ECOLAB INC. — Director's Dealing 2020

May 9, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2020-05-07

Reporting Person: Vautrinot Suzanne M (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-05-07	Non-Employee Director Stock Option (Right to Buy)	$195.255	A	1417	Acquired	2030-05-07	Common Stock (1417)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4803.78	Direct

Footnotes

F1: The option will become exercisable, on a cumulative basis, as to 25% of the option shares (excluding any fractional portion less than one share), on the last day of each of the first, second and third three-month periods following its date of grant and as to the remaining shares on the last day of the fourth three-month period following its date of grant; provided, however, that if a Change in Control of the Company (as that term is defined in the Ecolab Inc. 2001 Non-Employee Director Stock Option and Deferred Compensation Plan) will occur, then the option will become immediately exercisable in full.