Form 4: Iron Mountain Director Theodore Samuels Increases Holdings Through Phantom Stock Acquisitions

Iron Mountain Inc. Director Theodore R. Samuels II has increased his beneficial ownership of the company's phantom stock through routine dividend reinvestments and compensation for board services.

Summary

• Theodore R. Samuels II, a Director of Iron Mountain Inc. (IRM), acquired 75.666 shares of phantom stock on July 3, 2025, at a weighted average price of $100.56 per share.
• This acquisition resulted from dividends paid on Common Stock being reinvested into phantom shares.
• An additional 347.908 shares of phantom stock were acquired on July 7, 2025, at a weighted average price of $100.601 per share.
• This second acquisition reflects the reinvestment of the Reporting Person's quarterly cash compensation for services on the board of directors.
• Following these transactions, Theodore R. Samuels II beneficially owns a total of 10,116.5 shares of phantom stock.
• Each phantom share is the economic equivalent of one share of Iron Mountain Incorporated Common Stock and becomes payable in Common Stock upon the Reporting Person's disability or cessation of service as a director.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as it indicates a director's continued alignment with the company through increased holdings, albeit through routine compensation and dividend reinvestment rather than direct open-market purchases.

Positives

• The director's increased holdings, even through routine mechanisms, align his interests further with those of shareholders.
• The transactions demonstrate the ongoing operation of the company's Directors Deferred Compensation Plan.

Future Outlook

The phantom stock shares will become payable in shares of Iron Mountain Incorporated common stock following the Reporting Person's disability or cessation of service as a director.

Management Comments

• The filing was signed by Keely Stewart, Assistant Secretary of Iron Mountain Incorporated, under a Power of Attorney dated July 6, 2023, from Theodore R. Samuels.

Industry Context

This Form 4 filing is a routine disclosure of insider transactions, specifically related to director compensation and dividend reinvestment, and does not provide broader industry context or trends.

Corporate Governance

Related Party Transactions

• The acquisition of phantom stock by a director from the company as part of a compensation plan constitutes a related-party transaction.

Stakeholder Impact

• Shareholders: The increase in director holdings, even through routine means, can be viewed positively as it enhances management's alignment with shareholder interests.

Next Steps

• Phantom stock shares will become payable in Common Stock upon the Reporting Person's disability or cessation of service as a director.

Key Dates

Keywords

Iron Mountain Inc., IRM, Theodore R. Samuels II, Director, SEC Form 4, Insider Transaction, Phantom Stock, Beneficial Ownership, Compensation, Dividend Reinvestment, Corporate Governance