[Form 4] ECOLAB INC. Insider Trading Activity

Rhea-AI Filing Summary

Shari L. Ballard, a director of Ecolab Inc. (ECL), reported two non-derivative acquisitions on 09/30/2025. The Form 4 shows purchases of 123.23 and 123.24 shares, bringing her beneficial ownership to 8,701.64 and then 8,824.88 shares following the second transaction. The filing notes 20.26 shares were acquired through a dividend reinvestment feature of the company's non‑employee director plan. One reported line lists a price of $0, and the other lists a price of $273.87. The form is signed by an attorney‑in‑fact on behalf of Ms. Ballard on 10/02/2025.

Positive

• Director increased beneficial ownership by a total of 246.47 shares on 09/30/2025
• 20.26 shares were acquired via a dividend reinvestment feature, showing participation in the director plan
• Form 4 includes required details and is signed by an attorney‑in‑fact, meeting reporting formalities

Negative

• One transaction lists a price of $0 with no further explanation in the filing
• Reported prices differ materially between entries ($0 vs $273.87), which may prompt investor questions

Insights

Corporate Governance Expert

Director increased stake by 246.47 shares, partly via dividend reinvestment.

The Form 4 documents two acquisitions totaling 246.47 shares on 09/30/2025, raising reported beneficial ownership to 8,824.88 shares. The filing explicitly attributes 20.26 shares to dividend reinvestment under the company's director plan.

This is a routine insider ownership change that signals continued participation in the company's director compensation structure rather than a one‑off grant or option exercise.

Securities Compliance Expert

Form 4 properly discloses timing, amounts, and attorney signature; one price entry is zero.

The filing lists transaction prices as $0 and $273.87, and is signed by an attorney‑in‑fact on 10/02/2025. The report shows direct ownership and labels the reporter as a Director.

From a compliance perspective, the document meets Section 16 reporting elements: reporter identity, transaction dates, amounts, ownership totals, and signature. The $0 price is recorded in the form as provided; no explanation beyond the included dividend reinvestment note is in the filing.

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

1. Name and Address of Reporting Person^*

Ballard Shari L

(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)
09/30/2025

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	09/30/2025		A		123.23	A	$0	8,701.64(1)	D
Common Stock	09/30/2025		A		123.24	A	$273.87	8,824.88	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 20.26 shares acquired pursuant to a dividend reinvestment feature of the Ecolab Inc. 2001 Non-Employee Director Stock Option and Deferred Compensation Plan.

	/s/ Corinne Lawson, as Attorney-in-Fact for Shari L. Ballard	10/02/2025
	** 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

What did Shari L. Ballard report on Form 4 for ECL?

She reported two acquisitions on 09/30/2025 totaling 246.47 shares, increasing her beneficial ownership to 8,824.88 shares.

How many shares were acquired through dividend reinvestment?

The filing states 20.26 shares were acquired pursuant to the director dividend reinvestment feature.

What prices were reported for the transactions?

The Form 4 lists one transaction price as $0 and the other as $273.87.

When was the Form 4 signed and by whom?

The form was signed on behalf of Ms. Ballard by an attorney‑in‑fact, Corinne Lawson, on 10/02/2025.

Does the filing indicate indirect ownership or special arrangements?

Both reported ownership amounts are labeled as Direct and no indirect beneficial ownership is disclosed.