ECOLAB INC. — Director's Dealing 2018

Feb 23, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2018-02-21

Reporting Person: Inchaustegui Roberto (EVP & Pres-Global Serv & Spec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-02-21	Common Stock	A	4038	—	Acquired	23825	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-02-21	Restricted Stock Units	$	A	7312	Acquired		Common Stock (7312)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1620.173	Indirect

Footnotes

F1: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of January 31, 2018. Includes 4.76 UNITS acquired since the reporting person's last report. (The 1,620.173 UNITS are the equivalent of approximately 2,978 SHARES of the issuer's Common Stock.)

F2: Each restricted stock unit represents a contingent right to receive one share of Ecolab Inc. common stock. The units will vest, subject to continued employment, as to 100% of the grant amount on the second anniversary of the date of grant.