[Form 4] Iron Mountain Inc. Insider Trading Activity

Rhea-AI Filing Summary

Iron Mountain Incorporated (NYSE: IRM) filed a Form 4 on 8 July 2025 reporting insider activity by director Doyle R. Simons.

• Two acquisitions of derivative securities: 340.987 phantom shares on 3 July 2025 and 347.908 phantom shares on 7 July 2025, both coded “A”.
• Plan-based transactions: The units were credited under the company’s Directors Deferred Compensation Plan; each phantom share mirrors one IRM common share and will be delivered after the director’s board service ends or upon disability.
• Post-transaction balance: Simons now holds 44,369.762 phantom shares, up by 688.895 units from the prior balance.
• Reference pricing: Column 8 lists weighted-average prices of $100.56 and $100.601, representing multiple trades executed between $100.419 and $100.624.
• Signal strength: Because the activity is compensation-related rather than open-market buying, the transactions are generally considered routine and carry limited market-moving impact.

Positive

• Director’s phantom share balance increased by 688.895 units, modestly strengthening equity alignment with shareholders.

Negative

• Transactions are automatic under a deferred compensation plan and therefore provide limited insight into insider sentiment or company valuation.

Insights

Securities Analyst

TL;DR: Routine deferred-compensation phantom stock credit; minimal valuation impact, neutral insider signal.

The Form 4 shows modest additions to Director Simons’ phantom share balance through the board’s Deferred Compensation Plan. No cash changed hands and the transactions were not open-market purchases, so the informational value for outside investors is low. The director’s aggregate economic exposure rose by roughly 1.6% versus his prior phantom balance and remains below 0.05% of IRM’s outstanding shares. With reference prices near $100.5, the filing does not indicate any directional view on valuation. Overall impact on share price and corporate governance perception is neutral.

Corporate Governance Specialist

TL;DR: Standard board deferred-pay election; shows alignment but not a discretionary purchase.

Phantom stock accruals under a deferred compensation program are a common mechanism to link director pay to long-term performance. The increase to 44,369.762 units reflects dividends and quarterly cash fees reinvested. Because shares are settled only after the director leaves, the structure encourages oversight continuity. However, investors should not interpret the filing as fresh insider buying; it merely reports automatic plan activity required under Section 16. No red flags or governance concerns arise from the disclosure.

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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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^*

Simons Doyle

(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)
07/03/2025

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

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)	07/03/2025		A		340.987(2)		(1)	(1)	Common Stock	340.987	$100.56(3)	44,021.854	D
Phantom Stock	(1)	07/07/2025		A		347.908(4)		(1)	(1)	Common Stock	347.908	$100.601(5)	44,369.762	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 dividends paid on Common Stock as if reinvested in Phantom Shares.

3. The price reported in Column 8 is a weighted average price. These shares of Common Stock were sold in multiple transactions at prices ranging from $100.419 to $100.594, 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 (3).

4. 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.

5. The price reported in Column 8 is a weighted average price. These shares of Common Stock were sold in multiple transactions at prices ranging from $100.539 to $100.624, 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 (5).

Remarks:

	/s/ Keely Stewart, under Power of Attorney dated April 17, 2023 from Doyle R. Simons	07/08/2025
	** 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.
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FAQ

What did Iron Mountain (IRM) disclose in its latest Form 4?

IRM reported that director Doyle R. Simons acquired a total of 688.895 phantom shares on 3 and 7 July 2025 under the board’s deferred compensation plan.

How many Iron Mountain phantom shares does Director Simons now hold?

After the reported transactions, Simons holds 44,369.762 phantom shares linked to IRM common stock.

Were these insider transactions open-market purchases?

No. The acquisitions were plan-based credits within the Directors Deferred Compensation Plan, not discretionary market buys.

What price range is associated with the reported phantom stock transactions?

Footnotes cite weighted-average prices of $100.56 and $100.601, derived from trades between $100.419 – $100.624 per share.

Does the Form 4 signal a change in Iron Mountain’s outlook?

Because the activity is routine compensation-related, it is generally viewed as neutral with minimal impact on the company’s outlook.