ECOLAB INC. — Director's Dealing 2015

Nov 24, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2015-11-20

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-11-20	Common Stock	M	28350	$44.91	Acquired	42137	Direct
2015-11-20	Common Stock	S	28350	$118.138	Disposed	13787	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-11-20	Employee Stock Option (Right to Buy)	$44.91	M	28350	Disposed	2018-07-31	Common Stock (28350)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1577.436	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $118.00 to $118.37. 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: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of October 31, 2015. Includes 13.016 UNITS acquired since the reporting person's last report. (The 1,577.436 UNITS are the equivalent of approximately 2,911 SHARES of the issuer's Common Stock.)

F3: Option granted under the Ecolab Inc. 2005 Stock Incentive Plan on July 31, 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 option shares on the third anniversary of the date of grant.