Samuels Theodore R. II 4

What Happened

• Theodore R. Samuels II, a director of Iron Mountain Incorporated (IRM), was credited with two grants of phantom shares (derivative awards) on 2026-04-06. The filing shows 349.88 phantom shares at a weighted-average price of $103.61 (value ~$36,251) and 92.27 phantom shares at $103.52 (value ~$9,552), totaling 442.15 phantom shares worth about $45,803.
• These are awards (transaction code A) reflecting deferred compensation and dividend reinvestment into "Phantom Shares" rather than open-market purchases of common stock — a routine director compensation action rather than a market-direction trade.

Key Details

• Transaction date: 2026-04-06; Form 4 filed 2026-04-07 (appears timely).
• Reported per-share weighted-average prices: $103.61 (for 349.88 shares) and $103.52 (for 92.27 shares). Footnotes indicate underlying trades occurred across narrow price ranges ($103.54–$103.62 and $103.45–$103.54).
• Shares acquired: 442.15 phantom shares (derivative), total reported value ≈ $45,803.
• Shares owned after transaction: not disclosed in the provided filing.
• Notable footnotes: F1 explains Phantom Shares pay out in common stock upon disability or cessation of director service; F2/F4 note these reflect quarterly cash compensation and dividend reinvestment; F3/F5 explain the reported prices are weighted averages across multiple underlying transactions and full breakdowns are available on request.

Context

• Phantom shares are a form of deferred compensation that mirror the economic value of common stock but are derivative until they are settled in actual shares under plan rules — this is not an immediate purchase of common stock.
• Such director awards are typically routine compensation and do not necessarily indicate the director is taking a new bullish or bearish position in the stock.