Document:

EX-10.5

 Exhibit 10.5 

NORTHWEST NATURAL GAS COMPANY 

DIRECTORS DEFERRED COMPENSATION PLAN 

EFFECTIVE JUNE 1, 1981 

RESTATED AS OF OCTOBER 1, 2018 

 Table of Contents 

 

							
	 	 	 	  	Page	 
			
	1.	 	Restatement 	  	 	1	 
			
	2.	 	Election by Directors 	  	 	1	 
			
	3.	 	Accounts 	  	 	2	 
			
	4.	 	Interest 	  	 	4	 
			
	5.	 	Terms of Payment 	  	 	5	 
			
	6.	 	Death of Director 	  	 	6	 
			
	7.	 	Administration 	  	 	7	 
			
	8.	 	Definitions; Change in Control; Corporate Transaction 	  	 	7	 
			
	9.	 	Amendment and Termination of the Plan 	  	 	8	 
			
	10.	 	Miscellaneous 	  	 	9	 

  
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 NORTHWEST NATURAL GAS COMPANY 

DIRECTORS DEFERRED COMPENSATION PLAN 

1.    Restatement. The Board of Directors (the “Board”) of Northwest
Natural Gas Company (hereinafter, the “Company”) adopted a Director’s Deferred Compensation Plan (hereinafter, the “Plan”) effective June 1, 1981, which was previously restated effective as of January 1, 1988,
December 1, 1997, December 1, 2001, February 26, 2004, 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 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 is now amended and restated by this Restatement, effective as of October 1, 2018. 

2.    Election by Directors. 

(a)    Eligibility. Any director of the Company or any corporation or other entity affiliated with or subsidiary to
it (a “Director”) is eligible to elect to defer receipt of all or part of (i) the fees paid to him or her as a Director or as a member of a committee of the Board (“Fees”), or (ii) the shares (“NEDSCP Shares”)
of restricted common stock of the Company (“Common Stock”) awarded to the Director under the Company’s Non-Employee Directors Stock Compensation Plan (“NEDSCP”). In addition, a
Director may elect under the NEDSCP to receive awards under that plan as deferred cash credits (“NEDSCP Cash Credits”) rather than as NEDSCP Shares. 

(b)    Deferral of Fees. Any Director may elect, prior to the beginning of any calendar year, to defer receipt of
fees for that calendar year, whether or not the fees are actually payable in that calendar year; and any newly elected Director prior to assuming office may elect to defer receipt of fees commencing after the date on which the Director assumes
office. Any election under the preceding sentence shall apply only to fees earned subsequent to the date the election is filed. Total deferrals of Fees by a Director in a calendar year must be at least $1,500. 

(c)    Deferral of NEDSCP Shares. Any Director may elect, prior to the beginning of any calendar year, to defer
receipt of unvested NEDSCP Shares that are scheduled to vest in that calendar year; and any newly elected Director prior to assuming office may elect to defer receipt of NEDSCP Shares that will vest in the remainder of the calendar year after the
date on which the Director assumes office. Total deferrals of NEDSCP Shares by a Director in a calendar year must be at least 100% of the NEDSCP Shares scheduled to vest in that year. No deferral shall be allowed of NEDSCP Shares as to which a
Director has made an election under Section 83(b) of the Internal Revenue Code. 
 (d)    Continuation and
Modification. An election to defer Fees or NEDSCP Shares by a Director shall automatically continue from year to year unless the Director 

  
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terminates or modifies the election by written request. Any such termination or modification shall not become applicable until the calendar year following the year in which such written
termination or modification is filed. In the event of a termination of a deferral election, any amounts already deferred by a Director shall not be paid until he or she ceases to serve as a Director, and then only pursuant to the terms, conditions,
limitations and restrictions of the Plan. 
 3.    Accounts. 

(a)    Accounts. The Company shall establish on its books one, two or three separate accounts (individually, an
“Account” and collectively, the “Accounts”) for each Director who participates in the Plan: a Stock Account, a Cash Account, and/or for each person who is a Director as of January 1, 1998, a Retirement Benefit Account. The
number of NEDSCP Shares deferred by a Director shall be credited to the Stock Account. Any NEDSCP Cash Credits shall be credited to the Cash Account. Fees deferred by a Director shall be credited to the Stock Account or the Cash Account as elected
by the Director at the time the Director elects to defer Fees. Such election may be divided between the two Accounts in increments of 25 percent of the deferred Fees covered by the election. An election between the Stock Account and the Cash
Account shall be irrevocable as to the deferred Fees covered by the election and no transfers between the Stock Account and the Cash Account shall be permitted except as otherwise provided in Paragraph 3(f)(iv). The credit for deferred Fees shall be
entered on the Company’s books of account each month at the time that Fees are paid to other Directors who do not elect to defer the payment of such Fees. The credit for deferred NEDSCP Shares shall be entered on the Company’s books of
account as soon as practicable after January 1 of the year subject to the deferral. The credit for an NEDSCP Cash Credit shall be entered on the Company’s books of account effective as of the award date for such credit under the NEDSCP. No
special fund shall be established nor shall any notes or securities be issued by the Company with respect to a Director’s Accounts. 

(b)    Stock Account. A Director’s Stock Account shall be denominated in shares of Parent Common Stock,
including fractional shares. With respect to each amount of Fees deferred to a Director’s Stock Account, the Stock Account shall be credited with a number of shares equal to the deferred Fees divided by the purchase price for shares of Parent
Common Stock under the Company’s Dividend Reinvestment and Direct Stock Purchase Plan (the “DRSPP”) on the Investment Date (as defined in the DRSPP) next succeeding the day the deferred Fees would have been paid if not for the
deferral. 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. 

(c)    Forfeiture of NEDSCP Shares or NEDSCP Cash Credits. If any NEDSCP Shares deferred by a Director under this
Plan are forfeited under the terms of the NEDSCP, the Director’s Stock Account shall be reduced by the number of shares so forfeited. If any NEDSCP Cash Credits of a Director are forfeited under the terms of the NEDSCP, the Director’s Cash
Account shall be reduced by the amount of NEDSCP Cash Credits so forfeited. 

  
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 (d)    Retirement Benefit Account. A Director’s Retirement
Benefit Account shall be denominated in shares of Parent Common Stock, including fractional shares. Effective as of January 1, 1998, Section 5 of Article III of the Company’s Bylaws has been amended to eliminate with respect to
all persons who are Directors as of January 1, 1998 a provision for a retirement benefit payable to Directors who retire from the Board at age 72 with at least 10 years of service. Effective as of January 1, 1998, the Retirement
Benefit Account of each person who is a Director on that date shall be credited with a number a shares of Parent Common Stock determined by the Company as a replacement for the prior retirement benefit. As of each date for payment of dividends on
the Parent Common Stock, the Retirement Benefit 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
Retirement Benefit Account as of the record date for such dividend divided by the purchase price for shares of Parent Common Stock under the DRSPP for dividends reinvested on such payment date. The Retirement Benefit Account of any Director who has
not ceased to be a Director prior to February 28, 2008 shall be fully vested and noncancellable effective as of February 28, 2008. 
  

(e)    Statement of Account. At the end of each calendar quarter, a report shall be issued by the Company to each
participating Director setting forth the balances of the Director’s Accounts under the Plan. The credit entries made to a Director’s Accounts constitute merely a general obligation of the Company to pay such Accounts to the Director, or to
his or her beneficiary or estate when due under the Plan. 
 (f)    Effect of Corporate Transaction on Stock Accounts
and Retirement Benefit Accounts. At the time of consummation of a Corporate Transaction, if any, the amount credited to a Director’s Stock Account and Retirement Benefit 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 Parent 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 Director’s Stock Account and/or Retirement Benefit Account shall be converted into a credit for the number of shares of Acquiror Stock that the Director would have received as a result of the Corporate
Transaction if the Director had actually held the Parent Common Stock credited to his or her Stock Account and/or Retirement Benefit Account immediately prior to the consummation of the Corporate Transaction, and (2) Stock Accounts and
Retirement Benefit Accounts will thereafter be denominated in shares of Acquiror Stock and ongoing deferrals of Fees and NEDSCP Shares, if any, shall continue to be made in accordance with outstanding deferral elections into the 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 (1) the amount credited to a Director’s Stock Account and/or Retirement Benefit Account shall be transferred to the Director’s Cash Account and converted into a cash credit for the
amount of cash or the value of the property that the Director would have received as a result of the Corporate Transaction if the Director had actually held the Parent Common Stock credited to his or her Stock Account and/or Retirement Benefit
Account immediately prior to the consummation of the Corporate Transaction, and (2) Stock Accounts shall no longer exist under the Plan and all ongoing deferrals, if any, shall thereafter be made into Cash Accounts. 

  
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 (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 Director’s Stock Account and/or Retirement Benefit Account shall be converted in part into a credit for Acquiror
Stock under Paragraph 3(f)(i) and in part into a credit for cash under Paragraph 3(f)(ii) in the same proportion as such consideration is received by shareholders, and (2) ongoing deferrals of Fees and NEDSCP Shares, if any, shall continue
to be made in accordance with outstanding deferral elections into Stock Accounts in accordance with Paragraph 3(f)(i). 

(iv)    Election Following Stock Transaction. For a period of 12 months following the consummation of any
Corporate Transaction which results in Directors having Stock Accounts and/or Retirement Benefit Accounts denominated in Acquiror Stock, each Director shall have a one-time right to elect to transfer the
entire amount in the Director’s Stock Account and Retirement Benefit Account into the Director’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 Director’s Cash Account shall be determined by multiplying the number of shares of Acquiror Stock in the Director’s Stock Account and Retirement Benefit Account by the closing market price of
the Acquiror Stock reported for the last trading day preceding the effective date of the election. 
 4.    
Interest. Interest shall be credited to the Cash Account balance (including both principal and interest) of each participating Director based on the balance at the end of each calendar quarter. The rate of
interest to be applied at the end of each calendar quarter is set forth below in this Paragraph 4. The interest credit shall continue to be applied to the Cash Account of a Director, even if ceasing to serve as a Director, until all amounts credited
to his or her Cash Account have been paid. Said interest shall be calculated quarterly, based upon the average daily balance of the Director’s Cash Account since the preceding calendar quarter, after giving effect to any reduction in the Cash
Account as a result of any payments. The remaining annual payments will be recomputed to reflect the additional interest credits. 
 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 two percentage points (2%) higher than 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. At no time shall the rate of interest be less than six
percent (6%) annually. Notwithstanding the foregoing, effective as of January 1, 2017, the rate of interest to be applied at the end of each calendar quarter shall be the rate of interest for interest credited to cash accounts under the
Company’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 

  
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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 rate of interest to be
applied at the end of each calendar quarter shall be the quarterly equivalent of an annual yield that is equal to the annual yield on Moody’s Average Corporate Bond Yield for the preceding quarter, as published by 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 rate of interest shall be more or less than six percent (6%) annually. Any
change in the rate of interest that occurs on January 1, 2017 or thereafter pursuant to the provisions of this paragraph shall not constitute an “amendment affecting the interest rate” within the meaning of Paragraph 9(a) below. 

5.    Terms of Payment. 

(a)    Plan Benefits. The amounts contained in a Director’s Accounts are subject to the terms of payment as set
forth in this paragraph. When a Director ceases to serve as a Director of the Company, either by retirement or otherwise, the individual shall be entitled to payment of the amounts in his or her Accounts. 

(b)    Timing of Benefit Payment. At the time the Director elects to defer Fees or NEDSCP Shares or to receive
NEDSCP Cash Credits in lieu of NEDSCP Shares, and with respect to Retirement Benefit Accounts before January 1, 1998, the Director may designate the number of annual installments, not to exceed ten, in which the applicable Account balance shall
be paid, or the Director may elect to receive such Account balance in a lump sum payment, or in a combination of a partial lump sum and the remainder in installment payments. A Director may elect to modify such election by filing a change of payment
designation which shall supersede the prior form of payment designation for any one (1) or more deferral periods; provided, however, that a Director may not file a change of payment designation with respect to amounts credited to his or her
Retirement Benefit Account after December 31, 2008. If the Director’s most recent change of payment designation has not been filed one (1) full calendar year prior to the year in which the Director ceases to serve as a Director of the
Company, the prior election shall be used to determine the form of payment. For example, a Director leaving the Board in 2003 must file a written request with the Committee by December 31, 2001 to change his form of payment designation. 

(c)    Form of Benefit Payment. Benefits payable to a Director from a Stock Account or a Retirement Benefit Account
shall only be paid to such Director as a distribution of Parent Common Stock plus cash for fractional shares. Benefits payable to a Director from a Cash Account shall only be paid to such Director in cash. 

(d)    Commencement of Payment. Any lump sum payment or the first annual installment payment owed to a Director
shall be paid on a day in January of the year following the year in which he or she ceases to serve as a Director of the Company, with the specific day to be determined by the Company. In the event a Director terminates the election to defer
Fees or NEDSCP Shares, any Fees or NEDSCP Shares already deferred shall not be payable to the Director until such time as he or she ceases to serve as a Director, and then only subject to the terms and conditions contained herein. The provisions of
this paragraph are subject to the terms of Paragraph 6 covering the death of a Director and to the terms of Paragraph 8 covering a Change in Control. 

  
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 (e)    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. 
 (f)    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. 

(g)    Accelerated Distribution. Notwithstanding any other provision of the Plan, a Director shall be entitled to
receive, upon written request to the Committee, a lump sum distribution equal to ninety percent (90%) of the total balance of the Director’s Cash Account and Stock Account as of the last day of the calendar quarter immediately preceding the day
on which the Committee receives the written request. The remaining balance of the Director’s Cash Account and Stock Account shall be forfeited by the Director. No accelerated distribution under this section shall be available for amounts in
Directors’ Retirement Benefit Accounts. A Director who receives a distribution under this section shall be suspended from participation in the Plan for 12 months, but such suspension shall not apply to crediting of NEDSCP Cash Credits. The
amount payable under this section shall be paid in a lump sum within 65 days following the receipt of the notice by the Committee from the Director. 

6.    Death of Director. 

(a)    Plan Death Benefit. Upon the death of a Director or a former Director prior to the receipt of the full amount
credited to his or her Accounts, the balance of the Director’s Accounts shall be paid to the designated beneficiary or beneficiaries in the manner elected in writing by the Director at the time of the deferral election, or if no such election
is made, by lump sum payment. 
 (b)    Beneficiary. At the time a Director elects to defer payment of Fees or
NEDSCP Shares or to receive NEDSCP Cash Credits in lieu of NEDSCP Shares, and with respect to Retirement Benefit Accounts before January 1, 1998, the Director may designate a beneficiary or beneficiaries. If greater than 50% of the benefit is
designated to a beneficiary other than the Director’s spouse, such beneficiary designation shall be consented to by the Director’s spouse. Such designation may be changed by the Director at any time without the consent of a beneficiary,
subject to the spousal consent requirement above. If no designated beneficiary survives the Director or former Director, the balance of the Director’s Accounts shall be paid to the Director’s estate. 

  
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 7.    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)    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. 

(c)    Indemnity of Committee. To the extent permitted by applicable law, the Company 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. 
 8.    Definitions; Change in Control; Corporate
Transaction. 
 (a)    For purposes of this Plan, a “Change in Control” shall mean the occurrence of any of
the following events: 
 (i)    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; 
 (ii)    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,

  
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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 

(iii)    Any person (as such term is used in Section 14(d) of the Securities Exchange Act of 1934, 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 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. 
 (b)    For purposes of this Plan, a “Corporate Transaction” shall mean
any of the following: 
 (i)    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 
 (ii)    any sale, lease,
exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, the assets of Parent. 

9.    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 upon a
Change in Control, no amendment shall be effective to change the payout schedule in Paragraph 9(b)(ii), and further provided that no amendment shall decrease or restrict the amount credited to any Account maintained under the Plan as of the date of
amendment. An amendment affecting the interest rate credited under Paragraph 4 shall not become effective before the first day of the calendar year which follows the adoption of the amendment and at least 30 days written notice of the amendment
to the Director. An amendment affecting the interest rate credited under Paragraph 4 that is adopted after a Change in Control shall apply only to those amounts credited to Directors’ Accounts after the Change in Control. 

(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 deferrals. In the event of such a partial termination, the Plan shall continue to operate and be effective with regard to deferrals entered into prior to the effective date of such partial termination. 

  
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 (ii)    Complete Termination. The Board may completely terminate
the Plan by instructing the Committee not to accept any additional deferrals, and terminate all ongoing deferrals. The Plan shall cease to operate and the Committee shall pay out to each Director the balance in each of his or her Accounts in a lump
sum or in equal annual installments amortized over the period listed in the payout schedule below based on the balance in the particular Account at the time of such complete termination: 

 

			
	 Payout Schedule

		
	Appropriate Account Balance	 	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 Director’s Cash Account shall be the applicable interest
rate at the end of the calendar quarter immediately preceding the effective date of such complete termination. 

10.    Miscellaneous. 

(a)    Unsecured General Creditor. The Accounts shall be established solely for the purpose of measuring the amounts
owed to a Director or beneficiary under the Plan. Directors 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 life insurance policies, annuity contracts or the proceeds therefrom owned or which may be acquired by the Company. Except as may be provided in Paragraph 10(b), such policies, annuity contracts or
other assets of the Company shall not be held under any trust for the benefit of the Directors, 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 and policies 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. 
 (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 Directors or beneficiaries. At its discretion, the
Company may 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. Such trust or trusts may 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)    Nonassignability. No assignment or
alienation may be made of any deferred fees or interest thereon, except in accordance with Paragraph 6. 

  
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 (d)    Governing Law. The provisions of this Plan shall be
construed and interpreted according to the laws of the State of Oregon. 
 (e)    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

 Northwest Natural Holding Company hereby acknowledges and accepts its obligation under Section 10(b) of
the Plan. 
  

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

  
 -10-EX-10.6

 Exhibit 10.6 

NORTHWEST NATURAL GAS COMPANY 

EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME PLAN 

(2018 Restatement) 

 NORTHWEST NATURAL GAS COMPANY 

EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME PLAN 

(2018 RESTATEMENT) 

TABLE OF CONTENTS 
  

							
	 ARTICLE I. DEFINITIONS 
	  	 	1	 
			
	        1.01	  	Benefit Commencement Date 	  	 	1	 
			
	        1.02	  	Board of Directors 	  	 	1	 
			
	        1.03	  	Change in Control Severance Benefit 	  	 	1	 
			
	        1.04	  	Committee 	  	 	2	 
			
	        1.05	  	Company 	  	 	2	 
			
	        1.06	  	Effective Date 	  	 	2	 
			
	        1.07	  	Final Annual Compensation 	  	 	2	 
			
	        1.08	  	Normal Retirement Date 	  	 	3	 
			
	        1.09	  	Participant 	  	 	3	 
			
	        1.10	  	Plan 	  	 	3	 
			
	        1.11	  	Retirement Plan 	  	 	3	 
			
	        1.12	  	Separation from Service 	  	 	3	 
			
	        1.13	  	Service 	  	 	3	 
			
	        1.14	  	Surviving Beneficiary 	  	 	4	 
			
	        1.15	  	Total and Permanent Disability 	  	 	4	 
		
	 ARTICLE II. AMOUNT OF BENEFITS; RIGHT TO RECEIVE BENEFITS
 
	  	 	4	 
			
	        2.01	  	Normal Retirement Supplemental Income 	  	 	4	 
			
	        2.02	  	Early Retirement Supplemental Income 	  	 	6	 
			
	        2.03	  	Disability Retirement Supplemental Income 	  	 	7	 
			
	        2.04	  	Death Benefits 	  	 	7	 
			
	        2.05	  	Vested Benefits 	  	 	8	 
			
	        2.06	  	Post-Retirement Change in Retirement Plan Benefits 	  	 	9	 
			
	        2.07	  	Forfeiture of Benefits 	  	 	9	 
			
	        2.08	  	Change in Control Supplemental Income 	  	 	10	 
		
	 ARTICLE III. PAYMENT OF BENEFITS 
	  	 	10	 
			
	        3.01	  	Form of Supplemental Payments 	  	 	10	 
			
	        3.02	  	Commencement of Supplemental Payments 	  	 	11	 
			
	        3.03	  	Six-Month Minimum Delay 	  	 	12	 
			
	        3.04	  	Source 	  	 	12	 
			
	        3.05	  	Key Man Insurance 	  	 	12	 

  
 i 

							
		
	 ARTICLE IV. ADMINISTRATION 
	  	 	13	 
			
	        4.01	  	Committee Discretion 	  	 	13	 
			
	        4.02	  	Company Right to Amend, Modify or Terminate 	  	 	13	 
		
	 ARTICLE V. GENERAL PROVISIONS 
	  	 	13	 
			
	        5.01	  	No Effect on Employment 	  	 	13	 
			
	        5.02	  	Legally Binding 	  	 	13	 
			
	        5.03	  	Notice 	  	 	14	 
			
	        5.04	  	No Transfer of Benefits 	  	 	14	 
			
	        5.05	  	Disclosure to Participants 	  	 	14	 
			
	        5.06	  	Adoption 	  	 	14	 
			
	        5.07	  	Integration Clause 	  	 	14	 

 2004 ESRIP Appendix 

  
 ii 

 NORTHWEST NATURAL GAS COMPANY 

EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME PLAN 

(2018 RESTATEMENT) 
 PURPOSE; EFFECTIVE
DATE 
 This Executive Supplemental Retirement Income Plan (“Plan”) was established effective January 1, 1981, and was
later amended, to promote the best interests of the Company by enabling the Company (a) to attract to its key management positions persons of outstanding ability, and (b) to retain in its employ those persons of outstanding competence who
occupy key executive positions and who in the past contributed and who continue in the future to contribute materially to the success of the business by their ability, ingenuity and industry. Participation in the Plan is limited to a select group of
management and highly compensated employees. Effective September 1, 2004, participation is limited to Participants in the Plan as of September 1, 2004, and no new Participants will be added to the Plan after September 1, 2004. In
order to comply with changes in applicable law and to clarify existing provisions, the Company adopted the 2007 Restatement on December 20, 2007 with a retroactive effective date of January 1, 2005; provided, however, that the amendments
made in the 2007 Restatement shall not apply to any Participant whose Separation from Service occurred prior to January 1, 2005 and the benefits for those Participants shall be governed by the terms of the Plan in effect immediately prior to
the 2007 Restatement. The Plan was further amended by the 2010 Restatement on December 17, 2009 effective as of January 1, 2010, and those amendments shall not apply to any Participant whose Separation from Service occurred prior to
January 1, 2010. 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 Plan in relation to the foregoing corporate transaction, the Company adopts this 2018 Restatement effective October 1, 2018. 

ARTICLE I.    DEFINITIONS 

The following words and phrases as used herein shall, for the purpose of this Plan and any subsequent amendment thereof, have the following
meanings, unless a different meaning is plainly required by the context: 

1.01    Benefit Commencement Date means the first day of the month in which Plan
benefits are required to commence as provided under 3.02. 
 1.02    Board of
Directors means the Board of Directors of the Company as constituted from time to time. 
 1.03    
Change in Control Severance Benefit means, for any Participant who is party to a Change in Control Severance Agreement with the Company or Parent, the severance benefit provided for in such agreement; provided,
however, that such severance benefit is a “Change in Control Severance Benefit” for purposes of this Plan only if, under the terms of the Participant’s Change in Control Severance Agreement, the Participant becomes entitled to the
severance benefit (a) after a change in control of Parent or the Company has occurred, (b) because the 

  
 1 

 
Participant’s employment with the Company or Parent has been terminated by the Participant for good reason in accordance with the terms and conditions of the Change in Control Severance
Agreement or by the Company or Parent other than for cause or disability, and (c) because the Participant has satisfied any other conditions or requirements specified in the Change in Control Severance Agreement and necessary for the
Participant to become entitled to receive the severance benefit. Under no circumstances will a Participant who is not party to a Change in Control Severance Agreement be deemed to become entitled to a Change in Control Severance Benefit for purposes
of this Plan. For purposes of 1.03, the terms “change in control,” “good reason,” “cause” and “disability” shall have the meanings as may be set forth in the Participant’s Change in Control Severance
Agreement, if any. 
 1.04    Committee means the Organization and Executive
Compensation Committee of the Board of Directors, previously known as the Compensation Committee. 
 1.05    
Company means Northwest Natural Gas Company and its subsidiaries. 
 1.06    
Effective Date means January 1, 1981, subject to any later effective date of any specific section provided in any amendment hereto. 

1.07    Final Annual Compensation means the annual average determined by taking the
sum of the Participant’s Total Compensation for the five (5) consecutive Compensation Years out of the Participant’s final ten (10) Compensation Years with the Company which produce the highest total amount, and dividing such sum
by five (5). If a Participant receives a Promotion (as defined below) and then has a Separation from Service before December 31 of the fourth Compensation Year that commenced on or after the effective date of such Promotion, Final Annual
Compensation shall be based on a three (3) year average instead of a five (5) year average. If a Participant receives a Promotion and then has a Separation from Service on or after December 31 of the fourth Compensation Year, and
before December 31 of the fifth Compensation Year, that commenced on or after the effective date of such Promotion, Final Annual Compensation shall instead be based on a four (4) year average. A “Promotion” shall include any
promotion to the position of Chief Executive Officer, President or Chief Financial Officer or any other change in title that the Committee determines to include a significant increase in responsibilities. Notwithstanding the foregoing, if any
Participant has a Separation from Service on or before December 31, 2010, Final Annual Compensation shall instead be based on a three (3) year average. 

1.07-1 Total Compensation for any Compensation Year means the sum of (a) plus (b): 

(a) The annual salary in effect during the Compensation Year; provided, however, that if a Participant’s salary is changed
during a Compensation Year, the salary amount included in Total Compensation for that Compensation Year shall be the total amount of salary the Participant earned for services during that Compensation Year or would have earned for services during
that Compensation Year if employment had continued at his or her final salary level for the full Compensation Year. 
 (b)
The annual performance award for the prior calendar year approved by the beginning of the Compensation Year; provided, however, that the 

  
 2 

 
amount of the annual performance award included in Total Compensation for any calendar year after 2009 shall not exceed 125% of the Participant’s target award; provided further, however,
that if a Participant has a Separation from Service during the last 61 days of any Compensation Year, Total Compensation for each of the Participant’s final ten (10) Compensation Years shall also be calculated as the sum of the salary in
effect for such Compensation Year as determined under (a) plus the annual performance award for the calendar year that ended during such Compensation Year, and these alternate Total Compensation calculations shall be used if the resulting Final
Average Compensation is higher. 
 1.07-2 Compensation Year means the twelve (12) month
period from March 1 to February 28/29, including any partial portion of such period preceding a Separation from Service. 

1.08    Normal Retirement Date means the first day of the month next following the
Participant’s 65th birthday. 
 1.09    Participant means an employee
specifically designated by the Committee to be covered under this Plan and who continues to fulfill all requirements for participation. The initial designation of Participants shall be all executive officers of the Company elected by the Board of
Directors (not including “assistant” officer positions). A list of Participants as of September 1, 2004 who were employed by the Company as of that date is included in the 2004 ESRIP Appendix. No new Participants shall enter the Plan
after September 1, 2004. 
 1.10    Plan means the Executive Supplemental
Retirement Income Plan herein set forth, as amended from time to time. 

1.11    Retirement Plan means the Company’s Retirement Plan for Bargaining
Unit and Non-Bargaining Unit Employees, as amended from time to time. 

1.12    Separation from Service shall have the meaning ascribed to such term in
Treasury Regulations §1.409A-1(h). 
 1.13    
Service depends on the context: 
 (a) Benefit Accrual. Service for benefit accrual under 2.01
means years of actual participation, including service credited under 1.13(c), after becoming a Participant under this Plan, plus any additional years of benefit accrual credit earned or awarded under
2.01-2(b)(2) and/or (3). 
 (b) Vesting Service. Service for vesting means all service with
the Company or Parent from commencement of employment, including service credited under 1.13(c), plus any additional grant under 2.05-5. 

(c) Other Service. To the extent “service” is not addressed by (a) or (b) above, Service includes all accredited years of
service with the Company or Parent credited under the Retirement Plan and includes all periods of Company or Parent paid disability and long-term disability leave. 

  
 3 

 1.14    Surviving Beneficiary
means the beneficiary or beneficiaries designated by the Participant on the form provided by the Company. Such beneficiary designation may be changed by the Participant at any time by written notice to the Committee. If no Surviving Beneficiary is
designated, or if the designated Surviving Beneficiary dies before the Benefit Commencement Date, the Surviving Beneficiary shall be the Participant’s surviving spouse or, if none, the Participant’s estate. 

1.15    Total and Permanent Disability means that the Participant is unable to
engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 

ARTICLE II.    AMOUNT OF BENEFITS; RIGHT TO RECEIVE BENEFITS 

Each Participant or the Participant’s Surviving Beneficiary shall have the right to receive, and the Company shall pay, supplemental
benefits as provided in this Article II, in the form and at the time provided in Article III: 
 2.01    
Normal Retirement Supplemental Income. Upon Separation from Service at or after the Normal Retirement Date with at least ten (10) years of Service for vesting under 1.13(b), a Participant shall be entitled
to receive, subject to 2.07, monthly supplemental retirement payments determined under 2.01-1 through 2.01-4: 

2.01-1 Determining ESRIP Benefit Amount. The amount to be paid at the Normal Retirement Date
under this Plan shall be determined by a three step process under the following (a), (b) and (c): 
 (a) Determine Target
Benefit. The sum of the Participant’s accrued target percentage credits under 2.01-2 is multiplied by Final Annual Compensation. 

(b) Determine Offset Amount. The amount to be paid at Normal Retirement Date from three other sources of retirement
benefits shall be determined under 2.01-3. 
 (c) Determine Net Benefit. If
the target benefit amount under (a) exceeds the total payments from the other three sources under (b), the excess shall be paid under 2.01-4. 

2.01-2 Accrued Target Percentage. Participant’s accrued target percentage shall be the sum
of the accruals at the rate specified below in (a) for each Year of Participation (defined below in (b)) credited under this Plan. 

  
 4 

 (a) Yearly Accrual Percentage Schedule: 

(1) Years 1-15. The yearly target percentage accrual for all Participants shall
be: 
  

					
	Years of Participation	  	
Accrued Target Percentage for
 Each
Year of Participation
	  	
Maximum Total Target

Percentage

	Years 1 through 15	  	4.33% per Year	  	65% (15 Years times 4.33%)

 (2) Years 16-25. In addition, each of the
Participants who had at least six (6) Years of Participation as of September 1, 2004 as shown in the attached 2004 ESRIP Appendix shall be entitled to additional accruals for Years of Participation
16-25 as follows: 
  

					
	Years of Participation	  	
Accrued Target Percentage for
 Each
Year of Participation
	  	
Maximum Total Target

Percentage

	Years 16 through 25	  	0.50% per Year	  	 70% (15 Years
times 4.33%
 plus 10 Years times 0.50%)

 (b) Year of Participation means the sum of (1), (2) and (3): 

(1) Each consecutive twelve (12) month period (including fractions calculated to the nearest hundredth of a year) of
Service measured by each anniversary of the date of first becoming a Participant under this Plan. 
 (2) Any additional
Years of Participation awarded to a Participant by the Committee in the exercise of its discretion, specifically including any additional Years of Participation reflected in the attached 2004 ESRIP Appendix as of September 1, 2004. 

(3) Three (3) additional Years of Participation credit shall be awarded to any Participant who becomes entitled to a
Change in Control Severance Benefit. 
 2.01-3 Payments From Other Sources. The total annual
payments from the three sources listed below in (a), (b) and (c) shall be determined, all calculated as a single life annuity. 

(a) the Retirement Plan. 

(b) Social Security (as determined under 2.01-4(b)(2)). 

(c) Supplemental retirement payments under Section 5.7 of the Company’s Executive Deferred Compensation Plan and
Section 8 of the Company’s Deferred Compensation Plan for Directors and Executives. 

2.01-4 Benefit Payable Under This Plan. The monthly payment under this Plan shall be determined
under the formula of (a) minus (b) as follows: 
 (a) The target monthly benefit shall be
one-twelfth (1/12) times Final Annual Compensation times the accrued target percentage determined under 2.01-2 above; provided, however, that if a Participant’s
Separation from Service is after December 31, 2010 and the target monthly benefit for the Participant calculated as if the 

  
 5 

 
Participant’s Separation from Service had been on December 31, 2010 is greater than the target monthly benefit calculated based on the Participant’s actual Separation from Service,
then the target monthly benefit as of December 31, 2010 shall be used; 
 MINUS 

(b) The sum of (1) plus (2) plus (3): 

(1) The Participant’s monthly retirement benefit under the Retirement Plan assuming commencement of benefits in the month
following Separation from Service and calculated as if the Participant had elected to have the entire benefit paid as a single life annuity; 

PLUS 
 (2) One-twelfth (1/12) of the Participant’s annual primary Social Security benefit assuming commencement of benefits in the month following Separation from Service and determined in the same manner and based on the
same earnings as are used to compute the actual Social Security benefit; 
 PLUS 

(3) The Participant’s monthly supplemental retirement benefit under Section 5.7 of the Company’s Executive
Deferred Compensation Plan and/or Section 8 of the Company’s Deferred Compensation Plan for Directors and Executives, calculated in each case as if the Participant had elected to have the benefit paid as a single life annuity. 

2.02    Early Retirement Supplemental Income. Upon Separation from Service at or
after age fifty-five (55) with at least ten (10) years of Service for vesting under 1.13(b), a Participant shall be entitled to receive, subject to 2.07, the reduced monthly supplemental retirement payments determined as follows: 

2.02-1 First, the target monthly early retirement benefit shall be equal to one-twelfth (1/12) times the Participant’s Final Annual Compensation times the accrued target percentage determined under 2.01-2 based on the Participant’s Years of
Participation at the time of Separation from Service; provided, however, that if a Participant’s Separation from Service is after December 31, 2010 and the target monthly early retirement benefit for the Participant calculated as if the
Participant’s Separation from Service had been on December 31, 2010 is greater than the target monthly early retirement benefit calculated based on the Participant’s actual Separation from Service, then the target monthly early
retirement benefit as of December 31, 2010 shall be used. 
 2.02-2 Second, the unreduced
monthly supplemental payment under this Plan shall be determined under the formula in 2.01-4, using in 2.01-4(b)(1) the Participant’s monthly retirement benefit
under the Retirement Plan assuming commencement of benefits in the month following the Participant’s Normal Retirement Date and a projected 2.5% annual increase in the Consumer Price Index between Separation from Service and Normal Retirement
Date and 

  
 6 

 
calculated as if the Participant had elected to have the entire benefit paid as a single life annuity, using in 2.01-4(b)(2) the Participant’s
estimated monthly Social Security benefit payable at age 65 assuming 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 age 65, and using in 2.01-4(b)(3) the Participant’s monthly retirement benefit under Section 5.7 of the Company’s Executive Deferred Compensation Plan and/or Section 8 of the Company’s Deferred Compensation Plan
for Directors and Executives, calculated in each case assuming that benefits could have been and were commenced in the month following the Participant’s Normal Retirement Date and as if the Participant had elected to have the benefit paid as a
single life annuity. 
 2.02-3 Third, the unreduced monthly amount under 2.02-2 shall be reduced by one-half of one percent (0.50%) per month for each full or partial month by which the Benefit Commencement Date precedes the Participant’s 62nd
birthday, as illustrated in the following table: 
  

							
	Percentage of Unreduced Early Retirement Benefit for Benefit Commencement at Specified Age*
	Retirement Age	  	Percentage	  	Retirement Age	  	Percentage
	55	  	58%	  	59	  	82%
	56	  	64%	  	60	  	88%
	57	  	70%	  	61	  	94%
	58	  	76%	  	62-64	  	100%

 * This table shows the percentage reduction based on years prior to age 62. The actual percentage reduction will be further
adjusted for each additional month by which the Participant’s age at the Benefit Commencement Date precedes the retirement age specified in the table. 

2.03    Disability Retirement Supplemental Income. Upon a Participant’s Total
and Permanent Disability while employed by the Company or Parent and with at least fifteen (15) years of Service for vesting under 1.13(b) and 1.13(c), a Participant shall be entitled to receive, subject to 2.07, monthly supplemental retirement
payments determined in the same manner as early retirement payments under 2.02. 
 2.04    
Death Benefits. If a Participant dies during employment or before the Benefit Commencement Date for any other benefit under this Plan, a monthly supplemental death benefit shall be paid to the
Participant’s Surviving Beneficiary as follows: 
 2.04-1 Amount. The amount of the
monthly supplemental death benefit shall be determined under either 2.01, 2.02, 2.03, 2.05 or 2.08, as applicable, assuming that (a) the Participant had a Separation from Service on the date of death (or on the Participant’s actual
Separation from Service, if earlier), (b) the Participant had survived until the Benefit Commencement Date that would have been applicable under 3.02 based on the assumed date of Separation from Service, (c) the Participant had selected the
form of annuity selected by the Surviving Beneficiary pursuant to 2.04-2, and (d) the Participant had died on the day after the Benefit Commencement Date. 

  
 7 

 2.04-2 Annuity Form. The Surviving
Beneficiary may at any time prior to the applicable Benefit Commencement Date elect one of the available annuity forms under 3.01 for purposes of calculating and paying the death benefit under 2.04-1. If the
Surviving Beneficiary does not make a timely election under this 2.04-2, the Surviving Beneficiary shall be deemed to have elected a 100% joint and survivor annuity (without the
“pop-up” feature) if the Surviving Beneficiary is one individual; otherwise, the Surviving Beneficiary shall be deemed to have elected the life annuity with 120 guaranteed payments under 3.01-1. 
 2.04-3 Other Death Benefits. The supplemental
death benefit under this Plan shall be in addition to any death benefit provided by any other Company or Parent sponsored plan or insurance program. 

2.05    Vested Benefits. Upon Separation from Service with at least five
(5) years of Service for vesting under 1.13(b), a Participant who is not eligible for benefits under 2.01, 2.02, 2.03 or 2.08, shall be entitled to receive, subject to 2.07, the reduced monthly supplemental retirement payments determined as
follows: 
 2.05-1 First, the unreduced monthly supplemental payment under this Plan shall be
determined in the same manner as such amount would be determined for early retirement payments under 2.02-1 and 2.02-2, except that in
2.01-4(b)(2) there shall be used the Participant’s estimated monthly Social Security benefit payable at age 65 assuming continuation of earnings after Separation from Service through age 65 at the
Participant’s final salary level with the Company or Parent, but with no projected increases in the national average wage index or cost of living between Separation from Service and age 65. 

2.05-2 Second, the vested portion of the unreduced monthly amount shall be determined by multiplying
the unreduced monthly amount by the vested percentage set forth in the following table that corresponds to the Participant’s number of years of Service for vesting under 1.13(b): 

 

			
	Completed Years of Vesting Service	  	Vested Percentage
	Years 1-4	  	0%
	Year 5	  	50%
	Year 6	  	60%
	Year 7	  	70%
	Year 8	  	80%
	Year 9	  	90%
	Year 10 and above	  	100%

  
 8 

 2.05-3 Third, if the Participant’s Separation
from Service occurs before age fifty-five (55), the vested portion of the unreduced monthly amount under 2.05-2 shall be reduced by one-half of one percent (0.50%) per
month for each full or partial month by which the Benefit Commencement Date precedes the Participant’s 65th birthday, as illustrated in the following table: 
  

							
	Percentage of Unreduced Vested Retirement Benefit for Benefit Commencement at Specified Age
	Commencement Age	  	Percentage	  	Commencement Age	  	Percentage
	55	  	40%	  	60	  	70%
	56	  	46%	  	61	  	76%
	57	  	52%	  	62	  	82%
	58	  	58%	  	63	  	88%
	59	  	64%	  	64	  	94%

 If the Participant’s Separation from Service occurs at or after age 55, the vested portion of the unreduced monthly
amount under 2.05-2 shall be reduced in the same manner as provided under 2.02-3 for early retirement benefits. 

2.05-4 Vesting Service Credit. One year of vesting service is awarded for each period of 12
consecutive months of employment with the Company or Parent, with the first such period beginning on the Participant’s employment commencement date and subsequent periods beginning on each anniversary of the Participant’s employment
commencement date. 
 2.05-5 Committee Discretion. For any specified Participant, the
Committee may, in its discretion, grant additional vesting service credit, waive the minimum service requirement, reduce the early retirement reduction percentage for payments starting before age 65, or make any appropriate adjustment of the benefit
amount under this Plan. 
 2.06    Post-Retirement Change in Retirement Plan
Benefits. 
 2.06-1 Change in Benefit Formula. If, after supplemental payments start under
this Plan, the benefit payable to a retired Participant is increased under the Retirement Plan by a change in the Retirement Plan benefit formula or its components, the supplemental payment under this Plan shall be reduced to reflect such increase,
effective for and after the first month when such increase is paid. The supplemental benefit shall be recalculated under the benefit formula (2.01, 2.02, 2.03, 2.04, 2.05 or 2.08) applicable to the retiree by substituting such increased Retirement
Plan benefit in the formula, with all other components of the formula to remain unchanged. 
 2.06-2
COLA Supplement. Any post-retirement increase to the Retirement Plan benefit that is not the result of a change of the Retirement Plan benefit formula or its components (such as a cost of living adjustment for retirees) shall not trigger a
recalculation of benefits under 2.06-1 of this Plan. 
 2.07    
Forfeiture of Benefits. Notwithstanding any other provision of this Plan to the contrary, Plan benefits shall be forfeited as follows: 

2.07-1 Discharge for Cause. No Plan benefits shall be paid if the Participant is discharged from
the Company or Parent for cause involving illegal or fraudulent acts or conduct detrimental to the interests of the Company or Parent. 

  
 9 

 2.07-2 Agreement Not to Compete. No Plan
benefits shall be paid to a Participant unless, prior to the date Plan benefits are scheduled to commence, the Company receives Participant’s written agreement not to compete with the Company, its subsidiaries or Parent during the period of
Plan benefit payments. Plan benefits shall be forfeited in whole or in part, as the Committee shall decide, for any breach of such agreement not to compete. 

2.08    Change in Control Supplemental Income. 

2.08-1 Benefit Calculation. A Participant who has a Separation from Service before the Normal
Retirement Date and is or becomes entitled to a Change in Control Severance Benefit shall have a 100% vested right to receive, subject to 2.07, monthly supplemental retirement payments determined in the same manner as early retirement payments under
2.02, except that (a) the Participant shall be credited with additional Years of Participation as provided in 2.01-2(b)(3), and (b) in lieu of applying 2.02-3,
the unreduced monthly amount under 2.02-2 shall be reduced by one-quarter of one percent (0.25%) per month for each full or partial month by which the Benefit
Commencement Date precedes the Participant’s 62nd birthday. 
 2.08-2 Possible Benefit
Recalculation. With respect to any Participant who is party to a Change in Control Severance Agreement, it may be the case that (a) the Participant’s employment with the Company or Parent is terminated prior to a “change in
control” (as defined in the Participant’s Change in Control Severance Agreement), (b) a change in control occurs after such termination, and (c) the Participant then becomes entitled to a Change in Control Severance Benefit. If, after
such termination of employment and prior to the time that the Participant becomes entitled to a Change in Control Severance Benefit, supplemental benefit payments to the Participant have started under the Plan, then, at such time thereafter as the
Participant becomes entitled to a Change in Control Severance Benefit, the benefits payable to the Participant under the Plan shall be retroactively recalculated to reflect the benefit enhancements applicable under the Plan as a result thereof. To
the extent that the amount of the supplemental benefit payments paid to the Participant prior to such recalculation is less than the amount of such payments as so recalculated, the difference will be paid to the Participant in a cash lump sum
(without interest) as soon as practicable after the change in control. 
 ARTICLE III.    PAYMENT OF
BENEFITS 
 3.01    Form of Supplemental Payments. Subject to 3.01-3, supplemental monthly payments to a Participant shall be made in the annuity form specified in 3.01-1; provided, however, that a Participant may elect at any time at
least 30 days prior to the Benefit Commencement Date to have benefit payments made in one of the annuity forms specified in 3.01-2: 

3.01-1 Life Annuity With One Hundred Twenty (120) Guaranteed Payments. Unless
the Participant elects another annuity form under 3.01-2 , the Participant’s monthly supplemental benefit as determined under 2.01, 2.02, 2.03, 2.05 or 2.08 shall be paid as equal monthly payments for the
Participant’s lifetime, except that if the Participant dies before receiving one hundred twenty (120) monthly payments, the balance of the one hundred twenty (120) payments shall be made monthly to the Participant’s Surviving
Beneficiary. 

  
 10 

 3.01-2 Annuity Forms under Retirement Plan.
The Participant may elect to receive supplemental monthly payments in 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. Any such alternate annuity shall be the actuarial equivalent of the benefit under 3.01-1 as determined by the Plan’s actuary based on the actuarial assumptions used for
determining equivalent benefits under the Retirement Plan at the Benefit Commencement Date. 
 3.01-3
Small Benefit Cash Out. If the actuarial equivalent lump sum present value of a Participant’s benefits, based on the actuarial assumptions used for determining equivalent benefits under the Retirement Plan at the Benefit Commencement
Date, 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
3.02. 
 3.02    Commencement of Supplemental Payments. 

3.02-1 Normal Retirement Supplemental Income. If a Participant is eligible for normal retirement
benefits under 2.01, supplemental monthly payments under this Plan shall commence with the first month following the Participant’s Separation from Service. 

3.02-2 Change in Control Supplemental Income. If a Participant is not eligible for normal
retirement benefits under 2.01, but is eligible for change in control retirement benefits under 2.08, supplemental monthly payments under this Plan shall commence with the first month following the later of the Participant’s 55th birthday or the Participant’s Separation from Service. 
 3.02-3 Disability Retirement Supplemental Income. If a Participant is not eligible for normal retirement benefits under 2.01 or change in control retirement benefits under 2.08, but is eligible for disability
retirement benefits under 2.03, supplemental monthly payments under this Plan shall commence with the first month following the later of the Participant’s 55th birthday or the
Participant’s Total and Permanent Disability; provided, however, that a Participant may elect no later than December 31, 2008 to have any disability retirement benefits commence under this 3.02-3
with the first month following the later of the Participant’s Separation from Service or another specified birthday of the Participant that shall be no less than age 56 and no more than age 62. 

3.02-4 Early Retirement Supplemental Income. If a Participant is not eligible for normal
retirement benefits under 2.01, change in control retirement benefits under 2.08 or disability retirement benefits under 2.03, but is eligible for early retirement benefits under 2.02, supplemental monthly payments under this Plan shall commence
with the first month following the later of the Participant’s 62nd birthday or the Participant’s Separation from Service; provided, however, that a Participant may elect no later than
December 31, 2008 to have any early retirement benefits commence under this 3.02-4 with the first month following the later of the Participant’s Separation from Service or another specified birthday
of the Participant that shall be no less than age 55 and no more than age 61. 
 3.02-5 Vested
Benefits. If a Participant is not eligible for normal retirement benefits under 2.01, change in control retirement benefits under 2.08, disability retirement 

  
 11 

 
benefits under 2.03 or early retirement benefits under 2.02, but is eligible for vested benefits under 2.05, supplemental monthly payments under this Plan shall commence with the first month
following the later of the Participant’s 65th birthday or the Participant’s Separation from Service; provided, however, that a Participant may elect no later than December 31, 2008
to have any vested benefits commence under this 3.02-5 with the first month following the later of the Participant’s Separation from Service or another specified birthday of the Participant that shall be
no less than age 55 and no more than age 64. 
 3.02-6 Death Benefits. If a Participant’s
Surviving Beneficiary is eligible for death benefits under 2.04, supplemental monthly payments under this Plan shall commence in the month that benefits would have commenced under 3.02-1, 3.02-2, 3.02-3, 3.02-4 or 3.02-5, as applicable, if the Participant had a Separation from
Service on the date of death (or on the Participant’s actual Separation from Service, if earlier) and then survived until benefits had commenced. 

3.02-7 Modification of Elections. After December 31, 2008, a Participant who has made an
election under 3.02-3, 3.02-4 or 3.02-5 may elect to change any or all of such elections provided that (a) such change
election is made in writing submitted to the Company no later than one year before the birthday specified in the original election, (b) such change election shall not be effective if the Participant’s Separation from Service occurs less
than one year after such change election, (c) the birthday specified in the change election is at least five years after the birthday specified in the original election (and therefore may be a higher age than that permitted in the original
election), and (d) the election under any of 3.02-3, 3.02-4 or 3.02-5 may only be changed once under this 3.02-7. 

3.03    Six-Month Minimum Delay.
Notwithstanding the foregoing, no supplemental monthly payments under this Plan shall be paid to any Participant until the seventh month following the month of the Executive’s Separation from Service; provided, however, that this delay in
commencement of benefits shall not apply to death benefits under 2.04. Any payments that would have been paid if not for this 3.03 shall be accumulated and paid in full in the seventh month following the month of the Participant’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) of the
Company’s Deferred Compensation Plan for Directors and Executives. 

3.04    Source. The commitment of the Company to pay supplemental retirement
benefits under this Plan is an unsecured promise of the Company to make the payments. There is no asset or trust fund set aside for payment of benefits hereunder, except to the extent held under the Company’s Umbrella Trust for Executives,
which is subject to the claims of the Company’s creditors under conditions specified therein. 
 3.05    
Key Man Insurance. The Company shall purchase and own such key man life insurance as it chooses on the life of any Participant. No Participant, nor his or her beneficiaries, heirs, assigns, personal
representative or estate, shall have any right to or interest in any such policy or the proceeds payable thereunder on his or her death. On death of the Participant, the proceeds shall be paid to the Company. 

  
 12 

 ARTICLE IV.    ADMINISTRATION 

4.01    Committee Discretion. The Committee shall have full power and authority to
interpret, construe and administer this Plan, to adopt appropriate procedures, and to make all decisions necessary or proper to carry out the terms of the Plan. The Committee’s interpretation and construction hereof, and actions hereunder,
including any determination of benefit amount or designation of the person to receive supplemental payments, shall be binding and conclusive on all persons for all purposes. The timetable and procedure for notice of denial of benefit claims and for
hearing on review of such denial shall be as set forth in Article XIII of the Retirement Plan, and the Committee shall make such final review and decision. The Company’s vice president responsible for human resources shall act as the
Committee’s agent in administering this Plan. Neither the Company, nor its officers, employees, directors or Committee, nor any member thereof, shall be liable to any person for any action taken or omitted in connection with the interpretation
and administration of this Plan. 
 4.02    Company Right to Amend, Modify or
Terminate. The Company, by action of the Board of Directors, reserves the exclusive right to amend, modify, or terminate this Plan in whole or in part without notice to any Participant. No such termination, modification or amendment shall
(a) terminate or diminish any rights or benefits accrued by any Participant or Surviving Beneficiary prior thereto, or (b) accelerate the payment of any Plan benefits unless 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 addition, with respect to any Participant who is party to a Change in Control Severance Agreement with the Company or Parent, no such
termination, modification or amendment during the pendency of a “potential change in control” of Parent(or, if a “change in control” of Parent occurs, during the 24-month period immediately
following such change in control) shall, without the written consent of the Participant, terminate or diminish any rights or benefits to which the Participant may be entitled under the Plan. For purposes of 4.02, the terms “potential change in
control” and “change in control” shall have the meanings as may be set forth in the Participant’s Change in Control Severance Agreement, if any. 

ARTICLE V.    GENERAL PROVISIONS 

5.01    No Effect on Employment. This Plan shall not be deemed to give any
Participant or other person in the employ of the Company or Parent any right to be retained in the employment of the Company or Parent, or to interfere with the right of the Company or Parent to terminate any Participant or such other person at any
time. The Company is authorized and empowered to treat the Participant or other person without regard to the effect which such treatment might have under the Plan. 

5.02    Legally Binding. The rights, privileges, benefits and obligations under
this Plan are intended to be legal obligations of the Company and binding upon the Company, its successors and assigns. The Company agrees it will not be a party to any merger, consolidation or reorganization, unless and until its obligations
hereunder shall be expressly assumed by its successor or successors. The Company was the surviving corporation in the merger transaction by which Parent acquired all of the common stock of the Company, and therefore there was no successor to the
Company in that transaction. 

  
 13 

 5.03    Notice. Any election,
notice or filing required or permitted to be given to the Company or the Committee under this 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. 

5.04    No Transfer of Benefits. The interest of any Participant or beneficiary
under this Plan shall not be transferred or transferable, voluntarily or by operation of law, by assignment, anticipation, hypothecation, pledge or other encumbrance, or by garnishment, attachment, levy, seizure or other execution, or by insolvency,
receivership, bankruptcy or other debtor proceeding. 
 5.05    Disclosure to
Participants. Each Participant shall receive a copy of this Plan, a copy of any written procedures for administering the Plan, and any amendments to the Plan or procedures. 

5.06    Adoption. This Plan was approved by resolution of the Board of Directors at
a regular meeting on April 16, 1981, to be effective as of January 1, 1981. Amendments shall take effect as specified in the implementing Board resolution. 

5.07    Integration Clause. This written Plan document supersedes, and takes
precedence over, any prior oral or written promises to Participants. The Plan may be amended or modified only by a written amendment adopted by the Company’s Board of Directors. 

SIGNED pursuant to proper authority delegated by the Company’s Board of Directors: 

 

			
	NORTHWEST NATURAL GAS COMPANY
		
	By:	 	/s/ DAVID H. ANDERSON
		 	David H. Anderson
		 	Chief Executive Officer
	
	Date: October 1, 2018

  
 14 

 2004 ESRIP APPENDIX 

TO 
 NORTHWEST NATURAL GAS
COMPANY 
 EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME PLAN 

(Effective September 1, 2004) 
 The following
executives are Participants in the Plan as of September 1, 2004. No new Participants will enter the Plan after September 1, 2004. The Participants are entitled to the Years of Participation and Years of Vesting Service shown in the
following table, as of September 1, 2004: 
  

									
	Executive	 	Birth Date	 	Hire Date	 	Years of Participation (9/1/04)	 	Years of Vesting Service (9/1/04)
	DeBolt, Bruce R.	 	12/07/47	 	2/15/80	 	24.55	 	24.55
	Dodson, Mark S.	 	1/26/45	 	9/15/97	 	6.961	 	6.96
	Doolittle, Lea Anne	 	1/12/55	 	10/30/00	 	3.83	 	3.83
	Feltz, Stephen P.	 	8/26/55	 	10/25/82	 	5.50	 	21.83
	Kantor, Gregg S.	 	4/30/57	 	9/15/96	 	6.67	 	7.96
	McCoy, Michael S.	 	5/28/43	 	11/06/69	 	34.82	 	34.82
	Rue, Conrad J.	 	11/25/45	 	10/29/74	 	29.85	 	29.85
	Ugoretz, Beth A.	 	7/11/55	 	12/06/02	 	1.66	 	1.75

  

	1 	 Benefits are subject to terms of Board-approved Employment Agreement.

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