ECOLAB INC. — Director's Dealing 2020

Dec 4, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2020-12-02

Reporting Person: BAKER DOUGLAS M JR (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-12-02	Common Stock	M	82613	$107.685	Acquired	683631	Direct
2020-12-02	Common Stock	S	44813	$219.404	Disposed	638818	Direct
2020-12-02	Common Stock	S	22197	$220.472	Disposed	616621	Direct
2020-12-02	Common Stock	S	7990	$221.210	Disposed	608631	Direct
2020-12-03	Common Stock	M	80526	$107.685	Acquired	689157	Direct
2020-12-03	Common Stock	S	31812	$219.600	Disposed	657345	Direct
2020-12-03	Common Stock	S	5451	$220.708	Disposed	651894	Direct
2020-12-03	Common Stock	S	10226	$221.520	Disposed	641668	Direct
2020-12-03	Common Stock	S	21160	$222.649	Disposed	620508	Direct
2020-12-03	Common Stock	S	4458	$223.451	Disposed	616050	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-12-02	Employee Stock Option (Right to Buy)	$107.685	M	82613	Disposed	2024-12-03	Common Stock (82613)	Direct
2020-12-03	Employee Stock Option (Right to Buy)	$107.685	M	80526	Disposed	2024-12-03	Common Stock (80526)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7050	Indirect
Common Stock	72850	Indirect
Common Stock	72500	Indirect
Common Stock	5693.979	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $219.040 to $220.030, 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: This transaction was executed in multiple trades at prices ranging from $220.040 to $221.020, 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.

F3: This transaction was executed in multiple trades at prices ranging from $221.060 to $221.670, 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.

F4: This transaction was executed in multiple trades at prices ranging from $219.135 to $220.120, 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.

F5: This transaction was executed in multiple trades at prices ranging from $220.145 to $221.135, 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.

F6: This transaction was executed in multiple trades at prices ranging from $221.200 to $221.930, 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.

F7: This transaction was executed in multiple trades at prices ranging from $222.210 to $223.180, 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.

F8: This transaction was executed in multiple trades at prices ranging from $223.260 to $223.760, 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.

F9: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of November 30, 2020. Includes 25.572 UNITS acquired since the reporting person's last report. (The 5,693.979 UNITS are the equivalent of approximately 10,440 SHARES of the issuer's Common Stock.)

F10: 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 grant.