Document:

EX-10.3

 Exhibit 10.3 

NORTHWEST NATURAL GAS COMPANY 

DEFERRED COMPENSATION PLAN FOR DIRECTORS AND EXECUTIVES 

EFFECTIVE JANUARY 1, 2005 

RESTATED EFFECTIVE OCTOBER 1, 2018 

 TABLE OF CONTENTS  

 

							
	 Page
	 
			
	1.	  	Purpose; Effective Date 	  	 	1	 
			
	2.	  	Eligibility 	  	 	1	 
			
	3.	  	Deferral Elections 	  	 	1	 
			
	4.	  	Company Contributions for Executives 	  	 	3	 
			
	5.	  	FICA Withholding on Executives 	  	 	4	 
			
	6.	  	Accounts 	  	 	5	 
			
	7.	  	Payment of Benefits 	  	 	7	 
			
	8.	  	Supplemental Retirement Benefit 	  	 	10	 
			
	9.	  	Administration 	  	 	12	 
			
	10.	  	Claims Procedure 	  	 	13	 
			
	11.	  	Amendment and Termination of the Plan 	  	 	13	 
			
	12.	  	Miscellaneous 	  	 	14	 

 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. Effective
October 1, 2018, the Company became a wholly-owned subsidiary of Northwest Natural Holding Company (“Parent”) and holders of Company common stock became holders of Parent common stock (“Parent Common Stock”). Under the terms
of the Plan, Company Stock Accounts (as defined in Section 6(a) below) which were formerly denominated in shares of Company common stock are now denominated in shares of Parent Common Stock. The Plan was previously restated effective
January 1, 2007, December 20, 2007, January 1, 2010, December 15, 2011, September 24, 2015 and July 28, 2016, and was restated effective as of February 28, 2008, except that the changes to Section 6(b) made by
that restatement do not apply to deferral allocations made in Participation Agreements that were irrevocable on or prior to December 31, 2006. The Plan is further amended by this restatement on and effective as of October 1, 2018. 

2.    Eligibility. Persons eligible to defer compensation under the Plan shall
consist of (a) each person who is a director of either the Company or Parent (“Directors”), and (b) a select group of management or highly compensated employees, which shall consist of each person who is an executive officer of
the Company or Parent and such other employees of the Company or Parent as may be designated in writing by the Chief Executive Officer of the Company as eligible to defer compensation and receive Company contributions 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. 

  
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 (a)    Elections by Directors. 

(i)    Cash 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. Prior to the termination of the Company’s
Non-Employee Directors Stock Compensation Plan (“NEDSCP”) in 2005 and the subsequent vesting of all remaining awards under the NEDSCP, Directors were permitted to elect to defer receipt of unvested
shares (“NEDSCP Shares”) of common stock of the Company awarded to the Directors under the NEDSCP. 

(iii)    RSU Awards. A Director may elect to defer receipt of all or any whole percentage of compensation payable
to the Director pursuant to a restricted stock unit award under Parent’s Long Term Incentive Plan (“Director RSU”). The deferral deadline for an election to defer compensation under a Director RSU shall be the last day of the calendar
year prior to the grant date of the award. 
 (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 performance in any calendar year shall be the last day of the prior calendar year. 

(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 Parent’s Long Term Incentive Plan (“LTIP Compensation”); provided, however, that (1) a stock option shall not be considered LTIP Compensation eligible for deferral under the
Plan, and (2) no election shall be permitted after December 31, 2008 to defer receipt of an award that consists of shares of Parent Common Stock issued subject to forfeiture if vesting conditions are not satisfied (“Unvested LTIP
Shares”). The deferral deadline for an election to defer LTIP Compensation shall be (x) the last day of the calendar year prior to the commencement of the performance period if a performance period is specified in the award, or
(y) the last day of the calendar year prior to the grant date of the award if no performance period is specified; provided, however, that for any award of LTIP Compensation for which the performance period ends on or before December 31,
2008, the deferral deadline shall be the last day of the calendar year prior to the last year of the performance period, and for any award of LTIP Compensation for which the 

  
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performance period ends on December 31, 2009 or December 31, 2010, the deferral deadline shall be December 31, 2008. If an Executive elects to defer less than 100 percent of
an award of LTIP Compensation that becomes payable in increments over time, the deferral percentage elected by the Executive shall be applied uniformly to each increment. 

(iv)    2012 RSU Grants. An Executive may elect to defer receipt of all or any whole percentage of LTIP
Compensation payable to the Executive pursuant to a restricted stock unit award granted in February 2012 (a “2012 RSU”); provided, however, that: 

(1)    the portion of the Executive’s 2012 RSU that is scheduled to vest before March 31, 2013 (the “First
Installment”) shall not be eligible for deferral; 
 (2)    as a precondition to any deferral election under this
subparagraph (b)(iv), the Executive must agree to a modification of the terms of the Executive’s 2012 RSU under which all of the 2012 RSU other than the First Installment shall be forfeited if the Executive’s employment terminates before
the first anniversary of the grant date of the 2012 RSU other than (x) as a result of death or disability (as defined in Treasury Regulations §1.409A-3(i)(4)) or (y) in circumstances that result
in accelerated vesting of the 2012 RSU due to the occurrence of a change in control event (as defined in Treasury Regulations §1.409A-3(i)(5)); and 

(3)    a deferral election under this subparagraph (b)(iv) shall be void and have no effect if the Executive’s
employment terminates before the first anniversary of the grant date of the 2012 RSU either (x) as a result of death or disability (as defined in Treasury Regulations §1.409A-3(i)(4)) or (y) in
circumstances that result in accelerated vesting of the 2012 RSU due to the occurrence of a change in control event (as defined in Treasury Regulations §1.409A-3(i)(5)). 

The deferral deadline for an election to defer LTIP Compensation payable under a 2012 RSU shall be 30 days after the grant date of the 2012 RSU. If an
Executive elects to defer less than 100 percent of the Executive’s 2012 RSU, the deferral percentage elected by the Executive shall be applied uniformly to each installment of the 2012 RSU that vests over time, excluding the First
Installment. LTIP Compensation payable pursuant to restricted stock unit awards granted after 2012 shall be eligible for deferral under subparagraph (b)(iii). 

(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 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. 

4.    Company Contributions for Executives. 

(a)    Matching Contributions. The Company shall credit a “Matching Contribution” to each Executive’s
Cash Account (as defined below) each year based on the Executive’s total Salary and Bonus and the amount of Salary and Bonus deferred under the Plan and the Company’s Retirement K Savings Plan by the Executive during that year;
provided, 

  
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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 Retirement K Savings
Plan. The amount of the Matching Contribution shall be equal to the excess of (i) the Match Percentage multiplied by the lesser of (1) the total amount of Executive’s Salary and Bonus deferred under the Plan and the Retirement K
Savings Plan during the calendar year, or (2) the Maximum Match Percentage multiplied by the Executive’s total Salary and Bonus during such calendar year, over (ii) the amount that would have been 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. The
“Match Percentage” shall mean the first percentage set forth in Article IV, Section D.1 of the Retirement K Savings Plan, which as of the effective date of this restatement is sixty percent (60%), as such percentage may be modified from
time to time. The “Maximum Match Percentage” shall mean the second percentage set forth in Article IV, Section D.1 of the Retirement K Savings Plan, which as of the effective date of this restatement is eight percent (8%), as such
percentage may be modified from time to time. An Executive is not required to elect to defer Salary or Bonus under the Plan to be eligible to receive a Matching Contribution credit. 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, and shall be fully vested at all times. 

(b)    Supplemental Contributions. For any Executive who is hired after December 31, 2006 and is therefore
eligible to receive enhanced employer contributions under Article IV, Section E of the Retirement K Savings Plan, the Company shall credit a “Supplemental Contribution” to the Executive’s Cash Account each year in an amount equal to
the Enhanced Contribution Percentage multiplied by the greater of (i) the Executive’s Salary and Bonus deferred under the Plan during the calendar year, or (ii) the excess, if any, of the Executive’s total Salary and Bonus during
such calendar year over the limit provided by Section 401(a)(17) of the Internal Revenue Code on compensation counted under the Retirement K Savings Plan for that year. The “Enhanced Contribution Percentage” shall mean the percentage
set forth in Article IV, Section E.1 of the Retirement K Savings Plan, which as of the effective date of this restatement is five percent (5%), as such percentage may be modified from time to time. A Supplemental Contribution shall be credited for
an Executive whose total Salary and Bonus exceeds the Section 401(a)(17) limit whether or not the Executive defers compensation under the Plan. Supplemental 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 Supplemental Contribution was earned. Supplemental Contributions for an Executive shall be vested if enhanced employer contributions for the Executive made for the same
year would be vested under the terms of the Retirement K Savings Plan. Upon termination of an Executive’s employment, any unvested Supplemental Contributions, as well as any dividends or interest credited thereon, shall be forfeited and
deducted from the Executive’s Accounts. 
 5.    FICA Withholding on
Executives. Under current law, all compensation, Matching Contributions and vested Supplemental 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 or 

  
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Supplemental 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 Parent Common Stock, including fractional shares, and a Cash Account, which shall be denominated
in U.S. dollars. 
 (b)    Allocation of Deferrals Among Accounts. All NEDSCP Shares deferred by a Director were
credited to the Company Stock Account. All compensation pursuant to a Director RSU payable in shares of Parent Common Stock that is deferred by a Director shall be credited to the Company Stock Account. All LTIP Compensation payable in shares of
Parent Common Stock that is deferred by an Executive shall be credited to the Company Stock Account. All other compensation deferred by a Participant shall be credited to the Cash Account. 

(c)    Crediting of Deferrals. The credits for deferred Salary, Bonus, Fees and compensation pursuant to Director
RSUs shall be entered on the Company’s books of account at the time that such compensation would otherwise be paid. The credit for any LTIP Compensation deferred by an Executive consisting of Unvested LTIP Shares shall be entered on the
Company’s books of account as soon as practicable after such deferral is irrevocable. The credit for any other deferred LTIP Compensation shall be entered on the Company’s books of account at the time that such compensation would otherwise
be paid. 
 (d)    Transfers Among Accounts. Participants may elect in writing to transfer amounts previously
credited to the Cash Account to the Company Stock Account, but shall be limited to four such transfers per calendar year. 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 Parent Common Stock recorded as the balance of that Account based on the closing market price of the Parent Common Stock reported for the day of the transfer or credit or, if such day is not a
trading day, the next trading day. As of each date for payment of dividends on the Parent 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

  
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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 Unvested LTIP Shares deferred by an Executive under this Plan are forfeited under the
terms of the Executive’s applicable award agreement, the Executive’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 Parent 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 Parent Common Stock credited to his or her Company Stock Account immediately 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 into Company Stock Accounts, 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 Parent 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 Parent 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 Parent 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 into Company Stock Accounts, if any, shall continue to be made in accordance with outstanding deferral elections into
Company Stock Accounts in accordance with Section 6(i)(i). 

  
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 (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; provided, however, that this election shall not be available if the Corporate Transaction results in holders of Parent Common
Stock becoming holders of all of the outstanding common stock of a parent corporation of the Company. 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 Parent (a “Merger”) pursuant to which
shares of Parent 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 Parent; or 

(3)    the adoption of any plan or proposal for the liquidation or dissolution of Parent. 

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. The payment elections in a Participation Agreement shall also apply to Matching Contributions and Supplemental Contributions credited as a result of Salary or Bonus during the deferral
period covered by the Participation Agreement, and shall also apply to any dividends or interest credited with respect to amounts deferred under the Participation Agreement and such Matching Contributions and Supplemental Contributions. If a
Supplemental Contribution is credited to an Executive’s Account for a year that is not covered by a Participation Agreement, the Executive shall be deemed to have elected a single lump sum payment following Separation from Service as permitted
by Sections 7(b) and 7(c) below with respect to benefits resulting from such Supplemental Contribution. Except as otherwise provided in this Section 7, payment 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. 

  
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 (b)    Commencement of Payments. Payment of benefits to Directors
shall commence in January of the year following the Director’s Separation from Service (as defined below). Payment of benefits to Executives shall commence in the later of (i) January of the year following the Executive’s Separation
from Service, or (ii) the seventh month following the month of the Executive’s Separation from Service; 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 the Executive’s Separation from Service. When used in this Plan, the term “Separation from Service” shall have the meaning ascribed to such term in
Treasury Regulations §1.409A-1(h). 
 (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 Parent 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 such benefit, provided that for any such election submitted after December 31, 2008, (1) such election
is made in writing delivered to the Company no later than, and becoming irrevocable on, 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) the choice of annual installments over 15 years shall not be available for a change election under this subsection, (2) the
term of any particular payments may be changed only once under this subsection, (3) such election must be made in writing delivered to the Company no later than, and becoming irrevocable on, the last day of the second year preceding the year in
which the payments otherwise would have commenced (and shall not 

  
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be effective if a Separation from Service occurs on or before the date the election becomes irrevocable), and (4) the commencement of the affected payments shall be delayed for 5 years after
the date the payments would have commenced under the terms of the previous payment election. Accordingly, for a Director who elects to change the term of any benefit payments, the commencement of those payments will be delayed until January of the
year following the fifth anniversary of the Director’s Separation from Service. Notwithstanding the foregoing, a Participant may elect on or prior to December 31, 2008 to change the term of any benefit payments that have not commenced as
of that date without application of any of the limitations or restrictions set forth in this Section 7(f)(ii). 

(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 an illness or accident of the Participant, the Participant’s spouse 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, notwithstanding any contrary provisions of Section 7(b) or 7(f),
benefit payments to the Participant’s beneficiary shall commence no later than January of the year following the Participant’s death. Any benefits payable after the death of a Participant shall otherwise be paid in accordance with the
payment elections for such benefits that would have applied if the Participant had not died. 

  
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 (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, with such tax withholding generally being required only for deferred compensation for
services as an employee. 
 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 Bargaining Unit and Non-Bargaining
Unit Employees (the “Retirement Plan”) shall qualify for further payment by the Company of supplemental retirement benefits payable as a monthly annuity under this Plan, as provided below: 

(a)    Commencement. 

(i)    If the Executive is eligible to receive normal retirement benefits under the Retirement Plan based on having
reached age 62 at the time of Separation from Service, the annuity shall commence with the first month following the Executive’s Separation from Service. 

(ii)    If the Executive is eligible to receive early retirement benefits under the Retirement Plan based on having
satisfied the Rule of 70 at the time of Separation from Service, the annuity shall commence with the first month following the later of the Executive’s 55th birthday or the Executive’s
Separation from Service. 
 (iii)    If the Executive is not eligible to receive normal retirement benefits or early
retirement benefits as referred to in Section 8(a)(i) or (ii), but is eligible to receive vested benefits under the Retirement Plan, the annuity shall commence with the first month following the Executive’s 62nd birthday. 
 (iv)    If the Executive’s surviving spouse is
eligible to receive death benefits under the Retirement Plan as a result of the Executive’s death before commencement of benefits under this Section 8, the annuity shall commence in the month that benefits would have commenced as provided
in this Section 8(a) if the Executive had a Separation from Service on the date of death (or on the Executive’s actual Separation from Service, if earlier) and then survived until benefits had commenced. 

  
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 (b)    Form of Benefit. 

(i)    Annuity Form. If the Executive elects a form of annuity benefit under the Retirement Plan at least 30 days
prior to the first day of the month in which the benefit under this Section 8 is required to commence, the benefit under this Section 8 shall be paid in the same annuity form as selected under the Retirement Plan. If the Executive’s
benefit under this Section 8 commences earlier than the Executive’s benefit under the Retirement Plan, the Executive may, at least 30 days prior to the first day of the month in which the benefit under this Section 8 is required to
commence and otherwise in accordance with the rules of the Retirement Plan, elect any of the standard or optional annuity forms of benefit described in 6.01 and 6.02 of the Retirement Plan, other than a joint and survivor annuity upon marriage or
remarriage after the annuity starting date. If the Executive does not make a timely election under this Section 8(b), the benefit under this Section 8 shall be paid in the default annuity form applicable to the Executive under the
Retirement Plan. 
 (ii)    Small Benefit Cash Out. If the actuarial equivalent lump sum present value of the
Executive’s benefit under this Section 8, based on the actuarial assumptions used for determining equivalent benefits under the Retirement Plan at the time of the Executive’s commencement of benefits, is no more than the applicable
dollar amount under Internal Revenue Code section 402(g)(1)(B) (which is $18,500 in 2018), the benefit shall be paid as a lump sum in such amount at the time annuity payments would have otherwise commenced under Section 8(a). 

(c)    Amount. The amount payable by the Company each month 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 assuming
that (1) benefits had commenced on the date specified in Section 8(a), (2) benefits were payable in the annuity benefit form determined under Section 8(b), (3) all accrued benefits under the Retirement Plan were payable only
in the annuity form as provided in Section 8(d), and (4) all Salary and Bonus deferred by the Executive under this Plan and under the Company’s former Executive Deferred Compensation Plan (the “Prior Plan”) 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 monthly Social Security benefit 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, with the amount under this Section 8(c)(ii)
calculated assuming commencement of Social Security benefits at the earliest possible time, no earnings after Separation from Service and no projected increases in the national average wage index or cost of living between Separation from Service and
commencement of benefits; minus 
 (iii)    The amount that would actually be payable at such time under the Retirement
Plan assuming that (1) benefits had commenced on the date specified in Section 8(a), (2) benefits were payable in the annuity benefit form determined under Section 8(b), and (3) all accrued benefits under the Retirement Plan
were payable only in the annuity form as provided in Section 8(d). 

  
 11 

 (d)    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(c) shall be calculated and determined as if Executive
were to receive Executive’s entire Retirement Plan accrued benefit in the annuity form determined under Section 8(b). 

(e)    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 Separation from Service. Any payments that would have been paid if not for this
Section 8(e) shall be accumulated and paid in full in the seventh month following the month of the Executive’s Separation from Service together with interest from the date each payment otherwise would have been payable until the date
actually paid. Interest for any period will be paid at the same rate applicable for that period under Section 6(f). 

(f)    Waiver of Comparable Benefits Under Prior Plan. Because amounts deferred under the Prior Plan are taken into
account in calculating the benefits payable under this Section 8, acceptance of the benefits under this Section 8 shall be deemed to be a waiver of the comparable benefits set forth in Section 5.7 of the Prior Plan. 

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, but only to the extent the Committee determines that deferral of compensation in accordance with such Participation Agreement has
or will violate Section 409A of the Internal Revenue Code and therefore has or will require immediate inclusion of such compensation in the income of the Participant. 

(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. 

  
 12 

 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. 

  
 13 

 (ii)    Complete Termination. The Board may completely terminate
the Plan, provided such termination is covered by an exception (set forth in regulations or other guidance of the Internal Revenue Service) to the prohibition on acceleration of deferred compensation. 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 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;
provided, however, that upon request of the Company at any time, Parent shall pay benefits that are payable in Parent Common Stock by issuing such shares to the applicable Participants or beneficiaries. 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 benefits under the Plan, 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. 

  
 14 

 (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 or Parent and any Participant, and the Participants (and their beneficiaries) shall have no rights against the Company or Parent 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 or Parent or to interfere with the right of the Company or Parent 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
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, Parent and their
respective 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 or Parent, and successors of any such corporation or other business entity. Parent did not acquire all or substantially all of the assets of the Company in the reorganization transaction, and therefore Parent is not a successor
to any of the obligations of the Company under this Plan. 
 The foregoing restatement of the Plan was approved by the Board of Directors of
Northwest Natural Gas Company effective as of October 1, 2018. 
  

			
	NORTHWEST NATURAL GAS COMPANY
		
	By:	 	/s/ DAVID H. ANDERSON
		 	David H. Anderson,
		 	Chief Executive Officer

  

			
	
		
	Attest:	 	/s/ SHAWN M. FILIPPI
		 	Shawn M. Filippi,
		 	Vice President, Chief Compliance Officer
		 	and Corporate Secretary

  
 15 

 Northwest Natural Holding Company hereby acknowledges and accepts its obligation under
Section 12(b) of the Plan. 
  

			
	NORTHWEST NATURAL HOLDING COMPANY
		
	By:	 	/s/ DAVID H. ANDERSON
		 	David H. Anderson,
		 	Chief Executive OfficerEX-10.4

 Exhibit 10.4 

NORTHWEST NATURAL GAS COMPANY 

EXECUTIVE DEFERRED COMPENSATION PLAN 

2018 RESTATEMENT 
 Effective
January 1, 1987 
 Restated as of October 1, 2018 

 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	  	 	2	 
		 	2.5	 	Board	  	 	2	 
		 	2.6	 	Bonus	  	 	2	 
		 	2.7	 	Cash Compensation	  	 	2	 
		 	2.8	 	Change in Control	  	 	2	 
		 	2.9	 	Committee	  	 	3	 
		 	2.10	 	Common Stock	  	 	3	 
		 	2.11	 	Compensation	  	 	3	 
		 	2.12	 	Corporate Transaction	  	 	3	 
		 	2.13	 	Corporation	  	 	3	 
		 	2.14	 	Deferral Commitment	  	 	3	 
		 	2.15	 	Deferral Deadline	  	 	3	 
		 	2.16	 	Deferred Cash Compensation	  	 	4	 
		 	2.17	 	Deferred Compensation Account Benefit	  	 	4	 
		 	2.18	 	Determination Date	  	 	4	 
		 	2.19	 	Disability	  	 	4	 
		 	2.20	 	Executive	  	 	4	 
		 	2.21	 	Financial Hardship	  	 	4	 
		 	2.22	 	Interest	  	 	4	 
		 	2.23	 	LTIP Compensation	  	 	5	 
		 	2.24	 	Matching Contribution	  	 	5	 
		 	2.25	 	Participation Agreement	  	 	5	 
		 	2.26	 	Plan Benefits	  	 	5	 
		 	2.27	 	Retirement	  	 	5	 
		 	2.28	 	Retirement Plan	  	 	5	 
		 	2.29	 	Supplemental Retirement Benefit	  	 	5	 
		 	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	  	 	7	 
		 	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.	  	 	9	 
		 	5.4	 	Form of Benefit Payment	  	 	9	 
		 	5.5	 	Hardship Distributions	  	 	9	 
		 	5.6	 	Death Benefit	  	 	10	 
		 	5.7	 	Supplemental Retirement Benefit	  	 	10	 
		 	5.8	 	Withholding; Payroll Taxes	  	 	11	 
		 	5.9	 	Payment to Guardian	  	 	11	 
		 	5.10	 	Accelerated Distribution	  	 	11	 
			
	ARTICLE VI	 	BENEFICIARY DESIGNATION 	  	 	11	 
				
		 	6.1	 	Beneficiary Designation	  	 	11	 
		 	6.2	 	Amendments	  	 	11	 
		 	6.3	 	No Beneficiary Designation	  	 	12	 
		 	6.4	 	Effect of Payment	  	 	12	 
			
	ARTICLE VII	 	ADMINISTRATION 	  	 	12	 
				
		 	7.1	 	Committee; Duties	  	 	12	 
		 	7.2	 	Agents	  	 	12	 
		 	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	  	 	13	 
		 	8.4	 	Final Decision	  	 	13	 

  
 ii 

 TABLE OF CONTENTS 

(Continued) 
  

									
	 	 	 	  	PAGE	 
	ARTICLE IX	 	AMENDMENT AND TERMINATION OF THE PLAN 	  	 	13	 
				
		 	9.1	 	Amendment	  	 	13	 
		 	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	  	 	15	 
		 	10.4	 	Nonassignability	  	 	15	 
		 	10.5	 	Not a Contract of Employment	  	 	15	 
		 	10.6	 	Protective Provision	  	 	15	 
		 	10.7	 	Governing Law	  	 	15	 
		 	10.8	 	Validity	  	 	16	 
		 	10.9	 	Notice	  	 	16	 
		 	10.10	 	Successors	  	 	16	 

  
 iii 

 NORTHWEST NATURAL GAS COMPANY 

EXECUTIVE DEFERRED COMPENSATION PLAN 

Effective as of January 1, 1987 

Restated as of October 1, 2018 

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, December 15, 2005, January 1, 2007, February 28,
2008, and February 26, 2009. The Plan was partially terminated in accordance with Paragraph 9(b)(i) effective December 31, 2004, so deferrals of compensation are no longer being made under the Plan. Effective October 1, 2018, the
Corporation became a wholly-owned subsidiary of Northwest Natural Holding Company (“Parent”) and holders of Corporation common stock became holders of Parent common stock (“Parent Common Stock”). Under the terms of the Plan,
Stock Accounts (as defined in Section 4.3 below) which were formerly denominated in shares of Corporation common stock are now denominated in shares of Parent Common Stock. The Plan is now amended and restated by this 2018 Restatement,
effective as of October 1, 2018. 
 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. 

  
 PAGE 1 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 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. 
 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 Parent (a “Merger”) as a result of which
the holders of outstanding securities of Parent 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; 
 (ii)    any consolidation, merger, plan of share exchange or other transaction
involving the Corporation as a result of which Parent does not continue to hold, directly or indirectly. at least 50% of the outstanding securities of the Corporation ordinarily having the right to vote for the election of directors; or 

(iii)    any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or
substantially all, the assets of Parent or 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 Parent (“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 Parent or the Corporation or any employee benefit plan sponsored by Parent or the Corporation) shall, as a result of a tender or exchange offer, open market purchases or privately negotiated purchases from
anyone other than Parent, 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. 

  
 PAGE 2 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 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 Parent. 

2.11    Compensation. “Compensation” means Cash Compensation and LTIP
Compensation. 
 2.12    Corporate Transaction. “Corporate
Transaction” means any of the following: 
 (a)    any consolidation, merger or plan of share exchange involving
Parent pursuant to which shares of Parent 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 Parent. 
 2.13    Corporation.
“Corporation” means Northwest Natural Gas Company, an Oregon corporation. 

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. 

  
 PAGE 3 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 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. 
 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 two percentage points (2%) higher than 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. At no time shall such Interest rate be less than six percent
(6%) annually. 
 Notwithstanding the foregoing provisions of this Section 2.22, effective as of January 1, 2017, the Interest
rate shall equal the rate of interest for interest credited to cash accounts under the Corporation’s Deferred Compensation Plan for Directors and Executives, as such plan may be amended from time to time (the “DCPDE”), regardless of
whether or not such rate of interest shall be more or less than six percent (6%) annually; provided, however, that if at any time on or after January 1, 2017 there is no interest credited to cash accounts under the DCPDE because the DCPDE shall
have ceased to operate or for any other reason, then, at such time on or after January 1, 2017, the Interest rate shall equal 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, regardless of whether or not such
Interest rate shall be more or less than six percent (6%) annually. Any change in the Interest rate that occurs on January 1, 2017 or thereafter pursuant to the provisions of this paragraph shall not constitute a “change in the definition
of Interest” within the meaning of Section 9.1(b) below. 

  
 PAGE 4 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 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 Bargaining Unit and Non-Bargaining Unit Employees. 

2.29    Supplemental Retirement Benefit. “Supplemental Retirement
Benefit” means the benefit payable to an Executive under Section 5.7. 

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. 

  
 PAGE 5 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 (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. 

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 

  
 PAGE 6 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 
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 Parent 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 Parent 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 Parent
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 Parent Common Stock reported for such payment date or, if such day is not a trading day, the next trading day. 

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 Parent 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 Parent 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.

  
 PAGE 7 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 (b)    Cash or Other Property Transaction. If holders of Parent
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 Parent 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 Account; provided, however, that this election shall not be available if the Corporate Transaction results in holders of Parent Common Stock becoming holders of all of the outstanding
common stock of a parent corporation of the Corporation. 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 

  
 PAGE 8 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 (ii)    A day in January of the year following the year of the
Executive’s Retirement, total Disability or other termination of employment, with the specific day to be determined by the Corporation. 

(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. 

(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 Parent 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. 

  
 PAGE 9 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 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 Parent or 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 

(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. 

  
 PAGE 10 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 (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 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. 

  
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COMPENSATION PLAN 

 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 Parent or the Corporation. 

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; 

  
 PAGE 12 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 (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). 
 (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. 

  
 PAGE 13 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 (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. 
 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 

  
 PAGE 14 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 
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; provided, however, that upon request of the Corporation at any time, Parent shall pay benefits that are
payable in Parent Common Stock by issuing such shares to the applicable Participants or beneficiaries. 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
benefits under the Plan. 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 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 or Parent and the Executive, and the Executive (or the Executive’s Beneficiary) shall have no rights against the Corporation or Parent 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 Parent or to interfere with the right of the Corporation or Parent 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. 

  
 PAGE 15 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 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, Parent and their respective 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 or Parent, and successors of any such corporation or other business entity. Parent did not acquire all or substantially all of the assets of the Corporation in the reorganization
transaction, and therefore Parent is not a successor to any of the obligations of the Corporation under this Plan. 
 The foregoing
restatement of the Plan was approved by the Board of Directors of Northwest Natural Gas Company effective as of October 1, 2018. 
  

			
	NORTHWEST NATURAL GAS COMPANY
		
	By:	 	/s/ DAVID H. ANDERSON
		 	David H. Anderson,
		 	Chief Executive Officer

  

			
	Attest:	 	/s/ SHAWN M. FILIPPI
		 	Shawn M. Filippi
		 	Vice President, Chief Compliance Officer and Corporate Secretary

  
 PAGE 16 – EXECUTIVE DEFERRED
COMPENSATION PLAN 

 Northwest Natural Holding Company hereby acknowledges and accepts its obligation under
Section 10.3 of the Plan. 
  

			
	NORTHWEST NATURAL HOLDING COMPANY
		
	By:	 	/s/ DAVID H. ANDERSON
		 	David H. Anderson,
		 	Chief Executive Officer

  
 PAGE 17 – EXECUTIVE DEFERRED
COMPENSATION PLAN

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