Iron Mountain (IRM) Form 4: 69,125-Share Option Exercise at $36.588

Rhea-AI Filing Summary

William L. Meaney, President and CEO and a director of Iron Mountain Incorporated (IRM), reported a series of transactions dated 10/01/2025 on a Form 4. The filing shows an exercise of employee stock options creating 69,125 shares at an exercise price of $36.588. The report also discloses sales of 29,063 shares at a weighted average of $101.985 and 40,062 shares at a weighted average of $102.599. Separately, 295,650 shares are reported as indirectly owned via a Grantor Retained Annuity Trust (transferred 11/29/2024) and noted as exempt from Section 16. The filing states the related stock option award is fully vested and represents rights to purchase a total of 829,506 shares.

Positive

• 69,125 shares acquired via option exercise at $36.588, showing exercise of vested awards
• Stock option award described as fully vested and covering rights to 829,506 shares
• 295,650 shares transferred to a GRAT are recorded and noted as exempt under Rule 16a-13

Negative

• Sales of a total of 69,125 shares on 10/01/2025 at weighted averages of $101.985 and $102.599, reducing direct holdings
• Following one reported sale line the beneficial ownership for that line is reported as 0 shares (indicating full disposition in that tranche)

Insights

Corporate Governance Expert

Insider exercised vested options and executed large open-market sales on 10/01/2025.

The Form 4 shows Meaney exercised an employee stock option to obtain 69,125 shares at $36.588, increasing direct holdings tied to that option. On the same date he sold a total of 69,125 shares in two grouped sales at weighted averages of $101.985 and $102.599.

These transactions were implemented under a Rule 10b5-1 plan adopted on August 18, 2023, which the filing discloses. The simultaneity of exercise and sale is consistent with routine option monetization under a pre-established plan rather than ad hoc trading.

Tax/Estate Planning Expert

295,650 shares were transferred to a GRAT and are reported as indirectly owned.

The filing notes a transfer of 295,650 shares to fund a Grantor Retained Annuity Trust on 11/29/2024, and states this transfer is exempt from Section 16 pursuant to Rule 16a-13. That treatment reflects an estate-planning move that changes legal ownership but remains disclosed as indirect beneficial ownership on Form 4.

The filing does not disclose consideration or tax details beyond the transfer date and exemption reference.

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

1. Name and Address of Reporting Person^*

Meaney William L

(Last) (First) (Middle)

C/O IRON MOUNTAIN INCORPORATED

85 NEW HAMPSHIRE AVENUE, SUITE 150

(Street)

PORTSMOUTH NH 03801

(City) (State) (Zip)

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
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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

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

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

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
Common Stock, par value $.01 per share	10/01/2025		M(1)		69,125	A	$36.588	69,125	D
Common Stock, par value $.01 per share	10/01/2025		S(1)		29,063	D	$101.985(2)	40,062	D
Common Stock, par value $.01 per share	10/01/2025		S(1)		40,062	D	$102.599(3)	0	D
Common Stock, par value $.01 per share								295,650	I(4)	By GRAT

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
Employee Stock Option (Right to Buy)	$36.588	10/01/2025		M(1)			69,125	(5)	02/18/2026	Common Stock, par value $.01 per share	69,125	$36.588	138,250	D

Explanation of Responses:

1. The transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 18, 2023.

2. The price reported in Column 4 is a weighted average price. These shares of Iron Mountain Incorporated common stock ("Common Stock") were sold in multiple transactions at prices ranging from $101.29 to $102.285, 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 sold at each separate price within the ranges set forth in this footnote (2).

3. The price reported in Column 4 is a weighted average price. These shares of Common Stock were sold in multiple transactions at prices ranging from $102.290 to $103.260, 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 sold at each separate price within the ranges set forth in this footnote (3).

4. Balance reflects 295,650 shares transferred from the Grantor for funding of a Grantor Retained Annuity Trust on November 29, 2024. This transfer is exempt from Section 16 pursuant to Rule 16a-13.

5. This stock option, representing a right to purchase a total of 829,506 shares, is fully vested.

Remarks:

	/s/ Christine Zhang, under Power of Attorney dated February 27, 2025, from William Meaney	10/03/2025
	** 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.
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FAQ

What did IRM insider William Meaney report on the 10/01/2025 Form 4?

The filing reports Meaney exercised 69,125 option shares at $36.588 and sold 29,063 shares at a weighted average of $101.985 and 40,062 shares at a weighted average of $102.599 on 10/01/2025.

Was Meaney's trading done under a pre-established plan?

Yes. The transactions were made pursuant to a Rule 10b5-1 trading plan adopted by Meaney on August 18, 2023, as disclosed in the Form 4.

How many shares does Meaney indirectly own via estate planning vehicles?

The Form 4 reports 295,650 shares transferred to a Grantor Retained Annuity Trust (GRAT) on 11/29/2024, which is noted as exempt from Section 16 under Rule 16a-13.

Are the reported options exercisable and vested?

The filing states the referenced stock option is fully vested and represents a right to purchase a total of 829,506 shares.

Who signed the Form 4 and when was it filed?

The Form 4 is signed by Christine Zhang under power of attorney for William Meaney, with a signature date of 10/03/2025.