Document:

Summary of 2005 compensation for named executive officers.

 Exhibit 10z(2) 
  
 NORTHWEST NATURAL GAS COMPANY 
 SUMMARY OF EXECUTIVE COMPENSATION 
 NAMED EXECUTIVE OFFICERS 
  

														
	2005
					
	 	  	 	  	 	  	Incentive Target

	  	 
	 Participant

	  	 Title

	  	Annual Salary*

	  	Target
Award %

	 	 	Target Award
$

	  	Long Term
Incentive
Performance
Share Grant

	 Mark S. Dodson
	  	President & Chief Executive Officer	  	$	500,000	  	50	%	 	$	250,000	  	10,000
	 David H. Anderson 1
	  	Senior Vice President & Chief Financial Officer	  	$	265,000	  	40	%	 	$	106,000	  	5,000
	 Michael S. McCoy
	  	Executive Vice President, Customer & Utility Operations	  	$	260,000	  	40	%	 	$	104,000	  	5,000
	 Beth A. Ugoretz 2
	  	Senior Vice President & General Counsel	  	 	NA	  	NA	 	 	 	NA	  	NA
	 Gregg S. Kantor
	  	Senior Vice President Public & Regulatory Affairs	  	$	170,000	  	35	%	 	$	59,500	  	3,000
	 Lea Anne Doolittle
	  	Vice President Human Resources	  	$	168,000	  	30	%	 	$	50,400	  	2,000
	 David A. Weber 3
	  	Director Information Services and Chief Information Officer	  	$	186,000	  	25	%	 	$	46,500	  	2,000

 Notes: 

	*	Salaries effective March 1, 2005 

  

	1	D. H. Anderson became CFO on Sept. 30, 2004. He was granted 5,000 restricted shares which
vest 20% per year over 5 years commencing on Oct. 1, 2005. He received a $40,000 hire-on bonus in January 2005. 

	2	Resigned Jan. 3, 2005. 

	3	Not an officer. Maximum incentive is 200% of Target. 

  
 2004 CEO Annual Incentive 
  
 Mr. Dodson received an annual incentive award of $260,000 for performance in
2004. 
  
 Annual Executive Incentive
Compensation 
  
 Incentive compensation for executives for
2005 will be determined according to the terms of the Executive Annual Incentive Plan, effective Jan. 1, 2003, as previously filed as an exhibit to the Company’s 2002 Form 10-K. The Company’s Executive Annual Incentive Plan is intended to
advance the interests of the Company and 

 
its shareholders by means of an incentive cash bonus program, which will motivate key executives to achieve previously established annual performance goals.
The payment of awards under this Plan is contingent upon meeting predetermined individual and Company performance goals. At the beginning of each year, weighted performance goals are established. At year-end, performance is measured against these
goals. The results are considered by the Committee in determining the amounts to be awarded, if any. 
  
 The amounts of the awards are based on a formula, which reflects an allocation between Company and individual performance criteria. The allocation depends
upon each executive’s ability to influence corporate performance. Depending upon position, performance and the other factors considered by the Committee, an executive can earn from 25% to 50% of base salary if the prescribed Company and
individual performance goals are met, or up to 37.5% to 75% of base salary if these goals are exceeded. 
  
 Individual performance is measured considering (1) achievement of individual performance goals (50-60%), (2) achievement of budget goals (15-25%), (3)
values and behaviors ratings by peers (12.5%) and (4) achievement of development goals as determined by the Chief Executive Officer (12.5%). 
  
 Company performance goals established for 2005 focused on strengthening the Company’s financial position and increasing shareholder value. These
goals included the achievement of: (1) net income in an amount which the Committee determined would demonstrate above average performance; and (2) several operating goals related to customer satisfaction improvement, market share, profitability,
capital cost management and productivity in serving customers. In combination, these goals measure the Company’s performance in terms of its overall profitability, customer satisfaction, market share, the reduction of costs and the achievement
of greater efficiency. In determining the awards, the Committee accords 50% of the weight to net income and 50% to the combined group of operating goals. The payment of any award for 2005 is conditioned upon the Company’s 2005 net income
exceeding a percentage of the target designated in advance by the Committee and being sufficient to cover the payment of all dividends. 
  
 Long-Term Incentive Plan Compensation 
  
 Long-term incentive compensation for certain executives for 2005 will be determined according to the terms of the Long-Term Incentive Plan, effective July
26, 2001, as previously filed as an exhibit to the Company’s Form 10-Q for the quarter ended June 30, 2001. 
  
 The Long-Term Incentive Plan authorizes the Committee to grant annual awards payable in Company stock, based on the Company’s financial performance
over three-year performance cycles. If the performance-based measures are achieved, participants will also receive dividend equivalent cash payments equal to the number of shares of common stock received on the award payout multiplied by the
aggregate cash dividends paid per share by the Company during the performance period. Awards granted by the Committee in 2003 were based on a three-year performance cycle covering the period 2003-2005. The performance measure used to determine
incentive awards for this cycles is the Company’s average return on equity during the period covered by the award in relation to pre-established targeted objectives. 

 In 2004 and 2005, awards granted by the Committee included a Company performance measure based on total
shareholder return relative to a peer group, with a minimum return of 6% per year for a cycle (75%) and performance milestones relative to the Company’s core and non-core strategic plans (25%). At the end of the cycle, the Committee will
determine the Company’s ability to achieve the established criteria and assign a factor to each component ranging between 0% and 200%. As a general guideline, if the Company achieves the targets as stated, the component factor would be 100%.Amendment No.1 To Credit Agreement

 Exhibit 10.10(b) 
 Execution Copy 
  
 AMENDMENT
NO. 1 TO CREDIT AGREEMENT 
  
 This AMENDMENT
NO. 1 to the CREDIT AGREEMENT, dated as of January 26, 2005, among Medco Health Solutions, Inc., a Delaware corporation (the “Borrower”), JPMorgan Chase Bank, as Revolving Credit
Administrative Agent and Collateral Agent (in such capacities, the “Revolving Credit Administrative Agent”), Citicorp North America, Inc., as Term Loan Administrative Agent (in such capacity, the “Term Loan Administrative
Agent” and together with the Revolving Credit Administrative Agent, collectively, the “Administrative Agents”) and the Lenders named on the signature pages hereto, amends certain provisions of the Amended and Restated
Credit Agreement, dated as of March 26, 2004 (the “Credit Agreement”), among the Borrower, the Administrative Agents, J.P. Morgan Securities Inc., as Syndication Agent of the Term Loan Facility and Fleet National Bank, The Bank of
Nova Scotia and Bank of Tokyo-Mitsubishi Trust Company, as Co-Documentation Agents of the Term Loan Facility and each Lender, Issuing Bank and other agent from time to time party thereto. 
  
 PRELIMINARY STATEMENTS 
  
 The parties to this Amendment are party to the Credit Agreement. Capitalized terms defined in the Credit Agreement and not
otherwise defined in this Amendment are used herein as therein defined. 
  
 The parties hereto agree to amend the Credit Agreement on the terms and subject to the conditions set forth in this Amendment as follows: 
  
 SECTION 1. Amendments. Subject to the satisfaction of the conditions precedent set forth in Section 2 hereof, Clause (e) of
Section 6.06 (Restricted Payments) of the Credit Agreement is hereby amended and restated to read in its entirety as follows: 
  
 “(e) provided that no Default is outstanding or would result therefrom, the Borrower may declare and pay cash dividends and make other
Restricted Payments with respect to its Equity Interests if, at the time such dividend or other Restricted Payment is declared or made (after giving effect thereto), the aggregate principal amount of the cash dividends paid or other Restricted
Payments made after the date of the Original Credit Agreement (excluding the Merck Dividend) does not exceed (i) if, at the time of any such Restricted Payment, the Facilities have a rating of at least “BBB-” and
“Baa3” from S&P and Moody’s, respectively, an aggregate amount equal to the sum of $500,000,000 plus (in the case of any such Restricted Payment made after December 31, 2003) 25% of Consolidated Net Income for the
period from June 30, 2003 until the last day of the then most recently ended fiscal quarter and (ii) if, at the time of any such Restricted Payment, the Facilities do not have both the ratings specified in clause (i) or better, an aggregate
amount of $500,000,000.” 
  
 SECTION 2. Conditions
to Effectiveness. This Amendment shall become effective as of the date hereof on the date when the Administrative Agents shall have received counterparts of this Amendment executed by the Borrower and the Required Lenders or, as to any of the
Lenders, evidence satisfactory to the Administrative Agents that such Lender has consented to this Amendment. 

 Furthermore this Amendment is subject to the provisions of Section 9.02 (Waivers; Amendments) of the Credit
Agreement. 
  
 SECTION 3. Construction with the Loan
Documents. 
  
 (a) On and after this Amendment becoming
effective in accordance with Section 2 hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each
reference in the other Loan Documents to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended hereby, and this Amendment and the Credit Agreement shall be read together and construed as a single instrument.

  
 (b) Except as expressly amended hereby, all of the terms and
provisions of the Credit Agreement and all other Loan Documents are and shall remain in full force and effect and are hereby ratified and confirmed. 
  
 (c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Lenders, the Issuing
Bank or the Administrative Agents under any of the Loan Documents, nor constitute a waiver or amendment of any provision of any of the Loan Documents or for any purpose except as expressly set forth herein. 
  
 (d) This Amendment is a Loan Document. 
  
 (e) This Amendment (i) constitutes an amendment of the Credit Agreement and
(ii) shall not create a novation of any Obligations of the Borrower pursuant to the Loan Documents. 
  
 SECTION 4. Governing Law. This Amendment is governed by, and shall be construed in accordance with, the law of the State of New York. 

 
 SECTION 5. Representations And Warranties. The Borrower hereby
represents and warrants that each of the representations and warranties made by it in the Credit Agreement, as amended hereby, and the other Loan Documents, shall be true and correct in all material respects on and as of the date hereof (other than
representations and warranties in any such Loan Document which expressly speak as of a specific date, which shall have been true and correct in all material respects as of such specific date) and no Default or Event of Default has occurred and is
continuing as of the date hereof. 
  
 SECTION 6. Execution in
Counterparts. This Amendment may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one
and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are attached to the same document. Delivery of an executed counterpart by telecopy shall be
effective as delivery of a manually executed counterpart of this Amendment. 
  
  
 [Signature Pages Follow] 
  

 2

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