Douglas M. Baker Jr - Sep 14, 2021 Form 4 Insider Report for ECOLAB INC. (ECL)

Role: EXEC CHAIRMAN OF THE BOARD, Director
Signature: /s/ David F. Duvick, Attorney-in-Fact for Douglas M. Baker, Jr.
Stock symbol: ECL
Transactions as of: Sep 14, 2021
Transactions value $: -$18,068,000
Form type: 4
Date filed: 9/15/2021, 04:47 PM
Next filing: Jan 6, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ECL	Common Stock	Options Exercise	$20.6M	+173K	+27.73%	$119.12	797K	Sep 14, 2021	Direct
transaction	ECL	Common Stock	Sale	-$38.6M	-173K	-21.69%	$223.54	624K	Sep 14, 2021	Direct	F1
transaction	ECL	Common Stock	Sale	-$32.3K	-144	-0.02%	$224.23	624K	Sep 14, 2021	Direct	F2
holding	ECL	Common Stock						7.05K	Sep 14, 2021	By Spouse
holding	ECL	Common Stock						72.9K	Sep 14, 2021	By Julie M. Baker 2012 Revocable Trust
holding	ECL	Common Stock						72.5K	Sep 14, 2021	By Douglas M. Baker, Jr. 2012 Irrevocable Trust
holding	ECL	Common Stock						5.73K	Sep 14, 2021	By Ecolab Savings Plan	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ECL	Employee Stock Option (Right to Buy)	Options Exercise	$0	-173K	-100%	$0.00^*	0	Sep 14, 2021	Common Stock	173K	$119.12	Direct	F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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.