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  EXHIBIT 10.2    
    

 IRON MOUNTAIN INCORPORATED

Iron Mountain Incorporated 2002 Stock Incentive Plan

Restricted Stock Unit Agreement  

        This Restricted Stock Unit Agreement and the associated grant award information (the "Customizing Information"), which Customizing
Information is provided in written form or is available in electronic form from the recordkeeper for the Iron Mountain Incorporated 2002 Stock Incentive Plan, as amended and in effect from time to
time (the "Plan"), is made as of the date shown as the "Grant Date" in the Customizing Information (the "Grant Date") by and between Iron Mountain Incorporated, a Delaware corporation (the "Company"),
and the individual identified in the Customizing Information (the "Recipient"). This instrument and the Customizing Information is collectively referred to as the "Restricted Stock Unit Agreement." 

WITNESSETH THAT: 

        WHEREAS,
the Company has instituted the Plan; and 

        WHEREAS,
the Compensation Committee (the "Committee") has authorized the grant of restricted stock units ("RSUs") with respect to the Company's Common Stock ("Stock") upon the terms and
conditions set forth below and pursuant to the Plan, a copy of which is incorporated herein; 

        NOW,
THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained and for other good and valuable consideration the receipt and adequacy of which
are hereby acknowledged, the Company and the Recipient agree as follows. 

        1.    Grant.    Subject to the terms of the Plan and this Restricted Stock Unit Agreement, the Company hereby grants
to the Recipient that number of restricted stock units ("RSUs") equal to the corresponding number of shares of the Company's Stock (the "Underlying Shares") shown in the Customizing Information under
"Restricted Stock Units Granted." 

        2.    Vesting.    If the Recipient remains in an employment, contractual or other service relationship with the
Company ("Relationship") as of a "Vesting Date," as specified in the Customizing Information, and the Recipient as of such date is not in violation of any confidentiality, inventions and/or
non-competition agreement with the Company, a portion (the "Incremental Amount," as specified in the Customizing Information) of the RSUs shall vest on such date. For the avoidance of
doubt, except as otherwise provided pursuant to the terms of the Plan, if the Recipient's Relationship with the Company is terminated by the Company or by the Recipient for any reason, whether
voluntarily or involuntarily, no RSUs granted pursuant to this Restricted Stock Unit Agreement shall vest under any circumstances on and after the date of such termination. 

        For
purposes of this Section 2, the term "Company" refers to the Company and all Subsidiaries. 

        3.    Delivery of Underlying Shares or Cash Settlement.    With respect to any RSUs that become vested RSUs as of a
Vesting Date pursuant to Section 2, the Company shall issue to the Recipient, as soon as practicable following the applicable Vesting Date, the number of Underlying Shares equal to the number
of RSUs vesting on that date or an amount of cash equal to the Fair Market Value, as defined in the Plan, of such Underlying Shares as of that date. Whether Underlying Shares, or the cash value
thereof, shall be issued or paid at settlement shall be determined based on the "Form of Settlement" specified in the Customizing Information. 

        Any
shares issued pursuant to this Restricted Stock Unit Agreement shall be issued, without issue or transfer tax, by delivering a stock certificate or certificates for such shares out
of theretofore authorized but unissued shares or treasury shares of its Stock as the Company may elect; provided, however, that the time of such delivery may be postponed by the Company for such
period as may be required for it with reasonable diligence to comply with any applicable requirements of law. Notwithstanding the prior sentence, delivery of Underlying Shares shall be made, or the
amount of 

 

cash
equivalent thereto shall be paid, only if the required purchase price designated as the "Purchase Price" shown in the Customizing Information per underlying RSU is paid to the Company. Such
payment may be made either (a) by means of payment acceptable to the Company in accordance with the terms of the Plan or (b) by a reduction in the number of shares of Stock, valued at
its Fair Market Value, issued hereunder or by a reduction in the amount of cash paid equal in each case to the aggregate Purchase Price due. If the Recipient fails to pay for or accept delivery of all
of the shares, the right to shares of Stock provided pursuant to this RSU may be terminated by the Company. 

        4.    Withholding Taxes.    The Recipient hereby agrees, as a condition of the award of RSUs, to provide to the
Company an amount sufficient to satisfy the Company's obligation to withhold federal, state, local and other taxes arising by reason of the issuance, vesting or settlement of RSUs (the"Withholding
Amount"), if any, by (a) authorizing the Company and/or any Subsidiary to withhold the Withholding Amount from the Recipient's cash compensation or (b) remitting the Withholding Amount
to the Company in cash; provided, however, that to the extent that the Withholding Amount is not provided by one or a combination of such methods, the Company may at its election withhold from the
Underlying Shares that would otherwise be delivered that number of shares having a Fair Market Value on the date of vesting sufficient to eliminate any deficiency in the Withholding Amount; and
provided, further, that the Fair Market Value of Stock withheld shall not exceed an amount in excess of the minimum required withholding. 

        5.    Non-assignability of RSUs.    RSUs shall not be assignable or transferable by the Recipient except
by will or by the laws of descent and distribution or as permitted by the Committee in its discretion pursuant to the terms of the Plan. During the life of the Recipient, delivery of shares of Stock
or payment of cash as settlement of RSUs shall be made only to the Recipient, to a conservator or guardian duly appointed for the Recipient by reason of the Recipient's incapacity or to the person
appointed by the Recipient in a durable power of attorney acceptable to the Company's counsel. 

        6.    Compliance with Securities Act; Lock-Up Agreement.    The Company shall not be obligated to sell or
issue any Underlying Shares or other securities in settlement of RSUs hereunder unless the shares of Stock or other securities are at that time effectively registered or exempt from registration under
the Securities Act and applicable state securities laws. In the event shares or other securities shall be delivered that shall not be so registered, the Recipient hereby represents, warrants
and agrees that the Recipient will receive such shares or other securities for investment and not with a view to their resale or distribution, and will execute an appropriate investment letter
satisfactory to the Company and its counsel. The Recipient further hereby agrees that as a condition to the settlement of RSUs, the Recipient will execute an agreement in a form acceptable to the
Company to the effect that the shares shall be subject to any underwriter's lock-up agreement in connection with a public offering of any securities of the Company that may from time to
time apply to shares held by officers and employees of the Company, and such agreement or a successor agreement must be in full force and effect. 

        7.    Legends.    The Recipient hereby acknowledges that the stock certificate or certificates evidencing shares of
Stock or other securities issued pursuant to any settlement of an RSU hereunder may bear a legend setting forth the restrictions on their transferability described in Section 6 hereof, if such
restrictions are then in effect. 

        8.    Rights as Stockholder.    The Recipient shall have no rights as a stockholder with respect to any RSUs or
Underlying Shares until the date of issuance of a stock certificate for Underlying Shares. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such
stock certificate is issued, except to the extent the Committee determines to issue a Dividend Equivalent Unit, pursuant to the terms of the Plan and upon such terms and conditions it may establish. 

2

 

        9.    Termination or Amendment of Plan.    The Board may terminate or amend the Plan at any time. No such termination
or amendment will affect rights and obligations under this Restricted Stock Unit Agreement, to the extent it is then in effect. 

        10.    Effect Upon Employment and Performance of Services.    Nothing in this Restricted Stock Unit Agreement or the
Plan shall be construed to impose any obligation upon the Company or any Subsidiary to employ or utilize the services of the Recipient or to retain the Recipient in its employ or to engage or retain
the services of the Recipient. 

        11.    Time for Acceptance.    Unless the Recipient shall evidence acceptance of this Restricted Stock Unit Agreement
by electronic or other means prescribed by the Committee within thirty (30) days after its delivery, the RSUs shall be null and void (unless waived by the Committee). 

        12.    Right of Repayment.    In the event that the Recipient accepts employment with or provides services for a
competitor of the Company within two (2) years after any settlement of RSUs hereunder, the Recipient shall pay to the Company an amount equal to the excess of the Fair Market Value of the
Underlying Shares as of the date of settlement (whether settled in cash or Stock) over the Purchase Price, if any, paid (or deemed paid); provided, however, that the Committee in its discretion may
release the Recipient from the requirement to make such payment, if the Committee determines that the Recipient's acceptance of such employment or performance of such services is not inimical to the
best interests of the Company. The Company may deduct the amount of payment due under the preceding sentence from any compensation or other amount payable by the Company to the Recipient. For purposes
of this Section 12, the term "Company" refers to the Company and all Subsidiaries. 

        13.    Section 409A of the Internal Revenue Code.    The RSUs granted hereunder are intended to avoid the
potential adverse tax consequences to the Recipient of Section 409A of the Code, as defined in the Plan, and the Committee may make such modifications to this Agreement as it deems necessary or
advisable to avoid such adverse tax consequences. 

        14.   General Provisions. 

        (a)    Amendment; Waivers.    This Restricted Stock Unit Agreement, including the Plan, contains the full and complete
understanding and agreement of the parties hereto as to the subject matter hereof, and except as otherwise permitted by the express terms of the Plan and this Restricted Stock Unit Agreement, it may
not be modified or amended nor may any provision hereof be waived without a further written agreement duly signed by each of the parties; provided, however, that a modification or amendment that does
not materially diminish the rights of the Recipient hereunder, as they may exist immediately before the effective date of the modification or amendment, shall be effective upon written notice of its
provisions to the Recipient. The waiver by either of the parties hereto of any provision hereof in any instance shall not operate as a waiver of any other provision hereof or in any other instance.
The Recipient shall have the right to receive, upon request, a written confirmation from the Company of the Customizing Information. 

        (b)    Binding Effect.    This Restricted Stock Unit Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective heirs, executors, administrators, representatives, successors and assigns. 

        (c)    Fractional RSUs or Underlying Shares.    All fractional Underlying Shares resulting from the application of the
Vesting Schedule or the adjustment provisions contained in the Plan shall be rounded down to the nearest whole share. If cash in lieu of Underlying Shares is delivered at settlement, the amount paid
shall be rounded down to the nearest penny. 

        (d)    Governing Law.    This Restricted Stock Unit Agreement shall be governed by and construed in accordance with
the laws of the Commonwealth of Massachusetts, without regard to the principles of conflicts of law. 

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        (e)    Construction.    This Restricted Stock Unit Agreement is to be construed in accordance with the terms of the
Plan. In case of any conflict between the Plan and this Restricted Stock Unit Agreement, the Plan shall control. The titles of the sections of this Restricted Stock Unit Agreement and of the Plan are
included for convenience only and shall not be construed as modifying or affecting their provisions. The masculine gender shall include both sexes; the singular shall include the plural and the plural
the singular unless the context otherwise requires. Capitalized terms not defined herein shall have the meanings given to them in the Plan. 

        (f)    Data Privacy.    By entering into this Restricted Stock Unit Agreement and except as otherwise provided in any
data transfer agreement entered into by the Company, the Recipient: (i) authorizes the Company, and any agent of the Company administering the Plan or providing Plan recordkeeping services, to
disclose to the Company such information and data as the Company shall request in order to facilitate the administration of the Plan; (ii) waives any data privacy rights the Recipient may have
with respect to such information; and (iii) authorizes the Company to store and transmit such information in electronic form. For purposes of this Section 14(f), the term "Company"
refers to the Company and each of its Subsidiaries. 

        (g)    Notices.    Any notice in connection with this Restricted Stock Unit Agreement shall be deemed to have been
properly delivered if it is delivered in the form specified by the Committee as follows: 

 

 

			
	To the Recipient:	 	Last address provided to the Company
	
 To the Company:	
 	
Iron Mountain Incorporated

745 Atlantic Avenue

Boston, Massachusetts 02111

Attn: Chief Financial Officer

 

 
        (h)    Version Number.    This document is Version 1 of the Iron Mountain Incorporated 2002 Stock Incentive Plan Stock
Restricted Stock Unit Agreement. 

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  EXHIBIT 10.3    
    

April 20,
2011 

Mr. Robert
T. Brennan

55 Russett Hill Road

Sherborn, MA 01770 

Dear
Bob: 

        This
will confirm that we have agreed to the following terms and conditions regarding your separation from employment with Iron Mountain Incorporated ("Iron Mountain"). 

        1.    Employment Agreement.    Reference is made to the Employment Agreement dated as of August 11, 2008
between Iron Mountain and you (the "Employment Agreement"). 

        2.    Termination of Employment.    By the mutual agreement of you and the Board of Directors of Iron Mountain, your
employment with Iron Mountain will terminate on May 31, 2011 or such earlier date as we shall agree in writing (the "Termination Date"). You will no longer be Chief Executive Officer and
President of Iron Mountain Incorporated as of the date hereof (the "Separation Date") and from such date through the Termination Date you will perform only the transitional services provided for in
Section 9 below, and shall not have any authority to, and shall not take any action that purports to bind Iron Mountain or its subsidiaries or affiliates to any contractual or other obligation. 

        3.    Payments on Termination.    Provided that you (a) sign this Agreement and do not revoke your signature,
and (b) comply with all of your obligations under Sections 5, 6 and 7 of the Employment Agreement, then Iron Mountain will provide you with the benefits set forth in Sections 4(a)
and 4(b) of the Employment Agreement. For the avoidance of doubt: 

          (i)  The
payments provided for in Sections 4(a) and 4(b) will begin to be paid or accrue commencing on the Termination Date. 

         (ii)  The
monthly payments under Sections 4(b)(i) and 4(b)(ii) shall each be $77,250. 

        (iii)  The
payment under Section 4(b)(iv) shall be $604,997.50. 

        4.    Other Benefits.    Your eligibility to participate in all other Iron Mountain benefits plans and programs except
as stated in Section 3 above will end on the Termination Date. 

        5.    Unemployment Compensation.    Iron Mountain will not contest or appeal any claim that you may file for
unemployment compensation benefits. 

        6.    Nondisparagement.    You agree not to take any action or make any statement, written or oral, that is
professionally disparaging about, or adverse to the interests of Iron Mountain, its subsidiaries or affiliates, or any of their respective present and former officers, directors, shareholders,
trustees, employees, agents, representatives or consultants. 

        7.    General Release of Claims.    In exchange for the promises and payments described in this Agreement, you (on
behalf of yourself and your heirs, executors, administrators and assigns) hereby release and forever discharge Iron Mountain, its subsidiaries and affiliates, and each of their respective directors,
officers, employees, agents, successors and assigns (collectively, the "Released Parties"), from any and all suits, claims, demands, debts, sums of money, damages, interest, attorneys' fees, expenses,
actions, causes of action, judgments, accounts, promises, contracts, agreements, and any and all claims of law or in equity, whether now known or unknown, which you now have or ever have had against
the Released Parties, or any of them, including, but not limited to, any claims under Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act, the Family and Medical Leave Act,
the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Genetic Information Nondiscrimination Act and any other federal, state or local statute, regulation, ordinance
or common law creating employment-related causes of action, and all claims related to or arising out of your employment or the termination of your employment with Iron Mountain. You also waive any
right you 

 

may
have to recover any compensation or damages in any action against any of the Released Parties brought by any governmental entity on your behalf or on behalf of any class of which you may be a
member. You hereby represent that you have not previously filed or joined in any complaints, charges or lawsuits against Iron Mountain pending before any governmental agency or court of law relating
to your employment and/or the termination thereof. 

        This
General Release of Claims shall not apply to: (1) any vested interest you may have in any 401(k), pension or profit sharing plan or stock option agreement by virtue of your
employment with Iron Mountain, (2) any claims that may arise after this Agreement is signed, (3) any claim that may not be waived by law, and (4) any claim by you to enforce the
provisions of this Agreement. 

        8.    Affirmation of Continuing Obligations under Employment Agreement.    You hereby acknowledge and affirm your
continuing obligations under Sections 5, 6 and 7 under the Employment Agreement. You acknowledge that your continued compliance with these obligations is a condition of your receiving the
severance payments and benefits provided for in Section 3 above. We each agree that the provisions of Sections 8, 9, 10, 11, 12 (except as modified hereby), 13, 14, 15, 16, 17, 18 and 19
of the Employment Agreement shall continue to be applicable with regard to the Employment Agreement. 

        9.    Transition Services.    During the period from the Separation Date through and including the Termination Date,
you will be available to Iron Mountain to assist and provide services with regard to the transition of the duties you performed on an as-requested basis. Such transition services may be
provided after normal working hours or on weekends. During such time, you shall continue to be paid, earn vacation and be entitled to other benefits for such services in accordance with
Sections 2(a), (d), (e) and (f) of the Employment Agreement. 

        10.    Right to Consult with Counsel; Time for Signing; Revocation.    You have the right to and should consult with
an attorney prior to signing this Agreement. You acknowledge that you have received this Agreement on April 20, 2011 and that you shall have twenty-one (21) days from your
receipt of this Agreement (until 5:00 PM May 12, 2011 Boston Time) to decide whether to sign it. You agree that any modifications made to this Agreement, whether deemed to be material or
immaterial, will not start another 21-day consideration period. You will have seven (7) days after signing this Agreement to revoke your signature. If you intend to revoke your
signature, you must do so in writing addressed and delivered to me prior to the end of the 7-day revocation period. This Agreement shall not become effective, and neither Iron Mountain nor
you shall have any rights or obligations hereunder, until the expiration of the 7-day revocation period. 

        11.    Assignment.    This Agreement and the rights and obligations of the parties hereto shall bind and inure to the
benefit of any successor of Iron Mountain by reorganization, merger or consolidation and any assignee of all or substantially all of its business and properties. Neither this Agreement nor any rights
or benefits hereunder may be assigned by you, except that, upon your death, your earned and unpaid economic benefits will be paid to your heirs or beneficiaries. 

        12.    Notices.    Any notice that Iron Mountain or you are required to give the other under this Agreement shall be
in writing and shall be sufficiently given if personally delivered, sent by facsimile or other means of confirmed electronic submission or sent by recognized overnight courier service, or by certified
mail, return receipt requested to the other party at the following address or at such other 

2

 

address
as either party may from time to time designate in writing. The date of actual delivery of any notice under this Section 12 shall be deemed to be the date of receipt thereof. 

 

 

			
	(a)	 	If to you, to you at your address as specified above
	
 (b)	
 	
If to Iron Mountain, to:
	

 	
 	
Iron Mountain Incorporated

745 Atlantic Avenue

Boston, Massachusetts 02111

Attn: General Counsel

 

         13.    Waiver.    No consent to or waiver of any breach or default in the performance of any obligation hereunder
shall be deemed or construed to be a consent to or waiver of any other breach or default in the performance of any of the same or any other obligations hereunder. No waiver hereunder shall be
effective unless it is in writing and signed by the waiving party. 

        14.    Complete Agreement; Modification.    This Agreement sets forth the entire agreement of the parties with respect
to the subject matter hereof, and supersedes any previous oral or written communications, negotiations, representations, understandings or agreements between them. Any modification of this Agreement
shall be effective only if set forth in a written document signed by you and a duly authorized representative of Iron Mountain. 

        15.    Headings.    The headings of the Sections hereof are inserted for convenience only and shall not be deemed to
constitute a part, or affect the meaning, of this Agreement. 

        16.    Counterparts.    This Agreement may be signed in two (2) counterparts, each of which shall be deemed an
original and both of which shall together constitute one agreement. 

        17.   Choice of Law; Jurisdiction. 

        (a)   The
validity, interpretation and performance of this Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts,
without regard to conflict of law principles. 

        (b)   Except
as set forth in subsection 17(c) below, any controversy, dispute or claim arising out of this Agreement, or the breach hereof, shall be settled by final
and binding arbitration to be conducted by an arbitration tribunal in Boston, Massachusetts, pursuant to the rules of the American Arbitration Association. The arbitration tribunal shall consist of
three arbitrators. The party initiating arbitration shall nominate one arbitrator in the request for arbitration and the other party shall nominate a second in the answer thereto within the time
allotted by the rules. The two (2) arbitrators so named will then
jointly appoint the third arbitrator. If the answering party fails to timely nominate its arbitrator, or if the arbitrators named by the parties fail to agree on the third arbitrator within twenty
(20), the office of the American Arbitration Association in Boston, Massachusetts shall make the necessary appointments of such arbitrator(s). The decision or award of the arbitration tribunal (by a
majority determination, or if there is no majority, then by the determination of the third arbitrator, if any) shall be final and application may be made to any competent court to confirm or vacate
such decision or award. In the event of any procedural matter not covered by the aforesaid rules, the procedural law of the Commonwealth of Massachusetts shall govern. The arbitration panel may award
legal fees and costs to the prevailing party. 

        (c)   The
provisions of Section 17(b) of this Agreement shall not preclude Iron Mountain from seeking equitable relief from any court having jurisdiction with respect
to any disputes or claims relating to or arising out of the first sentence of Section 8 of this Agreement. 

3

 

        19.    Section 409A.    It is the intention of the parties that no payment or entitlement pursuant to this
Agreement will give rise to any adverse tax consequences to any person pursuant to Section 409A of the Internal Revenue Code and this Agreement shall be interpreted, applied and, to the minimum
extent necessary, amended to achieve that intention. If any of the benefits set forth in this Agreement are deferred compensation under Section 409A of the Internal Revenue Code, any
termination of employment triggering payment of such benefits must constitute a "separation from service" under Section 409A of the Internal Revenue Code. Any payment otherwise due to you on
separation from service (other than in compliance with the requirements of Treas. Reg. § 1.409A-1(b)(9)(iii) or (v) or of any successor thereto or any other
provision that exempts a payment from Section 409A of the Internal Revenue Code) while you are a specified employee within the meaning of Section 409A of the Internal Revenue Code will
not be made earlier than six (6) months after the date of your separation. In the event that, due to Section 409A of the Internal Revenue Code, you do not receive one or more cash
payments that would otherwise be due during such six (6) month period, all such delayed payments will be made on the first day after the six (6) month anniversary of your separation, and
thereafter any remaining payments shall be made in accordance with the previously agreed-upon schedule. For purposes of clarification, this paragraph shall not cause any forfeiture of, or
increase in, benefits, but shall only act as a delay until such time as a "separation from service" occurs. 

        20.    Acknowledgment of Reading and Understanding.    By signing this Agreement, you acknowledge that you have read
this Agreement (including the General Release of Claims contained in Section 7 hereof), that you fully understand its terms, and that you have entered into this Agreement knowingly and
voluntarily. 

*        *        *        *        *       
 *

        Please
indicate your acceptance of this Agreement by signing both copies and returning one copy in the enclosed envelope to: General Counsel, Iron Mountain Incorporated, 745 Atlantic
Avenue, Boston, MA 02111 no later than May 12, 2011. Please keep the other copy for your records. 

Very
truly yours, 

/s/ C.
RICHARD REESE  

C.
Richard Reese 

ACCEPTED AND AGREED:

 

 

					
	/s/ ROBERT T. BRENNAN

  Robert T. Brennan	 	Date:	 	4/21/11

 

 

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EXHIBIT 10.3

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