IRM Form 4: Director Walter Rakowich reports 11,050-share gift

Rhea-AI Filing Summary

Walter C. Rakowich, an Iron Mountain Inc. director, reported a transaction on 09/04/2025 in which 11,050 shares of IRM common stock were disposed of as a gift (price $0). After the transaction he is recorded as beneficially owning 25,465 shares indirectly through the Rakowich Living Trust, of which he is the sole trustee. The Form 4 was signed on behalf of Mr. Rakowich by Keely Stewart under a power of attorney on 09/08/2025.

Positive

• Transaction disclosed with clear details including date, quantity, transaction code, and resulting beneficial ownership
• Reporting person identified as sole trustee of Rakowich Living Trust, clarifying the nature of indirect ownership

Negative

• Director disposed of 11,050 IRM shares (reported as a gift), which reduces his direct/indirect stake
• Disposition was executed at a price of $0, indicating a non-cash transfer rather than a market sale

Insights

Corporate Governance Expert

TL;DR: Director reported a gift of shares and retains indirect ownership via a family trust; filing appears routine.

The disposal of 11,050 shares is reported with transaction code indicating a transfer as a gift (price $0), which is a non-sale disposition type and often reflects estate planning or personal transfers rather than market-driven selling. The reporting person retains indirect ownership of 25,465 shares through the Rakowich Living Trust with the reporting person identified as sole trustee, which preserves ongoing alignment with shareholder interests. The filing was executed under power of attorney and timely signed within days of the transaction, meeting Form 4 procedural expectations.

Securities Analyst

TL;DR: Material facts are clear: 11,050 shares gifted; 25,465 shares remain beneficially owned indirectly.

This Form 4 discloses a single non-derivative disposition coded as a gift and shows ongoing indirect ownership through a trust. There are no derivative transactions, no cash proceeds, and no indication of multiple reporting persons. For investors assessing insider activity, the filing documents a change in record ownership rather than a market sale, and the remaining reported stake size is explicitly stated.

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^*

RAKOWICH WALTER C

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

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	09/04/2025		G		11,050	D	$0	25,465	I	By Rakowich Living Trust(1)

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

Explanation of Responses:

1. Shares held of record by Rakowich Living Trust. The reporting person is the sole trustee.

Remarks:

	/s/ Keely Stewart, under Power of Attorney dated April 17, 2023, from Walter C. Rakowich	09/08/2025
	** 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.
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.

FAQ

What did Walter C. Rakowich report on the Form 4 for IRM?

The Form 4 reports a disposition of 11,050 shares of IRM on 09/04/2025 reported as a gift (price $0) and 25,465 shares remain beneficially owned indirectly via the Rakowich Living Trust.

What does transaction code 'G' mean on this Form 4?

In this filing, transaction code G is used to indicate a gift—a non-sale transfer of securities with a reported price of $0.

How much IRM stock does Rakowich beneficially own after the reported transaction?

After the reported transaction, the Form 4 shows 25,465 shares beneficially owned indirectly through the Rakowich Living Trust.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Keely Stewart under power of attorney for Walter C. Rakowich on 09/08/2025.

Was any cash proceeds received from the reported transaction?

No cash proceeds were reported; the transaction price is listed as $0, consistent with a gift.