ECOLAB INC. — Director's Dealing 2020

Feb 28, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2020-02-26

Reporting Person: BAKER DOUGLAS M JR (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-02-26	Common Stock	A	41509	—	Acquired	619657	Direct
2020-02-26	Common Stock	F	18929	$195.740	Disposed	600728	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7050	Indirect
Common Stock	72850	Indirect
Common Stock	72500	Indirect
Common Stock	5653.151	Indirect

Footnotes

F1: Reflects the reporting person's payment of minimum statutory tax obligations by withholding shares of Ecolab Common Stock incident to the vesting of performance-based restricted stock units in accordance with Rule 16b-3.

F2: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of January 31, 2020. (The 5,653.151 UNITS are the equivalent of approximately 10,364 SHARES of the issuer's Common Stock.)