How Palfreyman was paid
$3.7M in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Bonus | Stock | Incentive | Pension | Other | Total |
|---|---|---|---|---|---|---|---|
| Justin B. PalfreymanPresident and Chief Executive Officer, NW Holdings | $812,500 | $333,594 | $1,726,208 | $726,406 | $275 | $96,484 | $3,695,467 |
| David H. AndersonFormer Chief Executive Officer | $230,833 | $73,635 | — | $185,365 | $680 | $85,262 | $575,775 |
| Raymond J. Kaszuba IIISenior Vice President and Chief Financial Officer | $542,500 | $160,927 | $583,858 | $311,073 | — | $47,740 | $1,646,098 |
| MardiLyn SaathoffGeneral Counsel, Chief Compliance Officer, and SVP Regulation, NW Holdings | $483,833 | $104,785 | $507,637 | $231,215 | $1,254 | $100,889 | $1,429,613 |
| Kimberly H. RushPresident, NW Natural | $506,667 | $115,440 | $456,980 | $243,560 | $485,045 | $45,965 | $1,853,657 |
| Megan H. BergeDeputy General Counsel and Corporate Secretary, NW Holdings | $341,667 | $185,542 | $613,013 | $129,458 | — | $29,517 | $1,299,197 |
What changed and why
- $3.7MJustin B. Palfreyman total compensation rose to $3,695,467 following his appointment as CEO.
- $576KDavid H. Anderson transitioned from CEO with total compensation of $575,775 for 2025.
- 96%Over 96 percent of shareholder votes cast supported the 2025 advisory say-on-pay vote.
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.