IRON MOUNTAIN INC — Director's Dealing 2014

Nov 6, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: IRON MOUNTAIN INC (IRM)
CIK: 0001020569
Period of Report: 2014-11-04

Reporting Person: Cloutier Ernest W (EVP, Gen. Counsel, Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-04	Common Stock, par value $.01 per share	A	1043	—	Acquired	15463	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Common Stock ()	3438	Direct
Restricted Stock Units	$		Common Stock ()	5969	Direct
Restricted Stock Units	$		Common Stock ()	7124	Direct
Performance Units	$		Common Stock ()	9202	Direct
Performance Units	$		Common Stock ()	6266	Direct

Footnotes

F1: This report reflects shares received by the Reporting Person as a result of the Reporting Person's receipt of his pro rata portion of a special distribution declared by the Board of Directors of the issuer on September 15, 2014 and paid on November 4, 2014 (the "Special Distribution").

F2: Includes 258 previously unreported unvested restricted stock units ("RSUs") allocated on November 4, 2014 in connection with the Special Distribution and associated with the previously reported RSU grant received by the Reporting Person on March 9, 2012. The RSUs vest in three substantially equal annual installments beginning on March 9, 2013, which was the first anniversary of the grant date. Each RSU represents a contingent right to receive one share of Iron Mountain Incorporated common stock ("Common Stock").

F3: Includes 449 previously unreported unvested RSUs allocated on November 4, 2014 in connection with the Special Distribution and associated with the previously reported RSU grant received by the Reporting Person on March 15, 2013. The RSUs vest in three substantially equal annual installments beginning on March 15, 2014, which was the first anniversary of the grant date. Each RSU represents a contingent right to receive one share of Common Stock.

F4: Includes 535 previously unreported unvested RSUs allocated on November 4, 2014 in connection with the Special Distribution and associated with the previously reported RSU grant received by the Reporting Person on February 13, 2014. The RSUs vest in three substantially equal annual installments beginning on February 13, 2015, which will be the first anniversary of the grant date. Each RSU represents a contingent right to receive one share of Common Stock.

F5: Includes 692 previously unreported unvested performance units ("PUs") allocated on November 4, 2014 in connection with the Special Distribution and associated with the previously reported PUs granted to the Reporting Person on March 9, 2012 and subsequently awarded by the Compensation Committee of the Board of Directors of the issuer (the "Compensation Committee") on March 13, 2013. Each PU represents a contingent right to receive one share of Common Stock. The PUs fully vest on March 9, 2015, subject to certain exceptions, if the Reporting Person is, as of that date, continuing to perform services for the issuer.

F6: Includes 471 previously unreported unvested PUs allocated on November 4, 2014 in connection with the Special Distribution and associated with the previously reported PUs granted to the Reporting Person on March 15, 2013 and subsequently awarded by the Compensation Committee on March 10, 2014. Each PU represents a contingent right to receive one share of Common Stock. The PUs fully vest on March 15, 2016, subject to certain exceptions, if the Reporting Person is, as of that date, continuing to perform services for the issuer.