ECOLAB INC. — Director's Dealing 2020

Mar 6, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2020-03-05

Reporting Person: BILLER LESLIE S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-03-05	Common Stock	M	4500	$47.475	Acquired	54374.60	Direct
2020-03-05	Common Stock	F	1067	$200.145	Disposed	53307.60	Direct
2020-03-05	Common Stock	M	4200	$51.735	Acquired	57507.60	Direct
2020-03-05	Common Stock	F	1085	$200.145	Disposed	56422.60	Direct
2020-03-05	Common Stock	M	3800	$63.995	Acquired	60222.60	Direct
2020-03-05	Common Stock	F	1215	$200.145	Disposed	59007.60	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-03-05	Non-Employee Director Stock Option (Right to Buy)	$47.475	M	4500	Disposed	2020-05-06	Common Stock (4500)	Direct
2020-03-05	Non-Employee Director Stock Option (Right to Buy)	$51.735	M	4200	Disposed	2021-05-05	Common Stock (4200)	Direct
2020-03-05	Non-Employee Director Stock Option (Right to Buy)	$63.995	M	3800	Disposed	2022-05-03	Common Stock (3800)	Direct

Footnotes

F1: Reflects the reporting person's payment of the exercise price for a stock option issued in accordance with Rule 16b-3 by withholding shares of Ecolab common stock.

F2: The option became 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. The date listed in the Date Exercisable column represents the vesting date for the first 25% of the option shares.