ECOLAB INC. — Director's Dealing 2018

Sep 20, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2018-09-18

Reporting Person: SCHMECHEL DANIEL J (CFO and Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-09-18	Common Stock	M	14500	$48.055	Acquired	157481.806	Direct
2018-09-18	Common Stock	F	9038	$156.220	Disposed	148446.219	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-09-18	Employee Stock Option (Right to Buy)	$48.055	M	14500	Disposed	2020-12-01	Common Stock (14500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2860.772	Indirect

Footnotes

F1: Reflects the reporting person's payment of the exercise price and witholding taxes for a stock option issued in accordance with Rule 16b-3 by delivering or withholding shares of Ecolab common stock.

F2: The total includes 1.194 shares acquired on April 18, 2018 and 1.219 shares acquired on July 18, 2018 by dividend reinvestment under the Dividend Reinvestment Plan for shareholders of Ecolab sponsored by Computershare Trust Company, N.A.

F3: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of August 31, 2018. Includes 15.966 UNITS acquired since the reporting person's last report. (The 2,860.772 UNITS are the equivalent of approximately 5,255 SHARES of the issuer's common stock.)

F4: 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.