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: Mulhere Timothy P (EVP & Regions President)

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	23833	Acquired	2026-12-07	Common Stock (23833)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	12725.393	Direct
Common Stock	1781.753	Indirect

Footnotes

F1: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of November 30, 2016. Includes 10.326 UNITS acquired since the reporting person's last report. (The 1,781.753 UNITS are the equivalent of approximately 3,285 SHARES of the issuer's Common Stock.)

F2: 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.