LARSON MICHAEL 4

What Happened

• Michael Larson, a director of Ecolab Inc. (ECL), exercised stock options on 2026-03-27 to acquire 2,300 shares (code M). The exercise is reported as an acquisition valued at $264,673 (2,300 shares × $115.08).
• To satisfy the exercise price and tax withholding (code F), 1,006 shares were delivered/withheld and disposed at $262.88 per share for a reported value of $264,462. A derivative line shows the option converted/canceled (2,300 shares at $0.00).
• Net result: 2,300 shares exercised minus 1,006 shares withheld = 1,294 net shares retained by the insider.

Key Details

• Transaction date: March 27, 2026; Filing date: March 30, 2026 (timely).
• Exercise details: 2,300 shares acquired at $115.08 per share (total reported $264,673).
• Withholding/tax payment: 1,006 shares withheld/disposed at $262.88 per share (total reported $264,462).
• Net shares retained after the transactions (based on reported lines): +1,294 shares.
• Footnotes: F1 confirms shares were delivered/withheld to pay exercise price/taxes; F2 explains the option's vesting schedule (25% vesting each quarter over four quarters; the date given is the first vesting date).
• Transaction codes: M = option exercise; F = tax/exercise payment via share withholding. No late filing noted.

Context

• This was a cashless-style exercise where shares were withheld to cover the exercise price/taxes rather than an open-market sale for cash. That is a common, administrative way to exercise options and does not by itself indicate a directional view on the stock.
• The filing shows the option was exercisable per the stated vesting schedule (footnote F2). No additional speculative commentary on motives is provided.