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: BAKER DOUGLAS M JR (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-08-06	Common Stock	G	336	—	Disposed	472764	Direct
2018-09-18	Common Stock	M	120075	$48.055	Acquired	592839	Direct
2018-09-18	Common Stock	F	74847	$156.220	Disposed	517992	Direct
2018-06-01	Common Stock	G	350	—	Disposed	7050	Indirect

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	120075	Disposed	2020-12-01	Common Stock (120075)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	72850	Indirect
Common Stock	72500	Indirect
Common Stock	5567.277	Indirect

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: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of August 31, 2018. Includes 31.082 UNITS acquired since the reporting person's last report. (The 5,567.277 UNITS are the equivalent of approximately 10,228 SHARES of the issuer's Common Stock.)

F3: 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.