ECOLAB INC. — Director's Dealing 2017

Dec 5, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2017-12-01

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-12-01	CommonStock	M	21100	$35.630	Acquired	36937.393	Direct
2017-12-01	Common Stock	F	13047	$135.290	Disposed	23890.393	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-12-01	Employee Stock Option (Right to Buy)	$35.630	M	21100	Disposed	2018-12-03	Common Stock (21100)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1815.194	Indirect

Footnotes

F1: Reflects the reporting person's payment of minimum statutory tax obligations by withholding shares of Ecolab Common Stock incident to the vesting of performance-based restricted stock units in accordance with Rule 16b-3.

F2: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of November 30, 2017. Includes 25.791 UNITS acquired since the reporting person's last report. (The 1,815.194 UNITS are the equivalent of approximately 3,338 SHARES of the issuer's Common Stock.)

F3: Option granted under the Ecolab Inc. 2005 Stock Incentive Plan on December 3, 2008. 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.