# EDGAR Filing Document

**Accession Number:** 0000031462
**File Stem:** 0001415889-23-003466
**Filing Date:** 2023-2
**Character Count:** 6910
**Document Hash:** 7014a3e2e8c8ddb879059f18df2f0cab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001415889-23-003466.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001415889-23-003466

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230225

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Busch Angela M
- **CENTRAL INDEX KEY:** 0001740094

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09328
- **FILM NUMBER:** 23686078

**MAIL ADDRESS:**
- **STREET 1:** 1 ECOLAB PLACE
- **CITY:** SAINT PAUL
- **STATE:** MN
- **ZIP:** 55102
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ECOLAB INC.
- **CENTRAL INDEX KEY:** 0000031462
- **STANDARD INDUSTRIAL CLASSIFICATION:** SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840]
- **IRS NUMBER:** 410231510
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1 ECOLAB PLACE
- **CITY:** SAINT PAUL
- **STATE:** MN
- **ZIP:** 55102
- **BUSINESS PHONE:** 18002326522

**MAIL ADDRESS:**
- **STREET 1:** 1 ECOLAB PLACE
- **CITY:** SAINT PAUL
- **STATE:** MN
- **ZIP:** 55102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ECOLAB INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ECONOMICS LABORATORY INC
- **DATE OF NAME CHANGE:** 19861203

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Busch Angela M<br><sub>(Last) (First) (Middle)</sub><br>1 ECOLAB PLACE<br><sub>(Street)</sub><br>ST. PAUL, MN 55102<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-25 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_EVP - CORP STRAT & BUS DEV_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>ECOLAB INC. [ ECL ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-02-25 |  | M |  | 2345 | A | $0 | 21022 | D |  |
| Common Stock | 2023-02-25 |  | F<sup>(1)</sup> |  | 718 | D | $157.285 | 20304 | D |  |
| Common Stock |  |  |  |  |  |  |  | 1454.332<sup>(2)</sup> | I | By Ecolab Savings Plan |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | <sup>(3)</sup> | 2023-02-25 |  | M |  |  | 2345 | 2022-02-25<sup>(3)</sup> | 2025-02-25<sup>(3)</sup> | Common Stock | 2345 | <sup>(3)</sup> | 4690 | D |  |

---

### Footnotes:

(1) 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.

(2) Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of January 31, 2023. (The 1,454.332 UNITS are the equivalent of approximately 2,680 SHARES of the issuer's Common Stock.)

(3) Represents the second (out of four) vesting of units from the grant of 9,379 restricted stock units made on February 25, 2021. The vesting schedule for the 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.

**Signature:** /s/ David F. Duvick, as Attorney-in-Fact for Angela M. Busch  
**Date:** 2023-02-28

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**