IRON MOUNTAIN INC — Director's Dealing 2017

Jan 9, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: IRON MOUNTAIN INC (IRM)
CIK: 0001020569
Period of Report: 2017-01-05

Reporting Person: RAKOWICH WALTER C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-01-05	Common Stock, par value $.01 per share	M	5617.9945	—	Acquired	12747.9945	Direct
2017-01-05	Common Stock, par value $.01 per share	D	0.9945	$33.98	Disposed	12747	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-01-05	Phantom Stock	$	M	5617.9945	Disposed		Common Stock (5617.9945)	Direct

Footnotes

F1: Pursuant to the Reporting Person's election to participate in the Iron Mountain Incorporated Directors Deferred Compensation Plan (the "Plan"), the shares of phantom stock ("Phantom Shares") are payable in shares of Iron Mountain Incorporated common stock ("Common Stock") on various dates selected by the Reporting Person or as otherwise provided in the Plan. Each Phantom Share is the economic equivalent of one (1) share of Common Stock.

F2: Represents the fraction of a share of Common Stock otherwise issuable to the Reporting Person for which cash was paid in lieu of the issuance of a fractional share, based on the closing price of Common Stock on the New York Stock Exchange on the transaction date.

F3: Settlement of the Phantom Shares is in an equivalent number of whole shares of Common Stock and cash in lieu of the issuance of a fractional share.

F4: Settlement of the Phantom Shares is made in accordance with distribution elections made by the Reporting Person or as otherwise provided in the Plan.