hereinafter set forth:
NOW, THEREFORE , intending to be legally bound, FCB agrees to employ Price, and Price agrees to be employed by FCB,
upon the following terms and conditions:
1.01. Office . Price is employed hereunder as President of First Commonwealth Bank reporting directly to the Board and in
such capacity shall use his best energies and abilities in the performance of his duties and in the performance of such other
duties as may be assigned to him from time to time by FCB’s Board of Directors (“Board”) or the Chief Executive Officer of First
Commonwealth Financial Corporation (“FCFC”).
1.02. Term . Subject to the terms and provisions of Article II, Price’s employment hereunder shall begin on November 12,
2007 and shall continue through November 30, 2010, unless extended in accordance with the following sentence. Price’s
employment hereunder shall automatically be extended on December 1, 2010 and on each subsequent December 1 for
successive one (1) year periods unless either party gives notice in writing to the other party at least sixty (60) days prior to the
end of any such term that they do not intend to extend employment for another year.
1.03. Base Salary . Beginning November 12, 2007, compensation shall be paid to Price by FCB at the rate of Three
Hundred and Fifty Thousand Dollars ($350,000.00) per annum (the “Base Salary”), payable in equal monthly installments, less
applicable and elected deductions. Price’s Base Salary may be increased but not decreased by the Board at any time based
upon Price’s contributions to the success of FCB and on such