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: Beck Christophe (EVP & Pres-Global Industrial)

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	16287	Acquired	2028-12-04	Common Stock (16287)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	25149	Direct
Common Stock	1124.007	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 3.088 UNITS acquired since the reporting person's last report. (The 1,124.007 UNITS are the equivalent of approximately 2,064 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.