ECOLAB INC. — Director's Dealing 2018

Sep 7, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2018-09-06

Reporting Person: Mulhere Timothy P (EVP & Pres - Global Ent Eff)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-09-06	Common Stock	M	9800	$45.665	Acquired	29482.393	Direct
2018-09-06	Common Stock	S	9800	$152.594	Disposed	19682.393	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-09-06	Employee Stock Option (Right to Buy)	$45.665	M	9800	Disposed	2019-12-02	Common Stock (9800)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1842.726	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $152.50 to $152.81, inclusive. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F2: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of August 31, 2018. Includes 10.330 UNITS acquired since the reporting person's last report. (The 1,842.726 UNITS are the equivalent of approximately 3,385 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.