SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

Granucci Nicolas A

(Last)

(First)

(Middle)

1 ECOLAB PLACE

(Street)

ST. PAUL

55102

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/04/2023

3. Issuer Name and Ticker or Trading Symbol
ECOLAB INC. [ ECL ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP & PRES - GLOBAL PEST

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	4,315.777	D
Common Stock	1,429.531⁽¹⁾	I	By Ecolab Savings Plan

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Employee Stock Option (Right to Buy)	12/03/2015⁽²⁾	12/03/2024	Common Stock	2,243	$107.685	D
Employee Stock Option (Right to Buy)	12/02/2016⁽²⁾	12/02/2025	Common Stock	3,076	$119.12	D
Employee Stock Option (Right to Buy)	12/07/2017⁽²⁾	12/07/2026	Common Stock	3,972	$117.73	D
Employee Stock Option (Right to Buy)	12/06/2018⁽²⁾	12/06/2027	Common Stock	3,455	$137.087	D
Employee Stock Option (Right to Buy)	12/04/2019⁽²⁾	12/04/2028	Common Stock	3,393	$158.515	D
Employee Stock Option (Right to Buy)	12/03/2020⁽²⁾	12/03/2029	Common Stock	2,832	$184.39	D
Employee Stock Option (Right to Buy)	12/03/2021⁽²⁾	12/03/2030	Common Stock	2,989	$221.41	D
Employee Stock Option (Right to Buy)	12/01/2022⁽²⁾	12/01/2031	Common Stock	3,514	$223.78	D
Employee Stock Option (Right to Buy)	12/07/2023⁽²⁾	12/07/2032	Common Stock	7,058	$148.495	D
Restricted Stock Units	02/25/2021⁽³⁾	02/25/2024	Common Stock	216	⁽³⁾	D

Explanation of Responses:

1. Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of July 31, 2023. (The 1,429.531 UNITS are the equivalent of approximately 2,631 SHARES of the issuer's Common Stock.)

2. Option granted under the Ecolab Inc. 2010 Stock Incentive Plan. The option became or becomes 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 shares on the third anniversary of the date of grant. The date listed in the "Date Exercisable" column is the first anniversary of the date of grant.

3. Each restricted stock unit represents a contingent right to receive one share of Ecolab Inc. common stock. The units will vest, subject to continued employment, as to 100% of the grant amount on February 25, 2024, which is the third anniversary of the date of grant.

	/s/ David F. Duvick, as Attorney-in-Fact for Nicolas A. Granucci	08/10/2023
	** 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 5 (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.