ECOLAB INC. — Director's Dealing 2015

Feb 24, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC (ECL)
CIK: 0000031462
Period of Report: 2015-02-20

Reporting Person: Blanco Alex N (EVP and Chief Supply Chain Off)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-02-20	Common Stock	M	3647	$0.00	Acquired	6042	Direct
2015-02-20	Common Stock	F	1249	$111.745	Disposed	4793	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-02-20	Restricted Stock Units	$	M	3647	Disposed	2016-02-20	Common Stock (3647)	Direct

Footnotes

F1: Reflects the reporting person's payment of minimum statutory tax obligations by withholding shares of Ecolab Common Stock incident to the vesting of restricted stock units in accordance with Rule 16b-3.

F2: Each restricted stock unit was the economic equivalent of one share of Ecolab Common Stock and was settled for an equivalent number of shares of Ecolab Common Stock.

F3: Represents the second vesting (out of three) of units from an initial grant of 10,940 restricted stock units made on February 20, 2013. The vesting schedule for the original grant provided for the units to vest, subject to the reporting person's continued employment, as to one-third of the grant amount (excluding any factional 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.