[Form 4] Ecolab, Inc. Insider Trading Activity

Rhea-AI Filing Summary

The Form 4 filed on 07/02/2025 reports that Ecolab Inc. (ECL) director Michael Larson acquired 126.18 shares of common stock on 06/30/2025. The transaction was coded “A” (acquisition) and carried a stated price of $0.00 because the shares were credited under the dividend-reinvestment feature of the company’s 2001 Non-Employee Director Stock Option and Deferred Compensation Plan. After the reinvestment, Larson’s direct holding rose to 17,248.37 shares. No sales, options, or other derivative activities were disclosed. Given the modest size of the purchase—representing well under 1 % of outstanding shares and a dollar value likely below $30 k—the filing appears routine and is unlikely to have a material impact on Ecolab’s share price or governance structure.

Insights

Financial Analyst

TL;DR: Small, automatic dividend reinvestment by a director; neutral for valuation and sentiment.

The filing details an immaterial increase in Michael Larson’s equity position via an automatic dividend reinvestment plan. No cash was exchanged and the additional 126 shares bring his total to roughly 17.2 k shares—a fractional change relative to Ecolab’s 285 m share count. There are no derivative positions, no insider sales, and no indications of strategic intent. Consequently, the event neither strengthens nor weakens the investment thesis, leaving the risk-reward profile unchanged.

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).

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^*

LARSON MICHAEL

(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)
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	17,248.37(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 26.99 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 Michael Larson	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.
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

How many Ecolab (ECL) shares did Michael Larson acquire on 06/30/2025?

126.18 shares were added to his direct holdings through dividend reinvestment.

Did the director pay cash for the newly acquired ECL shares?

No. The shares were credited at $0.00 via the company’s dividend reinvestment plan.

What is Michael Larson’s total ECL ownership after the transaction?

His direct holdings increased to 17,248.37 shares.

Were any derivative securities involved in this Form 4 filing?

No. The filing lists no derivative transactions or holdings.

Is this insider transaction considered material for Ecolab investors?

Given the small size and routine nature, the impact is viewed as not material.