ECOLAB INC. — Director's Dealing 2017

Nov 1, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2017-10-30

Reporting Person: LAVANDIER BRUNO (SVP & Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-10-30	Common Stock	M	59	—	Acquired	7981	Direct
2017-10-30	Common Stock	F	19	$131.335	Disposed	7962	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-10-30	Restricted Stock Units	$	M	59	Disposed	2017-10-30	Common Stock (59)	Direct

Footnotes

F1: Each restricted stock unit was the economic equivalent of one share of Ecolab Common Stock and was settled for an equivalent number of shares of Ecolab Common Stock.

F2: Reflects the reporting person's payment of minimum statutory tax obligations by withholding shares of Ecolab Common Stock incident to the vesting of restricted stock units in accordance with Rule 16b-3.

F3: Represents the vesting of units from a grant totaling 59 restricted stock units made on October 30, 2014.