Document:

EX-10.9

 Exhibit 10.9 

NORTHWEST NATURAL GAS COMPANY 

SUPPLEMENTAL TRUST 

EFFECTIVE JANUARY 1, 2005 

RESTATED AS OF OCTOBER 1, 2018 
  

			
	 NORTHWEST NATURAL GAS COMPANY
 One Pacific
Square
 220 N.W. Second Avenue
 Portland, Oregon 97209
	  	        Company
		
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
 Wells
Fargo Institutional Retirement and Trust
 100 North Main Street

Winston-Salem, North Carolina 27101
	  	        Trustee

 TABLE OF CONTENTS 
  

					
		
	 Section 1. Establishment of Trust 
	  	 	1	 
		
	 Section 
2. Payments to Plan Participants and Their Beneficiaries. 
	  	 	2	 
		
	 Section 
3. Trustee Responsibility Regarding Payments to Trust Beneficiary when Company Is Insolvent. 
	  	 	3	 
		
	 Section 4. Payments to Company. 
	  	 	4	 
		
	 Section 5. Investment Authority. 
	  	 	4	 
		
	 Section 6. Disposition of Income. 
	  	 	6	 
		
	 Section 7. Accounting by Trustee. 
	  	 	6	 
		
	 Section 8. Responsibility of Trustee. 
	  	 	7	 
		
	 Section 9. Compensation and Expenses of Trustee.

	  	 	7	 
		
	 Section 10. Resignation and Removal of Trustee.

	  	 	8	 
		
	 Section 11. Appointment of Successor. 
	  	 	8	 
		
	 Section 12. Amendment or Termination. 
	  	 	9	 
		
	 Section 13. Miscellaneous. 
	  	 	9	 

 NORTHWEST NATURAL GAS COMPANY 

SUPPLEMENTAL TRUST 
 EFFECTIVE
JANUARY 1, 2005 
 RESTATED AS OF OCTOBER 1, 2018 
  

			
	 NORTHWEST NATURAL GAS COMPANY
 One Pacific
Square
 220 N.W. Second Avenue
 Portland, Oregon 97209
	  	        Company

  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
 Wells
Fargo Institutional Retirement and Trust
 100 North Main Street

Winston-Salem, North Carolina 27101
	  	        Trustee

 The Company has adopted the nonqualified deferred compensation plans listed in Appendix A (the
“Plans”). The parties established this trust (the “Trust”) effective as of January 1, 2005 pursuant to a Trust Agreement dated as of that date. The purpose of the Trust is to give Plan participants greater security by
placing assets in trust for use only to pay benefits or, if the Company becomes Insolvent (as herein defined), to pay creditors. The Trust is intended to constitute an unfunded arrangement that shall not affect the status of the Plans as unfunded
plans maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974. 

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. To make appropriate changes to the Trust in relation to the foregoing corporate transaction, the Company and the Trustee now hereby amend and restate the Trust effective as of
October 1, 2018 on the following terms: 
 Section 1. Establishment of Trust 

(a)    The Trust was established effective as of January 1, 2005, at which time the Company deposited with the Trustee
in trust shares of Northwest Natural Gas Company common stock (which have since been converted into shares of Parent common stock), which shares became the principal of the Trust and shall be held, administered and disposed of by the Trustee as
provided in this Trust Agreement. 
 (b)    The Trust shall be irrevocable. 

 (c)    The Trust is intended to be a grantor trust, of which the Company
is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly. 

(d)    The principal of the Trust, and any earnings thereon shall be held separate and apart from other funds of the
Company and shall be used exclusively for the uses and purposes of Plan participants and general creditors as herein set forth. Plan participants and their beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any
assets of the Trust. Any rights created under the Plans and this Trust document shall be mere unsecured contractual rights of Plan participants and their beneficiaries against the Company. Any assets held by the Trust will be subject to the claims
of the Company’s general creditors under federal and state law in the event of Insolvency, as defined in Section 3(a) herein. 

(e)    The Company, in its sole discretion, may at any time, or from time to time, make additional deposits of cash or
other property in trust with the Trustee to augment the principal to be held, administered and disposed of by the Trustee as provided in this Trust Agreement. Neither the Trustee nor any Plan participant or beneficiary shall have any right to compel
such additional deposits. 
 Section 2. Payments to Plan Participants and Their Beneficiaries. 

(a)    With respect to any benefit payments due to participants and beneficiaries under the Plans, the Company may
make such payments and the Trustee shall, upon request of the Company either before or within 30 days after the payment date and upon receipt of evidence of such payments satisfactory to the Trustee, reimburse the Company from the Trust for such
payments. Upon the direction of the Company, the Trustee shall pay benefits owed under a Plan. All such payments shall come from the applicable Subtrust (as defined in Section 5(a) hereof). If the principal of a Subtrust, and any earnings
thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plans, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company where principal and earnings are not
sufficient. When the Company makes payments to participants and beneficiaries, the Company shall make any required income tax withholding and reporting, and shall pay amounts withheld to taxing authorities. 

(b)    Prior to a Change in Control (as defined in Section 13(d) hereof), the entitlement of a Plan participant or his
or her beneficiaries to benefits under the Plans shall be determined by the Company or such party as it shall designate under the Plans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plans. 

(c)    Upon a Change in Control, the Company shall deliver to the Trustee a schedule (the “Payment Schedule”)
that indicates the amounts payable in respect of each Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is
to be paid (as provided for or available under the Plans), and the time of commencement for payment of such amounts. After the Change in Control, the Trustee shall make payments upon application by the Plan participants and their beneficiaries from
the applicable Subtrust in accordance with such Payment Schedule. The Trustee shall make provision for the reporting and withholding of any 

  
 2 

 
federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plans and shall pay amounts withheld to the appropriate
taxing authorities or determine that such amounts have been reported, withheld and paid by the Company. After the occurrence of a Change in Control, a participant or beneficiary may apply for payment of a Plan benefit by the Company under the
procedures for benefit claims provided in the Plan or may apply for payment by the Trustee in accordance with the Payment Schedule. 
 
Section 3. Trustee Responsibility Regarding Payments to Trust Beneficiary when Company Is Insolvent. 

(a)    The Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is
Insolvent. The Company shall be considered “Insolvent” for purposes of this Trust Agreement if: 

(1)    the Company is unable to pay its debts as they become due, or 

(2)    the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.

 (b)    At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and
income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below. 

(1)    The Board of Directors and the Chief Executive Officer of the Company shall have the duty to inform
the Trustee in writing of the Company’s Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and,
pending such determination, the Trustee shall discontinue payment of benefits to Plan participants or their beneficiaries. 

(2)    Unless the Trustee has actual knowledge of the Company’s Insolvency, or has received notice
from the Company or a person claiming to be a creditor alleging that the Company is Insolvent, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the
Company’s solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s solvency. 

(3)    If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall
discontinue payments to Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Plan
participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Plans or otherwise. 

(4)    The Trustee shall resume the payment of benefits to Plan participants or their beneficiaries in
accordance with Section 2 of the Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). 

  
 3 

 (c)    Provided that there are sufficient assets, if the Trustee
discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan
participants or their beneficiaries under the terms of the Plans for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by the Company in lieu of the payments provided for
hereunder during any such period of discontinuance. 
 Section 4. Payments to Company. 

(a)    Except as provided in Sections 2(a), 3, and 4(b) hereof, after the Trust has become irrevocable, the Company shall
have no right or power to direct the Trustee to return to the Company or to divert to others any of the Trust assets before all benefits have been paid to Plan participants and their beneficiaries pursuant to the terms of the Plans and all fees and
expenses of this Trust have been paid. 
 (b)    In the event any Subtrust holds Excess Assets, the Company may direct
the Trustee to return part or all of the Excess Assets to the Company. “Excess Assets” are assets of the Subtrust exceeding 125 percent of the present value of all the benefits owed to participants and beneficiaries under the Plan
funded through that Subtrust. For purposes of this 4(b), the present value of benefits owed to participants and beneficiaries under a Plan with individual accounts shall be the total value of those accounts. The present value of benefits owed to
participants and beneficiaries under a Plan without individual accounts shall be calculated on the basis of assumptions with respect to interest, mortality, and other factors selected by the actuarial firm engaged by the Company from time to time to
provide valuations of the Plan for financial reporting purposes. After a Change in Control, the assumptions shall continue to be selected by the actuarial firm engaged at the time of such Change in Control, even though the Company engages a
different actuarial firm for subsequent work. 
 Section 5. Investment Authority. 

(a)    Contributions to the Trust shall be designated by the Company to one of the Subtrusts described in (1), (2), and
(3) below. A “Subtrust” shall be accounted for as a separate portion of the Trust assets, and shall include earnings thereon. Assets of different Subtrusts may be commingled for investment as long as the value held for each Subtrust
is accounted for. Assets generally may not be transferred among Subtrusts, except as follows. Assets in a Subtrust for benefits described in (3) shall be transferred to a Subtrust for benefits described in (2) to correspond to transfers by
participants between investment alternatives under the Plans upon direction from the Company prior to a Change in Control or by action of the Trustee without direction after a Change in Control. The Subtrusts are established to fund: 

(1)    Benefits owed under Plans that do not have individual accounts. 

(2)    Benefits payable in Parent common stock under Plans that have individual accounts. 

  
 4 

 (3)    Benefits not described in (2) that are owed
under Plans that have individual accounts. 
 Upon a Change in Control, a new separate Subtrust for each category of benefit described in (1), (2), and
(3) shall be established for participants who are not covered by the Plans at the time of the Change in Control and their beneficiaries. The new Subtrust shall hold only contributions designated to it by the Company or transferred from a
parallel new Subtrust under this Section 5(a), and earnings thereon. 
 (b)    Prior to a Change in Control, the
Company shall have the right, subject to this Section 5(b), to direct the Trustee with respect to investments. 

(1)    The Company may at any time direct the Trustee to segregate all or a portion of any Subtrust in a
separate investment account or accounts and may appoint one or more investment managers and/or an investment committee established by the Company to direct the investment and reinvestment of each such investment account or accounts. In such event,
the Company shall notify the Trustee of the appointment of each such investment manager and/or investment committee. No such investment manager shall be related, directly or indirectly, to the Company, but members of the investment committee may be
employees of the Company. 
 (2)    Thereafter (until a Change in Control), the Trustee shall make every
sale or investment with respect to such investment account as directed in writing by the investment manager or investment committee. It shall be the duty of the Trustee to act strictly in accordance with each direction. The Trustee shall be under no
duty to question any such direction of the investment manager or investment committee, to review any securities or other property held in such investment account or accounts acquired by it pursuant to such directions or to make any recommendations
to the investment managers or investment committee with respect to such securities or other property. 

(3)    Notwithstanding the foregoing, the Trustee, without obtaining prior approval or direction from an
investment manager or investment committee, shall invest cash balances held by it from time to time in short term cash equivalents including, but not limited to, through the medium of any short term common, collective or commingled trust fund
established and maintained by the Trustee subject to the instrument establishing such trust fund, U.S. Treasury Bills, commercial paper (including such forms of commercial paper as may be available through the Trustee’s Trust Department),
certificates of deposit (including certificates issued by the Trustee in its separate corporate capacity), and similar type securities, with a maturity not to exceed one year; and, furthermore, sell such short term investments as may be necessary to
carry out the instructions of an investment manager or investment committee regarding more permanent type investments and directed distributions. 

(4)    The Trustee shall neither be liable nor responsible for any loss resulting to the Trust assets by
reason of any sale or purchase of an investment directed by an investment manager or investment committee nor by reason of the failure to take any action with respect to any investment which was acquired pursuant to any such direction in the absence
of further directions of such investment manager or investment committee. 

  
 5 

 (c)    Following a Change in Control, the Trustee shall have the sole
and absolute discretion in the management of the Trust assets. In investing the Trust assets, the Trustee shall consider: 

(1)    the needs of the Plans; 

(2)    the need for matching of the Trust assets with the liabilities of the Plans; and 

(3)    the duty of the Trustee to act solely in the best interests of the participants and their
beneficiaries. 
 (d)    The Trustee shall have the right, in its sole discretion, to delegate its investment
responsibility to an investment manager who may be an affiliate of the Trustee. In the event the Trustee shall exercise this right, the Trustee shall remain, at all times responsible for the acts of an investment manager. The Trustee shall have the
right to purchase an insurance policy or an annuity to fund the benefits of the Plans. 
 (e)    The Company shall have
the right at any time, and from time to time in its sole discretion, to substitute assets (other than securities issued by the Trustee or the Company) of equal fair market value for any asset held by the Trust. This right is exercisable by the
Company in a nonfiduciary capacity without the approval or consent of any person in a fiduciary capacity; provided, however, that, following a Change in Control, no such substitution shall be permitted unless the Trustee determines that the fair
market values of the substituted assets are equal. 
 Section 6. Disposition of Income. 

During the term of the Trust, all income received by the Trust, net of expenses and taxes, shall be accumulated and reinvested. 

Section 7. Accounting by Trustee. 

The Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be
made, including such specific records as shall be agreed upon in writing between the Company and the Trustee. Within 45 days following the close of each calendar year and within 45 days after the removal or resignation of the Trustee, the Trustee
shall deliver to the Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts,
disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately),
and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. 

  
 6 

 Section 8. Responsibility of Trustee. 

(a)    The Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a
prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, provided, however, that the Trustee shall incur no liability to any person for any action taken
pursuant to a direction, request or approval given by the Company which is contemplated by, and in conformity with, the terms of the Plans or this Trust and is given in writing by the Company. In the event of a dispute between the Company and a
party, the Trustee may apply to a court of competent jurisdiction to resolve the dispute. 
 (b)    If the Trustee
undertakes or defends any litigation arising in connection with this Trust or to protect a participant’s or beneficiary’s rights under the Plans, the Company agrees to indemnify the Trustee against the Trustee’s costs, reasonable
expenses and liabilities (including, without limitation, attorneys’ fees and expenses) relating thereto and to be primarily liable for such payments. If the Company does not pay such costs, expenses and liabilities in a reasonably timely
manner, the Trustee may obtain payment from the Trust. 
 (c)    Prior to a Change in Control, the Trustee may consult
with legal counsel (who may also be counsel for the Company generally) with respect to any of its duties or obligations hereunder. Following a Change in Control, the Trustee shall select independent legal counsel and may consult with counsel or
other persons with respect to its duties and with respect to the rights of participants or their beneficiaries under the Plans. 

(d)    The Trustee may hire agents, accountants, actuaries, investment advisors, financial consultants or other
professionals to assist it in performing any of its duties or obligations hereunder and may rely on any determinations made by such agents and information provided to it by the Company. 

(e)    The Trustee shall have, without exclusion, all powers conferred on the Trustee by applicable law, unless
expressly provided otherwise herein, provided, however, that if an insurance policy is held as an asset of the Trust, the Trustee shall have no power prior to a Change in Control to name a beneficiary of the policy other than the Trust, to assign
the policy (as distinct from conversion of the policy to a different form) other than to a successor Trustee, or to loan to any person the proceeds of any borrowing against such policy. 

(f)    Notwithstanding any powers granted to the Trustee pursuant to this Trust Agreement or to applicable law, the Trustee
shall not have any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of section 301.7701-2 of the Procedure and Administrative
Regulations promulgated pursuant to the Internal Revenue Code. 
 Section 9. Compensation and Expenses of
Trustee. 
 The Trustee shall be reimbursed for all expenses and shall be paid a reasonable fee fixed by it from time to time. No
increase in the fee shall be effective before 90 days after the Trustee 

  
 7 

 
gives notice to the Company of the increase. The Company shall pay the Trustee’s fees and expenses. If not so paid, the Trustee shall take payment of the fees and expenses from the Trust
assets, which shall be charged to the Subtrusts in proportion to the assets held in each. The Company shall reimburse the Trust for any fees and expenses paid out of it. 

Section 10. Resignation and Removal of Trustee. 

(a)    Prior to a Change in Control, the Trustee may resign at any time by written notice to the Company, which shall be
effective 60 days after receipt of such notice unless the Company and the Trustee agree otherwise. After a Change in Control, the Trustee may resign only after the appointment of a successor Trustee. 

(b)    The Trustee may be removed by the Company on 60 days notice or upon shorter notice accepted by the Trustee prior to
a Change in Control. After a Change in Control, the Trustee may only be removed by the Company with written consent from the number of participants described in Section 12(a)(1). 

(c)    If the Trustee seeks to resign or is removed after a Change in Control, a successor Trustee that qualifies under
Section 11(a) shall be selected by one of the following: 
 (1)    The Trustee; 

(2)    The Company, if written consent for the removal was given by the number of participants described in
Section 12(a)(1); or 
 (3)    Upon Trustee application, by a court of competent jurisdiction. 

(d)    Upon resignation or removal of the Trustee and appointment of a successor Trustee, all assets shall subsequently be
transferred to the successor Trustee. The transfer shall be completed within 60 days after receipt of notice of resignation, removal or transfer, unless the Company extends the time limit. 

(e)    If the Trustee resigns or is removed before any Change in Control, the Company shall appoint a successor in
accordance with Section 11 hereof, by the effective date of resignation or removal. If no such appointment has been made, the Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions. All
expenses of the Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust. 

Section 11. Appointment of Successor. 

(a)    Any third party, such as a bank trust department or other party that may be granted corporate trustee powers under
state law and that has total assets in excess of $50 million, may be appointed as a successor to replace the Trustee upon resignation or removal. The appointment shall be effective when accepted in writing by the new Trustee, who shall have all
of the rights and powers of the former Trustee, including ownership rights in the Trust assets. The former Trustee shall execute any instrument necessary or reasonably requested by the Company or the successor Trustee to evidence the transfer. 

  
 8 

 (b)    The successor trustee need not examine the records and acts of
any prior Trustee and may retain or dispose of existing Trust assets, subject to Sections 7 and 8 hereof. The successor Trustee shall not be responsible for and the Company shall indemnify and defend the successor Trustee from any claim or liability
resulting from any action or inaction of any prior Trustee or from any other past event, or any condition existing at the time it becomes successor Trustee. 

Section 12. Amendment or Termination. 

(a)    This Trust Agreement may be amended by a written instrument executed by the Trustee and the Company in accordance
with any of the following: 
 (1)    A written consent to the amendment is given by participants who
constitute a majority in number of all the participants in the Plans and who are owed at least two-thirds of the present value of the accrued benefits under the Plans. 

(2)    The amendment will not have a material adverse effect on the rights of any participant in the Plans.

 (3)    The amendment is necessary to comply with any law, regulation, or other legal requirement. 

Notwithstanding the foregoing, no such amendment shall conflict with the terms of the Plans or shall make the Trust revocable after it has become irrevocable
in accordance with Section 1(b) hereof. 
 (b)    The Trust shall not terminate until the date on which Plan
participants and their beneficiaries are no longer entitled to benefits pursuant to the terms of the Plans. Upon termination of the Trust, any assets remaining in the Trust shall be returned to the Company after all fees and expenses of the Trust
have been paid. 
 (c)    Upon written approval of all participants and beneficiaries entitled to payment of benefits
owed from a Subtrust, the Company may terminate that Subtrust prior to the time all benefits owed from the Subtrust have been paid and the assets of that Subtrust shall be returned to the Company. 

Section 13. Miscellaneous. 

(a)    Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent of any such prohibition,
without invalidating the remaining provisions hereof. 
 (b)    Benefits payable to Plan participants and their
beneficiaries under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy, execution or other legal or equitable process. 

  
 9 

 (c)    This Trust Agreement shall be governed by and construed in
accordance with the laws of Oregon. 
 (d)    For purposes of this Trust, Change in Control shall mean the occurrence of
any of the following events: 
 (1)    The consummation of: 

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

 (C)    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 Company; 
 (2)    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 

(3)    Any Person (as hereinafter defined) 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 (the “Exchange
Act”)), directly or indirectly, of Voting Securities representing 20 percent or more of the combined voting power of the then outstanding Voting Securities. “Person” shall mean and include any individual, corporation,
partnership, group, association or other “person,” as such term is used in Section 14(d) of the Exchange Act, other than Parent or any employee benefit plan sponsored by the Company or Parent. 

  
 10 

									
	 NORTHWEST NATURAL GAS COMPANY
	 		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION

					
	By:	 	/s/ DAVID H. ANDERSON	 	  
	 	  
	 	  

				
		 		 	By:	 	/s/ Alan C. Frazier
					
	Its:	 	Chief Executive Officer	 		 	Its:	 	Senior Vice President

									
				
	Date Signed: October 1, 2018	 		 	Date Signed:	 	    September 27, 2018

 APPENDIX A 

List of Plans covered by Northwest Natural Gas Company Supplemental Trust as of January 1, 2005: 

Northwest Natural Gas Company Deferred Compensation Plan for Directors and Executives 

Northwest Natural Gas Company Supplemental Executive Retirement Plan 

  
 11EX-10.10

 Exhibit 10.10 

NORTHWEST NATURAL GAS COMPANY 

UMBRELLA TRUSTTM FOR EXECUTIVES 

Effective January 1, 1988 

Restated as of October 1, 2018 
  

			
	 NORTHWEST NATURAL GAS COMPANY
 One Pacific
Square
 220 N.W. 2nd
 Portland, Oregon 97209
	  	Company
		
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
 Wells
Fargo Institutional Retirement and Trust
 100 North Main Street

Winston-Salem, North Carolina 27101
	  	Trustee

 TABLE OF CONTENTS 
  

									
	 	  	 	  	 	  	Page	 
	Preamble	  			
		
	ARTICLE I Effective Date; Duration 	  	 	2	 
				
		  	1.01	  	Effective Date	  	 	2	 
		  	1.02	  	Duration	  	 	2	 
		  	1.03	  	Revocability	  	 	3	 
		  	1.04	  	Change in Control	  	 	3	 
		
	ARTICLE II Trust Fund 	  	 	5	 
				
		  	2.01	  	Contributions	  	 	5	 
		  	2.02	  	Investments	  	 	6	 
		  	2.03	  	Recapture of Excess Assets	  	 	9	 
		  	2.04	  	Subtrusts	  	 	9	 
		  	2.05	  	Substitution of Other Property	  	 	9	 
		  	2.06	  	Administrative Powers of Trustee	  	 	10	 
		
	ARTICLE III Administration 	  	 	13	 
				
		  	3.01	  	Committee	  	 	13	 
		  	3.02	  	Payment of Benefits	  	 	13	 
		  	3.03	  	Records	  	 	14	 
		  	3.04	  	Accountings	  	 	14	 
		  	3.05	  	Expenses and Fees	  	 	15	 
		
	ARTICLE IV Liability 	  	 	15	 
				
		  	4.01	  	Indemnity	  	 	15	 
		  	4.02	  	Bonding	  	 	15	 
		
	ARTICLE V Insolvency 	  	 	15	 
				
		  	5.01	  	Determination of Insolvency	  	 	15	 
		  	5.02	  	Insolvency Administration	  	 	16	 
		  	5.03	  	Termination of Insolvency Administration	  	 	17	 
		  	5.04	  	Creditors’ Claims During Solvency	  	 	17	 
		
	ARTICLE VI Successor Trustees 	  	 	17	 
				
		  	6.01	  	Resignation and Removal	  	 	17	 
		  	6.02	  	Appointment of Successor	  	 	18	 
		  	6.03	  	Accountings; Continuity	  	 	18	 

  
 i 

 TABLE OF CONTENTS 

(Continued) 
  

									
	 	  	 	  	 	  	Page	 
		
	ARTICLE VII General Provisions 	  	 	18	 
				
		  	7.01	  	Interests Not Assignable	  	 	18	 
		  	7.02	  	Amendment	  	 	18	 
		  	7.03	  	Applicable Law	  	 	19	 
		  	7.04	  	Agreement Binding on All Parties	  	 	19	 
		  	7.05	  	Notices and Directions	  	 	19	 
		  	7.06	  	No Implied Duties	  	 	19	 

 EXHIBIT A 

  
 ii 

 INDEX OF TERMS 
  

					
	 TERM
	  	 PROVISION
	  	 PAGE

	Acquiror Stock	  	2.02-3	  	7
	Act	  	1.04-2(c)	  	4
			
	Board	  	1.02-3	  	2
			
	Cash Benefits	  	2.01-1	  	5
	Change in Control	  	1.04-2	  	4
	Code	  	1.02-3	  	2
	Committee	  	Preamble	  	1
	Company	  	Heading	  	1
	Contract(s)	  	2.02-1	  	6
	Corporate Transaction	  	1.04-3	  	4
			
	EDCP	  	Preamble	  	2
	ERISA Funding	  	1.02-4	  	3
	ESRIP	  	Preamble	  	2
	Excess Assets	  	2.03-2	  	9
	Experts	  	2.06-2	  	11
			
	Incumbent Directors	  	1.04-2(b)	  	3
	Insolvency Administration	  	5.01-3	  	16
	Insolvent	  	5.01-1	  	15
	Insurer	  	2.02-1	  	6
			
	Merger	  	1.04-2(a)	  	4
			
	Parent	  	Preamble	  	1
	Parent Common Stock	  	Preamble	  	1
	Plans	  	Preamble	  	1
	Potential Change In Control	  	2.01-3	  	5
			
	Solvency	  	5.04-2	  	17
	Subtrusts	  	2.04	  	9
			
	Tax Funding	  	1.02-5	  	3
	Triggering Event	  	2.01-3	  	5
	Trustee	  	Heading	  	1
			
	Voting Securities	  	1.04-2(a)	  	4
			
	Written Consent of Participants	  	1.02-6	  	3

  
 iii 

 NORTHWEST NATURAL GAS COMPANY 

UMBRELLA TRUSTTM FOR EXECUTIVES 

Effective January 1, 1988 

Restated as of October 1, 2018 
  

			
	 NORTHWEST NATURAL GAS COMPANY
 One Pacific
Square
 220 N.W. 2nd
 Portland, Oregon 97209
	  	Company
		
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
 Wells
Fargo Institutional Retirement and Trust
 100 North Main Street

Winston-Salem, North Carolina 27101
	  	Trustee

 The Company has adopted the following plans (the “Plans”) for the benefit of eligible executive
employees of the Company and its affiliates: 
 Northwest Natural Gas Executive Deferred Compensation Plan (“EDCP”) 

Northwest Natural Gas Executive Supplemental Retirement Income Plan (“ESRIP”) 

The Plans are administered by an administrative committee (the “Committee”) appointed by the Company. If the Plans are administered by more than one
Committee at any time, references in this Trust Agreement to the Committee which relate to a particular Plan shall refer to the Committee which administers that Plan, and, if the reference does not relate to a particular Plan, shall refer to all of
such Committees. The purpose of this trust is to give Plan participants greater security by placing assets in trust for use only to pay benefits or, if the Company becomes insolvent, to pay creditors. The trust is intended to be a grantor trust, the
income of which is taxable to the Company. No contribution to or income of the trust is to be taxable to Plan participants until benefits are distributed to them. 

The Company and the original trustee of this trust established this trust effective as of January 1, 1988 pursuant to a Trust Agreement
dated as of that date. The Company and the Trustee restated this trust effective as of January 1, 2001, amended it effective as of February 27, 2003 pursuant to an Amendment No. 1 dated as of that date and amended it again effective
as of February 24, 2005 pursuant to an Amendment No. 2 dated as of that date. The Company and the Trustee amended and restated this trust effective as of December 15, 2005. 

  
 1 

 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”). To make appropriate changes to the Trust in relation to the foregoing corporate transaction,
the Company and the Trustee now hereby amend and restate the Trust effective as of October 
1, 2018 on the following terms: 
 ARTICLE I 

Effective Date; Duration 

1.01    Effective Date 

This trust shall be effective January 1, 1988. The trust year shall coincide with the Company’s fiscal year, which is the calendar
year. 
 1.02    Duration 

1.02-1    This trust shall continue in effect until all the assets of the trust
fund are exhausted through distribution of benefits to participants, reimbursement of benefits paid by the Company pursuant to Section 3.02-5, payment to general creditors in the event of insolvency,
payment of fees and expenses of the Trustee, and return of remaining funding of a Subtrust pursuant to 1.02-2. 

1.02-2    Except as provided in 1.03, the trust shall be irrevocable with respect
to amounts contributed to it for a Plan until all benefit rights covered by the Subtrust for that Plan are satisfied. The Trustee shall then return to the Company any assets remaining in the Subtrust for that Plan. 

1.02-3    If the existence of this trust is held to be ERISA Funding or Tax
Funding by a federal court and appeals from that holding are no longer timely or have been exhausted, this trust shall terminate. The Board of Directors of the Company (the “Board”) may also terminate this trust if it determines, based on
an opinion of legal counsel which is satisfactory to the Trustee, that either (i) judicial authority or the opinion of the U.S. Department of Labor, Treasury Department or Internal Revenue Service (as expressed in proposed or final regulations,
advisory opinions or rulings, or similar administrative announcements) creates a significant risk that the trust will be held to be ERISA Funding or Tax Funding, or (ii) ERISA or the Internal Revenue Code (the “Code”) requires the
trust to be amended in a way that creates a significant risk that the trust will be held to be ERISA Funding or Tax Funding, and failure to so amend the trust could subject the Company to material penalties. Upon such determination, the assets of
each Subtrust remaining after payment of the Trustee’s fees and expenses shall be distributed as follows: 

(a)    Such assets shall be transferred to a new trust established by the Company which is not deemed to be
ERISA Funding or Tax Funding, but which is similar in all other respects to this trust, if the Company determines that it is possible to establish such a trust. 

(b)    If the Company determines that it is not possible to establish the trust in (a) above, then the
assets shall be distributed to the Company if the Written Consent of Participants, as defined in 1.02-6, is obtained for such distribution. 

  
 2 

 (c)    If the Company determines that it is not possible
to establish the trust in (a) above and the Written Consent of Participants is not obtained to distribute the assets to the Company, then the assets shall be allocated in proportion to the accrued and vested benefits of the participants and
distributed to them in lump sums. Any assets remaining shall be distributed to the Company. 

(d)    Notwithstanding the foregoing, the Trustee shall distribute funds to a participant to the extent
that a federal court has held that the interest of the participant in this trust is includible for federal income tax purposes in the gross income of the participant prior to actual payment of Plan benefits to the participant and appeals from that
holding are no longer timely or have been exhausted. This provision shall also apply to any beneficiary of a participant. 
 1.02-4    This trust is “ERISA Funding” if it prevents any of the Plans from meeting the “unfunded” criterion of the exceptions to various requirements of Title I of the
Employee Retirement Income Security Act of 1974 (“ERISA”) for plans that are unfunded and maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees. 

1.02-5    This trust is “Tax Funding” if it causes the interest of a
participant in this trust to be includible for federal income tax purposes in the gross income of the participant prior to actual payment of Plan benefits to the participant. 

1.02-6    “Written Consent of Participants” means, for the purposes of
this trust, consent in writing by participants who (i) are a majority in number and (ii) have at least sixty-six and two-thirds percent (66-2/3%) in value of the accrued benefits of all participants in the Plans which are subject to this trust on the date of such consent. 

1.03    Revocability 

1.03-1    This trust shall become irrevocable upon the issuance by the Internal
Revenue Service of a private letter ruling establishing that its existence and ownership of assets do not cause the benefit rights of participants under the Plans to be taxable currently. If such a ruling is denied or if the Internal Revenue Service
declines to issue such a ruling, the Company may revoke the trust and take possession of all assets held by the Trustee for the trust. 
 1.03-2    Notwithstanding the provisions of 1.03-1, if any of the events described in 2.01-4 has occurred, the
Company may declare the trust to be irrevocable. 
 1.04    Change in Control

 1.04-1    On a Change in Control described in
1.04-2, the trust assets shall be held for participants who had benefit rights under the Plans before the Change in Control occurred. If the Company makes contributions for benefits owed to new participants
under a Plan following a Change in Control, such contributions and any insurance contracts or other assets purchased with them shall be held in a new Subtrust separate from the existing Subtrust for previous participants. The existing Subtrust shall
cover all the benefits provided by the Plan for a previous participant, including benefits accrued after the Change in Control. 

  
 3 

 1.04-2    A “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 Company as a result of which Parent does not continue to hold, directly or indirectly. at least 50% of the outstanding securities of the Company 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 Company; 
 (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 (the “Act”), other than Parent or the Company or any employee benefit plan sponsored by Parent or the Company) 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 Act), directly or indirectly, of Voting Securities representing twenty percent (20%) or more of the
combined voting power of the then outstanding Voting Securities. 

1.04-3    “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. 

  
 4 

 ARTICLE II 

Trust Fund 
 
2.01    Contributions 
 2.01-1    The Company
shall contribute to the trust such amounts as the Committee shall reasonably decide are necessary to provide for all benefits payable under the Plans in cash (“Cash Benefits”). The time of payment of such contributions shall be decided by
the Committee, except as provided in 2.01-3. 

2.01-2    If, pursuant to an election by a participant in the EDCP, shares of
Parent Common Stock awarded to the participant under the Company’s Long Term Incentive Plan are deferred under the EDCP into the participant’s Stock Account (as defined in the EDCP), the Company shall cause the Parent Common Stock subject
to such deferral to be transferred to the Trustee as a contribution to this trust. If, pursuant to an election by a participant in the EDCP, Cash Compensation, Cash LTIP Compensation or Matching Contributions (all as defined in the EDCP) are
deferred under the EDCP into the participant’s Stock Account (as defined in the EDCP), the amount of such Cash Compensation, Cash LTIP Compensation and/or Matching Contributions deferred to the participant’s Stock Account shall be
contributed by the Company to the trust as soon as practicable after the time that such amount is credited under the EDCP to the participant’s Stock Account. 

2.01-3    The Company shall, upon the occurrence of any of the events described in
2.01-4 (“Triggering Event”) and annually thereafter if the Triggering Event results in a Change in Control, contribute to the trust the sum of the following: 

(a)    The present value of the remaining premiums and the interest on any policy loan on insurance
contracts held in the trust. 
 (b)    The amount by which the present value of all Cash Benefits payable
under the Plans exceeds the value of all trust assets other than those required under 2.02-2 or 2.02-3 to be invested in Parent Common Stock or Acquiror Stock. Each
participant’s Cash Benefit for purposes of calculating present value shall be the highest Cash Benefit the participant would have under the Plan within the 24 months following the Triggering Event, assuming that no changes are made in the
participant’s level of income or deferral, that employment continues for 24 months at the same rate of compensation, and that the participant receives any benefit enhancement provided by the Plans upon a Change in Control. The insurance
contracts shall be valued at cash surrender value, and other assets of the trust shall be valued at their fair market value. 

(c)    A reasonable estimate provided by the Trustee of its fees due over the remaining duration of the
trust. 
 Any contribution to the trust under 2.01-3 due to a Triggering Event shall be returned to
the Company one year after delivery of such contribution to the Trustee unless a Change in Control shall have occurred during such one-year period, if the Company requests

  
 5 

 
such return within forty-five days after such one-year period. If no such request is made within the forty-five day period, then, subject to 2.03-1, the contribution shall become a permanent part of the trust fund. The one-year period shall start over again in the event of and upon the date of any subsequent
Potential Change in Control. A “Potential Change in Control” shall include the events described in 2.01-4(a) or (b). 

2.01-4    The events referred to in 2.01-3
shall include the following: 
 (a)    The Company becomes aware that preliminary or definitive copies of
a proxy statement and information statement or other information have been filed with the Securities and Exchange Commission pursuant to Rule 14a-6, Rule 14c-5, or Rule 14f-1 under the Act relating to a Potential Change in Control of Parent. 

(b)    The delivery to Parent pursuant to Rule 14d-3 under the Act
of a Tender Offer Statement relating to Voting Securities of Parent. 
 (c)    The termination of any of
the Plans by the Company or any amendment to any of the Plans which would reduce the accrued benefits currently provided for under any of such Plans. 

(d)    Failure by the Company to contribute, within 60 days of receipt of a written notice from the
Trustee, the full amount of any insufficiency in trust assets that is required to pay any benefit that is payable upon a direction from the Committee pursuant to 3.02-2. 

2.01-5    The calculations required under
2.01-3 shall be based on the actuarial assumptions set forth in the attached Exhibit A, which, prior to a Change in Control, may be revised by the Committee from time to time. For purposes of 2.01-3(a), the discount rate shall be the same as the rate applied to determine the present value of all Cash Benefits payable under the Plans. 

2.01-6    The Trustee shall accept the contributions made by the Company and shall
hold them as a trust fund for the payment of benefits under the Plans. The Trustee shall not be responsible for determining the required amount of contributions or for collecting any contribution not voluntarily paid. Contributions may be in cash or
in kind. 
 2.02    Investments 

2.02-1    Except as provided in 2.02-2 or 2.02-3, the trust fund may be invested in insurance contracts (“Contracts”). Such Contracts may be purchased by the Company and transferred to the Trustee as in-kind
contributions or may be purchased by the Trustee with the proceeds of cash contributions. The purchase and holding of such Contracts shall be an investment directed by the Company, pursuant to 2.02-5. The
Trustee shall have the power to exercise all rights, privileges, options and elections granted by or permitted under any Contract or under the rules of the insurance company (“Insurer”). Prior to the occurrence of any of the events
referred to in 2.01-4, the exercise by the Trustee of any incidents of ownership under any Contract shall be subject to the direction of the Committee. 

  
 6 

 Notwithstanding anything contained herein to the contrary, neither the Company nor the
Trustee shall be liable for the refusal of any Insurer to issue or change any Contract or Contracts or to take any other action requested by the Trustee; nor for the form, genuineness, validity, sufficiency or effect of any Contract or Contracts
held in the trust; nor for the act of any person or persons that may render any such Contract or Contracts null and void; nor for failure of any Insurer to pay the proceeds of any such Contract or Contracts as and when the same shall become due and
payable; nor for any delay in payment resulting from any provision contained in any such Contract or Contracts; nor for the fact that for any reason whatsoever (other than its own negligence or willful misconduct) any Contract or Contracts shall
lapse or otherwise become uncollectible. 
 2.02-2    To the extent that
contributions of Parent Common Stock are made to this trust under 2.01-2, the trust fund shall continue to be invested in such shares of Parent Common Stock. Any cash contributions made to this trust under 2.01-2 shall be invested by the Trustee in Parent Common Stock by purchasing Parent Common Stock in the public market as soon as practicable, with related brokerage commissions paid by the Company. All
dividends received on Parent Common Stock held in the trust under this 2.02-2 shall be reinvested in Parent Common Stock pursuant to Parent’s Dividend Reinvestment and Direct Stock Purchase Plan. The
purchase and holding of Parent Common Stock under this 2.02-2 shall be an investment directed by the Company, pursuant to 2.02-5. 

2.02-3    Notwithstanding 2.02-2,
following a Corporate Transaction, the trust fund shall no longer be invested in Parent Common Stock. Except as provided below, if Parent Common Stock is converted or exchanged in the Corporate Transaction in whole or in part for common stock of the
acquiring company (“Acquiror Stock”), then (a) the trust fund shall continue to be invested in such shares of Acquiror Stock, (b) any cash contributions thereafter made to this trust under
2.01-2 shall be invested by the Trustee in Acquiror Stock by purchasing Acquiror Stock in the public market as soon as practicable, with related brokerage commissions paid by the Company, and (c) the
purchase and holding of Acquiror Stock under this 2.02-3 shall be an investment directed by the Company, pursuant to 2.02-5. If a participant elects pursuant to
Section 4.5(d) of the EDCP to transfer the amount credited in the participant’s Stock Account to the participant’s Cash Account, then the Trustee shall sell the number of shares of Acquiror Stock equal to the number of shares then
credited to the participant’s Stock Account, in the public market as soon as practicable following the effectiveness of such election, with related brokerage commissions paid by the Company. 

2.02-4    If the Trustee is required to invest cash contributions by purchasing
Parent Common Stock or Acquiror Stock in the public market or is required to sell Parent Common Stock or Acquiror Stock in the public market, the following provisions shall apply: 

(a)    Purchases and sales of Parent Common Stock or Acquiror Stock shall be made on the date on which the
Trustee receives from the Company in good order all information and documentation necessary to accurately effect such purchases and sales (or, in the case of purchases, the subsequent date on which the Trustee has received a wire transfer of the
funds necessary to make such purchases). Purchases and sales of Parent Common Stock or Acquiror Stock shall be made on the open market on such day unless the following applies: 

(i)    The Trustee is unable to determine the number of shares required to be purchased or sold on such day; or 

  
 7 

 (ii)    If the Trustee is unable to purchase or sell the total number
of shares required to be purchased or sold on such day as a result of market conditions; or 
 (iii)    If the Trustee
is prohibited by the Securities and Exchange Commission, the New York Stock Exchange, or any other regulatory body from purchasing or selling any or all of the shares required to be purchased or sold on such day. 

(b)    In the event of the occurrence of the circumstances described in (i), (ii) or (iii) above, the
Trustee shall purchase or sell such shares as soon as possible thereafter and shall determine the price of such purchases or sales to be the average purchase or sale price of all such shares purchased or sold. The Trustee may follow written
directions from the Company to deviate from the above purchase procedures. 

2.02-5    Except as otherwise required by
2.02-2 or 2.02-3, the Trustee shall invest the trust fund in accordance with written directions by the Committee. The Trustee shall act only as an administrative agent
in carrying out the directed investment transactions and shall not be responsible for the investment decision. If a directed transaction violates the duty to diversify, to maintain liquidity or to meet any other investment standard under this trust
or applicable law, the entire responsibility shall rest upon the Company. The Trustee shall be fully protected in acting upon or complying with any investment objectives, guidelines, restrictions or directions provided in accordance with this
paragraph. 
 2.02-6    If the Trustee does not receive instructions from the
Committee for the investment of part or all of the trust fund, the Trustee shall invest it in securities or other property in accordance with applicable law. Permissible investments shall include, but not be limited to, the following: 

(a)    Preferred or common stocks, notes, debentures, bonds or other securities. 

(b)    Mutual funds, money market funds, commercial paper, savings and loan accounts, certificates of
deposit and savings accounts, including deposits bearing a reasonable rate of interest in the savings department of the Trustee. 

(c)    Real estate or mortgages. 

2.02-7    The Company shall be responsible for filing appropriate registration
forms and all other reports required under Federal or state securities laws with respect to the ownership by this trust of Parent Common Stock, including, without limitation, any reports required under Section 13 or 16 of the Act, and shall
immediately notify the Trustee in writing of any requirement to stop purchases of Parent Common Stock pending the filing of any report. The Company shall be responsible for the registration of any Plan interests required under Federal or state
securities laws. 

  
 8 

 2.03    Recapture of Excess
Assets 
 2.03-1    In the event any Subtrust shall hold Excess Assets, the
Committee, at its option, may direct the Trustee to return part or all of such Excess Assets to the Company. 
 2.03-2    “Excess Assets” are (a) assets of any Subtrust (other than those required under 2.02-2 or
2.02-3 to be invested in Parent Common Stock or Acquiror Stock) exceeding one hundred twenty-five percent (125%) of the present value of the Cash Benefits due participants in such Subtrust, (b) shares of
Parent Common Stock required by 2.02-2 to be held in any Subtrust in excess of the number of shares of Parent Common Stock then credited to the Stock Accounts of all participants under the EDCP, and
(c) shares of Acquiror Stock required by 2.02-3 to be held in any Subtrust in excess of the number of shares of Acquiror Stock then credited to the Stock Accounts of all participants under the EDCP. 

2.03-3    The calculation required by
2.03-2 shall be based on the terms of the Plans and the actuarial assumptions set forth in Exhibit A. Before a Change in Control, the calculations shall be made by an actuary selected by the Company.
After a Change in Control, the calculations shall be made by an actuary selected by the Trustee, provided the Committee may select the actuary with the Written Consent of Participants. 

2.04    Subtrusts 

2.04-1    The Trustee shall establish a Subtrust for each Plan to which it shall
credit contributions for that Plan. The account shall reflect an undivided interest in assets of the trust fund and shall not require any segregation of particular assets, except that an insurance contract covering benefits of a particular Plan
shall be held in the Subtrust for that Plan and Parent Common Stock or Acquiror Stock covering benefits of a particular Plan shall be held in the Subtrust for that Plan. 

2.04-2    The Trustee shall allocate investment earnings and losses of the trust
fund among the Subtrusts in proportion to their balances, except that changes in the value of an insurance contract shall be allocated to the Subtrust for which it is held and changes in the value of, and dividends paid on, Parent Common Stock or
Acquiror Stock shall be allocated to the Subtrust for which it is held. Payments to general creditors during Insolvency Administration under 5.02 shall be charged against the Subtrusts in proportion to their balances, except that the payment of
benefits to a Plan participant as a general creditor shall be charged against the Subtrust for that Plan. 

2.05    Substitution of Other Property 

2.05-1    The Company shall have the power to reacquire part or all of the trust
fund (other than fund assets required under 2.02-2 or 2.02-3 to be invested in Common Stock or Acquiror Stock) at any time, by substituting for it other property of
equivalent value. Such power is exercisable in a nonfiduciary capacity. 

2.05-2    The value of any insurance contracts reacquired under 2.05-1 shall be the present value of future projected cash flow of benefits payable under the Contract. The projection shall include death benefits based on reasonable mortality assumptions. The value of all other
assets in the trust fund shall be at their fair market value. Values shall be determined by the Trustee. 

  
 9 

 2.06    Administrative Powers of
Trustee 
 2.06-1    Subject in all respects to applicable provisions of
this Trust Agreement and the Plans, the Trustee shall have the rights, powers and privileges of an absolute owner when dealing with property of the trust, including (without limiting the generality of the foregoing) the powers listed below: 

(a)    To sell, convey, transfer, exchange, partition, lease, and otherwise dispose of any of the assets of
the trust at any time held by the Trustee under this Trust Agreement; 
 (b)    To exercise any option,
conversion privilege or subscription right given the Trustee as the owner of any security held in the trust; to vote any corporate stock, including Parent Common Stock or Acquiror Stock, either in person or by proxy, with or without power of
substitution; to consent to or oppose any reorganization, consolidation, merger, readjustment of financial structure, sale, lease or other disposition of the assets of any corporation or other organization, the securities of which may be an asset of
the trust; and to take any action in connection therewith and receive and retain any securities resulting therefrom; 

(c)    To deposit any security with any protective or reorganization committee, and to delegate to such
committee such power and authority with respect thereto as the Trustee may deem proper, and to agree to pay out of the trust such portion of the expenses and compensation of such committee as the Trustee, in its discretion, shall deem appropriate;

 (d)    To cause any property of the trust to be issued, held or registered in the name of the Trustee
as trustee, or in the name of one or more of its nominees, or one or more nominees of any system for the central handling of securities, or in such form that title will pass by delivery, provided that the records of the Trustee shall in all events
indicate the true ownership of such property; 
 (e)    To renew or extend the time of payment of any
obligation due or to become due; 
 (f)    To commence or defend lawsuits or legal or administrative
proceedings; to compromise, arbitrate or settle claims, debts or damages in favor of or against the trust; to deliver or accept, in either total or partial satisfaction of any indebtedness or other obligation, any property; to continue to hold for
such period of time as the Trustee may deem appropriate any property so received; and to pay all costs and reasonable attorneys’ fees in connection therewith out of the assets of the trust; 

(g)    To grant options to purchase or to acquire options to purchase any real property; 

  
 10 

 (h)    To foreclose any obligation by judicial
proceeding or otherwise; 
 (i)    To manage any real property in the trust in the same manner as if the
Trustee were the absolute owner thereof, including the power to lease the same for such term or terms within or beyond the existence of the trust and upon such conditions, including (but not by way of limitation) agreements for the purchase or
disposal of buildings thereon and options to the tenant to renew such lease from time to time, or to purchase such property, as the Trustee may deem proper; 

(j)    To borrow money from any person in such amounts, upon such terms and for such purposes as the
Trustee, in its discretion, may deem appropriate; and in connection therewith, to execute promissory notes, mortgages or other obligations and to pledge or mortgage any trust assets as security; and to lend money on a secured or unsecured basis to
any person other than a party in interest; 
 (k)    To appoint one or more persons or entities as
ancillary trustee or sub-trustee for the purpose of investing in and holding title to real or personal property or any interest therein located outside the State of North Carolina; provided that any such
ancillary trustee or sub-trustee shall act with such power, authority, discretion, duties, and functions of the Trustee as shall be specified in the instrument establishing such ancillary or sub-trust, including (without limitation) the power to receive, hold and manage property, real or personal, or undivided interests therein; and the Trustee may pay the reasonable expenses and compensation of such
ancillary trustees or sub-trustees out of the trust; 
 (l)    To
deposit any securities held in the trust with a securities depository; 
 (m)    To hold such part of the
assets of the trust uninvested for such limited periods of time as may be necessary for purposes of orderly account administration or pending required directions, without liability for payment of interest; 

(n)    To determine how all receipts and disbursements shall be credited, charged or apportioned as between
income and principal, and the decision of the Trustee shall be final and not subject to question by any participant or beneficiary of the trust; and 

(o)    Generally to do all acts, whether or not expressly authorized, which the Trustee may deem necessary
or desirable for the orderly administration or protection of the trust fund. 

2.06-2    The Trustee may engage one or more independent attorneys, accountants,
actuaries, appraisers or other experts (the “Experts”) for any purpose, including the determination of Excess Assets. The determination of the Experts shall be final and binding on the Company, the Trustee, and all of the participants
unless within 30 days after receiving a determination deemed by any participant to be adverse, any participant initiates suit in a court of competent jurisdiction seeking appropriate relief. The Trustee shall have no duty to oversee or independently
evaluate the determination of the Experts. The Trustee shall be authorized to pay the fees and expenses of any Experts out of the assets of the trust fund. 

  
 11 

 2.06-3    The Company shall from
time to time pay taxes (references in this Trust Agreement to the payment of taxes shall include interest and applicable penalties) of any and all kinds whatsoever which at any time are lawfully levied or assessed upon or become payable in respect
of the trust fund, the income or any property forming a part thereof, or any security transaction pertaining thereto. To the extent that any taxes levied or assessed upon the trust fund are not paid by the Company or contested by the Company
pursuant to the last sentence of this paragraph, the Trustee shall pay such taxes out of the trust fund, and the Company shall upon demand by the Trustee deposit into the trust fund an amount equal to the amount paid from the trust fund to satisfy
such tax liability. If requested by the Company, the Trustee shall, at the Company’s expense, contest the validity of such taxes in any manner deemed appropriate by the Company or its counsel, but only if it has received an indemnity bond or
other security satisfactory to it to pay any expenses of such contest. Alternatively, the Company may itself contest the validity of any such taxes, but any such contest shall not affect the Company’s obligation to reimburse the trust fund for
taxes paid from the trust fund. 
 2.06-4    In the event a participant’s
beneficiary designation results in a participant or the participant’s spouse being deemed to have made a “generation-skipping transfer” as defined in Section 2611 of the Code, then to the extent that the participant or
participant’s “executor,” as said term is defined in the Code (or the spouse of the participant or said spouse’s statutory executor in the case of a generation-skipping transfer deemed to have been made by a participant’s
spouse), have not previously used the total generation-skipping transfer exemption that is available under Section 2631 of the Code to such transferor, such unused exemption shall be allocated in the manner prescribed by Section 2632 of
the Code, except that (a) any generation-skipping transfer resulting from said beneficiary designation shall be excluded from the allocation; and (b) the method of allocation under Section 2632 shall be reversed so that such unused
portion of said transferor’s exemption shall be applied first to trusts or trust equivalents of which transferor is the deemed transferor and from which taxable distributions occur and, second, to direct skips occurring at said
transferor’s death. Any portion of said transferor’s total generation-skipping transfer exemption not used pursuant to the provisions of the previous sentence shall be allocated to the transfer resulting from the beneficiary designation
that gives rise to the generation-skipping transfer hereunder. 
 Notwithstanding any provisions in the Plans or this Trust Agreement to the
contrary, the Company and the Trustee may withhold any benefits payable to a beneficiary as a result of the death of the participant or any other beneficiary until such time as (a) the Company or Trustee is able to determine whether a
generation-skipping transfer tax, as defined in Chapter 13 of the Code, or any substitute provision therefor, is payable by the Company or Trustee; and (b) the Company or Trustee has determined the amount of generation-skipping transfer
tax that is due, including interest thereon. If any such tax is payable, the Company or Trustee shall reduce the benefits otherwise payable hereunder to such beneficiary by the amount necessary to provide said beneficiary with a benefit equal to the
amounts that would have been payable if the original benefits had been calculated on the basis of a present value at the time of the generation-skipping transfer equal to the then present value of the originally contemplated benefit less an amount
equal to the generation-skipping transfer tax and any interest thereon that is payable as a result of the death in question. The Company or Trustee may also withhold from distribution by further reduction of the then net present value of benefits
calculated in accordance with the terms of the previous sentence such amounts as the Company or Trustee feels are 

  
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reasonably necessary to pay additional generation-skipping transfer tax and interest thereon from amounts initially calculated to be due. Any amounts so withheld shall be payable as soon as there
is a final determination of the applicable generation-skipping tax and interest thereon. No interest shall be payable by the Company or Trustee to any beneficiary for the period of time that is required from the date of death to the time when the
aforementioned generation-skipping transfer tax determinations are made and the amount of benefits payable to a beneficiary can be fully determined. 

ARTICLE III 

Administration 
 
3.01    Committee 
 3.01-1    The Committee is
the plan administrator for the Plans and has general responsibility to interpret the Plans and determine the rights of participants and beneficiaries. 

3.01-2    The Trustee shall be given the names and specimen signatures of the
Chairman, Secretary and members of the Committee. The Trustee shall accept and rely upon the names and signatures until notified of change. Instructions to the Trustee shall be signed for the Committee by the Chairman or such other person as the
Committee may designate. 
 3.02    Payment of Benefits 

3.02-1    Except as provided in 3.02-5,
the Trustee shall pay benefits to participants and beneficiaries on behalf of the Company in satisfaction of its obligations under the Plans. Benefit payments from a Subtrust shall be made in full until the assets of the Subtrust are exhausted.
Payments due on the date the Subtrust is exhausted shall be covered pro rata. The Company’s obligation shall not be limited to the trust fund and a participant shall have a claim against the Company for any payment not made by the Trustee. 

3.02-2    The Trustee shall make payments in accordance with written direction
from the Committee. The Trustee shall make any required income tax withholding and shall pay amounts withheld to taxing authorities on the Company’s behalf or determine that such amounts have been paid by the Company. 

3.02-3    A participant’s entitlement to benefits under the Plans shall be
determined by the Committee. Any claim for such benefits shall be considered and reviewed under the claims procedures set out in the Plans. 

3.02-4    The Trustee shall use the assets of the trust or any Subtrust to make
benefit payments or other payments in the following order of priority: 
 (a)    Parent Common Stock
shall be used to pay any benefits required under the Plans to be paid in Parent Common Stock and Acquiror Stock shall be use to pay any benefits required under the Plans to be paid in Acquiror Stock; 

  
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 (b)    All assets of the trust or Subtrust other than
Contracts with Insurers, in such order as the Committee may request; 
 (c)    Cash contributions from
the Company; and the Company hereby agrees to make cash contributions to the trust to enable the Trustee to make all benefit payments and other payments when due, unless the Company makes such payments directly, whenever the Trustee advises the
Company that the assets of the trust or Subtrust, other than Contracts with Insurers, are insufficient to make such payments; and 

(d)    Contracts with Insurers held in the trust or Subtrust; and in using any such Contracts, the Trustee
shall first borrow the cash surrender value of each such Contract, proceeding in order of Contracts from the Contracts which have been in force for the longest times (and in alphabetical order based on the last name of the insured for Contracts
placed in force on the same date) to the Contracts which have most recently been placed in force; and thereafter the Trustee shall surrender Contracts in the same order of priority as set forth above. 

Notwithstanding the foregoing, the Trustee may use the assets of the trust or any Subtrust in any other order of priority directed by the
Committee with the Written Consent of Participants affected thereby. 

3.02-5    With respect to any benefit payments due to participants and
beneficiaries under the Plans, the Committee may direct by notice in advance to the Trustee that the Company shall make such payments and that the Trustee shall, upon receipt of evidence of such payments satisfactory to the Trustee, reimburse the
Company for such payments from the applicable Subtrust. In such cases, the Company shall make any required income tax withholding and reporting, and shall pay amounts withheld to taxing authorities. 

3.03    Records 

The Trustee shall keep complete records on the trust fund open to inspection by the Company and the Committee at all reasonable times. In
addition to accountings required below, the Trustee shall furnish to the Company and Committee any information requested about the trust fund. 

3.04    Accountings 

3.04-1    The Trustee shall furnish the Committee with a complete statement of
accounts annually within 60 days after the end of the trust year showing assets and liabilities and income and expense for the year of each Subtrust. The form and content of the account shall be sufficient for the Company to include in computing its
taxable income and credits the income, deductions and credits against tax that are attributable to the trust fund. 
 3.04-2    The Committee may object to an accounting within 60 days after it is furnished and require that it be settled by audit by a qualified, independent certified public accountant. The
auditor shall be chosen by the Trustee from a list of at least five such accountants furnished by the Committee at the time the audit is requested. Either the Committee or the Trustee may require that the account be settled by a court of competent
jurisdiction, in lieu of or in conjunction with the audit. All expenses of any audit or court proceedings, including reasonable attorneys’ fees, shall be allowed as administrative expenses of the trust. 

  
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 3.04-3    If the Committee does
not object to an accounting within the time provided, the account shall be settled for the period covered by it. 
 3.04-4    When an account is settled, it shall be final and binding on all parties, including all participants and persons claiming through them. 

3.05    Expenses and Fees 

3.05-1    The Trustee shall be reimbursed for all expenses and shall be paid a
reasonable fee fixed by it from time to time. No increase in the fee shall be effective before 60 days after the Trustee gives notice to the Company of the increase. The Trustee shall notify the Committee periodically of expenses and fees. 

3.05-2    The Company shall pay administrative fees or expenses. If not so paid,
the fees and expenses shall be paid from the trust fund. The Company shall reimburse the trust fund for any fees and expenses paid out of it. 

ARTICLE IV 

Liability 
 
4.01    Indemnity 
 The Company shall indemnify and defend the Trustee from any claim, loss, liability or
expense arising from any action or inaction in administration of this trust based on direction or information from the Committee, absent willful misconduct or bad faith. 

4.02    Bonding 

The Trustee need not give any bond or other security for performance of its duties under this trust. 

ARTICLE V 

Insolvency 
 
5.01    Determination of Insolvency 

5.01-1    The Company is “Insolvent” for purposes of this trust if: 

(a)    The Company is unable to pay its debts as they come due; or 

(b)    The Company is the subject of a pending proceeding as a debtor under the Bankruptcy Code. 

  
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 5.01-2    The Chief Executive
Officer and the Board of Directors of the Company shall promptly give notice to the Trustee upon becoming Insolvent. If the Trustee receives such notice or receives from any other person claiming to be a creditor of the Company a written allegation
that the Company is Insolvent, the Trustee shall independently determine whether such insolvency exists. The expenses of such determination shall be allowed as administrative expenses of the trust. 

5.01-3    The Trustee shall continue making payments from the trust fund to
participants under the Plans while it is determining the existence of insolvency. Such payments shall cease and the Trustee shall commence “Insolvency Administration” under 5.02 upon the earlier of: 

(a)    A determination by the Trustee that the Company is Insolvent; or 

(b)    30 days after the notice or allegation of insolvency is received under 5.01-2, unless the Trustee has determined that the Company is not Insolvent since receipt of such notice or allegation. 

5.01-4    The Trustee shall have no obligation to investigate the financial
condition of the Company prior to receiving a notice or allegation of insolvency under 5.01-2. 
 
5.02    Insolvency Administration 

5.02-1    During Insolvency Administration, the Trustee shall hold the trust fund
for the benefit of the general creditors of the Company and make payments only in accordance with 5.02-2. The Trustee shall continue the investment of the trust fund in accordance with 2.02. 

5.02-2    The Trustee shall make payments out of the trust fund in one or more of
the following ways: 
 (a)    To general creditors in accordance with instructions from a court, or a
person appointed by a court, having jurisdiction over the Company’s condition of insolvency; 

(b)    To Plan participants and beneficiaries in accordance with such instructions; or 

(c)    In payment of its own fees or expenses. 

5.02-3    The Trustee shall be a secured creditor with a priority claim to the
trust fund with respect to its own fees and expenses. 

  
 16 

 5.03    Termination of Insolvency
Administration 
 5.03-1    Insolvency Administration shall terminate when
the Trustee determines that the Company: 
 (a)    Is not Insolvent, in response to a notice or
allegation of insolvency under 5.01-2; or 
 (b)    Has ceased to
be Insolvent. 
 5.03-2    Upon termination of Insolvency Administration under 5.03-1, the trust fund shall continue to be held for the benefit of the participants in the Plans. Benefit payments due during the period of Insolvency Administration shall be made as soon as practicable, together
with interest from the due dates at the following rates: 
 (a)    For the EDCP, the rate credited on the
participant’s account under the EDCP. 
 (b)    For the ESRIP, a rate equal to the interest rate
fixed by the Pension Benefit Guaranty Corporation for valuing immediate annuities in the preceding month for terminated single employer plans. 

5.04    Creditors’ Claims During Solvency 

5.04-1    During periods of Solvency, the Trustee shall hold the trust fund
exclusively to pay benefits and fees and expenses until all have been paid. Creditors of the Company shall not be paid during Solvency from the trust fund, which may not be seized by or subjected to the claims of such creditors in any way. 

5.04-2    A period of “Solvency” is any period not covered by 5.02. 

ARTICLE VI 

Successor Trustees 
 
6.01    Resignation and Removal 
 6.01-1    The
Trustee may resign at any time by notice to the Committee, which shall be effective in 60 days unless the Committee and the Trustee agree otherwise. 

6.01-2    The Trustee may be removed by the Committee on 60 days’ notice or
shorter notice accepted by the Trustee. 
 6.01-3    When resignation or removal
is effective, the Trustee shall begin transfer of assets to the successor Trustee immediately. The transfer shall be completed within 60 days, unless the Committee extends the time limit. 

6.01-4    If the Trustee resigns or is removed, the Committee shall appoint a
successor by the effective date of resignation or removal under 6.01-1 or 6.01-2. If no such appointment has been made, the Trustee may apply to a court of competent
jurisdiction for appointment of a successor or for instructions. All expenses of the Trustee in connection with the proceeding shall be allowed as administrative expenses of the trust. 

  
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 6.02    Appointment of
Successor 
 6.02-1    The Committee may appoint any bank or trust company
that has total assets in excess of $5 million as a successor to replace the Trustee upon resignation or removal. The appointment shall be effective when accepted in writing by the new Trustee, who shall have all of the rights and powers of the
former Trustee including ownership rights in the trust assets. The former Trustee shall execute any instrument necessary or reasonably requested by the Committee or the successor Trustee to evidence the transfer. 

6.02-2    The successor Trustee need not examine the records and acts of any prior
Trustee and may retain or dispose of existing trust assets, subject to Article II. The successor Trustee shall not be responsible for and the Company shall indemnify and defend the successor Trustee from any claim or liability because of any
action or inaction of any prior Trustee or any other past event, any existing condition or any existing assets. 
 
6.03    Accountings; Continuity 
 6.03-1    A
Trustee who resigns or is removed shall submit a final accounting to the Committee as soon as practicable. The accounting shall be received and settled as provided in 3.04 for regular accountings. 

6.03-2    No resignation or removal of the Trustee or change in identity of the
Trustee for any reason shall cause a termination of the Plans or this trust. 
 ARTICLE VII 

General Provisions 
 
7.01    Interests Not Assignable 
 7.01-1    The
interest of a participant in the trust fund may not be assigned, seized by legal process, transferred or subjected to the claims of the participant’s creditors in any way. 

7.01-2    The Company may not create a security interest in the trust fund in
favor of any of its creditors. The Trustee shall not make payments from the trust fund of any amounts to creditors of the Company who are not Plan participants, except as provided in 5.02. 

7.01-3    The participants shall have no interest in the assets of the trust fund
beyond the right to receive payment of Plan benefits and reimbursement of expenses from such assets subject to the instructions for Insolvency Administration referred to in 5.02-2. During Insolvency
Administration the participants’ rights to trust assets shall not be superior to those of any other general creditor of the Company. 

7.02    Amendment 

The Company and the Trustee may amend this trust at any time by a written instrument executed by both parties and with the Written Consent of
Participants. 

  
 18 

 
Notwithstanding the foregoing, any amendment may be made by written agreement of the Company and the Trustee without the Written Consent of Participants if such amendment will not have a material
adverse effect on the rights of any Participant hereunder or is necessary to comply with any laws, regulations or other legal requirements. 

7.03    Applicable Law 

This trust shall be construed according to the laws of Oregon except as preempted by federal law. 

7.04    Agreement Binding on All Parties 

This agreement shall be binding upon the heirs, personal representatives, successors and assigns of any and all present and future parties.
The term successors as used herein in respect of Parent or the Company 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 Parent or the Company, and successors of any such corporation or other business entity. 

7.05    Notices and Directions 

Any notice or direction under this trust shall be in writing and shall be effective when actually delivered or, if mailed, when deposited
postpaid as first-class mail. Mail to a party shall be directed to the address stated in this trust or to such other address as either party may specify by notice to the other party. Notices to the Committee shall be sent to the address of the
Company. 
 7.06    No Implied Duties 

The duties of the Trustee shall be those stated in this Trust, and no other duties shall be implied. 

 

					
	Company:        	  	NORTHWEST NATURAL GAS COMPANY
			
		  	By:	 	 /s/ DAVID H. ANDERSON

		  	Its:	 	 Chief Executive Officer

		  	Executed: October 1, 2018
		
	Trustee:	  	WELLS FARGO BANK, NATIONAL ASSOCIATION
			
		  	By:	 	 /s/ Alan C. Frazier

		  	Its:	 	 Senior Vice President

		  	Executed: September 27, 2018

  
 19 

 EXHIBIT A 

Assumptions and Methodology for 

Calculation Required Under 2.01-3 and 2.03 

 

	1.	 The liability will be calculated using two (2) different assumptions as to when the employee terminates
employment and receives a change of control benefit: 

  

	 	a)	 As of the date of the Triggering Event. 

 

	 	b)	 Twenty-four (24) months after the date of the Triggering Event assuming future compensation continues at
current levels. 

 The benefit liability will be the greater of the liabilities calculated in accordance with a) and b)
above. 
  

	2.	 Calculations will be based upon the most valuable optional form of payment available to the participant.

  

	3.	 The benefit liability is equal to the present value of benefits discounted to the trigger date at the
Applicable Interest Rate determined under Code Sec. 417(e)(3) and the regulations thereunder. The Applicable Interest Rate shall be determined on each December 31 and shall apply to all calculations in the next calendar year.

  

	4.	 No mortality is assumed prior to the commencement of benefits. Future mortality is assumed to occur in
accordance with the mortality table used for purposes of Code Sec. 417(e)(3), as set forth in Rev. Rul. 2001-62 (2001-2 C.B. 632) and subsequent rulings.

  

	5.	 Where left undefined by 1. through 4. above, calculations will be performed in accordance with generally
accepted actuarial principles. 

  

	6.	 For the purposes of projecting deferral account balances, the interest crediting rate on all EDCP Cash Accounts
is assumed to remain at the Applicable Interest Rate determined under 3. above.

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