Form 4: Iron Mountain Director Acquires Phantom Stock

Iron Mountain Director Robin Matlock acquired 7.446 phantom stock units, equivalent to common stock, through a deferred compensation plan.

Summary

• Robin Matlock, a Director at Iron Mountain Inc. (IRM), acquired 7.446 phantom stock units on October 3, 2025.
• These phantom stock units were acquired at a weighted average price of $104.422 per unit, with individual transaction prices ranging from $104.349 to $104.524.
• The acquisition was made pursuant to Matlock's election to participate in the Iron Mountain Incorporated Directors Deferred Compensation Plan.
• Each phantom share is the economic equivalent of one share of Common Stock and will become payable in Common Stock on various dates selected by the Reporting Person or as provided in the Plan.
• Following this transaction, Matlock beneficially owns 998 phantom stock units directly.
• The reported shares give effect to dividends paid on Common Stock as if reinvested in Phantom Shares.

Sentiment

Score: 7

Explanation: The acquisition of phantom stock by a director, even as part of a deferred compensation plan, generally indicates alignment of interests with shareholders and a positive long-term view of the company. It is a routine transaction, not a strong market signal.

Positives

• Director Robin Matlock increased her beneficial ownership by acquiring 7.446 phantom stock units, aligning her interests further with shareholders.
• The acquisition is part of a structured Directors Deferred Compensation Plan, indicating a commitment to long-term incentives for board members.

Future Outlook

The filing does not provide forward-looking statements or guidance, as it is a report of a past insider transaction.

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction, common across all publicly traded companies, reflecting a director's participation in a compensation plan rather than a strategic market move.

Corporate Governance

Related Party Transactions

• The acquisition of phantom stock units by Director Robin Matlock is part of the Iron Mountain Incorporated Directors Deferred Compensation Plan, which is a standard compensation arrangement for board members.

Stakeholder Impact

• Shareholders: The director's increased beneficial ownership through phantom stock units aligns her interests with those of shareholders, potentially fostering long-term value creation.

Next Steps

• The phantom stock units will become payable in shares of Iron Mountain Incorporated common stock on various dates selected by the Reporting Person or as otherwise provided in the Directors Deferred Compensation Plan.

Key Dates

Keywords

Iron Mountain, IRM, phantom stock, director compensation, insider transaction, Form 4, deferred compensation