[Form 4] Ecolab, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 Filing: Director Michael A. Woronoff acquired 585 shares of Alexandria Real Estate Equities, Inc. (ARE) common stock on 06/30/2025 at an acquisition price of $0, indicating a board stock grant rather than an open-market purchase. After the grant, Woronoff directly owns 20,107 shares and indirectly controls 1,400 shares through a trust, for a total beneficial ownership of 21,507 shares.

No dispositions or derivative security transactions were reported and the filing makes no reference to a Rule 10b5-1 trading plan. On a company level, the 585-share issuance represents less than 0.001 % of ARE’s roughly 173 million shares outstanding—far below any dilution threshold—so the transaction is not financially material. Nonetheless, the incremental ownership increase modestly improves director–shareholder alignment.

Insights

Securities Analyst

TL;DR Routine director stock grant; negligible ownership change; neutral market impact.

The 585-share award is typical board compensation and does not signal discretionary buying. At current prices (≈$120/share), the grant’s market value is ~US$70k—immaterial relative to ARE’s US$20 bn market cap. Total director ownership of 21,507 shares (~US$2.6 m) remains modest but indicates continuing equity participation. Because the shares were issued at $0, no cash inflow or outflow occurs, and share dilution is de minimis. I classify the filing as neutral for valuation or trading purposes.

Corporate Governance Expert

TL;DR Standard equity retainer; aligns incentives, but scale too small to influence governance metrics.

ARE grants equity to board members to reinforce long-term engagement. Woronoff’s direct holdings rise by 3 % (from 19,522 to 20,107 shares), a routine annual refresh. The absence of derivative awards limits complexity and potential overhang. While positive from an alignment perspective, proxy advisors typically disregard grants under 1 % of share count, so governance ratings remain unchanged. Overall impact: 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
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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^*

Green Eric Mark

(Last) (First) (Middle)

C/O ECOLAB INC.

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)

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	3,003.57(1)	D
Common Stock	06/30/2025		A		135.52	A	$267.48	3,139.09	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

Explanation of Responses:

1. Includes 7.06 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 Eric M. Green	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.
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FAQ

How many ARE shares did Director Michael Woronoff acquire on 06/30/2025?

He received 585 shares of ARE common stock.

What is Michael Woronoff's total ownership in ARE after the grant?

He now beneficially owns 21,507 shares (20,107 direct, 1,400 indirect).

Was the acquisition an open-market purchase?

No. The shares were issued at $0, indicating a stock grant, not a market purchase.

Did the Form 4 report any derivative securities for Michael Woronoff?

No derivative securities were reported in this filing.

Does the 585-share grant materially affect ARE’s share count?

No. It represents less than 0.001 % of outstanding shares, so dilution is negligible.