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Northwest Natural Holding Executive Compensation (FY25)

NWN · Executive and director compensation, fiscal 2022 to 2025
Median of the other named officers
$1,364,405
6 officers, excluding the chief executive
Latest say-on-pay support
=
May 28, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 5, 2026Latest filing (8-K): June 1, 2026
11 filings cited on this page
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358 figures on this page: 350 cited to the filing that reported them, 8 calculated from figures it prints. See the citations

More on Northwest Natural Holding

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Justin Palfreyman: $2,030,537 → $3,695,467 (82.0% higher)
Say-on-pay support: 96.2% → 97.1% (0.9 points higher)

Frequently asked questions

Answers drawn from the data on this page.
What was Northwest Natural Holding's say-on-pay result?
Shareholders supported the say-on-pay proposal with 97.1% of votes cast for or against in favor at the meeting held May 28, 2026 for fiscal 2025.
Which companies are in Northwest Natural Holding's peer group?
Companies named in the disclosed peer group include Atmos Energy Corporation, Avista Corporation, Black Hills Corporation, MGE Energy, Inc. and New Jersey Resources Corporation, among others. The additional disclosed peer group names Atmos Energy Corporation, Avista Corporation, Black Hills Corporation, MGE Energy, Inc. and New Jersey Resources Corporation, among others. Companies named in the 2025 Peer Group include American States Water Company, California Water Service Group, Chesapeake Utilities Corporation, Clearway Energy, Inc. and Essential Utilities, Inc., among others.
What is Northwest Natural Holding's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 28:1, against median employee compensation of $134,311.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Anderson
Chief Executive Officer
◇◇◇—◇◇◇◇
Frank Burkhartsmeyer
Former Executive Vice President, Strategy and Business Development and Chief Financial Officer
◇◇◇—◇◇◇◇
MardiLyn Saathoff
Senior Vice President, Regulation and General Counsel
◇◇◇—◇◇◇◇
Kimberly Rush
Senior Vice President and Chief Operating Officer
◇◇◇—◇◇◇◇
Justin Palfreyman
President
◇◇◇—◇◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Anderson
Chief Executive Officer
◇◇◇—◇◇◇◇
Kimberly Rush
Senior Vice President and Chief Operating Officer
◇◇◇—◇◇◇◇
Justin Palfreyman
President
◇◇◇—◇◇◇◇
MardiLyn Saathoff
Senior Vice President, Regulation and General Counsel
◇◇◇—◇◇◇◇
Frank Burkhartsmeyer
Former Executive Vice President, Strategy and Business Development and Chief Financial Officer
Departed during or after this year
◇—◇——◇◇◇
Brody Wilson
Vice President, Treasurer, Controller and Chief Accounting Officer
◇◇◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Anderson
Chief Executive Officer
◇◇◇—◇◇◇◇
Justin Palfreyman
President
◇◇◇—◇◇◇◇
Kimberly Rush
Senior Vice President and Chief Operating Officer
◇◇◇—◇◇◇◇
MardiLyn Saathoff
Senior Vice President, Regulation and General Counsel
◇◇◇—◇◇◇◇
Brody Wilson
Vice President, Treasurer, Controller and Chief Accounting Officer
◇◇◇—◇◇◇◇
Raymond Kaszuba
Senior Vice President and Chief Financial Officer
◇◇◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Justin Palfreyman
President and Chief Executive Officer, NW Holdings; Chief Executive Officer, NW Natural
◇◇◇—◇◇◇◇
Kimberly Rush
President, NW Natural
◇◇◇—◇◇◇◇
Raymond Kaszuba
Senior Vice President and Chief Financial Officer
◇◇◇—◇—◇◇
MardiLyn Saathoff
General Counsel, Chief Compliance Officer, and SVP Regulation, NW Holdings
◇◇◇—◇◇◇◇
Megan Deputy
General Counsel and Corporate Secretary, NW Holdings
◇◇◇—◇—◇◇
Megan Berge
Deputy General Counsel and Corporate Secretary, NW Holdings
◇◇◇—◇—◇◇
David Anderson
Former Chief Executive Officer
Departed during or after this year
◇◇——◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Justin B. PalfreymanPSU◇◇◇—◇—◇
Justin B. PalfreymanPSU◇—◇———◇
Kimberly H. RushPSU◇◇◇—◇—◇
Kimberly H. RushPSU◇—◇———◇
MardiLyn SaathoffPSU◇—◇———◇
MardiLyn SaathoffPSU◇◇◇—◇—◇
Megan H. BergePSU—◇◇—◇—◇
Megan H. BergePSU◇—◇———◇
Megan H. BergePSU◇—◇———◇
Raymond KaszubaPSU◇◇◇—◇—◇
Raymond KaszubaPSU◇—◇———◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Justin PalfreymanPSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
MardiLyn SaathoffPSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Kimberly RushPSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
David AndersonPSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Raymond KaszubaPSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
Megan BergePSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Malia H. Wasson
Board chair
◇———◇—◇
Jane L. Peverett
◇—————◇
Nathan I. Partain
◇—————◇
Charles A. Wilhoite
◇—————◇
Sandra McDonough
◇———◇—◇
Monica Enand
◇———◇—◇
Mary E. Ludford
◇———◇—◇
Karen Lee
◇———◇—◇
David H. Anderson
◇———◇—◇
Kenneth Thrasher
◇—————◇
Peter J. Bragdon
◇———◇—◇
Hon. Dave McCurdy
◇———◇—◇
Timothy P. Boyle
◇—————◇
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Board meeting fee◇
Committee meeting fee◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Atmos Energy Corporation ATO
  • Avista Corporation AVA
  • Black Hills Corporation BKH
  • MGE Energy, Inc. MGEE
  • New Jersey Resources Corporation NJR
  • NiSource Inc. NI
  • Northwestern Corporation NWE
  • ONE Gas, Inc. OG
  • Southwest Gas Holdings, Inc. SWX
  • Spire Inc. SR
  • Unitil Corporation UTL
Additional disclosed peer group
  • Atmos Energy Corporation ATO
  • Avista Corporation AVA
  • Black Hills Corporation BKH
  • MGE Energy, Inc. MGEE
  • New Jersey Resources Corporation NJR
  • Northwestern Corporation NWE
  • ONE Gas, Inc. OGS
  • Southwest Gas Holdings, Inc. SWX
  • Spire Inc. SR
  • Unitil Corporation UTL
2025 Peer Group
  • American States Water Company AWR
  • California Water Service Group CWT
  • Chesapeake Utilities Corporation CPU
  • Clearway Energy, Inc. CWEN
  • Essential Utilities, Inc. WTRG
  • H20 America (formerly, SJW Group) symbol not shown
  • IDACORP, Inc. IDA
  • Otter Tail Corporation OTTR
  • Portland General Electric Company PGE
  • TXNM Energy, Inc. TXNM
TSR Peer Group
  • NiSource Inc. NI

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 28, 2026=◇◇◇
2024May 22, 2025=◇◇◇
2023May 23, 2024=◇◇◇
2022May 25, 2023=◇◇◇
2021May 23, 2022=◇◇◇
2020May 27, 2021=◇◇◇
2019May 28, 2020=◇◇◇
2018May 23, 2019=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

Ask our research desk — $99, 24h, every figure cited to its filing.

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]

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What this page does not include

Everything above is a fact Northwest Natural Holding disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Northwest Natural Holding sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
358 figures on this page: 350 cited to the filing that reported them, 8 calculated from figures it prints.
350 cited to the filing
8 calculated from the filing

Documents cited

  1. 0001733998-26-000111
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-161075
    Grants of Plan-Based Awards During 2025 · Non-Employee Director Compensation in 2025 · Outstanding Equity Awards at December 31, 2025 · Summary Compensation Table
  3. 0001733998-25-000108
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-25-077782
    Summary Compensation Table
  5. 0001733998-24-000085
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001193125-24-092939
    Summary Compensation Table
  7. 0001733998-23-000034
    Item 5.07 Submission of Matters to a Vote of Security Holders Annual Meeting Sh
  8. 0001733998-22-000017
  9. 0001733998-21-000013
  10. 0001733998-20-000031
  11. 0001733998-19-000015
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Northwest Natural Holding executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/NWN (accessed 2026).
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The paid brief for Northwest Natural Holding

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$500 for the Executive Compensation Report. Both reports for $900.
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11 filings cited on this page
Method: intel.velarion.ai/methodology
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Utilities rankings

Chief executive pay — UtilitiesCEO pay ratio — UtilitiesSay-on-pay support — Utilities

Peers Northwest Natural Holding discloses

The companies named in NWN's own disclosed peer group.

Atmos Energy CorporationAvista CorporationBlack Hills CorporationMGE Energy, Inc.New Jersey Resources CorporationNiSource Inc.Northwestern CorporationSouthwest Gas Holdings, Inc.Spire Inc.Unitil CorporationONE Gas, Inc.American States Water CompanyCalifornia Water Service GroupClearway Energy, Inc.Essential Utilities, Inc.IDACORP, Inc.Otter Tail CorporationTXNM Energy, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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