Document:

Supplemental Executive Retirement Plan, effective September 1, 2004

 Exhibit 10b.(1) 
 NORTHWEST NATURAL GAS COMPANY 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 2007 RESTATEMENT 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 1.
	  	Purpose; Effective Date	  	1
			
	 2.
	  	Eligibility	  	1
			
	 3.
	  	Years of Participation; Separation from Service	  	1
			
	 4.
	  	Normal Retirement Benefit	  	1
			
	 5.
	  	Early Retirement Benefit	  	3
			
	 6.
	  	Termination Benefit	  	3
			
	 7.
	  	Time and Form of Payment to Participant	  	4
			
	 8.
	  	Death Benefit	  	5
			
	 9.
	  	Change in Control	  	6
			
	 10.
	  	Administration	  	7
			
	 11.
	  	Claims Procedure	  	7
			
	 12.
	  	Amendment and Termination of the Plan	  	7
			
	 13.
	  	Miscellaneous	  	8

  

 -i- 

 INDEX OF TERMS 
  

					
	 Term
	  	 Section
	  	Page
	 Board
	  	1	  	1
			
	 Change in Control Severance Benefit
	  	9(b)	  	6
	 Committee
	  	10(a)	  	7
	 Company
	  	1	  	1
			
	 Deferred Comp Plan
	  	4(e)(ii)	  	2
	 Disability – SERP
	  	6(e)	  	4
			
	 Early Retirement Date
	  	5(a)	  	3
	 Effective Date
	  	1	  	1
	 Eligibility Date
	  	2	  	1
	 ESRIP
	  	1	  	1
			
	 Final Average Pay
	  	4(c)	  	1
			
	 Normal Retirement Date
	  	4(a)	  	1
			
	 Participant
	  	2	  	1
	 Pension Offset
	  	4(e)	  	2
	 Plan – SERP
	  	1	  	1
			
	 Qualified Plan
	  	1	  	1
			
	 Separation from Service
	  	3	  	1
	 Short Service Factor
	  	4(d)	  	2
			
	 Tier 1 Participant
	  	2	  	1
	 Tier 2 Participant
	  	2	  	1
			
	 Year of Participation
	  	3	  	1

  

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 NORTHWEST NATURAL GAS COMPANY 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 2007 RESTATEMENT 
 1. Purpose; Effective Date. The Board of Directors (the “Board”) of Northwest Natural Gas Company (the “Company”) adopts this
Supplemental Executive Retirement Plan (the “Plan”) in order to attract and retain highly effective executives by providing retirement benefits in excess of those provided by the Northwest Natural Gas Company Retirement Plan for
Non-Bargaining Unit Employees (the “Qualified Plan”). The Plan shall not apply to executives already covered by the Company’s Executive Supplemental Retirement Income Plan (the “ESRIP”). The Plan is intended to constitute an
unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees. The Plan was adopted effective as of September 1, 2004 (the “Effective Date”) and previously
restated effective December 1, 2006. In order to comply with changes in applicable law and to clarify existing provisions, the Company adopts this 2007 Restatement effective December 20, 2007, except the changes to the second sentence of
3, to 5(b), and to 6(b) are effective September 1, 2004 as though included in the original Plan. 
 2. Eligibility. Each
executive officer of the Company hired into such office after the Effective Date and each other executive employee of the Company designated by the Organization and Executive Compensation Committee of the Board shall be eligible to participate in
the Plan (a “Participant”). “Eligibility Date” means the date as of which the Participant became an executive officer of the Company or the effective date of designation to participate in the Plan, whichever applies. A
Participant with an Eligibility Date before December 1, 2006 (a “Tier 1 Participant”) shall be provided full benefits under the Plan and a Participant with an Eligibility Date on or after that date (a “Tier 2 Participant”)
shall be provided with Make-Up Benefits as described in 4(f), 5(d), 6(d), 7(d), and 8(d). Participants in the ESRIP shall not be eligible to participate in the Plan. 
 3. Years of Participation; Separation from Service. Vesting of benefits, accrual of benefits, and eligibility for retirement shall be based on the Participant’s Years of Participation. “Year of
Participation” means a 12-month period elapsed between the Participant’s Eligibility Date and Separation from Service, including fractions of a year for any completed one-month periods. If participation is not continuous, whole and
fractional months shall be aggregated and any remaining fractional month shall be disregarded. “Separation from Service”, when used in this Plan, shall have the meaning ascribed to such term in Treasury Regulations §1.409A-1(h).

 4. Normal Retirement Benefit. 
 (a) Normal Retirement Date. A Participant’s “Normal Retirement Date” is the first of the month following Separation from Service at or after attainment of age 65 and completion of five Years of
Participation. 
 (b) Amount of Benefit. A Tier 1 Participant’s benefit upon Normal Retirement Date shall be a
lump sum equal to six times Final Average Pay (FAP) times the Short Service Factor (SSF) minus the Pension Offset (PO) as follows: 
 Lump sum
= (6 x FAP x SSF) - PO 
 (c) Final Average Pay. “Final Average Pay” means the annual average determined by
taking the sum of the Participant’s Total Compensation for the five (5) consecutive Compensation Years out of the Participant’s final ten (10) Compensation Years with the Company which produce the highest five (5) year total
amount, and dividing such sum by five (5). 
 (i) Total Compensation for any Compensation Year means the sum of
(A) plus (B): 
 (A) The annual salary approved by the Board and in effect during the Compensation Year; provided,
however, that if a Participant’s salary is changed during a Compensation Year, the salary amount included in Total Compensation for that Compensation Year shall be the total amount of salary the Participant earned for services during that
Compensation Year or would have earned for services during that Compensation Year if employment had continued at his or her final salary level for the full Compensation Year. 
  

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 (B) The annual performance award for the prior calendar year approved by the Board by
the beginning of the Compensation Year; provided, however, that if a Participant has a Separation from Service during the last 61 days of any Compensation Year, Total Compensation for each of the Participant’s final ten (10) Compensation
Years shall also be calculated as the sum of the salary in effect for such Compensation Year as determined under (A) plus the annual performance award for the calendar year that ended during such Compensation Year, and these alternate Total
Compensation calculations shall be used if the resulting Final Average Pay is higher. 
 (ii) Compensation Year means
the twelve (12) month period from March 1 to February 28/29, including any partial portion of such period preceding a Separation from Service. 
 (d) Short Service Factor. “Short Service Factor” means a percentage calculated by dividing the Tier 1 Participant’s
Years of Participation at Separation from Service by 15, not to exceed 100 percent. 
 (e) Pension Offset.
“Pension Offset” means a lump sum amount equal to the combined actuarial equivalent value of the following: 
 (i)
The Tier 1 Participant’s benefit payable at age 65 under the Qualified Plan in the normal form provided by that plan; 
 (ii) The make-up benefit payable at age 65 provided by any elective nonqualified deferred compensation plan of the Company (a “Deferred Comp Plan”) on account of the reduction in benefits under the Qualified Plan and under Social
Security resulting from deferral of compensation under the Deferred Comp Plan; and 
 (iii) The Tier 1 Participant’s
Social Security benefit payable at age 65, as estimated by the Committee based on the Tier 1 Participant’s total compensation in the most recent full calendar year and an assumed rate of increase over a full working career. 
 (f) Make-Up Benefit. A Tier 2 Participant’s benefit upon Normal Retirement Date shall be equal to the amount, if any, by which
the Tier 2 Participant’s benefit under the Qualified Plan would be greater than the actual benefit payable under the Qualified Plan upon Normal Retirement Date in the absence of both the following limits: 
 (i) The limit provided by Section 401(a)(17) of the Internal Revenue Code on compensation counted under the Qualified Plan.

 (ii) The limit provided by Section 415(b) of the Internal Revenue Code on benefits payable under the Qualified Plan.

 (g) Deferred Compensation. The Tier 2 Participant’s Qualified Plan benefit calculated without the limits in
(f)(i) and (ii) shall treat salary and bonus deferred by the Tier 2 Participant under the Northwest Natural Gas Company Deferred Compensation Plan for Directors and Executives or the predecessor to such plan as though it had been paid to or
received by the Tier 2 Participant in the year when the deferral occurred, but only to the extent such salary and bonus is not counted in the calculation of a supplemental retirement benefit payable to the Tier 2 Participant under Section 8 of
such plan. 
  

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 5. Early Retirement Benefit. 
 (a) Early Retirement Date. A Participant’s “Early Retirement Date” is the first of the month following Separation
from Service at or after attainment of age 55 and completion of 15 Years of Participation and before attainment of age 65. 
 (b) Amount of Benefit. A Tier 1 Participant’s benefit upon Early Retirement Date shall be a lump sum determined under the same formula in 4(b) as the benefit at Normal Retirement Date, with the same defined terms, subject to the
following additional detail in the definition of Pension Offset. The value of the Qualified Plan benefit and the make-up benefit provided by the Deferred Comp Plan shall be based on the value at age 65 of the benefits payable at age 65, even if
those benefits start before age 65. The value of the Social Security benefit shall be determined as of the later of the Tier 1 Participant’s Early Retirement Date or the date the Tier 1 Participant will attain age 62 assuming payments commence
on that determination date and, if determined as of a future date, based on the assumptions of no earnings after Early Retirement Date and future increases in the national average wage index used to calculate Social Security benefits based on the
intermediate assumptions in the most recent report of the Social Security trustees. 
 (c) Reduction for Commencement
Before Age 60. The Tier 1 Participant’s benefit upon Early Retirement Date shall be reduced by five percent for each year by which Early Retirement Date precedes the first of the month following the Tier 1 Participant’s 60th birthday,
with interpolation for a partial year based on one-twelfth of the full five percent for each month. 
 (d) Make-Up
Benefit. A Tier 2 Participant’s benefit upon Early Retirement Date shall be the same as the Tier 2 Participant’s benefit upon Normal Retirement Date, except the calculation shall be based on the Qualified Plan benefit as of the Early
Retirement Date without the limits described in 4(f)(i) and (ii) and based on deferred salary and bonus as provided in 4(g). 
 6.
Termination Benefit. 
 (a) Vesting. A Participant shall become vested in benefits under the Plan upon
completing five Years of Participation, upon suffering a Disability, or when entitled to a Change in Control Severance Benefit as provided in 9(a). A Participant whose employment with the Company terminates prior to vesting shall forfeit any right
to benefits under the Plan, subject to reinstatement of such right upon rehire into a position with the Company eligible to participate in the Plan. A Participant whose Separation from Service with the Company occurs after becoming vested and before
qualifying for Early or Normal Retirement Date shall be paid a termination benefit. 
 (b) Amount of Benefit. A Tier 1
Participant’s termination benefit shall be determined under the same formula in 4(b) as the benefit at Normal Retirement Date, with the same defined terms, subject to the following additional detail in the definition of Pension Offset. The
Pension Offset shall be calculated the same as on Early Retirement Date, except the value of Social Security benefits shall be determined as of the date the Tier 1 Participant will attain age 65 assuming that payments commence on that date and based
on the assumptions of future earnings continuing at the Participant’s last pay rate with the Company and future cost of living adjustments and increases in the national average wage index used to calculate Social Security benefits based on the
intermediate assumptions in the most recent report of the Social Security trustees. 
 (c) Reduction for Commencement
Before Age 60. The Tier 1 Participant’s termination benefit shall be reduced by five percent for each year by which the first of the month following Separation from Service precedes the first of the month following the Participant’s
60th birthday, with interpolation for a partial year based on one-twelfth of the full five percent for each month. This paragraph (c) shall not reduce the Tier 1 Participant’s benefit below 40 percent of the amount payable at age 60.

 (d) Make-Up Benefit. A Tier 2 Participant’s termination benefit shall be the same as the Tier 2
Participant’s benefit upon Normal Retirement Date, except the calculation shall be based on the Qualified Plan benefit, without the limits described in 4(f)(i) and (ii) and based on deferred salary and bonus as provided in 4(g), as of the
date the Tier 2 Participant’s benefit commences as provided in 7(d). 
  

 3 

 (e) Disability. “Disability” means a termination of employment because
of absence from duties with the Company for 180 consecutive days as a result of the Participant’s incapacity due to physical or mental illness or injury, unless within 30 days after a written notice of termination is given following such
absence the Participant returns to full-time performance of Company duties. 
 7. Time and Form of Payment to Participant. 

(a) Lump Sum. Except as provided in (b), (c), and (f), benefits shall be paid to a Tier 1 Participant in a lump sum of cash
within 30 days following the Tier 1 Participant’s Separation from Service. 
 (b) Optional Annuity Forms. A
Tier 1 Participant can receive payment of the Normal Retirement benefit described in Section 4 or the Early Retirement benefit described in Section 5 in any of the standard or optional annuity forms of benefit described in 6.01 and 6.02 of
the Qualified Plan, other than a joint and survivor annuity upon marriage or remarriage after the annuity starting date. 
 (c) Election of Annuity Form. A Tier 1 Participant may elect to receive payment of the benefit amounts described in Sections 4 or 5 in an annuity form of benefit in lieu of a lump sum at any time by delivering written notice of the
election to the Committee. The election shall take effect 12 months following the date on which it is delivered to the Committee. If the Tier 1 Participant has a Separation from Service less than 12 months following the date the election is
delivered or if the total benefit 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), benefits shall be paid in a lump sum. An election to receive an annuity form of
benefit must specify a date for commencement of annuity payments that is at least five years after Separation from Service. However, a Tier 1 Participant may elect no later than December 31, 2008, to receive an annuity form of benefit in lieu
of a lump sum commencing with the first month following Separation from Service without a five-year delay in commencement and such election shall be effective immediately without a 12-month delay in effectiveness. A Tier 1 Participant who has
elected to receive an annuity form of benefit may choose which of the annuity forms described in (b) will be paid, and to change such choice, at any time at least 30 days before the first day of the month in which annuity payments commence. If
the Tier 1 Participant does not make a timely election under this 7(c), the annuity benefit shall be paid in the default annuity form applicable to the Tier 1 Participant under the Qualified Plan. 
 (d) Make-Up Benefit. Except as provided in (f) and (g), benefits shall be paid to a Tier 2 Participant in one of the standard
or optional annuity forms of benefit described in 6.01 and 6.02 of the Qualified Plan, other than a joint and survivor annuity upon marriage or remarriage after the annuity starting date, as selected by the Tier 2 Participant in accordance with the
rules of the Qualified Plan, commencing upon a Separation from Service as follows: 
 (i) If the Tier 2 Participant is
eligible to receive normal retirement benefits under the Qualified Plan based on having reached age 62 at the time of Separation from Service, and therefore receives an amount of benefits under this Plan calculated consistently therewith, the
annuity shall commence with the first month following the Separation from Service. 
 (ii) If the Tier 2 Participant is eligible to receive early retirement benefits under the Qualified Plan based on having satisfied the Rule of 70 at the time of Separation from Service, and therefore receives an
amount of benefits under this Plan calculated consistently therewith, the annuity shall commence with the first month following the later of the Tier 2 Participant’s 55th birthday or the Tier 2 Participant’s Separation from Service. 
 (iii) If the Tier 2 Participant is eligible to receive disability retirement benefits under the Qualified Plan, and therefore receives an amount of benefits under this Plan calculated consistently therewith, the
annuity shall commence with the first month following the later of the Tier 2 Participant’s 55th birthday or the Tier 2 Participant’s
Separation from Service. 
 (iv) If the Tier 2 Participant is not
eligible to receive normal retirement benefits, early retirement benefits or disability retirement benefits under the Qualified Plan, but is eligible to receive termination benefits under this Plan, the annuity shall commence with the first month
following the Tier 2 Participant’s 62nd birthday. 
  

 4 

 (v) If the Tier 2 Participant’s surviving spouse is eligible to receive death
benefits under the Qualified Plan as a result of the Tier 2 Participant’s death before commencement of benefits under this Plan, the annuity shall commence in the month that benefits would have commenced as provided in this 7(d) if the Tier 2
Participant had a Separation from Service on the date of death (or on the Tier 2 Participant’s actual Separation from Service, if earlier) and then survived until benefits had commenced. 
 (vi) If the Tier 2 Participant elects a form of annuity benefit under the Qualified Plan at least 30 days prior to the first day of the
month in which the benefit under this 7(d) is required to commence, the annuity benefit shall be paid in the same annuity form as selected under the Qualified Plan. If the Tier 2 Participant does not make a timely election under this 7(d), the
annuity benefit shall be paid in the default annuity form applicable to the Tier 2 Participant under the Qualified Plan. 
 (e) Actuarial Equivalency. The amount payable in any of the annuity forms provided in (b) shall be the actuarial equivalent of the lump sum in (a), or of the amount described in 4(f), 5(d), or 6(d), based on the actuarial
assumptions used for determining equivalent benefits under the Qualified Plan at the time of the Participant’s commencement of benefits. 
 (f) 6-Month Delay for Specified Employees. For a Participant who is a key employee as defined in Section 416(i) of the Internal Revenue Code for the plan year of Separation from Service, payment of a lump
sum or commencement of monthly annuity benefits shall be postponed until the first day of the seventh calendar month following the Participant’s Separation from Service. All amounts due before the first day of the seventh calendar month shall
be paid to the Participant as soon as practicable after that day together with interest from the date each payment otherwise would have been payable until the date actually paid. Interest for any period will be paid at the same rate applicable for
that period under Section 6(f) of the Company’s Deferred Compensation Plan for Directors and Executives. 
 (g)
Small Benefit Cash Out. If the actuarial equivalent lump sum present value of a Tier 2 Participant’s benefits, based on the actuarial assumptions used for determining equivalent benefits under the Qualified Plan at the time of the
Participant’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 7(d). 
 8. Death Benefit. 
 (a) Beneficiary. If a Tier 1 Participant dies before Separation from Service, a death benefit shall be paid to the Beneficiary
designated by the Tier 1 Participant on a written form prescribed by the Committee. A designation made by the Tier 1 Participant shall remain in effect until changed by a subsequent designation. If no Beneficiary has been designated or no person
designated by the Tier 1 Participant survives, the Beneficiary shall be the following in order of priority: 
 (i) The
Participant’s surviving spouse. 
 (ii) The Participant’s surviving children in equal shares. 
 (iii) The Participant’s estate. 
 (b) Amount of Benefit. The death benefit shall have a lump sum value equal to 50 percent of the amount determined under the formula in 4(b) for the benefit at Normal Retirement Date, calculated on the
basis of the Tier 1 Participant’s Final Average Pay, Years of Participation, and Pension Offset determined as of the day before death. 
  

 5 

 (c) Form of Payment. The amount calculated under (b) shall be converted to an
actuarial equivalent single life annuity for the life of the Beneficiary commencing on the first of the month following the date of death, except as follows. If the lump sum value 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 lump sum shall be paid to the Beneficiary within 30 days after the date of death in lieu of a life annuity. Actuarial equivalency shall be based on the actuarial assumptions
used for determining equivalent benefits under the Qualified Plan at the time of the Tier 1 Participant’s death. 
 (d)
Make-Up Benefit. If a Tier 2 Participant dies with a surviving spouse entitled to a death benefit under the Qualified Plan, a death benefit shall be payable to the surviving spouse commencing at the date determined under 7(d) equal to the
amount, if any, by which the Qualified Plan death benefit would be greater than the actual death benefit calculated as of that date under the Qualified Plan in the absence of the limits in 4(f)(i) and (ii) and based on deferred salary and bonus
as provided in 4(g). 
 9. Change in Control. 
 (a) Enhancements. Each Participant who becomes entitled to a Change in Control Severance Benefit shall be provided enhanced
benefits as follows: 
 (i) All Participants shall be fully vested in benefits under the Plan, regardless of Years of
Participation. 
 (ii) Tier 1 Participants shall be credited with three additional Years of Participation beyond those the
Participant has actually completed. 
 (iii) The make-up benefit provided for Tier 2 Participants under 4(f), 5(d), 6(d),
7(d), and 8(d) shall be calculated by subtracting the Tier 2 Participant’s Qualified Plan benefit calculated as of the applicable benefit commencement date under 7(d) from a Qualified Plan benefit that is calculated as of the same date without
the limits described in 4(f)(i) and (ii), that counts deferred salary and bonus as provided in 4(g), and that is based on the Tier 2 Participant’s actual years of service credited for benefits under the Qualified Plan plus three additional
years. 
 (b) Change in Control Severance Benefit. “Change in Control Severance Benefit” means, for any
Participant who is party to a Change in Control Severance Agreement with the Company, the severance benefit provided for in such agreement; provided, however, that such severance benefit is a “Change in Control Severance Benefit” for
purposes of the Plan only if, under the terms of the Participant’s Change in Control Severance Agreement, the Participant becomes entitled to the severance benefit (i) after a change in control of the Company has occurred,
(ii) because the Participant’s employment with the Company has been terminated by the Participant for good reason in accordance with the terms and conditions of the Change in Control Severance Agreement or by the Company other than for
cause or disability, and (iii) because the Participant has satisfied any other conditions or requirements specified in the Change in Control Severance Agreement and necessary for the Participant to become entitled to receive the severance
benefit. Under no circumstances will a Participant who is not party to a Change in Control Severance Agreement be deemed to become entitled to a Change in Control Severance Benefit for purposes of the Plan. For purposes of this Section 9(b),
the terms “change in control,” “good reason,” “cause” and “disability” shall have the meanings as may be set forth in the Participant’s Change in Control Severance Agreement, if any. 
 (c) Possible Benefit Recalculation. With respect to any Participant who is party to a Change in Control Severance Agreement, it may
be the case that (i) the Participant’s employment with the Company is terminated prior to a “change in control” of the Company (as defined in the Participant’s Change in Control Severance Agreement), (ii) a change in
control of the Company occurs after such termination, and (iii) the Participant then becomes entitled to a Change in Control Severance Benefit. If, after such termination of employment and prior to the time that the Participant becomes entitled
to a Change in Control Severance Benefit, benefit payments to the Participant have started under the Plan, then, at such time thereafter as the Participant becomes entitled to a Change in Control Severance Benefit, the benefits payable to the
Participant under the Plan shall be retroactively recalculated to reflect the enhancements described in Section 9(a). To the extent that the amount of the benefit payments paid to the Participant prior to such recalculation is less than the
amount of such payments as so recalculated, the difference will be paid to the Participant in a cash lump sum (without interest) as soon as practicable after the change in control of the Company. 
  

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 10. 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. 
 11. 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; 
 (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 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 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 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. 
 12. 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 the Participant’s benefit accrued under 4 as of the date of amendment, or (ii) accelerate the payment of benefits under the Plan. The Board shall have
the right to apply an amendment retroactively, including any amendment necessary to comply with restrictions on nonqualified deferred compensation provided by Section 409A of the Internal Revenue Code. 
 (b) Partial Termination. The Board may at any time partially 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. Upon partial termination, no further benefits shall accrue under the Plan, which shall continue for the purpose of paying
benefits accrued under the Plan as of the partial termination date as they become payable. 
  

 7 

 (c) 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 lump sum present value of each Participant’s benefit rights under the Plan as of the close of business on such effective date. The Company shall pay out such present value to
the Participant in a single lump sum as soon as practicable after such effective date. 
 13. Miscellaneous. 
 (a) Unsecured General Creditor. 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 provided in (b), 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) 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. When the value of a Participant’s benefits under the Plan becomes subject to FICA tax, as determined by applicable
law, the Participant’s share of FICA shall be withheld from other non-deferred compensation payable to the Participant. Any amount not covered by such withholding shall be paid by the Participant to the Company out of other funds. 

(f) 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. 
  

 8 

 (g) 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. 
 (h) 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. 
 (i) 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. 
 (j) 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 2007 Restatement was approved by the Board of Directors of Northwest Natural Gas Company on December 20, 2007. 
  

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

  

 9Executive Deferred Compensation Plan, effective as of January 1, 1987

 Exhibit 10e. 
 NORTHWEST NATURAL GAS COMPANY 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 2008 RESTATEMENT 
 Effective January 1,
1987 
 Restated as of February 28, 2008 

 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	  	3
	 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	  	7
	 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	  	10
	 5.8
	  	Withholding; Payroll Taxes	  	11
	 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	  	13
	 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	  	15
	 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	  	16

  

 iii 

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

Restated as of February 28, 2008 
 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, 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 2008 Restatement, effective as of February 28, 2008. 
 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. 
  

 PAGE 1 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 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. 
  

 PAGE 2 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 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. 
  

 PAGE 3 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 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”). 
  

 PAGE 4 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 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. 
  

 PAGE 5 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 (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, 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. 
  

 PAGE 6 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 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 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. 
  

 PAGE 7 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 (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; 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 Corporation. 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. 
  

 PAGE 8 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 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. 
  

 PAGE 9 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 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 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.

  

 PAGE 10 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 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 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. 
  

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 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 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 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 (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. 
  

 PAGE 14 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 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 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. 
  

 PAGE 15 – EXECUTIVE DEFERRED COMPENSATION PLAN 

 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. 
  

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

  

 PAGE 16 – EXECUTIVE DEFERRED COMPENSATION PLAN

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