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ECOLAB INC. ECL

Comparing the 2025 proxy against the 2026 proxy.

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CEO total Δ

+$1,014,011

+6.2% year-over-year

Peer churn

0

Members added or dropped across all peer groups

Policy + metric churn

3

Disclosures whose value moved or appeared/disappeared

Peer groups

Peer disclosure

  • 2025 Peer Group

    — · 21 → 21 members

    21 kept · +0 · −0

    Same membership year-over-year.

Executive pay

Named executive compensation

ExecutiveStatusFromToΔ TotalΔ %Δ At-risk
Christophe BeckChairman and Chief Executive Officer
ChangedCEO$16,390,924

2024

$17,404,935

2025

+$1,014,011+6.2%+0.5 pp
Gregory B. CookExecutive Vice President and President − Institutional Group
Changed$3,049,075

2024

$3,355,979

2025

+$306,904+10.1%-2.0 pp
Scott D. KirklandChief Financial Officer
Changed$5,468,293

2024

$5,192,833

2025

-$275,460-5.0%-1.3 pp
Darrell R. BrownPresident and Chief Operating Officer
Changed$5,810,646

2024

$5,647,343

2025

-$163,303-2.8%-1.4 pp
Machiel DuijserExecutive Vice President and Chief Supply Chain Officer
Removed$3,500,359

2024

————
Margeaux M. KingExecutive Vice President, Human Resources
Added—$4,700,435

2025

———

Governance

Policy guardrails

  • change in control

    Unchanged

    Not extracted → Not extracted

    “​ Change in Control (Double Trigger) ​”

  • clawback

    Unchanged

    present → present

    “Clawback Policy, which is intended to comply with the requirements of NYSE Listing Standard 303A.14 implementing Rule 10D-1 under the Exchange Act”

  • compensation committee

    Unchanged

    Compensation & HCM Committee → Compensation & HCM Committee

    “FW Cook provides no services for us other than those performed on behalf of the Compensation & HCM Committee”

  • compensation consultant

    Unchanged

    independent → independent

    “independent compensation consultant, FW Cook.”

  • hedging

    Unchanged

    Not extracted → Not extracted

    “​ Hedging and Pledging Policy ​”

  • pledging

    Unchanged

    Not extracted → Not extracted

    “​ Hedging and Pledging Policy ​”

  • stock ownership guidelines

    Unchanged

    present → present

    “We have a robust stock ownership policy for officers ​ ▪ blacklining:none”

Performance markers

Metric facts

  • median employee compensation

    Changed

    $50,143 → $53,462

    Numeric delta: +3319.00

    “PAY RATIO DISCLOSURE For the year ended December 31, 2025, the annual total compensation for our CEO was $17,404,935, as reported in the final column of the “Summary Compensation Table for 2025” at page 59, and the annua…”

  • operating income

    Changed

    40% → 60%

    Numeric delta: +20.00

    “business units, because it reinforces our “One Ecolab” strategy and fosters cross-divisional cooperation. blacklining:none; ENTERPRISE GOAL: For Mr. Brown, whose role has a significant impact on the performance of all th…”

  • revenue

    Changed

    $647 million → $725 million

    Numeric delta: +78000000.00

    “The 2024 Willis Towers Watson General Industry Executive Compensation Survey includes over 800 organizations that range in revenue from $800 million to over $35 billion. ​ ▪ blacklining:none; The 2025 Willis Towers Watso…”

Narrative

CD&A prose similarity

Coarse measure of how much the compensation discussion text moved year-over-year. Not a substitute for reading the actual filings.

47% shingled-prose overlap between the two filings.

2025: 117,409 chars · 2026: 120,546 chars

  • Committee Report:58% overlap (775 → 773 chars)
  • Pay Ratio (Item 402(u)):53% overlap (1,358 → 1,411 chars)
  • Say-on-Pay proposal:88% overlap (3,266 → 3,277 chars)
2025 proxy on SEC ↗2026 proxy on SEC ↗

Narrative

What actually changed in the CD&A

Sentence-level diff between the two filings. New disclosures appear first, then sentences whose wording shifted, then sentences the prior year had that are no longer present.

139 new214 changed88 removed280 unchanged
  • changedThis Compensation Discussion and Analysis (“CD&A”) provides information about the principles underlying our executive compensation program and the key executive compensation decisions that were made for the fiscal year ended December 31, 2025. 2024(“2024”).
  • changedThis CD&A provides additional context and background for the compensation earned by and awarded to the following named executive officers (“NEOs”) for 2025 2024as reported in the “Summary Compensation Table for 2025” Table”which follows this discussion:
  • changed​ NAME ​ ​ ​ POSITION ​ ​ Christophe Beck ​ ​ ​ Chairman and Chief Executive Officer(1) Officer​ ​ Scott D.
  • newBrown ​ ​ ​ President and Chief Operating Officer(2) ​ ​ Gregory B.
  • changedCook ​ ​ ​ Executive Vice President and President — Institutional Group(3) ​ Group​ Margeaux M.
  • newKing ​ ​ ​ Executive Vice President — Human Resources(4) ​
  • newblacklining:none; Mr. Beck was appointed to the position of President effective April 1, 2026.
  • newHe will continue to serve as Chairman and Chief Executive Officer in addition to his new role.
  • newblacklining:none; Mr. Brown was appointed to the position of Co-Chief Operating Officer — Global Markets effective April 1, 2026.
  • newblacklining:none; Mr. Cook was appointed to the position of Co-Chief Operating Officer — Global Businesses effective April 1, 2026.
  • newblacklining:none; Ms. King joined the Company as Executive Vice President, Human Resources on January 6, 2025, and was appointed as an executive officer with full responsibility for the human resources function on May 8, 2025.
  • new​ OUR 2025 BUSINESS PERFORMANCE HIGHLIGHTS* ​ ​ Reported Sales​ ​ ​ ​ Organic Sales​ ​ ​ ​ Reported OI Margin​ ​ ​ ​ Organic OI Margin​ ​ ​ ​ Reported Diluted EPS​ ​ ​ ​ Adjusted Diluted EPS​ ​ ​ +2%​ ​ ​ ​ +3%​ ​ ​ ​ (80) bps​ ​ ​ ​ +150 bps​ ​ ​ ​ (1)%​ ​ ​ ​ +13% ​
  • changedSee Appendix A Bfor reconciliation information of these Non-GAAP financial measures to U.S. GAAP.
  • changedIn 2025, 2024,Ecolab delivered record sales, operating income margin, free cash flow, and adjusted diluted earnings per share (hereinafter “adjusted EPS” or “adjusted diluted EPS”).
  • changedOrganic sales grew 3% 4%and organic operating income margin expanded by 150 290basis points, resulting in 13% 28%growth in adjusted diluted EPS.
  • changed​ ​ ​ ​ ECOLAB PROXY STATEMENT 2026 202543 ​
  • changedAs a result of our 2025 2024performance, the payout under our Management Incentive Plan (“MIP”) versus our pre-established adjusted EPS goal was achieved at 137% 200%of target as illustrated below.
  • changedIn addition, the enterprise goal for Mr. Brown and Ms. King Mr.Duijser(which includes both adjusted EPS and commercial average components) was achieved at 113% 154%of target.
  • changedThe business unit goal for Mr. Cook (which includes business unit sales and operating income components) was achieved at 138% 185%of target.
  • changedThe individual goals for Mr. Kirkland and Ms. King Mr.Duijserwere achieved at 113%. 154%and200%,respectively.
  • changedThe Growth & Impact modifier was achieved at 8%. 10%.
  • changedPerformance under our 2023-2025 2022-2024performance-based restricted stock unit (PBRSU) grant cycle exceeded our pre-established adjusted ROIC performance goal and payout of shares was cappedat 100% of target, as illustrated below:
  • new​ 44 CONSISTENT HIGH PERFORMANCE ​ ​ ​ ​
  • newMr. Beck’s 2025 total direct compensation (“TDC”) represents a 12% increase over 2024 and is within the market median range.
  • newThe following reflects each component of Mr. Beck’s TDC for 2025:
  • changed​ WHAT WE DO ​ ​ ​ WHAT WE DON’T DO ​ ​ ▪ blacklining:none; A majority of total target direct compensation for our NEOs is performance-based performancebased​ ▪ blacklining:none; We grant long-term equity incentives at levels informed by market practices, including our peer group and other companies directly competing for our talent, using a portfolio of stock options and PBRSUs ​ ▪ blacklining:none; We provide an appropriate balance of short- and long-term compensation, with payouts based on our achievement of certain financial metrics and specific business objectives ​ ▪ blacklining:none; Our PBRSUs vest based on organic averageannualadjustedROIC (or,commencingwith2023awards,organicROIC)goals over a three-year performance period ​ ▪ blacklining:none; We maintain payout caps for annual cash incentives and long-term performance awards ​ ▪ blacklining:none; We have a robust stock ownership policy for officers ​ ▪ blacklining:none; We maintain clawback policies that go beyond minimum NYSE listing standard requirements ​ ▪ blacklining:none; We solicit annual “say-on-pay” stockholder votes ​ ​ ​ ​ ▪ blacklining:none; We don’t have excessive perquisites for any of our NEOs ​ ▪ blacklining:none; Our compensation programs don’t encourage excessive risk-taking ​ ▪ blacklining:none; Our Global Insider Trading Policy prohibits certain short-term or speculative transactions by insiders in Company securities ​ ▪ blacklining:none; We don’t permit hedging or pledging of Company stock ​ ▪ blacklining:none; We don’t offer “single trigger” change in control benefits ​ ▪ blacklining:none; We don’t provide change-in-control tax gross-ups ​ ▪ blacklining:none; We don’t individually negotiate employment agreements with our NEOs ​ ​
  • changed​ ​ ​ ​ ECOLAB PROXY STATEMENT 2026 202545 ​
  • changedDuring 2025, 2024,we contacted stockholders holding approximately 52% of our shares and held meetings with stockholders holding approximately 41% 42%of our shares.
  • changedOur Lead Independent Director attended several of these meetings, having conversations with stockholders representing approximately 34% 37%of our shares.
  • changedInaddition,At the 2025 2024Annual Meeting, the advisory vote on the compensation of our NEOs was approved with the support of 90% of the total votes cast.
  • changedThe Compensation & HCM Committee considered this favorable stockholder support in deciding to retain the overall structure and philosophy of our compensation plans and programs in 2025. 2024.
  • changed​ INVESTORS CONTACTED ​ ​ ​ DISCUSSIONS HELD ​ ​ 32 INVESTORS ​ ​ ​ 14 17INVESTORS ​ ​ ​ ​ Representing 52% Outstanding Shares ​ ​ ​ ​ ​ Representing 41% 42%Outstanding Shares ​
  • changed​ ​ ​ Support our corporate vision and long-term financial objectives ​ ​ ​ ​ ​ Communicate the importance of business results ​ ​ ​ ​ ​ Retain and motivate executives who are critical importantto our success ​ ​ ​ ​ ​ Reward executives for contributions at a level reflecting our performance ​
  • changedWe also design annual cash incentives such that they pay out at a level commensurate with the Company’s performance based on adjusted EPS goals developed with consideration of comparedtoEPS growth in the Standard & Poor’s 500 (“S&P 500”), with lower than median compensation for lower than competitive market performance and higher than median compensation for higher than competitive market performance.
  • changedThis approach motivates providesmotivationtoexecutives without incentivizing inappropriate risk-taking to achieve payouts, as we believe thatthe Company’s growth prospects forgrowthare generally at least as favorable as theaverageofthe S&P 500’s average. 500.
  • newThe 2025 TDC opportunities for all our NEOs were positioned within their respective market median range.
  • new​ 46 CONSISTENT HIGH PERFORMANCE ​ ​ ​ ​
  • changedFW Cook provides performsno services for us other than those performed on behalf of the Compensation & HCM Committee.
  • changedIn connection with this process, the Compensation & HCM Committee concluded that the work performed by FW Cook and its senior advisor involved in the engagement did not raise any conflict of interest during 2025. 2024.
  • changedFor our NEOs, the Compensation & HCM Committee reviewed and approved all elements of 2025 2024compensation, considering recommendations from our CEO (other than with respect to his own compensation), as well as competitive market guidance and feedback provided by FW Cook, information from our human resources staff regarding individual performance, time in position, and internal pay comparisons.
  • changedTo the extent permitted by applicable law, the Committee may also delegate to one or more executive officers of the Company the authority, within guidelines established by the Committee, to approve equity compensation awards under established equity compensation plans of the Company to employees other than officers of the Company including those subject to Section 16 of the Exchange Act. ActandotherofficersoftheCompany.
  • changedFollowing this review process in 2025, 2024,the Compensation & HCM Committee determined to make no changes to the 21-company peer group for 2025. 2024.
  • changed​ ​ ​ ​ ECOLAB PROXY STATEMENT 2026 202547 ​
  • changedTABLEOFCONTENTSExecutiveCompensationThe chart below summarizes our Company’s percentile ranking versus this group for 2025 2024based on certain of the above selection criteria: All financial and market data are taken from Standard & Poor’s Capital IQ.
  • changedThe third‐party general industry surveys used during 2025 2024were from: ▪ blacklining:none; Willis Towers Watson ​ ▪ blacklining:none; The 2024 Willis Towers Watson General Industry Executive Compensation Survey includes over 800 organizations that range in revenue from $800 million to over $35 billion.
  • changed​ ▪ blacklining:none; The 2025 2023Willis Towers Watson General Industry Executive Compensation Survey has over 900 800participants which range in revenue from $725 $647million to over $35 $33billion.
  • new​ ▪ blacklining:none; The 2025 FW Cook Executive Compensation Survey has over 400 participants which range in revenue from approximately $2 billion at the 25th percentile to over $17 billion at the 75th percentile.
  • new​ 48 CONSISTENT HIGH PERFORMANCE ​ ​ ​ ​
  • changedThe principal elements of our executive compensation programs for 2025 2024are illustrated below:
  • changed​ COMPENSATION COMPONENT ​ ​ ​ BASIC DESIGN ​ ​ ​ PURPOSE ​ ​ FIXED ​ ​ ​ BASE SALARY ​ ​ ​ ▪ blacklining:none; Calibrated within the median range of the size-adjusted competitive market ​ ​ ​ ​ ▪ blacklining:none; Designed to provide a base wage not subject to Company performance risk ​ ▪ blacklining:none; Recognizes individual experiences, skills, and sustained performance ​ ​ ​ AT RISK ​ ​ ​ ANNUAL CASH INCENTIVE ​ ​ ​ ▪ blacklining:none; Actual pay varies between 0% and 200% of target ​ ▪ blacklining:none; Uses adjusted EPS, enterprise goals, business unit goals, and individual goals depending on NEO role and responsibilities ​ ▪ blacklining:none; Subject to Growth & Impact modifier, up to the annual cash incentive cap of 200% ​ ​ ​ ​ ▪ blacklining:none; Incentivizes the accomplishment of annual corporate, business, and individual goals, and growth & impact aspirations ​ ▪ blacklining:none; EPS and enterprise goals reflect the performance of all ofour businesses ​ ​ ​ LONG-TERM EQUITY INCENTIVES ​ ​ ​ PBRSUs ​ ​ ​ ▪ blacklining:none; Represents 60% of annual long-term incentive award opportunity ​ ▪ blacklining:none; Performance measured on 3-year averageorganic ROIC, subject to a relative TSR modifier ​ ▪ blacklining:none; Actual payout can range from 0% to 200% of target ​ ​ ​ ​ ▪ blacklining:none; Aligns a portion of equity compensation to a longer-term strategic financial goal coupled with a relative stock price performance measure ​ ​ ​ Stock Options ​ ​ ​ ▪ blacklining:none; Represents 40% of annual long-term incentive award opportunity ​ ▪ blacklining:none; Vests 1/3 per year starting on the 1st anniversary of grant date ​ ​ ​ ​ ▪ blacklining:none; Aligns pay to performance by linking value to stock price appreciation and shareholder value creation; value of the award is driven by share price appreciation following the grant date ​ ​ ​ OTHER ​ ​ ​ CHANGE IN CONTROL SEVERANCE COMPENSATION POLICY ​ ​ ​ ▪ blacklining:none; Double trigger ​ ▪ blacklining:none; Severance is 2x the sum of base salary and target annual incentive, pro rata actual annual bonus in year of termination, outplacement, and continued medical and dental for up to 18 months ​ ​ ​ ​ ▪ blacklining:none; Applies to all elected officers ​ ▪ blacklining:none; Promotes continuity, impartiality, and objectivity in the event of a change in control to enhance stockholder value ​ ​
  • changedAs summarized below, 91% 90%of our CEO’s 2025 2024target TDC and 80% of the average target TDC of the remaining NEOs were performance-based.
  • changed​ ​ ​ ​ ECOLAB PROXY STATEMENT 2026 202549 ​
  • changedWith limited exceptions, such as promotions and executive transitions, the Compensation & HCM Committee reviews base salaries for our NEOs and other executives annually in February, Februarywith any adjustments to be effective in April of the current fiscal year.
  • changedWhen an executive officer is new to his or her position, his or her initial base salary will typically be at the low end of the median range, but with strong performance, his or her base salary will be increased over time. anumberofyearstoarriveatthemedian.
  • changedThe 2025 2024base salary levels for all our NEOs were within the median range.
  • changedThe merit increases for Mr. Beck, Mr. Kirkland and Mr. Brown ourNEOswere in line with the principles and metrics used to deliver the Company’s U.S. salary increases broadly.
  • newConsistent with our practice, Mr. Cook received a larger merit increase in 2025 to move his base salary towards the market median following his promotion to his current position in 2023.
  • changedThe 2025 2024annualized base salary rates in effect for our NEOs before and after increases are summarized below:
  • changed​ NAME ​ ​ ​ BEGINNING ANNUALIZED BASE SALARY RATE ($) ​ ​ ​ ANNUALIZED BASE SALARY RATE FOLLOWING 2025 2024ANNUAL ADJUSTMENT ($) ​ ​ ​ INCREASE PERCENTAGE ​ ​ Christophe Beck ​ ​ ​ ​ ​ 1,350,000 1,300,000​ ​ ​ ​ ​ ​ 1,397,000 1,350,000​ ​ ​ ​ ​ ​ 3.5% 3.8%​ ​ ​ Scott D.
  • changedKirkland ​ ​ ​ ​ ​ 832,000 800,000​ ​ ​ ​ ​ ​ 861,000 832,000​ ​ ​ ​ ​ ​ 3.5% 4.0%​ ​ ​ Darrell R.
  • newBrown ​ ​ ​ ​ ​ 832,000 ​ ​ ​ ​ ​ ​ 861,000 ​ ​ ​ ​ ​ ​ 3.5% ​ ​ ​ Gregory B.
  • newCook ​ ​ ​ ​ ​ 572,000 ​ ​ ​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ ​ 13.6% ​ ​ ​ Margeaux M.
  • newKing(1) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ ​ — ​ ​
  • newblacklining:none; Ms. King joined the Company as Executive Vice President — Human Resources on January 6, 2025.
  • changedIn February 2026, 2025,the Compensation & HCM Committee reviewed the performance of the NEOs and other executives to determine the 2025 2024MIP award payments earned in 2025 2024(which were paid in March 2026). 2025).
  • changedThe Compensation & HCM Committee alsomodestly increased the MIP target award (as a percentage of base salary) for Mr. Beck Kirklandand Mr. Cook Brownto maintain alignment with market.
  • newThe 2025 MIP target awards for Mr. Kirkland and Mr. Brown (as a percentage of base salary) remained the same as 2024.
  • newMs. King commenced employment with Ecolab on January 6, 2025, and her 2025 MIP target award was set in her employment offer.
  • changedThe 2025 2024target award opportunities for the NEOs are set forth below:
  • new​ 50 CONSISTENT HIGH PERFORMANCE ​ ​ ​ ​
  • changed​ NAME ​ ​ ​ MIP TARGET AWARD (% OF BASE SALARY) ​ ​ ​ MIP TARGET AWARD ($) ​ ​ Christophe Beck ​ ​ ​ ​ ​ 165% 160%​ ​ ​ ​ ​ ​ 2,284,171 2,138,462​ ​ ​ Scott D.
  • changedKirkland ​ ​ ​ ​ ​ 105% ​ ​ ​ ​ ​ ​ 895,852 864,554​ ​ ​ Darrell R.
  • newBrown ​ ​ ​ ​ ​ 105% ​ ​ ​ ​ ​ ​ 895,853 ​ ​ ​ Gregory B.
  • newCook ​ ​ ​ ​ ​ 90% ​ ​ ​ ​ ​ ​ 566,100 ​ ​ ​ Margeaux M.
  • newKing(1) ​ ​ ​ ​ ​ 75% ​ ​ ​ ​ ​ ​ 404,567 ​ ​
  • newblacklining:none; In 2025, Ms. King also received a one-time cash sign-on bonus of $47,000 in connection with the commencement of her employment.
  • changedUnder the MIP, we use a mix of overall corporate performance, business unit performance, individual performance, performanceand impact measures to foster cross-divisional cooperation and to assure that executives have a reasonable measure of control over the factors that affect their awards.
  • new​ ​ ​ ​ ​ Performance Measures and Weightings ​ ​ ​ Growth & Impact Modifier ​ ​ Name ​ ​ ​ Adj.
  • newEPS ​ ​ ​ Enterprise ​ ​ ​ Business Unit ​ ​ ​ Individual ​ ​ ​ Christophe Beck ​ ​ ​ ​ ​ 100% ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ Increases or reduces total payout by up to 10% subject to the 200% payout cap ​ ​ Scott D.
  • newKirkland ​ ​ ​ ​ ​ 70% ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 30% ​ ​ ​ ​ Darrell R.

Removed from 2025

  • Brown ​ ​ ​ President and Chief Operating Officer ​ ​ Machiel Duijser ​ ​ ​ Executive Vice President and Chief Supply Chain Officer ​ ​ Gregory B.
  • ​ OUR 2024 BUSINESS PERFORMANCE HIGHLIGHTS* ​ ​ Reported Sales Growth​ ​ ​ ​ Organic Sales Growth​ ​ ​ ​ Reported OI Margin Expansion​ ​ ​ ​ Organic OI Margin Expansion​ ​ ​ ​ Reported Diluted EPS Growth​ ​ ​ ​ Adjusted Diluted EPS Growth​ ​ ​ 3%​ ​ ​ ​ 4%​ ​ ​ ​ 480 bps​ ​ ​ ​ 290 bps​ ​ ​ ​ 54%​ ​ ​ ​ 28% ​
  • ECOLAB PROXY STATEMENT 2025 41
  • Adjusted Diluted EPS is a non-GAAP financial measure that is described on page 49 under “Program Elements — Annual Cash Incentives — Performance Measures and Achievement — Adjusted EPS.”
  • As a result, the total MIP payout for all NEOs is 200% of their respective targets for 2024.
  • Adjusted ROIC is a non-GAAP financial measure that is described on page 53 under “Program Elements — Long-Term Equity Incentives — Payout of 2022-2024 PBRSUs.”
  • 42 ECOLAB PROXY STATEMENT 2025
  • As previously disclosed, in connection with Mr. Beck’s appointment as Chief Executive Officer effective January 1, 2021, the Compensation & HCM Committee initially positioned Mr. Beck’s total direct compensation (“TDC”) below the market median range, with the intent to gradually increase towards median over the following years, subject to Mr. Beck’s performance.
  • Accordingly, 2024 TDC for our CEO represents a 14% increase over 2023 and is positioned approximately at the market median, reflecting the Company’s approach to increase toward the market median over a three-to-four-year period.
  • The following reflects each component of Mr. Beck’s TDC for 2024, as well as his aggregate target TDC for 2021, 2022, 2023, and 2024 and the relation of his target TDC to market median:
  • Stockholders indicated that the changes we made in 2023 to our executive compensation program were responsive to their feedback.
  • As described above, the 2024 TDC opportunity for our CEO was positioned approximately at market median.
  • All our other NEOs were positioned near or within the market median range, other than Mr. Duijser whose 2024 TDC opportunity was above market median as described in more detail on page 52.
  • 44 ECOLAB PROXY STATEMENT 2025
  • ​ 46 ECOLAB PROXY STATEMENT 2025
  • Accordingly, the base salary for our CEO has gradually been increased to the market median range following his appointment as CEO effective January 1, 2021.
  • Brown ​ ​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ ​ 832,000 ​ ​ ​ ​ ​ ​ 4.0% ​ ​ ​ Machiel Duijser ​ ​ ​ ​ ​ 625,000 ​ ​ ​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ ​ 4.0% ​ ​ ​ Gregory B.
  • Cook ​ ​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ ​ 572,000 ​ ​ ​ ​ ​ ​ 4.0% ​ ​
  • As described above, our CEO’s 2024 MIP target award was increased slightly (as a percentage of base salary) as the Compensation & HCM Committee continued to bring his TDC to the market median range.
  • Brown ​ ​ ​ ​ ​ 105% ​ ​ ​ ​ ​ ​ 864,554 ​ ​ ​ Machiel Duijser ​ ​ ​ ​ ​ 75% ​ ​ ​ ​ ​ ​ 482,452 ​ ​ ​ Gregory B.
  • Cook ​ ​ ​ ​ ​ 85% ​ ​ ​ ​ ​ ​ 481,166 ​ ​
  • 48 ECOLAB PROXY STATEMENT 2025
  • For purposes of the adjusted EPS performance measure used in the MIP, a reconciliation of 2024 diluted EPS as reported to 2024 adjusted diluted EPS is summarized below:
  • ​ 2024 reported diluted EPS ​ ​ ​ ​ $ 7.37 ​ ​ ​ Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Special (gains) and charges, after tax ​ ​ ​ ​ ​ (0.44) ​ ​ ​ Discrete tax net (benefit) expense ​ ​ ​ ​ ​ (0.28) ​ ​ ​ Adjusted diluted EPS ​ ​ ​ ​ $ 6.65 ​ ​
  • Note: Per-share amounts do not necessarily sum due to rounding.
  • Additional information regarding the composition of the adjustments identified in the table above is contained on pages 33 to 36 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
  • 30% of Mr. Brown’s and 35% of Mr. Duijser’s 2024 MIP target was linked to our enterprise goal.
  • Mr. Brown’s and Mr. Duijser’s roles have a significant impact on the performance of all of the Company’s businesses, and direct impact on the Company’s ability to meet business sales and operating income targets.
  • 50 ECOLAB PROXY STATEMENT 2025
  • Kirkland ​ ​ ​ ​ ​ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 605,188 ​ ​ ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,210,376 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 ​ ​ ​ ​ ​ ​ 259,366 ​ ​ ​ ​ ​ ​ 154 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 399,223 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10(1) ​ ​ ​ ​ ​ ​ 119,509 ​ ​ ​ ​ ​ ​ 1,729,108 ​ ​ ​ Darrell R.
  • Brown ​ ​ ​ ​ ​ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 605,188 ​ ​ ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,210,376 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 259,366 ​ ​ ​ ​ ​ ​ 154 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 399,223 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10(1) ​ ​ ​ ​ ​ ​ 119,509 ​ ​ ​ ​ ​ ​ 1,729,108 ​ ​ ​ Machiel Duijser ​ ​ ​ ​ ​ 35 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 168,858 ​ ​ ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 337,716 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 35 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 168,858 ​ ​ ​ ​ ​ ​ 154 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 259,910 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 ​ ​ ​ ​ ​ ​ 144,736 ​ ​ ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 289,471 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10(1) ​ ​ ​ ​ ​ ​ 77,806 ​ ​ ​ ​ ​ ​ 964,903 ​ ​ ​ Gregory B.
  • Cook ​ ​ ​ ​ ​ 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 144,350 ​ ​ ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 288,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 336,816 ​ ​ ​ ​ ​ ​ 185 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 623,353 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10(1) ​ ​ ​ ​ ​ ​ 50,279 ​ ​ ​ ​ ​ ​ 962,332 ​ ​
  • blacklining:none; The Growth & Impact modifier paid less than 10% for all NEOs because their total MIP payouts were capped at 200% of their respective MIP target awards.
  • In 2024, our NEOs received long-term incentives near or within the median range, other than Mr. Duijser whose long-term incentive grant was above market median, consistent with prior years, in consideration of his unique skill set and background, which includes experience with products similar to those sold by all of our businesses, as well as his continued success in implementing step changes in technology and efficiency within our supply chain organization.
  • Kirkland ​ ​ ​ ​ ​ 2,800,000 ​ ​ ​ ​ 6,709 ​ ​ ​ ​ ​ 15,973 ​ ​ ​ Darrell R.
  • Brown ​ ​ ​ ​ ​ 2,900,000 ​ ​ ​ ​ 6,948 ​ ​ ​ ​ ​ 16,544 ​ ​ ​ Machiel Duijser ​ ​ ​ ​ ​ 1,700,000 ​ ​ ​ ​ 4,073 ​ ​ ​ ​ ​ 9,698 ​ ​ ​ Gregory B.
  • Cook ​ ​ ​ ​ ​ 1,450,000 ​ ​ ​ ​ 3,474 ​ ​ ​ ​ ​ 8,272 ​ ​
  • 52 ECOLAB PROXY STATEMENT 2025
  • PAYOUT OF 2022 — 2024 PBRSUs
  • Adjusted ROIC is measured excluding
  • Neither Mr. Brown nor Mr. Duijser receives any tax gross up on this allowance.
  • 54 ECOLAB PROXY STATEMENT 2025
  • ​ ​ STOCK OWNERSHIP GUIDELINES ​ ​ ​
  • Kirkland ​ ​ ​ ​ ​ 832,000 ​ ​ ​ ​ 3x salary ​ ​ ​ ​ ​ 10,748 ​ ​ ​ ​ 3.0x salary ​ ​ Darrell R.
  • Brown ​ ​ ​ ​ ​ 832,000 ​ ​ ​ ​ 3x salary ​ ​ ​ ​ ​ 25,349 ​ ​ ​ ​ 7.1x salary ​ ​ Machiel Duijser ​ ​ ​ ​ ​ 650,000 ​ ​ ​ ​ 3x salary ​ ​ ​ ​ ​ 9,444 ​ ​ ​ ​ 3.4x salary ​ ​ Gregory B.
  • Cook ​ ​ ​ ​ ​ 572,000 ​ ​ ​ ​ 3x salary ​ ​ ​ ​ ​ 14,374 ​ ​ ​ ​ 5.9x salary ​
  • 56 ECOLAB PROXY STATEMENT 2025
  • Brown President and Chief Operating Officer ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ 829,785 ​ ​ ​ ​ ​ ​ 1,697,952 ​ ​ ​ ​ ​ ​ 1,106,628 ​ ​ ​ ​ ​ ​ 1,729,108 ​ ​ ​ ​ ​ ​ 153,440 ​ ​ ​ ​ ​ ​ 293,733 ​ ​ ​ ​ ​ ​ 5,810,646 ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ 787,500 ​ ​ ​ ​ ​ ​ 1,762,406 ​ ​ ​ ​ ​ ​ 1,216,719 ​ ​ ​ ​ ​ ​ 1,570,453 ​ ​ ​ ​ ​ ​ 59,090 ​ ​ ​ ​ ​ ​ 279,330 ​ ​ ​ ​ ​ ​ 5,675,498 ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ 643,750 ​ ​ ​ ​ ​ ​ 1,204,292 ​ ​ ​ ​ ​ ​ 1,306,009 ​ ​ ​ ​ ​ ​ 416,828 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 101,973 ​ ​ ​ ​ ​ ​ 3,672,852 ​ ​ ​ Machiel Duijser (7) Executive Vice President and Chief Supply Chain Officer ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ 648,269 ​ ​ ​ ​ ​ ​ 995,360 ​ ​ ​ ​ ​ ​ 648,699 ​ ​ ​ ​ ​ ​ 964,903 ​ ​ ​ ​ ​ ​ 37,646 ​ ​ ​ ​ ​ ​ 205,482 ​ ​ ​ ​ ​ ​ 3,500,359 ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ 615,000 ​ ​ ​ ​ ​ ​ 3,017,282 ​ ​ ​ ​ ​ ​ 721,006 ​ ​ ​ ​ ​ ​ 906,887 ​ ​ ​ ​ ​ ​ 27,116 ​ ​ ​ ​ ​ ​ 139,366 ​ ​ ​ ​ ​ ​ 5,426,657 ​ ​ ​ Gregory B.
  • Beck, Kirkland, Brown, Duijser and Cook are $12,296,224, $3,279,091, $3,395,904, $1,990,719 and $1,697,952, respectively.
  • Beck, Brown, Duijser and Cook in the amounts of $22,777, $22,457, $4,404 and $2,715, respectively, and the gross up thereon of $21,121, $18,520, $4,242 and $2,610, respectively.
  • ​ 58 ECOLAB PROXY STATEMENT 2025
  • Kirkland (PFO) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MIP(7) ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ 255,216 ​ ​ ​ ​ ​ ​ 864,554 ​ ​ ​ ​ ​ ​ 1,729,108 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ 2023 Stock Incentive Plan ​ ​ ​ ​ ​ 12/04/2024 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 15,973 ​ ​ ​ ​ ​ ​ 247.495 ​ ​ ​ ​ ​ ​ 248.86 ​ ​ ​ ​ ​ ​ 1,068,434 ​ ​ ​ 2023 Stock Incentive Plan ​ ​ ​ ​ ​ 12/04/2024 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 2,415 ​ ​ ​ ​ ​ ​ 6,709 ​ ​ ​ ​ ​ ​ 13,418 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 1,639,545 ​ ​ ​ Darrell R.
  • Brown ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MIP(7) ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ 255,216 ​ ​ ​ ​ ​ ​ 864,554 ​ ​ ​ ​ ​ ​ 1,729,108 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ 2023 Stock Incentive Plan ​ ​ ​ ​ ​ 12/04/2024 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 16,544 ​ ​ ​ ​ ​ ​ 247.495 ​ ​ ​ ​ ​ ​ 248.86 ​ ​ ​ ​ ​ ​ 1,106,628 ​ ​ ​ 2023 Stock Incentive Plan ​ ​ ​ ​ ​ 12/04/2024 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 2,501 ​ ​ ​ ​ ​ ​ 6,948 ​ ​ ​ ​ ​ ​ 13,896 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 1,697,952 ​ ​ ​ Machiel Duijser ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MIP(7) ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ 105,946 ​ ​ ​ ​ ​ ​ 482,452 ​ ​ ​ ​ ​ ​ 964,903 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ 2023 Stock Incentive Plan ​ ​ ​ ​ ​ 12/04/2024 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 9,698 ​ ​ ​ ​ ​ ​ 247.495 ​ ​ ​ ​ ​ ​ 248.86 ​ ​ ​ ​ ​ ​ 648,699 ​ ​ ​ 2023 Stock Incentive Plan ​ ​ ​ ​ ​ 12/04/2024 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 1,466 ​ ​ ​ ​ ​ ​ 4,073 ​ ​ ​ ​ ​ ​ 8,146 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 995,360 ​ ​ ​ Gregory B.
  • Cook ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MIP(7) ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ 173,220 ​ ​ ​ ​ ​ ​ 481,166 ​ ​ ​ ​ ​ ​ 962,332 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ 2023 Stock Incentive Plan ​ ​ ​ ​ ​ 12/04/2024 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 8,272 ​ ​ ​ ​ ​ ​ 247.495 ​ ​ ​ ​ ​ ​ 248.86 ​ ​ ​ ​ ​ ​ 553,314 ​ ​ ​ 2023 Stock Incentive Plan ​ ​ ​ ​ ​ 12/04/2024 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 1,251 ​ ​ ​ ​ ​ ​ 3,474 ​ ​ ​ ​ ​ ​ 6,948 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 848,976 ​ ​
  • With respect to stock options, the value has been determined by application of the lattice (binomial)-pricing model, based upon the terms of the option grant and Ecolab’s stock price performance history as of the date of the grant.
  • ​ The specific assumptions used in the valuation of these options are located in footnote (3) to the “Summary Compensation Table” at page 57.
  • With respect to PBRSUs, the value has been determined based on the average daily share price of the Company’s Common Stock at the date of the grant, adjusted for the absence of future dividends, and assuming the target award payout, consistent with the estimate of aggregate compensation cost to be recognized over the three-year vesting period of the award.
  • See footnote (3) above for a description of the performance goals and performance period.
  • ​ 60 ECOLAB PROXY STATEMENT 2025
  • Brown ​ ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 117.730 ​ ​ ​ ​ ​ ​ 12/07/26 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 17,274 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 137.087 ​ ​ ​ ​ ​ ​ 12/06/27 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 16,287 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 158.515 ​ ​ ​ ​ ​ ​ 12/04/28 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 13,072 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 184.390 ​ ​ ​ ​ ​ ​ 12/03/29 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 14,664 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 221.410 ​ ​ ​ ​ ​ ​ 12/03/30 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 14,058 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 223.780 ​ ​ ​ ​ ​ ​ 12/01/31 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 23,525 ​ ​ ​ ​ ​ ​ 11,763 ​ ​ ​ ​ ​ ​ 148.495 ​ ​ ​ ​ ​ ​ 12/07/32 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 8,469 ​ ​ ​ ​ ​ ​ 1,984,456 ​ ​ ​ ​ ​ 8,034 ​ ​ ​ ​ ​ ​ 16,069 ​ ​ ​ ​ ​ ​ 191.030 ​ ​ ​ ​ ​ ​ 12/06/33 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 18,800 ​ ​ ​ ​ ​ ​ 4,405,216 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 16,544 ​ ​ ​ ​ ​ ​ 247.495 ​ ​ ​ ​ ​ ​ 12/04/34 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 6,948 ​ ​ ​ ​ ​ ​ 1,628,055 ​ ​ ​ Machiel Duijser ​ ​ ​ ​ ​ 13,536 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 221.410 ​ ​ ​ ​ ​ ​ 12/03/30 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 12,050 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 223.780 ​ ​ ​ ​ ​ ​ 12/01/31 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 16,938 ​ ​ ​ ​ ​ ​ 8,470 ​ ​ ​ ​ ​ ​ 148.495 ​ ​ ​ ​ ​ ​ 12/07/32 ​ ​ ​ ​ ​ ​ 13,112(3) ​ ​ ​ ​ ​ ​ 3,072,404 ​ ​ ​ ​ ​ ​ 6,098 ​ ​ ​ ​ ​ ​ 1,428,883 ​ ​ ​ ​ ​ 4,761 ​ ​ ​ ​ ​ ​ 9,522 ​ ​ ​ ​ ​ ​ 191.030 ​ ​ ​ ​ ​ ​ 12/06/33 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 11,140 ​ ​ ​ ​ ​ ​ 2,610,325 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 9,698 ​ ​ ​ ​ ​ ​ 247.495 ​ ​ ​ ​ ​ ​ 12/04/34 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 4,073 ​ ​ ​ ​ ​ ​ 954,385 ​ ​
  • Cook ​ ​ ​ ​ ​ 2,234 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 117.730 ​ ​ ​ ​ ​ ​ 12/07/26 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,800 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 137.087 ​ ​ ​ ​ ​ ​ 12/06/27 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,714 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 158.515 ​ ​ ​ ​ ​ ​ 12/04/28 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,723 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 184.390 ​ ​ ​ ​ ​ ​ 12/03/29 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,384 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 221.410 ​ ​ ​ ​ ​ ​ 12/03/30 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,029 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 223.780 ​ ​ ​ ​ ​ ​ 12/01/31 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,410 ​ ​ ​ ​ ​ ​ 4,705 ​ ​ ​ ​ ​ ​ 148.495 ​ ​ ​ ​ ​ ​ 12/07/32 ​ ​ ​ ​ ​ ​ 8,396(4) ​ ​ ​ ​ ​ ​ 1,967,351 ​ ​ ​ ​ ​ ​ 3,388 ​ ​ ​ ​ ​ ​ 793,876 ​ ​ ​ ​ ​ 3,868 ​ ​ ​ ​ ​ ​ 7,737 ​ ​ ​ ​ ​ ​ 191.030 ​ ​ ​ ​ ​ ​ 12/06/33 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 9,052 ​ ​ ​ ​ ​ ​ 2,121,065 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 8,272 ​ ​ ​ ​ ​ ​ 247.495 ​ ​ ​ ​ ​ ​ 12/04/34 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 3,474 ​ ​ ​ ​ ​ ​ 814,028 ​ ​
  • Brown ​ ​ ​ ​ ​ 12/07/22 ​ ​ ​ ​ ​ ​ 11,763 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 12/06/23 ​ ​ ​ ​ ​ ​ 8,034 ​ ​ ​ ​ ​ ​ 8,035 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 12/04/24 ​ ​ ​ ​ ​ ​ 5,514 ​ ​ ​ ​ ​ ​ 5,515 ​ ​ ​ ​ ​ ​ 5,515 ​ ​ ​ Machiel Duijser ​ ​ ​ ​ ​ 12/07/22 ​ ​ ​ ​ ​ ​ 8,470 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 2,758 ​ ​ ​ ​ ​ 12/06/23 ​ ​ ​ ​ ​ ​ 4,761 ​ ​ ​ ​ ​ ​ 4,761 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 12/04/24 ​ ​ ​ ​ ​ ​ 3,232 ​ ​ ​ ​ ​ ​ 3,233 ​ ​ ​ ​ ​ ​ 3,233 ​ ​ ​ Gregory B.
  • 62 ECOLAB PROXY STATEMENT 2025
  • Kirkland (PFO) ​ ​ ​ ​ ​ 2,753 ​ ​ ​ ​ ​ ​ 382,984 ​ ​ ​ ​ ​ ​ 3,866 ​ ​ ​ ​ ​ ​ 905,881 ​ ​ ​ Darrell R.
  • Brown ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 3,093 ​ ​ ​ ​ ​ ​ 724,752 ​ ​ ​ Machiel Duijser ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 2,651 ​ ​ ​ ​ ​ ​ 621,182 ​ ​ ​ Gregory B.
  • Cook ​ ​ ​ ​ ​ 5,311 ​ ​ ​ ​ ​ ​ 658,759 ​ ​ ​ ​ ​ ​ 1,715 ​ ​ ​ ​ ​ ​ 399,516 ​ ​
  • The number of shares acquired on vesting and value realized on vesting for Mr. Cook also include 169 RSU shares that vested on February 25, 2024 with a value realized of $220.460 per share.
  • Brown ​ ​ ​ Pension Plan ​ ​ ​ ​ ​ 7.63 ​ ​ ​ ​ ​ ​ 78,150 ​ ​ ​ Mirror Pension Plan ​ ​ ​ ​ ​ 7.63 ​ ​ ​ ​ ​ ​ 184,810 ​ ​ ​ Australia Plan ​ ​ ​ ​ ​ 15.22 ​ ​ ​ ​ ​ ​ 1,905,419 ​ ​ ​ Machiel Duijser ​ ​ ​ Pension Plan ​ ​ ​ ​ ​ 4.00 ​ ​ ​ ​ ​ ​ 36,158 ​ ​ ​ Mirror Pension Plan ​ ​ ​ ​ ​ 4.00 ​ ​ ​ ​ ​ ​ 79,395 ​ ​ ​ Gregory B.
  • Cook ​ ​ ​ Pension Plan ​ ​ ​ ​ ​ 27.00 ​ ​ ​ ​ ​ ​ 749,748 ​ ​ ​ Mirror Pension Plan ​ ​ ​ ​ ​ 27.00 ​ ​ ​ ​ ​ ​ 546,889 ​ ​
  • 64 ECOLAB PROXY STATEMENT 2025
  • 66 ECOLAB PROXY STATEMENT 2025
  • Kirkland (PFO) ​ ​ ​ ​ ​ 35,711 ​ ​ ​ ​ ​ ​ 26,783 ​ ​ ​ ​ ​ ​ 33,845 ​ ​ ​ ​ ​ ​ 391,202 ​ ​ ​ Darrell R.
  • Brown ​ ​ ​ ​ ​ 161,347 ​ ​ ​ ​ ​ ​ 121,010 ​ ​ ​ ​ ​ ​ 77,001 ​ ​ ​ ​ ​ ​ 966,089 ​ ​ ​ Machiel Duijser ​ ​ ​ ​ ​ 94,413 ​ ​ ​ ​ ​ ​ 70,809 ​ ​ ​ ​ ​ ​ 32,430 ​ ​ ​ ​ ​ ​ 285,220 ​ ​ ​ Gregory B.
  • Cook ​ ​ ​ ​ ​ 631,242 ​ ​ ​ ​ ​ ​ 50,702 ​ ​ ​ ​ ​ ​ 212,968 ​ ​ ​ ​ ​ ​ 1,884,756 ​ ​
  • Brown ​ ​ ​ ​ ​ 1,729,108 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 27,832 ​ ​ ​ ​ ​ ​ 1,705,186 ​ ​ ​ ​ ​ ​ 17,869 ​ ​ ​ ​ ​ ​ 4,187,064 ​ ​ ​ ​ ​ ​ 7,621,359 ​ ​ ​ Gregory B.
  • Cook ​ ​ ​ ​ ​ 962,332 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 12,442 ​ ​ ​ ​ ​ ​ 738,741 ​ ​ ​ ​ ​ ​ 7,914 ​ ​ ​ ​ ​ ​ 1,854,408 ​ ​ ​ ​ ​ ​ 3,555,482 ​ ​
  • 68 ECOLAB PROXY STATEMENT 2025
  • Kirkland (PFO) ​ ​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 1,729,108 ​ ​ ​ ​ ​ ​ 44,975 ​ ​ ​ ​ ​ ​ 1,830,910 ​ ​ ​ ​ ​ ​ 25,501 ​ ​ ​ ​ ​ ​ 5,975,394 ​ ​ ​ ​ ​ ​ 9,535,412 ​ ​ ​ Darrell R.
  • Brown ​ ​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 1,729,108 ​ ​ ​ ​ ​ ​ 44,376 ​ ​ ​ ​ ​ ​ 1,705,186 ​ ​ ​ ​ ​ ​ 24,817 ​ ​ ​ ​ ​ ​ 5,815,119 ​ ​ ​ ​ ​ ​ 9,249,414 ​ ​ ​ Machiel Duijser ​ ​ ​ ​ ​ 32,500 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 964,903 ​ ​ ​ ​ ​ ​ 27,690 ​ ​ ​ ​ ​ ​ 1,139,145 ​ ​ ​ ​ ​ ​ 28,853 ​ ​ ​ ​ ​ ​ 6,760,835 ​ ​ ​ ​ ​ ​ 8,864,883 ​ ​ ​ Gregory B.
  • Cook ​ ​ ​ ​ ​ 28,600 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 962,332 ​ ​ ​ ​ ​ ​ 20,714 ​ ​ ​ ​ ​ ​ 738,741 ​ ​ ​ ​ ​ ​ 19,784 ​ ​ ​ ​ ​ ​ 4,635,787 ​ ​ ​ ​ ​ ​ 6,336,860 ​ ​

More changes truncated for legibility. Open the filings on SEC for full prose.

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