ECOLAB INC. — Director's Dealing 2022

Feb 28, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2022-02-25

Reporting Person: Busch Angela M (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-02-25	Common Stock	M	2344	—	Acquired	17428	Direct
2022-02-25	Common Stock	F	718	$178.295	Disposed	16710	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-02-25	Restricted Stock Units	$	M	2344	Disposed	2025-02-25	Common Stock (2344)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1404.270	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 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, 2022. (The 1,404.270 UNITS are the equivalent of approximately 2,579 SHARES of the issuer's Common Stock.)

F3: Represents the first (out of four) vesting of units from an initial grant of 9,379 restricted stock units made on February 25, 2021. The vesting schedule for the original grant provided for the units to 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. Restricted stock units convert into common stock on a one-for-one basis.