Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-02

Northwest Natural Holding (NWN)

CEO Justin Palfreyman was paid $3,695,467 in fiscal year 2025 (SEC filing 0001193125-26-161075 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$3,695,467
Justin Palfreyman total, FY2025
—
CEO pay percentile vs peers
28:1
CEO-to-median pay ratio
97.14%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Justin Palfreyman (President and Chief Executive Officer, NW Holdings; Chief Executive Officer, NW Natural), FY2025 total compensation $3,695,467 (base salary $812,500) [exec_comp, SEC accession 0001193125-26-161075, filed 2026-04-17]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

NWN's next annual pay disclosure, estimated April 24, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Justin Palfreyman$812,500$333,594$1,726,208—$726,406$275$96,484$3,695,467
President and Chief Executive Officer, NW Holdings; Chief Executive Officer, NW Natural
Kimberly Rush506,667115,440456,980—243,560485,04545,9651,853,657
President, NW Natural
Raymond Kaszuba542,500160,927583,858—311,073—47,7401,646,098
Senior Vice President and Chief Financial Officer
MardiLyn Saathoff483,833104,785507,637—231,2151,254100,8891,429,613
General Counsel, Chief Compliance Officer, and SVP Regulation, NW Holdings
Megan Berge341,667185,542613,013—129,458—29,5171,299,197
Deputy General Counsel and Corporate Secretary, NW Holdings
David Anderson230,83373,635——185,36568085,262575,775
Former Chief Executive Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Justin Palfreyman$3,695,467$2,030,537$1,367,060↑ +1,664,930
Kimberly Rush1,853,6571,386,5281,418,643↑ +467,129
Raymond Kaszuba1,646,098910,145—↑ +735,953
MardiLyn Saathoff1,429,6131,326,7241,240,752↑ +102,889
Megan Berge1,299,197———
David Anderson575,7754,137,5853,537,654↓ −3,561,810

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against NWN
11 companies name NWN as a compensation peer

Each company listed discloses NWN in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named NWN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Charles A. WilhoiteIndependent Director$252,500
Hon. Dave McCurdyIndependent Director$113,754
Jane L. PeverettIndependent Director$257,650
Karen LeeFormer director (through FY2025)$225,197
Kenneth ThrasherIndependent Director$115,000
Malia H. WassonIndependent Director$337,666
Mary E. LudfordIndependent Director$227,674
Monica EnandIndependent Director$248,833
Nathan I. PartainIndependent Director$255,150
Peter J. BragdonIndependent Director$113,798
Sandra McDonoughIndependent Director$250,176
Timothy P. BoyleIndependent Director$108,750
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Sandra McDonoughDirector2026-05-07A250.48$50$12,571CommonForm 4 ↗
Mary E. LudfordDirector2026-05-07A512.855025,740CommonForm 4 ↗
Karen LeeDirector2026-05-07A1,014.425050,914CommonForm 4 ↗
Justin PalfreymanDirector2026-05-07A1,2254959,719CommonForm 4 ↗
Peter J. BragdonDirector2026-05-07A1,151.685057,803CommonForm 4 ↗
Peter J. BragdonDirector2026-05-12A4005020,128CommonForm 4 ↗
David Hugo AndersonDirector2026-06-26D1,5005176,351CommonForm 4 ↗
David Hugo AndersonDirector2026-07-20D1,5005176,775CommonForm 4 ↗
Mary E. LudfordDirector2026-08-06A507.025125,741CommonForm 4 ↗
Peter J. BragdonDirector2026-08-06A1,140.715157,914CommonForm 4 ↗
Sandra McDonoughDirector2026-08-06A247.635112,572CommonForm 4 ↗
David Hugo AndersonDirector2026-08-18D1,5005176,294CommonForm 4 ↗
Brody J. WilsonVP, Treas, Controller & CAO2026-09-01D3414916,733CommonForm 4 ↗
Raymond KaszubaSVP & Chief Financial Officer2026-09-01D7054934,594CommonForm 4 ↗
David Hugo AndersonDirector2026-09-18D1,5004872,039CommonForm 4 ↗
Kyra PattersonVP and Chief People Officer2026-10-01D2444711,387CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Kimberly RushPSU2025-02-262,2107,365—14,730$291,359
Justin PalfreymanPSU2025-02-268,34627,820—55,6401,100,559
Justin PalfreymanPSU2025-02-26—14,982——625,648
Raymond KaszubaPSU2025-02-262,8239,410—18,820372,260
Kimberly RushPSU2025-02-26—3,966——165,620
Megan BergePSU—1,7195,730—11,460226,679
Megan BergePSU2025-03-01—6,297——257,421
MardiLyn SaathoffPSU2025-02-26—4,407——184,036
Raymond KaszubaPSU2025-02-26—5,067——211,598
MardiLyn SaathoffPSU2025-02-262,4548,180—16,360323,601
Megan BergePSU2025-02-26—3,087——128,913
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Kimberly Rush$0$456,979$0100.0%
Justin Palfreyman01,726,2070100.0%
Raymond Kaszuba0583,8580100.0%
Megan Berge0613,0130100.0%
MardiLyn Saathoff0507,6370100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Megan BergePSU11,460—$535,640
Kimberly RushPSU28,340—1,324,612
Justin PalfreymanRSU1,718—80,299
David AndersonPSU2,652—123,954
David AndersonPSU22,706—1,061,278
Justin PalfreymanPSU81,960—3,793,418
MardiLyn SaathoffPSU33,380—1,560,181
David AndersonPSU7,330—342,604
Raymond KaszubaPSU18,920—879,647
David AndersonRSU2,644—123,581
MardiLyn SaathoffPSU884—41,318
Justin PalfreymanPSU9,988—466,841
David AndersonRSU3,665—171,302
Kimberly RushPSU708—33,092
Megan BergePSU6,297—294,322
Raymond KaszubaPSU5,210—243,528
Megan BergeRSU1,029—48,091
Justin PalfreymanRSU4,994—233,396
Justin PalfreymanPSU3,436—160,599
Raymond KaszubaPSU3,378—157,889
MardiLyn SaathoffRSU884—41,318
Justin PalfreymanPSU708—33,092
MardiLyn SaathoffPSU2,938—137,323
MardiLyn SaathoffPSU2,292—107,128
Megan BergePSU2,058—96,191
David AndersonRSU2,652—123,954
Kimberly RushRSU1,322—61,784
Kimberly RushRSU730—34,120
Kimberly RushPSU2,644—123,581
Kimberly RushPSU1,834—85,721
Raymond KaszubaRSU1,689—78,936
MardiLyn SaathoffRSU1,469—68,654
MardiLyn SaathoffRSU1,146—53,564
Kimberly RushRSU917—42,861
MardiLyn SaathoffRSU730—34,120
Kimberly RushRSU708—33,092
Justin PalfreymanRSU708—33,092
Justin PalfreymanRSU639—29,867
05

Incentive-plan design — the Compensation Discussion & Analysis

The compensation philosophy for non-employee members of the Board is designed to attract and retain high performing directors who will perform in the best interest of shareholders. The compensation of Board members, when considered on an aggregate basis for service on the Board of Directors of NW Holdings and NW Natural, is targeted to be aligned near the middle of the market (50th percentile) for the same group of 18 peer companies approved by the OECC for the evaluation of executive compensation.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantPay Governance
Clawback policytrue
Anti-hedging—
Anti-pledging—
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2830,964,481911,720200,64097.14%Passed
20252025-05-2229,310,0871,146,255166,95296.24%Passed
20242024-05-2327,490,9711,080,127176,33596.22%Passed
20232023-05-2526,349,8981,410,352162,46594.92%Passed
20222022-05-2324,555,068924,110180,71596.37%Passed
20212021-05-2721,698,003502,094182,68597.74%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2897.14%a
20252025-05-2296.24%b
20242024-05-2396.22%c

a. Approved under the standard stated in the filing — “Accordingly, abstentions and broker non-votes will have no effect on the results of the vote on this proposal.”.

b. Approved under the standard stated in the filing — “Accordingly, abstentions and broker non-votes will have no effect on the results of the vote on this proposal.”.

c. Approved under the standard stated in the filing — “Accordingly, abstentions and broker non-votes will have no effect on the results of the vote on this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)28 : 1
CEO total compensation$3,732,967
Median employee compensation$134,311
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Malia H. WassonIndependent · Audit (1) · Organization and Executive Compensation · Governance$337,650————$337,666
Jane L. PeverettIndependent · Audit (1) (Chair) · Organization and Executive Compensation · Governance257,650————257,650
Nathan I. PartainIndependent · Organization and Executive Compensation (Chair) · Governance · Finance255,150————255,150
Charles A. WilhoiteIndependent · Audit (1) · Organization and Executive Compensation · Governance (Chair)252,500————252,500
Sandra McDonoughIndependent · Audit (1) · Governance · Public Affairs and Environmental Policy (Chair)250,150————250,176
Monica EnandIndependent · Governance · Finance (Chair) · Public Affairs and Environmental Policy247,650————248,833
Mary E. LudfordIndependent · Audit (1) · Finance227,650————227,674
Karen LeeIndependent · Finance · Public Affairs and Environmental Policy · Not standing for re-election · Departed during FY225,150————225,197
David H. AndersonIndependent · Finance · Public Affairs and Environmental Policy165,000————165,680
Kenneth ThrasherIndependent115,000————115,000
Peter J. BragdonIndependent · Organization and Executive Compensation · Public Affairs and Environmental Policy113,750————113,798
Hon. Dave McCurdyIndependent113,750————113,754
Timothy P. BoyleIndependent108,750————108,750
Justin B. PalfreymanEmployee director—————0
09

Board fee structure and ownership guideline

Annual cash retainer$21,000
Annual equity retainer—
Per board meeting fee$150
Committee chair fees (audit / comp / nom-gov)2,000 / 2,000 / 1,500
Stock ownership guideline$450,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$2,669,800
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$2,669,800

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Northwest Natural Holding names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Northwest Natural Holding.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1NiSource Inc.2025Lloyd Yates$1,191,667$9,619,864$0$2,261,784$13,197,800
2Southwest Gas Holdings, Inc.2025Karen Haller1,090,6855,776,08501,861,20010,029,409
3Atmos Energy Corporation2025J. Kevin Akers1,147,8025,179,05702,100,5729,953,274
4New Jersey Resources Corporation2025Stephen Westhoven1,002,7373,514,63301,398,2866,433,253
5Black Hills Corporation2025Linden Evans995,5942,966,68801,294,8865,991,759
6ONE Gas, Inc.2025Robert McAnnally925,0003,154,36101,300,0005,575,027
7Spire Inc.2025Steven Lindsey497,3081,873,940005,066,799
8Northwestern Corporation2025Brian Bird921,2632,700,0220743,4005,016,745
9Avista Corporation2025Heather Rosentrater786,8452,653,7430897,7324,773,308
10Northwest Natural Holding2025Justin Palfreyman812,5001,726,208—726,4063,695,467
11MGE Energy, Inc.2025Jeffrey Keebler795,8331,402,8810865,9203,613,508
12Unitil Corporation2025Thomas Meissner Jr.744,066751,8420662,5913,189,116

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Northwest Natural Holding138.8%PSU 65 · RSU 35NoPay Governance
Atmos Energy Corporation153%PSU 75 · RSU 25NoMeridian Compensation Partners, LLC
Avista Corporation114%not disclosedNoMeridian Compensation Partners
Black Hills Corporation118.4%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (rTSR)Meridian
MGE Energy, Inc.135.3%PSU 50 · RSU 50Yes — Relative Total Shareholder Return (TSR)FW Cook
New Jersey Resources Corporation126.17%PSU 51 · RSU 49NoFW Cook
NiSource Inc.146%PSU 80 · RSU 20Yes — Three-Year RTSRMeridian Compensation Partners
Northwestern Corporation80%PSU 70 · RSU 30Yes — TSR relative to peer groupWillis Towers Watson (WTW)
ONE Gas, Inc.140.6%PSU 70 · RSU 30Yes — Relative TSRMeridian Compensation Partners
Southwest Gas Holdings, Inc.141%PSU 60 · RSU 40NoAon Human Capital Solutions
Spire Inc.95%PSU 75 · RSU 25NoSemler Brossy Consulting Group LLC
Unitil Corporation137%PSU 50 · RSU 50NoWillis Towers

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Northwest Natural Holding in fiscal 2025?
As disclosed, Justin Palfreyman (President and Chief Executive Officer, NW Holdings; Chief Executive Officer, NW Natural) was the highest-paid executive at Northwest Natural Holding in fiscal 2025, with total compensation of $3,695,467.
What is Northwest Natural Holding's CEO-to-median employee pay ratio?
As disclosed, Northwest Natural Holding's CEO-to-median employee pay ratio was 28:1.
How did shareholders vote on Northwest Natural Holding's executive compensation?
As disclosed, 97.14% of shareholders supported Northwest Natural Holding's executive compensation in the latest say-on-pay vote.
How much does Northwest Natural Holding spend in total on board compensation for fiscal 2025?
As disclosed, Northwest Natural Holding reported total board compensation of $2,669,800 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Justin PalfreymanDEF 14A2026-04-170001193125-26-161075Section “Summary Compensation Table”. As printed: 3,695,467. Filing ↗
2Section 01, Kimberly RushDEF 14A2026-04-170001193125-26-161075Section “Summary Compensation Table”. As printed: 1,853,657. Filing ↗
3Section 01, Raymond KaszubaDEF 14A2026-04-170001193125-26-161075Section “Summary Compensation Table”. As printed: 1,646,098. Filing ↗
4Section 01, MardiLyn SaathoffDEF 14A2026-04-170001193125-26-161075Section “Summary Compensation Table”. As printed: 1,429,613. Filing ↗
5Section 01, Megan BergeDEF 14A2026-04-170001193125-26-161075Section “Summary Compensation Table”. As printed: 1,299,197. Filing ↗
6Section 01, David AndersonDEF 14A2026-04-170001193125-26-161075Section “Summary Compensation Table”. As printed: 575,775. Filing ↗
7Section 03, Kimberly Rush PSUDEF 14A1900-01-010001193125-26-161075Section “Grants of Plan-Based Awards During 2025” · grants of plan-based awards table. Filing ↗machine: span 1114172–1114179
8Section 03, Justin Palfreyman PSUDEF 14A1900-01-010001193125-26-161075Section “Grants of Plan-Based Awards During 2025” · grants of plan-based awards table. Filing ↗machine: span 1070338–1070347
9Section 03, Justin Palfreyman PSUDEF 14A1900-01-010001193125-26-161075Section “Grants of Plan-Based Awards During 2025” · grants of plan-based awards table. Filing ↗machine: span 1074306–1074313
10Section 03, Raymond Kaszuba PSUDEF 14A1900-01-010001193125-26-161075Section “Grants of Plan-Based Awards During 2025” · grants of plan-based awards table. Filing ↗machine: span 1092265–1092272
11Section 03, Kimberly Rush PSUDEF 14A1900-01-010001193125-26-161075Section “Grants of Plan-Based Awards During 2025” · grants of plan-based awards table. Filing ↗machine: span 1118137–1118144
12Section 03, Megan Berge PSUDEF 14A1900-01-010001193125-26-161075Section “Grants of Plan-Based Awards During 2025” · grants of plan-based awards table. Filing ↗machine: span 1124766–1124773
13Section 03, Megan Berge PSUDEF 14A1900-01-010001193125-26-161075Section “Grants of Plan-Based Awards During 2025” · grants of plan-based awards table. Filing ↗machine: span 1132393–1132400
14Section 03, MardiLyn Saathoff PSUDEF 14A1900-01-010001193125-26-161075Section “Grants of Plan-Based Awards During 2025” · grants of plan-based awards table. Filing ↗machine: span 1107184–1107191
15Section 03, Raymond Kaszuba PSUDEF 14A1900-01-010001193125-26-161075Section “Grants of Plan-Based Awards During 2025” · grants of plan-based awards table. Filing ↗machine: span 1096230–1096237
16Section 03, MardiLyn Saathoff PSUDEF 14A1900-01-010001193125-26-161075Section “Grants of Plan-Based Awards During 2025” · grants of plan-based awards table. Filing ↗machine: span 1103219–1103226
17Section 03, Megan Berge PSUDEF 14A1900-01-010001193125-26-161075Section “Grants of Plan-Based Awards During 2025” · grants of plan-based awards table. Filing ↗machine: span 1127948–1127955
18Section 07, pay ratioDEF 14A2026-04-170001193125-26-161075Section “CEO Pay Ratio”. As printed: 28 : 1. Filing ↗machine: span 838572–838581
19Section 08, Malia H. WassonDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 337,666. Filing ↗machine: span 1376582–1376628
20Section 08, Jane L. PeverettDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 257,650. Filing ↗machine: span 1372231–1372334
21Section 08, Nathan I. PartainDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 255,150. Filing ↗machine: span 1370485–1370588
22Section 08, Charles A. WilhoiteDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 252,500. Filing ↗machine: span 1377569–1377672
23Section 08, Sandra McDonoughDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 250,176. Filing ↗machine: span 1369641–1369687
24Section 08, Monica EnandDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 248,833. Filing ↗machine: span 1362840–1362886
25Section 08, Mary E. LudfordDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 227,674. Filing ↗machine: span 1366236–1366282
26Section 08, Karen LeeDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 225,197. Filing ↗machine: span 1364535–1364581
27Section 08, David H. AndersonDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 165,680. Filing ↗machine: span 1357692–1357738
28Section 08, Kenneth ThrasherDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 115,000. Filing ↗machine: span 1373977–1374080
29Section 08, Peter J. BragdonDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 113,798. Filing ↗machine: span 1361139–1361185
30Section 08, Hon. Dave McCurdyDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 113,754. Filing ↗machine: span 1367938–1367984
31Section 08, Timothy P. BoyleDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 108,750. Filing ↗machine: span 1358535–1358637
32Section 08, Justin B. PalfreymanDEF 14A2026-04-170001193125-26-161075Section “Director Compensation”. As printed: 0. Filing ↗
33Section 02, Sandra McDonough 2026-05-07Form 42026-05-110001733998-26-000093Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Mary E. Ludford 2026-05-07Form 42026-05-110001733998-26-000095Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Karen Lee 2026-05-07Form 42026-05-110001733998-26-000097Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Justin Palfreyman 2026-05-07Form 42026-05-070001733998-26-000089Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Peter J. Bragdon 2026-05-07Form 42026-05-110001733998-26-000091Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Peter J. Bragdon 2026-05-12Form 42026-05-130001733998-26-000099Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, David Hugo Anderson 2026-06-26Form 42026-06-290001733998-26-000119Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, David Hugo Anderson 2026-07-20Form 42026-07-210001733998-26-000121Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Mary E. Ludford 2026-08-06Form 42026-08-070001733998-26-000129Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Peter J. Bragdon 2026-08-06Form 42026-08-070001733998-26-000131Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Sandra McDonough 2026-08-06Form 42026-08-070001733998-26-000133Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, David Hugo Anderson 2026-08-18Form 42026-08-180001733998-26-000135Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Brody J. Wilson 2026-09-01Form 42026-09-030001733998-26-000139Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Raymond Kaszuba 2026-09-01Form 42026-09-030001733998-26-000141Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, David Hugo Anderson 2026-09-18Form 42026-09-210001733998-26-000143Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Kyra Patterson 2026-10-01Form 42026-10-020001733998-26-000147Insider equity transaction reported since the proxy statement. Filing ↗
49Section 06, 2026 voteForm 8-K2026-06-010001733998-26-000111Item 5.07 · say-on-pay result. As reported: 97.14% (votes for as printed: FOR 30,964,481). Filing ↗
50Section 06, 2025 voteForm 8-K2025-05-270001733998-25-000108Item 5.07 · say-on-pay result. As reported: 96.24% (votes for as printed: FOR 29,310,087). Filing ↗
51Section 06, 2024 voteForm 8-K2024-05-290001733998-24-000085Item 5.07 · say-on-pay result. As reported: 96.22% (votes for as printed: FOR 27,490,971). Filing ↗
52Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
53Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
54Section 09b board cost (computed)Computed——Cash 2,669,800 + equity 0 + all other 0 = 2,669,800, summed across the director compensation table rows.machine: formula: Σ = 2,669,800
55NiSource Inc., Section 10b CEO totalDEF 14A2026-03-300001140361-26-011851CEO total compensation as printed in NiSource Inc.'s own proxy. As printed: 13,197,800. Filing ↗machine: t253 · r2 · c22 · span 1412582–1412592
56Southwest Gas Holdings, Inc., Section 10b CEO totalDEF 14A2026-03-230001692115-26-000080CEO total compensation as printed in Southwest Gas Holdings, Inc.'s own proxy. As printed: 10,029,409. Filing ↗machine: r2 · c24 · span 1094860–1094870
57Atmos Energy Corporation, Section 10b CEO totalDEF 14A2025-12-190000731802-25-000076CEO total compensation as printed in Atmos Energy Corporation's own proxy. As printed: 9,953,274. Filing ↗machine: t122 · r2 · c12 · span 827644–827653
58New Jersey Resources Corporation, Section 10b CEO totalDEF 14A2025-12-100000356309-25-000096CEO total compensation as printed in New Jersey Resources Corporation's own proxy. As printed: 6,433,253. Filing ↗machine: t217 · r2 · c14 · span 1329193–1329202
59Black Hills Corporation, Section 10b CEO totalDEF 14A2026-03-180001193125-26-113958CEO total compensation as printed in Black Hills Corporation's own proxy. As printed: 5,991,759. Filing ↗machine: t83 · r2 · c21 · span 1356271–1356280
60ONE Gas, Inc., Section 10b CEO totalDEF 14A2026-04-010001193125-26-137922CEO total compensation as printed in ONE Gas, Inc.'s own proxy. As printed: 5,575,027. Filing ↗machine: span 1271269–1271278
61Spire Inc., Section 10b CEO totalDEF 14A2025-12-160001308179-25-000657CEO total compensation as printed in Spire Inc.'s own proxy. As printed: 5,066,799. Filing ↗machine: t142 · r16 · c27 · span 939926–939935
62Northwestern Corporation, Section 10b CEO totalDEF 14A2026-03-120001993004-26-000018CEO total compensation as printed in Northwestern Corporation's own proxy. As printed: 5,016,745. Filing ↗machine: t153 · r3 · c19 · span 752129–752138
63Avista Corporation, Section 10b CEO totalDEF 14A2026-04-010001193125-26-138034CEO total compensation as printed in Avista Corporation's own proxy. As printed: 4,773,308. Filing ↗machine: span 842223–842232
64Northwest Natural Holding (subject), Section 10b CEO totalDEF 14A2026-04-170001193125-26-161075CEO total compensation as printed in Northwest Natural Holding's own proxy. As printed: 3,695,467. Filing ↗
65MGE Energy, Inc., Section 10b CEO totalDEF 14A2026-04-020001161728-26-000005CEO total compensation as printed in MGE Energy, Inc.'s own proxy. As printed: 3,613,508. Filing ↗machine: r4 · c9 · span 1077549–1077558
66Unitil Corporation, Section 10b CEO totalDEF 14A2026-03-270001193125-26-128263CEO total compensation as printed in Unitil Corporation's own proxy. As printed: 3,189,116. Filing ↗machine: t214 · span 819224–819233
67Section 10a, Northwestern Corporation reciprocityDEF 14A—0001993004-26-000018Northwestern Corporation names Northwest Natural Holding in its own disclosed peer group (read from its most recent proxy). Filing ↗
68Section 10a, ONE Gas, Inc. reciprocityDEF 14A—0001193125-26-137922ONE Gas, Inc. names Northwest Natural Holding in its own disclosed peer group (read from its most recent proxy). Filing ↗
69Section 10a, Atmos Energy Corporation reciprocityDEF 14A—0000731802-25-000076Atmos Energy Corporation's most recent proxy was read; its disclosed peer group does not include Northwest Natural Holding. Filing ↗
70Section 10a, MGE Energy, Inc. reciprocityDEF 14A—0001161728-26-000005MGE Energy, Inc. names Northwest Natural Holding in its own disclosed peer group (read from its most recent proxy). Filing ↗
71Section 10a, Avista Corporation reciprocityDEF 14A—0001193125-26-138034Avista Corporation's most recent proxy was read; its disclosed peer group does not include Northwest Natural Holding. Filing ↗
72Section 10a, New Jersey Resources Corporation reciprocityDEF 14A—0000356309-25-000096New Jersey Resources Corporation's most recent proxy was read; its disclosed peer group does not include Northwest Natural Holding. Filing ↗
73Section 10a, Unitil Corporation reciprocityDEF 14A—0001193125-26-128263Unitil Corporation names Northwest Natural Holding in its own disclosed peer group (read from its most recent proxy). Filing ↗
74Section 10a, Black Hills Corporation reciprocityDEF 14A—0001193125-26-113958Black Hills Corporation names Northwest Natural Holding in its own disclosed peer group (read from its most recent proxy). Filing ↗
75Section 10a, NiSource Inc. reciprocityDEF 14A—0001140361-26-011851NiSource Inc.'s most recent proxy was read; its disclosed peer group does not include Northwest Natural Holding. Filing ↗
76Section 10a, Spire Inc. reciprocityDEF 14A—0001308179-25-000657Spire Inc.'s most recent proxy was read; its disclosed peer group does not include Northwest Natural Holding. Filing ↗
77Section 10a, Southwest Gas Holdings, Inc. reciprocityDEF 14A—0001692115-26-000080Southwest Gas Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Northwest Natural Holding. Filing ↗

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