David L Cohen
U.S. Ambassador to Canada
Observations
  • Millionaire
  • Lobbyist
Estimated Net Worth
  • estimated net worth
    $277.8 M - $888.0 M
Salary
  • salary
    Unknown
Employment
  • Started 11/02/2021

Financial Disclosure Details - OGE Form 278e (04/26/2021)

Positions Held Outside United States Government

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Organization
City
Position
To
5
Philadelphia, Pennsylvania
Senior Executive Vice President
12/2020
6
Philadelphia, Pennsylvania
Senior Advisor to CEO of Comcast Corporation
Present

Employment Agreements and Arrangements

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Employer Or Party
City
Status And Terms
Date
1
Philadelphia, Pennsylvania
Employment Agreement: In December 2020, I stepped down from my position as Senior Executive Vice President of Comcast Corporation and entered into an amended Employment Agreement codifying a part-time work commitment with the Company as a Senior Advisor to the CEO. In anticipation of this change in status, in July 2020, I renegotiated my employment agreement (“the July 2020 Amendment”) which provides: • A five-year term – from January 1, 2021 to December 31, 2025, with a salary of a fixed amount per annum for the term. • Elimination of future annual cash bonuses or future equity, RSU grants, Deferred Compensation contributions, or Stock Option grants • a limitation on my ability to work for other employers (non-profit and civic engagements were exempted), without the consent of the Company. The five-year term with base salary was designed to provide the benefits that had been afforded to previous Named Executive Officers (”NEOs”) and other senior executives who had terminated employment and were not going into the government, including continued participation in the Company’s equity compensation plans for vesting purposes only and continued access to health and welfare benefits for a period after they had terminated employment with the Company. Based on further discussions with the Company, the Company has agreed to modifications to my employment agreement to permit me to maintain my interests in my Deferred Compensation Account at certain interest rates and to allow for accelerated vesting and delivery of Restricted Stock Units and the Stock Options, as described elsewhere in this Part 3. All salary payments will end upon separation from the Company.
1/2021
2
Philadelphia, Pennsylvania
Deferred Compensation Plan: I participated in the Company’s Deferred Compensation Plans, which permitted me the right to defer certain compensation earned for services provided to the Company. Effective January 2021, I was no longer entitled to make additional deferrals. My current deferred compensation balances are in accounts that accrue yields on the balance at the annual rates of 9% and 12%, depending on the dates of deferral. Typically, retiring NEOs and senior executives are afforded additional years of crediting at the 9% and 12% rates. The July 2020 Amendment was in part designed to afford me that benefit – i.e., to continue receiving interest crediting to plans’ balances at the 9% and 12% rates for five-years. This treatment is comparable to the treatment afforded other retiring NEOs and senior executives. After the end of the employment agreement in five years, the interest crediting rate on my deferred compensation plans’ balances under the agreement would drop to prime plus 1%, unless I choose to "re-defer" the compensation pursuant to the terms of the deferred compensation plan and the July 2020 Amendment. As set out in the plan documents, I am entitled to “re-defer” balances in my deferred compensation accounts, or allow them to be distributed. Once I am no longer employed by the Company, however, my redeferred balances will no longer be in a cash account accruing at 9% and 12%, but instead the yield on such accounts will be calculated based upon the yield of selected market-based funds similar to mutual funds. The first such re-deferral date will be in 2025. The Company has agreed to permit me to maintain my deferred compensation accounts continued interest crediting at the 9% and 12% rates following my termination for the five years contemplated by the July 2020 Amendment. This period will end on December 31, 2025, at which time my deferred compensation will drop to prime plus 1% for any compensation that I have not redeferred.
1/2021
3
Philadelphia, Pennsylvania
Stock Option Plan: I participated in the Company’s Nonqualified Stock Option Plan (the “stock option plan”) under which I have been awarded stock option grants, either as part of an annual management grant or for extraordinary events such as signing a new employment agreement. My last grant of options was issued in January 2021. I currently have 2,952,480 vested stock options. I also have 1,901,250 options that are not formally vested, but, because of my age and years of service, under the terms of the stock option plan, such stock options would continue to vest and would not be forfeited if I terminated my employment. I also have 219,245 options that are subject to forfeiture in the event of termination of my employment. Except for my last option grant in January 2021, my options become exercisable over a 9.5 year period (the January 2021 grant becomes exercisable over five years). All of my options have a ten-year life. Under the terms of the stock option plan, all of my options continue to be delivered and become exercisable in annual increments for a period of five years following my termination of employment because I have qualified for retirement as that term is defined in the stock option plans. Pursuant to the stock option plan, I am entitled to five years of continued delivery following my termination of employment and then am afforded an additional three months to exercise my options or until the expiration date of the options if the option term expires sooner. In view of my outstanding service to the Company and its performance, the Company has agreed that I am entitled to the full vesting and accelerated delivery of my stock options to be distributed by July 1, 2021. (subject to required tax withholding).
1/2021
4
Philadelphia, Pennsylvania
Restricted Stock Plan: I participated in the Company’s Restricted Stock Plans (the “RSU plan”). Pursuant to the RSU plan, I have been awarded restricted stock units (“RSUs”). My last grant of RSUs was in January 2021. All RSUs convert to Comcast stock as they vest, which occurs over a five-year period. I currently have been granted 340,859 RSUs that are not formally vested and that have not yet become Comcast stock. Of these, in accordance with the terms of the RSU plan and because of my age and years of service, I have the fixed right to continued vesting for four years for 307,323 RSUs, which right is not revocable, leaving 33,536 RSUs that are subject to forfeiture in the event of termination of my employment. Pursuant to the RSU plan, the vesting schedule is as follows: 15% of the award after year one through four years, and 40% on the fifth anniversary of the award. In view of my outstanding service to the Company and its performance, the Company has agreed that I am entitled to the full vesting and accelerated delivery of my RSUs at the greater of their last respective achievement levels or 100% and be distributed by July 1, 2021(subject to required tax withholding).
1/2021
5
Philadelphia, Pennsylvania
Health and Welfare Benefits: I participate in the Company’s health and welfare benefit plans. Upon termination of employment for government service, the Company’s payments for such plans would terminate.
1/2021
6
Philadelphia, Pennsylvania
Employee Stock Purchase Plan: I participate in the Company’s employee stock purchase plan. Each year, I am permitted to purchase up to $21,250 of stock at a 15% discount (off the lower of the closing price on the first business day of a quarter and the closing price on the last business day of a quarter). Under the terms of the plan, I must hold that stock for a period of one year.
1/2021
7
Philadelphia, Pennsylvania
401(k) Plan : As a Comcast Corporation employee, I am permitted to contribute a portion of my annual compensation to a 401(k) plan. Pursuant to the terms of the Comcast Corporation 401(k) plan I direct the investment of my account. In addition, based on my 2021 employee contributions to the plan of $19,500, I was granted a 2021 firm matching contribution in the amount of $17,400, which was allocated to my account during the first quarter of 2021. Upon leaving Comcast, I plan to roll the 401(k) into the existing IRA reported on Line 25 in Part 2.
7/2002
8
Philadelphia, Pennsylvania
Courtesy Cable Services -- I have received courtesy cable, internet, and telephone services under Comcast’s courtesy cable policy at my two residences. Pursuant to the policy, courtesy services will continue for three years following my retirement or following the termination of severance payments pursuant to a retirement employment agreement.
7/2002

Sources of Compensation Exceeding $5,000 in a Year

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Source
City
Duties
1
Philadelphia, Pennsylvania
Senior Advisor to CEO of Comcast Corporation

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