Ecolab (ECL) EVP Nicholas Alfano reports 8,119-share option grant and updated holdings

Rhea-AI Filing Summary

Ecolab Inc. executive Nicholas J. Alfano, EVP & President – Global Water, reported a new equity award and updated holdings. On 12/03/2025, he received an employee stock option to buy 8,119 shares of Ecolab common stock at an exercise price of $268.515 per share. The option is exercisable in thirds on the first, second, and third anniversaries of the grant date and expires on 12/03/2035.

Following the reported transactions, Alfano directly holds 4,718.139 shares of Ecolab common stock, including shares accumulated through automatic dividend reinvestment. He also holds 1,477.031 units in the Ecolab Stock Fund within the company’s 401(k) savings plan as of 11/30/2025, which are equivalent to approximately 2,710 shares of Ecolab common stock.

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

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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^*

Alfano Nicholas J.

(Last) (First) (Middle)

1 ECOLAB PLACE

(Street)

SAINT 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & PRES - GLOBAL WATER

3. Date of Earliest Transaction (Month/Day/Year)
12/03/2025

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								4,718.139(1)	D
Common Stock								1,477.031(2)	I	By Ecolab Savings Plan

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
Employee Stock Option (Right to Buy)	$268.515	12/03/2025		A		8,119		12/03/2026(3)	12/03/2035	Common Stock	8,119	$0	8,119	D

Explanation of Responses:

1. The total includes 9.972 shares resulting from automatic dividend reinvestment in transactions exempt pursuant to Rule 16a-11 under Section 16 of the Securities Exchange Act of 1934.

2. Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of November 30, 2025. Includes 12.533 UNITS acquired since the reporting person's last report. Since the last report, the reporting person transferred 3,265.492 SHARES (equivalent to 1,782.217 UNITS) to his ex-spouse pursuant to a domestic relations order. The reporting person no longer reports as beneficially owned any securities owned by his ex-spouse. (The 1,477.031 UNITS are the equivalent of approximately 2,710 SHARES of the issuer's Common Stock.)

3. The option will be exercisable, on a cumulative basis, as to one-third of the option shares (excluding any fractional portion less than one share), on each of the first and second anniversaries of the date of grant and as to the remaining shares on the third anniversary of the date of grant. The date listed in the Date Exercisable column is the first anniversary of the date of grant.

	/s/ Youhao Dong, as Attorney-in-Fact for Nicholas J. Alfano	12/05/2025
	** 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).
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FAQ

What insider transaction did Ecolab (ECL) report for Nicholas J. Alfano?

Ecolab reported that Nicholas J. Alfano received an employee stock option on 12/03/2025 to purchase 8,119 shares of Ecolab common stock at an exercise price of $268.515 per share.

How do Nicholas J. Alfano’s new Ecolab (ECL) stock options vest?

The option for 8,119 shares becomes exercisable on a cumulative basis as to one-third of the shares on each of the first and second anniversaries of the 12/03/2025 grant date, and as to the remaining shares on the third anniversary, with an expiration date of 12/03/2035.

How many Ecolab (ECL) shares does Nicholas J. Alfano own directly after this Form 4?

After the reported transactions, Nicholas J. Alfano directly owns 4,718.139 shares of Ecolab common stock, including shares received through automatic dividend reinvestment.

What are the Ecolab (ECL) savings plan holdings reported for Nicholas J. Alfano?

Alfano holds 1,477.031 units in the Ecolab Stock Fund of the company’s 401(k) Savings Plan as of 11/30/2025. These units are equivalent to approximately 2,710 shares of Ecolab common stock.

Did the Ecolab (ECL) Form 4 mention any share transfers by Nicholas J. Alfano?

Yes. Since his last report, Nicholas J. Alfano transferred 3,265.492 shares (equivalent to 1,782.217 units) to his ex-spouse under a domestic relations order, and he no longer reports any securities owned by his ex-spouse as beneficially owned.

Does this Ecolab (ECL) Form 4 include dividend reinvestment activity?

Yes. The reported direct share total includes 9.972 shares that resulted from automatic dividend reinvestment in transactions exempt under Rule 16a-11 of the Securities Exchange Act of 1934.