Iron Mountain director gets 1,892 Phantom shares

Samuels Theodore R. II reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Samuels Theodore R. II reported acquisition or exercise transactions in this Form 4 filing.

Iron Mountain Inc. director Theodore R. Samuels II received a compensation grant of 1,892 Phantom Stock units on May 7, 2026. These units are tied to an equal number of shares of Iron Mountain common stock and represent deferred director compensation.

Under the company’s Directors Deferred Compensation Plan, the Phantom Shares will be paid out in common stock after his disability or when he stops serving as a director. Following this grant, his total Phantom Stock balance is 13,390.41 units, all held as direct ownership.

Insider Trade Summary

Grant/Award: 1,892 shares

Grant/Award 1 txn

Insider Samuels Theodore R. II

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	1,892	$0.00	$0.00

Holdings After Transaction: Phantom Stock — 13,390.41 contracts (Direct)

Footnotes (2)

1. F1. Pursuant to the Reporting Person's election to participate in the Iron Mountain Incorporated Directors Deferred Compensation Plan ("DDCP"), 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. Consists of shares issuable upon the settlement of restricted stock units ("RSUs") granted on May 7, 2026. The RSUs vest in their entirety on the grant date. The Reporting Person has elected that upon vesting of RSUs, receipt of the shares of Common Stock be deferred under the DDCP; accordingly, upon vesting, the Reporting Person will instead receive an equal number of Phantom Shares.

Key Figures

Phantom Stock grant: 1,892 units Phantom units after grant: 13,390.41 units Grant price: $0.00 per unit +1 more

4 metrics

Phantom Stock grant 1,892 units Grant on May 7, 2026

Phantom units after grant 13,390.41 units Total Phantom Stock holdings following transaction

Grant price $0.00 per unit Phantom Stock grant under compensation plan

Underlying common stock 1,892 shares Each Phantom Share equals one common share

Key Terms

Phantom Stock, Directors Deferred Compensation Plan, restricted stock units, Common Stock

4 terms

Phantom Stock financial

"the shares of phantom stock (the "Phantom Shares") will become payable"

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 ("DDCP")"

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.

restricted stock units financial

"Consists of shares issuable upon the settlement of restricted stock units ("RSUs") granted on May 7, 2026."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Common Stock financial

"payable in shares of Iron Mountain Incorporated common stock ("Common Stock")"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

FAQ

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

What did Iron Mountain (IRM) director Theodore R. Samuels II report on this Form 4?

He reported receiving 1,892 Phantom Stock units as a compensation grant. These units mirror 1,892 shares of Iron Mountain common stock and increase his deferred compensation holdings, bringing his total Phantom Stock balance to 13,390.41 units held directly.

Is the Iron Mountain (IRM) Form 4 transaction a market buy or sell of shares?

No, the transaction is not a market buy or sell. It is a grant of Phantom Stock under a deferred compensation plan, awarded at a price of $0.00 per unit, rather than an open-market purchase or sale of Iron Mountain common shares.

How many Phantom Stock units does the Iron Mountain (IRM) director hold after this grant?

After receiving 1,892 Phantom Stock units, the director holds a total of 13,390.41 Phantom Stock units. Each unit is economically equivalent to one share of Iron Mountain common stock, representing deferred compensation rather than current share ownership.

When will the Phantom Stock reported in the Iron Mountain (IRM) Form 4 be paid out?

The Phantom Stock will be paid out in Iron Mountain common stock after the director’s disability or when his service as a director ends. This timing follows the company’s Directors Deferred Compensation Plan election and keeps the award deferred until that future event.

How are the Iron Mountain (IRM) restricted stock units related to the Phantom Stock grant?

Restricted stock units granted on May 7, 2026 vest immediately, but the director elected to defer receipt. Upon vesting, those RSUs convert into an equal number of Phantom Shares under the deferred compensation plan, aligning with the 1,892 Phantom Stock units reported.

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

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Accepted by SEC EDGAR 05/11/2026 - 05:30 PM EDT 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)
05/07/2026

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)	05/07/2026		A		1,892(2)		(1)	(1)	Common Stock	1,892	$0	13,390.41	D

Explanation of Responses:

1. Pursuant to the Reporting Person's election to participate in the Iron Mountain Incorporated Directors Deferred Compensation Plan ("DDCP"), 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. Consists of shares issuable upon the settlement of restricted stock units ("RSUs") granted on May 7, 2026. The RSUs vest in their entirety on the grant date. The Reporting Person has elected that upon vesting of RSUs, receipt of the shares of Common Stock be deferred under the DDCP; accordingly, upon vesting, the Reporting Person will instead receive an equal number of Phantom Shares.

Remarks:

	/s/ Keely Stewart, under Power of Attorney dated July 6, 2023 from Theodore R Samuels	05/11/2026
	** 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)