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: HANDLEY THOMAS W (President and COO)

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	34548	Acquired	2027-12-06	Common Stock (34548)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	74841.664	Direct
Common Stock	3276	Indirect
Common Stock	3276	Indirect
Common Stock	40101.155	Indirect
Common Stock	561.191	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 561.191 UNITS are the equivalent of approximately 1,032 SHARES of the issuer's Common Stock.)

F2: 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 shares on the third anniversary of the date of grant. The date listed in the "Date Exercisable" column represents the first anniversary date of the date of grant.