Daniel Borges - Feb 23, 2023 Form 4 Insider Report for IRON MOUNTAIN INC (IRM)

Role: SVP & Chief Accounting Officer
Signature: /s/ Elizabeth Tammaro, under Power of Attorney dated October 23, 2017 from Daniel Borges
Stock symbol: IRM
Transactions as of: Feb 23, 2023
Transactions value $: -$48,390
Form type: 4
Date filed: 2/27/2023, 05:11 PM
Previous filing: Feb 23, 2023
Next filing: Mar 2, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	IRM	Common Stock, par value $.01 per share	Options Exercise	$0	+2.89K	+826.65%	$0.00	3.23K	Feb 23, 2023	Direct	F1
transaction	IRM	Common Stock, par value $.01 per share	Tax liability	-$48.4K	-917	-28.35%	$52.77	2.32K	Feb 23, 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	IRM	Performance Units	Award	$0	+2.89K		$0.00	2.89K	Feb 23, 2023	Common Stock	2.89K		Direct	F2, F3, F4
transaction	IRM	Performance Units	Options Exercise	$0	-2.89K	-100%	$0.00^*	0	Feb 23, 2023	Common Stock	2.89K		Direct	F2, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This acquisition is reported to reflect the full vesting of performance units ("PUs") previously granted to the Reporting Person on February 19, 2020. Effective February 23, 2023, the Compensation Committee of Iron Mountain Incorporated's Board of Directors (the "Compensation Committee") determined the actual award of PUs under the grant after completion of the relevant performance period, and the PUs vested in full on February 23, 2023.
F2	Each PU represents a contingent right to receive one share of Iron Mountain Incorporated common stock ("Common Stock").
F3	The PUs were initially granted to the Reporting Person on February 19, 2020. This Form 4 is being filed to reflect the determination by the Compensation Committee, effective as of February 23, 2023, of the actual award of PUs under the grant after completion of the relevant performance period.
F4	The PUs were initially granted to the Reporting Person on February 19, 2020 and fully vested on February 23, 2023.
F5	The PUs were initially granted to the Reporting Person on February 19, 2020. Effective February 23, 2023, the Compensation Committee determined the actual award of PUs under the grant after completion of the relevant performance period, and the PUs vested in full on February 23, 2023.