Form 4: Iron Mountain Director Converts Phantom Stock to Common Shares Following Board Departure
Insider Transaction Report
Iron Mountain Inc. Director Clarke H. Bailey converted 90,860.989 phantom stock units into common shares following his cessation of service as a director on May 29, 2025.
Summary
- Clarke H. Bailey, a director of Iron Mountain Inc. (IRM), reported a change in beneficial ownership.
- On July 1, 2025, 90,860.989 phantom stock units were converted into an equal number of common shares.
- This conversion occurred because the phantom shares became payable following Mr. Bailey's cessation of service as a director, effective May 29, 2025.
- Following this transaction, Mr. Bailey directly owns 242,454.989 shares of Common Stock.
- Additionally, 12,409 shares are indirectly held by the Clarke H. Bailey GST Trust for the benefit of Trent S. Bailey, and another 12,409 shares are indirectly held by the same trust for the benefit of Turner H. Bailey.
Sentiment
Score: 5
Explanation: The filing reports a routine, pre-planned conversion of phantom stock into common shares upon a director's cessation of service, which is a neutral event for the company's operational performance or financial health.
Positives
- Increased direct beneficial ownership of common stock by a former director, aligning interests with shareholders.
Negatives
- Cessation of service by Clarke H. Bailey as a director, effective May 29, 2025.
Future Outlook
NA
Industry Context
NA
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | Clarke H. Bailey | NA | May 29, 2025 | Cessation of service as a director. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Administrative/Legal Authorization | Clarke H. Bailey granted a Power of Attorney to company secretaries and counsel for Section 16 filings, including Forms 3, 4, and 5. | May 12, 2025 | Streamlines the process for insider reporting compliance. |
Related Party Transactions
- Indirect beneficial ownership of 12,409 common shares each by the Clarke H. Bailey GST Trust for the benefit of Trent S. Bailey and Turner H. Bailey.
Stakeholder Impact
- Shareholders: Minor impact due to a director's departure and a pre-planned stock conversion, with no direct impact on company operations or strategy.
Key Dates
| Date | Description |
|---|---|
| 05/12/2025 | Date Clarke H. Bailey granted a Power of Attorney for Section 16 filings. |
| 05/29/2025 | Effective date of Clarke H. Bailey's cessation of service as a director. |
| 07/01/2025 | Date of the phantom stock conversion transaction. |
| 07/03/2025 | Date the Form 4 was signed by Christine Zhang under Power of Attorney. |
Recommendation
holdKeywords
IRM, Iron Mountain, Form 4, insider transaction, beneficial ownership, phantom stock, common stock, director, corporate governance
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