ECOLAB INC. — Director's Dealing 2014

Dec 5, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC (ECL)
CIK: 0000031462
Period of Report: 2014-12-03

Reporting Person: Mulhere Timothy P (EVP & Pres-Global Water)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-03	Employee Stock Option (Right to Buy)	$107.685	A	24471	Acquired	2024-12-03	Common Stock (24471)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11021.932	Direct
Common Stock	1711.703	Indirect

Footnotes

F1: Includes 1.385 shares acquired by reporting person on April 16, 2014, 1.341 shares acquired on July 16, 2014 and 1.406 shares acquired on October 16, 2014 by a dividend reinvestment feature under the Ecolab Stock Purchase Plan.

F2: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of November 30, 2014. Includes 23.654 UNITS acquired since the reporting person's last report. (The 1,711.703 UNITS are the equivalent of approximately 3,160 shares of the issuer's Common Stock.)

F3: The option will be exercisable, on a cumulative basis, as to one-third of the option shares (excluding any fractional portion less than one share), on each of the first and second anniversaries of the date of grant and as to the remaining shares on the third anniversary of the date of grant.