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: 2014-11-21

Reporting Person: Inchaustegui Roberto (EVP & Pres.-Global Serv & Spec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-21	Common Stock	M	8650	$44.91	Acquired	20137	Direct
2014-11-21	Common Stock	M	19700	$35.63	Acquired	39837	Direct
2014-11-21	Common Stock	S	28350	$115.00	Disposed	11487	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-11-21	Employee Stock Option (Right to Buy)	$44.91	M	8650	Disposed	2018-07-31	Common Stock (8650)	Direct
2014-11-21	Employee Stock Option (Right to Buy)	$35.63	M	19700	Disposed	2018-12-03	Common Stock (19700)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1559.112	Indirect

Footnotes

F1: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of October 31, 2014. Includes 7.754 UNITS acquired since the reporting person's last report. (The 1,559.112 UNITS are the equivalent of approximately 2,877 SHARES of the issuer's Common Stock.)

F2: Option granted under the Ecolab Inc. 2005 Stock Incentive Plan on December 3, 2008. 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.