ECOLAB INC. — Director's Dealing 2021

Mar 1, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2021-02-25

Reporting Person: Busch Angela M (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-25	Common Stock	A	1520	—	Acquired	14232	Direct
2021-02-25	Common Stock	F	480	$213.545	Disposed	13752	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-02-25	Restricted Stock Units	$	A	9379	Acquired		Common Stock (9379)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1370.091	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, 2021. Includes 6.292 UNITS acquired since the reporting person's last report. (The 1,370.091 UNITS are the equivalent of approximately 2,514 SHARES of the issuer's Common Stock.)

F3: Each restricted stock unit represents a contingent right to receive one share of Ecolab Inc. common stock. The units will vest, subject to continued employment, as to one-fourth of the units (excluding any fractional portion less than one unit), on each of the first, second and third anniversaries of the date of grant and as to the remaining units on the fourth anniversary of the date of grant.