ECOLAB INC. — Director's Dealing 2021

Sep 15, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2021-09-14

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-09-14	Common Stock	M	173036	$119.12	Acquired	796963	Direct
2021-09-14	Common Stock	S	172892	$223.537	Disposed	624071	Direct
2021-09-14	Common Stock	S	144	$224.232	Disposed	623927	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-09-14	Employee Stock Option (Right to Buy)	$119.120	M	173036	Disposed	2025-12-02	Common Stock (173036)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7050	Indirect
Common Stock	72850	Indirect
Common Stock	72500	Indirect
Common Stock	5731.786	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $223.215 to $224.210, 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 $224.215 to $224.240, 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: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of August 31, 2021. Includes 24.986 UNITS acquired since the reporting person's last report. (The 5,731.786 UNITS are the equivalent of approximately 10,506 SHARES of the issuer's Common Stock.)

F4: 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.