Document:

Executive Deferred Compensation Plan, restated as of January 1, 2007

 Exhibit 10.6 
 NORTHWEST NATURAL GAS COMPANY 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 AMENDED AND RESTATED 2007 RESTATEMENT 
 Effective January 1, 1987 
 Restated as of January 1, 2007 

 TABLE OF CONTENTS 
  

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

  

 i 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	 	  	PAGE
	 ARTICLE IV
	  	 DEFERRED COMPENSATION ACCOUNTS
	  	6
			
	 4.1
	  	 Accounts
	  	6
	 4.2
	  	 Matching Contribution
	  	6
	 4.3
	  	 Stock Account
	  	6
	 4.4
	  	 Cash Account
	  	7
	 4.5
	  	 Effect of Corporate Transaction on Stock Accounts
	  	7
	 4.6
	  	 Statement of Account
	  	8
			
	 ARTICLE V
	  	 PLAN BENEFITS
	  	8
			
	 5.1
	  	 Plan Benefit
	  	8
	 5.2
	  	 Commencement of Payments
	  	8
	 5.3
	  	 Lump Sum or Installment Payments
	  	9
	 5.4
	  	 Form of Benefit Payment
	  	9
	 5.5
	  	 Hardship Distributions
	  	9
	 5.6
	  	 Death Benefit
	  	9
	 5.7
	  	 Supplemental Retirement Benefit
	  	9
	 5.8
	  	 Withholding; Payroll Taxes
	  	10
	 5.9
	  	 Payment to Guardian
	  	11
	 5.10
	  	 Accelerated Distribution
	  	11
			
	 ARTICLE VI
	  	 BENEFICIARY DESIGNATION
	  	11
			
	 6.1
	  	 Beneficiary Designation
	  	11
	 6.2
	  	 Amendments
	  	11
	 6.3
	  	 No Beneficiary Designation
	  	11
	 6.4
	  	 Effect of Payment
	  	11
			
	 ARTICLE VII
	  	 ADMINISTRATION
	  	12
			
	 7.1
	  	 Committee; Duties
	  	12
	 7.2
	  	 Agents
	  	12
	 7.3
	  	 Binding Effect of Decisions
	  	12
	 7.4
	  	 Indemnity of Committee
	  	12
			
	 ARTICLE VIII
	  	 CLAIMS PROCEDURE
	  	12
			
	 8.1
	  	 Claim
	  	12
	 8.2
	  	 Denial of Claim
	  	12
	 8.3
	  	 Review of Claim
	  	12
	 8.4
	  	 Final Decision
	  	13

  

 ii 

 TABLE OF CONTENTS 
 (Continued) 
  

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

  

 iii 

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

Restated as of January 1, 2007 
 ARTICLE I 
 PURPOSE 
 1.1 Restatement. Northwest Natural Gas Company adopted an Executive Deferred Compensation Plan (the “Plan”) effective January 1, 1987, which was previously restated effective as of January 1,
2001, January 1, 2003, and December 15, 2005. Effective as of January 1, 2007, the Plan was amended and restated by a 2007 Restatement. The Plan is now amended and restated again by this Amended and Restated 2007 Restatement,
effective as of January 1, 2007. 
 1.2 Purpose. The purpose of this Executive Deferred Compensation Plan is to provide an
unfunded deferred compensation plan for a select group of top management personnel. 
 ARTICLE II 
 DEFINITIONS 
 For purposes of this
Plan, the following words and phrases shall have the meanings indicated, unless the context clearly indicates otherwise: 
 2.1
Account. “Account” means the record or records maintained by the Corporation for each Executive in accordance with Article IV with respect to any deferral of Compensation pursuant to this Plan. An Account shall be either a
“Stock Account” as described in Section 4.3 or a “Cash Account” as described in Section 4.4. 
 2.2 Acquiror
Stock. “Acquiror Stock” is defined in Section 4.5. 
 2.3 Base Annual Salary. “Base Annual Salary” means
the annual compensation payable to an Executive, excluding bonuses, commissions, LTIP Compensation and other noncash compensation. 
 2.4
Beneficiary. “Beneficiary” means the person, persons or entity designated under Article VI to receive any Plan Benefits payable after an Executive’s death. 
 2.5 Board. “Board” means the Board of Directors of Northwest Natural Gas Company or any successor thereto. 
  

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

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

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

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

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

 2.21 Financial Hardship. “Financial Hardship” means a severe financial hardship to the Executive resulting from a sudden
and unexpected illness or accident of the Executive or of a dependent of the Executive, loss of the Executive’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the
control of the Executive. Financial Hardship shall be determined by the Committee on the basis of information supplied by the Executive in accordance with uniform guidelines promulgated from time to time by the Committee. 
 2.22 Interest. “Interest” is credited to Cash Accounts under the Plan and means the quarterly equivalent of an annual yield that is two
percentage points (2%) higher than the annual yield on Moody’s Average Corporate Bond Yield for the preceding quarter, as published by Moody’s Investors Service, Inc. (or any successor thereto), or, if such index is no longer
published, a substantially similar index selected by the Board. At no time shall such Interest rate be less than six percent (6%) annually. 
 Notwithstanding the foregoing provisions of this Section 2.22, effective as of January 1, 2017, the Interest rate shall equal the rate of interest for interest credited to cash accounts under the Corporation’s Deferred
Compensation Plan for Directors and Executives, as such plan may be amended from time to time (the “DCPDE”), regardless of whether or not such rate of interest shall be more or less than six percent (6%) annually; provided, however,
that if at any time on or after January 1, 2017 there is no interest credited to cash accounts under the DCPDE because the DCPDE shall have ceased to operate or for any other reason, then, at such time on or after January 1, 2017, the
Interest rate shall equal the quarterly equivalent of an annual yield that is equal to the annual yield on Moody’s Average Corporate Bond Yield for the preceding quarter, as published by Moody’s Investors Service, Inc. (or any successor
thereto), or, if such index is no longer published, a substantially similar index selected by the Board, regardless of whether or not such Interest rate shall be more or less than six percent (6%) annually. Any change in the Interest rate that
occurs on January 1, 2017 or thereafter pursuant to the provisions of this paragraph shall not constitute a “change in the definition of Interest” within the meaning of Section 9.1(b) below. 
 2.23 LTIP Compensation. “LTIP Compensation” means compensation paid to an Executive pursuant to an award under the Corporation’s
Long Term Incentive Plan. LTIP Compensation may be payable to the Executive either in Common Stock (“Stock LTIP Compensation”) or in cash (“Cash LTIP Compensation”). 
  

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 2.24 Matching Contribution. “Matching Contribution” means the contribution made by the
Corporation and credited to the Executive’s Account under Section 4.2. 
 2.25 Participation Agreement. “Participation
Agreement” means the agreement submitted by an Executive to the Committee no later than the applicable Deferral Deadline with respect to one or more Deferral Commitments. 
 2.26 Plan Benefits. “Plan Benefits” mean the Deferred Compensation Account Benefit and the Supplemental Retirement Benefit. 

2.27 Retirement. “Retirement” means either early retirement, normal retirement, or disability retirement under the Retirement Plan.

 2.28 Retirement Plan. “Retirement Plan” means the Corporation’s Retirement Plan for Non-Bargaining Unit Employees.

 2.29 Supplemental Retirement Benefit. “Supplemental Retirement Benefit” means the benefit payable to an Executive under
Section 5.7. 
 2.30 Trust. “Trust” means the Northwest Natural Gas Company Umbrella TrustTM For Executives
established by the Corporation in connection with this Plan. 
 ARTICLE III 
 DEFERRAL COMMITMENTS 
 3.1 Participation. An eligible Executive may elect
to participate in the Plan by submitting a Participation Agreement to the Committee no later than the applicable Deferral Deadline. An election to defer Compensation by the Executive shall continue from year to year and shall be irrevocable with
respect to Compensation once the Deferral Deadline for that Compensation has passed, but may be modified or terminated by written notice from the Executive at any time on or prior to the Deferral Deadline for that Compensation. 
 3.2 Deferral Election. 
 (a) Election to Defer Cash Compensation. An Executive may, no later than the applicable Deferral Deadline, elect to defer receipt of a certain whole percentage, up to fifty percent (50%), of the Base Annual Salary and a certain whole
percentage, up to one hundred percent (100%), of any Bonus payable to the Executive as an employee of the Corporation. 
 (b)
Election to Defer LTIP Compensation. An Executive may, no later than the applicable Deferral Deadline, elect to defer receipt of a certain whole percentage, up to one hundred percent (100%), of any Stock LTIP Compensation and a certain whole
percentage, up to one hundred percent (100%), of any Cash LTIP Compensation that becomes payable to the Executive. 
 (c)
FICA Withholding. Under current law, all Compensation and Matching Contributions credited to an Executive’s Accounts will be treated as wages subject to FICA tax, 

  

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and the Corporation will be required to withhold FICA tax from the Executive. The amount required to be withheld for FICA tax with respect to any amount of
deferred Compensation or related Matching Contribution shall be withheld from the non-deferred portion, if any, of the same Compensation; provided, however, that if the non-deferred portion of the Compensation is insufficient to cover the full
required withholding, the Corporation shall withhold the remaining amount from other non-deferred Compensation payable to the Executive unless the Executive otherwise pays such remaining amount to the Corporation. 
 (d) Financial Hardship. Termination of the Executive’s election to defer may, solely in the Committee’s discretion,
become applicable as soon as practicable after the Committee’s determination that the Executive has incurred Financial Hardship, as evidenced by the Executive to the Committee. 
 ARTICLE IV 
 DEFERRED COMPENSATION ACCOUNTS 
 4.1 Accounts. The Corporation shall establish on its books one or two separate Accounts for each Executive who elects to defer Compensation under
the Plan: a Cash Account and/or a Stock Account. Compensation deferred by an Executive shall be credited to the Stock Account or the Cash Account as elected by the Executive at the time the Executive elects to defer Compensation. Such election may
be divided between the two Accounts in increments of twenty-five percent (25%) of the deferred Compensation covered by the election. An Executive may change the allocation of new deferrals of Compensation between the Stock Account and the Cash
Account, but such change shall apply to new deferrals only if it is submitted on or prior to the Deferral Deadline for such new deferrals. Once Compensation has been credited to the Stock Account or the Cash Account, no transfers between the Stock
Account and the Cash Account shall be permitted except as otherwise provided in Section 4.5(d). The credit for deferred Compensation shall be entered on the Corporation’s books of account at the time that Compensation not deferred is paid
or payable to the Executive. 
 4.2 Matching Contribution. The Corporation shall credit a Matching Contribution to an Executive’s
Account based on the amount of Deferred Cash Compensation elected by the Executive; provided, however, that no Matching Contributions shall be made to the Account of any Executive who is not eligible to participate in the Corporation’s
Retirement K Savings Plan until such time of eligibility. The amount of the Matching Contribution shall be equal to the excess of (a) the lesser of (i) sixty percent (60%) of the Executive’s Deferred Cash Compensation during the
calendar year, or (ii) three and six-tenths percent (3.6%) of the Executive’s Cash Compensation during such calendar year, over (b) the amount, if any, the Corporation has contributed for such calendar year as a matching
contribution for the Executive to the Retirement K Savings Plan. Matching Contributions shall be credited to the Executive’s Account on the last day of the calendar year in which the Matching Contribution was earned, and shall be allocated
between the Executive’s Cash Account and Stock Account in the same ratio as Deferred Cash Compensation is allocated for the year. 
 4.3
Stock Account. An Executive’s Stock Account shall be denominated in shares of Common Stock, including fractional shares. With respect to Stock LTIP Compensation deferred 

  

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to an Executive’s Stock Account, the number of deferred shares shall be credited to the Stock Account. With respect to each amount of Cash Compensation,
Cash LTIP Compensation or Matching Contribution deferred to an Executive’s Stock Account, the amount of cash deferred shall be divided by the closing market price of the Common Stock reported for the last trading day preceding the date on which
the Stock Account is to be credited, and the resulting number of shares (including fractional shares) shall be credited to the Executive’s Stock Account. As of each date for payment of dividends on the Common Stock, the Stock Accounts shall be
credited with an additional number of shares (including fractional shares) equal to the amount of dividends that would be paid on the number of shares recorded as the balance of the Stock Account as of the record date for such dividend divided by
closing market price of the Common Stock reported for such payment date or, if such day is not a trading day, the next trading day. 
 4.4
Cash Account. An Executive’s Cash Account shall be denominated in dollars. With respect to each amount of Cash Compensation, Cash LTIP Compensation or Matching Contribution deferred to an Executive’s Cash Account, an equal amount of
dollars shall be credited to the Executive’s Cash Account. With respect to Stock LTIP Compensation deferred to an Executive’s Cash Account, the number of deferred shares shall be multiplied by the closing market price of the Common Stock
reported for the last trading day preceding the date on which the Cash Account is to be credited, and the resulting number of dollars shall be credited to the Executive’s Cash Account. Interest on each Cash Account shall be calculated as of
each Determination Date based upon the average daily balance of the Cash Account since the preceding Determination Date and shall be credited to the Cash Account at that time. 
 4.5 Effect of Corporate Transaction on Stock Accounts. At the time of consummation of a Corporate Transaction, if any, the amount credited to an
Executive’s Stock Account shall be converted into a credit for cash or common stock of the acquiring company (“Acquiror Stock”) based on the consideration received by shareholders of the Corporation in the Corporate Transaction, as
follows: 
 (a) Stock Transaction. If holders of Common Stock receive Acquiror Stock in the Corporate Transaction, then
(i) the amount credited to each Executive’s Stock Account shall be converted into a credit for the number of shares of Acquiror Stock that the Executive would have received as a result of the Corporate Transaction if the Executive had
actually held the Common Stock credited to his or her Stock Account immediately prior to the consummation of the Corporate Transaction, and (ii) Stock Accounts will thereafter be denominated in shares of Acquiror Stock and ongoing deferrals of
Compensation shall continue to be made in accordance with outstanding Deferral Commitments into the Stock Accounts as so denominated. 
 (b) Cash or Other Property Transaction. If holders of Common Stock receive cash or other property in the Corporate Transaction, then (i) the amount credited to an Executive’s Stock Account shall be
transferred to the Executive’s Cash Account and converted into a cash credit for the amount of cash or the value of the property that the Executive would have received as a result of the Corporate Transaction if the Executive had actually held
the Common Stock credited to his or her Stock Account immediately prior to the consummation of the Corporate Transaction, and (ii) Stock Accounts shall no longer exist under the Plan and all ongoing deferrals shall thereafter be made into Cash
Accounts. 
  

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 (c) Combination Transaction. If holders of Common Stock receive Acquiror Stock and
cash or other property in the Corporate Transaction, then (i) the amount credited to each Executive’s Stock Account shall be converted in part into a credit for Acquiror Stock under Section 4.5(a) and in part into a credit for cash
under Section 4.5(b) in the same proportion as such consideration is received by shareholders, and (ii) ongoing deferrals into Stock Accounts pursuant to outstanding Deferral Commitments shall continue to be made into Stock Accounts in
accordance with Section 4.5(a). 
 (d) Election Following Stock Transaction. For a period of 12 months following
the consummation of any Corporate Transaction which results in Executives having Stock Accounts denominated in Acquiror Stock, each Executive shall have a one-time right to elect to transfer the entire amount in the Executive’s Stock Account
into the Executive’s Cash Account. Such election shall be made by written notice to the Corporation and shall be effective on the date received by the Corporation. If such an election is made, the amount of cash to be credited to the
Executive’s Cash Account shall be determined by multiplying the number of shares of Acquiror Stock in the Executive’s Stock Account by the closing market price of the Acquiror Stock reported for the last trading day preceding the effective
date of the election. 
 4.6 Statement of Account. As soon as practicable after each Determination Date, a report shall be issued by
the Corporation to each participating Executive setting forth the balances of the Executive’s Accounts under the Plan as of the immediately preceding Determination Date. 
 ARTICLE V 
 PLAN BENEFITS 
 5.1 Plan Benefit. The Corporation shall pay Plan Benefits to each Executive pursuant to this Article V equal to the Executive’s Accounts.

 5.2 Commencement of Payments. 
 (a) Payment of any Deferred Compensation Account Benefits under the Plan shall commence as of the earlier of: 
 (i) A date elected by the Executive as specified in the applicable Participation Agreement between the Corporation and the Executive; or 
 (ii) The first business day of January following the year of the Executive’s Retirement, total Disability or other termination of
employment. 
 (b) Supplemental Retirement Benefits under Section 5.7 shall be made as of, or commence as of, the
earliest date for which a monthly payment is payable to or for the Executive under the Retirement Plan. 
  

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 5.3 Lump Sum or Installment Payments. 
 (a) At the time the Executive elects to defer Compensation, the Executive may also elect to receive Deferred Compensation Account Benefits
either: 
 (i) In equal or approximately equal annual installments (the number of such installments not to exceed fifteen
(15)) as designated by the Executive, with the amount of the installments being adjusted over the installment period to reflect changes in Interest or dividends credited to the Executive’s Accounts; 
 (ii) In a single sum payment; or 
 (iii) In a combination of partial lump sum payment, and remainder in installments. 
 (b) An
Executive may elect to modify such election by filing a change of payment designation which shall supersede the prior form of payment designation in the Participation Agreement for Compensation deferred in any one (1) or more calendar years. If
the Executive’s most recent change of payment designation has not been filed one (1) full calendar year prior to the year of Executive’s Retirement, Disability, other termination of employment or earlier date selected for commencement
of payments, the prior election shall be used to determine the form of payment. For example, an Executive retiring in 2003 must file a written request with the Committee by December 31, 2001 to change the Executive’s form of payment
designation. 
 5.4 Form of Benefit Payment. Benefits payable to an Executive from a Stock Account shall only be paid to such
Executive as a distribution of Common Stock (or Acquiror Stock, if applicable) plus cash for fractional shares. Benefits payable to an Executive from a Cash Account shall only be paid to such Executive in cash. 
 5.5 Hardship Distributions. Notwithstanding the foregoing provisions of this Article V, payment from the Executive’s Accounts may be
made to the Executive in the sole discretion of the Committee based upon a finding that an Executive has suffered a Financial Hardship. The amount of such a withdrawal shall be limited to the amount reasonably necessary to meet the Executive’s
needs resulting from the Financial Hardship. If payment is made due to Financial Hardship under this Plan, the Executive’s deferrals shall cease for a twelve (12) month period. Any resumption of the Executive’s deferrals under the
Plan after such twelve (12) month period shall be made only at the election of the Executive in accordance with Article III herein. 
 5.6 Death Benefit. Upon the death of the Executive or a former Executive prior to the receipt of the full amount of Deferred Compensation Account Benefits, the balance of such benefits shall be paid by the Corporation to the
applicable surviving designated Beneficiary or Beneficiaries as soon as practicable in the manner elected in writing by the Executive, or, if no such election is made, by single sum payment. 
 5.7 Supplemental Retirement Benefit. Any Executive who elects to defer Compensation under this Plan and who also satisfies the eligibility
requirements for payment of 

  

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

 5.8 Withholding; Payroll Taxes. The Corporation shall withhold from payments made hereunder any taxes required to be withheld from
such payments under federal, state or 

  

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local law. However, a Beneficiary may elect in writing not to have withholding for federal income tax purposes pursuant to Section 3405(a)(2) of the
Internal Revenue Code, or any successor provision thereto. 
 5.9 Payment to Guardian. If a Plan Benefit is payable to a minor or a
person declared incompetent or to a person incapable of handling the disposition of his or her property, the Committee may direct payment of such Plan Benefit to the guardian, legal representative or person having the care and custody of such minor,
incompetent or person. The Committee may require proof of incompetence, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the Plan Benefit. Such distribution shall completely discharge the Committee and the
Corporation from all liability with respect to such benefit. 
 5.10 Accelerated Distribution. Notwithstanding any other provision of
the Plan, an Executive shall be entitled to receive, upon written request to the Committee, a lump sum distribution equal to ninety percent (90%) of the balance in the Executive’s Accounts as of the Determination Date immediately preceding
the date on which the Committee receives the written request. The remaining balance shall be forfeited by the Executive. An Executive who receives a distribution under this section shall be suspended from participation in the Plan for twelve
(12) months. The amount payable under this section shall be paid in a lump sum within sixty-five (65) days following the receipt of the notice by the Committee from the Executive. 
 ARTICLE VI 
 BENEFICIARY DESIGNATION 
 6.1 Beneficiary Designation. Each Executive shall have the right, at any time, to designate any person or persons as the Executive’s
Beneficiary or Beneficiaries (both primary as well as secondary) to whom benefits under this Plan shall be paid in the event of the Executive’s death prior to complete distribution of the benefits due under the Plan. If greater than fifty
percent (50%) of the benefit is designated to a Beneficiary other than the Executive’s spouse, such Beneficiary designation shall be consented to by the Executive’s spouse. Each Beneficiary designation shall be in written form
prescribed by the Committee and will be effective only when filed with the Committee during the Executive’s lifetime. 
 6.2
Amendments. Any Beneficiary designation may be changed by the Executive without the consent of any designated Beneficiary by the filing of a new Beneficiary designation with the Committee, subject to the spousal consent required in
Section 6.1 above. The filing of a new Beneficiary designation form will cancel all Beneficiary designations previously filed. 
 6.3
No Beneficiary Designation. In the absence of an effective Beneficiary designation, or if all designated Beneficiaries predecease the Executive or die prior to complete distribution of the Executive’s benefits, then the Executive’s
designated Beneficiary shall be deemed to be the Executive’s estate. 
 6.4 Effect of Payment. The payment to the deemed
Beneficiary shall completely discharge the Corporation’s obligations under this Plan. 
  

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 ARTICLE VII 
 ADMINISTRATION 
 7.1 Committee; Duties. This Plan shall be administered by the Committee. The
Committee shall have such powers as may be necessary to discharge its responsibilities. These powers shall include, but not be limited to, interpretation of the Plan provisions, determination of amounts due to any Executive, the rights of any
Executive or Beneficiary under this Plan, the right to require any necessary information from any Executive, determine the amounts credited to Executive’s Accounts and Interest earned, and any other activities deemed necessary or helpful.

 7.2 Agents. The Committee may, from time to time, employ other agents and delegate to them such administrative duties as it sees
fit, and may from time to time consult with counsel who may be counsel to the Corporation. 
 7.3 Binding Effect of Decisions. The
decision or action of the Committee with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive
and binding upon all persons having any interest in the Plan. 
 7.4 Indemnity of Committee. To the extent permitted by applicable
law, the Corporation shall indemnify, hold harmless and defend the members of the Committee against any and all claims, loss, damage, expense or liability arising from any action or failure to act with respect to this Plan, provided that the members
of the Committee were acting in accordance with the applicable standard of care. 
 ARTICLE VIII 
 CLAIMS PROCEDURE 
 8.1 Claim.
Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under the Plan shall present the request in writing to the Committee, which shall respond in writing as soon as practicable. 

8.2 Denial of Claim. If the claim or request is denied, the written notice of denial shall state: 
 (a) The reasons for denial, with specific reference to the Plan provisions on which the denial is based; 
 (b) A description of any additional material or information required and an explanation of why it is necessary; and 
 (c) An explanation of the Plan’s claim review procedure. 
 8.3 Review of Claim. Any person whose claim or request is denied or who has not received a response within thirty (30) days may request
review by notice given in writing to the 

  

 Page 12 

 
Committee. The claim or request shall be reviewed by the Committee who may, but shall not be required to, grant the claimant a hearing. On review, the
claimant may have representation, examine pertinent documents, and submit issues and comments in writing. 
 8.4 Final Decision. The
decision on review shall normally be made within sixty (60) days. If an extension of time is required for a hearing or other special circumstances, the claimant shall be notified and the time limit shall be one hundred twenty (120) days.
The decision shall be in writing and shall state the reasons and the relevant Plan provisions. All decisions on review shall be final and bind all parties concerned. 
 ARTICLE IX 
 AMENDMENT AND TERMINATION OF THE PLAN 
 9.1 Amendment. The Board may at any time amend the Plan in whole or in part, subject to the following: 
 (a) Upon a Change in Control, no amendment shall be effective to change the payout schedule in Section 9.2(b). 
 (b) No amendment shall be effective to decrease or restrict the amount credited to any Account maintained under the Plan as of the date of
the amendment. Changes in the definition of Interest shall be subject to the following restrictions: 
 (i) Notice. A
change shall not become effective before the first day of the calendar year which follows the adoption of the amendment and at least thirty (30) days written notice of the amendment to the Executive. 
 (ii) Change in Control. Any change in the definition of Interest after a Change in Control shall apply only to those amounts
credited to the Executive’s Account after the Change in Control. 
 9.2 Corporation’s Right to Terminate. The Board may at
any time partially or completely terminate the Plan, if, in its judgment, the tax, accounting, or other effects of the continuance of the Plan, or potential payments thereunder, would not be in the best interests of the Corporation. 
 (a) Partial Termination. The Board may partially terminate the Plan by instructing the Committee not to accept any additional
Deferral Commitments. In the event of such a partial termination, the Plan shall continue to operate and be effective with regard to Deferral Commitments entered into prior to the effective date of such partial termination. 
  

 Page 13 

 (b) Complete Termination. The Board may completely terminate the Plan by
instructing the Committee not to accept any additional Deferral Commitments, and terminating all ongoing Deferral Commitments. The Plan shall cease to operate and the Committee shall pay out to each Executive the balance in the Executive’s
Accounts in a lump sum or in equal annual installments amortized over the period listed in the payout schedule below based on the total balance in the Executive’s Accounts at the time of such complete termination: 
 PAYOUT SCHEDULE 
  

			
	 Total Balance of Accounts
	  	 Payout Period

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

 Interest earned on the unpaid balance in the Executive’s Cash Account shall be the applicable
Interest rate on the Determination Date immediately preceding the effective date of such complete termination. 
 ARTICLE X 
 MISCELLANEOUS 
 10.1 Unfunded
Plan. This Plan is intended to be an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of “management or highly-compensated employees” within the meaning of Sections 201, 301, and 401 of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and therefore to be exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA. Accordingly, the Plan shall terminate and no further benefits shall accrue
hereunder in the event it is determined by a court of competent jurisdiction or by an opinion of counsel that the Plan constitutes an employee pension benefit plan within the meaning of Section 3(2) of ERISA which is not so exempt. In the event
of a termination under this Section 10.1, all ongoing Deferral Commitments shall terminate, no additional Deferral Commitments will be accepted by the Committee, and the amount of each Executive’s Account balance shall be distributed to
such Executive at such time and in such manner as the Committee, in its sole discretion, determines. 
 10.2 Unsecured General
Creditor. The Accounts shall be established solely for the purpose of measuring the amounts owed to Executives or their Beneficiaries under this Plan. Executives and their Beneficiaries, heirs, successors and assigns shall have no legal or
equitable rights, interest or claims in any property or assets of the Corporation, nor shall they be Beneficiaries of, or have any rights, claims or interests in any life insurance policies, annuity contracts or the proceeds therefrom owned or which
may be acquired by the Corporation. Except as may be provided in Section 10.3, such policies, annuity contracts or other assets of the Corporation shall not be held under any trust for the benefit of the Executives, their Beneficiaries, heirs,
successors or assigns, or held in any way as collateral security for the fulfilling of the obligations of the Corporation under this Plan. Any and all of the Corporation’s assets and policies shall be, and remain, the general, unpledged,
unrestricted assets of the Corporation. The Corporation’s obligation under the Plan shall be that of an unfunded and unsecured promise to pay money in the future. 
 10.3 Trust Fund. The Corporation shall be responsible for the payment of all benefits provided under the Plan. The Corporation shall establish the Trust, with such trustee or trustees 

  

 Page 14 

 
as the Board may approve, for the purpose of providing for the payment of such benefits. The Trust shall be irrevocable, but the assets thereof shall be
subject to the claims of the Corporation’s creditors. To the extent any benefits provided under the Plan are actually paid from the Trust, the Corporation shall have no further obligation with respect thereto, but to the extent not so paid,
such benefits shall remain the obligation of, and shall be paid by, the Corporation. 
 10.4 Nonassignability. Neither an Executive
nor any other person shall have the right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part
thereof, which are, and all rights to which are, expressly declared to be unassignable and nontransferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts,
judgments, alimony or separate maintenance owed by an Executive or any other person, nor be transferable by operation of law in the event of an Executive’s or any other person’s bankruptcy or insolvency. 
 10.5 Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between the
Corporation and the Executive, and the Executive (or the Executive’s Beneficiary) shall have no rights against the Corporation except as may otherwise be specifically provided herein. Moreover, nothing in this Plan shall be deemed to give an
Executive the right to be retained in the service of the Corporation or to interfere with the right of the Corporation to discipline or discharge the Executive at any time. 
 10.6 Protective Provision. An Executive will cooperate with the Corporation by furnishing any and all information requested by the Corporation, in
order to facilitate the payment of benefits hereunder, and by taking such physical examinations as the Corporation may deem necessary and taking such other actions as may be requested by the Corporation. 
 10.7 Governing Law. The provisions of this Plan shall be construed and interpreted according to the laws of the State of Oregon, except as
preempted by federal law. 
 10.8 Validity. In case any provision of this Plan shall be held illegal or invalid for any reason, said
illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provisions had never been inserted herein. 
 10.9 Notice. Any notice or filing required or permitted to be given to the Committee under the Plan shall be sufficient if in writing and hand
delivered, or sent by registered or certified mail, to any member of the Committee or the Secretary of the Corporation. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the
postmark on the receipt for registration or certification. 
 10.10 Successors. The provisions of this Plan shall bind and inure to
the benefit of the Corporation and its successors and assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise, acquire all or substantially
all of the business and assets of the Corporation, and successors of any such corporation or other business entity. 
  

 Page 15 

			
	NORTHWEST NATURAL GAS COMPANY
		
	By:	 	/s/ Mark S. Dodson

			
		
	Attest:	 	/s/ C.J. Rue

  

 Page 16Directors Deferred Compensation Plan, restated as of January 1, 2007

 Exhibit 10.7 
 NORTHWEST NATURAL GAS COMPANY 
 DIRECTORS DEFERRED COMPENSATION PLAN 
 EFFECTIVE JUNE 1, 1981 
 AMENDED AND RESTATED AS OF JANUARY 1, 2007 

 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
	  	6
			
	 8.
	  	 Definitions; Change in Control; Corporate Transaction
	  	7
			
	 9.
	  	 Amendment and Termination of the Plan
	  	8
			
	 10.
	  	 Miscellaneous
	  	9

  

 -i- 

 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 and December 15, 2005. Effective as of January 1, 2007, the Plan was restated. The Plan is now amended and restated by
this Restatement, again effective as of January 1, 2007. 
 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 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. 
  

 -1- 

 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 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 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 Common Stock, the Stock Accounts shall be credited with an additional number of shares (including
fractional shares) equal to the amount of dividends that would be paid on the number of shares recorded as the balance of the Stock Account as of the record date for such dividend divided by closing market price of the Common Stock reported for such
payment date or, if such day is not a trading day, the next trading day. 
 (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. 
 (d) Retirement Benefit Account. A Director’s Retirement Benefit Account shall be denominated in shares of 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 

  

 -2- 

 
is a Director on that date shall be credited with a number a shares of Common Stock determined by the Company as a replacement for the prior retirement
benefit. As of each date for payment of dividends on the 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 Common Stock under the DRSPP for dividends reinvested on such payment date. The Retirement
Benefit Account of a Director shall be canceled, and all amounts credited to such account shall be forfeited, if the Director ceases to be a Director before reaching age 70 or before serving as a Director for 10 years; provided, however, that
each Director’s Retirement Benefit Account will be fully vested and noncancellable upon the death of the Director, the disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code) of the Director, or a Change in Control
as defined in Paragraph 8. 
 (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 the Company in the Corporate Transaction, as follows: 
 (i) Stock Transaction. If holders of Common Stock receive Acquiror Stock in the Corporate Transaction, then (1) the amount
credited to each 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 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 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 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. 
  

 -3- 

 (iii) Combination Transaction. If holders of Common Stock receive Acquiror Stock
and cash or other property in the Corporate Transaction, then (1) the amount credited to each 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. 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 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 

  

 -4- 

 
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. 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 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 not be due
earlier than the first business day of January in the year following the year in which he or she ceases to serve as a Director of 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. 
 (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. 
  

 -5- 

 (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 vested Account balance as of the
last day of the calendar quarter immediately preceding the day on which the Committee receives the written request. The remaining balance shall be forfeited by the Director. 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. 
 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. 
  

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 (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” of the Company shall mean the occurrence of any of the
following events: 
 (i) The consummation of: 
 (A) any consolidation, merger or plan of share exchange involving the Company (a “Merger”) as a result of which the holders of
outstanding securities of the Company ordinarily having the right to vote for the election of directors (“Voting Securities”) immediately prior to the Merger do not continue to hold at least 50% of the combined voting power of the
outstanding Voting Securities of the surviving corporation or a parent corporation of the surviving corporation immediately after the Merger, disregarding any Voting Securities issued to or retained by such holders in respect of securities of any
other party to the Merger; or 
 (B) any sale, lease, exchange or other transfer (in one transaction or a series of related
transactions) of all, or substantially all, the assets of the 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 the Company (“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 
 (iii) Any person (as such term is used in Section 14(d) of the Securities Exchange Act of 1934, other than the Company or any
employee benefit plan sponsored by the Company) shall, as a result of a tender or exchange offer, open market purchases or privately negotiated purchases from anyone other than the Company, 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. 
  

 -7- 

 (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 the Company pursuant to which shares of 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 the Company. 
 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. 
 (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

  

 -8- 

 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. 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 such benefits. 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. 
 (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 and its successors
and assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of the Company, and
successors of any such corporation or other business entity. 
  

 -9- 

 (f) The foregoing restatement of the Plan was approved by the Board of Directors of
Northwest Natural Gas Company effective as of January 1, 2007. 
  

			
	NORTHWEST NATURAL GAS COMPANY
		
	By:	 	/s/ Mark S. Dodson
		 	Mark S. Dodson
		 	President and CEO

  

			
		
	Attest:	 	/s/ C.J. Rue

  

 -10-

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