[Form 4] Ecolab, Inc. Insider Trading Activity

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.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

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

1. Name and Address of Reporting Person^*

MacLennan David

(Last) (First) (Middle)

C/O ECOLAB INC.

1 ECOLAB PLACE

(Street)

ST. PAUL MN 55102

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ECOLAB INC. [ ECL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/30/2025		A		126.18	A	$0	19,610.26(1)	D
Common Stock	06/30/2025		A		43.23	A	$267.48	19,653.49	D
Common Stock								3,500	I	By Kathleen F. MacLennan Revocable Trust u/a dated 11/07/2002
Common Stock								709	I	By sibling's trusts

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 18.60 shares acquired pursuant to a dividend reinvestment feature of the Ecolab Inc. 2001 Non-Employee Director Stock Option and Deferred Compensation Plan.

	/s/ Youhao Dong, as Attorney-in-Fact for David W. MacLennan	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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.