Waiver of Forfeiture Provisions for Deceased Director under Non-Employee Directors Stock Compensation Plan (Northwest Natural Gas Company)

Contract Categories: Business Finance › Waiver Agreements
Summary

Northwest Natural Gas Company’s Board of Directors has waived the forfeiture provisions in its Non-Employee Directors Stock Compensation Plan for Melody C. Teppola, a director who passed away on December 6, 2004. This waiver allows approximately 2,808 unvested shares of company stock, previously held in Teppola’s account, to remain vested despite her death, overriding the plan’s standard forfeiture rules for unvested shares upon a director’s death.

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EX-10.I(1) 5 dex10i1.htm SUMMARY,WAIVER OF FORFEITURE PRVSNS-NON-EMPLOY. DIR. STCK COMP. PLAN, DECEASED Summary,waiver of forfeiture prvsns-Non-Employ. Dir. Stck Comp. Plan, deceased

Exhibit 10i-1

 

NORTHWEST NATURAL GAS COMPANY

 

Waiver of Forfeiture Provisions of Non-Employee Directors Stock Compensation Plan for Deceased Director

 

On December 16, 2004, the Board of Directors waived forfeiture provisions of the Company’s Non-Employee Directors Stock Compensation Plan (“NEDSCP”) with respect to approximately 2,808 unvested shares of Company stock held in the account of Melody C. Teppola, a director of the Company who died on December 6, 2004.