[144] Cipher Mining Inc. Warrant SEC Filing

Rhea-AI Filing Summary

SEC Form 4 filing for Ecolab Inc. (ECL) discloses two transactions by Director David W. MacLennan on 30 Jun 2025.

• Dividend reinvestment: 126.18 common shares acquired at $0 under the company’s Non-Employee Director Stock Option and Deferred Compensation Plan, which automatically reinvests cash dividends.
• Open-market purchase: 43.23 common shares acquired at $267.48 per share.

Following these transactions, MacLennan’s direct holdings rise to 19,653.49 shares. He also reports indirect ownership of 3,500 shares through the Kathleen F. MacLennan Revocable Trust and 709 shares held in sibling trusts, bringing total reported beneficial ownership to 23,862.49 shares.

No derivative securities were involved, and no dispositions were reported. The filing was signed on 2 Jul 2025 by an attorney-in-fact.

Positive

• Net insider accumulation: 169.41 shares acquired with no dispositions reported, indicating a constructive personal outlook.
• Open-market purchase at $267.48: Cash purchase (≈$45 k) suggests director’s willingness to commit personal capital.

Negative

• Immaterial size: The acquisition represents less than 0.01% of ECL’s outstanding shares, limiting market significance.
• No strategic information: Filing offers no insight into operational performance or forward-looking plans.

Insights

Securities Analyst

TL;DR: Small insider buy reflects continued alignment but is immaterial to ECL’s share count and valuation.

Director David W. MacLennan added 169.41 shares—about 0.7% of his direct stake and <0.01% of ECL’s outstanding shares. The $45 k open-market purchase at $267.48 marginally increases insider ownership, signaling personal confidence yet lacking scale to influence liquidity or corporate governance dynamics. Because no sales occurred, the direction is modestly positive but not financially material. I classify the market impact as neutral.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock	Citigroup Global Markets, Inc. 388 Greenwich Street New York NY 10013	500000	2641950.00	371213387	07/02/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Stock	03/11/2024	Distribution of dividend from Bitfury	Bitfury			48834333	03/11/2024	Distribution dividend

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
V3 Holdings Ltd SERENIA RESIDENCES BLOCK B PALM JUMEIRAH Dubai C0 Dubai	Common Stock	07/01/2025	500000	2428700.00

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many ECL shares did Director David W. MacLennan buy on 30 Jun 2025?

He acquired 169.41 shares (126.18 via dividend reinvestment and 43.23 in the open market).

At what price were the open-market ECL shares purchased?

The filing lists an acquisition price of $267.48 per share for 43.23 shares.

What is MacLennan’s total direct ownership after the transactions?

His direct holdings increased to 19,653.49 ECL shares.

How many ECL shares does MacLennan own indirectly?

He reports 3,500 shares via a revocable trust and 709 shares via sibling trusts, totaling 4,209 shares.

Were any derivative securities involved in this Form 4 filing?

No. Table II shows no derivative transactions for the reporting period.

Does this insider transaction signal a major change for Ecolab (ECL)?

Given the small share count, market impact is expected to be minimal.