[Form 4] Iron Mountain Inc. Insider Trading Activity

Rhea-AI Filing Summary

William L. Meaney, President and CEO of Iron Mountain Inc. (IRM), reported stock option activity on Form 4. On 09/03/2025 he exercised options to acquire 69,125 shares at an exercise price of $36.588 per share under a Rule 10b5-1 trading plan adopted August 18, 2023, and concurrently sold 69,125 shares at $89.564 per share. Following these transactions Meaney directly beneficially owns 69,125 shares and indirectly owns 295,650 shares transferred to a Grantor Retained Annuity Trust (GRAT) on 11/29/2024 (that transfer is exempt under Rule 16a-13). The filing notes the option pool includes a fully vested option right to purchase 829,506 shares and shows 207,375 option shares remain held directly after the reported transactions.

Positive

• Transaction executed pursuant to a Rule 10b5-1 plan, providing pre-arranged trading plan disclosure (adopted August 18, 2023).
• Exercise used vested options; filing states the option right to purchase 829,506 shares is fully vested.

Negative

• Sale of 69,125 shares at $89.564 reduced immediate direct holdings to 69,125 shares.
• Large indirect holding placed in a GRAT (295,650 shares transferred 11/29/2024) which may limit direct voting control (transfer noted as exempt under Rule 16a-13).

Insights

Financial Analyst

TL;DR Insider exercised vested options and sold an equal amount under a 10b5-1 plan, realizing the spread between $36.588 and $89.564.

The filing documents a routine executive exercise-and-sale where 69,125 option shares were exercised at $36.588 and sold at $89.564 on 09/03/2025 under a previously adopted 10b5-1 plan. The report confirms the transaction mechanics, post-transaction direct beneficial ownership of 69,125 shares, and an indirect holding of 295,650 shares placed in a GRAT on 11/29/2024 (exempt under Rule 16a-13). These are transactional disclosures rather than operational or financial results.

Corporate Governance Expert

TL;DR Transactions were executed under a documented 10b5-1 plan and include a GRAT transfer previously reported as exempt.

The Form 4 shows compliance with Section 16 reporting: the exercise and sale were conducted pursuant to a 10b5-1 plan adopted August 18, 2023, and the GRAT transfer dated 11/29/2024 is explicitly identified as exempt under Rule 16a-13. Signature and POA information are present. The filing provides transparent reporting of insider liquidity and estate-planning activity without introducing new governance items.

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).

X

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^*

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)
09/03/2025

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	09/03/2025		M(1)		69,125	A	$36.588	69,125	D
Common Stock, par value $.01 per share	09/03/2025		S(1)		69,125	D	$89.564	0	D
Common Stock, par value $.01 per share								295,650	I(2)	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	09/03/2025		M(1)			69,125	(3)	02/18/2026	Common Stock, par value $.01 per share	69,125	$36.588	207,375	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. 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.

3. 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	09/05/2025
	** 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 insider transactions did William Meaney report for IRM on 09/03/2025?

He exercised 69,125 option shares at $36.588 per share and sold 69,125 shares at $89.564 on 09/03/2025.

Were the trades executed under a planned trading program for IRM insider William Meaney?

Yes. The Form 4 states the transactions were made pursuant to a Rule 10b5-1 trading plan adopted August 18, 2023.

How many IRM shares does Meaney beneficially own after the reported transactions?

Following the reported transactions he directly beneficially owns 69,125 shares and indirectly owns 295,650 shares held in a GRAT.

What is the status of Meaney's stock options mentioned in the filing?

The filing notes an option right to purchase 829,506 shares is fully vested and 207,375 option shares remain reported as directly held after these transactions.

When was the GRAT transfer of IRM shares made and how is it treated under Section 16?

The transfer of 295,650 shares to a Grantor Retained Annuity Trust occurred on 11/29/2024 and is reported as exempt from Section 16 under Rule 16a-13.