Exhibit 10.1

 

THE IRON MOUNTAIN COMPANIES SEVERANCE PLAN

SEVERANCE PROGRAM NO. 1

 

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SECOND AMENDMENT

 

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The Compensation Committee of the Board of Directors of Iron Mountain
Incorporated (the “Company”) hereby amends The Iron Mountain Companies Severance
Plan Severance Program No. 1, as previously amended (the “Program”), effective
immediately.

 

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1.                                      Section 3.3 of the Program shall be
amended in its entirety as follows:

 

3.3                               Accelerated Vesting of Certain Equity
Compensation.  Notwithstanding anything to the contrary in any equity
compensation plan, agreement thereunder or amendment to either, if a Covered
Employee experiences a Qualifying Termination, outstanding equity-based awards
shall be adjusted in accordance with the provisions of this Section 3.3.

 

(a)                                 In the case of outstanding stock options,
restricted stock and restricted stock units, the award shall be credited with an
additional twelve months of vesting service as of the date of the Qualifying
Termination.

 

(b)                                 In the case of outstanding performance units
that are earned based on the performance criteria applicable to the award, the
Covered Employee shall be credited with an additional twelve months of service
solely for purposes of applying the following schedule:

 

 

 

Vesting

 

Date Relationship Terminates

 

Percentage

 

On or after first anniversary of Grant Date

 

33.3

%

On or after second anniversary of Grant Date

 

66.6

%

On or after third anniversary of Grant Date

 

100

%

 

Example:  Covered Employee A is granted a performance unit on March 12, 2014 and
experiences a Qualifying Termination as of September 12, 2014.  Covered Employee
A will be treated as 33.3% vested in this award, based on six months of service
plus the additional twelve months of service credited by this Section 3.3(b).

 

Notwithstanding the provisions of any Performance Unit Agreement to the contrary
(including, without limitation, the last sentence of the first paragraph of
Section 3(a) of Performance Unit Agreement Version 21, and the equivalent
thereof in each other Performance Unit Agreement), vesting acceleration as a

 

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result of this Section 3.3(b) shall not accelerate the date on which the
“underlying shares” (as defined in the Performance Unit Agreement) shall be
delivered, which date shall remain the initially established “vesting date” (as
defined in the Performance Unit Agreement).  In no event will any performance
units that have not been “earned” in accordance with the terms of the award be
delivered.

 

(c)                                  In the event of any acceleration of vesting
under this Section 3.3 as well as upon a change in control (including a Vesting
Change in Control) under any of Iron Mountain’s equity compensation plans,
duplicative vesting service shall not be credited (but the most generous of any
multiple vesting service crediting provisions shall apply).

 

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2.                                      Except as hereinabove specifically
amended, all provisions of the Program shall continue in full force and effect;
provided, however, that the Compensation Committee of the Board of Directors of
the Company hereby reserves the power from time to time to further amend the
Program.

 

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