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: LAVANDIER BRUNO (SVP & Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-12-01	Common Stock	S	347	$134.770	Disposed	7615	Direct
2017-12-04	Common Stock	M	4200	$71.540	Acquired	11815	Direct
2017-12-04	Common Stock	F	2840	$136.430	Disposed	8975	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-12-04	Employee Stock Option (Right to Buy)	$71.54	M	4200	Disposed	2022-12-05	Common Stock (4200)	Direct

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: 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.