ECOLAB INC. — Director's Dealing 2014

Nov 26, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC (ECL)
CIK: 0000031462
Period of Report: 2014-11-25

Reporting Person: SEIFERT JAMES J (Ex.VP, Gen. Counsel & Secy.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-18	Common Stock	G	184	$0.00	Disposed	25473	Direct
2014-11-25	Common Stock	M	23100	$48.055	Acquired	48573	Direct
2014-11-20	Common Stock	S	23100	$113.7466	Disposed	25473	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-11-25	Stock Option (Right to Buy)	$48.055	M	23100	Disposed	2020-12-01	Common Stock (23100)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $113.69 to $113.83. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F2: Option granted under the Ecolab Inc. 2010 Stock Incentive Plan on December 1, 2010. The option became 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.