Document:

Executive Deferred Compensation Plan

 EXHIBIT 10.1 
 NORTHWEST NATURAL GAS COMPANY 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 2007 RESTATEMENT 
 Effective January 1,
1987 
 Restated as of January 1, 2007 

 TABLE OF CONTENTS 
  

					
	  	  	 	  	PAGE
	 ARTICLE I
	  	PURPOSE	  	1
			
	 1.1
	  	Restatement	  	1
	 1.2
	  	Purpose	  	1
			
	 ARTICLE II
	  	DEFINITIONS	  	1
			
	 2.1
	  	Account	  	1
	 2.2
	  	Acquiror Stock	  	1
	 2.3
	  	Base Annual Salary	  	1
	 2.4
	  	Beneficiary	  	1
	 2.5
	  	Board	  	1
	 2.6
	  	Bonus	  	2
	 2.7
	  	Cash Compensation	  	2
	 2.8
	  	Change in Control	  	2
	 2.9
	  	Committee	  	2
	 2.10
	  	Common Stock	  	2
	 2.11
	  	Compensation	  	2
	 2.12
	  	Corporate Transaction	  	3
	 2.13
	  	Corporation	  	3
	 2.14
	  	Deferral Commitment	  	3
	 2.15
	  	Deferral Deadline	  	3
	 2.16
	  	Deferred Cash Compensation	  	3
	 2.17
	  	Deferred Compensation Account Benefit	  	3
	 2.18
	  	Determination Date	  	3
	 2.19
	  	Disability	  	4
	 2.20
	  	Executive	  	4
	 2.21
	  	Financial Hardship	  	4
	 2.22
	  	Interest	  	4
	 2.23
	  	LTIP Compensation	  	4
	 2.24
	  	Matching Contribution	  	4
	 2.25
	  	Participation Agreement	  	4
	 2.26
	  	Plan Benefits	  	4
	 2.27
	  	Retirement	  	4
	 2.28
	  	Retirement Plan	  	4
	 2.29
	  	Supplemental Retirement Benefit	  	4
	 2.30
	  	Trust	  	5
			
	 ARTICLE III
	  	DEFERRAL COMMITMENTS	  	5
			
	 3.1
	  	Participation	  	5
	 3.2
	  	Deferral Election.	  	5

  

 i 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	 	  	PAGE
	 ARTICLE IV
	  	DEFERRED COMPENSATION ACCOUNTS	  	6
			
	 4.1
	  	Accounts	  	6
	 4.2
	  	Matching Contribution	  	6
	 4.3
	  	Stock Account	  	6
	 4.4
	  	Cash Account	  	7
	 4.5
	  	Effect of Corporate Transaction on Stock Accounts	  	7
	 4.6
	  	Statement of Account	  	8
			
	 ARTICLE V
	  	PLAN BENEFITS	  	8
			
	 5.1
	  	Plan Benefit	  	8
	 5.2
	  	Commencement of Payments.	  	8
	 5.3
	  	Lump Sum or Installment Payments.	  	8
	 5.4
	  	Form of Benefit Payment	  	9
	 5.5
	  	Hardship Distributions	  	9
	 5.6
	  	Death Benefit	  	9
	 5.7
	  	Supplemental Retirement Benefit	  	9
	 5.8
	  	Withholding; Payroll Taxes	  	10
	 5.9
	  	Payment to Guardian	  	10
	 5.10
	  	Accelerated Distribution	  	10
			
	 ARTICLE VI
	  	BENEFICIARY DESIGNATION	  	11
			
	 6.1
	  	Beneficiary Designation	  	11
	 6.2
	  	Amendments	  	11
	 6.3
	  	No Beneficiary Designation	  	11
	 6.4
	  	Effect of Payment	  	11
			
	 ARTICLE VII
	  	ADMINISTRATION	  	11
			
	 7.1
	  	Committee; Duties	  	11
	 7.2
	  	Agents	  	11
	 7.3
	  	Binding Effect of Decisions	  	12
	 7.4
	  	Indemnity of Committee	  	12
			
	 ARTICLE VIII
	  	CLAIMS PROCEDURE	  	12
			
	 8.1
	  	Claim	  	12
	 8.2
	  	Denial of Claim	  	12
	 8.3
	  	Review of Claim	  	12
	 8.4
	  	Final Decision	  	12

  

 ii 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	 	  	PAGE
	 ARTICLE IX
	  	AMENDMENT AND TERMINATION OF THE PLAN	  	12
			
	 9.1
	  	Amendment	  	12
	 9.2
	  	Corporation’s Right to Terminate	  	13
			
	 ARTICLE X
	  	MISCELLANEOUS	  	14
			
	 10.1
	  	Unfunded Plan	  	14
	 10.2
	  	Unsecured General Creditor	  	14
	 10.3
	  	Trust Fund	  	14
	 10.4
	  	Nonassignability	  	14
	 10.5
	  	Not a Contract of Employment	  	15
	 10.6
	  	Protective Provision	  	15
	 10.7
	  	Governing Law	  	15
	 10.8
	  	Validity	  	15
	 10.9
	  	Notice	  	15
	 10.10
	  	Successors	  	15

  

 iii 

 NORTHWEST NATURAL GAS COMPANY 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 Effective as of January 1, 1987 

Restated as of January 1, 2007 
 ARTICLE I 
 PURPOSE 
 1.1 Restatement. Northwest Natural Gas Company adopted an Executive Deferred Compensation Plan (the “Plan”) effective January 1, 1987, which was previously restated effective as of January 1,
2001, January 1, 2003, and December 15, 2005. The existing plan is amended and restated by this Restatement, effective as of January 1, 2007. 
 1.2 Purpose. The purpose of this Executive Deferred Compensation Plan is to provide an unfunded deferred compensation plan for a select group of top management personnel. 
 ARTICLE II 
 DEFINITIONS 
 For purposes of this Plan, the following words and phrases shall have the meanings indicated, unless the context clearly indicates otherwise: 

2.1 Account. “Account” means the record or records maintained by the Corporation for each Executive in accordance with Article IV
with respect to any deferral of Compensation pursuant to this Plan. An Account shall be either a “Stock Account” as described in Section 4.3 or a “Cash Account” as described in Section 4.4. 
 2.2 Acquiror Stock. “Acquiror Stock” is defined in Section 4.5. 
 2.3 Base Annual Salary. “Base Annual Salary” means the annual compensation payable to an Executive, excluding bonuses, commissions, LTIP
Compensation and other noncash compensation. 
 2.4 Beneficiary. “Beneficiary” means the person, persons or entity
designated under Article VI to receive any Plan Benefits payable after an Executive’s death. 
 2.5 Board. “Board”
means the Board of Directors of Northwest Natural Gas Company or any successor thereto. 
  

 PAGE 1 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 2.6 Bonus. “Bonus” means the compensation derived under the Corporation’s Executive
Annual Incentive Plan or other similar incentive plan and payable in any year in a lump sum to an Executive. 
 2.7 Cash Compensation.
“Cash Compensation” means the total Base Annual Salary and Bonus remuneration payable by the Corporation to the Executive for services. 
 2.8 Change in Control. “Change in Control” means the occurrence of any of the following events: 
 (a) The consummation of: 
 (i) any consolidation, merger or plan of share exchange involving the Corporation (a
“Merger”) as a result of which the holders of outstanding securities of the Corporation ordinarily having the right to vote for the election of directors (“Voting Securities”) immediately prior to the Merger do not continue to
hold at least 50% of the combined voting power of the outstanding Voting Securities of the surviving corporation or a parent corporation of the surviving corporation immediately after the Merger, disregarding any Voting Securities issued to or
retained by such holders in respect of securities of any other party to the Merger; or 
 (ii) any sale, lease, exchange or
other transfer (in one transaction or a series of related transactions) of all, or substantially all, the assets of the Corporation; 
 (b) At any time during a period of two consecutive years, individuals who at the beginning of such period constituted the board of directors of the Corporation (“Incumbent Directors”) shall cease for any reason to constitute at
least a majority thereof; provided, however, that the term “Incumbent Director” shall also include each new director elected during such two-year period whose nomination or election was approved by two-thirds of the Incumbent Directors
then in office; or 
 (c) Any person (as such term is used in Section 14(d) of the Securities Exchange Act of 1934, other
than the Corporation or any employee benefit plan sponsored by the Corporation) shall, as a result of a tender or exchange offer, open market purchases or privately negotiated purchases from anyone other than the Corporation, have become the
beneficial owner (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of Voting Securities representing twenty percent (20%) or more of the combined voting power of the then outstanding Voting
Securities. 
 2.9 Committee. “Committee” means the Organization and Executive Compensation Committee, or such other
Committee as may be designated by the Board. 
 2.10 Common Stock. “Common Stock” means common stock of the Corporation.

 2.11 Compensation. “Compensation” means Cash Compensation and LTIP Compensation. 
  

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 2.12 Corporate Transaction. “Corporate Transaction” means any of the following:

 (a) any consolidation, merger or plan of share exchange involving the Corporation pursuant to which shares of Common Stock
would be converted into cash, securities or other property; or 
 (b) any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of all, or substantially all, the assets of the Corporation. 
 2.13 Corporation.
“Corporation” means Northwest Natural Gas Company, an Oregon corporation, or any successor thereto, and any corporations or other entities affiliated with or subsidiary to it that may be selected by the Board from time to time and which
take action to adopt and implement this Plan. 
 2.14 Deferral Commitment. “Deferral Commitment” means a Deferral Commitment
made by an Executive pursuant to Article III and for which a Participation Agreement has been submitted by the Executive to the Committee. 
 2.15 Deferral Deadline. “Deferral Deadline” means, for any Compensation payable to an Executive, the last day on which the Executive can submit a Participation Agreement to make a Deferral Commitment with respect to such
Compensation. The Deferral Deadlines for various forms of Compensation shall be as follows: 
 (a) For Base Annual Salary
payable in any calendar year, the Deferral Deadline shall be the last day of the previous calendar year; provided, however, that for a person who becomes an eligible Executive during a year, the Deferral Deadline for Base Annual Salary payable for
the remainder of the year shall be 30 days after the person becomes an Executive and the Deferral Commitment shall only apply to Base Annual Salary payable after the Participation Agreement is submitted. 
 (b) For Bonus payable in any calendar year, including Bonus payable with respect to the Executive’s or the Corporation’s
performance in the previous calendar year, the Deferral Deadline shall be the last day of the previous calendar year. 
 (c)
For LTIP Compensation payable at any time, the Deferral Deadline shall be the date one year prior to the vesting date for time-based awards and the date one year prior to the last day of the award period for performance-based awards; provided,
however, that the Deferral Deadline for any LTIP Compensation that becomes payable in any calendar year on an accelerated basis as a result of a Change in Control shall be the last day of the previous calendar year. 
 2.16 Deferred Cash Compensation. “Deferred Cash Compensation” means the amount of Cash Compensation that the Executive elects to defer
pursuant to a Deferral Commitment. 
 2.17 Deferred Compensation Account Benefit. “Deferred Compensation Account Benefit”
means the benefit payable to an Executive as calculated pursuant to Article IV and payable under Sections 5.1 through 5.6. 
 2.18
Determination Date. “Determination Date” means the last day of each calendar quarter. 
  

 PAGE 3 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 2.19 Disability. “Disability” means a physical or mental condition that, in the opinion
of the Committee, prevents the Executive from satisfactorily performing the Executive’s usual duties for the Corporation. The Committee’s decision as to Disability will be based upon medical reports and/or other evidence satisfactory to
the Committee. 
 2.20 Executive. “Executive” means one of a select group of management or highly compensated employees of
the Corporation, which shall consist of all executive officers of the Corporation and any other employee of the Corporation designated in writing by the Chief Executive Officer of the Corporation for participation in the benefits of the Plan.

 2.21 Financial Hardship. “Financial Hardship” means a severe financial hardship to the Executive resulting from a sudden
and unexpected illness or accident of the Executive or of a dependent of the Executive, loss of the Executive’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the
control of the Executive. Financial Hardship shall be determined by the Committee on the basis of information supplied by the Executive in accordance with uniform guidelines promulgated from time to time by the Committee. 
 2.22 Interest. “Interest” is credited to Cash Accounts under the Plan and means the quarterly equivalent of an annual yield that is
equal to the annual yield on Moody’s Average Corporate Bond Yield for the preceding quarter, as published by Moody’s Investors Service, Inc. (or any successor thereto), or, if such index is no longer published, a substantially similar
index selected by the Board. 
 2.23 LTIP Compensation. “LTIP Compensation” means compensation paid to an Executive pursuant
to an award under the Corporation’s Long Term Incentive Plan. LTIP Compensation may be payable to the Executive either in Common Stock (“Stock LTIP Compensation”) or in cash (“Cash LTIP Compensation”). 
 2.24 Matching Contribution. “Matching Contribution” means the contribution made by the Corporation and credited to the Executive’s
Account under Section 4.2. 
 2.25 Participation Agreement. “Participation Agreement” means the agreement submitted by
an Executive to the Committee no later than the applicable Deferral Deadline with respect to one or more Deferral Commitments. 
 2.26
Plan Benefits. “Plan Benefits” mean the Deferred Compensation Account Benefit and the Supplemental Retirement Benefit. 
 2.27 Retirement. “Retirement” means either early retirement, normal retirement, or disability retirement under the Retirement Plan. 
 2.28 Retirement Plan. “Retirement Plan” means the Corporation’s Retirement Plan for Non-Bargaining Unit Employees. 
 2.29 Supplemental Retirement Benefit. “Supplemental Retirement Benefit” means the benefit payable to an Executive under Section 5.7. 
  

 PAGE 4 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 2.30 Trust. “Trust” means the Northwest Natural Gas Company Umbrella TrustTM For
Executives established by the Corporation in connection with this Plan. 
 ARTICLE III 
 DEFERRAL COMMITMENTS 
 3.1
Participation. An eligible Executive may elect to participate in the Plan by submitting a Participation Agreement to the Committee no later than the applicable Deferral Deadline. An election to defer Compensation by the Executive shall
continue from year to year and shall be irrevocable with respect to Compensation once the Deferral Deadline for that Compensation has passed, but may be modified or terminated by written notice from the Executive at any time on or prior to the
Deferral Deadline for that Compensation. 
 3.2 Deferral Election. 
 (a) Election to Defer Cash Compensation. An Executive may, no later than the applicable Deferral Deadline, elect to defer receipt
of a certain whole percentage, up to fifty percent (50%), of the Base Annual Salary and a certain whole percentage, up to one hundred percent (100%), of any Bonus payable to the Executive as an employee of the Corporation. 
 (b) Election to Defer LTIP Compensation. An Executive may, no later than the applicable Deferral Deadline, elect to defer receipt
of a certain whole percentage, up to one hundred percent (100%), of any Stock LTIP Compensation and a certain whole percentage, up to one hundred percent (100%), of any Cash LTIP Compensation that becomes payable to the Executive. 
 (c) FICA Withholding. Under current law, all Compensation and Matching Contributions credited to an Executive’s Accounts will
be treated as wages subject to FICA tax, and the Corporation will be required to withhold FICA tax from the Executive. The amount required to be withheld for FICA tax with respect to any amount of deferred Compensation or related Matching
Contribution shall be withheld from the non-deferred portion, if any, of the same Compensation; provided, however, that if the non-deferred portion of the Compensation is insufficient to cover the full required withholding, the Corporation shall
withhold the remaining amount from other non-deferred Compensation payable to the Executive unless the Executive otherwise pays such remaining amount to the Corporation. 
 (d) Financial Hardship. Termination of the Executive’s election to defer may, solely in the Committee’s discretion,
become applicable as soon as practicable after the Committee’s determination that the Executive has incurred Financial Hardship, as evidenced by the Executive to the Committee. 
  

 PAGE 5 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 ARTICLE IV 
 DEFERRED COMPENSATION ACCOUNTS 
 4.1 Accounts. The Corporation shall establish on its books
one or two separate Accounts for each Executive who elects to defer Compensation under the Plan: a Cash Account and/or a Stock Account. Compensation deferred by an Executive shall be credited to the Stock Account or the Cash Account as elected by
the Executive at the time the Executive elects to defer Compensation. Such election may be divided between the two Accounts in increments of twenty-five percent (25%) of the deferred Compensation covered by the election. An Executive may change
the allocation of new deferrals of Compensation between the Stock Account and the Cash Account, but such change shall apply to new deferrals only if it is submitted on or prior to the Deferral Deadline for such new deferrals. Once Compensation has
been credited to the Stock Account or the Cash Account, no transfers between the Stock Account and the Cash Account shall be permitted except as otherwise provided in Section 4.5(d). The credit for deferred Compensation shall be entered on the
Corporation’s books of account at the time that Compensation not deferred is paid or payable to the Executive. 
 4.2 Matching
Contribution. The Corporation shall credit a Matching Contribution to an Executive’s Account based on the amount of Deferred Cash Compensation elected by the Executive; provided, however, that no Matching Contributions shall be made to the
Account of any Executive who is not eligible to participate in the Corporation’s Retirement K Savings Plan until such time of eligibility. The amount of the Matching Contribution shall be equal to the excess of (a) the lesser of
(i) sixty percent (60%) of the Executive’s Deferred Cash Compensation during the calendar year, or (ii) three and six-tenths percent (3.6%) of the Executive’s Cash Compensation during such calendar year, over
(b) the amount, if any, the Corporation has contributed for such calendar year as a matching contribution for the Executive to the Retirement K Savings Plan. Matching Contributions shall be credited to the Executive’s Account on the last
day of the calendar year in which the Matching Contribution was earned, and shall be allocated between the Executive’s Cash Account and Stock Account in the same ratio as Deferred Cash Compensation is allocated for the year. 
 4.3 Stock Account. An Executive’s Stock Account shall be denominated in shares of Common Stock, including fractional shares. With respect to
Stock LTIP Compensation deferred to an Executive’s Stock Account, the number of deferred shares shall be credited to the Stock Account. With respect to each amount of Cash Compensation, Cash LTIP Compensation or Matching Contribution deferred
to an Executive’s Stock Account, the amount of cash deferred shall be divided by the closing market price of the Common Stock reported for the last trading day preceding the date on which the Stock Account is to be credited, and the resulting
number of shares (including fractional shares) shall be credited to the Executive’s Stock Account. As of each date for payment of dividends on the Common Stock, the Stock Accounts shall be credited with an additional number of shares (including
fractional shares) equal to the amount of dividends that would be paid on the number of shares recorded as the balance of the Stock Account as of the record date for such dividend divided by closing market price of the Common Stock reported for such
payment date or, if such day is not a trading day, the next trading day. 
  

 PAGE 6 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 4.4 Cash Account. An Executive’s Cash Account shall be denominated in dollars. With respect
to each amount of Cash Compensation, Cash LTIP Compensation or Matching Contribution deferred to an Executive’s Cash Account, an equal amount of dollars shall be credited to the Executive’s Cash Account. With respect to Stock LTIP
Compensation deferred to an Executive’s Cash Account, the number of deferred shares shall be multiplied by the closing market price of the Common Stock reported for the last trading day preceding the date on which the Cash Account is to be
credited, and the resulting number of dollars shall be credited to the Executive’s Cash Account. Interest on each Cash Account shall be calculated as of each Determination Date based upon the average daily balance of the Cash Account since the
preceding Determination Date and shall be credited to the Cash Account at that time. 
 4.5 Effect of Corporate Transaction on Stock
Accounts. At the time of consummation of a Corporate Transaction, if any, the amount credited to an Executive’s Stock Account shall be converted into a credit for cash or common stock of the acquiring company (“Acquiror Stock”)
based on the consideration received by shareholders of the Corporation in the Corporate Transaction, as follows: 
 (a)
Stock Transaction. If holders of Common Stock receive Acquiror Stock in the Corporate Transaction, then (i) the amount credited to each Executive’s Stock Account shall be converted into a credit for the number of shares of Acquiror
Stock that the Executive would have received as a result of the Corporate Transaction if the Executive had actually held the Common Stock credited to his or her Stock Account immediately prior to the consummation of the Corporate Transaction, and
(ii) Stock Accounts will thereafter be denominated in shares of Acquiror Stock and ongoing deferrals of Compensation shall continue to be made in accordance with outstanding Deferral Commitments into the Stock Accounts as so denominated.

 (b) Cash or Other Property Transaction. If holders of Common Stock receive cash or other property in the Corporate
Transaction, then (i) the amount credited to an Executive’s Stock Account shall be transferred to the Executive’s Cash Account and converted into a cash credit for the amount of cash or the value of the property that the Executive
would have received as a result of the Corporate Transaction if the Executive had actually held the Common Stock credited to his or her Stock Account immediately prior to the consummation of the Corporate Transaction, and (ii) Stock Accounts
shall no longer exist under the Plan and all ongoing deferrals shall thereafter be made into Cash Accounts. 
 (c)
Combination Transaction. If holders of Common Stock receive Acquiror Stock and cash or other property in the Corporate Transaction, then (i) the amount credited to each Executive’s Stock Account shall be converted in part into a
credit for Acquiror Stock under Section 4.5(a) and in part into a credit for cash under Section 4.5(b) in the same proportion as such consideration is received by shareholders, and (ii) ongoing deferrals into Stock Accounts pursuant
to outstanding Deferral Commitments shall continue to be made into Stock Accounts in accordance with Section 4.5(a). 
 (d) Election Following Stock Transaction. For a period of 12 months following the consummation of any Corporate Transaction which results in Executives having Stock Accounts denominated in Acquiror Stock, each Executive shall have a
one-time right to elect to transfer the entire amount in the Executive’s Stock Account into the Executive’s Cash 

  

 PAGE 7 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 
Account. Such election shall be made by written notice to the Corporation and shall be effective on the date received by the Corporation. If such an election
is made, the amount of cash to be credited to the Executive’s Cash Account shall be determined by multiplying the number of shares of Acquiror Stock in the Executive’s Stock Account by the closing market price of the Acquiror Stock
reported for the last trading day preceding the effective date of the election. 
 4.6 Statement of Account. As soon as practicable
after each Determination Date, a report shall be issued by the Corporation to each participating Executive setting forth the balances of the Executive’s Accounts under the Plan as of the immediately preceding Determination Date. 
 ARTICLE V 
 PLAN BENEFITS 

5.1 Plan Benefit. The Corporation shall pay Plan Benefits to each Executive pursuant to this Article V equal to the Executive’s Accounts.

 5.2 Commencement of Payments. 
 (a) Payment of any Deferred Compensation Account Benefits under the Plan shall commence as of the earlier of: 
 (i) A date elected by the Executive as specified in the applicable Participation Agreement between the Corporation and the Executive; or 
 (ii) The first business day of January following the year of the Executive’s Retirement, total Disability or other termination of
employment. 
 (b) Supplemental Retirement Benefits under Section 5.7 shall be made as of, or commence as of, the
earliest date for which a monthly payment is payable to or for the Executive under the Retirement Plan. 
 5.3 Lump Sum or Installment
Payments. 
 (a) At the time the Executive elects to defer Compensation, the Executive may also elect to receive Deferred
Compensation Account Benefits either: 
 (i) In equal or approximately equal annual installments (the number of such
installments not to exceed fifteen (15)) as designated by the Executive, with the amount of the installments being adjusted over the installment period to reflect changes in Interest or dividends credited to the Executive’s Accounts;

 (ii) In a single sum payment; or 
 (iii) In a combination of partial lump sum payment, and remainder in installments. 
  

 PAGE 8 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 (b) An Executive may elect to modify such election by filing a change of payment
designation which shall supersede the prior form of payment designation in the Participation Agreement for Compensation deferred in any one (1) or more calendar years. If the Executive’s most recent change of payment designation has not
been filed one (1) full calendar year prior to the year of Executive’s Retirement, Disability, other termination of employment or earlier date selected for commencement of payments, the prior election shall be used to determine the form of
payment. For example, an Executive retiring in 2003 must file a written request with the Committee by December 31, 2001 to change the Executive’s form of payment designation. 
 5.4 Form of Benefit Payment. Benefits payable to an Executive from a Stock Account shall only be paid to such Executive as a distribution of
Common Stock (or Acquiror Stock, if applicable) plus cash for fractional shares. Benefits payable to an Executive from a Cash Account shall only be paid to such Executive in cash. 
 5.5 Hardship Distributions. Notwithstanding the foregoing provisions of this Article V, payment from the Executive’s Accounts may be
made to the Executive in the sole discretion of the Committee based upon a finding that an Executive has suffered a Financial Hardship. The amount of such a withdrawal shall be limited to the amount reasonably necessary to meet the Executive’s
needs resulting from the Financial Hardship. If payment is made due to Financial Hardship under this Plan, the Executive’s deferrals shall cease for a twelve (12) month period. Any resumption of the Executive’s deferrals under the
Plan after such twelve (12) month period shall be made only at the election of the Executive in accordance with Article III herein. 
 5.6 Death Benefit. Upon the death of the Executive or a former Executive prior to the receipt of the full amount of Deferred Compensation Account Benefits, the balance of such benefits shall be paid by the Corporation to the
applicable surviving designated Beneficiary or Beneficiaries as soon as practicable in the manner elected in writing by the Executive, or, if no such election is made, by single sum payment. 
 5.7 Supplemental Retirement Benefit. Any Executive who elects to defer Compensation under this Plan and who also satisfies the eligibility
requirements for payment of any benefit under the Retirement Plan shall qualify for further payment by the Corporation of Supplemental Retirement Benefits payable as an annuity under this Plan, as provided below: 
 (a) Amount. The amount payable by the Corporation each month during the time an annuity benefit is payable to the Executive or
Executive’s Beneficiary(ies) under the Retirement Plan shall be: 
 (i) The amount that would be payable at such time
under the Retirement Plan determined under Section 5.7(c) by treating all accrued benefits under the Retirement Plan as being payable only in the annuity form and by treating all Cash Compensation deferred by the Executive under this Plan as
though it had been “paid” to or “received” by Executive in the year when the deferral was made, provided that all such deferred amounts shall be subject to the other applicable definitions and rules of the Retirement Plan
relating to benefit determination; plus 
  

 PAGE 9 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 (ii) The reduction, if any, in the amount of the “primary Social Security
Benefit” which will actually be payable to the Executive, provided that such reduction results from the fact that Compensation deferred under this Plan causes the primary Social Security Benefit payable to the Executive to be reduced and that
such reduction is not otherwise payable under Section 5.7(a)(i) above; minus 
 (iii) The amount actually payable at such
time under the Retirement Plan as determined under Section 5.7(c) by treating all accrued benefits under the Retirement Plan as being payable only in the annuity form. 
 (b) Form and Duration. The form of Supplemental Retirement Benefit payable by the Corporation shall be the same annuity form, and
shall be paid by the Corporation for the same duration, as the annuity benefit actually payable under the Retirement Plan. Such annuity benefit forms include (subject to any change in the Retirement Plan at the time payment begins) a standard life
annuity (no survivorship benefit); a half (50%) or full (100%) joint and survivor annuity to the Executive and surviving spouse with or without a “pop-up” if the spouse dies before the Executive; a ten (10) year certain
annuity which can provide death benefits to any surviving designated beneficiary; and a full (100%) joint and survivor benefit for the spouse of a vested married Executive who dies before retirement; and payees include the Executive and, if the
operative form provides for payment after the Executive’s death, the Executive’s surviving spouse or other surviving designated Beneficiary(ies) or estate. 
 (c) Retirement Plan Lump Sum Election Ignored. Notwithstanding any election by an Executive to receive a portion of
Executive’s Retirement Plan benefit as a lump sum, the amount of the Supplemental Retirement Benefit as determined under Section 5.7(a) and the form and duration of the Supplemental Retirement Benefit as determined under
Section 5.7(b) shall be calculated and determined as if Executive were to receive Executive’s entire Retirement Plan accrued benefit in the same annuity form that applies to the annuity portion of Executive’s Retirement Plan benefit.

 5.8 Withholding; Payroll Taxes. The Corporation shall withhold from payments made hereunder any taxes required to be withheld from
such payments under federal, state or local law. However, a Beneficiary may elect in writing not to have withholding for federal income tax purposes pursuant to Section 3405(a)(2) of the Internal Revenue Code, or any successor provision
thereto. 
 5.9 Payment to Guardian. If a Plan Benefit is payable to a minor or a person declared incompetent or to a person incapable
of handling the disposition of his or her property, the Committee may direct payment of such Plan Benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or person. The Committee may require
proof of incompetence, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the Plan Benefit. Such distribution shall completely discharge the Committee and the Corporation from all liability with respect to such
benefit. 
 5.10 Accelerated Distribution. Notwithstanding any other provision of the Plan, an Executive shall be entitled to receive,
upon written request to the Committee, a lump sum distribution equal to ninety percent (90%) of the balance in the Executive’s Accounts as of the 
  

 PAGE 10 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 
Determination Date immediately preceding the date on which the Committee receives the written request. The remaining balance shall be forfeited by the
Executive. An Executive who receives a distribution under this section shall be suspended from participation in the Plan for twelve (12) months. The amount payable under this section shall be paid in a lump sum within sixty-five (65) days
following the receipt of the notice by the Committee from the Executive. 
 ARTICLE VI 
 BENEFICIARY DESIGNATION 
 6.1
Beneficiary Designation. Each Executive shall have the right, at any time, to designate any person or persons as the Executive’s Beneficiary or Beneficiaries (both primary as well as secondary) to whom benefits under this Plan shall be
paid in the event of the Executive’s death prior to complete distribution of the benefits due under the Plan. If greater than fifty percent (50%) of the benefit is designated to a Beneficiary other than the Executive’s spouse, such
Beneficiary designation shall be consented to by the Executive’s spouse. Each Beneficiary designation shall be in written form prescribed by the Committee and will be effective only when filed with the Committee during the Executive’s
lifetime. 
 6.2 Amendments. Any Beneficiary designation may be changed by the Executive without the consent of any designated
Beneficiary by the filing of a new Beneficiary designation with the Committee, subject to the spousal consent required in Section 6.1 above. The filing of a new Beneficiary designation form will cancel all Beneficiary designations previously
filed. 
 6.3 No Beneficiary Designation. In the absence of an effective Beneficiary designation, or if all designated Beneficiaries
predecease the Executive or die prior to complete distribution of the Executive’s benefits, then the Executive’s designated Beneficiary shall be deemed to be the Executive’s estate. 
 6.4 Effect of Payment. The payment to the deemed Beneficiary shall completely discharge the Corporation’s obligations under this Plan.

 ARTICLE VII 
 ADMINISTRATION

 7.1 Committee; Duties. This Plan shall be administered by the Committee. The Committee shall have such powers as may be
necessary to discharge its responsibilities. These powers shall include, but not be limited to, interpretation of the Plan provisions, determination of amounts due to any Executive, the rights of any Executive or Beneficiary under this Plan, the
right to require any necessary information from any Executive, determine the amounts credited to Executive’s Accounts and Interest earned, and any other activities deemed necessary or helpful. 
 7.2 Agents. The Committee may, from time to time, employ other agents and delegate to them such administrative duties as it sees fit, and may from
time to time consult with counsel who may be counsel to the Corporation. 
  

 PAGE 11 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 7.3 Binding Effect of Decisions. The decision or action of the Committee with respect to any
question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the
Plan. 
 7.4 Indemnity of Committee. To the extent permitted by applicable law, the Corporation shall indemnify, hold harmless and
defend the members of the Committee against any and all claims, loss, damage, expense or liability arising from any action or failure to act with respect to this Plan, provided that the members of the Committee were acting in accordance with the
applicable standard of care. 
 ARTICLE VIII 
 CLAIMS PROCEDURE 
 8.1 Claim. Any person claiming a benefit, requesting an interpretation or
ruling under the Plan, or requesting information under the Plan shall present the request in writing to the Committee, which shall respond in writing as soon as practicable. 
 8.2 Denial of Claim. If the claim or request is denied, the written notice of denial shall state: 
 (a) The reasons for denial, with specific reference to the Plan provisions on which the denial is based; 
 (b) A description of any additional material or information required and an explanation of why it is necessary; and 
 (c) An explanation of the Plan’s claim review procedure. 
 8.3 Review of Claim. Any person whose claim or request is denied or who has not received a response within thirty (30) days may request
review by notice given in writing to the Committee. The claim or request shall be reviewed by the Committee who may, but shall not be required to, grant the claimant a hearing. On review, the claimant may have representation, examine pertinent
documents, and submit issues and comments in writing. 
 8.4 Final Decision. The decision on review shall normally be made within
sixty (60) days. If an extension of time is required for a hearing or other special circumstances, the claimant shall be notified and the time limit shall be one hundred twenty (120) days. The decision shall be in writing and shall state
the reasons and the relevant Plan provisions. All decisions on review shall be final and bind all parties concerned. 
 ARTICLE IX 

AMENDMENT AND TERMINATION OF THE PLAN 
 9.1 Amendment. The Board may at any time amend the Plan in whole or in part, subject to the following: 
 (a)
Upon a Change in Control, no amendment shall be effective to change the payout schedule in Section 9.2(b). 
  

 PAGE 12 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 (b) No amendment shall be effective to decrease or restrict the amount credited to any
Account maintained under the Plan as of the date of the amendment. Changes in the definition of Interest shall be subject to the following restrictions: 
 (i) Notice. A change shall not become effective before the first day of the calendar year which follows the adoption of the amendment and at least thirty (30) days written notice of the amendment to the
Executive. 
 (ii) Change in Control. Any change in the definition of Interest after a Change in Control shall apply
only to those amounts credited to the Executive’s Account after the Change in Control. 
 9.2 Corporation’s Right to
Terminate. The Board may at any time partially or completely terminate the Plan, if, in its judgment, the tax, accounting, or other effects of the continuance of the Plan, or potential payments thereunder, would not be in the best interests of
the Corporation. 
 (a) Partial Termination. The Board may partially terminate the Plan by instructing the Committee
not to accept any additional Deferral Commitments. In the event of such a partial termination, the Plan shall continue to operate and be effective with regard to Deferral Commitments entered into prior to the effective date of such partial
termination. 
 (b) Complete Termination. The Board may completely terminate the Plan by instructing the Committee not
to accept any additional Deferral Commitments, and terminating all ongoing Deferral Commitments. The Plan shall cease to operate and the Committee shall pay out to each Executive the balance in the Executive’s Accounts in a lump sum or in equal
annual installments amortized over the period listed in the payout schedule below based on the total balance in the Executive’s Accounts at the time of such complete termination: 
 PAYOUT SCHEDULE 
  

			
	 Total Balance of Accounts
	  	 Payout Period

	 Less than $10,000
	  	Lump sum
		
	 $10,000 but less than $50,000
	  	Lesser of 5 years or period elected in Participation Agreement
		
	 More than $50,000
	  	Period elected in Participation Agreement

 Interest earned on the unpaid balance in the Executive’s Cash Account shall be the applicable
Interest rate on the Determination Date immediately preceding the effective date of such complete termination. 
  

 PAGE 13 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 ARTICLE X 
 MISCELLANEOUS 
 10.1 Unfunded Plan. This Plan is intended to be an unfunded plan maintained
primarily to provide deferred compensation benefits for a select group of “management or highly-compensated employees” within the meaning of Sections 201, 301, and 401 of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), and therefore to be exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA. Accordingly, the Plan shall terminate and no further benefits shall accrue hereunder in the event it is determined by a court of competent
jurisdiction or by an opinion of counsel that the Plan constitutes an employee pension benefit plan within the meaning of Section 3(2) of ERISA which is not so exempt. In the event of a termination under this Section 10.1, all ongoing
Deferral Commitments shall terminate, no additional Deferral Commitments will be accepted by the Committee, and the amount of each Executive’s Account balance shall be distributed to such Executive at such time and in such manner as the
Committee, in its sole discretion, determines. 
 10.2 Unsecured General Creditor. The Accounts shall be established solely for the
purpose of measuring the amounts owed to Executives or their Beneficiaries under this Plan. Executives and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interest or claims in any property or assets of
the Corporation, nor shall they be Beneficiaries of, or have any rights, claims or interests in any life insurance policies, annuity contracts or the proceeds therefrom owned or which may be acquired by the Corporation. Except as may be provided in
Section 10.3, such policies, annuity contracts or other assets of the Corporation shall not be held under any trust for the benefit of the Executives, their Beneficiaries, heirs, successors or assigns, or held in any way as collateral security
for the fulfilling of the obligations of the Corporation under this Plan. Any and all of the Corporation’s assets and policies shall be, and remain, the general, unpledged, unrestricted assets of the Corporation. The Corporation’s
obligation under the Plan shall be that of an unfunded and unsecured promise to pay money in the future. 
 10.3 Trust Fund. The
Corporation shall be responsible for the payment of all benefits provided under the Plan. The Corporation shall establish the Trust, with such trustee or trustees as the Board may approve, for the purpose of providing for the payment of such
benefits. The Trust shall be irrevocable, but the assets thereof shall be subject to the claims of the Corporation’s creditors. To the extent any benefits provided under the Plan are actually paid from the Trust, the Corporation shall have no
further obligation with respect thereto, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid by, the Corporation. 
 10.4 Nonassignability. Neither an Executive nor any other person shall have the right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in
advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and nontransferable. No part of the amounts payable shall, prior to actual payment,
be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate 

  

 PAGE 14 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 
maintenance owed by an Executive or any other person, nor be transferable by operation of law in the event of an Executive’s or any other person’s
bankruptcy or insolvency. 
 10.5 Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to
constitute a contract of employment between the Corporation and the Executive, and the Executive (or the Executive’s Beneficiary) shall have no rights against the Corporation except as may otherwise be specifically provided herein. Moreover,
nothing in this Plan shall be deemed to give an Executive the right to be retained in the service of the Corporation or to interfere with the right of the Corporation to discipline or discharge the Executive at any time. 
 10.6 Protective Provision. An Executive will cooperate with the Corporation by furnishing any and all information requested by the Corporation, in
order to facilitate the payment of benefits hereunder, and by taking such physical examinations as the Corporation may deem necessary and taking such other actions as may be requested by the Corporation. 
 10.7 Governing Law. The provisions of this Plan shall be construed and interpreted according to the laws of the State of Oregon, except as
preempted by federal law. 
 10.8 Validity. In case any provision of this Plan shall be held illegal or invalid for any reason, said
illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provisions had never been inserted herein. 
 10.9 Notice. Any notice or filing required or permitted to be given to the Committee under the Plan shall be sufficient if in writing and hand
delivered, or sent by registered or certified mail, to any member of the Committee or the Secretary of the Corporation. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the
postmark on the receipt for registration or certification. 
 10.10 Successors. The provisions of this Plan shall bind and inure to
the benefit of the Corporation and its successors and assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise, acquire all or substantially
all of the business and assets of the Corporation, and successors of any such corporation or other business entity. 
  

			
	NORTHWEST NATURAL GAS COMPANY
		
	By: 	 	  
		
	Attest: 	 	  

  

 PAGE 15 – EXECUTIVE DEFERRED COMPENSATION PLANDeferred Compensation Plan

 EXHIBIT 10.2 
 NORTHWEST NATURAL GAS COMPANY 
 DEFERRED COMPENSATION PLAN FOR DIRECTORS AND EXECUTIVES

 EFFECTIVE JANUARY 1, 2005 
 RESTATED AS OF JANUARY 1, 2007 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 1.
	  	Purpose; Effective Date	  	1
			
	 2.
	  	Eligibility	  	1
			
	 3.
	  	Deferral Elections	  	1
			
	 4.
	  	Matching Contributions for Executives	  	3
			
	 5.
	  	FICA Withholding on Executives	  	3
			
	 6.
	  	Accounts	  	3
			
	 7.
	  	Payment of Benefits	  	6
			
	 8.
	  	Supplemental Retirement Benefit	  	8
			
	 9.
	  	Administration	  	9
			
	 10.
	  	Claims Procedure	  	10
			
	 11.
	  	Amendment and Termination of the Plan	  	10
			
	 12.
	  	Miscellaneous	  	11

 NORTHWEST NATURAL GAS COMPANY 
 DEFERRED COMPENSATION PLAN FOR DIRECTORS AND EXECUTIVES 
 1. Purpose;
Effective Date; Restatement. The Board of Directors (the “Board”) of Northwest Natural Gas Company (the “Company”) adopts this Deferred Compensation Plan for Directors and Executives (the “Plan”) for the purpose of
providing an unfunded nonqualified deferred compensation plan for directors and a select group of top management personnel. The Plan was effective as of January 1, 2005, although initial deferral elections under the Plan could have been
submitted at any time after November 30, 2004. The existing Plan is amended by this restatement, effective as of January 1, 2007. 
 2. Eligibility. Persons eligible to defer compensation under the Plan shall consist of (a) all directors of the Company (“Directors”), and (b) a select group of management or highly compensated employees of the
Company, which shall consist of all executive officers of the Company and such other employees of the Company as may be designated in writing by the Chief Executive Officer of the Company as eligible to defer compensation under the Plan for the
applicable calendar year (“Executives”). Any person who is both a Director and an Executive at any time shall be considered an Executive, and not a Director, at such time. For all purposes of this Plan, a person who is an employee of a
subsidiary of the Company shall be considered an employee of the Company. 
 3. Deferral Elections. A Director or Executive may elect
to defer compensation under the Plan by submitting a “Participation Agreement” to the Company on a form specified by the Company no later than the applicable deferral deadline. The minimum annual aggregate deferral for all forms of
compensation specified in a Participation Agreement shall be $2,000. Any Director or Executive who has submitted a Participation Agreement is hereafter referred to as a “Participant.” A Participation Agreement submitted by a Participant
shall automatically continue from year to year and shall be irrevocable with respect to compensation once the deferral deadline for that compensation has passed, but the Participant may modify or terminate a Participation Agreement for compensation
payable in any year by submitting a revised Participation Agreement or otherwise giving written notice to the Company at any time on or prior to the deferral deadline for that compensation. 
 (a) Elections by Directors. 
 (i) Fees. A Director may elect to defer receipt of all or any whole percentage of the annual retainer, meeting fees and any other cash fees payable for service as a director (“Fees”). The deferral
deadline for an election to defer Fees for services performed in any calendar year shall be the last day of the prior calendar year. 
 (ii) NEDSCP Shares. A Director may elect to defer receipt of all or any whole percentage of the unvested shares (“NEDSCP Shares”) of common stock of the Company (“Common Stock”) awarded to the Director under the
Company’s Non-Employee Directors Stock Compensation Plan (“NEDSCP”). The deferral deadline for an election to defer NEDSCP Shares scheduled to vest in any calendar year shall be the last day of the prior calendar 

  

 1 

 
year, except that the deferral deadline for an election to defer NEDSCP Shares scheduled to vest on January 1 in any calendar year shall be the last day
of the second preceding calendar year. No deferral shall be allowed of NEDSCP Shares as to which a Director has made an election under Section 83(b) of the Internal Revenue Code. 
 (b) Elections by Executives. 
 (i) Salary. An Executive may elect to defer receipt of any whole percentage (up to a maximum of 50 percent) of the Executive’s base annual salary, specifically excluding other forms of compensation
referred to below as well as commissions and any non-cash compensation (“Salary”). The deferral deadline for an election to defer Salary for services performed in any calendar year shall be the last day of the prior calendar year.

 (ii) Bonus. An Executive may elect to defer receipt of all or any whole percentage of the Executive’s annual
bonus payable under the Company’s Executive Annual Incentive Plan or other similar annual incentive plan (“Bonus”). Payments under the Key Goals program shall not be considered Bonus and shall not be eligible for deferral under the
Plan. The deferral deadline for an election to defer Bonus earned with respect to the Executive’s or the Company’s performance in any calendar year shall be the last day of the prior calendar year. Notwithstanding the foregoing, the
deferral deadline for an election to defer Bonus earned with respect to the Executive’s or the Company’s performance in 2004 shall be the last day of 2004; provided, however, that any deferral of 2004 Bonus under this sentence shall be
void if the Internal Revenue Service does not issue regulations or other guidance pursuant to which such deferral shall not be considered to violate the deferral election timing rule of Section 409A(a)(4)(B)(i) of the Internal Revenue Code.

 (iii) LTIP Compensation. An Executive may elect to defer receipt of all or any whole percentage of compensation
payable to the Executive pursuant to an award under the Company’s Long Term Incentive Plan (“LTIP Compensation”). The deferral deadline for an election to defer any portion of an award of LTIP Compensation that becomes payable or
vests based solely on continued service to the Company (“Time-Based Award”) shall be the last day of the calendar year prior to the commencement of the Vesting Period for such portion of the Time-Based Award. The “Vesting Period”
for any portion of a Time-Based Award is the period during which services are performed to earn that portion of the award, and shall commence on the later of the grant date of the award or the day after the last date on which any prior portion of
the same award became payable or vested. The deferral deadline for an election to defer LTIP Compensation that becomes payable or vests based on satisfaction of performance conditions over a performance period shall be the last day of the calendar
year prior to the last year of the performance period. 
 (c) New Directors and Executives. A person who first becomes
a Director or Executive during a calendar year may elect to defer any of the types of compensation referred to in paragraphs (a) and (b) above that is payable solely for services performed during the remainder of the calendar year after
submission of the Participation Agreement, subject to all of the provisions of paragraphs (a) and (b), except that the deferral deadline for any such election shall be 30 days after the date the person becomes eligible under the Plan.

  

 2 

 4. Matching Contributions for Executives. The Company shall credit a “Matching
Contribution” to an Executive’s Cash Account (as defined below) each year based on the amount of Salary and Bonus deferred under the Plan by the Executive during that year; provided, however, that no Matching Contribution shall be made
with respect to any Salary or Bonus deferred under the Plan at a time when the Executive is not a participant in the Company’s Retirement K Savings Plan. The amount of the Matching Contribution shall be equal to the excess of (a) the
lesser of (i) sixty percent (60%) of the Executive’s Salary and Bonus deferred during the calendar year, or (ii) three and six-tenths percent (3.6%) of the Executive’s total Salary and Bonus during such calendar year,
over (b) the amount the Company would have contributed for such calendar year as a matching contribution for the Executive under the Retirement K Savings Plan if the Executive had deferred into the Retirement K Savings Plan the maximum amount
of compensation permitted under that plan and applicable tax law for the year. Matching Contributions shall be credited to the Executive’s Account no later than January 31 of the year immediately following the calendar year in which the
Matching Contribution was earned. 
 5. FICA Withholding on Executives. Under current law, all compensation and Matching Contributions
credited to an Executive’s Accounts will be treated as wages subject to FICA tax, and the Company will be required to withhold FICA tax from the Executive. The amount required to be withheld for FICA tax with respect to any amount of deferred
compensation or related Matching Contribution shall be withheld from the non-deferred portion, if any, of the same compensation; provided, however, that if the non-deferred portion of the compensation is insufficient to cover the full required
withholding, the Company shall withhold the remaining amount from other non-deferred compensation payable to the Executive unless the Executive otherwise pays such remaining amount to the Company. 
 6. Accounts. 
 (a)
Accounts. The Company shall establish on its books one or two separate accounts (individually, an “Account” and collectively, the “Accounts”) for each Participant: a Company Stock Account, which shall be denominated in
shares of Common Stock, including fractional shares, and a Cash Account, which shall be denominated in U.S. dollars. 
 (b)
Allocation of Deferrals Among Accounts. The number of NEDSCP Shares deferred by a Director shall be credited to the Company Stock Account. Any LTIP Compensation payable in shares of Common Stock that is deferred by an Executive may be
credited to the Company Stock Account or the Cash Account, as elected by the Executive. All other compensation deferred by a Participant shall be credited to the Cash Account. To the extent a choice is permitted, Participants may elect to have
deferrals credited among Accounts in increments of one percent. This election shall be made in each Participant’s Participation Agreement, and may be modified by the Participant from time to time subject to such rules and conditions as may be
approved by the Committee. 
 (c) Crediting of Deferrals. The credits for deferred Salary, Bonus and Fees shall be
entered on the Company’s books of account at the time that such compensation would otherwise be paid. The credit for deferred NEDSCP Shares shall be entered on the Company’s books of account as soon as practicable after January 1 of
the first year in which such deferral is 

  

 3 

 
irrevocable. The credit for deferred LTIP Compensation shall be entered on the Company’s books of account at the time that such compensation would
otherwise be paid or vested. 
 (d) Transfers Among Accounts. Subject to such rules and conditions as may be approved
by the Committee, Participants may elect to transfer amounts previously credited to the Cash Account to the Company Stock Account. No transfers may be made out of a Company Stock Account unless otherwise permitted under Section 6(i)(iv). The
Committee may require that designated fees be deducted from amounts transferred to or from Company Stock Accounts. 
 (e)
Valuation of Stock; Dividend Credits. Any dollar amount transferred or credited to a Company Stock Account shall be deemed to increase the number of shares of Common Stock recorded as the balance of that Account based on the closing market
price of the Common Stock reported for the day of the transfer or credit or, if such day is not a trading day, the next trading day. The same closing market price shall be used to value any LTIP Compensation payable in shares of Common Stock that is
deferred to the Cash Account. As of each date for payment of dividends on the Common Stock, each Company Stock Account shall be credited with the amount of dividends that would be paid on the number of shares recorded as the balance of that Account
as of the record date for such dividend. 
 (f) Cash Account Interest. Interest shall be credited to the Cash Account
of each Participant as of the last day of each calendar quarter. The rate of interest to be applied at the end of each calendar quarter shall be the quarterly equivalent of an annual yield that is equal to the annual yield on Moody’s Average
Corporate Bond Yield for the preceding quarter, as published by the Moody’s Investors Service, Inc. (or any successor thereto), or if such index is no longer published, a substantially similar index selected by the Board. Interest shall be
calculated for each calendar quarter based upon the average daily balance of the Participant’s Cash Account during the quarter. 
 (g) Forfeitures. If any NEDSCP Shares deferred by a Director under this Plan are forfeited under the terms of the NEDSCP, the Director’s Company Stock Account shall be reduced by the number of shares so forfeited. 
 (h) Statement of Account. At the end of each calendar quarter, a report shall be issued by the Company to each Participant setting
forth the balances of the Participant’s Accounts under the Plan. 
 (i) Effect of Corporate Transaction on Company
Stock Accounts. At the time of consummation of a Corporate Transaction (as defined below), if any, the amount credited to a Participant’s Company Stock Account shall be converted into a credit for cash or common stock of the acquiring
company (“Acquiror Stock”) based on the consideration received by shareholders of the Company in the Corporate Transaction, as follows: 
 (i) Stock Transaction. If holders of Common Stock receive Acquiror Stock in the Corporate Transaction, then (1) the amount credited to each Participant’s Company Stock Account shall be converted into
a credit for the number of shares of Acquiror Stock that the Participant would have received as a result of the Corporate Transaction if the Participant had actually held the Common Stock credited to his or her Company Stock Account immediately

  

 4 

 
prior to the consummation of the Corporate Transaction, and (2) Company Stock Accounts will thereafter be denominated in shares of Acquiror Stock and
ongoing deferrals of NEDSCP Shares, if any, shall continue to be made in accordance with outstanding deferral elections into the Company Stock Accounts as so denominated. 
 (ii) Cash or Other Property Transaction. If holders of Common Stock receive cash or other property in the Corporate Transaction,
then the amount credited to a Participant’s Company Stock Account shall be transferred to the Participant’s Cash Account and converted into a cash credit for the amount of cash or the value of the property that the Participant would have
received as a result of the Corporate Transaction if the Participant had actually held the Common Stock credited to his or her Company Stock Account immediately prior to the consummation of the Corporate Transaction. 
 (iii) Combination Transaction. If holders of Common Stock receive Acquiror Stock and cash or other property in the Corporate
Transaction, then (1) the amount credited to each Participant’s Company Stock Account shall be converted in part into a credit for Acquiror Stock under Section 6(i)(i) and in part into a credit for cash under Section 6(i)(ii) in
the same proportion as such consideration is received by shareholders, and (2) ongoing deferrals of NEDSCP Shares, if any, shall continue to be made in accordance with outstanding deferral elections into Company Stock Accounts in accordance
with Section 6(i)(i). 
 (iv) Election Following Stock Transaction. For a period of 12 months following the
consummation of any Corporate Transaction which results in Participants having Company Stock Accounts denominated in Acquiror Stock, each Participant shall have a one-time right to elect to transfer the entire amount in the Participant’s
Company Stock Account into the Participant’s Cash Account. Such election shall be made by written notice to the Company and shall be effective on the date received by the Company. If such an election is made, the amount of cash to be credited
to the Participant’s Cash Account shall be determined by multiplying the number of shares of Acquiror Stock in the Participant’s Company Stock Account by the closing market price of the Acquiror Stock reported for the effective date of the
election or, if such day is not a trading day, the next trading day. 
 (v) For purposes of this Plan, a “Corporate
Transaction” shall mean any of the following: 
 (1) any consolidation, merger or plan of share exchange involving the
Company (a “Merger”) pursuant to which shares of Common Stock would be converted into cash, securities or other property; 
 (2) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, the assets of the Company; or 
 (3) the adoption of any plan or proposal for the liquidation or dissolution of the Company. 
  

 5 

 7. Payment of Benefits. 
 (a) Plan Benefits. The Company shall pay Plan benefits to each Participant equal to the Participant’s Accounts. Each
Participation Agreement shall include an election by the Participant as to the term of benefit payments with respect to amounts deferred under the Participation Agreement, and Participation Agreements from Executives shall also include an election
as to the commencement of benefit payments. Except as otherwise provided in this Section 7, such elections shall be irrevocable with respect to compensation once the deferral deadline for that compensation has passed. Participants may make
different payment elections with respect to subsequent deferrals of compensation, but no Participant may at any time have compensation deferred under the Plan payable under more than three different payment elections. 
 (b) Commencement of Payments. Payment of benefits to Executives from their Accounts shall commence in the later of (i) January
of the year following termination of employment with the Company, or (ii) the seventh month following the month of termination of employment with the Company; provided, however, that Executives may elect in their Participation Agreements to
have benefits from their Accounts commence in January of a year specified by the Executive if such year is earlier than the year following termination of employment. Benefits for Directors shall commence in January of the year following the year in
which service as a Director of the Company ceases. 
 (c) Term of Payments. Participants may elect in their
Participation Agreements to have benefits from their Accounts paid in (i) annual installments over 5, 10 or 15 years, (ii) a single lump sum payment, or (iii) a combination of a partial lump sum payment (expressed as a percentage) and
the remainder in installments over 5, 10 or 15 years. 
 (d) Form of Payments. Benefits payable to a Participant from a
Company Stock Account shall be paid as a distribution of Common Stock plus cash for fractional shares. Benefits payable to a Participant from a Cash Account shall be paid in cash. 
 (e) Payment Timing and Valuation. All lump sum payments or installment payments due under the Plan in any year shall be paid on a
date in January determined by the Company, except that if Section 7(b) requires benefits to commence in a month other than January, the initial payment shall be paid on a date in that month determined by the Company. All payments shall be based
on Account balances as of the close of business on the last trading day of the immediately preceding month. Each partial lump sum payment and installment payment to a Participant shall be paid in the same proportion from each of the Accounts of the
Participant subject to the applicable payment election. The amount of each installment payment from each Account shall be determined by dividing the Account balance by the number of remaining installments, including the current installment to be
paid. 
 (f) Modification of Payment Elections. 
 (i) An Executive who has elected to have any benefit commence in a specified year prior to termination of employment as permitted in
Section 7(b) may elect (after such election has otherwise become irrevocable) to specify a later year for commencement of 

  

 6 

 
such benefit, provided (1) such election is made in writing delivered to the Company no later than the last day of the second year preceding the
previously specified year, and (2) the later year so specified is at least 5 years later than the previously specified year. 
 (ii) After a Participant’s election under Section 7(c) regarding the term of any benefit payments has otherwise become irrevocable, the Participant may elect to change such term of payments, provided (1) no such change may
increase the percentage of benefits to be paid in a full or partial lump sum payment or shorten the installment period, and (2) no such change shall be effective to delay any payment unless the change election is made in writing delivered to
the Company no later than the last day of the second year preceding the year in which the payment otherwise would be made. 
 (g) Unforeseeable Emergency. Notwithstanding the foregoing provisions of this Section 7, an accelerated payment from a Participant’s Accounts may be made to the Participant in the sole discretion of the Committee based upon
a finding that the Participant has suffered an Unforeseeable Emergency. For this purpose, “Unforeseeable Emergency” means a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the
Participant or a dependent of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. Unforeseeable
Emergency shall be determined by the Committee on the basis of information supplied by the Participant in accordance with uniform guidelines promulgated from time to time by the Committee. The amount of any accelerated payment under this
Section 7(g) shall be limited to the amount reasonably necessary to meet the Participant’s needs resulting from the Unforeseeable Emergency, after taking into account insurance and other potential sources of funds to meet such needs, plus
the amount reasonably necessary to cover income and withholding taxes on the accelerated payment. Any such accelerated payment shall be paid as promptly as practicable following approval by the Committee and shall be paid pro-rata from the
Participant’s Accounts based on the account balances as of the close of business on the day prior to the payment date. 
 (h) Designation of Beneficiaries; Death. 
 (i) Each Participant shall have the right, at any time, to
designate any person or persons as the Participant’s beneficiary or beneficiaries (both primary as well as secondary) to whom benefits under this Plan shall be paid in the event of the Participant’s death prior to complete distribution of
the benefits due under the Plan. If greater than fifty percent (50%) of the benefit is designated to a beneficiary other than the Participant’s spouse, such beneficiary designation shall be consented to by the Participant’s spouse.
Each beneficiary designation shall be in written form prescribed by the Company and will be effective only if filed with the Company during the Participant’s lifetime. Such designation may be changed by the Participant at any time without the
consent of a beneficiary, subject to the spousal consent requirement above. If no designated beneficiary survives the Participant, the balance of the Participant’s benefits shall be paid to the Participant’s surviving spouse or, if no
spouse survives, to the Participant’s estate. 
 (ii) Upon the death of a Participant, any benefits payable to a
surviving spouse as beneficiary shall be paid in accordance with the payment elections for such benefits 

  

 7 

 
that would have applied if the Participant had not died, and any benefits payable to any other beneficiary (including a secondary beneficiary following the
death of a surviving spouse) shall be paid in a single lump sum payment in January of the year following death. 
 (i)
Payment to Guardian. If a benefit under the Plan is payable to a minor or a person declared incompetent or to a person incapable of handling the disposition of his property, the Committee may direct payment of such Plan benefit to the
guardian, legal representative or person responsible for the care and custody of such minor, incompetent or person. The Committee may require proof of incompetence, minority, incapacity or guardianship as it may deem appropriate prior to
distribution of the Plan benefit. Such distribution shall completely discharge the Committee and the Company from all liability with respect to such benefit. 
 (j) Withholding; Payroll Taxes. The Company shall withhold from payments made hereunder any taxes required to be withheld from such
payments under federal, state or local law. 
 8. Supplemental Retirement Benefit. Any Executive who elects to defer compensation
under this Plan and who also satisfies the eligibility requirements for payment of any benefit under the Company’s Retirement Plan for Non-Bargaining Unit Employees (the “Retirement Plan”) shall qualify for further payment by the
Company of supplemental retirement benefits payable as an annuity under this Plan, as provided below: 
 (a) Amount.
The amount payable by the Company each month during the time an annuity benefit is payable to the Executive or Executive’s beneficiaries under the Retirement Plan shall be: 
 (i) The amount that would be payable at such time under the Retirement Plan determined under Section 8(c) by treating all accrued
benefits under the Retirement Plan as being payable only in the annuity form and by treating all Salary and Bonus deferred by the Executive under this Plan and under the Company’s former Executive Deferred Compensation Plan (the “Prior
Plan”) as though it had been “paid” to or “received” by Executive in the year when the deferral was made, provided that all such deferred amounts shall be subject to the other applicable definitions and rules of the
Retirement Plan relating to benefit determination; plus 
 (ii) The reduction, if any, in the amount of the “primary
Social Security Benefit” which will actually be payable to the Executive, provided that such reduction results from the fact that compensation deferred under this Plan causes the primary Social Security Benefit payable to the Executive to be
reduced and that such reduction is not otherwise payable under Section 8(a)(i) above or under the Prior Plan; minus 
 (iii) The sum of (1) the amount actually payable at such time under the Retirement Plan as determined under Section 8(c) by treating all accrued benefits under the Retirement Plan as being payable only in the annuity form, and
(2) the monthly amount payable under the comparable benefit set forth in Section 5.7 of the Prior Plan. 
  

 8 

 (b) Form and Duration. The form of supplemental retirement benefit payable by the
Company shall be the same annuity form, and shall be paid by the Company for the same duration, as the annuity benefit actually payable under the Retirement Plan. Such annuity benefit forms include (subject to any change in the Retirement Plan at
the time payment begins) a standard life annuity (no survivorship benefit); a half (50%) or full (100%) joint and survivor annuity to the Executive and surviving spouse with or without a “pop-up” if the spouse dies before the
Executive; a ten (10) year certain annuity which can provide death benefits to any surviving designated beneficiary; and a full (100%) joint and survivor benefit for the spouse of a vested married Executive who dies before retirement; and
payees include the Executive and, if the operative form provides for payment after the Executive’s death, the Executive’s surviving spouse or other surviving designated Beneficiary(ies) or estate. 
 (c) Retirement Plan Lump Sum Election Ignored. Notwithstanding any election by an Executive to receive a portion of
Executive’s Retirement Plan benefit as a lump sum, the amount of the supplemental retirement benefit as determined under Section 8(a) and the form and duration of the supplemental retirement benefit as determined under Section 8(b)
shall be calculated and determined as if Executive were to receive Executive’s entire Retirement Plan accrued benefit in the same annuity form that applies to the annuity portion of Executive’s Retirement Plan benefit. 
 (d) Six-Month Minimum Delay. Notwithstanding the foregoing, no supplemental retirement benefit payments under this Section 8
shall be paid to any Executive until the seventh month following the month of the Executive’s termination of employment with the Company. Any payments that would have been paid if not for this Section 8(d) shall be accumulated and paid in
full in the seventh month following the month of the Executive’s termination of employment with the Company. 
 9.
Administration. 
 (a) Committee Duties. This Plan shall be administered by the Organization and Executive
Compensation Committee of the Board (the “Committee”). The Committee shall have responsibility for the general administration of the Plan and for carrying out its intent and provisions. The Committee shall interpret the Plan and have such
powers and duties as may be necessary to discharge its responsibilities. The Committee may, from time to time, employ other agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with counsel who may
be counsel to the Company. 
 (b) Tax Law Compliance. The Committee shall have the authority to cancel any
Participation Agreement in whole or in part, and immediately distribute any compensation deferred under such Participation Agreement, if the Committee determines that deferral of compensation in accordance with such Participation Agreement will or
may cause the Plan to be operated in violation of Section 409A of the Internal Revenue Code. 
 (c) Binding Effect of
Decisions. The decision or action of the Committee in respect of any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final
and conclusive and binding upon all persons having any interest in the Plan. 
  

 9 

 10. Claims Procedure. 
 (a) Claim. Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under
the Plan shall present the request in writing to the Committee, which shall respond in writing as soon as practicable. 
 (b)
Denial of Claim. If the claim or request is denied, the written notice of denial shall state: 
 (i) The reasons for
denial, with specific reference to the Plan provisions on which the denial is based; 
 (ii) A description of any additional
material or information required and an explanation of why it is necessary; and 
 (iii) An explanation of the Plan’s
claim review procedure. 
 (c) Review of Claim. Any person whose claim or request is denied or who has not received a
response within thirty (30) days may request review by notice given in writing to the Committee. The claim or request shall be reviewed by the Committee who may, but shall not be required to, grant the claimant a hearing. On review, the
claimant may have representation, examine pertinent documents, and submit issues and comments in writing. 
 (d) Final
Decision. The decision on review shall normally be made within sixty (60) days. If an extension of time is required for a hearing or other special circumstances, the claimant shall be notified and the time limit shall be one hundred twenty
(120) days. The decision shall be in writing and shall state the reasons and the relevant Plan provisions. All decisions on review shall be final and bind all parties concerned. 
 11. Amendment and Termination of the Plan. 
 (a) Amendment. The Board may at any time amend the Plan in whole or in part; provided, however, that no amendment shall without the consent of each affected Participant (i) decrease or restrict the amount
credited to any Account maintained under the Plan as of the date of amendment, or (ii) accelerate or decelerate the payment of benefits with respect to amounts credited to any Account as of the date of the amendment. 
 (b) Termination. The Board may at any time partially or completely terminate the Plan if, in its judgment, the tax, accounting, or
other effects of the continuance of the Plan, or potential payments thereunder, would not be in the best interests of the Company. 
 (i) Partial Termination. The Board may partially terminate the Plan by instructing the Committee not to accept any additional Participation Agreements and terminating deferrals under all existing Participation Agreements. In the
event of such a partial termination, the Plan shall continue to operate and be effective with regard to all compensation deferred prior to the effective date of such partial termination. 
  

 10 

 (ii) Complete Termination. The Board may completely terminate the Plan. In that
event, on the effective date of the complete termination, the Plan shall cease to operate and the Company shall determine the balance of each Participant’s Accounts as of the close of business on such effective date. The Company shall pay out
such Account balances to the Participants in a single lump sum payment as soon as practicable after such effective date. 
 12.
Miscellaneous. 
 (a) Unsecured General Creditor. The Accounts shall be established solely for the purpose of
measuring the amounts owed to a Participants or beneficiaries under the Plan. Participants and their beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interest or claims in any property or assets of the Company,
nor shall they be beneficiaries of, or have any rights, claims or interests in any mutual funds, other investment products or the proceeds therefrom owned or which may be acquired by the Company. Except as may be provided in Section 12(b), such
mutual funds, other investment products or other assets of the Company shall not be held under any trust for the benefit of the Participants, their beneficiaries, heirs, successors or assigns, or held in any way as collateral security for the
fulfilling of the obligations of the Company under this Plan. Any and all of the Company’s assets shall be, and remain, the general, unpledged, unrestricted assets of the Company. The Company’s obligation under the Plan shall be that of an
unfunded and unsecured promise to pay money in the future, and the rights of Participants and beneficiaries shall be no greater than those of unsecured general creditors of the Company. 
 (b) Trust Fund. The Company shall be responsible for the payment of all benefits provided under the Plan. The Company shall
establish one or more trusts, with such trustees as the Board may approve, for the purpose of providing for the payment of such benefits, but the Company shall have no obligation to contribute to such trusts except as specifically provided in the
applicable trust documents. Such trust or trusts shall be irrevocable, but the assets thereof shall be subject to the claims of the Company’s creditors. To the extent any benefits provided under the Plan are actually paid from any such trust,
the Company shall have no further obligation with respect thereto, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid by, the Company. 
 (c) Non-assignability. Neither a Participant nor any other person shall have the right to commute, sell, assign, transfer, pledge,
anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be non-assignable and
nontransferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be
transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency. 
 (d) Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between the Company and any Participant, and the Participants (and their beneficiaries) shall have no
rights against the Company except as may otherwise be specifically provided herein. Moreover, nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of the Company 

  

 11 

 
or to interfere with the right of the Company to discipline or discharge the Participant at any time. 
 (e) Governing Law. The provisions of this Plan shall be construed and interpreted according to the laws of the State of Oregon,
except as preempted by federal law. 
 (f) Validity. In case any provision of this Plan shall be held illegal or
invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provisions had never been inserted herein. 
 (g) Notice. Any notice or filing required or permitted to be given to the the Company or the Committee under the Plan shall be
sufficient if in writing and hand delivered, or sent by registered or certified mail, to the Secretary of the Company. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark
on the receipt for registration or certification. 
 (h) Successors. The provisions of this Plan shall bind and inure
to the benefit of the Company and its successors and assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially
all of the business and assets of the Company, and successors of any such corporation or other business entity. 
 The foregoing restatement
of the Plan was approved by the Board of Directors of Northwest Natural Gas Company effective as of January 1, 2007. 
  

			
	NORTHWEST NATURAL GAS COMPANY
		
	By:	 	  

  

			
		
	Attest:	 	  

  

 12

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