ECOLAB INC. — Director's Dealing 2021

Aug 4, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2021-08-02

Reporting Person: Beck Christophe (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-08-02	Common Stock	M	32600	$71.540	Acquired	80706	Direct
2021-08-02	Common Stock	S	18900	$218.949	Disposed	61806	Direct
2021-08-02	Common Stock	S	7613	$219.814	Disposed	54193	Direct
2021-08-02	Common Stock	S	100	$220.390	Disposed	54093	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-08-02	Employee Stock Option (Right to Buy)	$71.540	M	32600	Disposed	2022-12-05	Common Stock (32600)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1288.399	Indirect

Footnotes

F1: The total number of shares sold by the reporting person of 26,613 is the sum of (a) the "sell-to-cover amount" (i.e., amount required to be sold to cover the option exercise price and withholding taxes) related to an employee stock option exercise and (b) one-half of the shares available after the sell-to-cover transaction, with the reporting person retaining the remaining 5,987 shares from his option exercise.

F2: This transaction was executed in multiple trades at prices ranging from $218.350 to $219.340, 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 $219.360 to $220.350, 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: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of July 31, 2021. Includes 41.579 UNITS acquired since the reporting person's last report. (The 1,288.399 UNITS are the equivalent of approximately 2,362 SHARES of the issuer's Common Stock.)

F5: 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.