# EDGAR Filing Document

**Accession Number:** 0001733998
**File Stem:** 0001733998-26-000014
**Filing Date:** 2026-2
**Character Count:** 23223
**Document Hash:** 5260cd9d61ded7b04ea2203196fb8ced
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001733998-26-000014.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001733998-26-000014

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northwest Natural Holding Co
- **CENTRAL INDEX KEY:** 0001733998
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS DISTRIBUTION [4924]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 824710680
- **STATE OF INCORPORATION:** OR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293846
- **FILM NUMBER:** 26696777

**BUSINESS ADDRESS:**
- **STREET 1:** 250 SW TAYLOR STREET
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97204
- **BUSINESS PHONE:** 503-226-4211

**MAIL ADDRESS:**
- **STREET 1:** 250 SW TAYLOR STREET
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97204

**As filed with the Securities and Exchange Commission on February 27, 2026**

**Registration No. 333-** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

![image_0.jpg](image_0.jpg)

**NORTHWEST NATURAL HOLDING COMPANY** 

**(Exact name of issuer as specified in charter)** 

---

| | |
|:---|:---|
| **Oregon** | **82-4710680** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(IRS Employer**<br>**Identification No.)** |

---

---

| | |
|:---|:---|
| **250 SW Taylor Street**<br>**Portland, Oregon** | **97204** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**NORTHWEST NATURAL HOLDING COMPANY** 

**LONG TERM INCENTIVE PLAN** 

**(formerly known as NORTHWEST NATURAL GAS COMPANY** 

**LONG TERM INCENTIVE PLAN)** 

**(Full title of the plan)** 

**MEGAN H. BERGE** 

**Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary**

**Northwest Natural Holding Company** 

**250 SW Taylor Street** 

**Portland, Oregon 97204** 

**(Name and address of agent for service)** 

**Telephone number, including area code, of agent for service: (503) 226-4211** 

***Copy to:*** 

**STEVEN H. HULL** 

**Stoel Rives LLP** 

**760 SW Ninth Avenue, Suite 3000** 

**Portland, Oregon 97205** 

------

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer,"

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act . ☐

------

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 is being filed by Northwest Natural Holding Company (the "Company") to register an additional 1,150,000 shares of the Company's common stock ("Common Stock") issuable under the Company's Long Term Incentive Plan (as amended as of October 1, 2018, February 23, 2023, February 22, 2024, and May 22, 2025, the "Plan"). An amendment to increase the number of shares of Common Stock available to be awarded under the Plan by 1,150,000 was described in the Company's definitive proxy statement, filed with the Securities and Exchange Commission on April 10, 2025, and was approved by the Company's shareholders on May 22, 2025.

The Company previously filed (i) a Registration Statement on Form S-8 on November 3, 2017 (<u>[File No. 333-221347](https://www.sec.gov/Archives/edgar/data/73020/000119312518292047/d617904ds8pos.htm)</u>) relating to the Plan, as amended by the Post-Effective Amendment to Registration Statement on Form S-8 filed on October 3, 2018 (as amended, the "2017 Registration Statement"), and (ii) a Registration Statement on Form S-8 on March 1, 2013 (<u>[File No. 333-187005](https://www.sec.gov/Archives/edgar/data/1733998/000119312518292051/d617896ds8pos.htm)</u>) relating to the Plan, as amended by the Post-Effective Amendment to Registration Statement on Form S-8 filed on October 3, 2018 (as amended, the "2013 Registration Statement" and together with the 2017 Registration Statement, the "Prior Registration Statements"). Pursuant to General Instruction E to Form S-8, this Registration Statement incorporates by reference the contents of the Prior Registration Statements, except to the extent supplemented, amended or superseded by the information set forth in this Registration Statement. Only those items of Form S-8 containing new information not contained in the Prior Registration Statements are presented in this Registration Statement.

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3. Incorporation of Documents by Reference.** 

The following documents filed with the Securities and Exchange Commission (the "Commission") by the Company pursuant to the Securities Exchange Act of 1934 (the "Exchange Act"), or as otherwise indicated, are hereby incorporated in this Registration Statement by reference:

(a) The Company's latest annual report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1733998/000173399826000012/nwn-20251231.htm)</u> for the fiscal year ended December 31, 2025 (filed on February 27, 2026).

(b) The description of the Common Stock of the Company contained in <u>[Exhibit 4(c)](https://www.sec.gov/Archives/edgar/data/1733998/000173399825000078/ex4cdescriptionofcommonsto.htm)</u> to the Company's Current Report on Form 8-K filed with the Commission on March 18, 2025.

All reports and other documents subsequently filed by the Company pursuant to Sections 13(a) and (c), 14 and 15(d) of the Exchange Act (excluding information deemed to be furnished and not filed with the Commission) prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of the filing of such reports and documents.

**Item 6. Indemnification of Directors and Officers.** 

The Oregon Business Corporation Act (the "Act") authorizes that a corporation may indemnify an individual against certain liability incurred in a proceeding to which the individual was made a party because the individual is or was an officer or director of the corporation if:

(a) the conduct of the individual was in good faith;

(b) the individual reasonably believed that his or her conduct was in the best interests of the corporation or at least not opposed to its best interests; and

(c) in the case of any criminal proceeding, the individual had no reasonable cause to believe his or her conduct was unlawful.

------

A director or officer's conduct with respect to an employee benefit plan for a purpose the director or officer reasonably believed to be in the interests of the participants in and beneficiaries of the plan is conduct that satisfies the requirement of (b) above. Furthermore, the termination of a proceeding by judgment, order, settlement or conviction or upon a plea of nolo contendere or its equivalent is not, of itself, determinative that the director or officer did not meet the standard of conduct described herein.

Under the Act, a corporation may not indemnify an individual against liability incurred in a proceeding to which the individual was made a party because the individual is or was a director or officer of the corporation in connection with:

(a) a proceeding by or in the right of the corporation in which the individual was adjudged liable to the corporation; or

(b) a proceeding (other than a proceeding by or in the right of the corporation) charging the individual with improper personal benefit to the individual and the individual was adjudged liable for improperly receiving a personal benefit.

Unless limited by a corporation's articles of incorporation, the Act mandates indemnification of directors and officers who are wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director or officer was a party because of being a director or officer of the corporation against reasonable expenses incurred in connection with the proceeding.

The Act also authorizes a court to order indemnification, whether or not the above standards of conduct have been met if the court determines that the director or officer is fairly and reasonably entitled to indemnification in view of all the relevant circumstances.

The Company's Amended and Restated Bylaws provide that the Company shall indemnify directors and officers to the fullest extent permitted under the Act, thus making mandatory the discretionary indemnification authorized by the Act.

The Company's Amended and Restated Articles of Incorporation provide that the Company shall indemnify its officers and directors to the fullest extent permitted by law, which may be broader than the indemnification authorized by the Act.

The Company has entered into indemnity agreements with its directors and officers which provide for indemnity to the fullest extent permitted by law and also alter or clarify the statutory indemnity in the following respects:

(1) prompt advancement of litigation expenses is provided if the director or officer makes the required affirmation and undertaking;

(2) the director or officer is permitted to enforce the indemnity obligation in court and the burden is on the Company to prove that the director or officer is not entitled to indemnification;

(3) indemnity is explicitly provided for judgments and settlements in derivative actions;

(4) prompt indemnification is provided unless a determination is made that the director or officer is not entitled to indemnification; and

(5) partial indemnification is permitted if the director or officer is not entitled to full indemnification.

The Company maintains in effect a policy of insurance providing for reimbursement to the Company of payments made to directors and officers as indemnity for damages, judgments, settlements, costs and expenses incurred by them which the Company may be required or permitted to make according to applicable law, common or statutory, or under provisions of its Amended and Restated Articles of Incorporation, Amended and Restated Bylaws or agreements effective under such laws.

------

**Item 8. Exhibits.** 

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| | |
|:---|:---|
| Exhibit Number | Document Description |
| \*4.1 | <u>[Amended and Restated Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Form 8-K filed October 1, 2018, File No. 1-38681).](https://www.sec.gov/Archives/edgar/data/1733998/000119312518288466/d625042dex31.htm)</u> |
| \*4.2 | <u>[Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.1 to the Form 8-K filed July 25, 2025, File No. 1-38681).](https://www.sec.gov/Archives/edgar/data/1733998/000173399825000125/ex31northwestnaturalholdin.htm)</u> |
| \*4.3 | <u>[Northwest Natural Holding Company Long Term Incentive Plan (as amended as of October 1, 2018, February 23, 2023 and February 22, 2024, and May 22, 2025) (incorporated by reference to Exhibit 10.1 to the Form 8-K filed May 27, 2025, File No. 1-38681).](https://www.sec.gov/Archives/edgar/data/1733998/000173399825000108/exhibit101nwholdingsltip.htm)</u> |
| 5.1 | <u>[Opinion of Stoel Rives LLP.](ex51opinionofstoelrivesllp.htm)</u> |
| 23.1 | <u>[Consent of PricewaterhouseCoopers LLP.](ex231consentofpricewaterho.htm)</u> |
| 23.2 | Consent of Stoel Rives LLP (included in Exhibit 5.1). |
| 24.1 | Power of Attorney (included on the signature page hereto). |
| 107 | <u>[Filing Fee Table.](exfilingfees.htm)</u> |

---

\*Incorporated by reference as indicated.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Portland, State of Oregon on this [27th] day of February, 2026.

---

| | |
|:---|:---|
| **NORTHWEST NATURAL HOLDING COMPANY** | **NORTHWEST NATURAL HOLDING COMPANY** |
| By | /s/ Justin B. Palfreyman |
| | Justin B. Palfreyman |
| | President and Chief Executive Officer |

---

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each individual whose signature appears below constitutes and appoints Justin B. Palfreyman, Raymond J. Kaszuba III, Brody J. Wilson and Megan H. Berge and each of them severally, as his or her attorneys-in-fact, each with the power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to the registration statement, and to file the same, with all exhibits thereto and all documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that such attorneys-in-fact and agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons on February 27, 2026 in the capacities indicated.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Justin B. Palfreyman | President and Chief Executive Officer and Director |
| Justin B. Palfreyman | (Principal Executive Officer and Director) |
| /s/ Raymond J. Kaszuba III | Senior Vice President and Chief Financial Officer |
| Raymond J. Kaszuba III | (Principal Financial Officer) |
| /s/ Brody J. Wilson | Vice President, Treasurer, Chief Accounting Officer and Controller |
| Brody J. Wilson | (Principal Accounting Officer) |
| /s/ David H. Anderson | Director |
| David H. Anderson | |
| /s/ Peter J. Bragdon | Director |
| Peter J. Bragdon | |
| /s/ Monica Enand | Director |
| Monica Enand | |
| /s/ Karen Lee | Director |

---

------

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| | |
|:---|:---|
| Karen Lee | |
| /s/ Mary E. Ludford | Director |
| Mary E. Ludford | |
| /s/ Sandra McDonough | Director |
| Sandra McDonough | |
| /s/ Nathan I. Partain | Director |
| Nathan I. Partain | |
| /s/ Jane L. Peverett | Director |
| Jane L. Peverett | |
| /s/ Malia H. Wasson | Director |
| Malia H. Wasson | |
| /s/ Charles A. Wilhoite | Director |
| Charles A. Wilhoite | |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? exfilingfees

**Exhibit 107**

---

| |
|:---|
| **CALCULATION OF REGISTRATION FEE** |
| **<u>FORM S-8</u>** |
| (Form Type) |
| REGISTRATION STATEMENT UNDER |
| THE SECURITIES ACT OF 1933 |
| NORTHWEST NATURAL HOLDING COMPANY |
| (Exact Name of Registrant as Specified in Its Charter) |
| Table 1: Newly Registered Securities |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>Security Type | <br>Security Class Title | <br>Fee Calculation Rule | &nbsp;&nbsp;&nbsp;<br>Amount Registered<sup>(1)</sup> | Proposed Maximum Offering Price Per<br>Unit<sup>(2)</sup> | Maximum Aggregate Offering Price | <br>Fee Rate | <br>Amount of Registration Fee |
| &nbsp;&nbsp;&nbsp;**Equity** | Common Stock | Other | &nbsp;&nbsp;&nbsp;&nbsp;1150000<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$49.54 | $56971000 | $0.0001381 | $7867.70 |
| **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $56971000 |  | $7867.70 |
| **Total Fee Offsets**<sup>(4)</sup>  | **Total Fee Offsets**<sup>(4)</sup>  | **Total Fee Offsets**<sup>(4)</sup>  | **Total Fee Offsets**<sup>(4)</sup>  |  |  |  | $0.00 |
| **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $7867.70 |

---

1. Pursuant to Rule 416(a) promulgated under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional shares of common stock of Northwest Natural Holding Company (the "Registrant") that become issuable under the Registrant's Long Term Incentive Plan (as amended as of October 1, 2018, February 23, 2023, February 22, 2024, and May 22, 2025, the "Plan") by reason of any stock dividend, stock split, recapitalization, or other similar transaction effected that results in an increase to the number of outstanding shares of Registrant's common stock, as applicable.

2. Calculated solely for purposes of calculating the registration fee, based on the average of the high and low selling prices per share of the Registrant's common stock on the New York Stock Exchange on February 20, 2026 (such date being within five business days of the date that this registration statement was filed with the SEC). This calculation is in accordance with Rule 457(c) of the Securities Act.

3. The shares being registered represent 1,150,000 shares of the Registrant's common stock under the Plan as a result of the shareholders of the Registrant approving an amendment to the Plan to, among other things, increase the shares of the Registrant's common stock available for issuance under the Plan at the Registrant's 2025 Annual Meeting of Shareholders on May 22, 2025.

4. The Registrant does not have any fee offsets.

## Exhibit 5.1

**Exhibit 5.1**

February 27, 2026

Northwest Natural Holding Company

250 S.W. Taylor Street

Portland, Oregon 97204

Re: Northwest Natural Holding Company – Registration Statement on Form S-8

Ladies and Gentlemen:

You have requested our opinion with respect to certain matters in connection with the filing by Northwest Natural Holding Company, an Oregon corporation (the "***Company***"), of a Registration Statement on Form S-8 (the "***Registration Statement***") under the Securities Act of 1933, as amended (the "***Securities Act***"), with the Securities and Exchange Commission, covering 1,150,000 shares (the "***Shares***") of the Company's common stock (the "***Common Stock***"), reserved for future issuance under the Company's Long Term Incentive Plan (as amended as of October 1, 2018, February 23, 2023, February 22, 2024, and May 22, 2025, the "***Plan***").

We have reviewed the corporate actions of the Company in connection with this matter and have examined the documents, corporate records, and other instruments we deemed necessary for the purposes of this opinion.

In such examination, we have assumed: (i) the authenticity and completeness of all documents submitted to us as original documents and the genuineness of all signatures; (ii) the conformity to the authentic originals of all documents submitted to us as copies; (iii) the truth, accuracy, and completeness of the information, representations and warranties contained in the records, documents, instruments, and certificates we have reviewed; (iv) the legal capacity of each natural person executing the agreements described in this opinion; (v) that there has been no undisclosed waiver of any right, remedy or provision contained in any such documents; (vi) that the statements contained in the certificates and comparable documents of public officials, officers and representatives of the Company and other persons on which we have relied for the purposes of this opinion letter are true and correct on and as of the date hereof; (vii) shares of the Common Stock that the board of directors of the Company reserved for issuance under the Plan will remain available for the issuance of the Shares; and (viii) none of the Company's Amended and Restated Articles of Incorporation, as in effect on the date hereof, the Company's Amended and Restated Bylaws, as in effect on the date hereof, nor any of the proceedings relating to either the Plan or any of the award agreements relating to the Shares will be rescinded, amended or otherwise modified prior to the issuance of the Shares. In making our examination of executed documents or documents to be executed, we have assumed that the parties to such documents, other than the Company, had or will have the power, corporate, trust or otherwise, to enter into and perform all obligations under such documents and have also assumed the due authorization by all requisite action, corporate, trust or otherwise, and execution and delivery by such parties of such documents and that such documents constitute valid and binding obligations of such parties.

On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares, when issued and sold in accordance with the terms of the Plan and against proper payment and consideration thereof and pursuant to the agreements that accompany the Plan, will be validly issued, fully paid and nonassessable.

------

We consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are included in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

We express no opinion as to matters governed by any laws other than the corporate laws of the State of Oregon and the federal laws of the United States.

This opinion letter is rendered as of the date first written above, and we disclaim any obligation to advise you of facts, circumstances, events or developments which hereafter may be brought to our attention and which may alter, affect or modify the opinion expressed herein. Our opinion is expressly limited to the matters set forth above, and no opinion should be inferred or implied beyond that expressly stated in this opinion.

Very truly yours,

/s/ Stoel Rives LLP

Stoel Rives LLP

## Exhibit 23.1

![image_0a.jpg](image_0a.jpg)

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Northwest Natural Holding Company of our report dated February 27, 2026 relating to the financial statements, financial statement schedules, and the effectiveness of internal control over financial reporting, which appears in Northwest Natural Holding Company's Annual Report on Form 10-K for the year ended December 31, 2025.

/s/ PricewaterhouseCoopers LLP

Portland, Oregon

February 27, 2026

PricewaterhouseCoopers LLP, 805 SW Broadway, Suite 800, Portland, OR 97205

T: (971) 544-4100, www.pwc.com/us

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