Angela M. Busch - May 10, 2023 Form 4 Insider Report for ECOLAB INC. (ECL)

Role: EVP - CORP STRAT & BUS DEV
Signature: /s/ David F. Duvick, as Attorney-in-Fact for Angela M. Busch
Stock symbol: ECL
Transactions as of: May 10, 2023
Transactions value $: -$215,205
Form type: 4
Date filed: 5/12/2023, 05:08 PM
Previous filing: May 5, 2023
Next filing: Jun 2, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ECL	Common Stock	Options Exercise	$310K	+3K	+15.24%	$103.27	22.7K	May 10, 2023	Direct
transaction	ECL	Common Stock	Sale	-$525K	-3K	-13.23%	$175.00	19.7K	May 10, 2023	Direct
holding	ECL	Common Stock						1.47K	May 10, 2023	By Ecolab Savings Plan	F1

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	-3K	-46.44%	$0.00	3.46K	May 10, 2023	Common Stock	3K	$103.27	Direct	F2

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

Explanation of Responses:

Id	Content
F1	Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of April 30, 2023. Includes 18.086 UNITS acquired since the reporting person's last report. (The 1,472.418 UNITS are the equivalent of approximately 2,712 SHARES of the issuer's Common Stock.)
F2	Option granted under the Ecolab Inc. 2010 Stock Incentive Plan. 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 is the first anniversary of the date of grant.

Content

Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of April 30, 2023. Includes 18.086 UNITS acquired since the reporting person's last report. (The 1,472.418 UNITS are the equivalent of approximately 2,712 SHARES of the issuer's Common Stock.)

Option granted under the Ecolab Inc. 2010 Stock Incentive Plan. 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 is the first anniversary of the date of grant.