ECOLAB INC. — Director's Dealing 2021

May 11, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2021-05-07

Reporting Person: Mulhere Timothy P (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-07	Common Stock	M	24471	$107.685	Acquired	43438.393	Direct
2021-05-07	Common Stock	S	24471	$228.270	Disposed	18967.393	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-07	Employee Stock Option (Right to Buy)	$107.685	M	24471	Disposed	2024-12-03	Common Stock (24471)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1918.619	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $228.20 to $228.63, inclusive. The reporting person undertakes to provide to Ecolab Inc., any security holder of Ecolab Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

F2: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of April 30, 2021. Includes 8.871 UNITS acquired since the reporting person's last report. (The 1,918.619 UNITS are the equivalent of approximately 3,517 SHARES of the issuer's Common Stock.)

F3: 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 reflected in the Date Exercisable column is the first anniversary of the date of grant.