Document:

EXHIBIT
10.2

ACKNOWLEDGMENT,
CONFIRMATION AND AMENDMENT

OF GUARANTEE OR
SECURITY DOCUMENT

ACKNOWLEDGMENT,
CONFIRMATION and AMENDMENT OF GUARANTEE OR SECURITY DOCUMENT, dated as of April
16 2007 (this “Acknowledgment”), to:

(1) the COMPANY GUARANTY, dated as of February 1, 2000, as amended by
the Acknowledgment and Confirmation of Guarantee or Security Document, dated as
of July 8, 2004 (the “Existing Acknowledgment”) (as amended,
supplemented or otherwise modified from time to time, including this Acknowledgment,
the “Company Guaranty”), made between IRON MOUNTAIN INCORPORATED (the “Company”),
JPMORGAN CHASE BANK (formerly known as The Chase Manhattan Bank), as
administrative agent (in such capacity, the “Administrative Agent”) for
the several banks and other financial institutions (the “Lenders”) from
time to time parties to the Existing Credit Agreement referred to below and
J.P. MORGAN BANK CANADA (formerly known as The Chase Manhattan Bank of Canada),
as Canadian administrative agent (in such capacity, the “Canadian
Administrative Agent”);

(2) the SUBSIDIARY GUARANTY, dated as of February 1, 2000, as amended
by the Existing Acknowledgment (as amended, supplemented or otherwise modified
from time to time, including this Acknowledgment, the “Subsidiary Guaranty”,
and, together with the Company Guaranty, the “Guaranties”), between each
of the Subsidiaries of the Company from time to time parties thereto
(individually, a “Subsidiary Guarantor” and, collectively, the “Subsidiary
Guarantors” and, together with the Company, the “Guarantors”) and
the Administrative Agent;

(3) the SECOND AMENDED AND RESTATED COMPANY PLEDGE AGREEMENT, dated as
of February 1, 2000, as amended by the Existing Acknowledgment (as amended,
supplemented or otherwise modified from time to time, including this
Acknowledgment, the “Company Pledge Agreement”), between the Company and
the Administrative Agent;

(4) the SECOND AMENDED AND RESTATED SUBSIDIARY PLEDGE AGREEMENT, dated
as of February 1, 2000, as amended by the Existing Acknowledgment (as amended,
supplemented or otherwise modified from time to time, including this
Acknowledgment, the “Subsidiary Pledge Agreement”), between the
Subsidiary Guarantors and the Administrative Agent; and

(5) the CANADIAN BORROWER PLEDGE AGREEMENT, dated as of February 1,
2000, as amended by the Existing Acknowledgment (as amended, supplemented or
otherwise modified from time to time, including this Acknowledgment, the “Canadian
Borrower Pledge Agreement”, and together with the Company Pledge Agreement and
the 

Subsidiary Pledge Agreement, the “Security Documents”), between
IRON MOUNTAIN CANADA CORPORATION (formerly known as Pierce Leahy Canada
Company)(the “Canadian Borrower”, and collectively with the Company and
the Subsidiary Guarantors, the “Obligors”) and the Canadian
Administrative Agent.

W I T N E S S E T
H :

WHEREAS, the Company, the Canadian Borrower, certain
Lenders, the Administrative Agent and the Canadian Administrative Agent are
parties to the Seventh Amended and Restated Credit Agreement, dated as of July
8, 2004 (as amended, supplemented or otherwise modified prior to the date
hereof, the “Existing Credit Agreement”);

WHEREAS,
concurrently with the execution of this Acknowledgment, the Company, the
Canadian Borrowers, the Swiss Borrower, the Lenders, the Administrative Agent
and the Canadian Administrative Agent will refinance the Existing Credit
Agreement pursuant to the Credit Agreement, dated as of April 16 2007 (as
amended and restated through the date hereof and as further amended, supplemented
and otherwise modified from time to time, the “Credit Agreement”), under
which the Lenders will agree to make extensions of credit to the Company, the
Canadian Borrowers, the Swiss Borrower and the Additional Borrowers from time
to time;

WHEREAS, each of
the undersigned Obligors wishes to acknowledge and confirm that (i) its
obligations and the Liens and security interests created under the Guaranties
and the Security Documents continue in full force and effect, unimpaired and
undischarged, and (ii) the obligations secured by the Liens and security
interests created under the Guaranties and Security Documents shall be the
obligations of the Company and the obligations of each Guarantor, under the
Credit Agreement;

WHEREAS, each of
the undersigned Obligors wishes to make certain amendments to the Security
Documents, as more fully set forth herein; and

WHEREAS, it is a
condition precedent to the obligation of the Lenders to make any extensions of
credit to the Company, the Canadian Borrowers, the Swiss Borrower or any
Additional Borrower pursuant to the Credit Agreement that the parties hereto
shall have executed and delivered this Acknowledgment to the Administrative
Agent for the ratable benefit of the Lenders.

NOW, THEREFORE, in
consideration of the premises and to induce the Administrative Agent, the
Canadian Administrative Agent and the Lenders to induce the Lenders to make and
continue extensions of credit under the Credit Agreement, each of the
signatories hereto hereby agrees with the Administrative Agent, for the ratable
benefit of the Lenders, as follows:

1.                                       Unless
otherwise defined herein, in the Guaranties or in the Security Documents,
capitalized terms used herein, in the Guaranties and in the Security Documents
shall have the respective meanings assigned to them in the Credit Agreement and
the other Basic Documents (as defined in the Credit Agreement).

2.                                       Each
undersigned Obligor hereby consents to the execution, delivery and performance
of the Credit Agreement.  Each
undersigned Obligor hereby agrees that each reference to “Credit Agreement”, “Loans”,
“C$ Loans”, “Notes” and “C$ Notes” in the Guaranties and the Security Documents
shall be deemed to be a reference to the Credit Agreement, Loans, C$ Loans,
Notes and C$ Notes, respectively, and each reference to “Company” in the
Subsidiary Guaranty shall be deemed to be a reference to the Company, the
Canadian Borrower, the Swiss Borrower and each of the Additional Borrowers.

3.                                       Each
undersigned Obligor, the Administrative Agent and the Canadian Administrative
Agent hereby agree that:

(a)                                  the Company Guaranty
be amended as of the date hereof by:

(i)                                     amending
the last sentence of the first recital paragraph in full to read as follows:

“In addition, the Company and one or more of the
Subsidiary Guarantors may from time to time be obligated to one or more of the
Lenders and/or any of their affiliates under one or more Hedging Agreements (as
defined in the Credit Agreement) (such obligations being herein referred to as ‘Hedging
Obligations’) or Cash Management Agreements (as so defined) (such obligations
being herein referred to as ‘Cash Management Obligations’).”

(ii)                                  amending
Section 1 by adding the following definition of 
Subsidiary Borrowers:

““Subsidiary Borrowers” shall mean the Swiss
Borrower and each of the Additional Borrowers.”

(iii)                               amending clause (b) of
the first sentence of Section 2.1 to read as follows:

“(b)         all
Hedging Obligations and all Cash Management Obligations owing by the Obligors
to the Lenders and their affiliates, in each case strictly in accordance with
the terms thereof (such obligations described in the foregoing clauses (a) and
(b) being herein collectively called the ‘Guaranteed Obligations’).”

(b)                                 the Subsidiary
Guaranty be amended as of the date hereof by:

(i)                                   amending
the last sentence of the first recital paragraph in full to read as follows:

“In addition, the Company and one or more of the
Subsidiary 

 3
 

Guarantors may from time to time be obligated to one
or more of the Lenders and/or any of their affiliates under one or more Hedging
Agreements (as so defined) (such obligations being herein referred to as ‘Hedging
Obligations’) or Cash Management Agreements (as so defined) (such obligations
being herein referred to as ‘Cash Management Obligations’).”

(ii)                                  amending
clause (b) of the first sentence of Section 2.1 to read as follows:

“(b)         all
Hedging Obligations and all Cash Management Obligations owing by the Obligors
to the Lenders and their affiliates, in each case strictly in accordance with
the terms thereof (such obligations described in the foregoing clauses (a) and
(b) being herein collectively called the ‘Guaranteed Obligations’).”

(c)                                  the
Company Pledge Agreement be amended as of the date hereof by:

(i)                                     amending
clause (a) in the definition of “Secured Obligations” in full to read as
follows:

“(a) the principal of and interest on the Loans
(including the C$ Loans) made by the Lenders to, and the Note(s) and C$ Note(s)
held by each Lender of, the Company, the Canadian Borrower, the Swiss Borrower
and each of the Additional Borrowers and all other amounts from time to time
owing to the Lenders, the Administrative Agent or the Canadian Administrative
Agent by the Company, the Canadian Borrower, the Swiss Borrower and each of the
Additional Borrowers under the Loan Documents (including, without limitation,
all Reimbursement Obligations and all obligations under the Company Guaranty),”

(ii)                                  amending
clause (c) in the definition of “Secured Obligations” in full to read as
follows:

“(c)         all
Hedging Obligations and all Cash Management Obligations owing by the Obligors
to the Lenders and their respective affiliates”

(iii)                               renumbering
the existing clause (f) as clause (g) in Section 3 and adding the following new
clause (f) in such Section 3:

“(f) intercompany
obligations of foreign Subsidiaries owing to the Company”

(iv)                              deleting
Annex 1 in its entirety therefrom and substituting in lieu thereof Exhibit I
hereto.

(d)                                 the
Subsidiary Pledge Agreement be amended as of the date hereof by:

 4
 

(i)                                     amending
clause (c) in the definition of “Secured Obligations” in full to read as
follows:

“(c)         all
Hedging Obligations and all Cash Management Obligations owing by the Pledgors
to the Lenders and their respective affiliates.”

(ii)                                  renumbering
the existing clause (f) as clause (g) in Section 3 and adding the following new
clause (f) in such Section 3:

“(f) intercompany
obligations of foreign Subsidiaries owing to such Pledgor”

(iii)                               deleting
Annex 1 in its entirety therefrom and substituting in lieu thereof Exhibit II
hereto.

4.                                       Each
undersigned Obligor hereby agrees, with respect to each Guaranty or Security
Document to which it is a party, that:

(a)                                  all
of its obligations, liabilities and indebtedness under each Guaranty or
Security Document remain in full force and effect on a continuous basis after
giving effect to the refinancing of the Existing Credit Agreement pursuant to
the Credit Agreement;

(b)                                 all
of the Liens and security interests created and arising under each Security
Document remain in full force and effect on a continuous basis, and having the
same perfected status and priority, after giving effect to the refinancing of
the Existing Credit Agreement pursuant to the Credit Agreement as collateral
security for the Secured Obligations;

 5
 

(c)                                  all
of the obligations, liabilities and indebtedness of the Company and all of the
guarantee obligations of each Guarantor under the Credit Agreement (i) are
continued in full force and effect on a continuous basis, unpaid and
undischarged, after giving effect to the refinancing of the Existing Credit
Agreement pursuant to the Credit Agreement, and (ii) constitute the
obligations, liabilities and indebtedness under the Credit Agreement; and

(d)                                 the
perfected status and priority of each Lien and security interest created under
the Security Documents continues in full force and effect on a continuous
basis, unimpaired, uninterrupted and undischarged, after giving effect to the
refinancing of the Existing Credit Agreement pursuant to the Credit Agreement,
as collateral security for the Secured Obligations.

5.                                       Each
undersigned Obligor agrees that it shall take any action reasonably requested
by the Administrative Agent in order to confirm or effect the intent of this
Acknowledgment.

6.                                       This
Acknowledgment shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York.

7.                                       This
Acknowledgment may be executed by one or more of the parties hereto on any
number of separate counterparts (including by telecopy), and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

[THE REST OF THIS
PAGE IS INTENTIONALLY LEFT BLANK]

 6

IN WITNESS
WHEREOF, the undersigned have caused this Acknowledgment to be executed and
delivered by a duly authorized officer as of the date first above written.

	
  

  	
  IRON MOUNTAIN INCORPORATED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  IRON MOUNTAIN CANADA CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SUBSIDIARY
  GUARANTORS

  
	
   

  	
   

  
	
   

  	
  COMAC, INC.

  
	
   

  	
  IRON MOUNTAIN INTELLECTUAL PROPERTY MANAGEMENT, INC.
  (f/k/a DSI Technology Escrow Services, Inc.)

  
	
   

  	
  IRON MOUNTAIN GLOBAL, INC.

  
	
   

  	
  IRON MOUNTAIN GLOBAL, LLC

  
	
   

  	
  IRON MOUNTAIN INFORMATION

  
	
   

  	
  MANAGEMENT, INC.

  
	
   

  	
  MOUNTAIN REAL ESTATE ASSETS, INC.,

  
	
   

  	
  IRON MOUNTAIN GOVERNMENT SERVICES, INC. (f/k/a,
  Mountain Reserve II, Inc.)

  
	
   

  	
  TREELINE SERVICES CORPORATION

  
	
   

  	
  MOUNTAIN RESERVE III, INC.

  
	
   

  	
  NETTLEBED ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SUBSIDIARY PLEDGORS

  
	
   

  	
   

  	
   

  
	
   

  	
  IRON MOUNTAIN
  GLOBAL, INC.

  
	
   

  	
  IRON MOUNTAIN
  GLOBAL, LLC

  
	
   

  	
  IRON MOUNTAIN
  INFORMATION

  
	
   

  	
  MANAGEMENT, INC.

  
	
   

  	
  TREELINE
  SERVICES CORPORATION

  
	
   

  	
  MOUNTAIN RESERVE
  III, INC.

  
	
   

  	
  NETTLEBED
  ACQUISITION CORP.

  
					

 

 

	
  

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

	
  

  	
  SUBSIDIARY
  GUARANTORS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  IRON MOUNTAIN STATUTORY TRUST – 1998

  
	
   

  	
   

  	
   

  
	
   

  	
  By: U.S. BANK, NATIONAL
  ASSOCIATION, not individually but as Owner Trustee under that certain Amended
  and Restated Owner Trust Agreement dated as of October 1, 1998, as amended

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Name:

  	
  Susan Freedman

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  IRON MOUNTAIN STATUTORY TRUST – 1999

  
	
   

  	
   

  
	
   

  	
  By: U.S. BANK, NATIONAL
  ASSOCIATION, not individually but as Owner Trustee under that certain Owner
  Trust Agreement dated as of July 1, 1999, as amended

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Name:

  	
  Susan Freedman

  
	
   

  	
  Title:

  	
  Vice President

  
						

 

 

	
  

  	
  SUBSIDIARY
  PLEDGORS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  IRON MOUNTAIN STATUTORY TRUST – 1998

  
	
   

  	
   

  
	
   

  	
  By: U.S. BANK, NATIONAL
  ASSOCIATION, not individually but as Owner Trustee under that certain Amended
  and Restated Owner Trust Agreement dated as of October 1, 1998, as amended

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Name:

  	
  Susan Freedman

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  IRON MOUNTAIN STATUTORY TRUST – 1999

  
	
   

  	
   

  
	
   

  	
  By: U.S. BANK, NATIONAL
  ASSOCIATION, not individually but as Owner Trustee under that certain Owner
  Trust Agreement dated as of July 1, 1999, as amended

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Name:

  	
  Susan Freedman

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
						

 

 

	
  

  	
  Address for
  Notices for all Subsidiary Guarantors and Subsidiary Pledgors:

  
	
   

  	
   

  
	
   

  	
  c/o Iron
  Mountain Incorporated

  
	
   

  	
  745 Atlantic
  Avenue

  
	
   

  	
  Boston,
  Massachusetts 02111

  
	
   

  	
  Attention: John
  P. Lawrence

  
	
   

  	
  Senior Vice
  President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Copy to:

  
	
   

  	
   

  
	
   

  	
  Sullivan &
  Worcester LLP

  
	
   

  	
  One Post Office
  Square

  
	
   

  	
  Boston,
  Massachusetts 02109

  
	
   

  	
  Attention: Harry
  E. Ekblom, Jr.

  
	
   

  	
  Telecopy Number:
  (617) 338-2880

  

 

 

	
  ADMINISTRATIVE AGENTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  JPMORGAN CHASE
  BANK,

  	
   

  	
   

  
	
  as
  Administrative Agent

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  JPMORGAN CHASE BANK, TORONTO BRANCH

  	
   

  
	
  as Canadian
  Administrative Agent

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

Exhibit
I

ANNEX 1

PLEDGED STOCK

See Section 3(c)

	
  Issuer

  	
   

  	
  Certificate

  Nos.

  	
   

  	
  Registered

  Owner

  	
   

  	
  Number of 

  Shares

  	
   

  	
  % of Total 

  Shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Iron Mountain Information Management, Inc.

  	
   

  	
  5

  	
   

  	
  the Company

  	
   

  	
  10,000 shares of common
  stock, par value $.01 per share (“IMIM common stock”)

  	
   

  	
  99.97

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Iron Mountain Information Management, Inc.

  	
   

  	
  6

  	
   

  	
  the Company

  	
   

  	
  One share of IMIM
  common stock

  	
   

  	
  .01

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Iron Mountain Information Management, Inc.

  	
   

  	
  7

  	
   

  	
  the Company

  	
   

  	
  One share of IMIM
  common stock

  	
   

  	
  .01

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Iron Mountain Information Management, Inc.

  	
   

  	
  8

  	
   

  	
  the Company

  	
   

  	
  One share of IMIM
  common stock

  	
   

  	
  .01

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Iron Mountain Information Management Inc.

  	
   

  	
  3

  	
   

  	
  the Company

  	
   

  	
  12,500 shares of
  preferred stock, par value $.01 per share

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Iron Mountain Records Management (Puerto Rico), Inc.

  	
   

  	
  1

  	
   

  	
  the Company

  	
   

  	
  66,666

  	
   

  	
  66

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Archivex Limited

  	
   

  	
  4

  	
   

  	
  the Company

  	
   

  	
  66

  	
   

  	
  66

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Treeline Services Corporation

  	
   

  	
  2

  	
   

  	
  the Company

  	
   

  	
  100

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Iron Mountain PLE Limited (f/k/a Pierce Leahy Europe, Limited)

  	
   

  	
  N/A

  	
   

  	
  the Company

  	
   

  	
  N/A

  	
   

  	
  66

  	
  %

  

 

Exhibit
II

ANNEX 1

PLEDGED STOCK

See Section 3(d)

	
  Issuer

  	
   

  	
  Certificate Nos. 

  / Other Stock

  Identification

  	
   

  	
  Registered 

  Owner

  	
   

  	
  Number of

  Shares

  	
   

  	
  Percentage of 

  Total Shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pledgor: IRON MOUNTAIN
  INFORMATION MANAGEMENT INC. (“IMIM”)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  COMAC, INC.

  	
   

  	
  3

  	
   

  	
  IMIM

  	
   

  	
  100

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IRON MOUNTAIN INTELLECTUAL PROPERTY MANAGEMENT INC. (f/k/a DSI
  Technology Escrow Services, Inc.)

  	
   

  	
  3

  	
   

  	
  IMIM

  	
   

  	
  100

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MOUNTAIN REAL ESTATE ASSETS, INC.

  	
   

  	
  1

  	
   

  	
  IMIM

  	
   

  	
  100

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IRON MOUNTAIN GLOBAL, INC.

  	
   

  	
  1

  	
   

  	
  IMIM

  	
   

  	
  100

  	
   

  	
  97.09

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IRON MOUNTAIN GLOBAL, INC.

  	
   

  	
  2

  	
   

  	
  IMIM

  	
   

  	
  1

  	
   

  	
  .97

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IRON MOUNTAIN GLOBAL, INC.

  	
   

  	
  3

  	
   

  	
  IMIM

  	
   

  	
  1

  	
   

  	
  .97

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IRON MOUNTAIN GLOBAL, INC.

  	
   

  	
  4

  	
   

  	
  IMIM

  	
   

  	
  1

  	
   

  	
  .97

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IRON MOUNTAIN GOVERNMENT SERVICES, INC. (f/k/a Mountain Reserve II,
  Inc.)

  	
   

  	
  1

  	
   

  	
  IMIM

  	
   

  	
  100

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NETTLEBED ACQUISITION CORP.

  	
   

  	
  C002

  	
   

  	
  IMIM

  	
   

  	
  100

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MOUNTAIN RESERVE III, INC.

  	
   

  	
  1

  	
   

  	
  IMIM

  	
   

  	
  100

  	
   

  	
  100

  	
  %

  

 

 

	
  Issuer

  	
   

  	
  Certificate Nos. 

  / Other Stock

  Identification

  	
   

  	
  Registered 

  Owner

  	
   

  	
  Number of

  Shares

  	
   

  	
  Percentage of 

  Total Shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IRON MOUNTAIN DIGITAL S.A.S.

  	
   

  	
  N/A

  	
   

  	
  IMIM

  	
   

  	
  N/A

  	
   

  	
  66

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IRON MOUNTAIN DIGITAL LIMITED

  	
   

  	
  TBD

  	
   

  	
  IMIM

  	
   

  	
  TBD

  	
   

  	
  66

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IRON MOUNTAIN DIGITAL GMBH

  	
   

  	
  N/A

  	
   

  	
  IMIM

  	
   

  	
  N/A

  	
   

  	
  66

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pledgor:
  IRON MOUNTAIN GLOBAL, INC. (“IMGI”)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IRON MOUNTAIN GLOBAL LLC

  	
   

  	
  N/A

  	
   

  	
  IMGI

  	
   

  	
  N/A

  	
   

  	
  100

  	
  %

  
	
  IRON MOUNTAIN MEXICO, S.A. de R.L. de C.V.

  	
   

  	
  4

  	
   

  	
  IMGI

  	
   

  	
  23, 640,408

  	
   

  	
  65.934

  	
  %

  
	
  IRON MOUNTAIN CAYMAN LTD.

  	
   

  	
  4

  	
   

  	
  IMGI

  	
   

  	
  66

  	
   

  	
  16.50

  	
  %

  
	
  IRON MOUNTAIN CAYMAN LTD.

  	
   

  	
  5

  	
   

  	
  IMGI

  	
   

  	
  66

  	
   

  	
  16.50

  	
  %

  
	
  IRON MOUNTAIN CAYMAN LTD.

  	
   

  	
  7

  	
   

  	
  IMGI

  	
   

  	
  66

  	
   

  	
  16.50

  	
  %

  
	
  IRON MOUNTAIN CAYMAN LTD.

  	
   

  	
  9

  	
   

  	
  IMGI

  	
   

  	
  66

  	
   

  	
  16.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pledgor:
  IRON MOUNTAIN GLOBAL LLC (“IMG LLC”)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IRON MOUNTAIN MEXICO, S.A. de R.L. de C.V.

  	
   

  	
  1

  	
   

  	
  IMG LLC

  	
   

  	
  1,980

  	
   

  	
  0.066

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pledgor:TREELINE
  SERVICES CORPORATION (“TSC”)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IRON MOUNTAIN CANADA CORPORATION

  	
   

  	
  7

  	
   

  	
  TSC

  	
   

  	
  869

  	
   

  	
  66

  	
  %

  
	
  IRON MOUNTAIN NOVA SCOTIA FINANCE COMPANY

  	
   

  	
  4

  	
   

  	
  TSC

  	
   

  	
  66

  	
   

  	
  66

  	
  %EXHIBIT
10.3

[Iron Mountain Incorporated Letterhead]

Contract
of Employment

With

Iron
Mountain

	
   

  	
  

  	
   

  
	
   

  	
  Marc
  Duale

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  

 

This document and the
covering offer letter, together with the ‘General Terms & Conditions of
Employment’ contained in Sections 1-3 inclusive of the Staff handbook,
comprises the Contract of Employment between Marc
Duale and Iron Mountain (UK) Ltd, (hereafter
referred to as ‘the company’).

1.  Details of your position

	
  Date of Commencement:

  	
   

  	
  Your employment with the Company commence on or
  before May 31, 2006.

  
	
   

  	
   

  	
   

  
	
  Job Title:

  	
   

  	
  President, Iron Mountain Europe, but you may be
  required to carry out any other duties as determined by the management from
  time to time.

  
	
   

  	
   

  	
   

  
	
  Reporting to:

  	
   

  	
  Bob Brennan, President and Chief Operating Officer,
  Iron Mountain

  
	
   

  	
   

  	
   

  
	
  Place of work:

  	
   

  	
  Tolley Street, London, but you may be required to
  work at any other locations as directed by the company.

  

 

2.  Remuneration

Salary:                                                                                                                        £350.000.00
per annum 

Your salary will be paid into your bank account on the
28th day of each month or the Friday before if the
28th falls on a Saturday and the Monday thereafter if  it falls on a
Sunday.

Incentive
Compensation:                           Plan
G

You will be eligible to participate in the Iron
Mountain UK Incentive Compensation Plan G. This scheme will give you the
opportunity to earn up to 60% of your basic salary, annum and is based upon
meeting personal deliverables and the company meeting financial targets.  Iron Mountain will guarantee your pro rata
share of eligible incentive compensation for the current 2006 fiscal year
ending October 2006.  The President and
Chief Operating Officer will discuss and agree on your objectives with you at
the start of each relevant period.

The plan will be payable annually, at the end of the
second month following the year end, subject to the completion of financial
reporting and approval processes. To receive payment, you must be actively
employed at the time of payment.  (The
Company’s financial year is from November
to October each year).

The company reserves the right to review this plan,
normally on an annual basis.

Car/Car Allowance:

You have the option of a
company car up to a capital value of £60,000.00 or a car allowance up to a
maximum of £20,000.00 per year.  If you
chose the car allowance, Iron Mountain will also provide a yearly motor
insurance supplement, which is currently £650 per annum.  The amount of supplement used will be taxed
as a benefit in kind. This supplement may be reviewed by the Company on a
yearly basis, in line with market fluctuations for insurance. You also have the
option of a fuel card or cash allowance of £2,000.00 per annum. Please refer to
the Executive Car 

Policy enclosed for full details of terms and
conditions.

3.                                      Relocation

The company will pay reasonable and customary charges
for the relocation of your family from the United States and France to the
United Kingdom.  Further details of the
Relocation Program and tax implications will be sent to you under separate
cover.

4.                                      Holidays

Your holiday entitlement will be 25 days per annum
plus all Bank Holidays. The Company’s annual leave year runs from 1st January to 31st December.

Note that it is a European Health & Safety
legislative requirement for employees to take their full entitlement and as
such, you may not carry forward unused holiday entitlement to another year.
Unearned holiday will be deducted from your final pay.

5.                                      Sickness

In the event of unavoidable absence from work due to
sickness, the Company will pay you any Statutory Sick Pay (SSP) entitlement for
periods of sickness longer than 3 days in duration. In addition, the Company
may pay Company Sick Pay (in full) of up to 6 days per calendar year at the
discretion of your Manager. All absence for periods in excess of 7 consecutive
days must be covered by a medical certificate.

The Company may request an independent medical report
on your health and/or request that you undergo a medical examination if you are
absent from work due to illness for more than 4 consecutive weeks, or if you
are taking frequent short periods of absence. Please refer to the Company’s
Absence Policy for further details.

6.                                      Discretionary Benefits

	
  Pension:

  	
   

  	
  You will be eligible to join the Norwich Union
  Stakeholder Pension Scheme with immediate effect. It is a contributory scheme
  and is not contracted out of the State scheme. The Company will contribute
  15% of your basic annual salary on the condition that your contribution
  equates to a minimum of 2.5% of your basic salary.

  
	
   

  	
   

  	
   

  
	
  Life Assurance:

  	
   

  	
  The Company will provide life assurance cover
  equivalent to 4 times the amount of your basic annual salary from the date
  you join the Pension Scheme. This cover is subject to joining the pension
  scheme.

  
	
   

  	
   

  	
   

  
	
  Medical insurance:

  	
   

  	
  You will be eligible to join the Company’s Medical
  insurance plan through CIGNA. Full family cover (in the UK and the US) will
  be available upon your start date. Additional details of the plan will

  

 

 

	
  

  	
   

  	
  be provided to you under separate cover.

  
	
   

  	
   

  	
   

  
	
  Stock Options:

  	
   

  	
  You will be eligible to receive stock options after
  the Compensation Committee meeting in May. All stock option grants are made
  at the sole discretion of the Compensation Committee. Upon approval, you will
  be awarded stock options in the amount of 100,000 shares under the Iron
  Mountain 2002 Stock Option Plan. The options will be contingent upon you
  becoming an employee of Iron Mountain.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  All aspects of this grant of options will be
  governed by the Iron Mountain 2002 Stock Incentive Plan. Further, this grant
  will vest at a rate of 20% of the total grant on each anniversary date of the
  grant. The first 20% will vest on the first anniversary of the grant.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Full details of the scheme will be sent to you as
  soon as a grant takes place.

  
	
   

  	
   

  	
   

  
	
  Tax Assistance:

  	
   

  	
  The company will pay reasonable initial costs to
  access a tax advisor relating to this offer.

  

 

7.                                      Termination

Four month’s notice is required by either party.
Notice by the employee must be submitted in writing.

The Company may terminate this contract in accordance
with statutory requirements and you may be required to work such notice in full
or partly.

The Company reserve the option in its absolute
discretion to terminate employment by making a payment in lieu of notice. The
payment will consist of Twelve months of base pay, benefits and Pension and
will be subject to deductions for income tax and National Insurance
contributions (NIC) as appropriate. Bonus payments will be at the discretion of
the President and Chief Operating Officer. Where a Bonus payment is made this
will also be subject to income tax and NIC deductions.

You will at any time upon request, and in any event
upon the termination of your employment, return to the Company all company
property in your possession or under your control including computer hardware,
documents, disks and tapes. On leaving the Company you will also be required to
advise your Line Manager of all access codes and passwords within your
knowledge, which relate to your employment with the Company.

You hereby authorise the Company to deduct from your
pay/final pay any amounts which are owed by you to the Company, including
without limitation any overpayments or loans made to you by the Company or
losses suffered by the Company as a result of your negligence or breach of
Company rules.

8.                                      Conflict of Interest

You should not, directly or indirectly, engage in any
other business activity or be concerned in any other business which is similar
to or competes with that carried out by the Company.

You must seek written consent from the President and
Chief Operating Officer of Iron Mountain before you become involved in a
business capacity with any competitor, supplier or customer in circumstances
which could be perceived to compromise your position with the Company. You must
also inform the President and Chief Operating Officer of Iron Mountain should
any of your immediate family members become so involved.

9.                                      Disclosure
of Information

You may not disclose to any person or organisation any
confidential or proprietary information acquired by you in the course of your
employment. This includes any information which the company considers
confidential (e.g. business plans, projects, products and processes; or details
of its current or prospective customers) and the disclosure of which may damage
the interests of the Company or any actual or potential customer.

Where your work involves matters which are
confidential or secret to the Company or its customers or involves entering
customer premises where security checks are required, you may be required to
provide further particulars to the Company or relevant party as the Company may
direct in order to undergo the appropriate checks in accordance with the Data
Protection Act 1998.

In addition you must also keep confidential at all
times any personal data held by the Company to which you may have access.

10.                               Use
of Company Facilities

Any company property, data, facilities or resources to
which you have access during your employment are available solely for business
purposes. You agree that you will not use any such assets or resources or
services to which you have access for any other purpose. You are responsible
for taking reasonable care of all company property (including data entrusted to
you) during your employment.

Access to the Internet is granted to all employees
with an appropriate business need. You will be required to adhere to the
Company Policy with regard to the use of the IT equipment and systems to which
you are given access. Subsequent failure to comply with this policy may result
in disciplinary action.

11.                               Policies
and Procedures

You must comply at all times with the company’s rules
policies and procedures relating to equal opportunities, harassment, health and
safety, compliance, external interests and all other rules and procedures
introduced by the company from time to time. For the avoidance of doubt such
rules, policies and procedures are not incorporated by reference into this
agreement and they can be changed, replaced or withdrawn at any time at the
discretion of the company. Breach of any company rules, policies or procedures
may result in disciplinary action.

A full copy of the Company’s disciplinary and
grievance procedures can be found in the employee handbook.

12.                               Hours
of Work

Your contracted hours of work will be 37.5 hours per
week, Monday to Friday.  You will
normally be required to work between the hours of 9.00am and 5.30pm with one
hour for lunch.

You may be required to work occasional periods outside
your normal hours where the workload warrants for the satisfactory completion
of duties as determined by the needs of the business. Please ensure that if you
are agreeable to working in excess of the European limit of 48 per week, that
you sign the Individual Agreement to Opt-Out of Weekly
Limit on Working Time, as contained within these offer documents.

13.                               Collective
Agreements

There are no collective agreements applicable to your
employment.

14.                               Variation
of Contractual Terms and Conditions.

These terms and conditions which make up your contract
of employment as defined above are subject to amendment or variation by the
issue of individual or general statements of those changes to be introduced and
to be agreed with the employee. The company will
give reasonable notice and seek agreement to any such changes.

15.                             Acceptance
of Offer

I hereby accept the terms & conditions of
employment as contained in this Contract of Employment

	
  Signed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

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