ECOLAB INC. — Director's Dealing 2016

Dec 9, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2016-12-07

Reporting Person: Hughes Bryan L (Sr. VP & Corporate Controller)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-12-07	Employee Stock Option (Right to Buy)	$117.73	A	6455	Acquired	2026-12-07	Common Stock (6455)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7500.157	Direct
Common Stock	534.294	Indirect

Footnotes

F1: The total includes 0.078 shares acquired on July 20, 2016 and 0.081 shares acquired on October 20, 2016 by dividend reinvestment under the Dividend Reinvestment Plan for shareholders of Ecolab sponsored by Computershare Trust Company, N.A.

F2: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of November 30, 2016. Includes 3.093 UNITS acquired since the reporting person's last report. (The 534.294 UNITS are the equivalent of approximately 985 SHARES of the issuer's Common Stock.)

F3: The option will be 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.