Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

First Commonwealth Financial Corporation (the "Company") entered into a Separation Agreement with Edward J. Lipkus, III, former Executive Vice President and Chief Financial Officer of the Company. Under the terms of the Separation Agreement, the Company will pay Mr. Lipkus a lump sum separation payment in the amount of $140,000 and will pay the cost of continuation coverage for Mr. Lipkus and his family under the Company's group health care plan for a period of up to 13 weeks from and after the termination of his employment at an estimated cost of $3,460. In exchange for the separation payment and benefits, Mr. Lipkus has released the Company and its subsidiaries, directors, officers, employees and other affiliates from any claims that he may have as a result of his employment by, association with and separation from the Company.

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