As filed with the Securities and Exchange Commission on May 4, 2023
Registration No. 333-__________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
ECOLAB INC.
(Exact name of registrant as specified in its charter)
| Delaware | 41-0231510 | |
| (State or other jurisdiction of | (I.R.S. Employer | |
| incorporation or organization) | Identification Number) | |
| 1 Ecolab Place | ||
| St. Paul, Minnesota | 55102 | |
| (Address of principal executive offices) | (Zip code) |
AMENDED AND RESTATED ECOLAB CANADA SHARE PURCHASE PLAN
(As Amended Through May 4, 2023)
(Full title of the plan)
Lanesha T. Minnix
Executive Vice President, General Counsel and Secretary
Ecolab Inc.
1 Ecolab Place
St. Paul, Minnesota 55102
1-800-232-6522
(Name, address, and telephone number, including area code, of agent for service)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | x | Accelerated filer | ¨ | ||
| Non-accelerated filer | ¨ | (Do not check if a smaller reporting company) | Smaller reporting company | ¨ | |
| Emerging growth company | ¨ | ||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ¨
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Information required by Part I of Form S-8 to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act of 1933, as amended (the “Securities Act”). The documents containing the information specified in Part I will be delivered to the participants in the Amended and Restated Ecolab Canada Share Purchase Plan as required by Rule 428(b). Such documents are not being filed with the Securities and Exchange Commission (the “Commission”) as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents and information previously filed by the Registrant with the Commission are incorporated by reference in this Registration Statement:
| (a) | The Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the Commission on February 24, 2023(including the information in Part III incorporated by reference from the Registrant’s Definitive Proxy Statement on Schedule 14A, filed on March 17, 2023); |
| (b) | The Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2023 as filed with the Commission on May 4, 2023; |
| (c) | The Registrant’s Current Reports on Form 8-K filed with the Commission on February 14, 2023 (Item 2.05 only) and May 4, 2023; and |
| (d) | The description of the Registrant’s Common Stock contained in the Registrant’s Current Report on Form 8-K filed with the Commission on May 4, 2023, including any subsequent amendment or any report filed for the purpose of updating such description. |
All documents filed by the Registrant pursuant to Section 13(a), 13(c), 14, or 15(d) of the Exchange Act subsequent to the date of this Registration Statement (other than any such documents or portions thereof that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form 8-K, unless otherwise indicated therein, including any exhibits included with such Items), but prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.
Any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
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Item 6. Indemnification of Directors and Officers.
Subsection (a) of Section 145 of the General Corporation Law of the State of Delaware (the “DGCL”) empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation), by reason of the fact that such person is or was a director, officer, employee or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any criminal action or proceeding, had no reasonable cause to believe such person’s conduct was unlawful.
Subsection (b) of Section 145 empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person acted in any of the capacities set forth above, against expenses actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted under similar standards, except that no indemnification may be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which the action or suit was brought shall determine that, despite the adjudication of liability, the person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.
Section 145 further provides that, (i) to the extent a present or former director or officer of a corporation has been successful in the defense of any action, suit or proceeding referred to in subsections (a) and (b) of Section 145 or in the defense of any claim, issue or matter therein, the person shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred in connection therewith, (ii) the indemnification provided for by Section 145 shall not be deemed exclusive of any other rights to which the indemnified party may be entitled and (iii) the scope of indemnification extends to directors, officers, employees or agents of a constituent corporation absorbed in a consolidation or merger and persons serving in that capacity at the request of the constituent corporation for another. Section 145 also empowers the corporation to purchase and maintain insurance on behalf of a present or former director or officer of the corporation (among certain other persons) against any liability asserted against or incurred by the person in any such capacity or arising out of the person’s status as such, whether or not the corporation would have the power to indemnify the person against such liabilities under Section 145, including liabilities under the Securities Act.
Article V of Ecolab’s By-Laws, as amended, provides for indemnification of Ecolab’s officers and directors to the full extent allowed by Delaware law.
In addition, Article IV of Ecolab’s Restated Certificate of Incorporation provides that Ecolab’s directors do not have personal liability to Ecolab or its stockholders for monetary damages for any breach of their fiduciary duty as directors, except (1) for a breach of the duty of loyalty, (2) for acts or omissions not in good faith or which involve intentional misconduct or knowing violation of the law, (3) for willful or negligent violations of certain provisions under the DGCL imposing certain requirements with respect to stock repurchases, redemptions and dividends or (4) for any transaction from which the director derived an improper personal benefit. Subject to these exceptions, under Article IV, directors do not have any personal liability to Ecolab or its stockholders for any violation of their fiduciary duty.
Ecolab has directors and officers liability insurance which protects each director or officer from certain claims and suits, including stockholder derivative suits, even where the director may be determined to not be entitled to indemnification under the DGCL, and claims and suits arising under the Securities Act. The directors and officers liability insurance may also afford coverage under circumstances where the facts do not justify a finding that the director or officer acted in good faith and in a manner that was in or not opposed to the best interests of Ecolab.
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Ecolab has entered into indemnification agreements with each of its directors. Each director’s indemnification agreement generally provides that, in the event the director was, is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, any threatened, pending or completed action, suit or proceeding, or any inquiry or investigation (any of the foregoing, a “Claim”), by reason of (or arising in part out of) any event or occurrence related to the fact that the director is or was a director, officer, employee, agent or fiduciary of Ecolab, or is or was serving at the request of Ecolab as a director, officer, employee, trustee, agent or fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, or by reason of anything done or not done by the director in any such capacity (any such event or occurrence, an “Indemnifiable Event”), Ecolab will (1) indemnify the director to the fullest extent permitted by law against any and all expenses (including attorneys’ fees and other costs, expenses and obligations paid or incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness in or participate in such Claim), judgments, fines, penalties and amounts paid in settlement of such Claim and (2) advance such expenses to the director, subject to reimbursement by the director if it is subsequently determined that indemnification is not permitted. Each director’s indemnification agreement also requires that Ecolab indemnify the director against expenses, and to advance expenses to the director, in connection with any action brought by the director for indemnification or advancement of expenses relating to Claims for Indemnifiable Events or for recovery under any directors’ and officers’ liability insurance policies maintained by Ecolab. The indemnification agreements further provide that Ecolab has the burden of proving that a director is not entitled to indemnification in any particular case.
The foregoing represents a summary of the general effect of the DGCL, Ecolab’s By-Laws, as amended, and Restated Certificate of Incorporation, Ecolab’s directors and officers liability insurance coverage and the indemnification agreements for purposes of general description only.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits
The following is a complete list of exhibits filed or incorporated by reference as part of this registration statement:
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Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective Registration Statement;
(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement.
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act, and is therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements of filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of St. Paul, State of Minnesota, on May 4, 2023.
| ECOLAB INC. | ||
| By: | /s/Christophe Beck | |
| Christophe Beck | ||
| Chairman and Chief Executive Officer | ||
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed on May 4, 2023 by the following persons in the capacities indicated.
| Signature | Title | |
| /s/Christophe Beck | Chairman and Chief Executive Officer | |
| Christophe Beck | (principal executive officer) and Director | |
| /s/Scott D. Kirkland | Chief Financial Officer | |
| Scott D. Kirkland | (principal financial officer) | |
| /s/Jennifer J. Bradway | Senior Vice President and Corporate Controller | |
| Jennifer J. Bradway | (principal accounting officer) | |
| /s/Theresa E. Corona | Directors | |
| Theresa E. Corona, as attorney-in-fact for Shari L. Ballard, Barbara J. Beck, Jeffrey M. Ettinger, Eric M. Green, Arthur J. Higgins, Michael Larson, David W. MacLennan, Tracy B. McKibben, Lionel L. Nowell III, Victoria J. Reich, Suzanne M. Vautrinot and John J. Zillmer |
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Exhibit 4.3
AMENDED AND RESTATED
ECOLAB CANADA SHARE PURCHASE PLAN
As Amended Through May 4, 2023
| 1. | PURPOSE |
On March 24, 1993, the Board of Directors of Ecolab Co. established the Ecolab Canada Share Purchase Plan to afford Participants a convenient and cost effective means for regular and systematic purchases of the Common Stock of Ecolab Inc., the U.S. parent corporation of the Companies. The Plan was subsequently amended on March 1, 1994, November 16, 2001, and February 28, 2004 by the Board of Directors of Ecolab Co., further amended on May 5, 2011, to adjust the mechanism for increasing the maximum shares of Common Stock that may be purchased by Participants, such mechanism having been approved by the stockholders of Ecolab Inc. on May 5, 2011 pursuant to the Ecolab Inc. Purchase Plan, further amended by the Board of Directors of Ecolab Co. and adopted by the Boards of Directors of Nalco Canada Co. and Champion Technologies ULC effective on October 4, 2013 to allow for participation in the Plan by Eligible Employees of Nalco Canada Co. and Champion Technologies ULC (each effective as of January 1, 2014) and such Subsidiaries as may be subject to the Plan from time to time, and further amended effective May 4, 2023 by the Board of Directors of Ecolab Co. and Nalco Canada ULC to reflect an increase from 200,000 shares to 400,000 shares in the allocation of shares of Common Stock to the Plan and other minor updates.
The purposes of the Plan are to assist the Companies in attracting and retaining personnel of outstanding abilities and to motivate employees of the Companies to dedicate their maximum productive effort on behalf of the Company which employs them and to align employee interests with the stockholders of Ecolab Inc.
Unless otherwise required by the context, the following terms when used in the Plan, shall have the meanings set forth in this Section 2.
Ecolab Canada Share Purchase Plan
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| 2. | DEFINITIONS |
| Administrator | : | The firm appointed by the Companies to perform administrative duties for the Plan pursuant to the provision of Section 3. | |
| Boards of Directors | : | The Boards of Directors of the Companies. | |
| Broker | : | The broker appointed by the Companies to act as the broker for the Plan pursuant to Section 5.1. | |
| Brokerage Account | : | The account(s) maintained by the Companies with the Broker to purchase shares under the Plan for the benefit of Participants. | |
| Common Stock | : | The common stock, par value U.S. $1.00 per share, of Ecolab Inc., a Delaware corporation, as traded on the New York Stock Exchange. | |
| Companies | : | Ecolab Co. – a Nova Scotia unlimited liability company. | |
| : | Nalco Canada ULC – an Alberta unlimited liability company. | ||
| : | Such other Subsidiaries as may be subject to the Plan from time to time | ||
| : | (and “Company” means any one of them. | ||
| Consolidated Stock Purchase Plan | : | The Consolidated Stock Purchase Plan consists of the Plan, the Ecolab Inc. Purchase Plan, and the stock purchase plans serving employees in Canada (the Amended and Restated Ecolab Canada Share Purchase Plan), Japan (the Ecolab K.K. Employee Stock Purchase Association), and other plans serving other countries as may be established from time to time. | |
| Discretionary Contribution | : | A discretionary cash contribution made by a Company in its sole and exclusive determination on behalf of a Participant employed by such Company pursuant to Section 7.2. |
Ecolab Canada Share Purchase Plan
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| Ecolab Inc. Purchase Plan | : | The Ecolab Inc. Stock Purchase Plan originally adopted by Ecolab Inc. on February 24, 1990, as amended in October 1994, December 2001, February 2004, February 2011, and February 2023 serving employees in the United States and various additional countries, not including Canada, New Zealand, or Japan. | |
| Eligible Employee | : | Each full time employee of a Company who: |
| 1) | has attained at least 18 years of age; and | |||
| 2) | is not a member of a collective bargaining agreement covering the employee unless the agreement provides for participation in the Plan. | |||
| Full Time | : | A person who is employed by a Company in a budgeted position and regularly scheduled to work the full time work week at a particular location. | |
| Matching Contribution | : | A cash contribution made by a Company on behalf of a Participant employed by such Company in respect of monies contributed to the Plan by such Participant. | |
| Open Contribution Period | : | Time periods established by the mutual agreement of the Companies from time to time to allow Participants to make contributions under the Plan through means other than payroll deduction. |
Ecolab Canada Share Purchase Plan
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| Participant | : | An Eligible Employee who is currently enrolled in the Plan pursuant to Section 4. | |
| Plan | : | The Amended and Restated Ecolab Canada Share Purchase Plan herein set forth as the same may from time to time be further amended and/or restated. | |
| Plan Register | : | The register maintained by the Administrator to record the interest of each Participant in the Brokerage Account(s). | |
| Subsidiary | : | A corporation or other form of business or association whose shares (or other ownership interests) having 50% of the voting power are owned or controlled, directly or indirectly by Ecolab Inc., whose Full Time Employees are, in the discretion of Ecolab Inc., permitted to participate in the Plan and whose board of directors has adopted the Plan. | |
| Currency | : | All financial figures in this Plan refer to the Canadian dollar unless otherwise stated. |
| 3. | AUTHORITY |
Each Company shall appoint an officer who, together with the officers appointed by each of the other Companies, shall jointly have full power and authority to interpret and construe any provision of the Plan finally and conclusively as to all persons having any interest thereunder, to adopt rules and regulations not inconsistent with the Plan for carrying out the Plan or providing for matters not specifically covered in the Plan and to alter, amend and revoke any rules or regulations so adopted, all of which shall be applicable to all of the Companies. Additionally, such officers shall have authority to appoint an Administrator to perform administrative duties for the benefit of Participants, including, but not limited to, maintaining the Plan Register and maintaining systems for fielding inquiries and instructions from Participants.
Ecolab Canada Share Purchase Plan
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| 4. | ENROLMENT |
Each Eligible Employee may enrol in the Plan by properly completing and returning to the Company that employs such Eligible Employee (or as otherwise instructed by such Company) such forms as are required by such Company, including forms specifying the amount of funds to be deducted from such employee’s pay and authorizing such Company to send or cause to be sent such funds, or funds otherwise contributed by, or on behalf of, such Eligible Employee, to the Broker for purchase by the Broker of Common Stock for the account of such Eligible Employee on the Plan Register.
Participation in the Plan begins as soon as practicable after the required forms are received and processed by the Company that employs such Eligible Employee and continues until (i) the Participant is no longer an Eligible Employee, (ii) written notice by the Participant electing to terminate his or her enrolment in the Plan is received and processed by the Company that employs the Participant, or (iii) the Board of Directors of the Company that employs such Participant elects to suspend or terminate the Plan in respect of such Company.
| 5. | BROKER AND RELATED FEES |
| 5.1 | Appointment of Broker: |
The Companies shall appoint a Broker to open and maintain the Brokerage Account and to make purchases, either directly or indirectly through an agent or nominee appointed by the Broker, of shares of Common Stock on the New York Stock Exchange for the Brokerage Account. The Broker shall be appointed by the Companies to administer purchases of Common Stock and may be removed from such appointment at any time in the sole discretion of the Companies. Nothing in the Plan shall be deemed to create any obligation on the part of a Company or the Broker that the Broker shall continue to administer purchases of shares of Common Stock.
Ecolab Canada Share Purchase Plan
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| 5.2 | Payment of Broker and Administrator Fees and Other Charges: |
The Companies shall pay the Broker’s administrative charges for maintaining the Brokerage Account and commissions on the purchases of Common Stock made under the Plan and the Administrator’s charges for maintaining the Plan Register, so long as the Participant remains an Eligible Employee and remains enrolled in the Plan. Each Participant shall pay fees and other charges related to the selling of Common Stock or for obtaining certificates representing full shares of Common Stock. The Companies will not pay the charges or commissions for any Participant who has terminated employment (nor for any former Participant who no longer qualifies as an Eligible Employee).
| 6. | PAYROLL DEDUCTIONS & ADDITIONAL PARTICIPANT CONTRIBUTIONS |
| 6.1 | Payroll Deductions: |
A Participant may authorize contributions through payroll deductions by completing and signing a form of payroll authorization instructing the Company that employs such Participant to deduct a certain amount from the Participant’s compensation each pay period, together with applicable withholding for income tax. This authorization will result in funds being deducted periodically and transmitted to the Broker for the purchase of shares of Common Stock on the New York Stock Exchange for crediting to the account of the Participant on the Plan Register. Payroll deductions will begin as soon as practicable after the authorization forms are received and processed by the Company that employs such Participant.
| 6.2 | Decreasing, Increasing or Terminating Payroll Deductions; Re-Entry: |
Payroll deduction authorizations shall remain effective until changed in writing by the Participant or until otherwise suspended as provided below. Each Participant shall specify the amount to be withheld from his or her compensation, with a minimum of $10.00 per month. The maximum of all employee contributions pursuant to Sections 6.1, 6.2 and 6.3 each calendar year is $7,000. Payroll deductions will be automatically suspended when this level is reached, but automatically reinstated the following January. A payroll deduction may be decreased or increased once each calendar month in $10.00 increments, but not below $10.00 per month, by the Participant completing and returning the appropriate payroll deduction form to the Company that employs such Participant. A payroll deduction may be suspended at any time by the Participant giving written notice to such Company. The increase, decrease or suspension shall be effective at the beginning of the next pay period after the notice is received and processed by such Company. Any amounts already deducted or deducted before the Participant’s change is processed will be used to purchase Common Stock and will not be returned in cash directly to the Participant. A Participant who suspends his or her payroll deduction may remain enrolled in the Plan until he or she shall cease to be an Eligible Employee. Payroll deductions may be re-commenced by a Participant by following the procedures in Section 6.1.
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| 6.3 | Additional Employee Contributions: |
Each Participant may contribute a sum not less than $150 during any Open Contribution Period. The total of (i) contributions through payroll deduction and (ii) additional contributions during any Open Contribution Period, may not, in the aggregate, exceed $7,000 in any calendar year.
| 6.4 | Withholding: |
The Participant is responsible for all income taxes applicable to Matching Contributions; Discretionary Contributions (if any); the Participant’s pro rata share of fees paid by the Companies pursuant to Section 5.2; and any amounts paid by a Company to the relevant taxation authorities to offset all or part of a Participant’s tax obligation resulting from such Company making a Discretionary Contribution; and a Company shall, if required by law, make appropriate withholding deductions from each of its Participant’s compensation, which shall be in addition to any payroll deductions made pursuant to Section 6.1.
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| 7. | COMPANY MATCHING CONTRIBUTIONS |
| 7.1 | Matching Contributions: |
Each Company will make a Matching Contribution on behalf of each Participant employed by such Company in the amount of fifteen percent (15%) of the funds:
| i) | deducted from such Participant’s pay pursuant to Sections 6.1 and 6.2; and |
| ii) | contributed by the Participant as an additional employee contribution pursuant to Section 6.3; |
up to the annual aggregate total in (i) and (ii) above of $7,000.
| 7.2 | Discretionary Contributions: |
A Company may from time to time make a Discretionary Contribution to one or more of its Participant’s accounts for any reason, but each such contribution may not exceed $1,600. In addition, a Company may elect to pay, on a Participant’s behalf, an amount determined appropriate by the Company to offset all or part of the Participant’s tax obligation resulting from such award. The determination to pay all or any taxes shall be made in the sole and exclusive determination of the Company.
| 8. | PURCHASES, SALES AND WITHDRAWALS |
| 8.1 | Administration of Funds: |
Each Company shall deduct funds from its Participant’s pay pursuant to Sections 6.1 and 6.2 and, approximately once each month, shall forward the amount deducted plus additional employee contributions, if any, made by the Participant pursuant to Section 6.3, and both the Company’s Matching Contributions, pursuant to Section 7.1, and Discretionary Contributions (if any) pursuant to Section 7.2, to the Broker. Concurrently for each investment period, each Company will provide the Administrator with the relevant payroll data, including deduction/contribution, name, SIN and address for each Participant. No interest shall be paid on such funds by any Company or the Broker and such funds may be commingled with the general assets of a Company.
Ecolab Canada Share Purchase Plan
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| 8.2 | Purchases: |
Upon receipt of funds from a Company for such purpose hereunder, the Broker shall, as promptly as practicable, purchase on the New York Stock Exchange as many whole shares of Common Stock as the aggregate of such funds will permit subject to rules and certain conditions imposed upon the Broker by regulatory agencies, if any. Notwithstanding any other provision hereof, and for the purpose of ensuring compliance by the Companies and their corporate parent with the requirements of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, the Broker shall have sole discretion to determine the amounts, prices and dates on which to purchase such shares (including the discretion to spread out purchases over a period of time so that the market for the security is not abnormally disrupted) and the Companies and Ecolab Inc., as their corporate parent, will not in any way direct or influence the Broker’s exercise of this discretion. Such purchases shall be credited to the Brokerage Account and, subject to Section 13, the Administrator shall allocate Common Shares, on the basis of the average cost thereof, to the respective accounts of Participants on the Plan Register based upon Participant payroll deductions, additional employee contributions, if any, made by the Participant pursuant to Section 6.3, and both the Companies’ Matching Contributions and Discretionary Contributions (if any) pursuant to Sections 7.1 and 7.2, all as directed by the Companies. Allocations shall be made in full shares and in fractional interests in shares to one ten-thousandth of a share on the settlement date of any purchase.
| 8.3 | Ownership of Common Stock: |
On the settlement date of a purchase of Common Stock under the Plan, each Participant from whom account funds were received shall acquire beneficial ownership of all Common Stock and of any fractional interest in Common Stock credited to his or her account on the Plan Register. Unless otherwise requested by the Participant, all Common Stock shall be registered in the name of the Broker or its nominee and will remain so registered until delivery is requested by the Participant. Subject to the provisions of the next paragraph, a Participant may request through the Administrator that a certificate for any or all full shares of Common Stock in his or her account on the Plan Register be delivered at the cost of the Administrator’s and Broker’s transfer charges, payable by the Participant.
Ecolab Canada Share Purchase Plan
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| 8.4 | Sales: |
A Participant may instruct the Administrator to sell any or all of the full shares of Common Stock or any interest in fractional shares held in his or her account at any time. Upon such sale, the Administrator shall, if requested, mail a check for the proceeds to the Participant, less the regular brokerage commission or fee and any transfer taxes or other charges all of which are payable by the Participant.
| 9. | CONFIRMATIONS; RELATIONSHIP AND BROKER |
Each Participant shall receive at least once each quarter, a statement of activity from the Administrator reflecting any change in the number of shares of Common Stock held for his or her account on the Plan Register. The Companies shall assume no responsibility for the relationship between the Participant and the Administrator except as to the payment of the Matching Contributions, the payment of commissions on purchases of Common Stock under the Plan, and administrative fees of the Plan which pertain to the accounts of Eligible Employees on the Plan Register as set forth in this Plan.
| 10. | CLOSING ACCOUNTS |
A Participant who terminates his or her enrolment in the Plan or whose enrolment is automatically terminated pursuant to Section 15 of the Plan must close his or her account on the Plan Register. A Participant may direct that all full shares of Common Stock and any fractional interests in shares of Common Stock in his or her account be sold and the net proceeds remitted to such person, or request that the full shares of Common Stock in his or her account be delivered to such person together with a check representing the net proceeds of the sales of the fractional interest in shares of Common Stock. The net proceeds shall be determined after deducting the regular Administrator’s and Broker’s charges and commissions and any transfer taxes or normal charges, all of which shall be payable by the Participant.
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| 11. | VOTING AND OTHER RIGHTS |
Each Participant will receive, as promptly as practicable, by mail or otherwise, all notices of meetings, proxy statements and other material distributed by Ecolab Inc. to its stockholders. The whole shares in each Participant’s account on the Plan Register shall be voted in accordance with the Participant’s signed proxy instructions duly delivered to the Broker or the transfer agent for the Common Stock (as the case may be) in a timely fashion, or otherwise in accordance with the rules applicable to stock listed on the New York Stock Exchange.
| 12. | DIVIDENDS AND OTHER PROCEEDS |
Cash dividends received in respect of Common Stock held in the Brokerage Account shall be reinvested in shares of Common Stock as promptly as practicable following receipt thereof. During such time as the Companies shall pay fees and charges pursuant to Section 5.2, the Companies shall pay all regular commissions in connection with the purchases constituting such reinvestment. Shares of Common Stock so purchased shall be allocated pro rata by the Administrator to the accounts of Participants on the Plan Register. Stock dividends or stock splits in respect of Common Stock shall be credited pro rata to such accounts without charge following source withholding for applicable income taxes. Other securities and rights to subscribe received in respect of Common Stock, if any, may be sold and the proceeds treated in the same manner as cash dividends.
| 13. | COMMON STOCK SUBJECT TO THE PLAN |
The maximum number of shares of Common Stock that may be purchased by Participants shall be 400,000 shares subject to (i) adjustment upon changes in the capitalization of Ecolab Inc. as provided below, and (ii) reallocation of the maximum shares that may be purchased under each of the plans included in the Consolidated Stock Purchase Plan. If the Board of Directors of a Company determines that it is necessary or advisable to increase the maximum shares allotted to the Plan in respect of such Company, it may request that Ecolab Inc. allocate an additional number of shares of common stock from the Ecolab Inc. Purchase Plan. Accordingly, if the maximum shares allowed under the Plan is increased by this method, the maximum shares allowed under the Ecolab Inc. Purchase Plan shall decrease correspondingly.
Ecolab Canada Share Purchase Plan
Page 12
If the total number of shares of Common Stock that would otherwise be purchased by Participants on any date on which the funds forwarded by the Companies to the Broker exceeds the number of shares then remaining available under the Plan, the Companies and the Administrator shall make a pro rata allocation of the shares of Common Stock remaining available for purchase in as uniform and equitable a manner as is practicable. In such event, the Companies or the Administrator shall give written notice of such reduction to each Participant affected thereby and shall return any excess funds accumulated in each Participant’s account as soon as practicable thereafter.
In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock split, combination of shares, rights offering, divestiture or extraordinary dividend (including a spin-off) or any other change in the corporate structure or shares of Ecolab Inc., appropriate adjustments will be made as to the number and kind of securities available for purchase by Participants under the Plan.
| 14. | TRANSFER OF RIGHTS |
The Plan does not restrict the ability of a Participant to take delivery or sell Common Stock acquired under the Plan, subject to applicable law. However, the Participant may not assign or hypothecate his or her interest in the Plan as such. The Common Stock credited to Participants’ accounts on the Plan Register becomes the sole property of the respective Participants.
| 15. | TERMINATION |
If the Participant shall die, retire, be placed on permanent disability, or shall otherwise cease to be an Eligible Employee, such Participant’s enrolment in the Plan shall thereupon automatically terminate. The Company employing such former Participant will notify the Administrator of any such termination and will instruct the Administrator to deliver a certificate representing the whole shares of Common Stock credited to the account of the former Participant on the Plan Register, unless the former Participant or his or her estate notifies the Company that employed such Participant to sell or otherwise transfer such shares promptly following any such termination. Fees and commissions, where applicable, are to be paid by the former Participant or his or her estate and may be set off against amounts owing to the former Participant or his or her estate. All transfer taxes, if any, which may be due upon transfer of such shares to the former Participant, his or her estate, or to any other person shall be paid by the former Participant, and the Broker may require the deposit of funds sufficient to cover such taxes in advance of making any such transfer.
Ecolab Canada Share Purchase Plan
Page 13
No Participant shall have any right to receive any fractional share credited to his or her account on the Plan Register, nor shall any provision herein be construed to give such right. Upon termination, any fractional share interest shall be paid thereto in cash by the Administrator. Any such payment in respect of a fractional share shall be in an amount equal to the appropriate fraction of the opening price of Common Stock on the New York Stock Exchange on the day following the receipt and processing of instructions.
| 16. | AMENDMENTS, SUSPENSIONS AND TERMINATIONS |
The Board of Directors of a Company may from time to time, suspend or terminate in whole or in part, and if terminated may reinstate, any or all of the provisions of the Plan in respect of such Company, except that no suspension or termination may be made which will retroactively affect adversely the rights of Participants in the Plan. The Boards of Directors of all the Companies may from time to time amend the Plan. No such amendment shall be effective, without approval of the shareholders of Ecolab Inc., if shareholder approval of the amendment is then required pursuant to the rules of the New York Stock Exchange. In addition, no amendments shall be binding unless agreed to by all of the Companies. Participation in the Plan is not a matter of right. No part of the funds or shares of Common Stock credited to account of any Participant shall be subject to forfeiture for any reason.
| 17. | EMPLOYMENT |
Nothing in the Plan shall be construed to give any employee of a Company the right to remain employed.
EXHIBIT 15.1
May 4, 2023
Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Commissioners:
We are aware that our report dated May 4, 2023, on our review of interim financial information of Ecolab Inc., which is included in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, is incorporated by reference in this Registration Statement on Form S-8.
/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
May 4, 2023
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Ecolab Inc. of our report dated February 24, 2023 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in Ecolab Inc.'s Annual Report on Form 10-K for the year ended December 31, 2022.
/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
May 4, 2023
| 1 |
Exhibit 24.1
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a Director of Ecolab Inc., a Delaware corporation, does hereby make, nominate and appoint each of CHRISTOPHE BECK, LANESHA T. MINNIX and THERESA E. CORONA, signing singly, to be my attorney-in-fact, with full power and authority to sign his or her name to a Registration Statement on Form S-8 relating to the registration of 50,000 shares of Ecolab Inc. Common Stock, par value $1.00 per share, for the Amended and Restated Ecolab Canada Share Purchase Plan (As Amended Through May 4, 2023), and any and all amendments thereto (including without limitation post-effective amendments to register or de-register shares), provided that the Registration Statement and any amendments thereto, in final form, be approved by said attorney-in-fact; and his or her name, when thus signed, shall have the same force and effect as though I had manually signed said document or documents.
IN WITNESS WHEREOF, I have hereunto affixed my signature this 4th day of May, 2023.
| /s/Shari L. Ballard | |
| Shari L. Ballard | |
| /s/Barbara J. Beck | |
| Barbara J. Beck | |
| /s/Jeffrey M. Ettinger | |
| Jeffrey M. Ettinger | |
| /s/Eric M. Green | |
| Eric M. Green | |
| /s/Arthur J. Higgins | |
| Arthur J. Higgins | |
| /s/Michael Larson | |
| Michael Larson | |
| /s/David W. MacLennan | |
| David W. MacLennan | |
| /s/Tracy B. McKibben | |
| Tracy B. McKibben | |
| /s/Lionel L. Nowell III | |
| Lionel L. Nowell III | |
| /s/Victoria J. Reich | |
| Victoria J. Reich | |
| /s/Suzanne M. Vautrinot | |
| Suzanne M. Vautrinot | |
| /s/John J. Zillmer | |
| John J. Zillmer |
Exhibit 107
Calculation of Filing Fee Tables
Form S-8
(Form Type)
Ecolab Inc.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered Securities
| Security Type |
Security Class Title |
Fee Calculation Rule |
Amount Registered (1) |
Proposed Maximum Offering Price Per Unit |
Maximum Aggregate Offering Price |
Fee Rate | Amount of Registration Fee |
| Equity | Common Stock, par value $1.00 per share | 457(c) and 457(h) | 50,000 | $164.695(2) | $8,234,750 | 0.00011020 | $907.47 |
| Total Offering Amounts | $8,234,750 | $907.47 | |||||
| Total Fee Offsets | $0 | ||||||
| Net Fee Due | $907.47 | ||||||
(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement includes an indeterminate number of additional shares as may be issuable as a result of a stock split, stock dividend or similar adjustment of the outstanding Common Stock of the Registrant.
(2) Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) and Rule 457(h) of the Securities Act. The proposed maximum offering price per share is based upon the average of the high and low sale prices of the Registrant’s common stock as reported the average of the high and low prices reported in the consolidated reporting system of the New York Stock Exchange on April 27, 2023, which is within five business days prior to filing of this Registration Statement.