ECOLAB INC. — Director's Dealing 2017

Dec 8, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2017-12-06

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-12-06	Common Stock	S	8053	$136.990	Disposed	15837.393	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-12-06	Employee Stock Option (Right to Buy)	$137.087	A	20729	Acquired	2027-12-06	Common Stock (20729)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1815.194	Indirect

Footnotes

F1: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of November 30, 2017. (The 1,815.194 UNITS are the equivalent of approximately 3,338 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.