Form 4: Iron Mountain Director Converts Phantom Stock to Shares

Sentiment:

Insider Transaction Report 22 January 2026 5:05 PM

Iron Mountain Director Robin Matlock converted 10.189 phantom stock units into common shares, increasing her direct beneficial ownership to 28,559.189 shares.

Summary

Robin Matlock, a Director at Iron Mountain Inc. (IRM), reported a change in beneficial ownership.
On January 21, 2026, Matlock acquired 10.189 shares of Common Stock, par value $0.01 per share, through the conversion of derivative securities.
The transaction involved the disposition of 10.189 shares of Phantom Stock, which were converted into Common Stock at a price of $0 per share.
Following this transaction, Matlock directly beneficially owns 28,559.189 shares of Iron Mountain Common Stock.
The Phantom Shares are part of the Iron Mountain Incorporated Directors Deferred Compensation Plan and are payable in Common Stock on various dates selected by the Reporting Person or as provided in the Plan.
Each Phantom Share is economically equivalent to one share of Common Stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. This is a routine, pre-planned conversion of deferred compensation into common stock, which increases the director's direct stake in the company. It does not indicate new strategic developments or financial performance, but it does show continued alignment of interests.

Positives

The conversion of phantom stock into common shares increases the director's direct beneficial ownership, aligning their interests further with shareholders.
The transaction is part of a pre-existing deferred compensation plan, indicating a structured and expected compensation event.

Industry Context

This filing represents a routine insider transaction related to director compensation and does not reflect broader industry trends or competitive dynamics. It is a standard disclosure for changes in beneficial ownership by company insiders.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Compensation Plan Activity	The transaction occurred pursuant to the Iron Mountain Incorporated Directors Deferred Compensation Plan, under which phantom stock becomes payable in common stock.	01/21/2026	Reinforces the existing director compensation structure and aligns director interests with long-term shareholder value through equity ownership.

Stakeholder Impact

Shareholders: Minor positive impact as a director's direct ownership increases, signaling continued alignment with shareholder interests through equity holdings.

Key Dates

Date	Description
05/12/2025	Date of Power of Attorney granted by Robin L. Matlock to various individuals for Section 16 filings.
01/21/2026	Date of the reported transaction where phantom stock was converted to common stock.
01/22/2026	Date the Form 4 was signed by Christine Zhang, under Power of Attorney for Robin Matlock.

Recommendation

hold

This Form 4 reports a routine conversion of phantom stock by a director, which is a pre-planned compensation event rather than a discretionary market transaction. It does not provide new material information regarding the company's operational performance, financial health, or strategic direction that would warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate as the filing does not present new catalysts for significant price movement.

Keywords

Iron Mountain, IRM, Form 4, Insider Transaction, Director, Stock Conversion, Phantom Stock, Beneficial Ownership, Deferred Compensation

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