Iron Mountain director granted phantom stock units

IRON MOUNTAIN INC director Theodore R. Samuels II reported awards of phantom stock under the company’s Directors Deferred Compensation Plan.

Rhea-AI Filing Summary

IRON MOUNTAIN INC director Theodore R. Samuels II reported awards of phantom stock under the company’s Directors Deferred Compensation Plan. He acquired 349.88 phantom shares based on quarterly cash board compensation and 92.27 phantom shares from dividends reinvested, all economically equivalent to common stock and payable in Iron Mountain common shares after disability or when his board service ends. Following these awards, his phantom stock balance rose to 11,498.41 units, reflecting routine, compensation-related accruals rather than open-market trading.

Insider Trade Summary

Grant/Award: 442.15 shares

Grant/Award 2 txns

Insider Samuels Theodore R. II

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	349.88	$103.61	$36K
Grant/Award	Phantom Stock	92.27	$103.52	$10K

Holdings After Transaction: Phantom Stock — 11,498.41 contracts (Direct)

Footnotes (5)

1. F1. Pursuant to the Reporting Person's election to participate in the Iron Mountain Incorporated Directors Deferred Compensation Plan, the shares of phantom stock (the "Phantom Shares") will become payable in shares of Iron Mountain Incorporated common stock ("Common Stock") following the Reporting Person's disability or cessation of service as a director. Each Phantom Share is the economic equivalent of one share of Common Stock.
2. F2. These shares give effect to the Reporting Person's quarterly cash compensation for services on the board of directors of the Company as if reinvested in Phantom Shares.
3. F3. The price reported in Column 8 is a weighted average price. These shares of Common Stock were acquired in multiple transactions at prices ranging from $103.54 to $103.62, inclusive. The Reporting Person undertakes to provide Iron Mountain Incorporated (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Common Stock acquired at each separate price within the ranges set forth in this footnote (3).
4. F4. These shares give effect to dividends paid on Common Stock as if reinvested in Phantom Shares.
5. F5. The price reported in Column 8 is a weighted average price. These shares of Common Stock were acquired in multiple transactions at prices ranging from $103.45 to $103.54, inclusive. The Reporting Person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Common Stock acquired at each separate price within the ranges set forth in this footnote (5).

Key Figures

Phantom stock from board fees: 349.88 phantom shares Phantom stock from dividends: 92.27 phantom shares Weighted average price (fees award): $103.61 per share +4 more

7 metrics

Phantom stock from board fees 349.88 phantom shares Award based on quarterly cash board compensation

Phantom stock from dividends 92.27 phantom shares Award from dividends on common stock reinvested in phantom shares

Weighted average price (fees award) $103.61 per share Price used to determine 349.88 phantom shares

Weighted average price (dividend award) $103.52 per share Price used to determine 92.27 phantom shares

Phantom stock balance after transactions 11,498.41 phantom shares Total phantom stock units following the reported awards

Price range for first award $103.54–$103.62 Range of prices for common stock underlying first phantom stock acquisition

Price range for second award $103.45–$103.54 Range of prices for common stock underlying second phantom stock acquisition

Key Terms

Phantom Stock, Directors Deferred Compensation Plan, weighted average price, dividends paid on Common Stock

4 terms

Phantom Stock financial

"The shares of phantom stock (the "Phantom Shares") will become payable in shares of Iron Mountain Incorporated common stock"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

Directors Deferred Compensation Plan financial

"election to participate in the Iron Mountain Incorporated Directors Deferred Compensation Plan"

A directors deferred compensation plan lets a board member postpone receiving part or all of their cash fees or stock-based pay until a future date, often retirement, allowing taxes to be delayed and payouts to be structured over time. Investors care because these plans change a company’s future cash obligations and reveal how the board’s pay is aligned with long-term performance—like choosing to take a paycheck later to tie personal reward to the company’s future results.

weighted average price financial

"The price reported in Column 8 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

dividends paid on Common Stock financial

"These shares give effect to dividends paid on Common Stock as if reinvested in Phantom Shares."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did IRM director Theodore R. Samuels II report on this Form 4?

He reported receiving phantom stock awards tied to board service. These include units from quarterly cash compensation and dividend reinvestment, all economically equivalent to Iron Mountain common stock and payable in shares after disability or when his board service ends.

How many phantom stock units did IRM’s director acquire in this filing?

He acquired 349.88 phantom shares from quarterly board compensation and 92.27 phantom shares from dividend reinvestment. Together these compensation-related awards increased his phantom stock balance to 11,498.41 units linked to Iron Mountain common stock value.

Are these IRM phantom stock transactions open-market buys or sells?

No, they are compensation-related grants, not market trades. The phantom stock awards arise from deferring quarterly cash board fees and reinvesting dividends, so they reflect routine director compensation rather than discretionary buying or selling of shares.

When will the IRM phantom stock units reported become payable?

The phantom stock units become payable in Iron Mountain common shares after the director’s disability or when board service ends. Until then, each phantom share tracks the economic value of one common share under the Directors Deferred Compensation Plan.

What prices are associated with the IRM phantom stock awards in this Form 4?

The reported weighted average prices are $103.61 and $103.52 per phantom share. Underlying transactions occurred in ranges from $103.54 to $103.62 and from $103.45 to $103.54, reflecting market prices used to convert cash amounts into phantom stock units.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/07/2026 - 04:14 PM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Samuels Theodore R. II

(Last) (First) (Middle)

C/O IRON MOUNTAIN INCORPORATED

85 NEW HAMPSHIRE AVENUE, SUITE 150

(Street)

PORTSMOUTH NEW HAMPSHIRE 03801

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
IRON MOUNTAIN INC [ IRM ]

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/06/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock	(1)	04/06/2026		A		349.88(2)		(1)	(1)	Common Stock	349.88	$103.61(3)	11,406.14	D
Phantom Stock	(1)	04/06/2026		A		92.27(4)		(1)	(1)	Common Stock	92.27	$103.52(5)	11,498.41	D

Explanation of Responses:

1. Pursuant to the Reporting Person's election to participate in the Iron Mountain Incorporated Directors Deferred Compensation Plan, the shares of phantom stock (the "Phantom Shares") will become payable in shares of Iron Mountain Incorporated common stock ("Common Stock") following the Reporting Person's disability or cessation of service as a director. Each Phantom Share is the economic equivalent of one share of Common Stock.

2. These shares give effect to the Reporting Person's quarterly cash compensation for services on the board of directors of the Company as if reinvested in Phantom Shares.

3. The price reported in Column 8 is a weighted average price. These shares of Common Stock were acquired in multiple transactions at prices ranging from $103.54 to $103.62, inclusive. The Reporting Person undertakes to provide Iron Mountain Incorporated (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Common Stock acquired at each separate price within the ranges set forth in this footnote (3).

4. These shares give effect to dividends paid on Common Stock as if reinvested in Phantom Shares.

5. The price reported in Column 8 is a weighted average price. These shares of Common Stock were acquired in multiple transactions at prices ranging from $103.45 to $103.54, inclusive. The Reporting Person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Common Stock acquired at each separate price within the ranges set forth in this footnote (5).

Remarks:

	/s/ Keely Stewart, under Power of Attorney dated July 6, 2023 from Theodore R Samuels	04/07/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)