[Form 4] ECOLAB INC. Insider Trading Activity

Rhea-AI Filing Summary

Lionel L. Nowell III, a director of Ecolab Inc. (ECL), reported a transaction dated 09/30/2025 on a Form 4. The filing shows an acquisition of 123.23 shares of Ecolab common stock at a reported price of $0, and total beneficial ownership following the reported transaction of 6,328.16 shares. The filing discloses that 14.79 of those shares were acquired through a dividend reinvestment feature of the company’s Non-Employee Director Stock Option and Deferred Compensation Plan. The document is signed by an attorney-in-fact on behalf of Mr. Nowell on 10/02/2025.

Positive

• Beneficial ownership increased to 6,328.16 shares
• 14.79 shares acquired via dividend reinvestment under the director plan

Negative

• None.

Insights

Corporate Governance Expert

Small director stock acquisition reported; ownership now 6,328.16 shares.

The Form 4 records a director-level acquisition of 123.23 shares on 09/30/2025, with 14.79 shares coming from dividend reinvestment under the director compensation plan. This is a routine ownership change rather than a compensatory cash purchase given the reported $0 price.

For investors, the filing documents insider ownership and use of the company’s deferred compensation plan; the size of the transaction is small relative to typical market-moving insider trades and is informational in nature.

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).

1. Name and Address of Reporting Person^*

NOWELL LIONEL L III

(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	6,328.16(1)	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 14.79 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 Lionel L. Nowell, III	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 Lionel L. Nowell III report on the Form 4 for ECL?

The Form 4 reports an acquisition of 123.23 shares on 09/30/2025, resulting in 6,328.16 shares beneficially owned.

How many shares were acquired through dividend reinvestment?

The filing states 14.79 shares were acquired pursuant to a dividend reinvestment feature of the director compensation plan.

What price was reported for the acquired shares?

The transaction line shows a reported price of $0 for the acquisition on 09/30/2025.

When was the Form 4 signed and filed?

The Form 4 is signed by an attorney-in-fact on behalf of Lionel L. Nowell, III on 10/02/2025.

What is Lionel Nowell's relationship to Ecolab?

The filing identifies Lionel L. Nowell, III as a Director of Ecolab Inc.