Document:

Directors Deferred Compensation Plan, effective June 1, 1981

 Exhibit 10f. 
 NORTHWEST NATURAL GAS COMPANY 
 DIRECTORS DEFERRED COMPENSATION PLAN 
 EFFECTIVE JUNE 1, 1981 
 RESTATED AS OF FEBRUARY 28, 2008 

 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

  

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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 and January 1, 2007. 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. The Plan is now amended and restated by this Restatement, effective as of February 28, 2008. 
 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. 
  

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 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 

  

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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 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 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. 
 (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 

  

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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 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 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. 
  

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 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 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. 
  

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 (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. 
 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. 
  

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 (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” 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. 
  

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 (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

  

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 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. 
  

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 (f) The foregoing restatement of the Plan was approved by the Board of Directors of
Northwest Natural Gas Company effective as of February 28, 2008. 
  

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

  

 -10-Deferred Compensation Plan for Directors and Executives effective January 1

 Exhibit 10f.(1) 
 NORTHWEST NATURAL GAS COMPANY 
 DEFERRED COMPENSATION PLAN FOR DIRECTORS AND EXECUTIVES

 EFFECTIVE JANUARY 1, 2005 
 RESTATED FEBRUARY 28, 2008 

 TABLE OF CONTENTS 
  

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

 NORTHWEST NATURAL GAS COMPANY 
 DEFERRED COMPENSATION PLAN FOR DIRECTORS AND EXECUTIVES 
 1. Purpose;
Effective Date; Restatement. The Board of Directors (the “Board”) of Northwest Natural Gas Company (the “Company”) adopts this Deferred Compensation Plan for Directors and Executives (the “Plan”) for the purpose of
providing an unfunded nonqualified deferred compensation plan for directors and a select group of top management personnel. The Plan was effective as of January 1, 2005, although initial deferral elections under the Plan could have been
submitted at any time after November 30, 2004. The Plan was previously restated effective January 1, 2007 and December 20, 2007, and is further amended by this restatement, on and effective as of February 28, 2008, except that
the changes to Section 6(b) made by this restatement shall not apply to deferral allocations made in Participation Agreements that were irrevocable on or prior to December 31, 2006. 
 2. Eligibility. Persons eligible to defer compensation under the Plan shall consist of (a) all directors of the Company
(“Directors”), and (b) a select group of management or highly compensated employees of the Company, which shall consist of all executive officers of the Company and such other employees of the Company as may be designated in writing
by the Chief Executive Officer of the Company as eligible to defer compensation under the Plan for the applicable calendar year (“Executives”). Any person who is both a Director and an Executive at any time shall be considered an
Executive, and not a Director, at such time. For all purposes of this Plan, a person who is an employee of a subsidiary of the Company shall be considered an employee of the Company. 
 3. Deferral Elections. A Director or Executive may elect to defer compensation under the Plan by submitting a “Participation Agreement”
to the Company on a form specified by the Company no later than the applicable deferral deadline. The minimum annual aggregate deferral for all forms of compensation specified in a Participation Agreement shall be $2,000. Any Director or Executive
who has submitted a Participation Agreement is hereafter referred to as a “Participant.” A Participation Agreement submitted by a Participant shall automatically continue from year to year and shall be irrevocable with respect to
compensation once the deferral deadline for that compensation has passed, but the Participant may modify or terminate a Participation Agreement for compensation payable in any year by submitting a revised Participation Agreement or otherwise giving
written notice to the Company at any time on or prior to the deferral deadline for that compensation. 
 (a) Elections by
Directors. 
 (i) Fees. A Director may elect to defer receipt of all or any whole percentage of the annual
retainer, meeting fees and any other cash fees payable for service as a director (“Fees”). The deferral deadline for an election to defer Fees for services performed in any calendar year shall be the last day of the prior calendar year.

  

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 (ii) NEDSCP Shares. A Director may elect to defer receipt of all or any whole
percentage of the unvested shares (“NEDSCP Shares”) of common stock of the Company (“Common Stock”) awarded to the Director under the Company’s Non-Employee Directors Stock Compensation Plan (“NEDSCP”). The
deferral deadline for an election to defer NEDSCP Shares scheduled to vest in any calendar year shall be the last day of the prior calendar year, except that the deferral deadline for an election to defer NEDSCP Shares scheduled to vest on
January 1 in any calendar year shall be the last day of the second preceding calendar year. No deferral shall be allowed of NEDSCP Shares as to which a Director has made an election under Section 83(b) of the Internal Revenue Code.

 (b) Elections by Executives. 
 (i) Salary. An Executive may elect to defer receipt of any whole percentage (up to a maximum of 50 percent) of the Executive’s
base annual salary, specifically excluding other forms of compensation referred to below as well as commissions and any non-cash compensation (“Salary”). The deferral deadline for an election to defer Salary for services performed in any
calendar year shall be the last day of the prior calendar year. 
 (ii) Bonus. An Executive may elect to defer receipt
of all or any whole percentage of the Executive’s annual bonus payable under the Company’s Executive Annual Incentive Plan or other similar annual incentive plan (“Bonus”). Payments under the Key Goals program shall not be
considered Bonus and shall not be eligible for deferral under the Plan. The deferral deadline for an election to defer Bonus earned with respect to the Executive’s or the Company’s performance in any calendar year shall be the last day of
the prior calendar year. 
 (iii) LTIP Compensation. An Executive may elect to defer receipt of all or any whole
percentage of compensation payable to the Executive pursuant to an award under the Company’s Long Term Incentive Plan (“LTIP Compensation”); provided, however, that no election shall be permitted after December 31, 2008 to defer
receipt of an award that becomes payable or vests based solely on continued service to the Company (“Time-Based Award”). The deferral deadline for an election to defer any portion of a Time-Based Award shall be the date that is 12 months
prior to the date on which such portion of the Time-Based Award is scheduled to no longer be subject to a substantial risk of forfeiture. The deferral deadline for an election to defer LTIP Compensation that becomes payable or vests based on
satisfaction of performance conditions over a performance period (“Performance Award”) shall be the last day of the calendar year prior to the commencement of the performance period; provided, however, that for any Performance Award for
which the performance period ends on or before December 31, 2008, the deferral deadline shall be the last day of the calendar year prior to the last year of the performance period, and for any Performance Award for which the performance period
ends on December 31, 2009 or December 31, 2010, the deferral deadline shall be December 31, 2008. 
 (c) New
Directors and Executives. A person who first becomes a Director or Executive during a calendar year may elect to defer any of the types of compensation referred to in paragraphs (a) and (b) above that is payable solely for services
performed after submission of the Participation Agreement, subject to all of the provisions of paragraphs (a) and (b), except that the deferral deadline for any such election shall be 30 days after the date the person becomes eligible under the
Plan. 
  

 2 

 4. Company Contributions for Executives. 
 (a) Matching Contributions. The Company shall credit a “Matching Contribution” to a participating Executive’s Cash
Account (as defined below) each year based on the Executive’s total Salary and Bonus and the amount of Salary and Bonus deferred under the Plan by the Executive during that year; provided, however, that no Matching Contribution shall be made
with respect to any Salary or Bonus deferred under the Plan at a time when the Executive is not a participant in the Company’s Retirement K Savings Plan. The amount of the Matching Contribution shall be equal to the excess of (i) the
lesser of (1) sixty percent (60%) of the total amount of Executive’s Salary and Bonus deferred under the Plan and the Retirement K Savings Plan during the calendar year, or (2) three and six-tenths percent (3.6%) of the
Executive’s total Salary and Bonus during such calendar year, over (ii) the amount the Company would have contributed for such calendar year as a matching contribution for the Executive under the Retirement K Savings Plan if the Executive
had deferred into the Retirement K Savings Plan the maximum amount of compensation permitted under that plan and applicable tax law for the year. Matching Contributions shall be credited to the Executive’s Account no later than January 31
of the year immediately following the calendar year in which the Matching Contribution was earned, and shall be fully vested at all times. 
 (b) Supplemental Contributions. For any Executive who is hired after December 31, 2006 and is therefore eligible to receive non-contributory employer contributions under Section 4.05 of the Retirement
K Savings Plan, the Company shall credit a “Supplemental Contribution” to the Executive’s Cash Account each year in an amount equal to five percent (5%) of the greater of (i) the Executive’s Salary and Bonus deferred
under the Plan during the calendar year, or (ii) the excess, if any, of the Executive’s total Salary and Bonus during such calendar year over the limit provided by Section 401(a)(17) of the Internal Revenue Code on compensation
counted under the Retirement K Savings Plan for that year. A Supplemental Contribution shall be credited for an Executive whose total Salary and Bonus exceeds the Section 401(a)(17) limit whether or not the Executive defers compensation under
the Plan. Supplemental Contributions shall be credited to the Executive’s Account no later than January 31 of the year immediately following the calendar year in which the Supplemental Contribution was earned. Supplemental Contributions
for an Executive shall be vested if non-contributory employer contributions for the Executive made for the same year would be vested under the terms of the Retirement K Savings Plan. Upon termination of an Executive’s employment, any
unvested Supplemental Contributions, as well as any dividends or interest credited thereon, shall be forfeited and deducted from the Executive’s Accounts. 
 5. FICA Withholding on Executives. Under current law, all compensation, Matching Contributions and vested Supplemental Contributions credited to an Executive’s Accounts will be treated as wages subject to
FICA tax, and the Company will be required to withhold FICA tax from the Executive. The amount required to be withheld for FICA tax with respect to any amount of deferred compensation or related Matching Contribution or Supplemental Contribution
shall be withheld from the non-deferred portion, if any, of the same compensation; provided, however, that if the non-deferred portion of the compensation is insufficient to cover the full required withholding, the Company shall withhold the
remaining amount from other non-deferred compensation payable to the Executive unless the Executive otherwise pays such remaining amount to the Company. 
  

 3 

 6. Accounts. 
 (a) Accounts. The Company shall establish on its books one or two separate accounts (individually, an “Account” and
collectively, the “Accounts”) for each Participant: a Company Stock Account, which shall be denominated in shares of Common Stock, including fractional shares, and a Cash Account, which shall be denominated in U.S. dollars. 
 (b) Allocation of Deferrals Among Accounts. The number of NEDSCP Shares deferred by a Director shall be credited to the Company
Stock Account. All LTIP Compensation payable in shares of Common Stock that is deferred by an Executive shall be credited to the Company Stock Account. All other compensation deferred by a Participant shall be credited to the Cash Account.

 (c) Crediting of Deferrals. The credits for deferred Salary, Bonus and Fees shall be entered on the Company’s
books of account at the time that such compensation would otherwise be paid. The credit for deferred NEDSCP Shares shall be entered on the Company’s books of account as soon as practicable after January 1 of the first year in which such
deferral is irrevocable. The credit for any LTIP Compensation deferred by an Executive consisting of shares of Common Stock issued subject to forfeiture if vesting conditions are not satisfied (“Unvested LTIP Shares”) shall be entered on
the Company’s books of account as soon as practicable after such deferral is irrevocable. The credit for any other deferred LTIP Compensation shall be entered on the Company’s books of account at the time that such compensation would
otherwise be paid. 
 (d) Transfers Among Accounts. Participants may elect in writing to transfer amounts previously
credited to the Cash Account to the Company Stock Account, but shall be limited to four such transfers per calendar year. No transfers may be made out of a Company Stock Account unless otherwise permitted under Section 6(i)(iv). The Committee
may require that designated fees be deducted from amounts transferred to or from Company Stock Accounts. 
 (e) Valuation
of Stock; Dividend Credits. Any dollar amount transferred or credited to a Company Stock Account shall be deemed to increase the number of shares of Common Stock recorded as the balance of that Account based on the closing market price of the
Common Stock reported for the day of the transfer or credit or, if such day is not a trading day, the next trading day. As of each date for payment of dividends on the Common Stock, each Company Stock Account shall be credited with the amount of
dividends that would be paid on the number of shares recorded as the balance of that Account as of the record date for such dividend. 
 (f) Cash Account Interest. Interest shall be credited to the Cash Account of each Participant as of the last day of each calendar quarter. The rate of interest to be applied at the end of each calendar quarter
shall be the quarterly equivalent of an annual yield that is equal to the annual yield on Moody’s Average Corporate Bond Yield for the preceding quarter, as published by the Moody’s Investors Service, Inc. (or any successor thereto), or if
such index is no longer published, a substantially similar index selected by the Board. Interest shall be calculated for each calendar quarter based upon the average daily balance of the Participant’s Cash Account during the quarter.

  

 4 

 (g) Forfeitures. If any NEDSCP Shares deferred by a Director under this Plan are
forfeited under the terms of the NEDSCP, the Director’s Company Stock Account shall be reduced by the number of shares so forfeited. If any Unvested LTIP Shares deferred by an Executive under this Plan are forfeited under the terms of the
Executive’s applicable award agreement, the Executive’s Company Stock Account shall be reduced by the number of shares so forfeited. 
 (h) Statement of Account. At the end of each calendar quarter, a report shall be issued by the Company to each Participant setting forth the balances of the Participant’s Accounts under the Plan.

 (i) Effect of Corporate Transaction on Company Stock Accounts. At the time of consummation of a Corporate
Transaction (as defined below), if any, the amount credited to a Participant’s Company Stock Account shall be converted into a credit for cash or common stock of the acquiring company (“Acquiror Stock”) based on the consideration
received by shareholders of the Company in the Corporate Transaction, as follows: 
 (i) Stock Transaction. If holders
of Common Stock receive Acquiror Stock in the Corporate Transaction, then (1) the amount credited to each Participant’s Company Stock Account shall be converted into a credit for the number of shares of Acquiror Stock that the Participant
would have received as a result of the Corporate Transaction if the Participant had actually held the Common Stock credited to his or her Company Stock Account immediately prior to the consummation of the Corporate Transaction, and (2) Company
Stock Accounts will thereafter be denominated in shares of Acquiror Stock and ongoing deferrals into Company Stock Accounts, if any, shall continue to be made in accordance with outstanding deferral elections into the Company Stock Accounts as so
denominated. 
 (ii) Cash or Other Property Transaction. If holders of Common Stock receive cash or other property in
the Corporate Transaction, then the amount credited to a Participant’s Company Stock Account shall be transferred to the Participant’s Cash Account and converted into a cash credit for the amount of cash or the value of the property that
the Participant would have received as a result of the Corporate Transaction if the Participant had actually held the Common Stock credited to his or her Company Stock Account immediately prior to the consummation of the Corporate Transaction.

 (iii) Combination Transaction. If holders of Common Stock receive Acquiror Stock and cash or other property in the
Corporate Transaction, then (1) the amount credited to each Participant’s Company Stock Account shall be converted in part into a credit for Acquiror Stock under Section 6(i)(i) and in part into a credit for cash under
Section 6(i)(ii) in the same proportion as such consideration is received by shareholders, and (2) ongoing deferrals into Company Stock Accounts, if any, shall continue to be made in accordance with outstanding deferral elections into
Company Stock Accounts in accordance with Section 6(i)(i). 
 (iv) Election Following Stock Transaction. For a
period of 12 months following the consummation of any Corporate Transaction which results in Participants having Company Stock Accounts denominated in Acquiror Stock, each Participant shall have a one-time right to elect to transfer the entire
amount in the Participant’s Company Stock Account into the 

  

 5 

 
Participant’s Cash Account; provided, however, that this election shall not be available if the Corporate Transaction results in holders of Common Stock
becoming holders of all of the outstanding common stock of a parent corporation of the Company. Such election shall be made by written notice to the Company and shall be effective on the date received by the Company. If such an election is made, the
amount of cash to be credited to the Participant’s Cash Account shall be determined by multiplying the number of shares of Acquiror Stock in the Participant’s Company Stock Account by the closing market price of the Acquiror Stock reported
for the effective date of the election or, if such day is not a trading day, the next trading day. 
 (v) For purposes of this
Plan, a “Corporate Transaction” shall mean any of the following: 
 (1) any consolidation, merger or plan of share
exchange involving the Company (a “Merger”) pursuant to which shares of Common Stock would be converted into cash, securities or other property; 
 (2) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, the assets of the Company; or 
 (3) the adoption of any plan or proposal for the liquidation or dissolution of the Company. 
 7. Payment of Benefits. 
 (a) Plan Benefits. The Company shall pay Plan benefits to each Participant equal to the Participant’s Accounts. Each Participation Agreement shall include an election by the Participant as to the term of benefit payments with
respect to amounts deferred under the Participation Agreement, and Participation Agreements from Executives shall also include an election as to the commencement of benefit payments. The payment elections in a Participation Agreement shall also
apply to Matching Contributions and Supplemental Contributions credited as a result of Salary or Bonus during the deferral period covered by the Participation Agreement, and shall also apply to any dividends or interest credited with respect to
amounts deferred under the Participation Agreement and such Matching Contributions and Supplemental Contributions. If a Supplemental Contribution is credited to an Executive’s Account for a year that is not covered by a Participation Agreement,
the Executive shall be deemed to have elected a single lump sum payment following Separation from Service as permitted by Sections 7(b) and 7(c) below with respect to benefits resulting from such Supplemental Contribution. Except as otherwise
provided in this Section 7, payment elections shall be irrevocable with respect to compensation once the deferral deadline for that compensation has passed. Participants may make different payment elections with respect to subsequent deferrals
of compensation, but no Participant may at any time have compensation deferred under the Plan payable under more than three different payment elections. 
  

 6 

 (b) Commencement of Payments. Payment of benefits to Directors shall commence in
January of the year following the Director’s Separation from Service (as defined below) with the Company. Payment of benefits to Executives shall commence in the later of (i) January of the year following the Executive’s Separation
from Service with the Company, or (ii) the seventh month following the month of the Executive’s Separation from Service with the Company; provided, however, that Executives may elect in their Participation Agreements to have benefits from
their Accounts commence in January of a year specified by the Executive if such year is earlier than the year following the Executive’s Separation from Service with the Company. When used in this Plan, the term “Separation from
Service” shall have the meaning ascribed to such term in Treasury Regulations §1.409A-1(h). 
 (c) Term of
Payments. Participants may elect in their Participation Agreements to have benefits from their Accounts paid in (i) annual installments over 5, 10 or 15 years, (ii) a single lump sum payment, or (iii) a combination of a partial
lump sum payment (expressed as a percentage) and the remainder in installments over 5, 10 or 15 years. 
 (d) Form of
Payments. Benefits payable to a Participant from a Company Stock Account shall be paid as a distribution of Common Stock plus cash for fractional shares. Benefits payable to a Participant from a Cash Account shall be paid in cash. 
 (e) Payment Timing and Valuation. All lump sum payments or installment payments due under the Plan in any year shall be paid on a
date in January determined by the Company, except that if Section 7(b) requires benefits to commence in a month other than January, the initial payment shall be paid on a date in that month determined by the Company. All payments shall be based
on Account balances as of the close of business on the last trading day of the immediately preceding month. Each partial lump sum payment and installment payment to a Participant shall be paid in the same proportion from each of the Accounts of the
Participant subject to the applicable payment election. The amount of each installment payment from each Account shall be determined by dividing the Account balance by the number of remaining installments, including the current installment to be
paid. 
 (f) Modification of Payment Elections. 
 (i) An Executive who has elected to have any benefit commence in a specified year prior to termination of employment as permitted in
Section 7(b) may elect (after such election has otherwise become irrevocable) to specify a later year for commencement of such benefit, provided that for any such election submitted after December 31, 2008, (1) such election is made
in writing delivered to the Company no later than, and becoming irrevocable on, the last day of the second year preceding the previously specified year, and (2) the later year so specified is at least 5 years later than the previously specified
year. 
 (ii) After a Participant’s election under Section 7(c) regarding the term of any benefit payments has
otherwise become irrevocable, the Participant may elect to change such term of payments, provided (1) the choice of annual installments over 15 years shall not be available for a change election under this subsection, (2) the term of any
particular payments may be changed only once under this subsection, (3) such election must be made in writing delivered to the Company no later than, and becoming irrevocable on, the last day of the second year preceding the year in which the
payments otherwise would have commenced (and shall not be effective if a Separation from Service occurs on or before the date the election becomes irrevocable), and (4) the commencement of the affected payments shall be delayed for 5 years

  

 7 

 
after the date the payments would have commenced under the terms of the previous payment election. Accordingly, for a Director who elects to change the term
of any benefit payments, the commencement of those payments will be delayed until January of the year following the fifth anniversary of the Director’s Separation from Service. Notwithstanding the foregoing, a Participant may elect on or prior
to December 31, 2008 to change the term of any benefit payments that have not commenced as of that date without application of any of the limitations or restrictions set forth in this Section 7(f)(ii). 
 (g) Unforeseeable Emergency. Notwithstanding the foregoing provisions of this Section 7, an accelerated payment from a
Participant’s Accounts may be made to the Participant in the sole discretion of the Committee based upon a finding that the Participant has suffered an Unforeseeable Emergency. For this purpose, “Unforeseeable Emergency” means a
severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse or a dependent of the Participant, loss of the Participant’s property due to casualty, or other similar
extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. Unforeseeable Emergency shall be determined by the Committee on the basis of information supplied by the Participant in accordance
with uniform guidelines promulgated from time to time by the Committee. The amount of any accelerated payment under this Section 7(g) shall be limited to the amount reasonably necessary to meet the Participant’s needs resulting from the
Unforeseeable Emergency, after taking into account insurance and other potential sources of funds to meet such needs, plus the amount reasonably necessary to cover income and withholding taxes on the accelerated payment. Any such accelerated payment
shall be paid as promptly as practicable following approval by the Committee and shall be paid pro-rata from the Participant’s Accounts based on the account balances as of the close of business on the day prior to the payment date. 

(h) Designation of Beneficiaries; Death. 
 (i) Each Participant shall have the right, at any time, to designate any person or persons as the Participant’s beneficiary or
beneficiaries (both primary as well as secondary) to whom benefits under this Plan shall be paid in the event of the Participant’s death prior to complete distribution of the benefits due under the Plan. If greater than fifty percent
(50%) of the benefit is designated to a beneficiary other than the Participant’s spouse, such beneficiary designation shall be consented to by the Participant’s spouse. Each beneficiary designation shall be in written form prescribed
by the Company and will be effective only if filed with the Company during the Participant’s lifetime. Such designation may be changed by the Participant at any time without the consent of a beneficiary, subject to the spousal consent
requirement above. If no designated beneficiary survives the Participant, the balance of the Participant’s benefits shall be paid to the Participant’s surviving spouse or, if no spouse survives, to the Participant’s estate.

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

 8 

 (i) Payment to Guardian. If a benefit under the Plan is payable to a minor or a
person declared incompetent or to a person incapable of handling the disposition of his property, the Committee may direct payment of such Plan benefit to the guardian, legal representative or person responsible for the care and custody of such
minor, incompetent or person. The Committee may require proof of incompetence, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the Plan benefit. Such distribution shall completely discharge the Committee and
the Company from all liability with respect to such benefit. 
 (j) Withholding; Payroll Taxes. The Company shall
withhold from payments made hereunder any taxes required to be withheld from such payments under federal, state or local law. 
 8.
Supplemental Retirement Benefit. Any Executive who elects to defer compensation under this Plan and who also satisfies the eligibility requirements for payment of any benefit under the Company’s Retirement Plan for Non-Bargaining Unit
Employees (the “Retirement Plan”) shall qualify for further payment by the Company of supplemental retirement benefits payable as a monthly annuity under this Plan, as provided below: 
 (a) Commencement. If the Executive is eligible to receive normal retirement
benefits under the Retirement Plan based on having reached age 62 at the time of Separation from Service, the annuity shall commence with the first month following the Executive’s Separation from Service. If the Executive is eligible to receive
early retirement benefits under the Retirement Plan based on having satisfied the Rule of 70 at the time of Separation from Service, the annuity shall commence with the first month following the later of the Executive’s 55th birthday or the Executive’s Separation from Service. If the Executive is eligible to receive disability retirement benefits under the Retirement Plan,
the annuity shall commence with the first month following the later of the Executive’s 55th birthday or the Executive’s Separation from
Service. If the Executive is not eligible to receive normal retirement benefits, early retirement benefits or disability retirement benefits under the Retirement Plan, but is eligible to receive vested benefits under the Retirement Plan, the annuity
shall commence with the first month following the Executive’s 62nd birthday. If the Executive’s surviving spouse is eligible to receive
death benefits under the Retirement Plan as a result of the Executive’s death before commencement of benefits under this Section 8, the annuity shall commence in the month that benefits would have commenced as provided in this
Section 8(a) if the Executive had a Separation from Service on the date of death (or on the Executive’s actual Separation from Service, if earlier) and then survived until benefits had commenced. 
 (b) Form of Benefit. 
 (i) Annuity Form. If the Executive elects a form of annuity benefit under the Retirement Plan at least 30 days prior to the first day of the month in which the benefit under this Section 8 is required to
commence, the benefit under this Section 8 shall be paid in the same annuity form as selected under the Retirement Plan. If the Executive’s benefit under this Section 8 commences earlier than the Executive’s benefit under the
Retirement Plan, the Executive may, at least 30 days prior to the first day of the month in which the benefit under this Section 8 is required to commence and otherwise in accordance with the rules of the Retirement 

  

 9 

 
Plan, elect any of the standard or optional annuity forms of benefit described in 6.01 and 6.02 of the Retirement Plan, other than a joint and survivor
annuity upon marriage or remarriage after the annuity starting date. If the Executive does not make a timely election under this Section 8(b), the benefit under this Section 8 shall be paid in the default annuity form applicable to the
Executive under the Retirement Plan. 
 (ii) Small Benefit Cash Out. If the actuarial equivalent lump sum present value
of the Executive’s benefit under this Section 8, based on the actuarial assumptions used for determining equivalent benefits under the Retirement Plan at the time of the Executive’s commencement of benefits, is no more than the
applicable dollar amount under Internal Revenue Code section 402(g)(1)(B) (which is $15,500 in 2007 and 2008), the benefit shall be paid as a lump sum in such amount at the time annuity payments would have otherwise commenced under
Section 8(a). 
 (c) Amount. The amount payable by the Company each month to the Executive or Executive’s
beneficiaries under the Retirement Plan shall be: 
 (i) The amount that would be payable at such time under the Retirement
Plan assuming that (1) benefits had commenced on the date specified in Section 8(a), (2) benefits were payable in the annuity benefit form determined under Section 8(b), (3) all accrued benefits under the Retirement Plan
were payable only in the annuity form as provided in Section 8(d), and (4) all Salary and Bonus deferred by the Executive under this Plan and under the Company’s former Executive Deferred Compensation Plan (the “Prior Plan”)
had been “paid” to or “received” by Executive in the year when the deferral was made, provided that all such deferred amounts shall be subject to the other applicable definitions and rules of the Retirement Plan relating to
benefit determination; plus 
 (ii) The reduction, if any, in the amount of the monthly Social Security benefit payable to the
Executive, provided that such reduction results from the fact that compensation deferred under this Plan causes the primary Social Security Benefit payable to the Executive to be reduced, with the amount under this Section 8(c)(ii) calculated
assuming commencement of Social Security benefits at the earliest possible time, no earnings after Separation from Service and no projected increases in the national average wage index or cost of living between Separation from Service and
commencement of benefits; minus 
 (iii) The amount that would actually be payable at such time under the Retirement Plan
assuming that (1) benefits had commenced on the date specified in Section 8(a), (2) benefits were payable in the annuity benefit form determined under Section 8(b), and (3) all accrued benefits under the Retirement Plan were
payable only in the annuity form as provided in Section 8(d). 
 (d) Retirement Plan Lump Sum Election Ignored.
Notwithstanding any election by an Executive to receive a portion of Executive’s Retirement Plan benefit as a lump sum, the amount of the supplemental retirement benefit as determined under Section 8(c) shall be calculated and determined
as if Executive were to receive Executive’s entire Retirement Plan accrued benefit in the annuity form determined under Section 8(b). 
  

 10 

 (e) Six-Month Minimum Delay. Notwithstanding the foregoing, no supplemental
retirement benefit payments under this Section 8 shall be paid to any Executive until the seventh month following the month of the Executive’s Separation from Service with the Company. Any payments that would have been paid if not for this
Section 8(e) shall be accumulated and paid in full in the seventh month following the month of the Executive’s Separation from Service with the Company together with interest from the date each payment otherwise would have been payable
until the date actually paid. Interest for any period will be paid at the same rate applicable for that period under Section 6(f). 
 (f) Waiver of Comparable Benefits Under Prior Plan. Because amounts deferred under the Prior Plan are taken into account in calculating the benefits payable under this Section 8, acceptance of the benefits
under this Section 8 shall be deemed to be a waiver of the comparable benefits set forth in Section 5.7 of the Prior Plan. 
 9.
Administration. 
 (a) Committee Duties. This Plan shall be administered by the Organization and Executive
Compensation Committee of the Board (the “Committee”). The Committee shall have responsibility for the general administration of the Plan and for carrying out its intent and provisions. The Committee shall interpret the Plan and have such
powers and duties as may be necessary to discharge its responsibilities. The Committee may, from time to time, employ other agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with counsel who may
be counsel to the Company. 
 (b) Tax Law Compliance. The Committee shall have the authority to cancel any
Participation Agreement in whole or in part, and immediately distribute any compensation deferred under such Participation Agreement, but only to the extent the Committee determines that deferral of compensation in accordance with such Participation
Agreement has or will violate Section 409A of the Internal Revenue Code and therefore has or will require immediate inclusion of such compensation in the income of the Participant. 
 (c) Binding Effect of Decisions. The decision or action of the Committee in respect of any question arising out of or in connection
with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 
 10. Claims Procedure. 
 (a) Claim. Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under the Plan shall present the request in writing to the Committee, which shall respond in writing as soon
as practicable. 
 (b) Denial of Claim. If the claim or request is denied, the written notice of denial shall state:

 (i) The reasons for denial, with specific reference to the Plan provisions on which the denial is based; 
  

 11 

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

 12 

 12. Miscellaneous. 
 (a) Unsecured General Creditor. The Accounts shall be established solely for the purpose of measuring the amounts owed to
Participants or beneficiaries under the Plan. Participants and their beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interest or claims in any property or assets of the Company, nor shall they be beneficiaries
of, or have any rights, claims or interests in any mutual funds, other investment products or the proceeds therefrom owned or which may be acquired by the Company. Except as may be provided in Section 12(b), such mutual funds, other investment
products or other assets of the Company shall not be held under any trust for the benefit of the Participants, their beneficiaries, heirs, successors or assigns, or held in any way as collateral security for the fulfilling of the obligations of the
Company under this Plan. Any and all of the Company’s assets shall be, and remain, the general, unpledged, unrestricted assets of the Company. The Company’s obligation under the Plan shall be that of an unfunded and unsecured promise to
pay money in the future, and the rights of Participants and beneficiaries shall be no greater than those of unsecured general creditors of the Company. 
 (b) Trust Fund. The Company shall be responsible for the payment of all benefits provided under the Plan. The Company shall establish one or more trusts, with such trustees as the Board may approve, for the
purpose of providing for the payment of such benefits, but the Company shall have no obligation to contribute to such trusts except as specifically provided in the applicable trust documents. Such trust or trusts shall be irrevocable, but the assets
thereof shall be subject to the claims of the Company’s creditors. To the extent any benefits provided under the Plan are actually paid from any such trust, the Company shall have no further obligation with respect thereto, but to the extent
not so paid, such benefits shall remain the obligation of, and shall be paid by, the Company. 
 (c) Non-assignability.
Neither a Participant nor any other person shall have the right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable
hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be non-assignable and nontransferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the
payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency. 

(d) Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of
employment between the Company and any Participant, and the Participants (and their beneficiaries) shall have no rights against the Company except as may otherwise be specifically provided herein. Moreover, nothing in this Plan shall be deemed to
give a Participant the right to be retained in the service of the Company or to interfere with the right of the Company to discipline or discharge the Participant at any time. 
 (e) Governing Law. The provisions of this Plan shall be construed and interpreted according to the laws of the State of Oregon,
except as preempted by federal law. 
 (f) Validity. In case any provision of this Plan shall be held illegal or
invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provisions had never been inserted herein. 
  

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 (g) Notice. Any notice or filing required or permitted to be given to the Company
or the Committee under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to the Secretary of the Company. Such notice shall be deemed given as of the date of delivery or, if delivery is made by
mail, as of the date shown on the postmark on the receipt for registration or certification. 
 (h) Successors. The
provisions of this Plan shall bind and inure to the benefit of the Company and its successors and assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation,
purchase or otherwise acquire all or substantially all of the business and assets of the Company, and successors of any such corporation or other business entity. 
 The foregoing restatement of the Plan was approved by the Board of Directors of Northwest Natural Gas Company effective as of February 28, 2008. 
  

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

  

			
		
	Attest:	 	 
		 	

  

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