Document:

ecl_Ex10_1_A

			

					

						 

					

					

						 

				
	

					

						

					

					

						CLIFFORD CHANCE LLP

				

		

			Exhibit 10.1.A

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						Execution Version

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

				
	
					
						ECOLAB INC.

					
						(incorporated under the laws of the State of Delaware)

					
						ECOLAB LUX 1 S.À R.L.

					
						(a private limited liability company (société à responsibilité limitée) incorporated for an unlimited duration under the laws of the Grand Duchy of Luxembourg)

					
						ECOLAB LUX 2 S.À R.L.

					
						(a private limited liability company (société à responsibilité limitée) incorporated for an unlimited duration under the laws of the Grand Duchy of Luxembourg)

					
						ECOLAB NL 10 B.V.

					
						(a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands)
ECOLAB NL 11 B.V.

					
						(a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands)

					
						 

					
						as Issuers

					
						 

					
						ECOLAB INC.

					
						(incorporated under the laws of the State of Delaware)

					
						(as Guarantor in respect of the notes issued by Ecolab Lux 1 S.à r.l., Ecolab Lux 2 S.à r.l., Ecolab NL 10 B.V. and Ecolab NL 11 B.V.)

					
						CREDIT SUISSE SECURITIES (EUROPE) LIMITED

					
						as Arranger

					
						and

					
						CITIBANK EUROPE PLC, UK BRANCH

					
						CREDIT SUISSE SECURITIES (EUROPE) LIMITED

					
						as Dealers

				
	
					
						 

					
					
						 

					
						AMENDED AND RESTATED DEALER AGREEMENT

					
						RELATING TO A U.S.$2,000,000,000

					
						EURO COMMERCIAL PAPER PROGRAMME

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

 

		

			 

		

		

		
			CONTENTS
		

			
					
						 

					
						1........................................................................................INTERPRETATION2

					
						2..............................................................................................................................ISSUE5

					
						3....................REPRESENTATIONS AND WARRANTIES7

					
						4..........................................COVENANTS AND AGREEMENTS11

					
						5..............................................................CONDITIONS PRECEDENT16

					
						6......................................TERMINATION AND APPOINTMENT16

					
						7..................................................................................................................NOTICES17

					
						8..........................................................................THIRD PARTY RIGHTS17

					
						9..................................................................LAW AND JURISDICTION18

					
						10........................................................................................COUNTERPARTS19

					
						Schedule 1 CONDITION PRECEDENT DOCUMENTS...............................................................20

					
						Schedule 2 SELLING RESTRICTIONS...................................................................................22

					
						Schedule 3 PROGRAMME SUMMARY...................................................................................26

					
						Schedule 4 INCREASE OF MAXIMUM AMOUNT.....................................................................29

					
						Schedule 5 APPOINTMENT OF NEW DEALER.........................................................................31

					
						Schedule 6 FORM OF CALCULATION AGENCY AGREEMENT.................................................33

					
						

					
					
						 

					
						 

					
					
						 

				
	
					
						Clause

					
					
						Page

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						1.

					
					
						Interpretation

					
2
				
	
					
						2.

					
					
						Issue

					
5
				
	
					
						3.

					
					
						Representations and Warranties

					
7
				
	
					
						4.

					
					
						Covenants and Agreements

					
11
				
	
					
						5.

					
					
						Conditions Precedent

					
16
				
	
					
						6.

					
					
						Termination and Appointment

					
16
				
	
					
						7.

					
					
						Notices

					
17
				
	
					
						8.

					
					
						Third Party Rights

					
17
				
	
					
						9.

					
					
						Law and Jurisdiction

					
18
				
	
					
						10.

					
					
						Counterparts

					
19
				
	
					
						Schedule 1 Condition Precedent Documents

					
20
				
	
					
						Schedule 2 Selling Restrictions

					
22
				
	
					
						Schedule 3 Programme Summary

					
26
				
	
					
						Schedule 4 Increase of Maximum Amount

					
29
				
	
					
						Schedule 5 Appointment of New Dealer

					
31
				
	
					
						Schedule 6 Form of Calculation Agency Agreement

					
33
				

		
			 
		

		
			 
		

		
			

		 

			

					

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			THIS AGREEMENT is made on 9 June 2017
		

		
			BETWEEN
		

			
	
			
				 (1)
			

			
	
			
			ECOLAB INC., a corporation organised and existing under the laws of the State of Delaware, having its registered office at 1209 Orange Street, City of Wilmington, Delaware, U.S.A., registered in the State of Delaware under number 0164814;

			
	
			
				 (2)
			

			
	
			
			ECOLAB LUX 1 S.À R.L.,  a private limited liability company (societé à responsabilité limitée) incorporated and existing under the laws of Luxembourg, having its registered office at 6, rue Eugène Ruppert, L-2453 Luxembourg, the Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 132.319;

			
	
			
				 (3)
			

			
	
			
			ECOLAB LUX 2 S.À R.L., a private limited liability company (societé à responsabilité limitée) incorporated and existing under the laws of Luxembourg, having its registered office at 6, rue Eugène Ruppert, L-2453 Luxembourg, the Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 132.318;

			
	
			
				 (4)
			

			
	
			
			ECOLAB NL 10 B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of The Netherlands, having its registered office at Iepenhoeve 7 A, 3438MR Nieuwegein, The Netherlands and registered in The Netherlands under number 56036094;

			
	
			
				 (5)
			

			
	
			
			ECOLAB NL 11 B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of The Netherlands, having its registered office at Iepenhoeve 7 A, 3438MR Nieuwegein, The Netherlands and registered in The Netherlands under number 56150547,

		
			(each of Ecolab Lux 1 S.à r.l., Ecolab Lux 2 S.à r.l., Ecolab NL 10 B.V. and Ecolab NL 11 B.V is referred to herein as an "Issuer" and together, the "Issuers");
		

			
	
			
				 (6)
			

			
	
			
			ECOLAB INC., a corporation organised and existing under the laws of the State of Delaware, having its registered office at 1209 Orange Street, City of Wilmington, Delaware, U.S.A., registered in the State of Delaware under number 0164814 (the "Guarantor", in respect of Notes issued by Ecolab Lux 1 S.à r.l., Ecolab Lux 2 S.à r.l., Ecolab NL 10 B.V. and Ecolab NL 11 B.V.);

			
	
			
				 (7)
			

			
	
			
			CREDIT SUISSE SECURITIES (EUROPE) LIMITED (the "Arranger"); and

			
	
			
				 (8)
			

			
	
			
			CITIBANK EUROPE PLC, UK BRANCH and CREDIT SUISSE SECURITIES (EUROPE) LIMITED as dealers for the Notes to be issued under the Programme (each a "Dealer" and together, the "Dealers").

		
			WHEREAS
		

			
	
			
				 (A)
			

			
	
			
			Ecolab Inc., as Issuer and Guarantor, with certain other issuers and dealers named therein entered into an amended and restated dealer agreement dated 21 September 2016 (the "Original Agreement") in relation to a euro-commercial paper programme.

		
			

		 

			

					

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				 (B)
			

			
	
			
			The parties hereto wish to further amend and restate the terms of the Original Agreement as set out hereunder.

		
			IT IS AGREED as follows:
		

			
	
			
				 1.
			

			
	
			
			INTERPRETATION

			
	
			
				 1.1
			

			
	
			
			Definitions

		
			In this Agreement:
		

			
	
			
				
			"Agency Agreement" means the amended and restated note agency agreement, dated the date hereof, between the Issuers, the Guarantor and the Issue and Paying Agent, providing for the issue of and payment on the Notes, as such agreement may be amended or supplemented from time to time.

			
	
			
				
			"Agreements" means this Agreement (as amended or supplemented from time to time), any agreement reached pursuant to Clause ‎2.1, the Deed of Covenant and the Agency Agreement.

			
	
			
				
			"Classic Global Note" means a Note in global form which specifies on its face that it is not a New Global Note, representing an issue of commercial paper of a like maturity.

			
	
			
				
			"Dealer(s)" means the institution or institutions specified as a Dealer in the Programme Summary together with any additional institution or institutions appointed pursuant to Clause ‎6.20 but excluding any institution or institutions whose appointment has been terminated pursuant to Clause ‎6.19.

			
	
			
				
			"Deed of Covenant" means the deed of covenant, dated the date hereof, executed by the Issuers in respect of Global Notes issued pursuant to the Agency Agreement, as such deed may be amended or supplemented from time to time.

			
	
			
				
			"Definitive Note" means a Note in definitive form.

			
	
			
				
			"Disclosure Documents" means, at any particular date, (a) the Information Memorandum, including all documents incorporated by reference therein and (b)  any other document delivered by the Issuers or the Guarantor to the Dealer(s) which the Issuers or the Guarantor have expressly authorised to be distributed to actual or potential purchasers of Notes.

			
	
			
				
			"Dollar Equivalent" means, on any day:

			
	
			
				 (a)
			

			
	
			
			in relation to any Dollar Note, the nominal amount of such Note; and

			
	
			
				 (b)
			

			
	
			
			in relation to any Note denominated or to be denominated in any other currency, the amount in Dollars which would be required to purchase the nominal amount of such Note as expressed in such other currency at the spot rate of exchange for the purchase of such other currency with Dollars quoted by the Issue and Paying Agent at or about 11.00 a.m. (London time) on such day.

			
	
			
				
			"Dollars" and "U.S.$" denote the lawful currency of the United States of America; and "Dollar Note" means a Note denominated in Dollars.

		
			

		 

			

					

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			"Euro", "euro", "EUR" and "€" denote the lawful currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended from time to time; and "Euro Note" means a Note denominated in Euro.

			
	
			
				
			"FSMA" means the Financial Services and Markets Act 2000.

			
	
			
				
			"Global Note" means a New Global Note or a Classic Global Note.

			
	
			
				
			"Guarantee" means the deed of guarantee, dated the date hereof, executed by the Guarantor in respect of the obligations of Ecolab Lux 1 S.à r.l., Ecolab Lux 2 S.à r.l., Ecolab NL 10 B.V. and Ecolab NL 11 B.V. under the Notes and the Deed of Covenant and, where the context so requires, the guarantee and indemnity contained in that deed.

			
	
			
				
			“ICSDs” means Euroclear Bank S.A./N.V. and Clearsteam Banking S.A. 

			
	
			
				
			"Information Memorandum" means the most recent information memorandum, as the same may be amended or supplemented from time to time, containing information about the Issuers, the Guarantor and the Programme, the text of which has been prepared by or on behalf of the Issuers and the Guarantor for use by the Dealer(s) in connection with the transactions contemplated by this Agreement.

			
	
			
				
			"Issue and Paying Agent" means Citibank, N.A., London Branch and any successor issue and paying agent appointed in accordance with the Agency Agreement.

			
	
			
				
			"Japanese Yen" denotes the lawful currency of Japan.

			
	
			
				
			"Loss" means any liability, damages, cost, loss or expense (including, without limitation, legal fees, costs and expenses and any value added tax thereon).

			
	
			
				
			"New Global Note" means a Note in global form which specifies on its face that it is a New Global Note, representing an issue of commercial paper of a like maturity.

			
	
			
				
			"Note" means a commercial paper note of an Issuer purchased or to be purchased by a Dealer under this Agreement, in bearer global or definitive form, substantially in the relevant form scheduled to the Agency Agreement or such other form(s) as may be agreed from time to time between the relevant Issuer, the Guarantor, the relevant Dealer(s) and the Issue and Paying Agent and, unless the context otherwise requires, includes the commercial paper notes represented by the Global Notes.

			
	
			
				
			"Programme" means the Euro-commercial paper programme established by this Agreement.

			
	
			
				
			"Programme Summary" means the summary of the particulars of the Programme as set out in ‎Schedule 3, as such summary may be amended or superseded from time to time.

			
	
			
				
			"Related Party" means, in respect of any person, any affiliate of that person or any officer, director, employee or agent of that person or any such affiliate or any person by whom any of them is controlled for the purposes of the Securities Act.

		
			

		 

			

					

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			"relevant jurisdiction" means any one or more of The Netherlands, the Grand Duchy of Luxembourg, the United Kingdom, the United States and any jurisdiction from or through which any payment under or in respect of any Note or any Agreement or the Guarantee may be made.

			
	
			
				
			"Sanctions" means any economic or financial sanctions or embargoes and/or restrictive measures administered or imposed by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. State Department, any other agency of the U.S. government, the United Nations, the European Union or the United Kingdom.

			
	
			
				
			"Securities Act" means the United States Securities Act of 1933, as amended.

			
	
			
				
			"STEP Label" has the meaning set out in the STEP Convention.

			
	
			
				
			"STEP Convention" means the Market Convention on Short-Term European Paper (STEP) dated 19 May 2015 as the same may be amended from time to time or any substitute paper or convention relating to STEP issued by ACI – The Financial Markets Association and the European Money Markets Institute or by the STEP Secretariat (as such term is defined in the STEP Convention).

			
	
			
				
			"Sterling" and "£" denote the lawful currency of the United Kingdom.

			
	
			
				
			"Subsidiary" means, in respect of any person (the "first person") at any particular time, any other person (the "second person"):

			
	
			
				 (a)
			

			
	
			
			Control:  whose affairs and policies the first person controls or has the power to control, whether by ownership of share capital, contract, the power to appoint or remove a majority of the members of the governing body of the second person or otherwise; or

			
	
			
				 (b)
			

			
	
			
			Consolidation:  whose financial statements are, in accordance with applicable law and generally accepted accounting principles, consolidated with those of the first person.

			
	
			
				
			"Swiss Franc" denotes the lawful currency of Switzerland.

		
			1.2  Programme Summary
		

			
	
			
				
			Terms not expressly defined herein shall have the meanings set out in the Programme Summary.

		
			1.3  Legislation
		

		
			Any reference in this Agreement to any legislation (whether primary legislation or regulations or other subsidiary legislation made pursuant to primary legislation) shall be construed as a reference to such legislation as the same may have been, or may from time to time be, amended or re-enacted.
		

		
			1.4  Clauses and Schedules
		

		
			Any reference in this Agreement to a Clause, sub-clause or a Schedule is, unless otherwise stated, to a clause or sub-clause hereof or a schedule hereto.
		

		
			

		 

			

					

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			1.5  Headings
		

		
			Headings and sub-headings are for ease of reference only and shall not affect the construction of this Agreement.
		

		
			1.6  Amendment and Restatement
		

		
			The Original Agreement shall be amended and restated on the terms of this Agreement.  Any Notes issued on or after the date of this Agreement shall be issued pursuant to this Agreement.  Subject to such amendment and restatement, the Original Agreement shall continue in full force and effect.
		

			
	
			
				 2.
			

			
	
			
			ISSUE

			
	
			
				 2.1
			

			
	
			
			Basis of agreements to issue; uncommitted facility

		
			Subject to the terms hereof, each Issuer may issue Notes to the Dealer(s) from time to time at such prices and upon such terms as the relevant Issuer and the relevant Dealer may agree, provided that each Issuer has, and shall have, no obligation to issue Notes to the Dealer(s), except as agreed, and each Dealer has, and shall have, no obligation to subscribe Notes from the Issuers, except as agreed.  Each Issuer acknowledges that the Dealer(s) may resell Notes subscribed by such Dealer(s).  The tenor of each Note shall not be less than the Minimum Term nor greater than the Maximum Term specified in the Programme Summary, calculated from the date of issue of such Note to the maturity date thereof.  Each issue of Notes having the same issue date, maturity date, currency of denomination, yield and redemption basis will be represented by a Global Note or by Definitive Notes having the aggregate nominal amount of such issue as may be agreed between the relevant Issuer and the relevant Dealer.
		

			
	
			
				 2.2
			

			
	
			
			Procedures

		
			If an Issuer and any Dealer shall agree on the terms of the subscription of any Note by such Dealer (including agreement with respect to the issue date, maturity date, currency, denomination, yield, redemption basis, aggregate nominal amount and purchase price), then:
		

			
	
			
				 2.2.1
			

			
	
			
			Instruction to Issue and Paying Agent:  the relevant Issuer shall instruct the Issue and Paying Agent to issue such Note and deliver it in accordance with the terms of the Agency Agreement;

			
	
			
				 2.2.2
			

			
	
			
			Payment of purchase price:  the relevant Dealer shall subscribe such Note on the date of issue:

			
	
			
				 (a)
			

			
	
			
			Euro Note:  in the case of a Euro Note, by transfer of funds settled through the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System to such account as the Issue and Paying Agent shall have specified for this purpose; or

			
	
			
				 (b)
			

			
	
			
			Other Notes:  in all other cases, by transfer of freely transferable same day funds in the relevant currency to such account of the Issue and Paying Agent at such bank in the principal domestic financial centre for 

		 

			

					

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	such currency as the Issue and Paying Agent shall have specified for this purpose,

		
			or, in each case, by such other form of transfer as may be agreed between the relevant Dealer and the relevant Issuer; and
		

			
	
			
				 2.2.3
			

			
	
			
			Delivery Instructions:  the relevant Dealer shall notify the Issue and Paying Agent and the relevant Issuer of the payment and delivery instructions applicable to such Note or Notes by telephone, fax or email, such notification to be received in sufficient time and in any event no later than 10.00 a.m. (London time) one Business Day prior to the proposed issue date (or such later time or date as may be agreed between the Issue and Paying Agent and the relevant Dealer) to enable the Issue and Paying Agent to deliver such Note or Notes as contemplated in the Agency Agreement (or, in the case of Definitive Notes, make the same available for collection) on its issue date.

			
	
			
				 2.3
			

			
	
			
			Failure of agreed issuance

		
			If for any reason (including, without limitation, the failure of the relevant trade) a Note agreed to be subscribed pursuant to Clause ‎2.1 is not to be issued, the relevant Issuer and the relevant Dealer shall immediately notify the Issue and Paying Agent thereof.
		

			
	
			
				 2.4
			

			
	
			
			Issuance currencies

		
			The parties acknowledge that Notes issued under the Programme may be denominated in Dollars, Euro, Japanese Yen, Sterling, Swiss Francs, or, subject as provided below, in any other currency.  Any agreement reached pursuant to Clause ‎2.1 to sell and subscribe a Note denominated in a currency other than Dollars, Euro, Japanese Yen, Sterling and Swiss Francs shall be conditional upon:
		

			
	
			
				 2.4.1
			

			
	
			
			Compliance:  it being lawful and in compliance with all requirements of any relevant central bank and any other relevant fiscal, monetary, regulatory or other authority, for deposits to be made in such currency and for such Note to be issued, offered for sale, sold and delivered;

			
	
			
				 2.4.2
			

			
	
			
			Convertibility:  such other currency being freely transferable and freely convertible into Dollars; and

			
	
			
				 2.4.3
			

			
	
			
			Amendments:  any appropriate amendments which the relevant Dealer, the relevant Issuer, the Guarantor or the Issue and Paying Agent shall require having been made to this Agreement and/or the Agency Agreement.

			
	
			
				 2.5
			

			
	
			
			Increase of Maximum Amount

		
			The Issuers and the Guarantor may increase the Maximum Amount by giving at least ten days' notice by letter, substantially in the form set out in ‎Schedule 4, to each of the Dealer(s) and the Issue and Paying Agent.  Such increase will not take effect until the Dealer(s) have received from the Issuers the documents listed in such letter or in ‎Schedule 1 (if required by the Dealer(s)), in each case in form and substance acceptable to each Dealer.
		

		
			

		 

			

					

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				 2.6
			

			
	
			
			Calculation Agent

		
			If floating rate Notes are to be issued, the relevant Issuer will appoint either the relevant Dealer or the Issue and Paying Agent (subject to the consent of the relevant Dealer or the Issue and Paying Agent, as the case may be, thereto) or some other person (subject to the consent of the relevant Dealer and the Issue and Paying Agent to such person's appointment) to be the calculation agent in respect of such floating rate Notes and the following provisions shall apply:
		

			
	
			
				 2.6.1
			

			
	
			
			Dealer:  if a Dealer is to be the calculation agent, its appointment as such shall be on the terms of the form of agreement set out in ‎Schedule 6, and each Dealer will be deemed to have entered into an agreement in such form for a particular calculation if it is named as calculation agent in the redemption calculation attached to or endorsed on the relevant Note;

			
	
			
				 2.6.2
			

			
	
			
			Issue and Paying Agent:  if the Issue and Paying Agent is to be the calculation agent, its appointment as such shall be on the terms set out in the Agency Agreement; and

			
	
			
				 2.6.3
			

			
	
			
			Other Calculation Agent:  if the person nominated by a Dealer or by the Issue and Paying Agent as calculation agent is not a Dealer, that person shall execute (if it has not already done so) an agreement substantially in the form of the agreement set out in ‎Schedule 6 and the appointment of that person shall be on the terms of that agreement.

			
	
			
				 3.
			

			
	
			
			REPRESENTATIONS AND WARRANTIES

			
	
			
				 3.1
			

			
	
			
			Representations and warranties

		
			Each Issuer, in respect of itself and the Guarantor, in respect of itself, Ecolab Lux 1 S.à r.l., Ecolab Lux 2 S.à r.l., Ecolab NL 10 B.V. and Ecolab NL 11 B.V., represents and warrants to each Dealer at the date of this Agreement, each date upon which the Maximum Amount is increased, each date upon which an agreement for the issue and subscription of Notes is made and each date upon which Notes are, or are to be, issued that:
		

			
	
			
				 3.1.1
			

			
	
			
			Authorisation; valid, binding and enforceable:  each of:

			
	
			
				 (a)
			

			
	
			
			the update of the Programme and the execution, delivery and performance by the Issuers of the Agreements and the Notes;

			
	
			
				 (b)
			

			
	
			
			the execution, delivery and performance by the Guarantor of this Agreement, the Agency Agreement and the Guarantee;

			
	
			
				 (c)
			

			
	
			
			the entering into and performance by the relevant Issuer of any agreement for the sale of Notes reached pursuant to Clause ‎2.1; and

			
	
			
				 (d)
			

			
	
			
			the issue and sale of the Notes by the relevant Issuer under the Agreements,

		
			has been duly authorised by all necessary action and the same constitute or, in the case of Notes, will, when issued in accordance with the Agency Agreement, 

		 

			

					

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constitute, valid and binding obligations of the relevant Issuer and/or the Guarantor (as the case may be) enforceable against each of them in accordance with their respective terms (subject, as to enforceability, to bankruptcy, insolvency, reorganisation and similar laws of general applicability relating to or affecting creditors' rights and to general principles of equity);
		

			
	
			
				 3.1.2
			

			
	
			
			Status:  the obligations of each Issuer under each of the Agreements and the Notes and the obligations of the Guarantor under this Agreement, the Agency Agreement and the Guarantee will rank (other than in the case of obligations preferred by mandatory provisions of law) at least pari passu with all other present and future unsecured and unsubordinated indebtedness of each Issuer and the Guarantor (as the case may be);

			
	
			
				 3.1.3
			

			
	
			
			Incorporation, capacity:  each Issuer and the Guarantor is duly incorporated and validly existing under the laws of its jurisdiction of incorporation and:

			
	
			
				 (a)
			

			
	
			
			the update of the Programme, the execution, delivery and performance by each Issuer of the Agreements and the Notes;

			
	
			
				 (b)
			

			
	
			
			the execution, delivery and performance by the Guarantor of this Agreement, the Agency Agreement and the Guarantee;

			
	
			
				 (c)
			

			
	
			
			the entering into and performance by the relevant Issuer of any agreement for the issue and subscription of Notes reached pursuant to Clause ‎2.1; and

			
	
			
				 (d)
			

			
	
			
			the issue and sale of the Notes by the relevant Issuer under the Agreements,

		
			will not infringe any of the provisions of the relevant Issuer's or the Guarantor's constituting documents and will not contravene any law, regulation, order or judgment to which the relevant Issuer or the Guarantor or any of its assets is subject nor result in the breach of any term of, or cause a default under, any instrument to which the relevant Issuer or the Guarantor is a party or by which it or any of its assets may be bound except for such breaches or defaults as could not reasonably be expected to be material in the context of this Agreement and the transactions contemplated hereby;
		

			
	
			
				 3.1.4
			

			
	
			
			Approvals:  all consents, authorisations, licences or approvals of and registrations and filings with any governmental or regulatory authority required in connection with the issue by each Issuer of Notes under the Agreements and the performance of each Issuer's obligations under the Agreements and the Notes, the issue by the Guarantor of the Guarantee and the performance by the Guarantor of its obligations under this Agreement, the Agency Agreement and the Guarantee have been obtained and are in full force and effect, and copies thereof have been supplied to the Dealer(s) except for such consents, authorisations, licences, approvals, registrations and filings as could not reasonably be expected to be material in the context of this Agreement and the transactions contemplated hereby;

		
			

		 

			

					

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				 3.1.5
			

			
	
			
			Disclosure:  in the context of this Agreement and the transactions contemplated hereby, the information contained or incorporated by reference in the Disclosure Documents is true and accurate in all material respects and is not misleading in any material respect and there are no other facts in relation to the Issuers or the Guarantor or any Notes the omission of which makes, in the context of the issue of Notes, the Disclosure Documents as a whole or any such information contained or incorporated by reference therein misleading in any material respect;

			
	
			
				 3.1.6
			

			
	
			
			Financial Statements:  the audited consolidated financial statements and any interim financial statements (audited or unaudited) published subsequently thereto and any other financial statements of Ecolab Inc. (in its capacity as Issuer and Guarantor) on Form 8-K published subsequently thereto, and in each case filed with the SEC incorporated by reference in the Information Memorandum, present fairly and accurately the consolidated financial position of each Issuer, the Guarantor and their respective Subsidiaries as of the respective dates of such statements and the consolidated results of operations of the Issuers, the Guarantor and their respective Subsidiaries for the periods they cover or to which they relate and such financial statements have been prepared in accordance with the relevant laws of the United States, and with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods involved (unless and to the extent otherwise stated therein);

			
	
			
				 3.1.7
			

			
	
			
			No material adverse change, No litigation:  since the date of the most recent audited consolidated financial statements of the Guarantor supplied to the Dealer(s) and, in relation to any date on which this warranty falls to be made after the date hereof, save as otherwise disclosed by any Disclosure Document subsequently delivered by the Guarantor to the Dealer(s):

			
	
			
				 (a)
			

			
	
			
			there has been no adverse change in the business, financial or other condition of the Issuers or the Guarantor or their respective Subsidiaries, holding companies or affiliates; and

			
	
			
				 (b)
			

			
	
			
			there is no litigation, arbitration or governmental proceeding pending or, to the knowledge of the Issuers or the Guarantor, threatened against or affecting the Issuers or the Guarantor or their respective Subsidiaries, holding companies or affiliates,

		
			which in any case could reasonably be expected to be material in the context of this Agreement and the transactions contemplated hereby;
		

			
	
			
				 3.1.8
			

			
	
			
			No default:  none of the Issuers nor the Guarantor is in default in respect of payment of (i) any indebtedness under any Notes and (ii) any indebtedness  for any other borrowed money or any other obligation having a similar commercial effect, in an aggregate amount greater than U.S.$150,000,000;

			
	
			
				 3.1.9
			

			
	
			
			No ratings downgrade:  there has been no downgrading, nor any notice to the Issuers or the Guarantor of any intended downgrading, in the rating accorded to the Issuers' or the Guarantor's short-term or long-term debt by Standard & Poor's Financial Services, LLC or Moody's Investors Service, Inc.;

		
			

		 

			

					

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			Taxation:  subject to compliance with the terms of the Agreements, neither the Issuers nor the Guarantor are required by any law or regulation nor any relevant taxing authority in the United States, The Netherlands or the Grand Duchy of Luxembourg in force at the date of this Agreement to make any deduction or withholding from any payment due under the Notes, the Agency Agreement, the Deed of Covenant or the Guarantee for or on account of any income, registration, transfer or turnover taxes, customs or other duties or taxes of any kind;

			
	
			
				 3.1.11
			

			
	
			
			Maximum Amount not exceeded:  the outstanding principal amount of all Notes on the date of issue of any Note does not and will not exceed the Maximum Amount set out in the Programme Summary (as increased from time to time pursuant to Clause ‎2.5) and for this purpose the nominal amount of any Note denominated in any currency other than Dollars shall be taken as the Dollar Equivalent of such nominal amount as at the date of the agreement for the issue of such Note;

			
	
			
				 3.1.12
			

			
	
			
			Investment Company:  each Issuer and the Guarantor is not an investment company as defined in the United States Investment Company Act of 1940;

			
	
			
				 3.1.13
			

			
	
			
			STEP Label:  the Issuer meets the criteria and requirements that are necessary in order to be eligible to apply for the STEP Label;

			
	
			
				 3.1.14
			

			
	
			
			Anti-Bribery: none of the Issuers, the Guarantor nor any of their respective Subsidiaries, nor, to the knowledge of the Issuers or the Guarantor, any director, officer, agent, employee or other person associated with or acting on behalf of the Issuers, the Guarantor or any of their respective Subsidiaries, has taken any action that would result in a material violation of any provision of any applicable anti-bribery or anti-corruption law, rule or regulation enacted in any jurisdiction;

			
	
			
				 3.1.15
			

			
	
			
			Sanctions: none of the Issuers, the Guarantor nor any of their respective Subsidiaries nor, to the knowledge of each Issuer or the Guarantor, any director, officer, agent, employee or affiliate of the Issuers, the Guarantor or any of their respective Subsidiaries is currently the subject of any Sanctions or conducting business with any person, entity or country which is the subject of any Sanctions, except and only as permitted by applicable law; and

			
	
			
				 3.1.16
			

			
	
			
			Money laundering laws: the operations of each Issuer, the Guarantor and their respective Subsidiaries are and have been conducted at all times in compliance with applicable financial record keeping and reporting requirements and money laundering statutes in the jurisdiction of the relevant Issuer or, as the case may be, the Guarantor and of all jurisdictions in which the Issuer, the Guarantor and their respective Subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any applicable governmental agency.

			
	
			
				 3.2
			

			
	
			
			Notice of inaccuracy

		
			If, prior to the time a Note is issued and delivered to or for the account of the relevant Dealer, an event occurs which would render any of the representations and warranties set out in Clause ‎3.7 immediately, or with the lapse of time, untrue or incorrect in any 

		 

			

					

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material respect, the relevant Issuer and the Guarantor (where applicable) will inform the relevant Dealer in writing as soon as practicable of the occurrence of such event.  In either case, the relevant Dealer shall inform the relevant Issuer in writing without any undue delay whether it wishes to continue or discontinue the issuance and delivery of the respective Notes.
		

			
	
			
				 3.3
			

			
	
			
			Notice of STEP Label withdrawal

		
			If at any time and for any reason the STEP Label granted to the Issuer is withdrawn, the Issuer shall promptly inform the Dealers upon becoming aware of such withdrawal.
		

			
	
			
				 4.
			

			
	
			
			COVENANTS AND AGREEMENTS

			
	
			
				 4.1
			

			
	
			
			Issuer and Guarantor

		
			Each of the Issuers and the Guarantor jointly and severally covenants and agrees that:
		

			
	
			
				 4.1.1
			

			
	
			
			Delivery of published information:  whenever the Guarantor shall publish or make available to its shareholders or to the public (by filing with any regulatory authority, securities exchange or otherwise) any information which could reasonably be expected to be material in the context of this Agreement and the transactions contemplated hereby, the Guarantor shall notify the Dealer(s) as to the nature of such information, shall make a reasonable number of copies of such information available to the Dealer(s) upon request to permit distribution to investors and prospective investors and shall take such action as may be necessary to ensure that the representation and warranty contained in sub-clause ‎3.7.5 is true and accurate in all material respects on the dates contemplated by such sub-clause.  Notwithstanding the foregoing, the Guarantor will satisfy its obligations to notify the Dealer(s) under this sub-clause ‎4.10.1 by maintaining an e-mail alert system affording the Dealer(s) the opportunity to register via the Guarantor's web site to receive notification of the Guarantor's news releases and filings with the SEC, and the Dealers agree to so register.  The Guarantor will notify the Dealer(s) if the e-mail alert system is discontinued and, in such event, notices pursuant to this sub-clause ‎4.10.1 will be delivered in accordance with Clause ‎7.21 of this Agreement.  Certain SEC Filings are available via electronic means including the Internet (http://www.sec.gov/cgi-bin/srch-edgar) and Bloomberg Business News.

			
	
			
				 4.1.2
			

			
	
			
			Indemnity:  each of the Issuers and the Guarantor jointly and severally undertakes to the Dealers that if the Dealer or any of the Dealer's Related Parties incurs any Loss arising out of:

			
	
			
				 (a)
			

			
	
			
			the relevant Issuer's failure (other than, in the reasonable opinion of the Issuer, for technical reasons) to make due payment under the Notes; or

			
	
			
				 (b)
			

			
	
			
			the Guarantor's failure to make due payment under the Guarantee; or

			
	
			
				 (c)
			

			
	
			
			Notes not being issued for any reason (other than as a result of the failure of any Dealer to pay) after an agreement for the sale of such Notes has been made; or

		
			

		 

			

					

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				 (d)
			

			
	
			
			any breach or alleged breach of the representations, warranties, covenants or agreements made by the relevant Issuer or the Guarantor in this Agreement, or

			
	
			
				 (e)
			

			
	
			
			any untrue statement or alleged untrue statement of any material fact contained in the Disclosure Documents or the omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading in any material respect unless, in the case of an alleged untrue statement or omission, the allegation is being made by any of the Dealer's Related Parties, 

		
			the Issuers or, as the case may be, the Guarantor shall pay to the Dealer on demand an amount equal to such Loss.  The Dealer shall not have any duty or other obligation, whether as fiduciary or trustee for any of its Related Parties or otherwise, to recover any such payment or to account to any other person for any amounts paid to it under this Clause.
		

			
	
			
				 (f)
			

			
	
			
			In case any allegation as described in sub‐paragraphs (4.1.2)(d) or (4.1.2)(e) above is made or any action is brought against any Dealer or any of the Dealer's Related Parties in respect of which recovery may be sought from the Issuer and/or the Guarantor, as the case may be, under this Clause 4.1, the relevant Dealer shall promptly notify the Issuer and/or the Guarantor, as the case may be, in writing but failure to do so will not relieve the Issuer or the Guarantor from any liability under this Agreement.  If any such allegation is made, the parties agree to consult in good faith with respect to the nature of the allegation.  Subject to paragraph (g) below, the Issuer or, as the case may be, the Guarantor may participate at its own expense in the defence of any action.

			
	
			
				 (g)
			

			
	
			
			If it so elects within a reasonable time after receipt of the notice referred to in paragraph (f) above, the Issuer or, as the case may be, the Guarantor may, subject as provided below, assume the defence of the action with legal advisers chosen by it and approved by the relevant Dealer (such approval not to be unreasonably withheld or delayed).  Notwithstanding any such election a Dealer or any of the Dealer's Related Parties may employ separate legal advisers reasonably acceptable to the Issuer and the Guarantor, and the Issuer or the Guarantor shall not be entitled to assume such defence and shall bear the reasonable fees and expenses of such separate legal advisers if:

			
	
			
				 (i)
			

			
	
			
			the use of the legal advisers chosen by the Issuer or the Guarantor to represent the Dealer or any of the Dealer's Related Parties would present such legal advisers with a conflict of interest;

			
	
			
				 (ii)
			

			
	
			
			the actual or potential defendants in, or targets of, any such action include both the Dealer or any of the Dealer's Related Parties and the Issuer or the Guarantor and the Dealer concludes that there may be legal defences available to it and/or other Relevant Parties which are different from or additional to those available to the Issuer or the Guarantor; or

		
			

		 

			

					

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				 (iii)
			

			
	
			
			the Issuer or the Guarantor has not employed legal advisers reasonably satisfactory to the Dealer to represent the Dealer or any of the Dealer's Related Parties within a reasonable time after notice of the institution of such action.

			
	
			
				 (h)
			

			
	
			
			If the Issuer or, as the case may be, the Guarantor assumes the defence of the action, the Issuer or, as the case may be, the Guarantor shall not be liable for any fees and expenses of legal advisers of the Dealer or any of the Dealer's Related Parties incurred thereafter in connection with the action, except as stated in paragraph (g) above.

			
	
			
				 (i)
			

			
	
			
			Neither the Issuer nor the Guarantor shall be liable in respect of any settlement of any action effected without its written consent, such consent not to be unreasonably withheld or delayed.  Neither the Issuer nor the Guarantor shall, without the prior written consent of the Dealer (such consent not to be unreasonably withheld or delayed), settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim or action in respect of which recovery may be sought (whether or not the Dealer or any of the Dealer's Related Parties is an actual or potential party to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each Dealer and any of the Dealer's Related Parties from all liability arising out of such claim or action and does not include a statement as to or an admission of fault, culpability or failure to act by or on behalf of a Dealer or any of the Dealer's Related Parties.

			
	
			
				 4.1.3
			

			
	
			
			Expenses, stamp duties, amendments:  each of the Issuers and the Guarantor will:

			
	
			
				 (a)
			

			
	
			
			Arranger's expenses:  pay, or reimburse the Arranger for, all reasonable out-of-pocket costs and expenses (including (i) an amount equal to any United Kingdom value added tax but only to the extent the Arranger, or any other member of the group to which the Arranger belongs for value added tax purposes, reasonably determines that it is not entitled to recover (whether by credit or repayment) such value added tax and (ii) fees and disbursements of counsel to such Arranger) incurred by the Arranger in connection with the preparation, negotiation, printing, execution and delivery of this Agreement and all documents contemplated by this Agreement;

			
	
			
				 (b)
			

			
	
			
			Dealers' expenses:  pay, or reimburse each Dealer for, all reasonable out-of-pocket costs and expenses (including (i) an amount equal to any United Kingdom value added tax but only to the extent the relevant Dealer, or any other member of the group to which that Dealer belongs for value added tax purposes, reasonably determines that it is not entitled to recover (whether by credit or repayment) such value added tax and (ii) fees and disbursements of counsel to such Dealer) incurred by such Dealer in connection with the enforcement or protection of its rights under this Agreement;

			
	
			
				 (c)
			

			
	
			
			Stamp duties:  pay all stamp, registration and other similar taxes and duties (including any interest and penalties thereon or in connection 

		 

			

					

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	therewith) which may be payable upon or in connection with the creation and issue of the Notes and the execution, delivery and performance of the Agreements and the Guarantee, except for any taxes payable regarding Luxembourg registration duties (droits d'enregistrement) due to a registration, submission or filing of the Agreements and the Guarantee where such registration, submission or filing is or was not required to maintain or preserve the rights of the Dealers under the Agreements and the Guarantee, and the Issuers shall jointly and severally indemnify each Dealer against any claim, demand, action, liability, damages, cost, loss or expense (including (i) an amount equal to any United Kingdom value added tax but only to the extent the relevant Dealer, or any other member of the group to which that Dealer belongs for value added tax purposes, reasonably determines that it is not entitled to recover (whether by credit or repayment) such value added tax and (ii) fees and disbursements of counsel to such Dealer)  which it may incur as a result or arising out of or in relation to any failure to pay or delay in paying any of the same;

			
	
			
				 (d)
			

			
	
			
			Amendments:  notify each Dealer of any change in the identity of or the offices of the Issue and Paying Agent and any material change or amendment to or termination of the Agency Agreement or the Deed of Covenant or the Guarantee not later than five days prior to the making of any such change or amendment or such termination; and it will not permit to become effective any such change, amendment or termination which could reasonably be expected to affect adversely the interests of any Dealer or the holder of any Notes then outstanding; 

			
	
			
				 4.1.4
			

			
	
			
			No deposit-taking:  the relevant Issuer will issue the Notes only if the following conditions apply (or the Notes can otherwise be issued without contravention of section 19 of the FSMA):

			
	
			
				 (a)
			

			
	
			
			Selling restrictions:  each relevant Dealer represents, warrants and agrees in the terms set out in Clause 3.1 of ‎Schedule 2; and

			
	
			
				 (b)
			

			
	
			
			Redemption value:  the redemption value of each Note is not less than £100,000 (or an amount of equivalent value denominated wholly or partly in a currency other than Sterling), and no part of any Note may be transferred unless the redemption value of that part is not less than £100,000 (or such an equivalent amount); and

			
	
			
				 4.1.5
			

			
	
			
			Sanctions: the Issuers and the Guarantor will each ensure that proceeds raised in connection with the issue of any Notes will not directly or indirectly be lent, contributed or otherwise made available to any person or entity (whether or not related to any Issuer or the Guarantor) for the purpose of financing the activities of any person or entity or for the benefit of any country currently the subject of any Sanctions, except and only as permitted by applicable law.

			
	
			
				 4.2
			

			
	
			
			Compliance

		
			The Issuers and the Guarantor shall take such steps (in conjunction with the Dealer(s), where appropriate) to ensure that any laws and regulations or requirements of any 

		 

			

					

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governmental agency, authority or institution which may from time to time be applicable to any Note shall be fully observed and complied with and in particular (but without limitation):
		

			
	
			
				 4.2.1
			

			
	
			
			Regulation S:  that neither the Issuers, the Guarantor, nor any of their affiliates nor any person acting on their or their affiliates behalf have engaged or will engage in any directed selling efforts with respect to the Notes, and they and their affiliates have complied and will comply with the offering restrictions requirement of Regulation S.  Terms used in this sub-clause have the meanings given to them by Regulation S under the Securities Act.

			
	
			
				 4.3
			

			
	
			
			Selling restrictions

		
			Each Dealer represents, covenants and agrees that it has complied with and will comply with the selling restrictions set out in ‎Schedule 2, and that the representations contained therein are true and correct.  Subject to compliance with those restrictions, each Dealer is hereby authorised by each of the Issuers and the Guarantor to circulate the Disclosure Documents to purchasers or potential purchasers of the Notes.
		

			
	
			
				 4.4
			

			
	
			
			Dealers' obligations several

		
			The obligations of each Dealer contained in this Agreement are several.
		

			
	
			
				 4.5
			

			
	
			
			Status of Arranger

		
			Each of the Dealers agrees that the Arranger has only acted in an administrative capacity to facilitate the establishment and/or maintenance of the Programme and has no responsibility to it for (a) the adequacy, accuracy, completeness or reasonableness of any representation, warranty, undertaking, agreement, statement or information in the Information Memorandum, this Agreement or any information provided in connection with the Programme or (b) the nature and suitability to it of all legal, tax and accounting matters and all documentation in connection with the Programme or any issue of Notes thereunder.
		

			
	
			
				 4.6
			

			
	
			
			Issuers' compliance

		
			The Guarantor shall procure that the Issuers shall comply with and discharge their respective obligations under each of the Agreements and the Notes.
		

			
	
			
				 4.7
			

			
	
			
			STEP Label

		
			The Issuers, failing which the Guarantor, will take all reasonable steps as may be necessary to apply for and maintain the STEP Label, including, for the avoidance of doubt:
		

			
	
			
				 4.7.1
			

			
	
			
			submitting such application form and declaration of adherence to the STEP Market Convention as may be required from time to time by the STEP Convention;

			
	
			
				 4.7.2
			

			
	
			
			authorising the eligible data provider (as defined in the STEP Convention) and the STEP Secretariat to receive, process and transmit to the to the European 

		 

			

					

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	Central Bank ("ECB") all data required from time to time under the STEP Convention;

			
	
			
				 4.7.3
			

			
	
			
			ensuring that the eligible data provider (as defined in the STEP Convention) receives all such necessary information to be communicated to the ECB regarding the trades transacted under the Programme; and

			
	
			
				 4.7.4
			

			
	
			
			ensuring that the Information Memorandum contains all such information as may be required from time to time by the STEP Convention and updating the Information Memorandum at least every 3 years or at such other times as may be specified by the STEP Convention and re-submitting it to the STEP Secretariat.

			
	
			
				 5.
			

			
	
			
			CONDITIONS PRECEDENT

			
	
			
				 5.1
			

			
	
			
			Conditions precedent to first issue

		
			The relevant Issuer and the Guarantor agrees to deliver to each Dealer, prior to the first issue of Notes to that Dealer, each of the documents set out in ‎Schedule 1 in form, substance and number reasonably requested by the relevant Dealer.
		

			
	
			
				 5.2
			

			
	
			
			Conditions precedent to each issue

		
			In relation to each issue of Notes, it shall be a condition precedent to the purchase thereof by any Dealer that (a) the representations and warranties in Clause ‎3.7 shall be true and correct in all material respects on each date upon which an agreement for the sale of Notes is made hereunder and on the date on which such Notes are issued and that (b) there is no other material breach of any of the obligations of the relevant Issuer or the Guarantor or either of them under any of the Agreements, the Notes or the Guarantee and that (c) the Dealer having received (in a form satisfactory to the Dealer) a duly executed or a conformed copy of the agreement between the relevant Issuer and the ICSDs with respect to the settlement in the ICSDs of New Global Notes.
		

			
	
			
				 6.
			

			
	
			
			TERMINATION AND APPOINTMENT

			
	
			
				 6.1
			

			
	
			
			Termination

		
			The Issuers may terminate the appointment of any Dealer, and any Dealer may resign, on not less than ten days' written notice to the relevant Dealer or the Issuers, as the case may be.  The Issuers shall promptly inform the other Dealer(s), the Guarantor and the Issue and Paying Agent of any such termination or resignation.  The rights and obligations of each party hereto shall not terminate in respect of any rights or obligations accrued or incurred before the date on which such termination takes effect and the provisions of sub-clause ‎4.10.2 and ‎4.10.3 shall survive termination of this Agreement and delivery against payment for any of the Notes.
		

			
	
			
				 6.2
			

			
	
			
			Additional Dealers

		
			Nothing in this Agreement shall prevent the Issuers from appointing one or more additional Dealers upon the terms of this Agreement provided that any additional Dealer shall have first confirmed acceptance of its appointment upon such terms in writing to the Issuers in substantially the form of the letter set out in ‎Schedule 5,  

		 

			

					

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whereupon it shall become a party to this Agreement vested with all the authority, rights, powers, duties and obligations as if originally named as a Dealer hereunder.  The Issuers shall promptly inform the other Dealer(s), the Guarantor and the Issue and Paying Agent of any such appointment.  The Issuers and the Guarantor hereby agrees to supply to such additional Dealer, upon such appointment, such legal opinions as are specified in paragraph ‎6 of ‎Schedule 1, if requested, or reliance letters in respect thereof.
		

			
	
			
				 7.
			

			
	
			
			NOTICES

			
	
			
				 7.1
			

			
	
			
			Addressee for notices

		
			All notices and other communications hereunder shall, save as otherwise provided in this Agreement, be made in writing and in English (by letter, fax or email) and shall be sent to the intended recipient at the address, fax number or email address and marked for the attention of the person (if any) from time to time designated by that party to the other parties hereto for such purpose.  The initial address, fax number and email address so designated by each party are set out in the Programme Summary.
		

			
	
			
				 7.2
			

			
	
			
			Effectiveness

		
			Any communication from any party to any other under this Agreement shall be effective upon receipt by the addressee, provided that any such notice or other communication which would otherwise take effect after 4.00 p.m. on any particular day shall not take effect until 10.00 a.m. on the immediately succeeding business day in the place of the addressee.
		

			
	
			
				 7.3
			

			
	
			
			Assignment

			
	
			
				
			If, at any time, any Dealer shall transfer all or substantially all of its euro-commercial paper business to any affiliate then, on the date such transfer becomes effective, such affiliate shall become the successor to the relevant Dealer under this Agreement without the execution or filing of any paper or any further act on the part of the parties hereto so that the Issuers and the Guarantor and such affiliate shall acquire and become subject to the same rights and obligations between themselves as if they had entered into an agreement in the form (the relevant changes having been made) of this Agreement.  After the said effective date all references in this Agreement to the relevant Dealer shall be deemed to be references to such affiliate.  The relevant Dealer shall, as soon as reasonably practicable, give notice of any such transfer to the Issuers.  In this Clause ‎7.23, "affiliate" means, in relation to any person, any entity controlled, directly or indirectly, by such person, any entity that controls, directly or indirectly, such person, or any entity under common control with such person.  For this purpose "control" of any entity or person means ownership of a majority of the voting power of the entity or person.

			
	
			
				 8.
			

			
	
			
			THIRD PARTY RIGHTS

		
			A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.
		

		
			

		 

			

					

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				 9.
			

			
	
			
			LAW AND JURISDICTION

			
	
			
				 9.1
			

			
	
			
			Governing law

		
			This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.
		

			
	
			
				 9.2
			

			
	
			
			English courts

		
			The courts of England have exclusive jurisdiction to settle any dispute (a "Dispute"), arising from or connected with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) or the consequences of its nullity.
		

			
	
			
				 9.3
			

			
	
			
			Appropriate forum

		
			The parties agree that the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that they will not argue to the contrary.
		

			
	
			
				 9.4
			

			
	
			
			Rights of the Dealers to take proceedings outside England

		
			Clause ‎9.25  (English courts) is for the benefit of the Dealers only.  As a result, nothing in this Clause ‎9  (Law and jurisdiction) prevents the Dealers from taking proceedings relating to a Dispute ("Proceedings") in any other courts with jurisdiction.  To the extent allowed by law, the Dealers may take concurrent Proceedings in any number of jurisdictions.
		

			
	
			
				 9.5
			

			
	
			
			Process agent

		
			Each Issuer and the Guarantor agrees that the documents which start any Proceedings and any other documents required to be served in relation to those Proceedings may be served on it by being delivered to Ecolab Limited at P.O Box 11, Winnington Avenue, Northwich, Cheshire, United Kingdom CW8 4DX or, if different, its registered office for the time being or at any address of the relevant Issuer or the Guarantor in Great Britain at which process may be served on it in accordance with The Companies Act 2006.  If such person is not or ceases to be effectively appointed to accept service of process on behalf of the Issuers and the Guarantor, the Issuers and the Guarantor shall, on the written demand of any Dealer addressed and delivered to the Issuers and the Guarantor appoint a further person in England to accept service of process on its behalf and, failing such appointment within 15 days, any Dealer shall be entitled to appoint such a person by written notice addressed to the Issuers and the Guarantor and delivered to the Issuers and the Guarantor.  Nothing in this paragraph shall affect the right of any Dealer to serve process in any other manner permitted by law.  This clause applies to Proceedings in England and to Proceedings elsewhere.
		

			
	
			
				 9.6
			

			
	
			
			Ecolab NL 10 B.V. and Ecolab NL 11 B.V.

		
			If Ecolab NL 10 B.V. or Ecolab NL 11 B.V. are represented by an attorney or attorneys in connection with the signing and/or execution and/or delivery of this Agreement or any agreement or document referred to herein or made pursuant hereto and the relevant power or powers of attorney is or are expressed to be governed by the laws of The Netherlands, it is hereby expressly acknowledged and accepted by the other parties 

		 

			

					

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hereto that such laws shall govern the existence and extent of such attorney's or attorneys' authority and the effects of the exercise thereof.
		

			
	
			
				 10.
			

			
	
			
			COUNTERPARTS

		
			This Agreement may be signed in any number of counterparts, all of which when taken together shall constitute a single agreement.
		

		
			AS WITNESS the hands of the duly authorised representatives of the parties hereto the day and year first before written.
		

		
			
		

		
			

		 

			

					

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				Schedule 1
			
CONDITION PRECEDENT DOCUMENTS

			
	
			
				 1.
			

			
	
			
			Certified copies of the Issuers' and the Guarantor's constituting documents, together with English translations, where required.

			
	
			
				 2.
			

			
	
			
			Certified copies of all documents evidencing the internal authorisations and approvals required to be granted by the Issuers and the Guarantor in connection with the Programme, together with English translations, where required.

			
	
			
				 3.
			

			
	
			
			Certified copies of any governmental or other consents and any filings required in connection with the Programme, together with English translations, where required.

			
	
			
				 4.
			

			
	
			
			Duly executed copies of:

			
	
			
				 (a)
			

			
	
			
			the Dealer Agreement;

			
	
			
				 (b)
			

			
	
			
			the Agency Agreement;

			
	
			
				 (c)
			

			
	
			
			the Deed of Covenant; and

			
	
			
				 (d)
			

			
	
			
			the Guarantee.

			
	
			
				 5.
			

			
	
			
			Copies of:

			
	
			
				 (a)
			

			
	
			
			the confirmation of acceptance of appointment from the agent for service of process; and

			
	
			
				 (b)
			

			
	
			
			confirmation that the Deed of Covenant and the Deed of Guarantee have been delivered to the Issue and Paying Agent.

			
	
			
				 6.
			

			
	
			
			Legal opinions from:

			
	
			
				 (a)
			

			
	
			
			the Senior SEC Counsel and Assistant Secretary of Ecolab Inc. as to its due incorporation and the due authorisation and execution of the Agreements in its capacities as both Issuer and Guarantor;

			
	
			
				 (b)
			

			
	
			
			Clifford Chance LLP as to the laws of the Grand Duchy of Luxembourg in respect of Ecolab Lux 1 S.à r.l. and Ecolab Lux 2 S.à r.l. and The Netherlands in respect of Ecolab NL 10 B.V. and Ecolab NL 11 B.V. respectively; and

			
	
			
				 (c)
			

			
	
			
			Clifford Chance LLP as to the laws of England.

			
	
			
				 7.
			

			
	
			
			The Information Memorandum.

			
	
			
				 8.
			

			
	
			
			A list of the names, titles and specimen signatures of the persons authorised:

			
	
			
				 (a)
			

			
	
			
			to sign on behalf of the Issuers and the Guarantor this Agreement, the Deed of Covenant, the Agency Agreement, the Notes and the Guarantee (as applicable);

			
	
			
				 (b)
			

			
	
			
			to sign on behalf of the Issuers and the Guarantor all notices and other documents to be delivered in connection therewith; and

		
			

		 

			

					

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				 (c)
			

			
	
			
			to take any other action on behalf of the Issuers and the Guarantor in relation to the Programme.

			
	
			
				 9.
			

			
	
			
			Confirmation from the Issuers or the Issue and Paying Agent that the relevant forms of Global Note have been prepared and the same delivered to the Issue and Paying Agent.

			
	
			
				 10.
			

			
	
			
			Confirmation that the Programme was granted the STEP Label.  

			
	
			
				 11.
			

			
	
			
			A duly executed copy of the authorisation from the Issuer to each ICSD, to effectuate any New Global Notes issued under the Programme and delivered by, or on behalf of, the Issuer to that ICSD.

		
			
		

		
			

		 

			

					

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				Schedule 2
			
SELLING RESTRICTIONS

			
	
			
				 1.
			

			
	
			
			General

		
			By its purchase and acceptance of Notes issued under this Agreement, each Dealer represents, warrants and agrees that it will observe all applicable laws and regulations in any jurisdiction in which it may offer, sell or deliver Notes; and that it will not directly or indirectly offer, sell, resell, re-offer or deliver Notes or distribute any Disclosure Document, circular, advertisement or other offering material in any country or jurisdiction except under circumstances that will result in compliance with all applicable laws and regulations.
		

			
	
			
				 2.
			

			
	
			
			The United States of America

		
			The Notes and the Guarantee have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S. Each Dealer has represented and agreed (and each further Dealer appointed under the Programme will be required to represent and agree) that it has not offered, sold or delivered, and will not offer, sell or deliver, any Notes and the Guarantee constituting part of its allotment within the United States except in accordance with Rule 903 of Regulation S.
		

		
			Each Dealer has also represented and agreed (and each further Dealer appointed under the Programme will be required to represent and agree) that it has offered, sold or delivered the Notes, and will offer, sell or deliver the Notes and the Guarantee (i) as part of their distribution at any time and (ii) otherwise until 40 days after the later of the commencement of the offering and the closing date (the "distribution compliance period"), only in accordance with Rule 903 of Regulation S.
		

		
			Each Dealer has also agreed (and each further Dealer appointed under the Programme will be required to agree) that, at or prior to confirmation of sale of Notes and the Guarantee, it will have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Notes and the Guarantee from it during the distribution compliance period a confirmation or notice to substantially the following effect:
		

		
			"The Securities covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the closing date, except in either case in accordance with Regulation S under the Securities Act. Terms used above have the meanings given to them by Regulation S."
		

		
			Each Dealer has represented and agreed (and each further Dealer appointed under the Programme will be required to represent and agree) that neither it, nor its affiliates nor any persons acting on its or their behalf have engaged or will engage in any directed selling efforts with respect to the Notes and the Guarantee, and that it and they have complied and will comply with the offering restrictions requirement of Regulation S.
		

		
			

		 

			

					

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			Terms used above have the meanings given to them by Regulation S.
		

			
	
			
				 3.
			

			
	
			
			The United Kingdom

			
	
			
				 3.1
			

			
	
			
			In relation to each issue of Notes, the Dealer purchasing such Notes represents, warrants and undertakes to the relevant Issuer and the Guarantor (where appropriate) that:

		
			3.1.1it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business; and
		

		
			3.1.2it has not offered or sold and will not offer or sell any Notes other than to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses or who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses where the issue of the Notes would otherwise constitute a contravention of section 19 of the Financial Services and Markets Act 2000 (the "FSMA") by the relevant Issuer or the Guarantor;
		

			
	
			
				 3.2
			

			
	
			
			it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received by it in connection with the issue or sale of any Notes in circumstances in which section 21(1) of the FSMA does not apply to the relevant Issuer or the Guarantor; and

			
	
			
				 3.3
			

			
	
			
			it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Notes in, from or otherwise involving the United Kingdom.

			
	
			
				 4.
			

			
	
			
			Japan

			
	
			
				
			The Notes have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended; the "FIEA"). Accordingly, each Dealer represents and agrees that it has not, directly or indirectly, offered or sold and will not, directly or indirectly, offer or sell any Notes in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organised under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, a resident of Japan except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations and ministerial guidelines of Japan.

		
			5.  Switzerland
		

		
			Each Dealer acknowledges and agrees that (i) the Notes may not be publicly offered, sold or advertised, directly or indirectly, in or from Switzerland, (ii) neither the Information Memorandum nor any other offering or marketing material relating to the Notes constitutes a prospectus as such term is understood pursuant to article 652a or article 1156 of the Swiss Federal Code of Obligations and (iii) neither the Information 

		 

			

					

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Memorandum nor any other offering or marketing material relating to the Notes may be publicly distributed or otherwise made publicly available in Switzerland.
		

			
	
			
				 6.
			

			
	
			
			The Netherlands

		
			Zero Coupon Notes in definitive form may only be transferred and accepted, directly or indirectly, within, from or into The Netherlands through the mediation of either the Issuer or a member firm of Euronext Amsterdam N.V. admitted in a function on one or more of the markets or systems operated by Euronext Amsterdam N.V. (toegelaten instelling) in full compliance with the Dutch Savings Certificates Act (Wet inzake spaarbewijzen) of 21 May 1985 (as amended) and its implementing regulations and must either be:
		

			
	
			
				 (a)
			

			
	
			
			between individuals or legal entities who or which trade or invest in securities in the conduct of a profession or trade (which includes banks, dealers, insurance companies, pension funds, other institutional investors and commercial enterprises which regularly, as an ancillary activity, invest in securities); or, in any other case

			
	
			
				 (b)
			

			
	
			
			recorded in a transaction note which includes the name and address of each party to the transaction, the nature of the transaction and the details and serial number of such Note.  

		
			No such mediation is required: (a) in respect of the transfer and acceptance of rights representing an interest in a Zero Coupon Note in global form, or (b) in respect of the initial issue of Zero Coupon Notes in definitive form to the first holders thereof, or (c) in respect of the transfer and acceptance of Zero Coupon Notes in definitive form between individuals not acting in the conduct of a business or profession, or (d) in respect of the transfer and acceptance of such Zero Coupon Notes within, from or into The Netherlands if all Zero Coupon Notes (either in definitive form or as rights representing an interest in a Zero Coupon Note in global form) of any particular Series or Tranche are issued outside The Netherlands and are not distributed into The Netherlands in the course of initial distribution or immediately thereafter. 
		

		
			In the event that the Savings Certificates Act applies, certain identification requirements in relation to the issue and transfer of, and payments on, Zero Coupon Notes have to be complied with. 
		

		
			As used herein, "Zero Coupon Notes" has the meaning given to it in Section 1(a) of the Dutch Savings Certificates Act (Wet inzake spaarbewijzen) of 21 May 1985 (as amended), being Notes that are in bearer form and that constitute a claim for a fixed sum against the Issuer and on which interest does not become due during their tenor or on which no interest is due whatsoever.
		

			
	
			
				 7.
			

			
	
			
			Grand Duchy of Luxembourg

		
			The Notes may not be offered or sold to the public within the territory of the Grand Duchy of Luxembourg unless:
		

			
	
			
				 (a)
			

			
	
			
			a prospectus has been duly approved by the Commission de Surveillance du Secteur Financier (the "CSSF") pursuant to part II or, as the case may be, part 

		 

			

					

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	III of the Luxembourg law dated 10  July 2005 on prospectuses for securities, as amended (the "Luxembourg Prospectus Law"), implementing Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading, as amended through Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010, as amended (the "Prospectus Directive"), if Luxembourg is the home Member State as defined under the Luxembourg Prospectus Law; or

			
	
			
				 (b)
			

			
	
			
			if Luxembourg is not the home Member State, the CSSF and the European Securities and Markets Authority have been provided by the competent authority in the home Member State with a certificate of approval attesting that a prospectus in relation to the Notes has been drawn up in accordance with the Prospectus Directive and with a copy of the said prospectus; or

			
	
			
				 (c)
			

			
	
			
			the offer of the Notes benefits from an exemption from or constitutes a transaction not subject to, the requirements to publish a prospectus pursuant to the Luxembourg Prospectus Law.

		
			
		

		
			

		 

			

					

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				Schedule 3
			
PROGRAMME SUMMARY

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Issuer/Guarantor

					
					
						 

					
					
						Issuer 2

					
					
						 

				
	
					
						Ecolab Inc.

					
					
						 

					
					
						Ecolab Lux 1 S.à r.l.

					
					
						 

				
	
					
						Address:

					
					
						1 Ecolab Place,

					
						St. Paul,

					
						MN 55102,

					
						U.S.A.

					
					
						Address:

					
					
						6, rue Eugène Ruppert,

					
						L-2453 Luxembourg,
Grand Duchy of Luxembourg

				
	
					
						Telephone:

					
					
						+ 1 800 232 6522

					
					
						Telephone:

					
					
						+ 352 26 449 379

				
	
					
						Fax:

					
					
						+ 1 651 250 2573

					
					
						Fax:

					
					
						+ 352 26 449 167

				
	
					
						Contact:

					
					
						General Counsel

					
					
						Contact:

					
					
						Manager

				
	
					
						 

					
					
						 

					
					
						 

					
					
						(cc. Ecolab Inc. as specified above)

				
	
					
						Issuer 3

					
					
						 

					
					
						Issuer 4

					
					
						 

				
	
					
						Ecolab Lux 2 S.à r.l.

					
					
						 

					
					
						Ecolab NL 10 B.V.

				
	
					
						Address:

					
					
						6, rue Eugène Ruppert,

					
						L-2453 Luxembourg,
Grand Duchy of Luxembourg

					
					
						Address:

					
					
						Iepenhoeve 7 A

					
						3438MR Nieuwegein

					
						The Netherlands

				
	
					
						Telephone:

					
					
						+ 352 26 449 379

					
					
						Telephone:

					
					
						+31 30 6082372

				
	
					
						Fax:

					
					
						+ 352 26 449 167

					
					
						Fax:

					
					
						+31 30 6082228

				
	
					
						Contact:

					
					
						Manager

					
					
						Contact:

					
					
						Director

				
	
					
						 

					
					
						(cc. Ecolab Inc. as specified above)

					
					
						 

					
					
						(cc. Ecolab Inc. as specified above)

				
	
					
						Issuer 5

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ecolab NL 11 B.V.

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Address:

					
					
						Iepenhoeve 7 A

					
						3438MR 

					
						Nieuwegein

					
						The Netherlands

					
					
						 

					
					
						 

				
	
					
						Telephone:

					
					
						+31 30 6082222

					
					
						 

					
					
						 

				
	
					
						Fax:

					
					
						+31 30 6082228

					
					
						 

					
					
						 

				
	
					
						Contact:

					
					
						Director

					
					
						 

					
					
						 

				
	
					
						 

					
					
						(cc. Ecolab Inc. as specified above)

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		

		 

			

					

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						Dealer and Arranger

				
	
					
						Credit Suisse Securities (Europe) Limited

				
	
					
						Address:

					
					
						One Cabot Square

				
	
					
						 

					
					
						London E14 4QJ

				
	
					
						Telephone:

					
					
						+ 44 20 7888 9968

				
	
					
						Fax:

					
					
						+ 44 20 7905 6132

				
	
					
						Contact:

					
					
						Commercial Paper Desk

				
	
					
						Dealer

				
	
					
						Citibank Europe plc, UK Branch

				
	
					
						Address:

					
					
						Citigroup Centre

				
	
					
						 

					
					
						Canada Square

				
	
					
						 

					
					
						Canary Wharf

				
	
					
						 

					
					
						London E14 5LB

				
	
					
						Telephone:

					
					
						+ 44 20 7986 9070

				
	
					
						Fax:

					
					
						+ 44 20 7986 6837

				
	
					
						Contact:

					
					
						Short Term Fixed Income Desk

				
	
					
						Issue and Paying Agent

				
	
					
						Citibank, N.A., London Branch

				
	
					
						Address:

					
					
						Citigroup Centre

				
	
					
						 

					
					
						Canada Square

				
	
					
						 

					
					
						Canary Wharf

				
	
					
						 

					
					
						London E14 5LB

				
	
					
						Telephone:

					
					
						+353 1 622 2238

				
	
					
						Fax:

					
					
						+353 1 622 4029

				
	
					
						Contact:

					
					
						ECP Issuance Desk 

				
	
					
						Maximum Amount:

					
					
						Denominations:

				
	
					
						U.S.$2,000,000,000

					
					
						EUR 100,000 

				
	
					
						(provided that the aggregate borrowing under Ecolab Inc.'s U.S.$ Commercial paper programme and the Programme may not exceed U.S.$2,000,000,000)

					
					
						(or other conventionally accepted Denominations in other currencies, provided that the Euro Equivalent of any Note must be at least EUR 100,000 on the issue date).

				

		 

			

					

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						Governing Law:

					
					
						 

					
					
						Form of Notes:

				
	
					
						Agreements:

					
						Notes:

					
					
						English

					
						English

					
					
						The Notes will be in bearer form.  The Notes will initially be in global form ("Global Notes").  A Global Note will be exchangeable into definitive notes ("Definitive Notes") only in the circumstances set out in that Global Note (and as summarised below).

				
	
					
						 

					
					
						 

					
					
						A Global Note will be exchangeable, in whole but not in part, for Definitive Notes after surrender of the Global Note to the Issue and Paying Agent only (i) if the clearing system(s) in which the Global Note is held at the relevant time is closed for a continuous period of 14 days or more (other than by reason of weekends or public holidays, statutory or otherwise) or if any such clearing system announces an intention to, or does in fact, permanently cease to do business, or (ii) if default is made in the payment of any amount payable in respect of the Global Note.

				
	
					
						 

					
					
						 

					
					
						Notes may be issued at a discount or premium to face value or may bear fixed or floating rate interest.

				
	
					
						Minimum Term:

					
					
						Maximum Term:

				
	
					
						One day

					
					
						183 days

				
	
					
						Clearing Systems:

					
					
						Selling Restrictions:

				
	
					
						Euroclear Bank S.A./N.V. ("Euroclear"), Clearstream Banking, S.A. ("Clearstream, Luxembourg") or any other clearing system as may be agreed between the relevant Issuer and the Issue and Paying Agent and in which Notes may from time to time be held

					
					
						U.S.A.

					
						United Kingdom

					
						Japan

					
						Switzerland

					
						The Netherlands
Grand Duchy of Luxembourg

				
	
					
						Agent for Service of Process:

				
	
					
						Ecolab Limited

				
	
					
						Address:

					
					
						P.O. Box 11

				
	
					
						 

					
					
						Winnington Avenue

					
						Northwich, Cheshire

				
	
					
						 

					
					
						United Kingdom CW8 4DX

				
	
					
						Telephone:

					
					
						+44 1 606 744 88

				
	
					
						Contact:

					
					
						Company Secretary

				

		
			 
		

		
			
		

		
			

		 

			

					

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				Schedule 4
			
INCREASE OF MAXIMUM AMOUNT

		
			[Letterhead of Ecolab]
		

		
			[Date]
		

		
			To:[List Dealers]
		

		
			Citibank, N.A., London Branch (as Issue and Paying Agent])
		

		
			 
		

		
			Dear Sirs
		

		
			U.S.$2,000,000,000 Euro-commercial paper programme
		

		
			We refer to an amended and restated dealer agreement dated 9 June 2017 2017 (the "Dealer Agreement") between ourselves as Issuers, the Guarantor, the Arranger and the Dealers party thereto relating to a U.S.$2,000,000,000 Euro-commercial paper programme (the "Programme").  Terms used in the Dealer Agreement shall have the same meaning in this letter.
		

			
	
			
				
			In accordance with clause 2.5 of the Dealer Agreement, we hereby notify each of the addressees listed above that the Maximum Amount of the Programme is to be increased from U.S.$[ ],000,000 to U.S.$[ ],000,000 with effect from [date], subject to delivery of the following documents:

			
	
			
				 (a)
			

			
	
			
			an updated or supplemental Information Memorandum reflecting the increase in the Maximum Amount of the Programme;

			
	
			
				 (b)
			

			
	
			
			certified copies of all documents evidencing the internal authorisations and approvals required to be granted by the Issuers and the Guarantor for such increase in the Maximum Amount;

			
	
			
				 (c)
			

			
	
			
			certified copies of [specify any governmental or other consents required by the Issuers and the Guarantor] for such increase;

			
	
			
				 (d)
			

			
	
			
			legal opinions from (i) the Senior SEC Counsel and Assistant Secretary (or an employee of similar standing) of Ecolab Inc. and (ii) Clifford Chance LLP as to the laws of The Netherlands, the Grand Duchy of Luxembourg and the United Kingdom relating to such increase; and

			
	
			
				 (e)
			

			
	
			
			a list of names, titles and specimen signatures of the persons authorised to sign on behalf of the Issuers and the Guarantor all notices and other documents to be delivered in connection with such an increase in the Maximum Amount.

		
			From the date on which such increase in the Maximum Amount becomes effective, all references in the Dealer Agreement to the Maximum Amount or the amount of the Programme shall be construed as references to the increased Maximum Amount as specified herein.
		

		
			Yours faithfully
		

		
			

		 

			

					

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			...................................................
		

		
			for and on behalf of
		

		
			ECOLAB INC. (in its capacity as Issuer)
		

		
			 
		

		
			 
		

		
			...................................................
		

		
			for and on behalf of
		

		
			ECOLAB LUX 1 S.À R.L.
		

		
			société à responsabilité limitée 
		

		
			6, rue Eugène Ruppert
		

		
			L-2453 Luxembourg
		

		
			Grand Duchy of Luxembourg
		

		
			R.C.S. Luxembourg: B 132319
		

		
			 
		

		
			...................................................
		

		
			for and on behalf of
		

		
			ECOLAB LUX 2 S.À R.L.
		

		
			société à responsabilité limitée 
		

		
			6, rue Eugène Ruppert
		

		
			L-2453 Luxembourg
		

		
			Grand Duchy of Luxembourg
		

		
			R.C.S. Luxembourg: B 132318
		

		
			 
		

		
			 
		

		
			 
		

		
			...................................................
		

		
			for and on behalf of
		

		
			ECOLAB NL 10 B.V.
		

		
			 
		

		
			 
		

		
			...................................................
		

		
			for and on behalf of
		

		
			ECOLAB NL 11 B.V.
		

		
			 
		

		
			 
		

		
			 
		

		
			...................................................
		

		
			for and on behalf of
		

		
			ECOLAB INC. (in its capacity as Guarantor)
		

		
			
		

		
			

		 

			

					

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				Schedule 5
			
APPOINTMENT OF NEW DEALER

		
			[Letterhead of Ecolab]
		

		
			[Date]
		

		
			To:[Name of new Dealer]
		

		
			 
		

		
			Dear Sirs
		

		
			U.S.$[•]00,000,000 Euro-commercial paper programme
		

		
			We refer to an amended and restated dealer agreement dated 9 June 2017 (the "Dealer Agreement") between ourselves as Issuers, the Arranger and the Dealers party thereto relating to a U.S.$[•]00,000,000 Euro-commercial paper programme (the "Programme").  Terms used in the Dealer Agreement shall have the same meaning in this letter.
		

		
			In accordance with Clause ‎6.20 of the Dealer Agreement, we hereby appoint you as an additional dealer for the Programme upon the terms of the Dealer Agreement with [immediate effect/effect from [date]].  Please confirm acceptance of your appointment upon such terms by signing and returning to us the enclosed copy of this letter, whereupon you will, in accordance with Clause 6.2 of the Dealer Agreement, become a party to the Dealer Agreement vested with all the authority, rights, powers, duties and obligations as if originally named as a Dealer thereunder.
		

		
			Yours faithfully
		

		
			 
		

		
			...................................................
		

		
			for and on behalf of
		

		
			ECOLAB INC. (in its capacity as Issuer)
		

		
			 
		

		
			...................................................
		

		
			for and on behalf of
		

		
			ECOLAB LUX 1 S.À R.L.
		

		
			société à responsabilité limitée 
		

		
			6, rue Eugène Ruppert
		

		
			L-2453 Luxembourg
		

		
			Grand Duchy of Luxembourg
		

		
			R.C.S. Luxembourg: B 132319
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

			

					

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			...................................................
		

		
			for and on behalf of
		

		
			ECOLAB LUX 2 S.À R.L.
		

		
			société à responsabilité limitée 
		

		
			6, rue Eugène Ruppert
		

		
			L-2453 Luxembourg
		

		
			Grand Duchy of Luxembourg
		

		
			R.C.S. Luxembourg: B 132318
		

		
			 
		

		
			 
		

		
			...................................................
		

		
			for and on behalf of
		

		
			ECOLAB NL 10 B.V.
		

		
			 
		

		
			 
		

		
			...................................................
		

		
			for and on behalf of
		

		
			ECOLAB NL 11 B.V.
		

		
			 
		

		
			...................................................
		

		
			for and on behalf of
		

		
			ECOLAB INC. (in its capacity as Guarantor)
		

		
			[On copy]
		

		
			We hereby confirm acceptance of our appointment as a Dealer upon the terms of the Dealer Agreement referred to above.  For the purposes of Clause ‎7  (Notices), our contact details are as follows:
		

		
			 
		

		
			[Name of Dealer]
		

		
			Address:[                       ]
		

		
			Telephone:[                       ]
		

		
			Fax:[                       ]
		

		
			Email:[                       ]
		

		
			Contact:[                       ]
		

		
			 
		

		
			Dated:...................................................
		

		
			 
		

		
			Signed: ...................................................
		

		
			for [Name of new Dealer]
		

		
			
		

		
			

		 

			

					

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				Schedule 6
			
FORM OF CALCULATION AGENCY AGREEMENT

		
			THIS AGREEMENT is made on [date]
		

		
			BETWEEN
		

			
	
			
				 (1)
			

			
	
			
			[ECOLAB INC., a corporation organised and existing under the laws of the State of Delaware, having its registered office at 1209 Orange Street, City of Wilmington, Delaware, U.S.A., registered in the State of Delaware under number 0164814 / ECOLAB LUX 1 S.À R.L., a private limited liability company (societé à responsabilité limitée) incorporated and existing under the laws of Luxembourg, having its registered office at 6, rue Eugène Ruppert, L-2453 Luxembourg, the Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies under number B 132.319; / ECOLAB LUX 2 S.À R.L., a private limited liability company (societé à responsabilité limitée) incorporated and existing under the laws of Luxembourg, having its registered office at 6, rue Eugène Ruppert, L-2453 Luxembourg, the Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies under number B 132.318 /ECOLAB NL 10 B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of The Netherlands, having its registered office at Iepenhoeve 7 A, 3438MR Nieuwegein, The Netherlands and registered in The Netherlands under number 56036094/ECOLAB NL 11 B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of The Netherlands, having its registered office at Iepenhoeve 7 A, 3438MR Nieuwegein, The Netherlands and registered in The Netherlands under number 56150547] (delete as appropriate)(the "Issuer"); [and]

			
	
			
				 (2)
			

			
	
			
			[ECOLAB INC., a corporation organised and existing under the laws of the State of Delaware, having its registered office at 1209 Orange Street, City of Wilmington, Delaware, U.S.A., registered in the State of Delaware under number 0164814 (the "Guarantor"); and]  (delete where Ecolab Inc. is the Issuer)

			
	
			
				 (3)
			

			
	
			
			[CALCULATION AGENT], as the calculation agent appointed pursuant to Clause ‎2 hereof (the "Calculation Agent", which expression shall include any successor thereto).

		
			WHEREAS:
		

			
	
			
				 (A)
			

			
	
			
			Under an amended and restated dealer agreement (as amended, supplemented and/or restated from time to time, the "Dealer Agreement") dated 9 June 2017 and made between the Issuers, the Guarantor, the Arranger and the Dealer(s) referred to therein, and an amended and restated note agency agreement (as amended, supplemented and/or restated from time to time, the "Agency Agreement") dated 9 June 2017 and made between the Issuers, the Guarantor and the agents referred to therein, the Issuers established a Euro-commercial paper programme (the "Programme").

			
	
			
				 (B)
			

			
	
			
			The Dealer Agreement contemplates, among other things, the issue under the Programme of floating rate notes and provides for the appointment of calculation agents 

		 

			

					

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	in relation thereto.  Each such calculation agent's appointment shall be on substantially the terms and subject to the conditions of this Agreement.

		
			IT IS AGREED as follows:
		

		
			1.  INTERPRETATION
		

		
			1.1  Definitions
		

			
	
			
				
			Terms not expressly defined herein shall have the meanings given to them in the Dealer Agreement or the Agency Agreement.

		
			1.2  Legislation
		

		
			Any reference in this Agreement to any legislation (whether primary legislation or regulations or other subsidiary legislation made pursuant to primary legislation) shall be construed as a reference to such legislation as the same may have been, or may from time to time be, amended or re-enacted.
		

		
			1.3  Floating rate Notes
		

			
	
			
				
			"Relevant Notes" means such floating rate Notes in respect of which the Calculation Agent is appointed.

			
	
			
				 2.
			

			
	
			
			APPOINTMENT OF CALCULATION AGENT

		
			The Issuer appoints the Calculation Agent as its agent for the purpose of calculating the redemption amount and/or, if applicable, the amount of interest in respect of the Relevant Notes upon the terms and subject to the conditions of this Agreement.  The Calculation Agent accepts such appointment.
		

			
	
			
				 3.
			

			
	
			
			DETERMINATION AND NOTIFICATION

			
	
			
				 3.1
			

			
	
			
			Determination

		
			The Calculation Agent shall determine the redemption amount of, and/or, if applicable, the amount of interest payable on, each Relevant Note in accordance with the redemption calculation applicable thereto.
		

			
	
			
				 3.2
			

			
	
			
			Notification

		
			The Calculation Agent shall as soon as it has made its determination as provided for in Clause ‎3.1 above (and, in any event, no later than the close of business on the date on which the determination is made) notify the Issuer and the Issue and Paying Agent (if other than the Calculation Agent) of the redemption amount and/or, if applicable, the amount of interest so payable.
		

			
	
			
				 4.
			

			
	
			
			STAMP DUTIES

		
			The Issuer will pay all stamp, registration and other similar taxes and duties (including any interest and penalties thereon or in connection therewith) payable in connection with the execution, delivery and performance of this Agreement, except for any taxes 

		 

			

					

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payable regarding Luxembourg registration duties (droits d'enregistrement) due to a registration, submission or filing of this Agreement where such registration, submission or filing is or was not required to maintain or preserve the rights of the Calculation Agent under this Agreement. 
		

			
	
			
				 5.
			

			
	
			
			INDEMNITY AND LIABILITY

			
	
			
				 5.1
			

			
	
			
			Indemnity

		
			The Issuer shall indemnify and hold harmless on demand the Calculation Agent against any claim, demand, action, liability, damages, cost, loss or expense (including, without limitation, legal fees and any applicable value added tax) which it may incur arising out of the exercise of its powers and duties as Calculation Agent under this Agreement, except such as may result from its own negligence or bad faith or that of its officers, employees or agents.
		

			
	
			
				 5.2
			

			
	
			
			Liability

		
			The Calculation Agent may consult as to legal matters with lawyers selected by it, who may be employees of, or lawyers to, the Issuer.  If such consultation is made, the Calculation Agent shall be protected and shall incur no liability for action taken or not taken by it as Calculation Agent or suffered to be taken with respect to such matters in good faith, without negligence and in accordance with the opinion of such lawyers.
		

			
	
			
				 6.
			

			
	
			
			CONDITIONS OF APPOINTMENT

		
			The Calculation Agent and the Issuer agree that its appointment will be subject to the following conditions:
		

			
	
			
				 (a)
			

			
	
			
			No obligations:  in acting under this Agreement, the Calculation Agent shall act as an independent expert and shall not assume any obligations towards or relationship of agency or trust with the Issuer or the owner or holder of any of the Relevant Notes or any interest therein;

			
	
			
				 (b)
			

			
	
			
			Notices:  unless otherwise specifically provided in this Agreement, any order, certificate, notice, request, direction or other communication from the Issuer made or given under any provision of this Agreement shall be sufficient if signed or purported to be signed by a duly authorised employee of the Issuer;

			
	
			
				 (c)
			

			
	
			
			Duties:  the Calculation Agent shall be obliged to perform only those duties which are set out in this Agreement and in the redemption calculation relating to the Relevant Notes;

			
	
			
				 (d)
			

			
	
			
			Ownership, interest:  the Calculation Agent and its officers and employees, in its individual or any other capacity, may become the owner of, or acquire any interest in, any Relevant Notes with the same rights that the Calculation Agent would have if it were not the Calculation Agent hereunder; and

			
	
			
				 (e)
			

			
	
			
			Calculations and determinations:  all calculations and determinations made pursuant to this Agreement by the Calculation Agent shall (save in the case of manifest error) be binding on the Issuer, the Calculation Agent and (if other than the Calculation Agent) the holder(s) of the Relevant Notes and no liability to 

		 

			

					

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	such holder(s) shall attach to the Calculation Agent in connection with the exercise by the Calculation Agent of its powers, duties or discretion under or in respect of the Relevant Notes in accordance with the provisions of this Agreement, except such as may result from its own gross negligence or bad faith or that of its officers, employees or agents.

			
	
			
				 7.
			

			
	
			
			ALTERNATIVE APPOINTMENT

		
			If, for any reason, the Calculation Agent ceases to act as such or fails to comply with its obligations under Clause ‎3, the Issuer shall appoint [the Issue and Paying Agent] as calculation agent in respect of the Relevant Notes.
		

			
	
			
				 8.
			

			
	
			
			THIRD PARTY RIGHTS

		
			A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.
		

			
	
			
				 9.
			

			
	
			
			LAW AND JURISDICTION

			
	
			
				 9.1
			

			
	
			
			Governing law

		
			This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.
		

			
	
			
				 9.2
			

			
	
			
			Jurisdiction

		
			The Issuer agrees for the benefit of the Calculation Agent that the courts of England shall have jurisdiction to hear and determine any suit, action or proceedings, and to settle any disputes, which may arise out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) or the consequences of its nullity (respectively, "Proceedings" and "Disputes") and, for such purposes, irrevocably submits to the jurisdiction of such courts.
		

			
	
			
				 9.3
			

			
	
			
			Appropriate forum

		
			The Issuer irrevocably waives any objection which it might now or hereafter have to the courts of England being nominated as the forum to hear and determine any Proceedings and to settle any Disputes, and agrees not to claim that any such court is not a convenient or appropriate forum.
		

			
	
			
				 9.4
			

			
	
			
			Process agent

		
			The Issuer agrees that the process by which any Proceedings in England are begun may be served on it by being delivered to Ecolab Limited at P.O Box 11, Winnington Avenue, Northwich, Cheshire, United Kingdom CW8 4DX or, if different, its registered office for the time being.  If such person is not or ceases to be effectively appointed to accept service of process on behalf of the Issuer, the Issuer shall, on the written demand of the Calculation Agent addressed to the Issuer and delivered to the Issuer appoint a further person in England to accept service of process on its behalf and, failing such 

		 

			

					

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appointment within 15 days, the Calculation Agent shall be entitled to appoint such a person by written notice addressed to the Issuer and delivered to the Issuer.  Nothing in this paragraph shall affect the right of the Calculation Agent to serve process in any other manner permitted by law.
		

			
	
			
				 9.5
			

			
	
			
			Non exclusivity

		
			The submission to the jurisdiction of the courts of England shall not (and shall not be construed so as to) limit the right of the Calculation Agent to take Proceedings in any other court of competent jurisdiction, nor shall the taking of Proceedings in any one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not) if and to the extent permitted by law.
		

			
	
			
				 10.
			

			
	
			
			COUNTERPARTS

		
			This Agreement may be signed in any number of counterparts, all of which when taken together shall constitute a single agreement.
		

		
			AS WITNESS the hands of the duly authorised representatives of the parties hereto the day and year first before written.
		

		
			 
		

		
			[ECOLAB INC. (in its capacity as Issuer)
		

		
			 
		

		
			By:...................................................
		

		
			 
		

		
			ECOLAB LUX 1 S.À R.L.
		

		
			 
		

		
			By:...................................................
		

		
			 
		

		
			ECOLAB LUX 2 S.À R.L.
		

		
			 
		

		
			By:...................................................
		

		
			 
		

		
			ECOLAB NL 10 B.V.
		

		
			 
		

		
			By:...................................................
		

		
			

		 

			

					

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			ECOLAB NL 11 B.V.
		

		
			 
		

		
			By:...................................................
		

		
			 
		

		
			ECOLAB INC. (in its capacity as Guarantor)
		

		
			 
		

		
			By:...................................................]*
		

		
			(*Delete as appropriate)
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

			

					

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			SIGNATURE PAGE
		

		
			The Issuers
		

		
			ECOLAB INC.
		

			
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Kristen Bettmann

				

		
			 
		

		
			ECOLAB LUX 1 S.À R.L.
		

			
					
						.

					
					
						 

				
	
					
						By:

					
					
						/s/ Kristen Bettmann

				

		
			 
		

		
			ECOLAB LUX 2 S.À R.L.
		

			
					
						L

					
					
						 

				
	
					
						By:

					
					
						/s/ Kristen Bettmann

				

		
			 
		

		
			ECOLAB NL 10 B.V.
		

			
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Kristen Bettmann

				

		
			 
		

		
			ECOLAB NL 11 B.V.
		

			
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Kristen Bettmann

				

		
			 
		

		
			The Guarantor
		

		
			ECOLAB INC.
		

			
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Kristen Bettmann

				

		
			 
		

		
			
		

		
			

		 

			

					

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			The Arranger 
		

		
			CREDIT SUISSE SECURITIES (EUROPE) LIMITED
		

			
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Richard Johnson

				

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

			

					

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			The Dealers
		

		
			CITIBANK EUROPE PLC, UK BRANCH
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Angela Donnelly

				

		
			 
		

		
			(duly authorised attorney)
		

		
			
		

		
			

		 

			

					

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			CREDIT SUISSE SECURITIES (EUROPE) LIMITED
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Richard Johnson

				

		
			 
		

		
			(duly authorised attorney)
		

		
			 
		

		
			 
		

		 

			

					

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						-  4  -ecl_Ex10_1_B

			

					

						 

					

					

						 

				
	

					

						

					

					

						CLIFFORD CHANCE LLP

				
	

					

						Exhibit 10.1.B

				

		

			 

		

			
					
						 

					
					
						 

					
						 

					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Execution Version

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

				
	
					
						ECOLAB INC.

					
						ECOLAB LUX 1 S.À R.L.

					
						ECOLAB LUX 2 S.À R.L.

					
						ECOLAB NL 10 B.V.

					
						ECOLAB NL 11 B.V.

					
						as Issuers

					
						 

					
						ECOLAB INC.

					
						(in respect of notes issued by Ecolab Lux 1 S.à r.l., Ecolab Lux 2 S.à r.l., Ecolab NL 10 B.V. and Ecolab NL 11 B.V.)

					
						as Guarantor

					
						and

					
						CITIBANK, N.A., LONDON BRANCH

					
						as Issue and Paying Agent

				
	
					
						 

					
					
						AMENDED AND RESTATED NOTE AGENCY AGREEMENT

					
						RELATING TO A U.S.$2,000,000,000

					
						EURO-COMMERCIAL PAPER PROGRAMME

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

 

		

			 

		

		

		
			CONTENTS
		

			
					
						 

					
					
						 

				
	
					
						Clause

					
					
						Page

				

			
					
						 

					
					
						 

					
					
						 

				
	
					
						1.

					
					
						Interpretation

					
2
				
	
					
						2.

					
					
						Appointments

					
5
				
	
					
						3.

					
					
						Issue of Notes

					
5
				
	
					
						4.

					
					
						Payment

					
7
				
	
					
						5.

					
					
						Cancellation, Destruction, Records and Custody

					
8
				
	
					
						6.

					
					
						Fees and Expenses

					
9
				
	
					
						7.

					
					
						Indemnity

					
9
				
	
					
						8.

					
					
						No Liability for Consequential Loss

					
10
				
	
					
						9.

					
					
						Agents of the Issuers

					
10
				
	
					
						10.

					
					
						General

					
10
				
	
					
						11.

					
					
						Changes in Agent

					
11
				
	
					
						12.

					
					
						Agent as Holders of Notes

					
11
				
	
					
						13.

					
					
						Notices

					
11
				
	
					
						14.

					
					
						Tax

					
12
				
	
					
						15.

					
					
						Illegality

					
13
				
	
					
						16.

					
					
						Law and Jurisdiction

					
13
				
	
					
						17.

					
					
						Rights of Third Parties

					
14
				
	
					
						18.

					
					
						Modification

					
14
				
	
					
						19.

					
					
						Counterparts

					
14
				
	
					
						20.

					
					
						Entire Agreement

					
14
				
	
					
						Schedule 1

					
					
						Forms of Note

					
16
				
	
					
						Schedule 2

					
					
						Duties under the Issuer-ICSDS Agreement

					
48
				

		
			 
		

		
			

		 

		

			 

		

		

			 

		

 

		

			 

		

		

		
			THIS AGREEMENT is made on 9 June 2017
		

		
			BETWEEN
		

		
			(1)       ECOLAB INC., a corporation organised and existing under the laws of the State of Delaware, having its registered office at 1209 Orange Street, City of Wilmington, Delaware, U.S.A., registered in the State of Delaware under number 0164814;
		

		
			(2)       ECOLAB LUX 1 S.À R.L., a private limited liability company (societé à responsabilité limitée) incorporated and existing under the laws of Luxembourg, having its registered office at 6, rue Eugène Ruppert, L-2453 Luxembourg, the Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 132.319;
		

		
			(3)       ECOLAB LUX 2 S.À R.L., a private limited liability company (societé à responsabilité limitée) incorporated and existing under the laws of Luxembourg, having its registered office at 6, rue Eugène Ruppert, L-2453 Luxembourg, the Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 132.318;
		

		
			(4)       ECOLAB NL 10 B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of The Netherlands, having its registered office at Iepenhoeve 7 A, 3438MR Nieuwegein, The Netherlands and registered in The Netherlands under number 56036094;
		

		
			(5)       ECOLAB NL 11 B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of The Netherlands, having its registered office at Iepenhoeve 7 A, 3438MR Nieuwegein, The Netherlands and registered in The Netherlands under number 56150547,
		

		
			(each of Ecolab Lux 1 S.à r.l., Ecolab Lux 2 S.à r.l., Ecolab NL 10 B.V. and Ecolab NL 11 B.V. is referred to herein as an "Issuer" and together, the "Issuers");
		

		
			(6)       ECOLAB INC. (the "Guarantor", in respect of Notes issued by Ecolab Lux 1 S.à r.l., Ecolab Lux 2 S.à r.l., Ecolab NL 10 B.V. and Ecolab NL 11 B.V.); and
		

		
			(7)       CITIBANK, N.A., LONDON BRANCH (the "Agent").
		

		
			WHEREAS
		

		
			(A)       Ecolab Inc., as Issuer and Guarantor, with certain other issuers and the Agent named therein entered into an amended and restated note agency agreement dated 21 September 2016 (the "Original Agreement") in relation to a euro-commercial paper programme pursuant to which the Issuers may from time to time issue Notes (as defined below).
		

		
			(B)       In connection with such programme, the Issuers and the Guarantor have entered into a further amended and restated dealer agreement (as amended, supplemented and/or restated from time to time, the "Dealer Agreement") dated the date hereof and made between the Issuers, the Arranger, the Guarantor and the dealers from time to time party thereto (together, the "Dealers" and each a "Dealer").
		

		
			
		

		
			

		 

		

			- 1 -

		

		

			 

		

 

		

			 

		

		

		
			(C)       The parties hereto wish to further amend and restate the terms of the Original Agreement as set out hereunder.
		

		
			IT IS AGREED as follows:
		

		
			1.         INTERPRETATION
		

		
			1.1       In this Agreement:
		

		
			"Agents" means Citibank, N.A., London Branch acting as issue and paying agent and as calculation agent (if so appointed in relation to a Series of Notes) and "Agent" shall be construed accordingly.
		

		
			"Applicable Law" means any law or regulation including, but not limited to: (i) any statute or regulation; (ii) any rule or practice of any Authority by which any Party is bound or with which it is accustomed to comply; (iii) any agreement between any Authorities; and (iv) any customary agreement between any Authority and any Party.
		

		
			"Authority" means any competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction.
		

		
			"Business Day", except to the extent that the context requires otherwise, means a day (other than a Saturday or Sunday):
		

		
			(a)        on which deposits in the relevant currency are dealt in on the London Interbank Market;
		

		
			(b)        on which commercial banks and foreign exchange markets settle payments and are open for business in London and, if a payment is to be made on that day under this Agreement or any of the Notes, in the place of payment and (other than for payments in euro) the principal financial centre of the country of the relevant currency in which the payment is to be made;
		

		
			(c)        on which the Clearing Systems are in operation; and
		

		
			(d)        in the case of Notes denominated in Euro, a day which is a TARGET Business Day (as defined below);
		

		
			"Classic Global Note" means a Note in global form which specifies on its face that it is not a New Global Note, representing an issue of commercial paper of a like maturity which may be issued from time to time by an Issuer pursuant to this Agreement;
		

		
			"Clearstream, Luxembourg" means Clearstream Banking, société anonyme or any successor thereto.
		

		
			"Clearing System" means each or any of Clearstream, Luxembourg, Euroclear or such other recognised clearing system as may be agreed from time to time between the Issuers and the Agent which, for so long as the Issuer maintains the STEP Label, shall be a securities settlement system complying with the requirement of the STEP Convention, or any successor thereto.
		

		
			"Code" means the U.S. Internal Revenue Code of 1986, as amended.
		

		
			
		

		
			

		 

		

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			"Common Depositary" means Citibank, N.A., London Branch acting as a depositary common to Euroclear and Clearstream, Luxembourg at such offices in London as shall be notified by both of them to the Agent from time to time.
		

		
			"Common Safekeeper" means, in respect of any New Global Note, the common safekeeper which is appointed pursuant to Clause 3.13 in respect of such New Global Note or, if such New Global Note is intended to be held in a manner that would allow Eurosystem eligibility, the common safekeeper that is appointed for the relevant Issuer and eligible to hold such New Global Note for the purpose of the requirements relating to collateral for Eurosystem monetary and intra-day credit operations.
		

		
			"Common Service Provider" has the meaning given to it in Schedule 2.
		

		
			"Deed of Covenant" means the deed of covenant, dated the date hereof, executed by the Issuers in respect of Global Notes issued pursuant to this Agreement, as such deed may be amended or supplemented from time to time.
		

		
			"Definitive Note" means a Note in definitive form.
		

		
			"Dollars" and "U.S.$" denote the lawful currency of the United States of America; and "Dollar Note" means a Note denominated in Dollars.
		

		
			"Euro" and "€" denote the lawful currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended from time to time; and "Euro Note" means a Note denominated in Euro.
		

		
			"Euroclear" means Euroclear Bank S.A./N.V. or any successor thereto.
		

		
			"Eurosystem" means credit operations of the central banking system for the euro.
		

		
			"FATCA Withholding" means any withholding or deduction required pursuant to an agreement described in section 1471(b) of the Code, or otherwise imposed pursuant to sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any law implementing an intergovernmental approach thereto.
		

		
			"Global Note" means a New Global Note or a Classic Global Note.
		

		
			"Guarantee" means the guarantee, dated the date hereof, issued by the Guarantor in respect of any Note issued hereunder.
		

		
			"ICSD" means a Clearing System authorised to hold any New Global Notes as eligible collateral for Eurosystem monetary policy and intra-credit operations, as agreed between the Issuer and the Agent;
		

		
			"Maximum Amount" means U.S.$2,000,000,000 or the equivalent amount denominated in any currency other than Dollars, as such amount may be increased from time to time pursuant to the Dealer Agreement.
		

		
			
		

		
			

		 

		

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			"New Global Note" means a Note in global form which specifies on its face that it is a New Global Note, representing an issue of commercial paper of a like maturity which may be issued from time to time by an Issuer pursuant to this Agreement.
		

		
			"Note" means a commercial paper note of an Issuer subscribed or to be subscribed by a Dealer under the Dealer Agreement, in bearer definitive or global form, substantially in the relevant form scheduled hereto or such other form(s) as may be agreed from time to time between the relevant Issuer and the Agent and, unless the context otherwise requires, includes the commercial paper notes represented by the Global Notes.
		

		
			"Party" means a party to this Agreement.
		

		
			"STEP Convention" means the Market Convention on Short-Term European Paper (STEP) dated 19 May 2015 as the same may be amended from time to time or any substitute paper or convention relating to STEP issued by ACI – The Financial Markets Association and the European Money Markets Institute or by the STEP Secretariat (as such terms are defined in the STEP Convention);
		

		
			"STEP Label" has the meaning set out in the STEP Convention;
		

		
			"Sterling" and "£" denote the lawful currency of the United Kingdom; and "Sterling Note" means a Note denominated in Sterling.
		

		
			"Swiss Franc" denotes the lawful currency of Switzerland; and "Swiss Franc Note" means a Note denominated in Swiss Francs.
		

		
			"TARGET Business Day" means a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System, or any successor thereto, is open.
		

		
			"Tax" means any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of any Authority having power to tax.
		

		
			"Yen" and "¥" denote the lawful currency of Japan; and "Yen Note" means a note denominated in Yen.
		

		
			1.2       References in this Agreement to the principal amount of any Note shall be deemed to include any additional amounts which may become payable in respect thereof pursuant to the terms of such Note.
		

		
			1.3       Any reference in this Agreement to a Clause or a Schedule is, unless otherwise stated, to a clause hereof or a schedule hereto.
		

		
			1.4       Headings and sub-headings are for ease of reference only and shall not affect the construction of this Agreement.
		

		
			1.5       The Original Agreement shall be amended and restated on the terms of this Agreement.  Any Notes issued on or after the date of this Agreement shall be issued pursuant to this Agreement.  
		

		
			
		

		
			

		 

		

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			2.         APPOINTMENTS
		

		
			2.1       The Issuers and the Guarantor hereby appoint Citibank, N.A., London Branch at its specified office in London as issue agent and as paying agent for the Notes.
		

		
			2.2       The Agent may act as calculation agent for floating rate Notes, on substantially the terms set out in this Agreement, subject in each case to its specific agreement to act as such for each relevant series of Notes.
		

		
			2.3       Any reference herein to the "Agent" or its "specified office" shall be deemed to include such other agent or office of the Agent (as the case may be) as may be appointed or specified from time to time hereunder.
		

		
			3.         ISSUE OF NOTES
		

		
			3.1       Each Note issued hereunder shall be substantially in the relevant form scheduled hereto or, as the case may be, such other form as may be agreed between the relevant Issuer and the Agent from time to time and shall be duly executed either manually or in facsimile on behalf of the relevant Issuer and authenticated by an authorised signatory or signatories of the Agent and in the case of a New Global Note, be effectuated manually by or on behalf of the Common Safekeeper.  Each relevant Issuer shall procure that a sufficient quantity of executed but unauthenticated blank Notes is at all times available to the Agent for the purpose of issue under this Agreement.
		

		
			3.2       The relevant Issuer shall give to the Agent by fax or email or through the CitiDirect for Securities IPA system details of any Notes to be issued by it under this Agreement and all such other information as the Agent may require for it to carry out its functions as contemplated by this Clause, by not later than 4.00 p.m. (London time) two Business Days prior to the proposed issue date (or such later time or date as may be agreed between the relevant Issuer and the Agent) in respect thereof and the Agent shall thereupon be authorised to complete Notes of the appropriate aggregate amount and/or (as the case may be) a Global Note by inserting in the appropriate place on the face of each Note inter alia the dates on which such Note shall be issued and shall mature and otherwise completing the same.
		

		
			3.3       If any such Notes as are mentioned in Clause 3.2 are not to be issued on any issue date, the relevant Issuer shall notify the Agent immediately, and in any event no later than 4.00 p.m. (London time) one Business Day prior to the proposed issue date.  Upon receipt of such notice the Agent shall not thereafter issue or release the relevant Notes, but shall cancel and destroy them.
		

		
			3.4       The Agent shall, upon notification by telephone, fax or email from the Dealer who has arranged to purchase Notes from the relevant Issuer, such notification to be received in sufficient time to enable delivery to be made as contemplated herein and in any event no later than 10.00 a.m. (London time) one Business Day prior to the proposed issue date or such later time or date as may be agreed between the Agent and the relevant Dealer, that payment by it to the relevant Issuer of the purchase price of any Note has been or will be duly made against delivery of such Notes and (if applicable) of details of the securities account hereinafter referred to deliver such Note on the Business Day immediately preceding its issue date (unless specified otherwise) to (A) save in the case of a Global Note which is a Classic Global Note, a common depositary for Euroclear 
		

		
			
		

		
			

		 

		

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			and Clearstream, Luxembourg and/or such other recognised clearing system as may be agreed from time to time between the relevant Issuer and the Agent or (B) in the case of a Global Note which is a New Global Note, as the case may be, to the Common Safekeeper, together with instructions to effectuate the same, for credit on the issue date of such Note to such securities account as shall have been notified to it or if no such details are given make the same available on its issue date for collection at its specified office in London.
		

		
			3.5       The Agent shall (if applicable) give instructions to the relevant Clearing System to credit the Notes to the Agent's distribution account and, in the case of a New Global Note, the Agent shall instruct the Common Safekeeper to effectuate the New Global Note (provided that, if the Agent is the Common Safekeeper, the Agent shall effectuate the Global Note).  Each Note credited to the Agent's distribution account with the relevant Clearing System following the delivery of the Notes in accordance with Clause 3.4 above shall be held to the order of the relevant Issuer pending delivery to the relevant Dealer on a delivery against payment basis in accordance with the normal procedures of the relevant Clearing System.  The Agent shall on the issue date and against receipt of funds from the relevant Dealer transfer the proceeds of issue to the relevant Issuer to the relevant account notified by the relevant Issuer to the Agent in accordance with Clause 3.2 above.
		

		
			3.6       If on the issue date the relevant Dealer does not pay the subscription price due from it in respect of any Note (the "Defaulted Note") and as a result the Defaulted Note remains in the Agent's distribution account with the relevant Clearing System after the issue date (rather than being credited to the Dealer's Account against payment), the Agent will continue to hold the Defaulted Note to the order of the relevant Issuer.
		

		
			3.7       If the Agent pays an amount (the "Advance") to the relevant Issuer on the basis that a payment (the "Payment") has been, or will be, received from the relevant Dealer and if the Payment has not been or is not received by the Agent on the date the Agent pays the relevant Issuer, the Agent shall promptly inform the relevant Dealer and request that Dealer to make good the Payment, failing which the relevant Issuer shall, upon being requested to do so, repay to the Agent the Advance and pay interest (on the basis of the aggregate of 1 per cent. per annum and the Agent's cost of funding, as determined by the Agent in its sole discretion) on the Advance until the earlier of repayment in full of the Advance and receipt in full by the Agent of the Payment.
		

		
			3.8       As soon as practicable after the date of issue of any Notes, the Agent shall deliver to the relevant Issuer particulars of (a) the number and aggregate principal amount of the Notes completed, authenticated and delivered by it, or made available by it for collection, on such date, (b) the issue date and the maturity date of such Notes and (c) the series and serial numbers of all such Notes if requested.
		

		
			3.9       Each Issuer hereby authorises and instructs the Agent to make all necessary notifications to and filings with the Bank of England, the Japanese Ministry of Finance (in respect of Yen Notes) and the relevant Swiss authorities (in respect of Swiss Franc Notes).
		

		
			3.10     Each Issuer hereby authorises and instructs the Agent to complete, authenticate and deliver on its behalf Definitive Notes in accordance with the terms of any Global Note presented to the Agent for exchange in whole (but not in part only) and in the case of 
		

		
			
		

		
			

		 

		

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			exchange in whole of a New Global Note for Definitive Notes instruct the ICSDs to make appropriate entries in their records to reflect the aggregate principal amount thereof so exchanged,  cancel or procure the cancellation of the Global Note and instruct the Common Safekeeper to destroy the Global Note. 
		

		
			3.11     The Issuers will give at least 10 days prior written notice to the Agent of a change in the Maximum Amount of Notes which may be issued under the Dealer Agreement.
		

		
			3.12     The Issuers will promptly notify the Agent in writing of the appointment, resignation or termination of the appointment of any Dealer.  If the notification is in respect of a new dealer appointment, the Issuers will notify the Agent two business days prior to the new issue.
		

		
			3.13     Each Issuer hereby authorises and instructs the Agent to elect an ICSD to be Common Safekeeper for each issue of a New Global Note in relation to which one of the ICSDs must be Common Safekeeper.  From time to time, the Issuers and the Agent may agree to vary this election.  Each Issuer acknowledges that in connection with the election of either of the ICSDs as Common Safekeeper any such election is subject to the right of the ICSDs to jointly determine that the other shall act as Common Safekeeper in relation to any such issue and agrees that no liability shall attach to the Agent in respect of any such election made by it.
		

		
			4.         PAYMENT
		

		
			4.1       Each Issuer (failing whom, the Guarantor) severally undertakes in respect of each Note issued by such Issuer to pay, in the currency in which such Note is denominated, no later than 10.00 a.m. (London time) (in the case of a Note denominated in Sterling or Euros) and no later than 12.00 pm (London time) (in the case of a Note denominated in Dollars) on the maturity date or any relevant interest payment date of each Note (or for Notes denominated in any other currency, such other time as the Agent shall determine in its absolute discretion), an amount sufficient to pay the full amount payable on such date by way of principal interest or otherwise in respect thereof by transfer of immediately available and freely transferable funds in the relevant currency to such account of the Agent at such bank in the principal financial centre for such other currency as the Agent may from time to time designate for the purpose or, in each case, by such other form of transfer as may be agreed between the relevant Issuer and the Agent.  If the Agent determines in its absolute discretion that the payment in accordance with this Clause 4.1 is required to be made earlier, it will provide to the relevant Issuer not less than 21 days prior notice in writing of such requirement.
		

		
			4.2       The relevant Issuer shall, prior to 12 noon (London time) on the second Business Day immediately preceding the maturity date or any relevant interest payment date of any Note (or such later time or date as may subsequently be agreed between the relevant Issuer and the Agent), send to the Agent irrevocable confirmation that payment will be made and the details of the bank through which the relevant Issuer is to make the payment due pursuant to this Clause 4.2.
		

		
			4.3       Each Issuer hereby authorises and directs the Agent from funds so paid to the Agent to make payment of all amounts due on the Notes as set forth herein and in the Notes.
		

		
			
		

		
			

		 

		

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			4.4       If the Agent has not received on the maturity date or any relevant interest payment date of any Notes the full amount payable in respect thereof on such date and confirmation satisfactory to itself that such payment has been received, the Agent shall not be required to make payment of any amount due on any Note.  Nevertheless, subject to the foregoing, if the Agent is satisfied that it will receive such full amount later, it shall be entitled to pay maturing Notes due in accordance with their terms.
		

		
			4.5       If the Agent makes such payment on behalf of an Issuer under Clause 4.4, the relevant Issuer shall be liable on demand by the Agent to pay to the Agent the amount so paid out, together with interest thereon at such a rate as the Agent may certify as the aggregate of 1 per cent. per annum and the Agent's cost of funding any such payment made by it (as determined by the Agent in its sole discretion).
		

		
			4.6       If at any time the Agent makes a partial payment in respect of any Note presented to it, it shall in the case of a Classic Global Note or Definitive Note, procure that a statement indicating the date and amount of such payment is written or stamped on the face of such Note and in the case of a New Global Note, instruct the ICSDs (in accordance with the provisions of Schedule 2 (Duties under the Issuer-ICSDs Agreement)) to make appropriate entries in their respective records to reflect such partial payments.
		

		
			4.7       Payments to holders of the Notes shall not be made to an address or a bank account maintained within the United States; the Notes may not be presented for payment within the United States; and demand for payments under the Notes may not be made within the United States.
		

		
			5.         CANCELLATION, DESTRUCTION, RECORDS AND CUSTODY
		

		
			5.1       All Notes which mature and are paid in full shall be cancelled forthwith by the Agent.  The Agent shall, unless the relevant Issuer otherwise directs, destroy the cancelled Notes, and as soon as reasonably practicable after each maturity date, furnish at the request of the relevant Issuer with particulars of the aggregate principal amount of the Notes maturing on such maturity date which have been destroyed since the last certification so furnished and the series and serial numbers of all such Notes.
		

		
			5.2       In respect of New Global Notes which mature and are paid in full, the Agent shall cancel such aggregate principal amount outstanding of Notes represented by such New Global Note. The Agent shall instruct the ICSDs (in accordance with the provisions of Schedule 2 (Duties under the Issuer-ICSDs Agreement)) to make appropriate entries in their respective records to reflect such cancellation and shall instruct the Common Safekeeper to destroy the New Global Note. 
		

		
			5.3       In the case of a New Global Note which has been destroyed by the Common Safekeeper, the Agent shall, upon receipt of confirmation of destruction from the Common Safekeeper, furnish the relevant Issuer with a copy of the confirmation of destruction received by it from the Common Safekeeper (provided that, if the Agent is the Common Safekeeper, the Agent shall destroy the New Global Note, as the case may be, in accordance with Clause 3.10, Clause 5.2 and/or Clause 5.4.
		

		
			5.4       The Agent shall keep and make available at all reasonable times to the relevant Issuer a full and complete record of all Notes and of their issue, payment, cancellation and destruction and, in the case of Global Notes, their exchange for Definitive Notes.
		

		
			
		

		
			

		 

		

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			5.5       The Agent shall maintain in safe custody all forms of Notes delivered to and held by it hereunder and shall ensure that the same are only completed, authenticated and delivered or made available in accordance with the terms hereof.
		

		
			5.6       An Issuer may from time to time with the approval, where appropriate, of the Agent make arrangements as to the replacement of Notes which shall have been lost, stolen, mutilated, defaced or destroyed, including (without limitation) arrangements as to evidence of title, costs, delivery and indemnity. No New Global Note shall be delivered as a replacement for any of the same lost, stolen, mutilated, defaced or destroyed otherwise than against confirmation of such loss, stolen form, mutilation, defacement or destruction from the Common Safekeeper and any replacement New Global Note shall be delivered to the Common Safekeeper together with instructions to effectuate it.
		

		
			5.7       The Agent shall make available for inspection during its office hours at its specified office copies of this Agreement, the Deed of Covenant and the Guarantee.
		

		
			6.         FEES AND EXPENSES
		

		
			6.1       Each Issuer (failing whom, the Guarantor) severally undertakes to pay such fees and expenses in respect of the Agent's services under this Agreement as are set out in a letter of even date herewith from the Agent to each Issuer, at the time and in accordance with the manner stated therein.
		

		
			6.2       Each Issuer (failing whom, the Guarantor) severally undertakes to pay all stamp, registration and other taxes and duties (including any interest and penalties thereon or in connection therewith) to which this Agreement or the issue of any Notes may be subject, except for any taxes payable regarding Luxembourg registration duties (droits d’enregistrement) due to a registration, submission or filing of this Agreement or the Notes where such registration, submission or filing is or was not required to maintain or preserve the rights of the Agent under this Agreement or the Notes.
		

		
			6.3       Each Issuer (failing whom, the Guarantor) severally undertakes to pay on demand all out-of-pocket expenses (including legal, advertising, telex and postage expenses) properly incurred by the Agent in connection with its services under this Agreement.
		

		
			7.         INDEMNITY
		

		
			7.1       Each Issuer (failing whom, the Guarantor) severally undertakes to indemnify and hold harmless the Agent on demand by the Agent against any losses, liabilities, costs, expenses, claims, actions or demands which the Agent may incur or which may be made against the Agent, directly related to the appointment or the exercise of the powers, discretions, authorities and duties of the Agent under this Agreement except such as may result from its own gross negligence or bad faith or that of its officers, employees or agents under this Agreement.  The indemnities contained in this Agreement shall survive the termination or expiry of this Agreement.
		

		
			7.2       The Agent undertakes to indemnify and hold harmless each Issuer on demand by an Issuer against any losses, liabilities, costs, expenses, claims, actions or demands which an Issuer may incur or which may be made against an Issuer as a result of the Agent's own gross negligence or bad faith or that of its officers, employees or agents under this Agreement.
		

		
			
		

		
			

		 

		

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			8.         NO LIABILITY FOR CONSEQUENTIAL LOSS
		

		
			Except in the case of gross negligence or wilful default, the Agent shall not be liable either for any act or omission under this Agreement, or if any Note shall be lost, stolen, destroyed or damaged.  Notwithstanding the foregoing, under no circumstances will the Agent be liable to an Issuer or the Guarantor, nor an Issuer or the Guarantor liable to the Agent, for any consequential loss (being loss of business, goodwill, opportunity or profit) or any special or punitive damages of any kind whatsoever; in each case however caused or arising and whether or not foreseeable, even if advised of the possibility of such loss or damage.
		

		
			9.         AGENTS OF THE ISSUERS
		

		
			9.1       In acting hereunder and in connection with the Notes, the Agent shall act solely as agent of the Issuers and the Guarantor and will not thereby assume any obligations towards or relationship of agency or trust for any holders of Notes, including as a custodian, nominee or otherwise.  Any funds held by the Agent in respect of the Notes need not be segregated from other funds except as required by law.  The Agent shall not be under any liability for interest on any moneys at any time received by it pursuant to any of the provisions of this Agreement or of the Notes.  Any funds held are held as banker and are not subject to the UK FCA Client Money Rules.
		

		
			9.2       The Agent may generally engage in any kind of banking or other business with the Issuers notwithstanding its appointments as issue agent and paying agent hereunder.
		

		
			10.       GENERAL
		

		
			10.1     Prior to the first issue of the Notes, each Issuer shall supply to the Agent copies of all condition precedent documents required to be delivered pursuant to the Dealer Agreement.
		

		
			10.2     The Agent shall be obliged to perform such duties and only such duties as are herein specifically set forth, and no implied duties or obligations shall be read into this Agreement against the Agent.  The Agent shall not be under any obligation to take any action hereunder which it expects will result in any expense or liability of the Agent, the payment of which within a reasonable time is not, in its opinion, assured to it.
		

		
			10.3     Except as ordered by a court of competent jurisdiction or as required by law, and notwithstanding any notice to the contrary, the Issuers and the Agent shall be entitled to treat the bearer or holder of any Note as the absolute owner thereof for all purposes and shall not be required to obtain any proof thereof or as to the identity of the bearer or holder.
		

		
			10.4     The Agent may consult with legal and other professional advisers selected in good faith and satisfactory to it and the opinion of such advisers shall be full and complete protection in respect of any action taken, omitted or suffered hereunder in good faith and without negligence and in accordance with the opinion of such advisers.
		

		
			10.5     The Agent shall be protected and shall incur no liability for or in respect of any action taken or thing suffered by it in relation to any issue of Notes in reliance upon any Note, notice, direction, consent, certificate, affidavit, statement, email, fax or other paper or 
		

		
			
		

		
			

		 

		

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			document (electronic or otherwise) reasonably believed by it in good faith to be genuine and to have been passed or signed by the proper parties.
		

		
			11.       CHANGES IN AGENT
		

		
			11.1     The Agent may resign its appointment hereunder at any time by giving to the Issuers, and the Issuers may terminate the appointment of the Agent by giving to the Agent, at least 30 days' written notice to that effect, provided that no such resignation or termination of the appointment of the Agent shall take effect until a successor has been appointed by the Issuers or the Guarantor.
		

		
			11.2     The Issuers agree with the Agent that if, by the day falling 10 days before the expiry of any notice under Clause 11.1, the Issuers or the Guarantor have not appointed a replacement Agent, then the Agent shall be entitled, on behalf of the Issuers and the Guarantor, to appoint in its place any reputable financial institution of good standing (subject to the proviso in Clause 12 below) and the Issuers shall not unreasonably object to such appointment.
		

		
			12.       AGENT AS HOLDERS OF NOTES
		

		
			The Agent and its officers and employees, in their individual or any other capacity, may become the owner of, or acquire any interest in, any Notes with the same rights that the Agent would have if it were not the Agent hereunder.
		

		
			13.       NOTICES
		

		
			13.1     All notices and other communications hereunder shall, save as otherwise provided in this Agreement, be made in writing and in English (by letter, fax or email) and shall be sent to the intended recipient at the address, fax number or email address and marked for the attention of the person (if any) from time to time designated by that Party to the other Parties for such purpose.  The initial address, email address and fax number so designated by each Party are set out on the signature page of this Agreement.
		

		
			13.2     Any communication from any Party to any other under this Agreement shall be effective if sent by letter, upon receipt by the addressee; if sent by fax, when that fax communication has been received by the intended recipient in legible form; and if sent by email, when the email communication has been received by the intended recipient in legible form at the correct email address;  provided that any such notice or other communication which would otherwise take effect after 4.00 p.m. on any particular day shall not take effect until 10.00 a.m. on the immediately succeeding business day in the place of the addressee.
		

		
			13.3     Whilst the Notes are held through the Clearing Systems, a notice will be deemed to have been given to the holder if such notice is sent to the Clearing Systems for publication to holders.
		

		
			14.       TAX
		

		
			14.1     Mutual Undertaking Regarding Information Reporting and Collection Obligations
		

		
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			to that other Party such forms, documentation and other information relating to it, its operations, or the Notes as that other Party reasonably requests for the purposes of that other Party's compliance with Applicable Law and shall notify the relevant other Party reasonably promptly in the event that it becomes aware that any of the forms, documentation or other information provided by such Party is (or becomes) inaccurate in any material respect; provided, however, that no Party shall be required to provide any forms, documentation or other information pursuant to this Clause 14 (Tax) to the extent that: (i) any such form, documentation or other information (or the information required to be provided on such form or documentation) is not reasonably available to such Party and cannot be obtained by such Party using reasonable efforts; or (ii) doing so would or might in the reasonable opinion of such Party constitute a breach of any: (a) Applicable Law; (b) fiduciary duty; or (c) duty of confidentiality.
		

		
			14.2     Notice of Possible Withholding Under FATCA 
		

		
			The relevant Issuer shall notify each Agent in the event that it determines that any payment to be made by an Agent under the Notes is a payment which could be subject to FATCA Withholding if such payment were made to a recipient that is generally unable to receive payments free from FATCA Withholding, and the extent to which the relevant payment is so treated, provided, however, that such Issuer's and the Guarantor's respective obligations under this Clause 14 (Tax) shall apply only to the extent that such payments are so treated by virtue of characteristics of the relevant Issuer, the Guarantor, the Notes, or any of these characteristics.
		

		
			14.3     Agent Right to Withhold 
		

		
			Notwithstanding any other provision of this Agreement, each Paying Agent shall be entitled to make a deduction or withholding from any payment which it makes under the Notes for or on account of any Tax, if and only to the extent so required by Applicable Law, in which event the Paying Agent shall make such payment after such deduction or withholding has been made and shall account to the relevant Authority within the time allowed for the amount so deducted or withheld or, at its option, shall reasonably promptly after making such payment return to the relevant Issuer or, as the case may be, the Guarantor the amount so deducted or withheld, in which case, the relevant Issuer or, as the case may be, the Guarantor shall so account to the relevant Authority for such amount.  For the avoidance of doubt, FATCA Withholding is a deduction or withholding which is deemed to be required by Applicable Law for the purposes of this Clause 14.3 (Agent Right to Withhold).  If such a withholding or deduction is required, the Agent will not pay an additional amount in respect of that withholding or deduction.
		

		
			14.4     Issuer and Guarantor Right to Redirect
		

		
			In the event that any Issuer or the Guarantor, as the case may be, determines in its sole discretion that any deduction or withholding for or on account of any Tax will be required by Applicable Law in connection with any payment due to any of the Agents on any Notes, then such Issuer or the Guarantor, as the case may be, will be entitled to redirect or reorganise any such payment in any way that it sees fit in order that the payment may be made without such deductions or withholding provided that, any such redirected or reorganised payment is made through a recognised institution of international standing and otherwise made in accordance with this Agreement.  Such 
		

		
			
		

		
			

		 

		

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			Issuer will promptly notify the Agents of any such redirection or reorganisation. For the avoidance of doubt, FATCA Withholding is a deduction or withholding which is deemed to be required by Applicable Law for the purposes of this Clause 14.4 (Issuer and Guarantor Right to Redirect). 
		

		
			15.       ILLEGALITY
		

		
			Notwithstanding anything else contained in this Agreement, each Agent may refrain without liability from doing anything that would or might in its reasonable opinion be contrary to any law of any state or jurisdiction (including but not limited to the United States of America or any jurisdiction forming a part of it and England & Wales) or any directive or regulation of any agency of any such state or jurisdiction and may without liability do anything which is, in its reasonable opinion, necessary to comply with any such law, directive or regulation.
		

		
			16.       LAW AND JURISDICTION
		

		
			16.1     This Agreement, the Notes and any non-contractual obligations arising out of or in connection with them are governed by English law.  For the avoidance of doubt, the provisions of the Luxembourg law dated 15 August 1915 on commercial companies, as amended, and in particular, sections 86 to 94-8, are hereby excluded.
		

		
			16.2     Each of the Issuers agrees for the benefit of the Agent that the courts of England shall have exclusive jurisdiction to hear and determine any suit, action or proceedings, and to settle any disputes, which may arise out of or in connection with this Agreement or any non-contractual obligation arising out of or in connection with this Agreement (respectively, "Proceedings" and "Disputes") and, for such purposes, irrevocably submits to the jurisdiction of such courts.
		

		
			16.3     Each of the Issuers and the Guarantor irrevocably waive any objection which it might now or hereafter have to the courts of England being nominated as the forum to hear and determine any Proceedings and to settle any Disputes, and agrees not to claim that any such court is not a convenient or appropriate forum.
		

		
			16.4     Each of the Issuers and the Guarantor agree that the process by which any Proceedings in England are begun may be served on it by being delivered to Ecolab Limited at P.O. Box 11, Winnington Avenue, Northwich, Cheshire, United Kingdom CW8 4DX or at its registered office for the time being or any other address for the time being at which process may be served on it in accordance with the Companies Act 2006 (as modified or re-enacted from time to time).  If such person is not or ceases to be effectively appointed to accept service of process on the Issuers' and the Guarantor's behalf, the Issuers and the Guarantor (acting together) shall, on the written demand of the Agent, appoint a further person in England to accept service of process on their behalf and, failing such appointment within 15 days, the Agent shall be entitled to appoint such a person by written notice to the Issuers and the Guarantor.  Nothing in this sub-clause shall affect the right of the Agent to serve process in any other manner permitted by law.
		

		
			16.5     The submission to the jurisdiction of the courts of England shall not (and shall not be construed so as to) limit the right of the Agent to take Proceedings in any other court of competent jurisdiction, nor shall the taking of Proceedings in any one or more 
		

		
			
		

		
			

		 

		

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			jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not) if and to the extent permitted by law.
		

		
			16.6     If Ecolab NL 10 B.V. or Ecolab NL 11 B.V. are represented by an attorney or attorneys in connection with the signing and/or execution and/or delivery of this Agreement or any agreement or document referred to herein or made pursuant hereto and the relevant power or powers of attorney is or are expressed to be governed by the laws of The Netherlands, it is hereby expressly acknowledged and accepted by the other Parties that such laws shall govern the existence and extent of such attorney's or attorneys' authority and the effects of the exercise thereof.
		

		
			17.       RIGHTS OF THIRD PARTIES
		

		
			A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.
		

		
			18.       MODIFICATION
		

		
			This Agreement may be amended by further agreement among the Parties and without the consent of holders of the Notes.
		

		
			19.       COUNTERPARTS
		

		
			This Agreement may be signed in any number of counterparts, all of which when taken together shall constitute a single agreement.
		

		
			20.       ENTIRE AGREEMENT
		

		
			20.1     This Agreement constitutes the entire agreement between the Parties relating to the subject matter of this Agreement as at the date of this Agreement to the exclusion of any terms implied by law which may be excluded by contract. This Agreement supersedes any previous written or oral agreements between the Parties relating to the subject matter of this Agreement which shall cease to have any further force or effect notwithstanding the existence of any provision of any such prior agreement (including without limitation the Original Agreement) that any such rights or provisions shall survive its termination.
		

		
			20.2     Each Party acknowledges that it has not been induced to enter into this Agreement by any representation, warranty or undertaking not expressly incorporated into it.
		

		
			20.3     Each Party agrees and acknowledges that, without prejudice to any liability for fraudulent misrepresentation or fraudulent misstatement, its only rights and remedies in relation to any representation, warranty or undertaking made or given in connection with this Agreement are those rights and remedies set out in this Agreement.
		

		
			20.4     For the purposes of sub-clauses 20.1 to 20.3, reference to "this Agreement" includes all documents entered into pursuant to this Agreement.
		

		
			AS WITNESS the hands of the duly authorised representatives of the Parties the day and year first before written.
		

		
			
		

		
			

		 

		

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			SCHEDULE 1
		

		
			FORMS OF NOTE
		

		
			Form of Multicurrency Global Note
(Interest Bearing/Discounted/Premium)1
		

		
			THE SECURITIES REPRESENTED BY THIS GLOBAL NOTE  HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY U.S. STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE AND IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER JURISDICTION.  THIS LEGEND SHALL CEASE TO APPLY UPON THE EXPIRY OF THE PERIOD OF 40 DAYS AFTER THE COMPLETION OF THE DISTRIBUTION OF ALL THE SECURITIES OF THE TRANCHE OF WHICH THIS SECURITY FORMS PART.
		

		
			ECOLAB INC.
		

		
			(incorporated under the laws of the State of Delaware)
		

		
			ECOLAB LUX 1 S.À R.L.
		

		
			(incorporated as a private limited liability company (société à responsibilité limitée) for an unlimited duration under the laws of the Grand Duchy of Luxembourg)
		

		
			ECOLAB LUX 2 S.À R.L.
		

		
			(incorporated as a private limited liability company (société à responsibilité limitée) for an unlimited duration under the laws of the Grand Duchy of Luxembourg)
		

		
			ECOLAB NL 10 B.V.
		

		
			(incorporated as a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) under the laws of the Netherlands)
		

		
			ECOLAB NL 11 B.V.
		

		
			(incorporated as a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) under the laws of the Netherlands)
		

		
			guaranteed by
		

		
			ECOLAB INC.
		

		
			(in respect of Notes issued by
		

		
			Ecolab Lux 1 S.à r.l., Ecolab Lux 2 S.à r.l., Ecolab NL 10 B.V. and Ecolab NL 11 B.V.)
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						No:___________________________________________

					
					
						Series No.:___________________________________

				
	
					
						Issued in London on:_________________________

					
					
						Maturity Date:_______________________________

				
	
					
						Specified Currency:___________________________

					
					
						Denomination:_______________________________

				
	
					
						Nominal Amount:_____________________________

					
						(words and figures if a Sterling Note)

					
					
						Reference Rate:  LIBOR/EURIBOR11

				

		
			 
		

		

		
			1 Delete as appropriate.  The reference rate will be LIBOR unless this Global Note is denominated in euro and the Issuer and the relevant Dealer agree that the reference rate should be EURIBOR.
		

		
			 
		

		
			
		

		
			

		 

		

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						Fixed Interest Rate:2% per annum

					
					
						Margin: _________________________________%3

				
	
					
						 

					
					
						 

				
	
					
						Calculation Agent:4___________________________

					
					
						Interest Payment Dates:5_____________________

				
	
					
						New Global Note Form:6

					
					
						New Global Note intended to be held in a manner which would allow Eurosystem eligibility7 

					
						[Note that the designation "yes" means that the Notes are intended upon issue to be deposited with Euroclear Bank S.A./N.V. or Clearstream Banking S.A as common safekeeper and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon the European Central Bank being satisfied that the Eurosystem eligibility criteria have been met.]

					
						[Whilst the designation is specified as "no" at the Issue Date, should the Eurosystem eligibility criteria be amended in the future such that the Notes are capable of meeting them, the Notes may then be deposited with Euroclear Bank S.A./N.V. or Clearstream Banking S.A as common safekeeper. Note that this does not necessarily mean that the Notes will then be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem at any time during their life. Such recognition will depend upon the European Central Bank being satisfied that Eurosystem eligibility criteria have been met.]

				
	
					
						 

					
					
						 

				

		
			 
		

		

		
			2 Complete for fixed rate interest bearing Notes only.
		

		
			3 Complete for floating rate interest bearing Notes only.
		

		
			4 Complete for floating rate interest bearing Notes only.
		

		
			5 Complete for interest bearing Notes.
		

		
			6 Insert "Applicable" or "Not Applicable" as relevant.
		

		
			7 Insert "Not Applicable" or "Yes" or "No" as relevant.
		

		
			
		

		
			

		 

		

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			1.For value received, [ECOLAB INC., a corporation organised and existing under the laws of the State of Delaware, having its registered office at 1209 Orange Street, City of Wilmington, Delaware, U.S.A., registered in the State of Delaware under number 0164814 / ECOLAB LUX 1 S.À R.L., a private limited liability company (societé à responsabilité limitée) incorporated and existing under the laws of Luxembourg, having its registered office at 6, rue Eugène Ruppert, L-2453 Luxembourg, the Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 132.319 / ECOLAB LUX 2 S.À R.L., a private limited liability company (societé à responsabilité limitée) incorporated and existing under the laws of Luxembourg, having its registered office at 6, rue Eugène Ruppert, L-2453 Luxembourg, the Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 132.318 / ECOLAB NL 10 B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of The Netherlands, having its registered office at Iepenhoeve 7 A, 3438MR Nieuwegein, The Netherlands and registered in The Netherlands under number 56036094 /  ECOLAB NL 11 B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of The Netherlands, having its registered office at Iepenhoeve 7 A, 3438MR Nieuwegein, The Netherlands and registered in The Netherlands under number 56150547]8 (the "Issuer") promises to pay to the bearer of this Global Note on the above-mentioned Maturity Date the above-mentioned Nominal Amount together with interest thereon at the rate and at the times (if any) specified herein.
		

		
			All such payments shall be made in accordance with an amended and restated note agency agreement dated 9 June 2017 between, among others, the Issuer and the issue and paying agent referred to therein, a copy of which is available for inspection at the offices of Citibank, N.A., London Branch (the "Issue and Paying Agent") at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, United Kingdom, and subject to and in accordance with the terms and conditions set forth below.  All such payments shall be made upon presentation and surrender of this Global Note at the offices of the Issue and Paying Agent referred to above by transfer to an account denominated in the Specified Currency maintained by the bearer with (a) a bank in the principal financial centre in the country of the Specified Currency or (b) if this Global Note is denominated or payable in euro, by transfer to a euro account (or any other account to which euro may be credited or transferred) maintained by the payee with, a bank in the principal financial centre of any member state of the European Union.  Payments to the bearer of this Global Note shall not be made to an address or a bank account maintained within the United States, the Notes may not be presented for payment within the United States, and demand for payments under the Notes may not be made within the United States.
		

		

		
			 
		

		
			8 Delete as appropriate.
		

		
			
		

		
			

		 

		

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			2.If this Global Note is not a New Global Note, this Global Note is issued in representation of an issue of Notes in the above-mentioned aggregate Nominal Amount.
		

		
			3.If this Global Note is a New Global Note, this Global Note is issued in representation of an issue of Notes in an aggregate Nominal Amount as from time to time entered in the records of both Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking S.A ("Clearstream, Luxembourg"), and/or any such other securities clearance and/or settlement system which is compliant, as of the issue date, with the Market Convention on Short-Term European Paper ("STEP") dated 19 May 2015 and adopted by the ACI – The Financial Markets Association and the European Money Markets Institute (as amended from time to time) and, if this Global Note indicates that it is intended to be held in a manner which would allow Eurosystem eligibility, authorised to hold, and then currently holding, this Global Note as eligible collateral for Eurosystem monetary policy and intra-day credit operations, in each case as agreed between the Issuer and the Issue and Paying Agent (each an "ICSD" and together, the "ICSDs").  The records of the ICSDs (which expression in this Global Note means the records that each ICSD holds for its customers which reflect the amount of such customers' interests in the Notes (but excluding any interest in any Notes of one ICSD shown in the records of another ICSD), shall be conclusive evidence of the principal amount of Notes represented by this Global Note and, for these purposes, a statement issued by an ICSD (which statement shall be made available to the bearer upon request) stating the principal amount of Notes represented by this Global Note at any time shall be conclusive evidence of the records of the ICSDs at that time.
		

		
			4.All payments in respect of this Global Note by or on behalf of the Issuer shall be made without set-off, counterclaim, fees, liabilities or similar deductions and free and clear of, and without deduction or withholding for or on account of, taxes, levies, duties, assessments or charges of any nature now or hereafter imposed, levied, collected, withheld or assessed in any jurisdiction through, in or from which such payments are made or any political subdivision or taxing authority of or in any of the foregoing ("Taxes").  If the Issuer or any agent thereof is required by law or regulation to make any deduction or withholding for or on account of Taxes, the Issuer shall, to the extent permitted by applicable law or regulation, pay such additional amounts as shall be necessary in order that the net amounts received by the bearer of this Global Note after such deduction or withholding shall equal the amount which would have been receivable hereunder in the absence of such deduction or withholding, except that no such additional amounts shall be payable where this Global Note is presented for payment:
		

		
			(a)by or on behalf of a holder which is liable to such Taxes by reason of its having some connection with the jurisdiction imposing the Taxes other than the mere holding of this Global Note; or
		

		
			(b)more than 15 days after the Maturity Date or, if applicable, the relevant Interest Payment Date or (in either case) the date on which payment hereof is duly provided for, whichever occurs later, except to the extent that the holder would have been entitled to such additional amounts if it had presented this Global Note on the last day of such period of 15 days.
		

		
			5.The payment obligation of the Issuer represented by this Global Note constitutes and at all times shall constitute a direct and unsecured obligation of the Issuer ranking pari 
		

		
			
		

		
			

		 

		

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			passu with all present and future unsecured and unsubordinated indebtedness of the Issuer other than obligations preferred by mandatory provisions of law.
		

		
			6.If the Maturity Date or, if applicable, the relevant Interest Payment Date is not a Payment Business Day (as defined herein) payment in respect hereof will not be made and credit or transfer instructions shall not be given until the next following Payment Business Day (provided that, if such postponed payment would have the effect of extending the tenor of the relevant Note to more than 183 days, payment will be made and credit and transfer instructions will be given, on the immediately preceding Payment Business Day) and the bearer of this Global Note shall not be entitled to any adjustment to interest or other sums in respect of such payment.
		

		
			As used in this Global Note:
		

		
			"Payment Business Day" means any day other than a Saturday or Sunday which is either (i) if the above-mentioned Specified Currency is any currency other than euro, a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency or (ii) if the above-mentioned Specified Currency is euro, a day which is a TARGET Business Day; and
		

		
			"TARGET Business Day" means a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) System, or any successor thereto, is operating credit or transfer instructions in respect of payments in euro.
		

		
			Provided that if the Issue and Paying Agent determines with the agreement of the Issuer and the Guarantor that the market practice in respect of euro denominated internationally offered securities is different from that specified above, the above shall be deemed to be amended so as to comply with such market practice and the Issue and Paying Agent shall procure that a notice of such amendment is published not less than 15 days prior to the date on which any payment in euro falls due to be made in such manner as the Issue and Paying Agent may determine.
		

		
			7.This Global Note is negotiable and, accordingly, title hereto shall pass by delivery and the bearer shall be treated as being absolutely entitled to receive payment upon due presentation hereof (notwithstanding any notation of ownership or other writing thereon or notice of any previous loss or theft thereof).
		

		
			8.This Global Note is issued in respect of an issue of Notes of the Issuer and is exchangeable in whole (but not in part only) for duly executed and authenticated bearer Notes in definitive form (whether before, on or, subject as provided below, after the Maturity Date) only:
		

		
			(a)if the clearing system(s) in which this Global Note is held at the relevant time is closed for a continuous period of 14 days or more (other than by reason of weekends or public holidays, statutory or otherwise) or if any such clearing system announces an intention to, or does in fact, permanently cease to do business; or
		

		
			
		

		
			

		 

		

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			(b)if default is made in the payment of any amount payable in respect of this Global Note.
		

		
			Upon presentation and surrender of this Global Note during normal business hours to the Issuer at the offices of the Issue and Paying Agent (or to any other person or at any other office outside the United States as may be designated in writing by the Issuer to the bearer), the Issue and Paying Agent shall authenticate and deliver, in exchange for this Global Note, bearer definitive notes denominated in the above-mentioned Specified Currency in an aggregate nominal amount equal to the Nominal Amount of this Global Note.
		

		
			9.If, upon any such default and following such surrender, definitive Notes are not issued in full exchange for this Global Note before 5.00 p.m. (London time) on the thirtieth day after surrender, this Global Note (including the obligation hereunder to issue definitive notes) will become void and the bearer will have no further rights under this Global Note (but without prejudice to the rights which the bearer or any other person may have under a Deed of Covenant dated 9 June 2017 (as amended, restated or supplemented as of the date of issue of the Notes), entered into by the Issuer).
		

		
			10.[This Global Note has the benefit of a guarantee issued by Ecolab Inc. on 9 June 2017 (as amended, restated or supplemented as of the date of issue of the Notes), copies of which are available for inspection during normal business hours at the office of the Issue and Paying Agent referred to above.]9
		

		
			11.If this is an interest bearing Global Note, then:
		

		
			(a)notwithstanding the provisions of paragraph 0 above, if any payment of interest in respect of this Global Note falling due for payment prior to the above-mentioned Maturity Date remains unpaid on the fifteenth day after falling so due, the amount referred to in paragraph 0 shall be payable on such fifteenth day; and
		

		
			(b)upon each payment of interest (if any) prior to the Maturity Date in respect of: 
		

		
			(i)this Global Note (if this Global Note is not a New Global Note) the Schedule hereto shall be duly completed by the Issuer and Paying Agent to reflect such payment;
		

		
			(ii)this Global Note (if the Global Note is a New Global Note) details of such payment shall be entered pro rata in the records of the ICSDs; 
		

		
			(c)payments due in respect of Notes for the time being represented by this Global Note shall be made to the bearer of this Global Note and each payment so made will discharge the Issuer's obligations in respect thereof. Any failure to make the entries referred to in paragraph (b) above shall not affect such discharge; and 
		

		

		
			 
		

		
			9 Delete where Ecolab Inc. is the Issuer, otherwise retain.
		

		
			 
		

		
			
		

		
			

		 

		

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			(d)if no Interest Payment Dates are specified on the face of the Global Note, the Interest Payment Date shall be the Maturity Date.
		

		
			12.If this is a fixed rate interest bearing Global Note, interest shall be calculated on the Nominal Amount as follows:
		

		
			(a)interest shall be payable on the Nominal Amount in respect of each successive Interest Period (as defined below) from the Issue Date to the Maturity Date only, in arrear on the relevant Interest Payment Date, on the basis of the actual number of days in such Interest Period and a year of 360 days or, if this Global Note is denominated in Sterling, 365 days at the above-mentioned Fixed Interest Rate with the resulting figure being rounded to the nearest amount of the above-mentioned Specified Currency which is available as legal tender in the country or countries (in the case of the euro) of the Specified Currency (with halves being rounded upwards); and
		

		
			(b)the period beginning on (and including) the Issue Date and ending on (but excluding) the first Interest Payment Date and each successive period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest Payment Date is an "Interest Period" for the purposes of this paragraph.
		

		
			13.If this is a floating rate interest bearing Global Note, interest shall be calculated on the Nominal Amount as follows:
		

		
			(a)in the case of a Global Note which specifies LIBOR as the Reference Rate on its face, the Rate of Interest will be the aggregate of LIBOR and the above-mentioned Margin (if any) above or below LIBOR.  Interest shall be payable on the Nominal Amount in respect of each successive Interest Period (as defined below) from the Issue Date to the Maturity Date only, in arrear on the relevant Interest Payment Date, on the basis of the actual number of days in such Interest Period and a year of 360 days or, if this Global Note is denominated in Sterling, 365 days.
		

		
			As used in this Global Note:
		

		
			"LIBOR" shall be equal to the rate defined as "LIBOR-BBA" in respect of the above-mentioned Specified Currency (as defined in the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc., as amended, updated or replaced as at the date of this Global Note, (the "ISDA Definitions")) as at 11.00 a.m. (London time) or as near thereto as practicable on the second London Banking Day before the first day of the relevant Interest Period or, if this Global Note is denominated in Sterling, on the first day thereof (a "LIBOR Interest Determination Date"), as if the Reset Date (as defined in the ISDA Definitions) were the first day of such Interest Period and the Designated Maturity (as defined in the ISDA Definitions) were the number of months specified on the face of this Global Note in relation to the Reference Rate; and
		

		
			
		

		
			

		 

		

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			"London Banking Day" shall mean a day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in London;
		

		
			(b)in the case of a Global Note which specifies EURIBOR as the Reference Rate on its face, the Rate of Interest will be the aggregate of EURIBOR and the above-mentioned Margin (if any) above or below EURIBOR.  Interest shall be payable on the Nominal Amount in respect of each successive Interest Period (as defined below) from the Issue Date to the Maturity Date only, in arrear on the relevant Interest Payment Date, on the basis of the actual number of days in such Interest Period and a year of 360 days.
		

		
			As used in this Global Note, "EURIBOR" shall be equal to EUR-EURIBOR-Reuters (as defined in the ISDA Definitions) as at 11.00 a.m. (Brussels time) or as near thereto as practicable on the second TARGET Business Day before the first day of the relevant Interest Period (a "EURIBOR Interest Determination Date"), as if the Reset Date (as defined in the ISDA Definitions) was the first day of such Interest Period and the Designated Maturity (as defined in the ISDA Definitions) was the number of months specified on the face of this Global Note in relation to the Reference Rate;
		

		
			(c)the Calculation Agent will, as soon as practicable after 11.00 a.m. (London time) on each LIBOR Interest Determination Date or 11.00 a.m. (Brussels time) on each EURIBOR Interest Determination Date (as the case may be), determine the Rate of Interest and calculate the amount of interest payable (the "Amount of Interest") for the relevant Interest Period.  "Rate of Interest" means (A) if the Reference Rate is EURIBOR, the rate which is determined in accordance with the provisions of paragraph 13(b), and (B) in any other case, the rate which is determined in accordance with the provisions of paragraph 13(a).  The Amount of Interest shall be calculated by applying the Rate of Interest to the Nominal Amount of one Note of each denomination, multiplying such product by the actual number of days in the Interest Period concerned divided by 360 or, if this Global Note is denominated in Sterling, by 365 and rounding the resulting figure to the nearest amount of the above-mentioned Specified Currency which is available as legal tender in the country or countries (in the case of the euro) of the Specified Currency (with halves being rounded upwards).  The determination of the Rate of Interest and the Amount of Interest by the Calculation Agent named above shall (in the absence of manifest error) be final and binding upon all parties;
		

		
			(d)a certificate of the Calculation Agent as to the Rate of Interest payable hereon for any Interest Period shall be conclusive and binding as between the Issuer and the bearer hereof;
		

		
			(e)the period beginning on (and including) the Issue Date and ending on (but excluding) the first Interest Payment Date and each successive period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest Payment Date is called an "Interest Period" for the purposes of this paragraph 13; and
		

		
			
		

		
			

		 

		

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			(f)the Issuer will procure that a notice specifying the Rate of Interest payable in respect of each Interest Period be published as soon as practicable after the determination of the Rate of Interest.  Such notice will be delivered to the clearing system(s) in which this Global Note is held at the relevant time or, if this Global Note has been exchanged for bearer definitive Notes pursuant to paragraph 8, will be published in a leading English language daily newspaper published in London (which is expected to be the Financial Times).
		

		
			14.If the proceeds of this Global Note are accepted in the United Kingdom, the Principal Amount or Minimum Redemption Amount (as applicable) shall be not less than £100,000 (or the equivalent in any other currency).
		

		
			15.Instructions for payment must be received at the offices of the Issue and Paying Agent referred to above together with this Global Note as follows:
		

		
			(a)if this Global Note is denominated in Japanese Yen, at least two Business Days prior to the relevant payment date;
		

		
			(b)if this Global Note is denominated in United States dollars or Sterling, on or prior to the relevant payment date; and
		

		
			(c)in all other cases, at least one Business Day prior to the relevant payment date.
		

		
			As used in this paragraph, "Business Day" means:
		

		
			(i)a day other than a Saturday or Sunday on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in London; and
		

		
			(ii)in the case of payments in euro, a TARGET Business Day and, in all other cases, a day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in the principal financial centre in the country of the above-mentioned Specified Currency.
		

		
			16.If this Global Note is a New Global Note, this Global Note shall not be valid for any purpose until it has been effectuated for and on behalf of the entity appointed as common safekeeper by the ICSDs.
		

		
			17.This Global Note shall not be validly issued unless manually authenticated by Citibank, N.A., London Branch as Issue and Paying Agent.
		

		
			18.This Global Note and any non-contractual obligations arising out of or in connection with it are governed by English law.  For the avoidance of doubt, the provisions of the Luxembourg law dated 15 August 1915 on commercial companies, as amended, and in particular, sections 86 to 94-8, are hereby excluded.
		

		
			19.
		

		
			(a)English courts:  The courts of England have exclusive jurisdiction to settle any dispute (a "Dispute") arising out of or in connection with this Global Note (including a dispute relating to the existence, validity or termination of this 
		

		
			
		

		
			

		 

		

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			Global Note or any non-contractual obligation arising out of or in connection with this Global Note) or the consequence of its nullity.
		

		
			(b)Appropriate forum:  The Issuer agrees that the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that it will not argue to the contrary.
		

		
			(c)Rights of the bearer to take proceedings outside England:  Clause 19(a) (English courts) is for the benefit of the bearer only.  As a result, nothing in this Clause 19 prevents the bearer from taking proceedings relating to a Dispute ("Proceedings") in any other courts with jurisdiction.  To the extent allowed by law, the bearer may take concurrent Proceedings in any number of jurisdictions.
		

		
			(d)Process agent:  The Issuer agrees that the documents which start any Proceedings and any other documents required to be served in relation to those Proceedings may be served on it by being delivered to Ecolab Limited at P.O Box 11, Winnington Avenue, Northwich Cheshire, United Kingdom CW8 4DX or, if different, its registered office for the time being or at any address of the Issuer in Great Britain at which process may be served on it in accordance with the Companies Act 2006.  If such person is not or ceases to be effectively appointed to accept service of process on behalf of the Issuer, the Issuer shall, on the written demand of the bearer addressed to the Issuer and delivered to the Issuer or to the Specified Office of the Issue and Paying Agent appoint a further person in England to accept service of process on its behalf and, failing such appointment within 15 days, the bearer shall be entitled to appoint such a person by written notice addressed to the Issuer and delivered to the Issuer or to the Specified Office of the Issue and Paying Agent.  Nothing in this paragraph shall affect the right of the bearer to serve process in any other manner permitted by law.  This clause applies to Proceedings in England and to Proceedings elsewhere.
		

		
			EACH PARTY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN CONNECTION WITH THIS GLOBAL NOTE OR ANY TRANSACTION CONTEMPLATED BY THIS GLOBAL NOTE.  THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY COURT.
		

		
			20.No person shall have any right to enforce any provision of this Note under the Contracts (Rights of Third Parties) Act 1999, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.
		

		
			
		

		
			

		 

		

			- 24 -

		

		

			 

		

 

		

			 

		

		

		
			 
		

			
					
						AUTHENTICATED by

					
					
						Signed on behalf of:

				
	
					
						CITIBANK, N.A., LONDON BRANCH

					
						without recourse, warranty or liability and for authentication purposes only

					
					
						[ECOLAB INC. / ECOLAB LUX 1 S.À R.L. / ECOLAB LUX 2 S.À R.L / ECOLAB NL 10 B.V. / ECOLAB NL 11 B.V.]10

				
	
					
						 

					
					
						 

				
	
					
						By:...............................................................

					
					
						By:...............................................................

				
	
					
						(Authorised Signatory)

					
					
						(Authorised Signatory)

				

		
			 
		

		

		
			10 Delete as appropriate.
		

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			- 25 -

		

		

			 

		

 

		

			 

		

		

		
			SCHEDULE
Payments of Interest
		

		
			The following payments of interest in respect of this Global Note have been made:
		

			
					
						Date
Made

					
					
						Payment
From

					
					
						Payment
To

					
					
						Amount
Paid

					
					
						Notation
on behalf
of Issue and Paying
Agent

				
	
					
						_________________

					
					
						_________________

					
					
						___________________

					
					
						_________________

					
					
						_________________

				
	
					
						_________________

					
					
						_________________

					
					
						_________________

					
					
						_________________

					
					
						_________________

				
	
					
						_________________

					
					
						_________________

					
					
						_________________

					
					
						_________________

					
					
						_________________

				
	
					
						_________________

					
					
						_________________

					
					
						_________________

					
					
						_________________

					
					
						_________________

				
	
					
						_________________

					
					
						_________________

					
					
						_________________

					
					
						_________________

					
					
						_________________

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			- 26 -

		

		

			 

		

 

		

			 

		

		

		
			Form of Multicurrency Definitive Note
		

		
			(Interest Bearing/Discounted/Premium) (Non-Sterling)
		

		
			THE SECURITIES REPRESENTED BY THIS GLOBAL NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY U.S. STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE AND IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER JURISDICTION. THIS LEGEND SHALL CEASE TO APPLY UPON THE EXPIRY OF THE PERIOD OF 40 DAYS AFTER THE COMPLETION OF THE DISTRIBUTION OF ALL THE SECURITIES OF THE TRANCHE OF WHICH THIS SECURITY FORMS PART.
		

		
			[Zero Coupon Notes in definitive form may only be transferred and accepted, directly or indirectly, within, from or into The Netherlands through the mediation of either the relevant Issuer or a member firm of Euronext Amsterdam N.V. admitted in a function on one or more of the markets or systems operated by Euronext Amsterdam N.V. (toegelaten instelling) in full compliance with the Dutch Savings Certificates Act (Wet inzake spaarbewijzen) of 21 May 1985 (as amended) and its implementing regulations and must either be:
		

		
			(a)between individuals or legal entities who or which trade or invest in securities in the conduct of a profession or trade (which includes banks, dealers, insurance companies, pension funds, other institutional investors and commercial enterprises which regularly, as an ancillary activity, invest in securities); or, in any other case
		

		
			(b)recorded in a transaction note which includes the name and address of each party to the transaction, the nature of the transaction and the details and serial number of such Note.
		

		
			No such mediation is required: (a) in respect of the transfer and acceptance of rights representing an interest in a Zero Coupon Note in global form, or (b) in respect of the initial issue of Zero Coupon Notes in definitive form to the first holders thereof, or (c) in respect of the transfer and acceptance of Zero Coupon Notes in definitive form between individuals not acting in the conduct of a business or profession, or (d) in respect of the transfer and acceptance of such Zero Coupon Notes within, from or into The Netherlands if all Zero Coupon Notes (either in definitive form or as rights representing an interest in a Zero Coupon Note in global form) of any particular Series or Tranche are issued outside The Netherlands and are not distributed into The Netherlands in the course of initial distribution or immediately thereafter.
		

		
			In the event that the Savings Certificates Act applies, certain identification requirements in relation to the issue and transfer of, and payments on, Zero Coupon Notes have to be complied with.
		

		
			As used herein, "Zero Coupon Notes" has the meaning given to it in Section 1(a) of the Dutch Savings Certificates Act (Wet inzake spaarbewijzen) of 21 May 1985 (as amended), being Notes that are in bearer form and that constitute a claim for a fixed sum against the relevant 
		

		
			
		

		
			

		 

		

			- 27 -

		

		

			 

		

 

		

			 

		

		

		
			Issuer and on which interest does not become due during their tenor or on which no interest is due whatsoever.]11
		

		
			ECOLAB INC.
		

		
			(incorporated under the laws of the State of Delaware)
		

		
			ECOLAB LUX 1 S.À R.L.
		

		
			(incorporated as a private limited liability company (société à responsibilité limitée) for an unlimited duration under the laws of the Grand Duchy of Luxembourg)
		

		
			ECOLAB LUX 2 S.À R.L.
		

		
			(incorporated as a private limited liability company (société à responsibilité limitée) for an unlimited duration under the laws of the Grand Duchy of Luxembourg)
		

		
			ECOLAB NL 10 B.V.
		

		
			(incorporated as a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) under the laws of the Netherlands)
		

		
			ECOLAB NL 11 B.V.
		

		
			(incorporated as a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) under the laws of the Netherlands)
		

		
			guaranteed by
		

		
			ECOLAB INC.
		

		
			(in respect of Notes issued by Ecolab Lux 1 S.à r.l., Ecolab Lux 2 S.à r.l., Ecolab NL 10 B.V. and Ecolab NL 11 B.V.)
		

			
					
						No:_________________________________________

					
					
						Series No.:_________________________________

				
	
					
						Issued in London on:_______________________

					
					
						Maturity Date:_____________________________

				
	
					
						Specified Currency:_________________________

					
					
						Denomination:_____________________________

				
	
					
						Nominal Amount:_________________________

					
					
						Reference Rate:  months LIBOR/EURIBOR12

				
	
					
						Fixed Interest Rate:13_________________________% per annum

					
					
						Margin:14_______________________________%

				
	
					
						Calculation Agent:15_________________________

					
					
						Interest Payment Dates:16_________________

				

		
			 
		

		

		
			 
		

		
			11 This legend should be placed on zero coupon or discounted Notes and Notes on which interest only becomes due at maturity and which are (a) not listed on the Official Segment of Euronext Amsterdam N.V.'s stock market and (b) issued within The Netherlands, or issued outside The Netherlands but distributed within The Netherlands in the course of initial distribution or immediately thereafter.
		

		
			12 Complete for fixed rate interest bearing Notes only.
		

		
			13 Complete for fixed rate interest bearing Notes only.
		

		
			14 Complete for floating rate interest bearing Notes only.
		

		
			15 Complete for floating rate Notes only, if the Calculation Agent is not the Issue and Paying Agent.
		

		
			16 Complete for interest bearing Notes.
		

		
			
		

		
			

		 

		

			- 28 -

		

		

			 

		

 

		

			 

		

		

		
			1.For value received, [ECOLAB INC., a corporation organised and existing under the laws of the State of Delaware, having its registered office at 1209 Orange Street, City of Wilmington, Delaware, U.S.A., registered in the State of Delaware under number 0164814 / ECOLAB LUX 1 S.À R.L., a private limited liability company (societé à responsabilité limitée) incorporated and existing under the laws of Luxembourg, having its registered office at 6, rue Eugène Ruppert, L-2453 Luxembourg, the Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 132.319 /ECOLAB LUX 2 S.À R.L., a private limited liability company (societé à responsabilité limitée) incorporated and existing under the laws of Luxembourg, having its registered office at 6, rue Eugène Ruppert, L-2453 Luxembourg, the Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 132.318 / ECOLAB NL 10 B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of The Netherlands, having its registered office at Iepenhoeve 7 A, 3438MR Nieuwegein, The Netherlands and registered in The Netherlands under number 56036094 / ECOLAB NL 11 B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of The Netherlands, having its registered office at Iepenhoeve 7 A, 3438MR Nieuwegein, The Netherlands and registered in The Netherlands under number 56150547]17 (the "Issuer") promises to pay to the bearer of this Note on the above-mentioned Maturity Date the above-mentioned Nominal Amount together with interest thereon at the rate and at the times (if any) specified herein.
		

		
			All such payments shall be made in accordance with an amended and restated note agency agreement dated 9 June 2017 between, among others, the Issuer and the issue and paying agent referred to therein, a copy of which is available for inspection at the offices of Citibank, N.A., London Branch (the "Issue and Paying Agent") at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, United Kingdom, and subject to and in accordance with the terms and conditions set forth below.  All such payments shall be made upon presentation and surrender of this Note at the offices of the Issue and Paying Agent referred to above by transfer to an account denominated in the Specified Currency maintained by the bearer with (a) a bank in the principal financial centre in the country of the Specified Currency or (b) if this Note is denominated or payable in euro, by transfer to a euro account (or any other account to which euro may be credited or transferred) maintained by the payee with, a bank in the principal financial centre of any member state of the European Union.  Payments to the bearer of this Note shall not be made to an address or a bank account maintained within the United States, the Notes may not be presented for payment within the United States, and demand for payments under the Notes may not be made within the United States.
		

		
			2.All payments in respect of this Note by or on behalf of the Issuer shall be made without set-off, counterclaim, fees, liabilities or similar deductions and free and clear of, and without deduction or withholding for or on account of, taxes, levies, duties, assessments or charges of any nature now or hereafter imposed, levied, collected, withheld or assessed in any jurisdiction through, in or from which such payments are made or any political subdivision or taxing authority of or in any of the foregoing ("Taxes").  If the Issuer or any agent thereof is required by law or regulation to make any deduction or 
		

		

		
			 
		

		
			17 Delete as appropriate.
		

		
			
		

		
			

		 

		

			- 29 -

		

		

			 

		

 

		

			 

		

		

		
			withholding for or on account of Taxes, the Issuer shall, to the extent permitted by applicable law or regulation, pay such additional amounts as shall be necessary in order that the net amounts received by the bearer of this Note after such deduction or withholding shall equal the amount which would have been receivable hereunder in the absence of such deduction or withholding, except that no such additional amounts shall be payable where this Note is presented for payment:
		

		
			(a)by or on behalf of a holder which is liable to such Taxes by reason of its having some connection with the jurisdiction imposing the Taxes other than the mere holding of this Note; or
		

		
			(b)more than 15 days after the Maturity Date or, if applicable, the relevant Interest Payment Date or (in either case) the date on which payment hereof is duly provided for, whichever occurs later, except to the extent that the holder would have been entitled to such additional amounts if it had presented this Note on the last day of such period of 15 days.
		

		
			3.The payment obligation of the Issuer represented by this Note constitutes and at all times shall constitute a direct and unsecured obligation of the Issuer ranking pari passu with all present and future unsecured and unsubordinated indebtedness of the Issuer other than obligations preferred by mandatory provisions of law.
		

		
			4.If the Maturity Date or, if applicable, the relevant Interest Payment Date is not a Payment Business Day (as defined herein) payment in respect hereof will not be made and credit or transfer instructions shall not be given until the next following Payment Business Day (provided that, if such postponed payment would have the effect of extending the tenor of the relevant Note to more than 183 days, payment will be made and credit and transfer instructions will be given, on the immediately preceding Payment Business Day) and the bearer of this Note shall not be entitled to any adjustment to interest or other sums in respect of such payment.
		

		
			As used in this Note:
		

		
			"Payment Business Day" means any day other than a Saturday or Sunday which is both (A) a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in the relevant place of presentation, and (B) either (i) if the above-mentioned Specified Currency is any currency other than euro, a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in both London and the principal financial centre of the country of the relevant Specified Currency or (ii) if the above-mentioned Specified Currency is euro, a day which is a TARGET Business Day; and
		

		
			"TARGET Business Day" means a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) System, or any successor thereto, is operating credit or transfer instructions in respect of payments in euro.
		

		
			Provided that if the Issue and Paying Agent determines with the agreement of the Issuer and the Guarantor that the market practice in respect of euro denominated internationally offered securities is different from that specified above, the above shall 
		

		
			
		

		
			

		 

		

			- 30 -

		

		

			 

		

 

		

			 

		

		

		
			be deemed to be amended so as to comply with such market practice and the Issue and Paying Agent shall procure that a notice of such amendment is published not less than 15 days prior to the date on which any payment in euro falls due to be made in such manner as the Issue and Paying Agent may determine.
		

		
			5.This Note is negotiable and, accordingly, title hereto shall pass by delivery and the bearer shall be treated as being absolutely entitled to receive payment upon due presentation hereof (notwithstanding any notation of ownership or other writing thereon or notice of any previous loss or theft thereof).
		

		
			6.[This Note has the benefit of a guarantee issued by Ecolab Inc. on 9 June 2017 (as amended, restated or supplemented as of the date of issue of the Notes), copies of which are available for inspection during normal business hours at the office of the Issue and Paying Agent referred to above.]18
		

		
			7.If this is an interest bearing Note, then:
		

		
			(a)notwithstanding the provisions of paragraph 1 above, if any payment of interest in respect of this Note falling due for payment prior to the above-mentioned Maturity Date remains unpaid on the fifteenth day after falling so due, the amount referred to in paragraph 1 shall be payable on such fifteenth day;
		

		
			(b)upon each payment of interest (if any) prior to the Maturity Date in respect of this Note, the Schedule hereto shall be duly completed by the Issue and Paying Agent to reflect such payment;
		

		
			(c)payments due in respect of Notes for the time being represented by this Note shall be made to the bearer of this Note and each payment so made will discharge the Issuer's obligations in respect thereof. Any failure to make the entries referred to in sub-paragraph (b) above shall not affect such discharge; and
		

		
			(d)if no Interest Payment Dates are specified on the face of the Note, the Interest Payment Date shall be the Maturity Date.
		

		
			8.If this is a fixed rate interest bearing Note, interest shall be calculated on the Nominal Amount as follows:
		

		
			(a)interest shall be payable on the Nominal Amount in respect of each successive Interest Period (as defined below) from the Issue Date to the Maturity Date only, in arrear on the relevant Interest Payment Date, on the basis of the actual number of days in such Interest Period and a year of 360 days at the above-mentioned Fixed Interest Rate with the resulting figure being rounded to the nearest amount of the above-mentioned Specified Currency which is available as legal tender in the country or countries (in the case of the euro) of the Specified Currency (with halves being rounded upwards); and
		

		
			(b)the period beginning on (and including) the Issue Date and ending on (but excluding) the first Interest Payment Date and each successive period beginning 
		

		

		
			 
		

		
			18 Delete where Ecolab Inc. is the Issuer, otherwise retain.
		

		
			
		

		
			

		 

		

			- 31 -

		

		

			 

		

 

		

			 

		

		

		
			on (and including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest Payment Date is an "Interest Period" for the purposes of this paragraph.
		

		
			9.If this is a floating rate interest bearing Note, interest shall be calculated on the Nominal Amount as follows:
		

		
			(a)in the case of a Note which specifies LIBOR as the Reference Rate on its face, the Rate of Interest will be the aggregate of LIBOR and the above-mentioned Margin (if any) above or below LIBOR.  Interest shall be payable on the Nominal Amount in respect of each successive Interest Period (as defined below) from the Issue Date to the Maturity Date only, in arrear on the relevant Interest Payment Date, on the basis of the actual number of days in such Interest Period and a year of 360 days.
		

		
			As used in this Note:
		

		
			"LIBOR" shall be equal to the rate defined as "LIBOR-BBA" in respect of the above-mentioned Specified Currency (as defined in the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc., as amended, updated or replaced as at the date of this Note, (the "ISDA Definitions")) as at 11.00 a.m. (London time) or as near thereto as practicable on the second London Banking Day before the first day of the relevant Interest Period (a "LIBOR Interest Determination Date"), as if the Reset Date (as defined in the ISDA Definitions) were the first day of such Interest Period and the Designated Maturity (as defined in the ISDA Definitions) were the number of months specified on the face of this Note in relation to the Reference Rate; and
		

		
			"London Banking Day" shall mean a day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in London;
		

		
			(b)in the case of a Note which specifies EURIBOR as the Reference Rate on its face, the Rate of Interest will be the aggregate of EURIBOR and the above-mentioned Margin (if any) above or below EURIBOR.  Interest shall be payable on the Nominal Amount in respect of each successive Interest Period (as defined below) from the Issue Date to the Maturity Date only, in arrear on the relevant Interest Payment Date, on the basis of the actual number of days in such Interest Period and a year of 360 days.
		

		
			As used in this Note, "EURIBOR" shall be equal to EUR-EURIBOR-Reuters (as defined in the ISDA Definitions) as at 11.00 a.m. (Brussels time) or as near thereto as practicable on the second TARGET Business Day before the first day of the relevant Interest Period (a "EURIBOR Interest Determination Date"), as if the Reset Date (as defined in the ISDA Definitions) were the first day of such Interest Period and the Designated Maturity (as defined in the ISDA Definitions) were the number of months specified on the face of this Note in relation to the Reference Rate;
		

		
			
		

		
			

		 

		

			- 32 -

		

		

			 

		

 

		

			 

		

		

		
			(c)the Calculation Agent will, as soon as practicable after 11.00 a.m. (London time) on each LIBOR Interest Determination Date or 11.00 a.m. (Brussels time) on each EURIBOR Interest Determination Date (as the case may be), determine the Rate of Interest and calculate the amount of interest payable (the "Amount of Interest") for the relevant Interest Period. "Rate of Interest" means (A) if the Reference Rate is EURIBOR, the rate which is determined in accordance with the provisions of paragraph 8(b), and (B) in any other case, the rate which is determined in accordance with the provisions of paragraph 8(a).  The Amount of Interest shall be calculated by applying the Rate of Interest to the Nominal Amount of one Note of each denomination, multiplying such product by the actual number of days in the Interest Period concerned divided by 360 and rounding the resulting figure to the nearest amount of the above-mentioned Specified Currency which is available as legal tender in the country or countries (in the case of the euro) of the Specified Currency (with halves being rounded upwards).  The determination of the Rate of Interest and the Amount of Interest by the Calculation Agent named above shall (in the absence of manifest error) be final and binding upon all parties;
		

		
			(d)a certificate of the Calculation Agent as to the Rate of Interest payable hereon for any Interest Period shall be conclusive and binding as between the Issuer and the bearer hereof;
		

		
			(e)the period beginning on (and including) the Issue Date and ending on (but excluding) the first Interest Payment Date and each successive period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest Payment Date is called an "Interest Period" for the purposes of this paragraph 9; and
		

		
			(f)the Issuer will procure that a notice specifying the Rate of Interest payable in respect of each Interest Period be published as soon as practicable after the determination of the Rate of Interest.  Such notice will be delivered to the bearer of this Note, or if that is not practicable, will be published in a leading English language daily newspaper published in London (which is expected to be the Financial Times).
		

		
			10.If the proceeds of this Note are accepted in the United Kingdom, the Principal Amount or Minimum Redemption Amount (as applicable) shall be not less than £100,000 (or the equivalent in any other currency).
		

		
			11.Instructions for payment must be received at the offices of the Issue and Paying Agent referred to above together with this Note as follows:
		

		
			(a)if this Note is denominated in Japanese Yen, at least two Business Days prior to the relevant payment date;
		

		
			(b)if this Note is denominated in United States dollars, on or prior to the relevant payment date; and
		

		
			(c)in all other cases, at least one Business Day prior to the relevant payment date.
		

		
			
		

		
			

		 

		

			- 33 -

		

		

			 

		

 

		

			 

		

		

		
			As used in this paragraph, "Business Day" means:
		

		
			(i)a day other than a Saturday or Sunday on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in London; and
		

		
			(ii)in the case of payments in euro, a TARGET Business Day and, in all other cases, a day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in the principal financial centre in the country of the above-mentioned Specified Currency.
		

		
			12.This Note shall not be validly issued unless manually authenticated by Citibank, N.A., London Branch as Issue and Paying Agent.
		

		
			13.This Note and any non-contractual obligations arising out of or in connection with it are governed by English law.  For the avoidance of doubt, the provisions of the Luxembourg law dated 15 August 1915 on commercial companies, as amended, and in particular, sections 86 to 94-8, are hereby excluded.
		

		
			14.
		

		
			(a)English courts:  The courts of England have exclusive jurisdiction to settle any dispute (a "Dispute") arising from or connected with this Note (including a dispute relating to the existence, validity or termination of this Note or any non-contractual obligation arising out of or in connection with this Note) or the consequence of its nullity.
		

		
			(b)Appropriate forum:  The Issuer agrees that the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that it will not argue to the contrary.
		

		
			(c)Rights of the bearer to take proceedings outside England:  Clause 14(a) (English courts) is for the benefit of the bearer only.  As a result, nothing in this Clause 14 prevents the bearer from taking proceedings relating to a Dispute ("Proceedings") in any other courts with jurisdiction.  To the extent allowed by law, the bearer may take concurrent Proceedings in any number of jurisdictions.
		

		
			(d)Process agent:  The Issuer agrees that the documents which start any Proceedings and any other documents required to be served in relation to those Proceedings may be served on it by being delivered to Ecolab Limited at P.O. Box 11, Winnington Avenue, Northwich, Cheshire, United Kingdom CW8 4DX or, if different, its registered office for the time being or at any address of the Issuer in Great Britain at which process may be served on it in accordance with the Companies Act 2006.  If such person is not or ceases to be effectively appointed to accept service of process on behalf of the Issuer, the Issuer shall, on the written demand of the bearer addressed to the Issuer and delivered to the Issuer or to the Specified Office of the Issue and Paying Agent appoint a further person in England to accept service of process on its behalf and, failing such appointment within 15 days, the bearer shall be entitled to appoint such a person by written notice addressed to the Issuer and delivered to the Issuer or to the 
		

		
			
		

		
			

		 

		

			- 34 -

		

		

			 

		

 

		

			 

		

		

		
			Specified Office of the Issue and Paying Agent.  Nothing in this paragraph shall affect the right of the bearer to serve process in any other manner permitted by law.  This Clause applies to Proceedings in England and to Proceedings elsewhere.
		

		
			EACH PARTY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN CONNECTION WITH THIS NOTE OR ANY TRANSACTION CONTEMPLATED BY THIS NOTE.  THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY COURT.
		

		
			15.No person shall have any right to enforce any provision of this Note under the Contracts (Rights of Third Parties) Act 1999, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.
		

			
					
						AUTHENTICATED by

					
					
						Signed on behalf of:

				
	
					
						CITIBANK, N.A., LONDON BRANCH

					
					
						[ECOLAB INC. / ECOLAB LUX 1 S.À R.L. / ECOLAB LUX 2 S.À R.L. / ECOLAB NL 10 B.V. / ECOLAB NL 11 B.V.]19

				
	
					
						without recourse, warranty or liability and for authentication purposes only

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:.........................................................

					
					
						By:.........................................................

				
	
					
						(Authorised Signatory)

					
					
						(Authorised Signatory)

				

		
			 
		

		

		
			 
		

		
			19 Delete as appropriate.
		

		
			
		

		
			

		 

		

			- 35 -

		

		

			 

		

 

		

			 

		

		

		
			SCHEDULE
		

		
			PAYMENTS OF INTEREST
		

		
			The following payments of interest in respect of this Note have been made:
		

			
					
						Date Made

					
					
						Payment From

					
					
						Payment To

					
					
						Amount Paid

					
					
						Notation on behalf of Issue and Paying Agent

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			- 36 -

		

		

			 

		

 

		

			 

		

		

		
			Form of Definitive Note
		

		
			(for use where the Issuer accepts the proceeds of issue in the United Kingdom)
		

		
			THE SECURITIES REPRESENTED BY THIS GLOBAL NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY U.S. STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE AND IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER JURISDICTION. THIS LEGEND SHALL CEASE TO APPLY UPON THE EXPIRY OF THE PERIOD OF 40 DAYS AFTER THE COMPLETION OF THE DISTRIBUTION OF ALL THE SECURITIES OF THE TRANCHE OF WHICH THIS SECURITY FORMS PART.
		

		
			Zero Coupon Notes in definitive form may only be transferred and accepted, directly or indirectly, within, from or into The Netherlands through the mediation of either the relevant Issuer or a member firm of Euronext Amsterdam N.V. admitted in a function on one or more of the markets or systems operated by Euronext Amsterdam N.V. (toegelaten instelling) in full compliance with the Dutch Savings Certificates Act (Wet inzake spaarbewijzen) of 21 May 1985 (as amended) and its implementing regulations and must either be:
		

		
			(a)between individuals or legal entities who or which trade or invest in securities in the conduct of a profession or trade (which includes banks, dealers, insurance companies, pension funds, other institutional investors and commercial enterprises which regularly, as an ancillary activity, invest in securities); or, in any other case
		

		
			(b)recorded in a transaction note which includes the name and address of each party to the transaction, the nature of the transaction and the details and serial number of such Note.
		

		
			No such mediation is required: (a) in respect of the transfer and acceptance of rights representing an interest in a Zero Coupon Note in global form, or (b) in respect of the initial issue of Zero Coupon Notes in definitive form to the first holders thereof, or (c) in respect of the transfer and acceptance of Zero Coupon Notes in definitive form between individuals not acting in the conduct of a business or profession, or (d) in respect of the transfer and acceptance of such Zero Coupon Notes within, from or into The Netherlands if all Zero Coupon Notes (either in definitive form or as rights representing an interest in a Zero Coupon Note in global form) of any particular Series or Tranche are issued outside The Netherlands and are not distributed into The Netherlands in the course of initial distribution or immediately thereafter.
		

		
			In the event that the Savings Certificates Act applies, certain identification requirements in relation to the issue and transfer of, and payments on, Zero Coupon Notes have to be complied with.
		

		
			As used herein, "Zero Coupon Notes" has the meaning given to it in Section 1(a) of the Dutch Savings Certificates Act (Wet inzake spaarbewijzen) of 21 May 1985 (as amended), being Notes that are in bearer form and that constitute a claim for a fixed sum against the relevant 
		

		
			
		

		
			

		 

		

			- 37 -

		

		

			 

		

 

		

			 

		

		

		
			Issuer and on which interest does not become due during their tenor or on which no interest is due whatsoever.]20
		

		
			£[100,000][500,000][1,000,000]
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		
			20 This legend should be placed on zero coupon or discounted Notes and Notes on which interest only becomes due at maturity and which are (a) not listed on the Official Segment of Euronext Amsterdam N.V.'s stock market and (b) issued within The Netherlands, or issued outside The Netherlands but distributed within The Netherlands in the course of initial distribution or immediately thereafter.
		

		
			
		

		
			

		 

		

			- 38 -

		

		

			 

		

 

		

			 

		

		

		
			ECOLAB INC.
		

		
			(incorporated under the laws of the State of Delaware)
		

		
			ECOLAB LUX 1 S.À R.L.
		

		
			(incorporated as a private limited liability company (société à responsibilité limitée) for an unlimited duration under the laws of the Grand Duchy of Luxembourg)
		

		
			ECOLAB LUX 2 S.À R.L.
		

		
			(incorporated as a private limited liability company (société à responsibilité limitée) for an unlimited duration under the laws of the Grand Duchy of Luxembourg)
		

		
			ECOLAB NL 10 B.V.
		

		
			(incorporated as a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) under the laws of the Netherlands)
		

		
			ECOLAB NL 11 B.V.
		

		
			(incorporated as a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) under the laws of the Netherlands)
		

		
			guaranteed by
		

		
			ECOLAB INC.
		

		
			(in respect of Notes issued by Ecolab Lux 1 S.à r.l., Ecolab Lux 2 S.à r.l., Ecolab NL 10 B.V. and Ecolab NL 11 B.V.)
		

			
					
						No:_________________________________________

					
					
						Series No.:_________________________________

				
	
					
						Issued in London on:_______________________

					
					
						Maturity Date:_____________________________

				
	
					
						Denomination:_____________________________

					
					
						Nominal Amount: __________________

				
	
					
						Reference Rate:21 ___months LIBOR

					
					
						Calculation Agent:22

				
	
					
						Fixed Interest Rate:23%per annum

					
					
						 

				
	
					
						Margin:24_____________________________________%

					
					
						Interest Payment Dates:25_____________________

				

		
			1.For value received, [ECOLAB INC., a corporation organised and existing under the laws of the State of Delaware, having its registered office at 1209 Orange Street, City of Wilmington, Delaware, U.S.A., registered in the State of Delaware under number 0164814 / ECOLAB LUX 1 S.À R.L., a private limited liability company (societé à responsabilité limitée) incorporated and existing under the laws of Luxembourg, having its registered office at 6, rue Eugène Ruppert, L-2453 Luxembourg, the Grand Duchy 
		

		

		
			21 Complete for floating rate interest bearing Notes only.
		

		
			22 Complete for floating rate Notes only, if the Calculation Agent is not the Issue and Paying Agent.
		

		
			23 Complete for fixed rate interest bearing Notes only.
		

		
			24 Complete for floating rate interest bearing Notes only.
		

		
			25 Complete for interest bearing Notes if interest is payable before the Maturity Date.
		

		
			
		

		
			

		 

		

			- 39 -

		

		

			 

		

 

		

			 

		

		

		
			of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 132.319 /ECOLAB LUX 2 S.À R.L., a private limited liability company (societé à responsabilité limitée) incorporated and existing under the laws of Luxembourg, having its registered office at 6, rue Eugène Ruppert, L-2453 Luxembourg, the Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 132.318 / ECOLAB NL 10 B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of The Netherlands, having its registered office at Iepenhoeve 7 A, 3438MR Nieuwegein, The Netherlands and registered in The Netherlands under number 56036094 / ECOLAB NL 11 B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of The Netherlands, having its registered office at Iepenhoeve 7 A, 3438MR Nieuwegein, The Netherlands and registered in The Netherlands under number 56150547]26 (the "Issuer") promises to pay to the bearer of this Note on the above-mentioned Maturity Date the above-mentioned Nominal Amount together with interest thereon at the rate and at the times (if any) specified on the reverse of this Note.
		

		
			All such payments shall be made in accordance with an amended and restated note agency agreement dated 9 June 2017 between, among others, the Issuer and the issue and paying agent referred to therein, a copy of which is available for inspection at the offices of Citibank, N.A., London Branch (the "Issue and Paying Agent") at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, United Kingdom, and subject to and in accordance with the terms and conditions set forth below.  All such payments shall be made upon presentation and surrender of this Note at the offices of the Issue and Paying Agent referred to above by transfer to a sterling account maintained by the bearer.  Payments to the bearer of this Note shall not be made to an address or a bank account maintained within the United States, the Notes may not be presented for payment within the United States, and demand for payments under the Notes may not be made within the United States.
		

		
			2.All payments in respect of this Note by or on behalf of the Issuer shall be made without set-off, counterclaim, fees, liabilities or similar deductions and free and clear of, and without deduction or withholding for or on account of, taxes, levies, duties, assessments or charges of any nature now or hereafter imposed, levied, collected, withheld or assessed in any jurisdiction through, in or from which such payments are made or any political subdivision or taxing authority of or in any of the foregoing ("Taxes").  If the Issuer or any agent thereof is required by law or regulation to make any deduction or withholding for or on account of Taxes, the Issuer shall, to the extent permitted by applicable law or regulation, pay such additional amounts as shall be necessary in order that the net amounts received by the bearer of this Note after such deduction or withholding shall equal the amount which would have been receivable hereunder in the absence of such deduction or withholding, except that no such additional amounts shall be payable where this Note is presented for payment:
		

		

		
			 
		

		
			26 Delete as appropriate.
		

		
			
		

		
			

		 

		

			- 40 -

		

		

			 

		

 

		

			 

		

		

		
			(a)by or on behalf of a holder which is liable to such Taxes by reason of its having some connection with the jurisdiction imposing the Taxes other than the mere holding of this Note; or
		

		
			(b)more than 15 days after the Maturity Date or, if applicable, the relevant Interest Payment Date or (in either case) the date on which payment hereof is duly provided for, whichever occurs later, except to the extent that the holder would have been entitled to such additional amounts if it had presented this note on the last day of each 15 day period.
		

		
			3.The payment obligation of the Issuer represented by this Note constitutes and at all times shall constitute a direct and unsecured obligation of the Issuer ranking pari passu with all present and future unsecured and unsubordinated indebtedness of the Issuer other than obligations preferred by mandatory provisions of law.
		

		
			4.If the Maturity Date or, if applicable, the relevant Interest Payment Date is not a Payment Business Day (as defined herein) payment in respect hereof will not be made and credit or transfer instructions shall not be given until the next following Payment Business Day (provided that, if such postponed payment would have the effect of extending the tenor of the relevant Note to more than 183 days, payment will be made and credit and transfer instructions will be given, on the immediately preceding Payment Business Day) and the bearer of this Note shall not be entitled to any adjustment to interest or other sums in respect of such payment.  As used in this Note, "Payment Business Day" means any day other than a Saturday or Sunday which is a day on which commercial banks and foreign exchange markets settle payments and are open for general business in London and in the place of payment.
		

		
			5.This Note is negotiable and, accordingly, title hereto shall pass by delivery and the bearer shall be treated as being absolutely entitled to receive payment upon due presentation hereof (notwithstanding any notation of ownership or other writing thereon or notice of any previous loss or theft thereof).
		

		
			6.This Note shall not be validly issued unless manually authenticated by Citibank, N.A., London Branch as Issue and Paying Agent.
		

		
			7.This Note and any non-contractual obligations arising out of or in connection with it are governed by English law.  For the avoidance of doubt, the provisions of the Luxembourg law dated 15 August 1915 on commercial companies, as amended, and in particular, sections 86 to 94-8, are hereby excluded.
		

		
			8.If the proceeds of this Note are accepted in the United Kingdom, the Principal Amount or Minimum Redemption Amount (as applicable) shall be not less than £100,000 (or the equivalent in any other currency).
		

		
			9.[This Note has the benefit of a guarantee issued by Ecolab Inc. on [•] 2017 (as amended, restated or supplemented as of the date of issue of the Notes), copies of which are available for inspection during normal business hours at the office of the Issue and Paying Agent referred to above.]27
		

		

		
			 
		

		
			27 Delete where Ecolab Inc. is the Issuer, otherwise retain.
		

		
			
		

		
			

		 

		

			- 41 -

		

		

			 

		

 

		

			 

		

		

		
			 
		

		
			10.
		

		
			(a)English courts:  The courts of England have exclusive jurisdiction to settle any dispute (a "Dispute") arising from or connected with this Note (including a dispute relating to the existence, validity or termination of this Note or any non-contractual obligation arising out of or in connection with this Note) or the consequence of its nullity.
		

		
			(b)Appropriate forum:  The Issuer agrees that the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that it will not argue to the contrary.
		

		
			(c)Rights of the bearer to take proceedings outside England:  Clause 10(a) (English courts) is for the benefit of the bearer only.  As a result, nothing in this Clause 10 prevents the bearer from taking proceedings relating to a Dispute ("Proceedings") in any other courts with jurisdiction.  To the extent allowed by law, the bearer may take concurrent Proceedings in any number of jurisdictions.
		

		
			(d)Process agent:  The Issuer agrees that the documents which start any Proceedings and any other documents required to be served in relation to those Proceedings may be served on it by being delivered to Ecolab Limited at P.O. Box 11, Winnington Avenue, Northwich, Cheshire, United Kingdom CW8 4DX or, if different, its registered office for the time being or at any address of the Issuer in Great Britain at which process may be served on it in accordance with the Companies Act 2006.  If such person is not or ceases to be effectively appointed to accept service of process on behalf of the Issuer, the Issuer shall, on the written demand of the bearer addressed to the Issuer and delivered to the Issuer or to the Specified Office of the Issue and Paying Agent appoint a further person in England to accept service of process on its behalf and, failing such appointment within 15 days, the bearer shall be entitled to appoint such a person by written notice addressed to the Issuer and delivered to the Issuer or to the Specified Office of the Issue and Paying Agent.  Nothing in this paragraph shall affect the right of the bearer to serve process in any other manner permitted by law.  This Clause applies to Proceedings in England and to Proceedings elsewhere.
		

		
			EACH PARTY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN CONNECTION WITH THIS NOTE OR ANY TRANSACTION CONTEMPLATED BY THIS NOTE.  THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY COURT.
		

		
			11.No person shall have any right to enforce any provision of this Note under the Contracts (Rights of Third Parties) Act 1999, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.
		

			
					
						 

					
					
						 

				
	
					
						AUTHENTICATED by

					
					
						Signed on behalf of:

				
	
					
						CITIBANK, N.A., LONDON BRANCH

					
					
						[ECOLAB INC. / ECOLAB LUX 1 S.À R.L. / ECOLAB LUX 2 S.À R.L. / ECOLAB NL 10 B.V. / ECOLAB NL 11 B.V.]28

				

		
			 
		

		
			
		

		
			

		 

		

			- 42 -

		

		

			 

		

 

		

			 

		

		

		
			 
		

			
					
						without recourse, warranty or liability and for authentication purposes only

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:.........................................................

					
					
						By:.........................................................

				
	
					
						(Authorised Signatory)

					
					
						(Authorised Signatory)

				
	
					
						 

					
					
						 

				
	
					
						By:.........................................................

					
					
						By:.........................................................

				
	
					
						(Authorised Signatory)

					
					
						(Authorised Signatory)

				

		
			 
		

		

		
			 
		

		
			28 Delete as appropriate.
		

		
			
		

		
			

		 

		

			- 43 -

		

		

			 

		

 

		

			 

		

		

		
			On the Reverse]
		

		
			(A)If this is an interest bearing Note, then:
		

		
			(a)notwithstanding the provisions of paragraph 1 above, if any payment of interest in respect of this Note falling due for payment prior to the above-mentioned Maturity Date remains unpaid on the fifteenth day after falling so due, the amount referred to in paragraph 1 shall be payable on such fifteenth day;
		

		
			(b)upon each payment of interest (if any) prior to the Maturity Date in respect of this Note, the Schedule hereto shall be duly completed by the Issue and Paying Agent to reflect such payment; 
		

		
			(c)payments due in respect of Notes for the time being represented by this Note shall be made to the bearer of this Note and each payment so made will discharge the Issuer's obligations in respect thereof. Any failure to make the entries referred to in sub-paragraph (b) above shall not affect such discharge; and
		

		
			(c)if no Interest Payment Dates are specified on the face of the Note, the Interest Payment Date shall be the Maturity Date.
		

		
			(B)If this is a fixed rate interest bearing Note, interest shall be calculated on the Nominal Amount as follows:
		

		
			(a)interest shall be payable on the Nominal Amount in respect of each successive Interest Period (as defined below) from the Issue Date to the Maturity Date only, in arrear on the relevant Interest Payment Date, on the basis of the actual number of days in such Interest Period and a year of 365 days at the above-mentioned Fixed Interest Rate with the resulting figure being rounded to the nearest penny (with halves being rounded upwards); and
		

		
			(b)the period beginning on (and including) the Issue Date and ending on (but excluding) the first Interest Payment Date and each successive period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest Payment Date is an "Interest Period" for the purposes of this paragraph (B).
		

		
			(C)If this is a floating rate interest bearing Note, interest shall be calculated on the Nominal Amount as follows:
		

		
			(a)the Rate of Interest will be the aggregate of LIBOR and the above-mentioned Margin (if any) above or below LIBOR.  Interest shall be payable on the Nominal Amount in respect of each successive Interest Period (as defined below) from the Issue Date to the Maturity Date only, in arrear on the relevant Interest Payment Date, on the basis of the actual number of days in such Interest Period and a year of 365 days.  As used in this Note, "LIBOR" shall be equal to the rate defined as "LIBOR-BBA" in respect of Sterling (as defined in the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc., as amended, updated or replaced as at the date of this Note (the "ISDA Definitions")) as at 11.00 a.m. (London time) or as near thereto as 
		

		
			
		

		
			

		 

		

			- 44 -

		

		

			 

		

 

		

			 

		

		

		
			practicable on the first day of the relevant Interest Period (the "LIBOR Interest Determination Date"), as if the Reset Date (as defined in the ISDA Definitions) were the first day of such Interest Period and the Designated Maturity (as defined in the ISDA Definitions) were the number of months specified on the face of this Note in relation to the Reference Rate;
		

		
			(b)the Calculation Agent will, as soon as practicable after 11.00 a.m. (London time) on the LIBOR Interest Determination Date, determine the Rate of Interest and calculate the amount of interest payable (the "Amount of Interest") for the relevant Interest Period.  "Rate of Interest" means the rate which is determined in accordance with the provisions of sub-paragraph (a) above.  The Amount of Interest shall be calculated by applying the Rate of Interest to the Nominal Amount of one Note of each denomination, multiplying such product by the actual number of days in the Interest Period concerned divided by 365 and rounding the resulting figure to the nearest penny.  The determination of the Rate of Interest and the Amount of Interest by the Calculation Agent named above shall (in the absence of manifest error) be final and binding upon all parties;
		

		
			(c)a certificate of the Calculation Agent as to the Rate of Interest payable hereon for any Interest Period shall be conclusive and binding as between the Issuer and the bearer hereof;
		

		
			(d)the period beginning (and including) on the Issue Date and ending on (but excluding) the first Interest Payment Date and each successive period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest Payment Date is called an "Interest Period" for the purposes of this paragraph (C).
		

		
			
		

		
			

		 

		

			- 45 -

		

		

			 

		

 

		

			 

		

		

		
			SCHEDULE
		

		
			PAYMENTS OF INTEREST
		

		
			The following payments of interest in respect of this Note have been made:
		

			
					
						Date Made

					
					
						Payment From

					
					
						Payment To

					
					
						Amount Paid

					
					
						Notation on behalf of Issue and Paying Agent

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			SCHEDULE 2
		

		
			DUTIES UNDER THE ISSUER-ICSDS AGREEMENT
		

		
			 
		

		
			 
		

		
			In relation to each tranche of Notes that are, or are to be, represented by a New Global Note  the Agent will comply with the following provisions:
		

		
			 
		

		
			Initial issue outstanding amount:  The Agent will inform each of the ICSDs, through the common service provider appointed by the ICSDs to service the Notes (the "Common Service Provider"), of the initial issue outstanding amount (the "IOA") for such tranche on or prior to the relevant issue date.
		

		
			 
		

		
			Mark up or mark down:  If any event occurs that requires a mark up or mark down of the records which an ICSD holds for its customers to reflect such customers' interest in the Notes, the Agent will (to the extent known to it) promptly provide details of the amount of such mark up or mark down, together with a description of the event that requires it, to the ICSDs (through the Common Service Provider) to ensure that the IOA of the Notes remains at all times accurate.
		

		
			 
		

		
			Reconciliation of records:  The Agent will at least once every month reconcile its record of the IOA of the Notes with information received from the ICSDs (through the Common Service Provider) with respect to the IOA maintained by the ICSDs for the 
		

		
			
		

		
			

		 

		

			- 46 -

		

		

			 

		

 

		

			 

		

		

		
			Notes and will promptly inform the ICSDs (through the Common Service Provider) of any discrepancies.
		

		
			 
		

		
			Resolution of discrepancies:  The Agent will promptly assist the ICSDs (through the Common Service Provider) in resolving any discrepancy identified in the IOA of the Notes.
		

		
			 
		

		
			Details of payments:  The Agent will promptly provide the ICSDs (through the Common Service Provider) details of all amounts paid by it under the Notes  (or, where the Notes provide for delivery of assets other than cash, of the assets so delivered).
		

		
			 
		

		
			Change of amount:  The Agent will (to the extent known to it) promptly provide to the ICSDs (through the Common Service Provider) notice of any changes to the Notes that will affect the amount of, or date for, any payment due under the Notes.
		

		
			 
		

		
			Notices to holders:  The Agent will (to the extent known to it) promptly provide to the ICSDs (through the Common Service Provider) copies of all information that is given to the holders of the Notes.
		

		
			 
		

		
			Communications from ICSDs:  The Agent will promptly pass on to the relevant Issuer all communications it receives from the ICSDs directly or through the Common Service Provider relating to the Notes.
		

		
			 
		

		
			Default:  The Agent will (to the extent known to it) promptly notify the ICSDs (through the Common Service Provider) of any failure by the relevant Issuer to make any payment or delivery due under the Notes when due.
		

		
			 
		

		
			

		 

		

			- 47 -

		

		

			 

		

 

		

			 

		

		

		
			SIGNATURE PAGES
		

		
			The Issuers
		

		
			ECOLAB INC.
		

			
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Kristen Bettmann

				

		
			 
		

			
					
						Address:

					
					
						1 Ecolab Place

					
					
						 

				
	
					
						 

					
					
						St. Paul

					
					
						 

				
	
					
						 

					
					
						MN 55102

					
					
						 

				
	
					
						 

					
					
						U.S.A.

					
					
						 

				
	
					
						Telephone:

					
					
						+1 800 232 6522

					
					
						 

				
	
					
						Facsimile:

					
					
						+1 651 250 2573

					
					
						 

				
	
					
						Attention:

					
					
						General Counsel

					
					
						 

				

		
			 
		

		
			 
		

		
			ECOLAB LUX 1 S.À R.L.
		

			
					
						By:

					
					
						/s/ Kristen Bettmann

				

		
			 
		

			
					
						Address:

					
					
						6, rue Eugène Ruppert,

					
					
						 

				
	
					
						 

					
					
						L-2453 Luxembourg

					
					
						 

				
	
					
						 

					
					
						Grand Duchy of Luxembourg

					
					
						 

				
	
					
						Telephone:

					
					
						+ 352 26 449 379

					
					
						 

				
	
					
						Facsimile:

					
					
						+ 352 26 449 167

					
					
						 

				
	
					
						Attention:

					
					
						Manager

					
					
						 

				
	
					
						(cc. Ecolab Inc. as specified above)

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			1

		

		

			 

		

 

		

			 

		

		

		
			ECOLAB LUX 2 S.À R.L.
		

			
					
						By:

					
					
						/s/ Kristen Bettmann

				

		
			 
		

			
					
						Address:

					
					
						6, rue Eugène Ruppert,

					
					
						 

				
	
					
						 

					
					
						L-2453 Luxembourg

					
					
						 

				
	
					
						 

					
					
						Grand Duchy of Luxembourg

					
					
						 

				
	
					
						Telephone:

					
					
						+ 352 26 449 379

					
					
						 

				
	
					
						Facsimile:

					
					
						+ 352 26 449 167

					
					
						 

				
	
					
						Attention:

					
					
						Manager

					
					
						 

				
	
					
						(cc. Ecolab Inc. as specified above)

				

		
			 
		

		
			 
		

		
			 
		

		
			ECOLAB NL 10 B.V.
		

			
					
						By:

					
					
						/s/ Kristen Bettmann

				

		
			 
		

			
					
						Address:

					
					
						Iepenhoeve 7 A

					
					
						 

				
	
					
						 

					
					
						3438MR Nieuwegein

					
					
						 

				
	
					
						 

					
					
						The Netherlands

					
					
						 

				
	
					
						Telephone:

					
					
						+31 30 608 2372

					
					
						 

				
	
					
						Facsimile:

					
					
						+31 30 608 2228

					
					
						 

				
	
					
						Attention:

					
					
						Director

					
					
						 

				
	
					
						(cc. Ecolab Inc. as specified above)

				

		
			 
		

		
			 
		

		
			ECOLAB NL 11 B.V.
		

			
					
						By:

					
					
						/s/ Kristen Bettmann

				

		
			 
		

			
					
						Address:

					
					
						Iepenhoeve 7 A

					
					
						 

				
	
					
						 

					
					
						3438MR Nieuwegein

					
					
						 

				
	
					
						 

					
					
						The Netherlands

					
					
						 

				
	
					
						Telephone:

					
					
						+31 30 608 2222

					
					
						 

				
	
					
						Facsimile:

					
					
						+31 30 608 2228

					
					
						 

				
	
					
						Attention:

					
					
						Director

					
					
						 

				
	
					
						(cc. Ecolab Inc. as specified above)

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			2

		

		

			 

		

 

		

			 

		

		

		
			The Guarantor
		

		
			ECOLAB INC.
		

			
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Kristen Bettmann

				

		
			 
		

			
					
						Address:

					
					
						1 Ecolab Place

					
					
						 

				
	
					
						 

					
					
						St. Paul

					
					
						 

				
	
					
						 

					
					
						MN 55102

					
					
						 

				
	
					
						 

					
					
						U.S.A.

					
					
						 

				
	
					
						Telephone:

					
					
						+1 800 232 6522

					
					
						 

				
	
					
						Facsimile:

					
					
						+1 651 250 2573

					
					
						 

				
	
					
						Attention:

					
					
						General Counsel

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			3

		

		

			 

		

 

		

			 

		

		

		
			The Agent
		

		
			CITIBANK, N.A., LONDON BRANCH
		

			
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Beth Kuhn

				

		
			 
		

			
					
						Address:

					
					
						Citigroup Centre

					
					
						 

				
	
					
						 

					
					
						Canada Square

					
					
						 

				
	
					
						 

					
					
						Canary Wharf

					
					
						 

				
	
					
						 

					
					
						London E14 5LB

					
					
						 

				
	
					
						 

					
					
						United Kingdom

					
					
						 

				
	
					
						Telephone:

					
					
						+353 1 622 2238

					
					
						 

				
	
					
						Facsimile:

					
					
						+353 1 622 4029

					
					
						 

				
	
					
						Attention:

					
					
						ECP Issuance Desk

					
					
						 

				

		
			 
		

		 

		

			4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00273-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00273-of-00352.parquet"}]]