Borges Daniel 4

What Happened
Daniel Borges, Senior Vice President & Chief Accounting Officer of Iron Mountain (IRM), received an award of 6,537 Performance Units (PUs) effective February 16, 2026. The Form 4 reports the units as a derivative award at $0.00 (code A) because PUs are contingent rights, not an open‑market purchase or sale. The PUs were part of a grant originally made March 1, 2023; the Compensation Committee determined the actual award amount after the performance period.

Key Details

• Transaction date: 2026-02-16; reported on Form 4 filed 2026-02-18 (timely filing).
• Transaction type/code: Award of performance units (A); reported price $0.00 because these are contingent units, not a cash purchase.
• Amount: 6,537 Performance Units (each PU = contingent right to one share of common stock).
• Vesting/conversion: PUs were initially granted 3/1/2023 and will fully vest on 3/1/2026 (per footnotes).
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Footnotes: F1 explains each PU converts to one share of common stock; F2 notes the Comp Committee’s determination of award effective 2/16/2026; F3 confirms original grant date and full vesting date.

Context
Performance units are long‑term incentive awards that convert to company stock (or cash equivalent) upon satisfaction of vesting/performance conditions; they are not immediate purchases or sales and do not by themselves signal buying pressure. This filing documents the formal award determination and upcoming vesting on 3/1/2026.