[Form 4] Ecolab, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Jennifer J. Bradway, SVP & Corporate Controller of Ecolab Inc. (ECL), reported Section 16 transactions dated 08/13/2025. On that date she acquired 993 shares through an employee stock option at an exercise/conversion price of $117.73, and she sold 807 shares at a price of $279.28. Following the acquisition the filing lists her beneficial ownership as 5,132.95 shares, and after the reported sale it lists 4,325.95 shares, both shown as direct ownership. The Form 4 includes an explanatory note that the option relates to the Ecolab Inc. 2010 Stock Incentive Plan and describes the option vesting schedule.

Positive

• Employee option exercise executed, demonstrating compensation realization under the 2010 Stock Incentive Plan
• Timely Section 16 disclosure filed and signed by attorney-in-fact, providing clear transaction details

Negative

• Partial sale of shares (807) reduced direct beneficial ownership from 5,132.95 to 4,325.95

Insights

Corporate Governance Expert

TL;DR: Insider executed option exercise and an open-market sale on the same date; filings are routine disclosures under Section 16.

The filing shows an officer-level insider exercised an employee stock option for 993 shares at $117.73 and sold 807 shares at $279.28, with ownership reported as direct. The explanatory note confirms the option was granted under the 2010 Stock Incentive Plan with a standard multi-year vesting schedule. From a governance standpoint, these are standard compensation-related transactions reported to satisfy Section 16 disclosure requirements; the form is signed by an attorney-in-fact and contains clear transactional detail.

Securities Analyst

TL;DR: Transactions reflect compensation realization and partial monetization; impact on capital structure is immaterial per the filing.

The reported exercise price of $117.73 versus the sale price of $279.28 indicates the insider realized intrinsic value from option-held shares and monetized part of her stake. The filing reports direct beneficial ownership changes rather than derivative holdings remaining outstanding. No amounts or transactions indicate issuance of new shares by the company or dilution; the disclosures are transactional records rather than corporate events that would materially alter Ecolab's financials.

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^*

Bradway Jennifer J

(Last) (First) (Middle)

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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP & CORPORATE CONTROLLER

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

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	08/13/2025		M		993	A	$117.73	5,132.95	D
Common Stock	08/13/2025		S		807	D	$279.28	4,325.95	D

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)	$117.73	08/13/2025		M			993	12/07/2017(1)	12/07/2026	Common Stock	993	$0	0	D

Explanation of Responses:

1. Option granted under the Ecolab Inc. 2010 Stock Incentive Plan. The option became 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 option shares on the third anniversary of the date of grant. The date listed is the first anniversary of the date of grant.

	/s/ Corinne Lawson, as Attorney-in-Fact for Jennifer J. Bradway	08/15/2025
	** 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

Who filed the Form 4 for ECL and what is their role?

The filing was made by Jennifer J. Bradway, who is listed as SVP & Corporate Controller of Ecolab Inc.

What transactions did the Form 4 report for ECL on 08/13/2025?

The Form 4 reports an acquisition of 993 shares via employee stock option at $117.73 and a sale of 807 shares at $279.28, both dated 08/13/2025.

How many shares did the reporting person own after these transactions?

The filing lists beneficial ownership as 5,132.95 shares following the acquisition and 4,325.95 shares following the sale, both shown as direct ownership.

Under which plan was the option granted and what is said about vesting?

The option was granted under the Ecolab Inc. 2010 Stock Incentive Plan; the explanatory note states the option vested on a cumulative basis over three anniversaries of the grant date.

Who signed the Form 4 and when was it dated?

The Form 4 is signed by /s/ Corinne Lawson, as Attorney-in-Fact for Jennifer J. Bradway and dated 08/15/2025.