ECOLAB INC. — Director's Dealing 2016

May 12, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2016-05-10

Reporting Person: Mulhere Timothy P (EVP & Regions President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-10	Common Stock	M	13600	$49.42	Acquired	30087.393	Direct
2016-05-10	Common Stock	F	9221	$116.55	Disposed	20866.393	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-10	Employee Stock Option (Right to Buy)	$49.42	M	13600	Disposed	2017-12-05	Common Stock (13600)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1771.427	Indirect

Footnotes

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

F2: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of April 30, 2016. Includes 17.625 UNITS acquired since the reporting person's last report. (The 1,771.427 UNITS are the equivalent of approximately 3,268 SHARES of the issuer's Common Stock.)

F3: Option granted under the Ecolab Inc. 2005 Stock Incentive Plan on December 5, 2007. 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.