ECOLAB INC. — Director's Dealing 2014

Sep 16, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC (ECL)
CIK: 0000031462
Period of Report: 2014-09-12

Reporting Person: SCHMECHEL DANIEL J (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-09-12	Common Stock	M	16500	$45.240	Acquired	115753.279	Direct
2014-09-12	Common Stock	F	11226	$115.325	Disposed	104529.336	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-09-12	Employee Stock Option (Right to Buy)	$45.240	M	16500	Disposed	2016-12-06	Common Stock (16500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2730.554	Indirect

Footnotes

F1: Reflects the reporting person's payment of the exercise price for a stock option issued in accordance with Rule 16b-3 by delivering or withholding shares of Ecolab common stock.

F2: Includes 1.053 shares acquired on April 21, 2014 and 1.004 shares acquired on July 18, 2014 by dividend reinvestment under the Dividend Reinvestment Plan for shareholders of Ecolab sponsored by Computershare Trust Company, N.A.

F3: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of August 31, 2014. Includes 13.604 UNITS acquired since the reporting person's last report. (The 2,730.554 UNITS are the equivalent of approximately 5,039 shares of the issuer's Common Stock.)

F4: Option granted under the Ecolab Inc. 2005 Stock Incentive Plan on December 6, 2006. 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.