ECOLAB INC. — Director's Dealing 2018

Dec 7, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2018-12-04

Reporting Person: HANDLEY THOMAS W (President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-12-04	Common Stock	G	445	—	Disposed	127090.819	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-12-04	Employee Stock Option (Right to Buy)	$158.515	A	28501	Acquired	2028-12-04	Common Stock (28501)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7403	Indirect
Common Stock	7403	Indirect
Common Stock	567.544	Indirect

Footnotes

F1: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of November 30, 2018. Includes 1.559 UNITS acquired since the reporting person's last report. (The 567.544 UNITS are the equivalent of approximately 1,042 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.