Document:

Exhibit 4.1

 

 

Iron
Mountain Information Management Services, Inc.

 

IRON MOUNTAIN INCORPORATED

 

AND EACH OF THE SUBSIDIARY GUARANTORS PARTY
HERETO

 

5.000% SENIOR NOTES DUE 2032

 

2032
Senior NOTES INDENTURE

 

Dated as of December 28, 2021

 

COMPUTERSHARE TRUST COMPANY, N.A.

 

AS TRUSTEE

 

 

     

     

    

 

TABLE OF CONTENTS

 

	Article I.	 	 
	DEFINITIONS
    AND INCORPORATION BY REFERENCE	1
	 	 	 
	Section 1.1	Definitions	1
	Section 1.2	Other Definitions	26
	Section 1.3	Rules of Construction	27
	Section 1.4	Financial Calculations for Limited Condition Transactions	27
	 	 	 
	Article II.	 	 
	THE
    NOTES	28
	 	 	 
	Section 2.1	Form and Dating	28
	Section 2.2	Execution and Authentication	29
	Section 2.3	Appointment of Agents	29
	Section 2.4	Paying Agent to Hold Money in Trust	29
	Section 2.5	Holder Lists	30
	Section 2.6	Transfer and Exchange	30
	Section 2.7	Mutilated, Destroyed, Lost and Stolen Notes	37
	Section 2.8	Outstanding Notes	37
	Section 2.9	Treasury Notes	38
	Section 2.10	Temporary Notes	38
	Section 2.11	Cancellation	38
	Section 2.12	Defaulted Interest	39
	Section 2.13	Record Date	39
	Section 2.14	CUSIP Number and ISIN Number	39
	Section 2.15	Deposit of Moneys	40
	 	 	 
	Article III.	 	 
	REDEMPTION	40
	 	 	 
	Section 3.1	Selection of Notes to Be Redeemed	40
	Section 3.2	Notice of Redemption	40
	Section 3.3	Effect of Notice of Redemption	41
	Section 3.4	Deposit of Redemption Price	42
	Section 3.5	Notes Redeemed in Part	42
	Section 3.6	Optional Redemption	42
	Section 3.7	Mandatory Redemption	43
	Section 3.8	Asset Sale Offers	43
	Section 3.9	Offers to Purchase	45
	 	 	 
	Article IV.	 	 
	COVENANTS	46
	 	 	 
	Section 4.1	Payment of Principal and Interest	46
	Section 4.2	Reports	46
	Section 4.3	[Reserved]	47

 

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	Section 4.4	Compliance Certificate	47
	Section 4.5	Stay, Extension and Usury Laws	47
	Section 4.6	Corporate Existence	48
	Section 4.7	Taxes	48
	Section 4.8	Maintenance of Office or Agency	48
	Section 4.9	Restricted Payments	49
	Section 4.10	Incurrence of Indebtedness and Issuance of Preferred
    Stock	53
	Section 4.11	Liens	58
	Section 4.12	Dividend and Other Payment Restrictions Affecting Restricted
    Subsidiaries	59
	Section 4.13	Transactions with Affiliates	61
	Section 4.14	Additional Note Guarantees	63
	Section 4.15	Designation of Unrestricted Subsidiaries	64
	Section 4.16	Asset Sales	65
	Section 4.17	Change of Control Offer	68
	Section 4.18	Changes in Covenants When Notes Are Rated Investment
    Grade	70
	 	 	 
	Article V.	 	 
	SUCCESSORS	70
	 	 	 
	Section 5.1	Merger, Consolidation or Sale of Assets	70
	Section 5.2	Successor Entity Substituted	71
	 	 	 
	Article VI.	 	 
	DEFAULTS
    AND REMEDIES	71
	 	 	 
	Section 6.1	Events of Default	71
	Section 6.2	Acceleration of Maturity	73
	Section 6.3	Collection of Indebtedness and Suits for Enforcement
    by Trustee	73
	Section 6.4	Trustee May File Proofs of Claim	74
	Section 6.5	Trustee May Enforce Claims Without Possession
    of Notes	74
	Section 6.6	Application of Money Collected	75
	Section 6.7	Limitation on Suits	75
	Section 6.8	Unconditional Right of Holders to Receive Principal
    and Interest	76
	Section 6.9	Restoration of Rights and Remedies	76
	Section 6.10	Rights and Remedies Cumulative	76
	Section 6.11	Delay or Omission Not Waiver	76
	Section 6.12	Control by Holders	77
	Section 6.13	Waiver of Past Defaults	77
	Section 6.14	Undertaking for Costs	77
	Section 6.15	Reporting Defaults	78

 

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	Article VII.	 	 
	TRUSTEE	78
	 	 	 
	Section 7.1	Duties of Trustee	78
	Section 7.2	Rights of Trustee	80
	Section 7.3	Individual Rights of Trustee	81
	Section 7.4	Trustee’s Disclaimer	82
	Section 7.5	Notice of Defaults	82
	Section 7.6	Compensation and Indemnity	82
	Section 7.7	Replacement of Trustee	83
	Section 7.8	Successor Trustee by Merger,
    Etc.	84
	Section 7.9	Eligibility; Disqualification	84
	Section 7.10	Agents	84
	 	 	 
	Article VIII.	 	 
	LEGAL
    DEFEASANCE AND COVENANT DEFEASANCE	84
	 	 	 
	Section 8.1	Option to Effect Legal Defeasance
    or Covenant Defeasance	84
	Section 8.2	Legal Defeasance and Discharge	85
	Section 8.3	Covenant Defeasance	85
	Section 8.4	Conditions to Legal or Covenant
    Defeasance	86
	Section 8.5	Deposited Money and Government
    Securities to be Held in Trust; Other Miscellaneous Provisions	87
	Section 8.6	Repayment to Issuer	87
	Section 8.7	Reinstatement	88
	 	 	 
	Article IX.	 	 
	AMENDMENTS
    AND WAIVERS	88
	 	 	 
	Section 9.1	Without Consent of Holders	88
	Section 9.2	With Consent of Holders	89
	Section 9.3	Limitations	90
	Section 9.4	[Reserved]	90
	Section 9.5	Revocation and Effect of Consents	90
	Section 9.6	Notation on or Exchange of
    Notes	91
	Section 9.7	Trustee to Sign Amendments;
    Trustee Protected	91
	 	 	 
	Article X.	 	 
	SATISFACTION
    AND DISCHARGE	92
	 	 	 
	Section 10.1	Satisfaction and Discharge	92
	 	 	 
	Article XI.	 	 
	MISCELLANEOUS	93
	 	 	 
	Section 11.1	Notices	93
	Section 11.2	Certificate and Opinion as
    to Conditions Precedent	94

 

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	Section 11.3	Statements
Required in Certificate or Opinion	94
	Section 11.4	Rules by
Trustee and Agents	94
	Section 11.5	Legal
Holidays	94
	Section 11.6	No
Personal Liability of Directors, Officers, Employees and Stockholders	95
	Section 11.7	Counterparts	95
	Section 11.8	GOVERNING
LAWS	95
	Section 11.9	No
Adverse Interpretation of Other Agreements	95
	Section 11.10	Successors	95
	Section 11.11	Severability	96
	Section 11.12	Table of Contents, Headings, Etc.	96
	Section 11.13	Judgment
Currency	96
	Section 11.14	Waiver
of Jury Trial	96
	Section 11.15	Submission
to Jurisdiction; Venue	97
	Section 11.16	Force Majeure	97
	 	 	 
	Article XII.	 	 
	NOTE GUARANTEES	98
	 	 	 
	Section 12.1	Note
Guarantee	98
	Section 12.2	Limitation
of Iron Mountain and each Subsidiary Guarantor’s Liability	99
	 	 	 
	Article XIII.	 	 
	USA PATRIOT ACT	100
	 	 	 
	Section 13.1	USA
Patriot Act	100

 

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2032 Senior Notes Indenture dated as of December
28, 2021, among Iron Mountain Information Management Services, Inc., a Delaware corporation (the “Issuer”), the guarantors
party hereto and Computershare Trust Company, N.A., a national banking association, as Trustee (“Trustee”).

 

Each party agrees as follows for the benefit of each
other party and for the equal and ratable benefit of the Holders of the Notes issued under this Indenture.

 

Article I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1           
Definitions.

 

“Acquired Debt” means, with respect
to any specified Person:

 

(1)              
Indebtedness of any other Person, existing at the time such other Person merged with or into or became a Subsidiary of such specified
Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging with or into or becoming
a Subsidiary of such specified Person; and

 

(2)              
Indebtedness encumbering any asset acquired by such specified Person.

 

“Adjusted EBITDA” means, as of
any date of determination and without duplication, EBITDA of Iron Mountain and the Restricted Subsidiaries for Iron Mountain’s most
recently ended four full fiscal quarters for which internal financial statements are available at such date of determination on a Pro
Forma Basis.

 

“Affiliate” of any specified Person
means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified
Person.  For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise.

 

“Agents” means each paying agent,
registrar or transfer agent and “Agent” means any one of them.

 

“Applicable Procedures” means,
with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depository
that apply to such transfer or exchange.

 

“Board of Directors” means the
Board of Directors, managers, trustees or comparable governing body of a Person or any duly authorized committee thereof.

 

“Book-Entry Interest” means a
beneficial interest in a Global Note held through and shown on, and transferred only through, records maintained in book-entry form by
a Depository.

 

     

     

    

 

“Business Day” means any day except
a Saturday, Sunday or a legal holiday in the City of New York or at another place of payment where a legal holiday shall be any day on
which banking institutions are authorized or required by law, regulation or executive order to close.

 

“Capital Stock” means any and
all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, including, without limitation,
with respect to limited liability companies or partnerships, limited liability company interests or partnership interests (whether general
or limited) and any other interest or participation that confers on a Person the right to receive a share of the profits and losses of,
or distributions of assets of, such limited liability company or partnership.

 

“Cash Equivalents” means:

 

(1)              
securities with maturities of one year or less from the date of acquisition, issued, fully guaranteed or insured by the government
of a Participating Member State, the United Kingdom or the U.S. (or any agency thereof), as applicable, having a rating of Baa3 or better
by Moody’s or BBB— or better by S&P (in each case, with a stable or better outlook), or carrying an equivalent rating
by an internationally recognized rating agency if both of the two named rating agencies cease publishing ratings of investments;

 

(2)              
certificates of deposit, time deposits, overnight bank deposits, bankers’ acceptances and repurchase agreements issued by
a Qualified Issuer having maturities of 270 days or less from the date of acquisition;

 

(3)              
commercial paper of an issuer rated at least A-2 by S&P, or P-2 by Moody’s, or carrying an equivalent rating by a nationally
recognized rating agency if both of the two named rating agencies cease publishing ratings of investments, and having maturities of 270
days or less from the date of acquisition;

 

(4)              
money market accounts or funds with or issued by Qualified Issuers;

 

(5)              
Investments in money market funds substantially all of the assets of which are comprised of securities and other obligations of
the types described in clauses (1) through (3) above or (6) below; and

 

(6)              
any U.S. Dollar denominated demand deposits with a Qualified Issuer, and, with respect to any Foreign Subsidiary, any non-U.S.
Dollar denominated demand deposits with a Qualified Issuer.

 

“Change of Control” means the
occurrence of any of the following events:

 

(1)              
any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of a majority of the voting power of the Voting Stock of Iron Mountain;

 

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(2)              
 the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of consolidation, merger or amalgamation),
in one or a series of related transactions, of all or substantially all of the properties or assets of Iron Mountain and its Subsidiaries
taken as a whole to any Person (including any “person” (as that term is used in Section 13(d)(3) of the Exchange
Act)); and

 

(3)              
Iron Mountain is liquidated or dissolved or adopts a plan of liquidation or dissolution other than in a transaction which complies
with Section 5.1.

 

Notwithstanding the foregoing: (A) the transfer of
assets between or among Iron Mountain and its Restricted Subsidiaries shall not itself constitute a Change of Control; (B) a Person or
group shall not be deemed to have beneficial ownership of securities subject to a stock purchase agreement, merger agreement or similar
agreement (or voting or option agreement related thereto) prior to the consummation of the transactions contemplated by such agreement;
and (C) a Change of Control shall not be deemed to have occurred if any Person, directly or indirectly, holds or acquires 100% of the
total voting power of the Voting Stock of Iron Mountain, and of which no other Person or group (within the meaning of Section 13(d)(3)
or Section 14(d)(2) of the Exchange Act) holds more than 50% of the total voting power of the Voting Stock thereof.

 

“Code” means the Internal Revenue
Code of 1986, as amended.

 

“Company Order” means a written
order signed in the name of the Issuer by an Officer.

 

“Consolidated Adjusted Net Income”
means, for any period, the net income (or net loss) of Iron Mountain and the Restricted Subsidiaries for such period as determined on
a consolidated basis in accordance with GAAP, adjusted to the extent included in calculating such net income or loss by excluding (without
duplication):

 

(1)              
any extraordinary, exceptional, unusual, infrequently occurring or nonrecurring gain, loss, charge or expense; restructuring costs,
charges, accruals or reserves (whether or not classified as such under GAAP); costs and expenses incurred in connection with any Specified
Transaction/Initiative (including, without limitation, any integration costs and any charge, expense, cost, accrual or reserve of any
kind associated with acquisition-related litigation and settlements thereof); start-up or initial costs for any project or new division
or new line of business; costs associated with the closure or exiting of any division or line of business; severance costs and expenses,
one-time compensation charges, signing, retention and completion bonuses and recruiting costs; costs relating to facility or property
disruptions, casualties, natural disasters or shutdowns; costs relating to the integration, consolidation, pre-opening, opening, closing
and conversion of facilities; costs and expenses incurred in connection with non-ordinary course product and intellectual property development;
any costs associated with new systems design or improvements to IT or accounting functions to protect against cyberattacks; any charge,
expense, cost, accrual or reserve associated with any cyberattack (including any related litigation and settlements thereof); curtailments
or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities); professional,
legal, accounting, consulting and other service fees incurred in connection with any of the foregoing;

 

    3

     

    

 

(2)              
 any net gains or losses associated with (i) the disposal/write-down of property, plant and equipment (including real estate),
(ii) foreign currency transactions, and (iii) the sale, disposal or abandonment of business operations (including sales of discontinued
operations);

 

(3)              
the portion of net income (or loss) of any Person (other than Iron Mountain or a Restricted Subsidiary), including Unrestricted
Subsidiaries, in which Iron Mountain or any Restricted Subsidiary has an ownership interest, except to the extent of the amount of dividends
or other distributions actually paid to Iron Mountain or any Restricted Subsidiary in cash by such Person during such period;

 

(4)              
the net income (or loss) of any Person combined with Iron Mountain or any Restricted Subsidiary on a “pooling of interests”
basis attributable to any period prior to the date of combination;

 

(5)              
income (or loss) attributable to discontinued operations;

 

(6)              
any net gains or losses attributable to (i) the extinguishment, write-off or forgiveness of Indebtedness, or (ii) the settlement
or termination of Hedging Obligations or other derivative instruments (including, in the case of clause (i) and clause (ii), all deferred
financing costs written off and premiums paid or other expenses incurred directly in connection therewith);

 

(7)              
any net unrealized gains or losses resulting from the mark-to-market movement in the valuation of (i) Hedging Obligations or embedded
derivatives that require similar accounting treatment and the application of Accounting Standards Codification Topic 815 and related pronouncements,
or (ii) other financial instruments and the application of Accounting Standards Codification Topic 825 and related pronouncements;

 

(8)              
any unrealized foreign currency transaction gains or losses in respect of Indebtedness of any Person denominated in a currency
other than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to translation of assets
and liabilities denominated in foreign currencies;

 

(9)              
any unrealized foreign currency translation or transaction gains or losses in respect of Indebtedness or other obligations of Iron
Mountain or any Restricted Subsidiary owing to Iron Mountain or any Restricted Subsidiary;

 

(10)          
any purchase accounting effects, including, but not limited to, adjustments to inventory, property and equipment, software and
other intangible assets and deferred revenue in component amounts required or permitted by GAAP and related authoritative pronouncements
(including the effects of such adjustments pushed down to Iron Mountain and the Restricted Subsidiaries), as a result of any acquisition,
or the amortization or write-off of any amounts thereof (including
any write-off of in process research and development);

 

(11)          
the cumulative effect of a change in accounting principles;

 

(12)          
any goodwill or other intangible asset impairment charge or write-off;
and

 

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(13)          
 any (i) non-cash compensation charge or expense arising from any grant of stock, stock options or other equity-based awards and
any non-cash deemed finance charges in respect of any pension liabilities or other provisions or on the re-valuation of any benefit plan
obligation and (ii) income (or loss) attributable to deferred compensation plans or trusts.

 

“Consolidated Income Tax Expense”
means, for any period, the provision for U.S. federal, state, local and foreign income taxes of Iron Mountain and the Restricted Subsidiaries
for such period as determined on a consolidated basis in accordance with GAAP.

 

“Consolidated Interest Expense”
means, for any period, without duplication, the sum of:

 

(1)              
the amount which, in conformity with GAAP, would be set forth opposite the caption “interest expense” (or any like
caption) on a consolidated statement of operations of Iron Mountain and the Restricted Subsidiaries for such period, including, without
limitation:

 

(i)                
amortization of debt discount;

 

(ii)             
the net cost of interest rate contracts (including amortization of discounts);

 

(iii)           
the interest portion of any deferred payment obligation;

 

(iv)            
amortization of debt issuance costs; and

 

(v)              
the interest component of Financing Lease Obligations of Iron Mountain and the Restricted Subsidiaries; plus

 

(2)              
all interest on any Indebtedness of any other Person Guaranteed and paid by Iron Mountain or any Restricted Subsidiary.

 

“Consolidated Non-Cash Charges”
means, for any period, the aggregate depreciation, amortization and other non-cash expenses of Iron Mountain and the Restricted Subsidiaries
(including without limitation any minority interest) reducing Consolidated Adjusted Net Income for such period, determined on a consolidated
basis in accordance with GAAP (excluding any such non-cash charge to the extent that it requires an accrual of or reserve for cash charges
for any future period).

 

“Consolidated Total Assets” of
Iron Mountain as of any date means the total assets of Iron Mountain and the Restricted Subsidiaries as of the most recent fiscal quarter
end for which a consolidated balance sheet of such Person and the Restricted Subsidiaries is available, all calculated on a consolidated
basis in accordance with GAAP.

 

“continuing” means, with respect
to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.

 

“Corporate Trust Office”
means a principal office of the Trustee at which at any time its corporate trust business shall be administered, which office at the
date hereof is located at 600 S. 4th Street, 7th Floor, Minneapolis, MN 55415, Attention:  Corporate Trust Services
Administrator — Iron Mountain Information Management Services, Inc., or such other address as the Trustee may designate from
time to time by notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such
other address as a successor Trustee may designate from time to time by notice to the Holders and the Issuer).

 

    5

     

    

 

“Credit Agreement” means that
certain Credit Agreement, dated as of June 27, 2011, as amended and restated as of July 2, 2015, as further amended and restated
as of August 21, 2017, and as further amended pursuant to the First Amendment, dated as of December 12, 2017, a Second Amendment
dated as of March 22, 2018, as modified by an Incremental Term Loan Activation Notice dated as of March 22, 2018, as amended by a Third
Amendment and Refinancing Facility Agreement dated as of June 4, 2018, as further amended by a Fourth Amendment, dated as of December
20, 2019, and as further amended by a Fifth Amendment, dated as of December 12, 2021, among Iron Mountain, Iron Mountain Information Management,
LLC and certain other Subsidiaries of Iron Mountain, as borrowers, and the lenders and agents party thereto, including any related notes,
Guarantees, collateral documents, instruments and agreements executed in connection therewith, and, in each case, as further amended,
restated, supplemented, modified, renewed, refunded, increased, extended, replaced in any manner (whether upon or after termination or
otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to
time.

 

“Credit Facilities” means, one
or more debt facilities (including, without limitation, the Credit Agreement), indentures or commercial paper facilities, in each case,
with banks or other institutional lenders, accredited investors or institutional investors providing for revolving credit loans, term
loans, term debt, debt securities, receivables financing (including through the sale of receivables to such lenders or to special purpose
entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended, restated, modified,
renewed, extended, increased, refunded, replaced in any manner (whether upon or after termination or otherwise) or refinanced (including
by means of sales of debt securities to institutional investors) in whole or in part from time to time.

 

“Default” means any event that
is or with the passage of time or the giving of notice or both would be an Event of Default.

 

“Definitive Note” means any Note
registered in the Register, substantially in the form attached as Exhibit B hereto.

 

“Depository” means, initially,
DTC, and its respective nominees and successors.

 

“Designated Non-Cash Consideration”
means the Fair Market Value of non-cash consideration received by Iron Mountain or a Restricted Subsidiary in connection with an Asset
Sale that is so designated as Designated Non-Cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of
such valuation, less the amount of cash and Cash Equivalents received in connection with a subsequent sale, disposition, redemption or
payment of, on or with respect to such Designated Non-Cash Consideration.

 

    6

     

    

 

“Disqualified Stock” means any
Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon
the happening of any event, matures or is mandatorily redeemable, for cash or other property (other than Capital Stock that is not Disqualified
Stock) pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part,
in each case on or prior to the final stated maturity of any outstanding Notes.

 

“EBITDA” means for any period
Consolidated Adjusted Net Income for such period increased (or, to the extent provided in clause (8), reduced) by (without duplication):

 

(1)              
Consolidated Interest Expense for such period, to the extent deducted (and not added back) in calculating Consolidated Adjusted
Net Income for such period; plus

 

(2)              
Consolidated Income Tax Expense for such period, to the extent deducted (and not added back) in calculating Consolidated Adjusted
Net Income for such period; plus

 

(3)              
Consolidated Non-Cash Charges for such period, to the extent deducted (and not added back) in calculating Consolidated Adjusted
Net Income for such period; plus

 

(4)              
any cost, charge, fee or expense (including discounts and commissions and including fees and charges incurred in respect of letters
of credit or bankers’ acceptance financings) (or any amortization of any of the foregoing) associated with any issuance (or proposed
issuance) of Indebtedness, or equity or any refinancing transaction (or proposed refinancing transaction) or any amendment or other modification
of any Indebtedness instrument, in each case, to the extent deducted (and not added back) in calculating Consolidated Adjusted Net Income
for such period; plus

 

(5)              
the amount of any restructuring costs, charges, accruals, expenses or reserves (including those relating to severance, relocation
costs, and one-time compensation charges), integration and conversion costs, costs incurred in connection with any nonrecurring strategic
initiatives or other Specified Transaction/Initiatives, other business optimization expenses (including incentive costs and expenses relating
to business optimization programs and signing, retention and completion bonuses) (other than to the extent such items represent the reversal
of any accrual or reserve added back in a prior period), in each case, to the extent deducted (and not added back) in calculating Consolidated
Adjusted Net Income for such period; plus

 

(6)              
any unusual or nonrecurring costs, charges, accruals, reserves or items of loss or expense (including, without limitation, losses
on asset sales (other than asset sales in the ordinary course of business)) (other than to the extent such items represent the reversal
of any accrual or reserve added back in a prior period), in each case, to the extent deducted (and not added back) in calculating Consolidated
Adjusted Net Income for such period; plus

 

(7)               any
charges, fees and expenses (or any amortization thereof) (including, without limitation, all legal, accounting, advisory or other
transaction-related fees, charges, costs and expenses and any bonuses or success fee payments) related to any acquisition,
Investment or disposition (or any such proposed acquisition, Investment or disposition) (including amortization or write-offs of
debt issuance or deferred financing costs, premiums and prepayment penalties), in each case, whether or not successful, in each
case, to the extent deducted (and not added back) in calculating Consolidated Adjusted Net Income for such period; plus

 

    7

     

    

 

(8)              
(i) realized foreign exchange losses (and minus any realized foreign exchange gains), or (ii) gains (and minus any losses) resulting
from the impact of foreign currency changes on the valuation of assets or liabilities on the balance sheet of Iron Mountain and its Restricted
Subsidiaries, to the extent deducted (and not added back) (or reduced, to the extent added) in calculating Consolidated Adjusted Net Income
for such period; plus

 

(9)              
the aggregate amount of “run-rate” net income for such period projected by Iron Mountain in good faith attributable
to any customer installation and backlog occurring or existing during such period (or following such period but prior to the date of determination)
(which amount shall be calculated on a pro forma basis as though the full amount of such net income attributable to such installation
and backlog had been realized from the commencement of such period); provided that the aggregate amount included in EBITDA pursuant
to this clause (9) for any period shall not exceed 25% of EBITDA in the aggregate for such period (calculated prior to giving effect to
any adjustment pursuant to this clause (9)); plus

 

(10)          
the amount of cost savings, operating expense reductions, other operating improvements and synergies as provided under clause (ii)
of the definition of “Pro Forma Basis”.

 

“Equity Interests” means Capital
Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or
exchangeable for, Capital Stock).

 

“Equity Proceeds” means:

 

(1)              
with respect to Equity Interests (or debt securities converted into Equity Interests) issued or sold for U.S. Dollars, the aggregate
amount of such U.S. Dollars; and

 

(2)              
with respect to Equity Interests (or debt securities converted into Equity Interests) issued or sold for any consideration other
than U.S. Dollars, the aggregate Market Price thereof computed on the date of the issuance or sale thereof.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended.

 

“Excluded Restricted Subsidiary”
means any Restricted Subsidiary organized under the laws of a jurisdiction other than the United States (as defined for purposes of Section
956 of the Code) and that has not delivered a Note Guarantee.

 

“Existing Indebtedness” means
Indebtedness of Iron Mountain and its Subsidiaries (other than under the Credit Agreement) in existence on the date hereof, until such
amounts are repaid.

 

“Fair Market Value” means the
value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of
either party, determined in good faith by Iron Mountain (unless otherwise provided herein).

 

    8

     

    

 

“Financing
Lease Obligation” means an obligation that is required to be classified
and accounted for as a capitalized lease for financial reporting purposes on the basis of GAAP. The amount of Indebtedness represented
by such obligation will be the capitalized amount of such obligation at the time any determination thereof is to be made as determined
on the basis of GAAP.

 

“Fitch” means Fitch Ratings, Inc.

 

“Fixed Charge Coverage Ratio”
means the ratio of Adjusted EBITDA for the most recent period of four consecutive fiscal quarters for which internal financial statements
are available immediately preceding the date on which such calculation of the Fixed Charge Coverage Ratio is made, calculated on a Pro
Forma Basis for such period, to Fixed Charges for such period calculated on a Pro Forma Basis. In the event that Iron Mountain or any
of its Restricted Subsidiaries incurs or redeems or repays any Indebtedness (other than in the case of revolving credit borrowings unless
the related commitments have been terminated and such Indebtedness has been permanently repaid and has not been replaced) or, in the case
of Restricted Subsidiaries, issues preferred stock, subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio
is being calculated but prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is made,
then the Fixed Charge Coverage Ratio shall be calculated on a Pro Forma Basis; provided that, in the event that Iron Mountain shall classify
Indebtedness incurred on the date of determination as incurred in part pursuant to the Fixed Charge Coverage Ratio test described in the
first paragraph of Section 4.10 and in part pursuant to one or more of the numbered clauses of the second paragraph of Section 4.10, any
calculation of Fixed Charges pursuant to this definition on such date (but not in respect of any future calculation following such date)
shall not include any such Indebtedness (and shall not give effect to any repayment, repurchase, redemption, defeasance or other acquisition,
retirement or discharge of Indebtedness from the proceeds thereof) to the extent incurred pursuant to any numbered clause of the second
paragraph of Section 4.10 other than Indebtedness incurred pursuant to clause (14) thereof.

 

“Fixed Charges” means the sum
of, without duplication:

(1) Consolidated Interest Expense for
such period;

(2) all dividends paid (other than redemptions)
on any series of preferred stock during such period; and

(3) Scheduled Amortization for such period.

“Foreign Subsidiary” means any
Subsidiary organized under the laws of a jurisdiction other than the United States (as defined for purposes of Section 956 of the Code).

 

“Foreign Subsidiary Holdco” means
any Restricted Subsidiary which is organized under the laws of the United States (as defined for purposes of Section 956 of the Code)
that has no material assets other than the Capital Stock and, if any, Indebtedness of (1) one or more Foreign Subsidiaries that
are “controlled foreign corporations” as defined by Section 957 of the Code or (2) any other Foreign Subsidiary
Holdco.

 

    9

     

    

 

“GAAP” means accounting principles
generally accepted in the United States of America as in effect on the June 2020 Notes Issue Date; provided that the amount of
any Indebtedness under GAAP with respect to Financing Lease Obligations shall be determined in accordance with the definition of Financing
Lease Obligations.

 

“Global Note(s)” means one or
more registered Global Notes, without coupons, substantially in the form of Exhibit A attached hereto.

 

“Government Securities” means
direct obligations of, or obligations guaranteed by, the United States of America for the payment of which guarantee or obligations the
full faith and credit of the United States of America is pledged.

 

“Guarantee” means, as applied
to any obligation:  (1) a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course
of business), direct or indirect, in any manner, of any part or all of such obligation; and (2) an agreement, direct or indirect,
contingent or otherwise, the practical effect of which is to assure in any way the payment or performance (or payment of damages in the
event of non-performance) of all or any part of such obligation, including, without limiting the foregoing, the obligation to reimburse
amounts drawn down under letters of credit securing such obligations.

 

“Hedging Obligations” means, with
respect to any specified Person, the obligations of such Person under:

 

(1)              
interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest
rate collar agreements;

 

(2)              
other agreements or arrangements designed to manage interest rates or interest rate risk; and

 

(3)              
other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity prices.

 

“Holder” means a Person in whose
name a Note is registered.

 

“Indebtedness” means (without
duplication), with respect to any Person, whether recourse is to all or a portion of the assets of such Person, and whether or not contingent:

 

(1)              
every obligation of such Person for money borrowed;

 

(2)              
every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments;

 

(3)               every
reimbursement obligation of such Person with respect to letters of credit, bankers’ acceptances or similar facilities issued
for the account of such Person, other than obligations with respect to letters of credit securing obligations (other than
obligations described in this definition) of such Person to the extent such letters of credit are not drawn upon or, if and to the
extent drawn upon, such drawing is reimbursed no later than the 30th Business Day following receipt by such Person of a demand for
reimbursement following payment on the letter of credit;

 

    10

     

    

 

(4)              
every obligation of such Person issued or assumed as the deferred purchase price of property or services;

 

(5)              
every Financing Lease Obligation;

 

(6)              
all Disqualified Stock of such Person valued at the greater of its voluntary or involuntary maximum fixed repurchase price, plus
accrued and unpaid dividends (unless included in such maximum repurchase price);

 

(7)              
all obligations of such Person under or with respect to Hedging Obligations which would be required to be reflected on the balance
sheet as a liability of such Person in accordance with GAAP; and

 

(8)              
every obligation of the type referred to in clauses (1) through (7) of another Person and dividends of another Person
the payment of which, in either case, such Person has Guaranteed.

 

For purposes of this definition, the “maximum
fixed repurchase price” of any Disqualified Stock that does not have a fixed repurchase price will be calculated in accordance with
the terms of such Disqualified Stock as if such Disqualified Stock were repurchased on any date on which Indebtedness is required to be
determined pursuant hereto.  Notwithstanding the foregoing, (a) trade accounts payable and accrued liabilities arising in the ordinary
course of business, (b) any liability for U.S. federal, state or local taxes or other taxes owed by such Person and (c) any lease, concession
or license of property (or a Guarantee thereof) which would be considered an operating lease under GAAP shall not be considered Indebtedness
for purposes of this definition.  The amount outstanding at any time of any Indebtedness issued with original issue discount is the
aggregate principal amount at maturity of such Indebtedness, less the remaining unamortized portion of the original issue discount of
such Indebtedness at such time, as determined in accordance with GAAP.  Indebtedness shall be calculated without giving effect to
the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise
increase or decrease an amount of Indebtedness for any purpose hereunder as a result of accounting for any embedded derivatives created
by the terms of such Indebtedness.  For the avoidance of doubt, the aggregate amount of debit balances in the accounts of Restricted
Subsidiaries held at a bank or other financial institution and subject to a cash pooling arrangement shall only constitute “Indebtedness”
to the extent that such aggregate amount exceeds the aggregate amount of all credit balances in the accounts of Restricted Subsidiaries
held at such bank or financial institution and subject to such cash pooling arrangement.

 

“Indenture” means this Indenture
as amended and supplemented from time to time and shall include the form of Notes established as contemplated hereunder and any related
supplemental indenture.

 

“Indirect Participant” means a
Person who holds a Book-Entry Interest in a Global Note through a Participant.

 

    11

     

    

 

“Initial Notes” means the first
$750,000,000 aggregate principal amount of Notes issued under this Indenture on the date hereof.

 

“Investments” means, with respect
to any Person, all investments by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees), advances
or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities and all other items that are or
would be classified as investments on a balance sheet prepared in accordance with GAAP.

 

“Iron Mountain” means Iron Mountain
Incorporated, a Delaware Corporation, and its successors and assigns, and not any of its subsidiaries, unless otherwise indicated or the
context otherwise requires.

 

“IRS” means the U.S. Internal
Revenue Service.

 

“Issue Date” means the date the
Initial Notes were issued under the Indenture.

 

“Joint Venture” means any partnership,
corporation or other entity in which less than 100% of the partnership interests, outstanding voting stock or other equity interests is
owned, directly or indirectly, by Iron Mountain and/or one or more of its Subsidiaries.

 

“June 2020 Notes Issue Date” means
June 22, 2020, the issue date of Iron Mountain’s $500,000,000 aggregate principal amount of 5.000% Senior Notes due 2028, $1,300,000,000
in aggregate principal amount of 5.250% Senior Notes due 2030 and $600,000,000 in aggregate principal amount of 5.625% Senior Notes due
2032.

 

“Lien” means, with respect to
any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed,
recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in
the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing
statement under the Uniform Commercial Code, or equivalent statutes, of any jurisdiction).

 

“Limited Condition Transaction”
means any (a) acquisition or other Investment, including by way of purchase, merger, amalgamation or consolidation or similar transaction,
by Iron Mountain or one or more of its Restricted Subsidiaries, with respect to which Iron Mountain or any such Restricted Subsidiary
have entered into an agreement or is otherwise contractually committed to consummate and the consummation of which is not expressly conditioned
upon the availability of, or on obtaining, third party financing, and/or (b) the making of any Restricted Payment.

 

“Make-Whole Amount” means, with
respect to any Note, an amount equal to the excess, if any, of:

 

(1)              
the present value of the remaining principal, premium and interest payments that would be payable with respect to such Note if
such Note were redeemed on July 15, 2027, computed using a discount rate equal to the Treasury Rate plus 50 basis points, over

 

    12

     

    

 

(2)              
 the outstanding principal amount of such Note.

 

“Make-Whole Average Life” means,
with respect to any date of redemption of Notes, the number of years (calculated to the nearest one-twelfth) from such redemption date
to July 15, 2027.

 

“Make-Whole Price” means, with
respect to any Note, the greater of:

 

(1)              
the sum of the principal amount of and Make-Whole Amount with respect to such Note; and

 

(2)              
the redemption price of such Note on July 15, 2027.

 

“Market Price” means:

 

(1)              
with respect to the calculation of Equity Proceeds from the issuance or sale of debt securities which have been converted into
Equity Interests, the value received upon the original issuance or sale of such converted debt securities, as determined reasonably and
in good faith by Iron Mountain’s Board of Directors; and

 

(2)              
with respect to the calculation of Equity Proceeds from the issuance or sale of Equity Interests, the average of the daily closing
prices for such Equity Interests for the 20 consecutive trading days preceding the date of such computation.

 

The closing price for each day shall be:

 

(1)              
if such Equity Interests are then listed or admitted to trading on the New York Stock Exchange, the closing price on the NYSE Consolidated
Tape (or any successor consolidated tape reporting transactions on the New York Stock Exchange) or, if such composite tape shall not be
in use or shall not report transactions in such Equity Interests, or if such Equity Interests shall be listed on a stock exchange other
than the New York Stock Exchange (including for this purpose the Nasdaq Stock Market), the last reported sale price regular way for such
day, or in case no such reported sale takes place on such day, the average of the closing bid and asked prices regular way for such day,
in each case on the principal national securities exchange on which such Equity Interests are listed or admitted to trading (which shall
be the national securities exchange on which the greatest number of such Equity Interests have been traded during such 20 consecutive
trading days); or

 

(2)              
if such Equity Interests are not listed or admitted to trading on any such exchange, the average of the closing bid and asked prices
thereof in the over-the-counter market as reported by the National Association of Securities Dealers Automated Quotation System or any
successor system, or if not included therein, the average of the closing bid and asked prices thereof furnished by two members of the
National Association of Securities Dealers selected reasonably and in good faith by Iron Mountain’s Board of Directors for that
purpose.  In the absence of one or more such quotations, the Market Price for such Equity Interests shall be determined reasonably
and in good faith by Iron Mountain’s Board of Directors.

 

    13

     

    

 

“Moody’s” means Moody’s
Investors Service, Inc. or any successor to the rating agency business thereof.

 

“Net Proceeds” means the aggregate
cash proceeds received by Iron Mountain or any Restricted Subsidiary in respect of an Asset Sale, which amount is equal to the excess,
if any, of:

 

(1)              
the cash received by Iron Mountain or such Restricted Subsidiary (including any cash payments received by way of deferred payment
pursuant to, or monetization of, a note or installment receivable or otherwise, but only as and when received) in connection with such
disposition, over

 

(2)              
the sum of:

 

(i)                
the amount of any Indebtedness which is secured by such asset and which is required to be repaid in connection with the disposition
thereof; plus

 

(ii)             
the reasonable out-of-pocket expenses incurred by Iron Mountain or such Restricted Subsidiary, as the case may be, in connection
with such disposition or in connection with the transfer of such amount from such Restricted Subsidiary to Iron Mountain; plus

 

(iii)           
provisions for taxes, including income taxes, attributable to the disposition of such asset or attributable to required prepayments
or repayments of Indebtedness with the proceeds thereof; plus

 

(iv)            
if Iron Mountain does not first receive a transfer of such amount from the applicable Restricted Subsidiary with respect to the
disposition of an asset by such Restricted Subsidiary and such Restricted Subsidiary intends to make such transfer as soon as practicable,
the out-of-pocket expenses and taxes that Iron Mountain reasonably estimates will be incurred by Iron Mountain or such Restricted Subsidiary
in connection with such transfer at the time such transfer is expected to be received by Iron Mountain (including, without limitation,
withholding taxes on the remittance of such amount).

 

“Note Guarantee” means the Guarantee
by Iron Mountain and each Subsidiary Guarantor of the Issuer’s obligations under this Indenture and the Notes, executed pursuant
to Article XII; however, so long as Iron Mountain or the Subsidiary Guarantor has executed this Indenture or a supplemental indenture
in a form satisfactory to the Trustee, the failure to execute such Note Guarantee will not affect the obligations of Iron Mountain or
any Subsidiary Guarantor.

 

“Notes” means the Issuer’s
5.000% Senior Notes due 2032 issued hereunder.  The Initial Notes and the Additional Notes shall be treated as a single class for
all purposes under this Indenture.

 

    14

     

    

 

“Obligations” means any principal,
interest (including post-petition interest, whether or not allowed as a claim in any proceeding), penalties, fees, costs, expenses, indemnifications,
reimbursements, damages and other liabilities payable under or in connection with any Indebtedness.

 

“Officer” means the Chairman of
the Board, any other Director, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, any
Vice President (including any Executive or Senior Vice President), the Treasurer, the Controller, the Secretary, any Assistant Treasurer
or any Assistant Secretary of any Person and, with respect to Iron Mountain, any individual authorized by the Board of Directors to act
in such capacity.

 

“Officers’ Certificate”
means a certificate signed by any two Officers.

 

“Opinion of Counsel” means a written
opinion of legal counsel, which opinion is reasonably acceptable to the Trustee.  Such counsel may be an employee of or counsel to
the Issuer, Iron Mountain or a Subsidiary thereof.

 

“Participant” means a Person who
has an account with the Depository.

 

“Participating Member State” means
any of the member states of the European Union that have adopted and continue to retain a common single currency through monetary union
in accordance with European Union treaty law (as amended from time to time).

 

“Permitted Investments” means:

 

(1)              
any Investments in Iron Mountain or in a Restricted Subsidiary, including without limitation any Guarantee of Indebtedness permitted
under Section 4.10;

 

(2)              
any Investments in cash or Cash Equivalents;

 

(3)              
Investments by Iron Mountain or any Restricted Subsidiary in a Person, if as a result of such Investment:

 

(i)                
such Person becomes a Restricted Subsidiary; or

 

(ii)             
such Person is consolidated, merged or amalgamated with or into, or transfers or conveys substantially all of its assets to, or
is liquidated into, Iron Mountain or a Restricted Subsidiary;

 

(4)              
Investments in assets (including accounts and notes receivable) created, owned or used in the ordinary course of business;

 

(5)              
any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance
with Section 4.16;

 

(6)              
any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests of Iron Mountain (other than
Disqualified Stock);

 

    15

     

    

 

(7)              
 any Investments received in compromise or resolution of (A) obligations of trade creditors or customers that were incurred
in the ordinary course of business of Iron Mountain or any Restricted Subsidiary, including pursuant to any plan of reorganization or
similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (B) litigation, arbitration or other
disputes;

 

(8)              
Investments represented by Hedging Obligations;

 

(9)              
loans or advances to employees made in the ordinary course of business of Iron Mountain or any Restricted Subsidiary in an aggregate
principal amount not to exceed $10.0 million at any one time outstanding;

 

(10)          
repurchases of the Notes;

 

(11)          
any Investment existing on, or made pursuant to binding commitments existing on, the date hereof and any Investment consisting
of an extension, modification or renewal of any Investment existing on, or made pursuant to a binding commitment existing on, the date
hereof; provided that the amount of any such Investment may be increased (a) as required by the terms of such Investment as in existence
on the date hereof or (b) as otherwise permitted hereunder;

 

(12)          
Investments acquired after the date hereof as a result of the acquisition by Iron Mountain or any Restricted Subsidiary of another
Person, including by way of a consolidation, merger or amalgamation with or into Iron Mountain or any Restricted Subsidiary, or all or
substantially all of the assets of another Person, in each case, in a transaction that is not prohibited by Section 5.1 after the
date of this Indenture to the extent that such Investments were not made in contemplation of such acquisition, consolidation, merger or
amalgamation and were in existence on the date of such acquisition, consolidation, merger or amalgamation;

 

(13)          
other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without
giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (13) that
are at any time outstanding not to exceed the greater of (x) $400.0 million and (y) 35% of Adjusted EBITDA determined as
of the date such investment was made; provided, however, that, for the avoidance of doubt, if an Investment made pursuant to this
clause (13) is made in any Person that is not a Restricted Subsidiary as of the date of the making of such Investment and such Person
becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above
and shall cease to have been made pursuant to this clause (13) for so long as such Person continues to be a Restricted Subsidiary; and

 

(14)          
guarantee obligations of Iron Mountain or any of its Restricted Subsidiaries in respect of leases (other than Financing Lease Obligations).

 

“Permitted Liens” means:

 

(1)              
Liens existing as of the date of issuance of the Notes (other than Liens to secure obligations under the Credit Agreement);

 

    16

     

    

 

(2)              
 Liens on assets of Iron Mountain or any Restricted Subsidiary securing Indebtedness and other obligations under Credit Facilities
in an aggregate principal amount not to exceed the greater of (a) $3,260.0 million and (b) 2.5x Adjusted EBITDA, in each case,
calculated as of the date on which any such Indebtedness was incurred;

 

(3)              
Liens on any property or assets of a Restricted Subsidiary granted in favor of Iron Mountain or any Restricted Subsidiary;

 

(4)              
Liens securing the Notes or the Note Guarantees;

 

(5)              
Liens to secure Indebtedness (including Financing Lease Obligations) permitted by clause (5) of Section 4.10 covering
only the assets acquired with or financed by such Indebtedness;

 

(6)              
Liens on property of a Person existing at the time such Person becomes a Restricted Subsidiary or is merged with or into or consolidated
with Iron Mountain or any Restricted Subsidiary; provided that such Liens were in existence prior to the contemplation of such
Person becoming a Restricted Subsidiary or such merger or consolidation and do not extend to any assets other than those of the Person
that becomes a Restricted Subsidiary or is merged with or into or consolidated with Iron Mountain or any Restricted Subsidiary;

 

(7)              
Liens on property (including Capital Stock) existing at the time of acquisition of the property by Iron Mountain or any Restricted
Subsidiary; provided that such Liens were in existence prior to such acquisition and not incurred in contemplation of, such acquisition;

 

(8)              
Liens to secure (x) Hedging Obligations and/or (y) obligations with respect to Treasury Management Arrangements incurred in the
ordinary course of business;

 

(9)              
Liens to secure Indebtedness of Restricted Subsidiaries (other than the Issuer) that are non-Guarantor Subsidiaries permitted under
Section 4.10; provided that such Liens may not extend to any property or assets of the Issuer, Iron Mountain or any Subsidiary
Guarantor other than the Capital Stock of such non-Guarantor Restricted Subsidiaries;

 

(10)          
statutory Liens or landlords’ and carriers’, warehousemen’s, mechanics’, suppliers’, materialmen’s,
repairmen’s or other like Liens arising in the ordinary course of business and with respect to amounts not yet delinquent or being
contested in good faith by appropriate proceedings, if a reserve or other appropriate provision, if any, as shall be required in conformity
with GAAP shall have been made therefor;

 

(11)          
Liens for taxes, assessments, government charges or claims with respect to amounts not yet delinquent or that are being contested
in good faith by appropriate proceedings diligently conducted, if a reserve or other appropriate provision, if any, as is required in
conformity with GAAP has been made therefor;

 

(12)           Liens
incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance
and other types of social security, including any Lien securing letters of credit issued in the ordinary course of business
consistent with past practice in connection therewith, or to secure the performance of tenders, statutory obligations, surety and
appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of
obligations for the payment of borrowed money);

 

    17

     

    

 

(13)          
easements, rights-of-way, restrictions and other similar charges or encumbrances not interfering in any material respect with the
business of Iron Mountain or any Restricted Subsidiary incurred in the ordinary course of business;

 

(14)          
Liens arising by reason of any judgment, decree or order of any court so long as such Lien is adequately bonded and any appropriate
legal proceedings that may have been duly initiated for the review of such judgment, decree or order shall not have been finally terminated
or the period within which such proceedings may be initiated shall not have expired;

 

(15)          
Liens arising under options or agreements to sell assets;

 

(16)          
Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect
of bankers’ acceptances or trade letters of credit issued or created for the account of such Person to facilitate the purchase,
shipment or storage of such inventory or other goods in the ordinary course of business;

 

(17)          
Liens securing reimbursement obligations with respect to commercial letters of credit incurred in the ordinary course of business
which encumber documents and other property relating to such letters of credit and products and proceeds thereof;

 

(18)          
leases, subleases, licenses and sublicenses granted to others that do not interfere in any material respect with the business of
Iron Mountain or any Restricted Subsidiary conducted in the ordinary course of business;

 

(19)          
bankers’ liens, rights of setoff and similar Liens with respect to cash and Cash Equivalents on deposit in one or more bank
accounts in the ordinary course of business;

 

(20)          
Liens arising from filing Uniform Commercial Code financing statements regarding leases;

 

(21)          
Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of customs duties in connection
with the importation of goods;

 

(22)          
other Liens securing obligations incurred in the ordinary course of business, which obligations do not exceed $50.0 million
in the aggregate at any one time outstanding;

 

(23)          
Liens on assets of Iron Mountain or any Restricted Subsidiary securing Indebtedness and other obligations under any accounts receivable
sale arrangements, credit facility or conditional purchase contract or similar arrangements providing financing secured directly or indirectly
by the accounts receivable and related records, collateral, collections and rights of Iron Mountain or its Subsidiaries; provided
that the aggregate amount outstanding of all such Indebtedness shall not at any time exceed $400.0 million;

 

    18

     

    

 

(24)          
 Liens to secure any Indebtedness financing any renewals, repurchases, redemptions, extensions, substitutions, refinancings or
replacements of Indebtedness previously permitted to be secured under this Indenture; provided, however, that (a) the new
Lien is limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original
Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof);
and (b) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the outstanding
principal amount, or, if greater, committed amount, of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged
with such Indebtedness and (y) an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding,
refinancing, replacement, defeasance or discharge;

 

(25)          
Liens on amounts deposited into escrow accounts for the benefit of the related holders of debt securities or other Indebtedness
(or the underwriters or arrangers thereof) or on cash set aside at the time of the incurrence of any Indebtedness or government securities
purchased with such cash, in either case to the extent such cash or government securities prefund the payment of interest on such Indebtedness
and are held in escrow accounts or similar arrangement to be applied for such purpose; and

 

(26)          
Liens in respect of operating leases entered into in the ordinary course of business to the extent constituting liens under the
PPSA (Ontario) or equivalent legislation in any applicable jurisdiction.

 

For purposes of this definition, the term “Indebtedness”
shall be deemed to include interest on such Indebtedness. In the event that a Permitted Lien meets the criteria of more than one of the
types of Permitted Liens (at the time of incurrence or at a later date), Iron Mountain in its sole discretion may divide, classify or
from time to time reclassify all or any portion of such Permitted Lien in any manner that complies with this Indenture and such Permitted
Lien shall be treated as having been made pursuant only to the clause or clauses of the definition of Permitted Lien to which such Permitted
Lien has been classified or reclassified.

 

“Person” means any individual,
corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof.

 

“principal” of a Note means the
principal of the Note plus, when appropriate, the premium, if any, on the Note.

 

“Pro Forma Basis” means (i)
with respect to compliance with any test or covenant or calculation of any ratio under this Indenture (including, for the avoidance
of doubt, the determination of Adjusted EBITDA, Fixed Charge Coverage Ratio and Senior Leverage Ratio), the determination or
calculation of any applicable tests or ratios shall be calculated assuming that all Specified Transactions/Initiatives taking place
subsequent to the first day of the most recently ended four full fiscal quarters for which internal financial statements are
available at such date of determination and prior to or concurrently with the transaction or initiative for which such test or
covenant or calculation is being made (such period, the “Test Period”) (and any increase or decrease in Adjusted
EBITDA and the component financial definitions used therein attributable to any Specified Transaction/Initiative) had occurred on
the first day of the Test Period and (ii) whenever pro forma effect is to be given to a Specified Transaction/Initiative, the pro
forma calculations shall be made in good faith by an Officer of Iron Mountain and include, for the avoidance of doubt, the amount of
cost savings, operating expense reductions, other operating improvements and synergies projected by Iron Mountain in good faith to
be realized as a result of specified actions taken or with respect to which steps have been initiated, or are reasonably expected to
be initiated, within eighteen (18) months of the closing or effective date of such Specified Transaction/Initiative (in the good
faith determination of Iron Mountain) (calculated on a pro forma basis as though such cost savings, operating expense reductions,
other operating improvements and synergies had been realized during the entirety of the applicable period), net of the amount of
actual benefits realized during such period from such actions; provided, that the aggregate amount of additions made to
EBITDA for any four full fiscal quarters pursuant to clause (ii) of this definition shall not (a) exceed 20.0% of EBITDA (calculated
after giving effect to any adjustment pursuant to clause (10) of the definition thereof) for such period or (b) be duplicative of
one another. 

 

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“Qualified Equity Offering” means
an offering of Capital Stock of Iron Mountain (other than Disqualified Stock) for U.S. Dollars, whether registered or exempt from registration
under the Securities Act.

 

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

 

“Qualified Issuer” means:

 

(1)              
any lender party to the Credit Agreement; or

 

(2)              
any commercial bank or financial institution the outstanding short-term debt securities of which are rated at least A-2 by S&P
or at least P-2 by Moody’s, or carry an equivalent rating by a nationally recognized rating agency if both of the two named rating
agencies cease publishing ratings of investments.

 

“Qualified Securitization Facility”
means any Securitization Facility that meets the following conditions: (a) the Board of Directors of Iron Mountain shall have determined
in good faith that such Securitization Facility (including financing terms, covenants, termination events and other provisions) is in
the aggregate economically fair and reasonable to Iron Mountain and the applicable Restricted Subsidiary, (b) all sales and/or contributions
of Securitization Assets and related assets to the applicable Securitization Subsidiary are made at Fair Market Value and (c) the
financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith by Iron
Mountain).

 

“Qualifying Sale and Leaseback Transaction”
means any Sale and Leaseback Transaction between Iron Mountain or any Restricted Subsidiary and any bank, insurance company or other lender
or investor providing for the leasing to Iron Mountain or such Restricted Subsidiary of any property (real or personal) which has been
or is to be sold or transferred by Iron Mountain or such Restricted Subsidiary to such lender or investor or to any Person to whom funds
have been or are to be advanced by such lender or investor and where the property in question has been constructed or acquired after the
date hereof.

 

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“Rating Category” means (a) with
respect to S&P, any of the following categories: BB, B, CCC, CC, C and D (or equivalent successor categories); (b) with respect to
Moody’s, any of the following categories: Ba, B, Caa, Ca, C and D (or equivalent successor categories); and (c) the equivalent of
any such category of S&P or Moody’s used by another Rating Agency selected by Iron Mountain. In determining whether the rating
of the Notes has decreased by one or more gradations, gradations within Rating Categories (i) + and for S&P; (ii) 1, 2 and 3 for Moody’s;
and (iii) the equivalent gradations for another rating agency selected by Iron Mountain) shall be taken into account (e.g., with respect
to S&P, a decline in a rating from BB+ to BB, or from BB- to B+, will constitute a decrease of one gradation).

 

“Rating Decline” shall have occurred
if at any date within 90 calendar days after the date of public disclosure of the occurrence of a Change of Control (which period will
be extended for so long as Iron Mountain’s debt ratings are under publicly announced review for possible downgrading (or without
an indication of the direction of a possible ratings change) by any of Moody’s, S&P or Fitch or their respective successors)
the rating of the Notes by any of Moody’s, S&P or Fitch shall be decreased by one or more gradations to or within a Rating Category
(including gradations within Rating Categories as well as between Rating Categories) as compared to the rating of the Notes on the date
90 days prior to the earlier of (a) a Change of Control or (b) public notice of the occurrence of a Change of Control or of the intention
by Iron Mountain to effect a Change of Control.

 

“Receivables” means any right
of payment from or on behalf of any obligor, whether constituting an account, chattel paper, instrument, general intangible or otherwise,
arising from the financing by any Restricted Subsidiary of merchandise or services, and monies due thereunder, security or ownership interests
in the merchandise and services financed thereby, records related thereto, and the right to payment of any interest or finance charges
and other obligations with respect thereto, proceeds from claims on insurance policies related thereto, any other proceeds related thereto,
and any other related rights.

 

“Refinancing Indebtedness” means
new Indebtedness incurred or given in exchange for, or the proceeds of which are used to repay, redeem, defease, extend, refinance, renew,
replace or refund, other Indebtedness; provided, however, that:

 

(1)              
the principal amount of such new Indebtedness shall not exceed the principal amount of Indebtedness so repaid, redeemed, defeased,
extended, refinanced, renewed, replaced or refunded (plus the amount of fees, premiums, consent fees, prepayment penalties and expenses
incurred and accrued interest in respect of the Indebtedness repaid, redeemed, defeased, extended, refinanced, renewed, replaced or refunded
in connection therewith);

 

(2)              
such Refinancing Indebtedness shall have a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life
to Maturity of the Indebtedness so repaid, redeemed, defeased, extended, refinanced, renewed, replaced or refunded or shall mature after
the maturity date of any outstanding Notes hereunder;

 

(3)               to
the extent such Refinancing Indebtedness refinances Indebtedness that has a final maturity date occurring after the initial
scheduled maturity date of any outstanding Notes hereunder, such new Indebtedness shall have a final scheduled maturity not earlier
than the final scheduled maturity of the Indebtedness so repaid, redeemed, defeased, extended, refinanced, renewed, replaced or
refunded and shall not permit redemption at the option of the holder earlier than the earliest date of redemption at the option of
the holder of the Indebtedness so repaid, redeemed, defeased, extended, refinanced, renewed, replaced or refunded;

 

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(4)              
to the extent such Refinancing Indebtedness refinances Indebtedness contractually subordinated to the Notes or any Note Guarantees,
as applicable, such Refinancing Indebtedness shall be contractually subordinated in right of payment to the Notes and the applicable Note
Guarantee and to the extent such Refinancing Indebtedness refinances the Notes or Indebtedness pari passu with the Notes, such
Refinancing Indebtedness shall be pari passu with or contractually subordinated in right of payment to the Notes, in each case
on terms at least as favorable to the Holders as those contained in the documentation governing the Indebtedness so repaid, redeemed,
defeased, extended, refinanced, renewed, replaced or refunded; and

 

(5)              
with respect to Refinancing Indebtedness incurred by a Restricted Subsidiary, such Refinancing Indebtedness shall rank no more
senior, and shall be at least as subordinated, in right of payment to the Note Guarantee of such Restricted Subsidiary as the Indebtedness
being extended, refinanced, renewed, replaced or refunded.

 

“Regulation S” means Regulation
S promulgated under the Securities Act.

 

“Regulation S Definitive Note”
means a Definitive Note bearing the Regulation S Legend.

 

“Regulation S Global Note”
means a Global Note in the form of Exhibit A hereto bearing the Regulation S Legend and deposited with or on behalf of and registered
in the name of the Depository, or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially
sold in reliance on Rule 903 of Regulation S.

 

“REIT” means a “real estate
investment trust” as defined and taxed under Sections 856-860 of the Code or any successor provisions.

 

“Responsible Officer” means, when
used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any managing director, director,
vice president, assistant vice president, assistant treasurer, trust officer, associate or any other officer of the Trustee who customarily
performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture.

 

“Restricted Definitive Note” means
a Definitive Note bearing either the 144A Legend or the Regulation S Legend.

 

“Restricted Subsidiary” means:

 

(1)               each
direct and indirect Subsidiary of Iron Mountain organized or existing under the laws of the United States, any state thereof or the
District of Columbia and existing on the date of this Indenture, including the Issuer, (other than Iron Mountain Mortgage Finance
Holdings, LLC, Iron Mountain Mortgage Finance I, LLC, Iron Mountain Receivables QRS, LLC, Iron Mountain Receivables
TRS, LLC, KH Data Capital Development Land, LLC, IM Mortgage Solutions, LLC, Iron Mountain Fulfillment Services, LLC, First
International Records Management (F.I.R.M.), LLC, Iron Mountain Cloud, LLC and their respective direct and indirect Subsidiaries)
and each of Iron Mountain’s direct and indirect Foreign Subsidiaries that are designated as Restricted Subsidiaries for
purposes of Iron Mountain’s existing indentures for its outstanding senior notes (all of which are Excluded Restricted
Subsidiaries as of the date hereof for purposes of this Indenture and such other indentures); and

 

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(2)              
any other direct or indirect Subsidiary of Iron Mountain formed, acquired or existing after the date hereof (including an Excluded
Restricted Subsidiary), excluding, however (unless otherwise designated by Iron Mountain’s Board of Directors) any such direct or
indirect Subsidiary of any Unrestricted Subsidiary as of the date hereof,

 

which, in the case of (1) or (2), is not designated
by Iron Mountain’s Board of Directors as an “Unrestricted Subsidiary.”

 

The list of Subsidiaries contained in the parenthetical
in clause (1) above and their respective direct and indirect Subsidiaries shall be “Unrestricted Subsidiaries” as of the date
hereof without any requirement that Iron Mountain’s Board of Directors designate them as such.

 

“Rule 144” means Rule 144
promulgated under the Securities Act.

 

“Rule 144A” means Rule 144A
promulgated under the Securities Act.

 

“Rule 903” means Rule 903
promulgated under the Securities Act.

 

“Rule 904” means Rule 904
promulgated under the Securities Act.

 

“S&P” means Standard &
Poor’s Rating Group, a division of McGraw Hill Financial, Inc., or any successor to the rating agency business thereof.

 

“Sale and Leaseback Transaction”
means any transaction or series of related transactions pursuant to which a Person sells or transfers any property or asset in connection
with the leasing, or the resale against installment payments, of such property or asset to the seller or transferor.

 

“Scheduled Amortization” means,
for any period, the sum (calculated without duplication) of all scheduled payments of principal of Indebtedness of Iron Mountain and its
Restricted Subsidiaries (excluding, for the avoidance of doubt, any balloon, bullet or similar principal payment which repays or refinances
such Indebtedness in full, and other than any Indebtedness under the Credit Agreement) made during such period; provided that any reduction
in amortization as a result of optional prepayments shall be disregarded for purposes of calculating Fixed Charges (excluding, for the
avoidance of doubt, any optional prepayment of any balloon, bullet or similar principal payment which repays or refinances Indebtedness
of Iron Mountain and its Restricted Subsidiaries in full).

 

“SEC” means the Securities and
Exchange Commission.

 

“Securities Act” means the Securities
Act of 1933, as amended.

 

“Securitization Assets” means
the Receivables or real estate assets, or any assets related thereto in each case that are subject to a Qualified Securitization Facility,
and the proceeds thereof.

 

“Securitization Facility” means
any of one or more securitization financing facilities, as amended, supplemented, modified, extended, renewed, restated or refunded from
time to time, the obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made
in connection with such facilities) to Iron Mountain and its Restricted Subsidiaries (other than a Securitization Subsidiary) pursuant
to which Iron Mountain or any of its Restricted Subsidiaries sells or grants a security interest in its Securitization Assets to either
(a) a Person that is not a Restricted Subsidiary or (b) a Securitization Subsidiary.

 

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“Securitization Subsidiary” means
any wholly owned, bankruptcy remote Subsidiary formed for the purpose of, and that solely engages only in, one or more Qualified Securitization
Facilities and other activities reasonably related thereto.

 

“Senior Leverage Ratio” means,
at any date, the ratio of:

 

(1)              
the aggregate principal amount of outstanding Indebtedness of Iron Mountain and the Restricted Subsidiaries that is not contractually
subordinated in right of payment to the Notes (“Senior Indebtedness”) as of the most recently available quarterly or annual
balance sheet of Iron Mountain, to

 

(2)              
Adjusted EBITDA,

 

In each case on a Pro Forma Basis.

 

“Significant Subsidiary” means
any Subsidiary that would be a “significant subsidiary” within the meaning of Regulation S-X under the Securities Act.

 

“Specified Transaction/Initiative”
means (a) any incurrence or repayment of Indebtedness (other than for working capital purposes or under a revolving facility), (b) any
Investment that results in a Person becoming a Subsidiary, (c) any acquisition, (d) any Asset Sale or designation of a Restricted Subsidiary
that results in a Restricted Subsidiary ceasing to be a Restricted Subsidiary or re-designation of an Unrestricted Subsidiary that results
in an Unrestricted Subsidiary becoming a Restricted Subsidiary, (e) any acquisition or Investment constituting an acquisition of assets
or equity constituting a business unit, line of business or division of another Person and (f) any operating improvement, restructuring,
cost savings initiative or any similar initiative.

 

“Stated Maturity” when used
with respect to any Note or any installment of principal thereof or interest thereon, means the date specified in such Note as the
fixed date on which the principal of such Note or such installment of principal or interest is due and payable.
“Subsidiary” means, with respect to any Person, any corporation, association or other business entity of which
more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of such Person or a combination thereof.

 

“Subsidiary Guarantors” means
any Subsidiary of Iron Mountain that executes a Note Guarantee, or in lieu thereof, this Indenture or any supplemental indenture, as the
case may be, in respect of its Note Guarantee in accordance with the provisions hereof, and their respective successors and assigns, in
each case, until the Note Guarantee of such Person has been released in accordance with the provisions hereof.

 

“Tax” means any tax, duty, levy,
impost, assessment or other governmental charge (including penalties, interest and any other liabilities related thereto, and, for the
avoidance of doubt, including any withholding or deduction for or on account of any of the foregoing). “Taxes” shall be construed
to have a corresponding meaning.

 

“Treasury Management Arrangement”
means any agreement or other arrangement governing the provision of treasury or cash management services, including deposit accounts,
overdraft, credit or debit card, funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled
disbursement, lockbox, account reconciliation and reporting, cash pooling, netting and composite accounting, trade finance services and
other cash management services.

 

    24

     

    

 

“Treasury Rate” means, at any
time of computation, the weekly average rounded to the nearest 1/100th of a percentage point (for the most recently completed week for
which such information is available as of the date that is two Business Days prior to the date of the redemption notice) of the yield
to maturity of United States Treasury securities with a constant maturity (as compiled by and published in Federal Reserve Statistical
Release H.15 with respect to each applicable date during such week (or, if such Statistical Release is no longer published, any publicly
available source of similar market data)) most nearly equal to the Make-Whole Average Life; provided, however, that if the Make-Whole
Average Life is not equal to the constant maturity of the United States Treasury security for which such a yield is given, the Treasury
Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United
States Treasury securities for which such yields are given, except that if the Make-Whole Average Life is less than one year, the weekly
average yield on actively traded United States Treasury securities adjusted to a constant maturity of one year shall be used.

 

“Trustee” means the Person named
as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee
hereunder.

 

“Unrestricted Definitive Note”
means one or more Definitive Notes that do not bear and are not required to bear either the 144A Legend or the Regulation S Legend.

 

“Unrestricted Subsidiary” means: 

 

(1)              
any Subsidiary that is designated by Iron Mountain’s Board of Directors as an Unrestricted Subsidiary in accordance with
Section 4.15;

 

(2)              
the list of Subsidiaries contained in the parenthetical in clause (1) of the definition of “Restricted Subsidiary”;
and

 

(3)              
any Subsidiary of an Unrestricted Subsidiary.

 

Notwithstanding anything herein to the contrary,
in no event will the Issuer be an Unrestricted Subsidiary.

 

“U.S. Dollars” and “$”
mean lawful money of the United States of America.

 

“Voting Stock” of any Person means
any class or classes of Capital Stock pursuant to which the holders thereof have the general voting power under ordinary circumstances
to elect at least a majority of the Board of Directors of any such Person (irrespective of whether or not, at the time, stock of any other
class or classes has, or might have, voting power by reason of the happening of any contingency).

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

(1)              
the sum of the products obtained by multiplying (x) the amount of each then remaining installment, sinking fund, serial maturity
or other required payment of principal, including payment at final maturity, in respect thereof, by (y) the number of years (calculated
to the nearest one-twelfth) that will elapse between such date and the making of such payment, by

 

(2)              
the then outstanding principal amount of such Indebtedness.

 

“144A Definitive Note” means a
Definitive Note bearing the 144A Legend.

 

“144A Global Note” means a Global
Note in the form of Exhibit A hereto bearing the 144A Legend and deposited with or on behalf of and registered in the name of the
Depository, or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance
on Rule 144A.

 

    25

     

    

 

Section 1.2           
Other Definitions.

 

	TERM	 	DEFINED IN SECTION
	“Acceptable Commitment”	 	4.16
	“Additional Notes”	 	2.1
	“Affiliate Transaction”	 	4.13
	“Alternate Offer”	 	4.17
	“Asset Sale”	 	4.16
	“Asset Sale Offer”	 	4.16
	“Asset Sale Offer Amount”	 	4.16

	“Asset Sale Offer Payment Date”	 	4.16
	“Asset Sale Offer Trigger Date”	 	4.16
	“Authentication Agent”	 	2.2
	“Bankruptcy Law”	 	6.1
	“Benefited Party”	 	12.1
	“Change of Control Offer”	 	4.17
	“Change of Control Payment”	 	4.17
	“Change of Control Payment Date”	 	4.17
	“Covenant Defeasance”	 	8.3
	“Custodian”	 	6.1
	“Deemed Date”	 	4.10
	“DTC”	 	2.3
	“Early Tender Premium”	 	4.17
	“Event of Default”	 	6.1
	“Increased Amount”	 	4.11
	“incur”	 	4.10
	“Judgment Currency”	 	11.13
	“Legal Defeasance”	 	8.2
	“Legal Holiday”	 	11.5
	“New York Banking Day”	 	11.13
	“Offer Amount”	 	3.8
	“Offer Period”	 	3.8
	“Pari Passu Indebtedness”	 	4.16
	“Purchase Date”	 	3.8
	“Reports Default Notice”	 	6.15
	“Required Currency”	 	11.13
	“Restricted Payments”	 	4.9
	“Second Commitment”	 	4.16
	“Successor Person”	 	5.2

 

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Section 1.3           
Rules of Construction.

 

Unless the context otherwise requires:

 

(a)              
a term has the meaning assigned to it;

 

(b)              
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(c)              
“or” is not exclusive;

 

(d)              
words in the singular include the plural, and in the plural include the singular;

 

(e)              
provisions apply to successive events and transactions; and

 

(f)               
 references to sections of or rules under the Securities Act or the Exchange Act shall be deemed to include substitute, replacement
or successor sections or rules adopted by the SEC from time to time.

 

Section 1.4           
Financial Calculations for Limited Condition Transactions

 

When calculating the availability under any basket
or ratio under this Indenture, in each case in connection with a Limited Condition Transaction and other transactions in connection therewith
(including any incurrence or issuance of Indebtedness, Disqualified Stock or preferred stock and the use of proceeds thereof and any Restricted
Payments), the date of determination of such basket or ratio and of any Default or Event of Default may, at the option of Iron Mountain,
be the date the definitive agreement(s) for such Limited Condition Transaction is entered into. Any such ratio or basket shall be calculated
on a Pro Forma Basis after giving effect to such Limited Condition Transaction and other transactions in connection therewith (including
any incurrence or issuance of Indebtedness, Disqualified Stock or preferred stock and the use of proceeds thereof and any Restricted Payments)
as if they had been consummated at the beginning of the applicable period for purposes of determining the ability to consummate any such
Limited Condition Transaction; provided that if Iron Mountain elects to make such determination as of the date of such definitive
agreement(s), then (x) Iron Mountain shall be deemed to be in compliance with such ratios or baskets solely for purposes of determining
whether the Limited Condition Transaction and other transactions in connection therewith (including any incurrence or issuance of Indebtedness,
Disqualified Stock or preferred stock and the use of proceeds thereof and any Restricted Payments), is permitted under this Indenture,
and (y) such ratios or baskets shall not be tested at the time of consummation of such Limited Condition Transaction or related transactions;
provided, further, that if Iron Mountain elects to have such determinations occur at the time of entry into such definitive agreement(s),
any such transactions (including any incurrence or issuance of Indebtedness, Disqualified Stock or preferred stock and the use of proceeds
thereof and any Restricted Payments) shall be deemed to have occurred on the date the definitive agreement(s) is entered into and shall
be deemed outstanding thereafter for purposes of calculating any ratios or baskets under this Indenture after the date of such definitive
agreement(s) and before the consummation of such Limited Condition Transaction, unless such definitive agreement(s) is terminated or such
Limited Condition Transaction or incurrence or issuance of Indebtedness, Disqualified Stock or preferred stock, Restricted Payment, or
such other transaction to which pro forma effect is being given does not occur. For the avoidance of doubt, the Trustee shall have
no liability or responsibility for any calculation under or in connection with this Indenture.

 

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Article II.

THE NOTES

 

Section 2.1           
Form and Dating.

 

(a)               General.
The Notes and the certificate of authentication executed by the Authentication Agent shall be substantially in the form of
Exhibit A attached hereto.  The Notes may have notations, legends or endorsements required by law, stock exchange
rule or usage.  Each Note shall be dated the date of its authentication.  The Notes shall be in minimum denominations
of $2,000 and integral multiples of $1,000 in excess thereof.  The aggregate principal amount of Notes that may be
authenticated and delivered under this Indenture is unlimited.

 

The terms and provisions contained in the Notes shall
constitute, and are hereby expressly made, a part of this Indenture and the Issuer, Iron Mountain, the Subsidiary Guarantors and the Trustee,
by their execution and delivery of this Indenture (or in the case of any Subsidiary Guarantor that becomes such after the date hereof,
a supplemental indenture pursuant to Section 12.1 hereof), expressly agree to such terms and provisions and to be bound thereby. 
However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture
shall govern and be controlling.

 

(b)              
Global Notes. Notes shall be issued initially in the form of one or more fully registered Global Notes in book-entry form,
which will be deposited with, or on behalf of, the Depository, and registered in the name of the Depository’s nominee, Cede &
Co, duly executed by the Issuer and authenticated by the Trustee or the Authentication Agent as hereinafter provided.  Except as
set forth below, the Global Notes may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee
of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor of such
Depository or a nominee of such successor.

 

Each Global Note shall represent such of the outstanding
Notes as shall be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from
time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced
or increased, as appropriate, to reflect exchanges and redemptions.  Any endorsement of a Global Note to reflect the amount of any
increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee in accordance
with instructions given by the Holder thereof as required by Section 2.2 hereof in accordance with the procedures of the Depository.

 

(c)              
Book-Entry Provisions. This Section 2.1(c) shall apply only to the Global Notes deposited with or on behalf of
the Trustee.

 

The Issuer shall execute and the Trustee or the Authentication
Agent shall, in accordance with this Section 2.1(c), authenticate and deliver the Global Notes that (i) shall be registered
in the name of the Depository or the nominee of the Depository and (ii) shall be delivered by the Trustee to the Depository or pursuant
to the Depository’s instructions.

 

(d)              
Definitive Notes. Notes issued in certificated form shall be substantially in the form of Exhibit B attached hereto. 
Except as provided in Section 2.6, owners of beneficial interests in the Global Notes will not be entitled to receive physical delivery
of certificated Notes.

 

(e)               Additional
Notes. Subject to the restrictions contained in Section 4.10 hereof, from time to time after the date of this Indenture,
the Issuer may issue additional Notes (“Additional Notes”) under this Indenture.  Any Additional Notes
issued as provided for herein shall be treated as a single class and as part of the same series as the Initial Notes for all
purposes under this Indenture.

 

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Section 2.2           
Execution and Authentication.

 

At least one Officer shall sign the Notes for the
Issuer by manual or facsimile signature.  An Officer of Iron Mountain and each Subsidiary Guarantor shall sign the Note Guarantee,
or in lieu thereof, this Indenture or any supplemental indenture, as the case may be, for Iron Mountain and the Subsidiary Guarantor,
as applicable, by manual or facsimile signature.

 

If an Officer whose signature is on a Note or Note
Guarantee no longer holds that office at the time the Note is authenticated, the Note or Note Guarantee shall nevertheless be valid.

 

A Note shall not be valid until authenticated by
the manual signature of the Trustee or an authentication agent (the “Authentication Agent”).  Such signature shall be
conclusive evidence that the Note has been authenticated under this Indenture.

 

The Trustee or the Authentication Agent shall, upon
receipt of a Company Order and any other deliverables required hereunder, authenticate up to $750,000,000 aggregate principal amount of
Initial Notes and such amount of Additional Notes as the Issuer may issue from time to time.

 

The Trustee may appoint an Authentication Agent acceptable
to the Issuer to authenticate Notes.  Unless limited by the terms of such appointment, the Authentication Agent may authenticate
Notes whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication
by the Authentication Agent.  The Authentication Agent has the same rights as an Agent to deal with the Issuer, Iron Mountain or
an Affiliate.

 

Section 2.3           
Appointment of Agents.

 

The Trustee will initially act as paying agent and
registrar for the Notes. The Issuer may change the paying agent or registrar without prior notice to Holders, and the Issuer or any of
its Subsidiaries may act as paying agent or registrar.  The Issuer initially appoints The Depository Trust Company (“DTC”)
to act as Depository with respect to the Global Notes and the Trustee shall have no liability or responsibility for any action or inaction
of the Depository.

 

The paying agent shall be entitled to make any payment
net of any taxes or other sums required by any applicable law to be withheld or deducted.

 

Section 2.4           
Paying Agent to Hold Money in Trust.

 

The Issuer shall require each paying agent
other than the Trustee to agree in writing that the paying agent will hold in trust, for the benefit of the Holders or the Trustee,
all money held by the paying agent for the payment of principal of or premium or interest on the Notes, and will notify the Trustee
of any default by the Issuer, Iron Mountain or the Subsidiary Guarantors in making any such payment.  While any such default
continues, the Trustee may require a paying agent to pay all money held by it to the Trustee.  The Issuer at any time may
require a paying agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the paying agent (if
other than the Issuer or a Subsidiary) shall have no further liability for the money delivered to the Trustee.

 

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Section 2.5           
Holder Lists.

 

The registrar shall preserve in as current a form
as is reasonably practicable the most recent list available to it of the names and addresses of Holders.  If the Trustee is not the
registrar, the Issuer shall furnish to the Trustee at least ten days before each interest payment date and at such other times as the
Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses
of the Holders.

 

Section 2.6           
Transfer and Exchange.

 

2.6.1       
Transfer and Exchange of Global Notes.

 

(a)              
The Global Notes cannot be transferred to any Person other than to another nominee of the Depository or to a successor clearing
agency or its nominee approved by the Issuer, Iron Mountain, the Subsidiary Guarantors and the Trustee.

 

(b)              
At any time, all Global Notes will be exchanged by the Issuer for Definitive Notes (A) if the Depository notifies the Issuer
that it is unwilling or unable to act as a clearing system in respect of the Notes and a successor clearing system is not appointed by
the Issuer within 120 days or (B) if the Depository so requests following an Event of Default.  Upon the occurrence of
any of the preceding events, Definitive Notes shall be issued in the name or names and issued in any approved denominations, as the Depository
shall instruct the Issuer based on the instructions received by the Depository from the holders of Book-Entry Interests.

 

(c)              
Global Notes may also be exchanged or replaced, in whole or in part, as provided in Section 2.7 and Section 2.10. 
Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to Section 2.7
or Section 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note.  A Global Note may
not be exchanged for another Note, other than as provided in this Section 2.6.1.

 

2.6.2       
General Provisions Applicable to Transfers and Exchanges of the Notes.  Transfers of Book-Entry Interests in the Global
Notes (other than transfers of Book-Entry Interests in connection with which the transferor takes delivery thereof in the form of a Book-Entry
Interest in the same Global Note) shall require compliance with this Section 2.6.2, as well as one or more of the other following
subparagraphs of this Section 2.6, as applicable.

 

In connection with all transfers and exchanges
of Book-Entry Interests (other than transfers of Book-Entry Interests in connection with which the transferor takes delivery thereof
in the form of a Book-Entry Interest in the same Global Note), the paying agent must receive:  (i) a written order from a
Participant or an Indirect Participant given to the Depository in accordance with the Applicable Procedures directing the Depository
to debit from the transferor a Book-Entry Interest in an amount equal to the Book-Entry Interest to be transferred or exchanged;
(ii) a written order from a Participant or an Indirect Participant given to the Depository in accordance with the Applicable
Procedures directing the Depository to credit or cause to be credited a Book-Entry Interest in another Global Note in an amount
equal to the Book-Entry Interest to be transferred or exchanged; and (iii) instructions given in accordance with the Applicable
Procedures containing information regarding the Participant account to be credited with such increase.

 

In connection with a transfer or exchange of a Book-Entry
Interest for a Definitive Note, the paying agent and the registrar must receive:  (i) a written order from a Participant or
an Indirect Participant given to the Depository in accordance with the Applicable Procedures directing the Depository to debit from the
transferor a Book-Entry Interest in an amount equal to the Book-Entry Interest to be transferred or exchanged; (ii) a written order
from a Participant directing the registrar to cause to be issued a Definitive Note in an amount equal to the Book-Entry Interest to be
transferred or exchanged; and (iii) instructions containing information regarding the Person in whose name such Definitive Note shall
be registered to effect the transfer or exchange referred to above.

 

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In connection with any transfer or exchange of Definitive
Notes, the Holder of such Notes shall present or surrender to the registrar the Definitive Notes duly endorsed or accompanied by a written
instruction of transfer in form satisfactory to the registrar duly executed by such Holder or by its attorney, duly authorized in writing. 
In addition, in connection with a transfer or exchange of a Definitive Note for a Book-Entry Interest, the paying agent must receive a
written order directing the Depository to credit the account of the transferee in an amount equal to the Book-Entry Interest to be transferred
or exchanged.

 

In connection with any proposed transfer or exchange
of Definitive Notes, the Holder that is the transferor of the Note and the Issuer, to the extent that the information is reasonably available
to the Issuer, shall use commercially reasonably efforts to provide the Trustee with all information as is reasonably requested by the
Trustee and necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost
basis reporting obligations under Section 6045 of the Code. The Trustee may rely on information provided to it and shall have no
responsibility to verify or ensure the accuracy of such information.

 

Upon satisfaction of all of the requirements for
transfer or exchange of Book-Entry Interests in Global Notes contained in this Indenture, the paying agent or the registrar, as specified
in this Section 2.6, shall endorse the relevant Global Note(s) with any increase or decrease and instruct the Depository to
reflect such increase or decrease in its systems.

 

2.6.3       
Transfer of Book-Entry Interests in a Regulation S Global Note to Book-Entry Interests in a 144A Global Note. A Book-Entry
Interest in the Regulation S Global Note may be transferred to a Person who takes delivery thereof in the form of a Book-Entry Interest
in the 144A Global Note only if the transfer complies with the requirements of Section 2.6.2 above and the paying agent receives
a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (1) thereof.

 

Upon the receipt of such certificate and the orders
and instructions required by Section 2.6.2, the paying agent shall (i) instruct the Depository to deliver, or cause to be delivered,
the Global Notes to the Agent for endorsement and upon receipt thereof, decrease Schedule A to the applicable Regulation S Global
Note and increase Schedule A to the 144A Global Note by the principal amount of such transfer, and (ii) thereafter, return the
Global Notes to the Depository, together with all information regarding the Participant accounts to be credited and debited in connection
with such transfer.

 

2.6.4       
Transfer of Book-Entry Interests in a 144A Global Note to Book-Entry Interests in a Regulation S Global Note. A Book-Entry
Interest in the 144A Global Note may be transferred to a Person who takes delivery thereof in the form of a Book-Entry Interest in the
applicable Regulation S Global Note only if the transfer complies with the requirements of Section 2.6.2 above and the paying agent
receives a certificate from the holder of such Book-Entry Interest in the form of Exhibit C hereto, including the certifications
in item (2) or (3) thereof.

 

Upon receipt of such certificates and the orders
and instructions required by Section 2.6.2, the paying agent shall (i) instruct the Depository to deliver, or cause to be delivered,
the Global Notes to the Agent for endorsement and, upon receipt thereof, increase Schedule A to the applicable Regulation S
Global Note and decrease Schedule A to the 144A Global Note by the principal amount of such transfer, and (ii) thereafter, return
the Global Notes to the Depository, together with all information regarding the Participant accounts to be credited and debited in connection
with such transfer.

 

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2.6.5       
Transfer of Book-Entry Interests in Global Notes to Definitive Notes.  Subject to Section 2.6.1(b) and to
the extent permitted by the Depository, a holder of a Book-Entry Interest in a Global Note may transfer such Book-Entry Interest to a
Person who takes delivery thereof in the form of a Definitive Note if the transfer complies with the requirements of Section 2.6.2
above and:

 

(a)              
in the case of a transfer by a holder of a Book-Entry Interest in a Regulation S Global Note, the transfer complies with Section 2.6.2;

 

(b)              
in the case of a transfer by a holder of a Book-Entry Interest in a 144A Global Note to a QIB in reliance on Rule 144A, the
paying agent shall have received a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (1) thereof;

 

(c)              
in the case of a transfer by a holder of a Book-Entry Interest in a 144A Global Note in reliance on Regulation S, the paying agent
shall have received a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (2) thereof;
or

 

(d)              
in the case of a transfer by a holder of a Book-Entry Interest in a 144A Global Note in reliance on Rule 144, the paying agent
shall have received a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3) thereof.

 

Upon receipt of such certificates and the orders
and instructions required by Section 2.6.2, the paying agent shall (i) instruct the Depository to deliver, or cause to be delivered,
the relevant Global Note to the Agent for endorsement and upon receipt thereof, decrease Schedule A to the relevant Global Note by
the principal amount of such transfer; (ii) thereafter, return the Global Note to the Depository, together with all information regarding
the Participant accounts to be debited in connection with such transfer; and (iii) deliver to the registrar the instructions received
by it that contain information regarding the Person in whose name Definitive Notes shall be registered to effect such transfer. 
The registrar shall cause any Definitive Note issued in connection with a transfer pursuant to Section 2.6.5(b) to have the
144A Legend and, in the case of a transfer under Section 2.6.5(c), the Regulation S Legend.

 

The Issuer shall issue and, upon receipt of a Company
Order in accordance with Section 2.2 hereof, the Trustee or the Authentication Agent shall authenticate, one or more Definitive Notes
in an aggregate principal amount equal to the aggregate principal amount of Book-Entry Interests so transferred and in the names set forth
in the instructions received by the registrar.

 

2.6.6       
Transfer of Definitive Notes to Book-Entry Interests in Global Notes. To the extent permitted by the Depository, any Holder
of a Definitive Note may transfer such Definitive Note to a Person who takes delivery thereof in the form of a Book-Entry Interest in
a Global Note only if:

 

(a)              
in the case of a transfer by a holder of a Regulation S Definitive Note to a person who takes delivery thereof in the form
of a Book-Entry Interest in the Regulation S Global Note, the registrar shall have received a certificate to the effect set forth
in Exhibit C hereto, including the certifications in item (2) or (3) thereof;

 

(b)              
in the case of a transfer by a holder of a Definitive Note to a QIB in reliance on Rule 144A, the registrar shall have received
a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (1) thereof; or

 

(c)              
in the case of a transfer by a holder of a 144A Definitive Note in reliance on Regulation S or Rule 144 under the Securities
Act, the registrar shall have received a certificate to the effect set forth in Exhibit C hereto, including the certifications in
item (2) or (3) thereof.

 

Upon satisfaction of the foregoing conditions, the
registrar shall (i) deliver the Definitive Notes to the registrar for cancellation pursuant to Section 2.11 hereof; (ii) record
such transfer on the Register; (iii) instruct the Depository to deliver (A) in the case of a transfer pursuant to Section 2.6.6(a) or
Section 2.6.6(c) above, the applicable Regulation S Global Note and (B) in the case of a transfer pursuant to Section 2.6.6(b),
the applicable 144A Global Note; (iv) endorse Schedule A to such Global Note to reflect the increase in principal amount resulting
from such transfer; and (v) thereafter, return the Global Notes to the Depository, together with all information regarding the Participant
accounts to be credited in connection with such transfer.

 

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2.6.7        Exchanges
of Book-Entry Interests in Global Notes for Restricted Definitive Notes.  Subject to Section 2.6.1(b), a holder of a
Book-Entry Interest in a Global Note may exchange such Book-Entry Interest for a Restricted Definitive Note if the exchange or
transfer complies with the requirements of Section 2.6.2 above and the paying agent receives the following:

 

(a)              
if the holder of such Book-Entry Interest in a Global Note proposes to exchange such Book-Entry Interest for a Regulation S
Definitive Note, a certificate from such holder in the form of Exhibit D hereto, including the certifications in items 2(a) and
2(b) thereof; or

 

(b)              
if the holder of such Book-Entry Interest in a Global Note proposes to exchange such Book-Entry Interest for a 144A Definitive
Note, a certificate from such holder in the form of Exhibit D hereto including the certifications in item 2(a) thereof.

 

Upon receipt of such certificates and the orders
and instructions required by Section 2.6.2 the paying agent shall (i) instruct the Depository to deliver, or cause to be delivered,
the relevant Global Note to the Agent for endorsement and upon receipt thereof, decrease Schedule A to the relevant Global Note by
the principal amount of such exchange; (ii) thereafter, return the Global Note to the Depository, together with all information regarding
the Participant accounts to be debited in connection with such exchange; and (iii) deliver to the registrar instructions received
by it that contain information regarding the Person in whose name Definitive Notes shall be registered to effect such exchange. 
The registrar shall cause all Definitive Notes issued in exchange for a Book-Entry Interest in a Global Note pursuant to this Section 2.6.7
to bear the appropriate legend required by item 2(b) of Exhibit D hereto.

 

The Issuer shall issue and, upon receipt of a Company
Order from the Issuer in accordance with Section 2.2 hereof, the Trustee or the Authentication Agent shall authenticate, one or more Definitive
Notes in an aggregate principal amount equal to the aggregate principal amount of Book-Entry Interests so exchanged and in the names set
forth in the instructions received by the registrar.

 

2.6.8       
Exchanges of Book-Entry Interests in Global Notes for Unrestricted Definitive Notes.  Subject to Section 2.6.1(b) and
to the extent permitted by the Depository, a holder of a Book-Entry Interest in a Global Note may exchange such Book-Entry Interest for
an Unrestricted Definitive Note only if the paying agent receives the following:

 

(a)              
if the holder of such Book-Entry Interest in a 144A Global Note proposes to exchange such Book-Entry Interest for an Unrestricted
Definitive Note, a certificate from such holder in the form of Exhibit D hereto, including the certifications in item 1(a) thereof;
or

 

(b)              
if the holder of such Book-Entry Interest in a Regulation S Global Note proposes to exchange such Book-Entry Interest for
an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit D hereto, including the certifications in
item 1(b) thereof.

 

Upon receipt of such certificates and the
orders and instructions required by Section 2.6.2, the paying agent shall (i) instruct the Depository to deliver, or cause
to be delivered, the relevant Global Note to the Agent for endorsement and upon receipt thereof, decrease Schedule A to the
relevant Global Note by the principal amount of such exchange; (ii) thereafter, return the Global Note to the Depository,
together with all information regarding the Participant accounts to be debited in connection with such exchange; and
(iii) deliver to the registrar instructions received by it that contain information regarding the Person in whose name
Definitive Notes shall be registered to effect such transfer.

 

The Issuer shall issue and, upon receipt of a Company
Order from the Issuer in accordance with Section 2.3 hereof, the Trustee or the Authentication Agent shall authenticate, one or more
Definitive Notes in an aggregate principal amount equal to the aggregate principal amount of Book-Entry Interests so exchanged and in
the names set forth in the instructions received by the registrar.  Any Definitive Note issued in exchange for a Book-Entry Interest
pursuant to this Section 2.6.8 shall not bear the 144A Legend or the Regulation S Legend.

 

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2.6.9       
Exchanges of Definitive Notes for Book-Entry Interests in Global Notes.  Any Holder of a Restricted Definitive Note
may exchange such Note for a Book-Entry Interest in a Global Note if such exchange complies with Section 2.6.2 above and the registrar
receives the following documentation:

 

(a)              
if the Holder of a 144A Definitive Note proposes to exchange such Note for a Book-Entry Interest in a 144A Global Note, a certificate
from such Holder in the form of Exhibit D hereto, including the certifications in item 2(a) thereof;

 

(b)              
if the Holder of a 144A Definitive Note proposes to exchange such Note for a Book-Entry Interest in a Regulation S Global
Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item 1(a) thereof;

 

(c)              
if the Holder of a Regulation S Definitive Notes proposes to exchange such Notes for a Book-Entry Interest in a Regulation S
Global Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item 2(a) and
(b) thereof;

 

(d)              
if the Holder of an Unrestricted Definitive Note proposes to exchange such Note for a Book-Entry Interest in a Regulation S
Global Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item 2(a) thereof;

 

Upon satisfaction of the foregoing conditions, the
registrar shall (i) cancel such Note pursuant to Section 2.11 hereof; (ii) record such exchange on the Register; (iii) endorse
Schedule A to such Global Note to reflect the increase in principal amount resulting from such exchange; and (iv) thereafter,
return the Global Note to the Depository, together with all information regarding the Participant accounts to be credited in connection
with such exchange.

 

2.6.10   
Transfer of Restricted Definitive Notes for Definitive Notes.  Any Holder of a Restricted Definitive Note may transfer
such Note to a Person who takes delivery thereof in the form of Definitive Notes if the transfer complies with Section 2.6.2 above
and the registrar receives the following additional documentation:

 

(a)              
 in the case of a transfer by a holder of a 144A Definitive Note to a QIB in reliance on Rule 144A, the registrar shall have
received a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (1) thereof;

 

(b)              
in the case of a transfer by a holder of a 144A Definitive Note in reliance on Regulation S, the registrar shall have received
a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (2) thereof; or

 

(c)              
in the case of a transfer by a holder of a 144A Definitive Note in reliance on Rule 144, the registrar shall have received
a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3) thereof.

 

Upon the receipt of any Definitive Note, the registrar
shall cancel such Note pursuant to Section 2.11 hereof and complete and deliver to the Issuer (i) in the case of a transfer
pursuant to Section 2.6.10(a), a 144A Definitive Note; (ii) in the case of a transfer pursuant to Section 2.6.10(b), a
Regulation S Definitive Note; and (iii) in the case of a transfer pursuant to Section 2.6.10(c), an Unrestricted Definitive
Note.  The Issuer shall execute and the Trustee or the Authentication Agent shall authenticate and deliver such Definitive Note to
such Person(s) as the Holder of the surrendered Definitive Note shall designate.

 

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2.6.11   
Transfer of Unrestricted Definitive Notes.  Any Holder of an Unrestricted Definitive Note may transfer such Note to
a Person who takes delivery thereof in the form of Definitive Notes if the transfer complies with Section 2.6.2 above.

 

2.6.12   
Legends.

 

(a)              
144A Legend. The following legend shall appear on the face of all 144A Notes issued under this Indenture, unless the Issuer
determines otherwise in compliance with applicable law:

 

“THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM.  EACH PURCHASER OF THIS SECURITY IS NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM
THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.  BY ITS ACQUISITION HEREOF, THE HOLDER
OF THIS SECURITY (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE
WITH RULE 904 UNDER THE SECURITIES ACT.

 

THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF
IRON MOUNTAIN INFORMATION MANAGEMENT SERVICES, INC. THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED, ONLY (I) TO IRON MOUNTAIN INFORMATION MANAGEMENT SERVICES, INC. OR ITS SUBSIDIARIES, (II) TO A PERSON WHO THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY
FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.”

 

(b)              
Regulation S Note Legend.  The following legend shall appear on the face of all Regulation S Notes issued under
this Indenture, unless the Issuer determines otherwise in compliance with applicable law:

 

“THIS NOTE AND ANY INTEREST HEREIN HAVE NOT BEEN AND
WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY BE TRANSFERRED
ONLY IN ACCORDANCE WITH THE SECURITIES ACT AND ALL APPLICABLE LAWS OF ANY OTHER JURISDICTION.

 

EACH PURCHASER OF THIS NOTE OR ANY INTEREST HEREIN AGREES
THAT IT WILL DELIVER TO EACH PURCHASER OF THIS NOTE OR BOOK-ENTRY INTERESTS HEREIN A NOTICE SUBSTANTIALLY TO THE EFFECT THEREOF.”

 

(c)              
Global Note Legend.  Each Global Note shall bear a legend in substantially the following form:

 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITORY (AS DEFINED
IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE
TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 2.6.1 OF THE INDENTURE; AND (II) THIS GLOBAL NOTE MAY BE DELIVERED IN ACCORDANCE WITH SECTION 2.6.13 OF
THE INDENTURE TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE.”

 

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(d)              
ERISA Legend.  Each Note shall bear a legend in substantially the following form:

 

“BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER HEREOF
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (A) IT IS NOT A PLAN (WHICH TERM IS DEFINED AS (I) EMPLOYEE BENEFIT
PLANS THAT ARE SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR ERISA, (II) PLANS, INDIVIDUAL
RETIREMENT ACCOUNTS AND OTHER ARRANGEMENTS THAT ARE SUBJECT TO SECTION 4975 OF THE CODE OR TO PROVISIONS UNDER APPLICABLE FEDERAL,
STATE, LOCAL, NON U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE, OR SIMILAR LAWS, AND (III) ENTITIES
THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO INCLUDE “PLAN ASSETS,” WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101
AS MODIFIED BY SECTION 3(42) OF ERISA, OF SUCH PLANS, ACCOUNTS AND ARRANGEMENTS), AND IT IS NOT PURCHASING THIS SECURITY (OR ANY
INTEREST THEREIN) ON BEHALF OF, OR WITH THE “PLAN ASSETS” OF, ANY PLAN OR (B) THE HOLDER’S PURCHASE, HOLDING AND
SUBSEQUENT DISPOSITION OF THIS SECURITY (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER ERISA OR THE CODE OR A VIOLATION UNDER ANY PROVISION OF SIMILAR LAW.”

 

2.6.13   
Cancellation.  At such time as all Book-Entry Interests have been exchanged for Definitive Notes or all Global Notes
have been redeemed or repurchased, the Global Notes shall be returned to the registrar for cancellation in accordance with Section 2.11
hereof.

 

2.6.14   
General Provisions Relating to Registration of Transfers and Exchanges.  To permit registration of transfers and exchanges,
the Issuer shall execute and the Trustee shall authenticate Global Notes and Definitive Notes upon the Issuer’s order.

 

(a)              
No service charge shall be made to a Holder for any registration of transfer or exchange, but the Issuer may require payment of
a sum sufficient to cover any taxes, duties or governmental charge payable in connection therewith (other than any such taxes, duties
or governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 4.17, 4.18 and 9.6 hereof).

 

(b)              
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes
shall be the valid obligations of the Issuer, Iron Mountain and the Subsidiary Guarantors, evidencing the same debt and entitled to the
same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(c)               The
Issuer shall not be required to register the transfer of or, to exchange, Global Notes or Definitive Notes during (A) a period
beginning at the opening of business 15 calendar days before any Redemption Date and ending at the close of business on the
Redemption Date; (B) a period beginning at the opening of business 15 calendar days immediately prior to the date fixed
for selection of Notes to be redeemed in part, and ending at the close of business on the date on which such Notes are selected; or
(C) which the holder has tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer or an Asset
Sale Offer.

 

(d)              
The Trustee or the Authentication Agent shall authenticate Global Notes and Definitive Notes in accordance with the provisions
of Section 2.2 hereof.

 

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Section 2.7           
Mutilated, Destroyed, Lost and Stolen Notes.

 

If any mutilated Note is surrendered to the Trustee,
the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Note of like tenor and principal amount
and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Issuer and the
Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Note and (ii) such security or indemnity
as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Issuer
or the Trustee that such Note has been acquired by a bona fide purchaser, the Issuer shall execute and upon its request the Trustee shall
authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal
amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost or stolen
Note has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note.

 

Upon the issuance of any new Note under this Section,
the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Note issued pursuant to this Section in
lieu of any destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not
the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Notes duly issued hereunder.

 

The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes.

 

Section 2.8           
Outstanding Notes.

 

The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest
on a Global Note effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.

 

If a Note is replaced pursuant to Section 2.7,
it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser.

 

If one or more paying agents (other than the Issuer,
Iron Mountain, a Subsidiary or an Affiliate of any thereof) hold on the maturity date or on any Redemption Date, money sufficient to pay
such Notes payable on that date, then on and after that date such Notes cease to be outstanding and interest on them ceases to accrue.

 

A Note does not cease to be outstanding because the
Issuer, Iron Mountain or a Subsidiary Guarantor or an Affiliate of the Issuer, Iron Mountain or a Subsidiary Guarantor holds the Note.

 

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Section 2.9           
Treasury Notes.

 

In determining whether the Holders of the required
principal amount of Notes have concurred in any request, demand, authorization, direction, notice, consent or waiver, Notes owned by Iron
Mountain or an Affiliate shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in conclusively
relying on any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the
Trustee actually knows are so owned shall be so disregarded.  Notwithstanding the foregoing, Notes that are to be acquired by Iron
Mountain, the Issuer, any Subsidiary Guarantor, any Subsidiary of Iron Mountain, the Issuer or any Subsidiary Guarantor or an Affiliate
of Iron Mountain, the Issuer or any Subsidiary Guarantor pursuant to an exchange offer, tender offer or other agreement shall not be deemed
to be owned by Iron Mountain, the Issuer, such Subsidiary Guarantor, a Subsidiary of Iron Mountain, the Issuer or such Subsidiary Guarantor
or an Affiliate of Iron Mountain, the Issuer or such Subsidiary Guarantor until legal title to such Notes passes to Iron Mountain, the
Issuer, such Subsidiary Guarantor, such Subsidiary or such Affiliate, as the case may be.

 

Section 2.10       
Temporary Notes.

 

Until definitive Notes are ready for delivery, the
Issuer may prepare and the Trustee shall authenticate temporary Notes upon a Company Order.  Temporary Notes shall be substantially
in the form of definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes.  Without unreasonable
delay, the Issuer shall prepare and the Trustee or the Authentication Agent upon request shall authenticate definitive Notes in exchange
for temporary Notes.  Until so exchanged, temporary Notes shall have the same rights under this Indenture as the definitive Notes.

 

Section 2.11       
Cancellation.

 

The Issuer at any time may deliver Notes to the Trustee
for cancellation. The registrar or the paying agent shall forward to the Trustee any Notes surrendered to them for registration of transfer,
exchange or payment. The Trustee, or at the direction of the Trustee, the registrar or the paying agent and no one else, shall cancel
all Notes surrendered for transfer, exchange, payment, replacement or cancellation and shall dispose of such canceled Notes (subject to
the record retention requirement of the Exchange Act or other applicable law) in accordance with the Trustee’s customary practice.
The Issuer may not issue new Notes to replace Notes that it has paid or delivered to the Trustee for cancellation.

 

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Section 2.12       
Defaulted Interest.

 

If the Issuer, Iron Mountain and the Subsidiary Guarantors
default in a payment of interest on the Notes, the Issuer, Iron Mountain or any such Subsidiary Guarantor (to the extent of its obligations
under its Note Guarantee) shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, to the Persons who are Holders on a subsequent special record date, which date shall be at the earliest practicable date but
in all events at least five Business Days prior to the payment date, in each case at the rate provided for with respect to the applicable
Notes.

 

The Issuer shall notify the Trustee and the paying
agent in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the
same time the Issuer shall deposit with the paying agent an amount of money equal to the aggregate amount proposed to be paid in respect
of such defaulted interest or shall make arrangements as are satisfactory to the paying agent for such deposit prior to the date of the
proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as
provided in this Section 2.12. The Issuer shall fix or cause to be fixed each such special record date and payment date, and shall,
promptly thereafter, notify the Trustee and the paying agent of any such date. At least 15 days before the special record date, the Issuer
(or the Depository in the name of and at the expense of the Issuer) shall deliver to Holders a notice that states the special record date,
the related payment date and the amount of such interest to be paid. The Issuer, Iron Mountain and the Subsidiary Guarantors may pay defaulted
interest in any other lawful manner.

 

Section 2.13       
Record Date.

 

The Issuer may set a record date for purposes of
determining the identity of Holders entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture. 
Unless otherwise specified, if a record date is not set by the Issuer prior to such vote or, in the case of any such consent, the first
solicitation of a Holder made by any Person in respect of such action, the record date will be the later of (x) 10 days prior to the date
of such vote or the first solicitation of such consent, as the case may be, and (y) the date of the most recent list of Holders furnished
to the Trustee prior to such vote or solicitation. The Trustee shall not have any responsibility for determining the record date for any
such action by vote or consent by the Holders.  The record date for purposes of determining the identity of Holders entitled to payments
of interest shall be the immediately preceding May 1 for each interest payment date occurring on May 15 and the immediately preceding
November 1 for each interest payment date occurring on November 15.

 

Section 2.14       
CUSIP Number and ISIN Number.

 

The Issuer in issuing the Notes may use a “CUSIP”
number and an “ISIN” number, and if so, such CUSIP number and ISIN number shall be included in notices of redemption or purchase
as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness or
accuracy of the CUSIP number and ISIN number printed in the notice or on the Notes, and that reliance may be placed only on the other
identification numbers printed on the Notes.  The Issuer shall promptly notify the Trustee and each paying agent of any change in
the CUSIP number and ISIN number.

 

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Section 2.15       
Deposit of Moneys.

 

Prior to 11:00 a.m. (New York City time), on
each date on which interest is to be paid, the maturity date and each payment date relating to an Asset Sale Offer or a Change of Control
Offer, and on the Business Day immediately following any acceleration of the Notes pursuant to Section 6.2, the Issuer shall deposit
with the paying agent in immediately available funds in U.S. Dollars sufficient to make cash payments, if any, due on such interest payment
date, maturity date, or Business Day, as the case may be.  Subject to receipt of such funds by such time, the paying agent shall
remit such payment in a timely manner to the Holders on such interest payment date, maturity date or Business Day, as the case may be,
to the Persons and in the manner set forth in paragraph 2 of the Notes.

 

Article III.

REDEMPTION

 

Section 3.1           
Selection of Notes to Be Redeemed.

 

If less than all of the Notes are to be redeemed
at any time, the Trustee (or the registrar, as applicable) shall select the Notes to be redeemed among the applicable Holders on a pro
rata basis or by lot (or, in the case of Notes issued in global form based on a method that most nearly approximates a pro rata
selection as the Trustee deems fair and appropriate in accordance with the Depository guidelines) unless otherwise required by law or
applicable stock exchange or depositary requirements, provided that no Notes of $2,000 or less shall be redeemed in part.  In the
event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less
than 10 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption.

 

The Trustee shall, promptly notify the Issuer and
the paying agent in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal
amount thereof to be redeemed.  Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000 to
the extent above $2,000; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by
such Holder, even if not a multiple of $1,000, shall be redeemed.  Except as provided in the preceding sentence, provisions of this
Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.  Any such redemption or
notice may, at the Issuer’s discretion, be subject to one or more conditions precedent, and if so conditioned, the redemption date
for such Notes may be extended by the Issuer pending achievement of such condition precedent.

 

Section 3.2           
Notice of Redemption.

 

Subject to the provisions of Section 3.8 with
respect to any Asset Sale Offer, at least 10 days but not more than 60 days before a redemption date, the Issuer shall deliver or cause
to be delivered by first class mail (or delivered electronically in accordance with the procedures of the Depository) a notice of redemption
to the Depository and, if any Definitive Registered Notes are outstanding, each Holder, in each case, with a copy to the Trustee.

 

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The notice shall identify the Notes to be redeemed
(including the CUSIP number and ISIN number, if any) and shall state:

 

(a)              
the redemption date;

 

(b)              
the redemption price (including accrued interest to, but excluding, the applicable redemption date);

 

(c)              
if any Note called for redemption is being redeemed in part only, the portion of the principal amount thereof to be redeemed and
that, after the redemption date upon surrender of such Note, a new Note or Notes in a principal amount equal to the unredeemed portion
thereof shall be issued in the name of the Holder thereof upon cancellation of the original Note;

 

(d)              
to the extent any Notes are held as Definitive Notes, the name and address of the paying agent to which the Notes are to be surrendered
for redemption;

 

(e)              
that Notes called for redemption must be surrendered to the paying agent to collect the redemption price;

 

(f)               
that, unless the Issuer defaults in the making of such redemption payment, interest on Notes called for redemption ceases to accrue
on and after the redemption date; and

 

(g)              
any conditions to such redemption.

 

At the Issuer’s request, the Trustee in cooperation
with the Depository shall give the notice of redemption in the Issuer’s name and at its expense; provided that the Issuer
gives the Trustee written notice of such request at least 10 days prior to the date of the giving of such notice (or such shorter notice
as may be acceptable to the Trustee).

 

Section 3.3           
Effect of Notice of Redemption.

 

Once notice of redemption is delivered as provided
in Section 3.2, Notes called for redemption become due and payable on the redemption date and at the redemption price.  On and
after the redemption date, unless the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the Notes
called for redemption and all rights of Holders with respect to such Notes will terminate except for the right to receive payment of the
redemption price upon surrender for redemption.  Upon surrender to the Trustee, such Notes shall be paid at the redemption price
plus accrued interest to the redemption date.

 

A notice of redemption may, at the
Issuer’s discretion, be subject to one or more conditions precedent, including completion of an offering of Capital Stock or
another corporate transaction.  If the Issuer becomes aware that any condition precedent provided for in the notice of
redemption delivered pursuant to Section 3.2 will not be satisfied on the Redemption Date specified in such notice, the Issuer
shall notify the Trustee in writing prior to the close of business two (2) Business Days prior to such Redemption Date (or such
shorter period as may be reasonably acceptable to the Trustee) and direct the Trustee to deliver such notice to the Holders. Upon
receipt of such notice by the Holders, the notice of redemption shall be rescinded or delayed, and the redemption of the Notes shall
be rescinded or delayed as provided in such notice.

 

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Section 3.4           
Deposit of Redemption Price.

 

Prior to 11:00 a.m. (New York City time) on
the redemption date, the Issuer shall deposit with the paying agent money sufficient to pay the redemption price of and accrued interest,
if any, on all Notes to be redeemed on that date.  If the Issuer complies with the provisions of the preceding sentence, on and after
the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption, whether or not such Notes
are presented for payment.  If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure
of the Issuer to comply with the first sentence of this paragraph, interest shall be paid on the unpaid principal, from the redemption
date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate
provided with respect to such Note.

 

Section 3.5           
Notes Redeemed in Part.

 

Upon surrender of a Note that is redeemed in part,
the Trustee or the Authentication Agent shall authenticate for the Holder a new Note and the same maturity equal in principal amount to
the unredeemed portion of the Note surrendered.

 

Section 3.6           
Optional Redemption.

 

Prior to July 15, 2027, the Notes shall be subject
to redemption at any time at the option of the Issuer, in whole or in part, upon not less than 10 nor more than 60 days’ notice,
at the Make-Whole Price, plus accrued and unpaid interest to, but excluding, the applicable redemption date.  On and after July 15,
2027, the Notes will be subject to redemption at any time at the option of the Issuer, in whole or in part, upon not less than 10 nor
more than 60 days’ notice, at the redemption price (expressed as percentages of principal amount) set forth below, plus accrued
and unpaid interest to, but excluding, the applicable redemption date, if redeemed during the 12-month period beginning on July 15 of
the years indicated below:

 

	Year	 	Notes
 Percentage	 
	2027	 	 	102.500	%
	2028	 	 	101.667	%
	2029	 	 	100.833	%
	2030 and thereafter	 	 	100.000	%

 

Notwithstanding the foregoing, at any time prior
to January 15, 2025, the Issuer may on any one or more occasions redeem up to 40% in aggregate principal amount of the Notes at a redemption
price of 105.000% of the principal amount thereof, plus, in each case, accrued and unpaid interest to, but excluding, the applicable redemption
date, with cash in an amount not greater than the net cash proceeds of one or more Qualified Equity Offerings; provided that:

 

(1)              
 at least 50% of the aggregate principal amount of Notes (excluding any Additional Notes) issued under this Indenture remains outstanding
immediately after the occurrence of such redemption (excluding Notes held by Iron Mountain or any of its Subsidiaries) unless all Notes
are redeemed substantially concurrently; and

 

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(2)              
the redemption occurs within six months of the date of the closing of any such Qualified Equity Offering.

 

Section 3.7           
Mandatory Redemption.

 

The Issuer shall not be required to make mandatory
redemption payments or sinking fund payments with respect to the Notes.

 

Section 3.8           
Asset Sale Offers.

 

In the event that the Issuer, Iron Mountain or any
Restricted Subsidiary shall commence an Asset Sale Offer pursuant to Section 4.16, it shall follow the procedures specified below:

 

The Asset Sale Offer shall remain open for twenty
(20) Business Days after the Commencement Date relating to such Asset Sale Offer, except to the extent required to be extended by
applicable law (as so extended, the “Offer Period”).  No later than one (1) Business Day after the termination of
the Offer Period (the “Purchase Date”), the Issuer, Iron Mountain or such Restricted Subsidiary shall purchase the principal
amount (the “Offer Amount”) of Notes required to be purchased in such Asset Sale Offer pursuant to Sections 3.1 and 4.16
or, if less than the Offer Amount has been tendered, all Notes tendered in response to the Asset Sale Offer.

 

If the Purchase Date is on or after an interest payment
record date and on or before the related interest payment date, any interest accrued to such Purchase Date shall be paid to the Person
in whose name a Note is registered at the close of business on such record date, and no additional interest shall be payable to Holders
who tender Notes pursuant to the Asset Sale Offer.

 

On the Commencement Date of any Asset Sale Offer,
the Issuer, Iron Mountain or such Restricted Subsidiary shall deliver or cause to be delivered, by first class mail (or delivered electronically
in accordance with the Applicable Procedures), a notice to each of the Holders, with a copy to the Trustee.  Such notice, which shall
govern the terms of the Asset Sale Offer, shall contain all instructions and materials necessary to enable the Holders to tender Notes
pursuant to the Asset Sale Offer and shall state:

 

(1)              
that the Asset Sale Offer is being made pursuant to this Section 3.8 and Section 4.16 and the length of time the Asset
Sale Offer shall remain open;

 

(2)              
the Offer Amount, the purchase price and the Purchase Date;

 

(3)              
that any Note not tendered or accepted for payment shall continue to accrue interest;

 

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(4)              
 that, unless the Issuer, Iron Mountain or such Restricted Subsidiary defaults in the payment of the purchase price, any Note accepted
for payment pursuant to the Asset Sale Offer shall cease to accrue interest on and after the Purchase Date;

 

(5)              
that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the
form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Issuer, such Restricted Subsidiary,
the Depository or a paying agent at the address specified in the notice prior to the close of business on the Business Day preceding the
Purchase Date;

 

(6)              
that Holders shall be entitled to withdraw their election if Iron Mountain, such Restricted Subsidiary, the Depository or a paying
agent, as the case may be, receives, not later than the close of business on the Business Day preceding the termination of the Offer Period,
a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase
and a statement that such Holder is withdrawing such Holder’s election to have the Note purchased;

 

(7)              
that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Trustee shall select the
Notes to be purchased on a pro rata basis and in accordance with the Applicable Procedures (with such adjustments as may be deemed
to be appropriate by Iron Mountain or such Restricted Subsidiary so that only Notes in denominations of $2,000, or integral multiples
of $1,000 in excess thereof, shall be purchased); and

 

(8)              
  that Holders whose Notes were purchased only in part shall be issued new Notes equal
in principal amount to the unpurchased portion of the Notes surrendered.

 

On or before 11:00 a.m. (New York
City time) on the applicable Purchase Date, the Issuer, Iron Mountain or such Restricted Subsidiary shall irrevocably deposit with
the Trustee or paying agent in immediately available funds the aggregate purchase price with respect to a principal amount of Notes
equal to the Offer Amount, together with accrued interest thereon, to be held for payment in accordance with the terms of this
Section 3.8.  On such Purchase Date, the Issuer, Iron Mountain or such Restricted Subsidiary shall, to the extent lawful,
(i) accept for payment, on a pro rata basis to the extent applicable, an aggregate principal amount equal to the Offer
Amount of Notes and other Pari Passu Indebtedness (in accordance with the terms of Section 4.16) tendered pursuant to the Asset
Sale Offer, or if less than the Offer Amount has been tendered, all Notes and such other Pari Passu Indebtedness or portions thereof
tendered, (ii) deliver or cause the Depository or paying agent, as the case may be, to deliver to the Trustee Notes so accepted
and (iii) deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were accepted for
payment by the Issuer, Iron Mountain or such Restricted Subsidiary in accordance with the terms of this Section 3.8.  The
Issuer, Iron Mountain, such Restricted Subsidiary, the Depository or paying agent, as the case may be, shall promptly (but in any
case not later than three (3) Business Days after the Purchase Date) mail or deliver to each tendering Holder an amount equal
to the purchase price with respect to the Notes tendered by such Holder and accepted by the Issuer, Iron Mountain or such Restricted
Subsidiary for purchase, and the Issuer shall promptly issue a new Note, and the Trustee shall authenticate and mail or deliver such
new Note, to such Holder, equal in principal amount to any unpurchased portion of such Holder’s Notes surrendered.  Any
Note not accepted in the Asset Sale Offer shall be promptly mailed or delivered by the Issuer, Iron Mountain or such Restricted
Subsidiary to the Holder thereof.

 

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The Asset Sale Offer shall be made by the Issuer,
Iron Mountain or a Restricted Subsidiary in compliance with all applicable laws, including, without limitation, Regulation 14E of
the Exchange Act and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in
connection with each repurchase of Notes pursuant to an Asset Sale Offer, and all other applicable federal and state securities laws. 
To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 3.8, the Issuer,
Iron Mountain or such Restricted Subsidiary shall comply with the applicable securities laws and regulations and shall not be deemed to
have breached its obligations under Sections 3.8 or 4.16 by virtue of such conflict.

 

In the event the amount of Net Proceeds to be applied
to an Asset Sale Offer would result in the purchase of a principal amount of Notes which is not evenly divisible by $1,000, the Trustee
or the paying agent shall promptly refund to the Issuer, Iron Mountain or such Restricted Subsidiary, upon receipt of written direction,
the portion of such Net Proceeds that is not necessary to purchase the immediately lesser principal amount of Notes that is so divisible.

 

To the extent that the aggregate amount of Notes
and other Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Asset Sale Offer Amount, the Issuer, Iron
Mountain or any Restricted Subsidiary may use any remaining Asset Sale Offer Amount for general corporate purposes (including the repurchase
of Indebtedness contractually subordinated in right of payment to the Notes to the extent not otherwise prohibited under this Indenture). 
Upon completion of such offer to purchase, the Asset Sale Offer Amount shall be reset at zero.

 

Section 3.9           
Offers to Purchase.

 

In connection with any Change of Control Offer or
Alternate Offer, if Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw
such Notes in such offer and the Issuer, or any other Person making a Change of Control Offer in lieu of the Issuer, purchases all of
the Notes validly tendered and not withdrawn by such Holders, the Issuer or such other Person will have the right (in their sole discretion),
upon not less than 10 nor more than 60 days’ prior notice, given not more than 10 days after such purchase pursuant to the Change
of Control Offer, to redeem all Notes that remain outstanding after such purchase at a redemption price in cash equal to the price offered
to each other Holder in such offer, plus accrued and unpaid interest, to, but not including, the date of redemption (excluding any early
tender premium), subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest
payment date.

 

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Article IV.

COVENANTS

 

Section 4.1           
Payment of Principal and Interest.

 

The Issuer covenants and agrees for the benefit of
the Holders that it will duly and punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the
Notes and this Indenture.

 

Principal, premium, if any, and interest shall be
considered paid on the date due if the paying agent holds, as of 11:00 a.m. (New York City time) on the due date, money deposited
by the Issuer in immediately available funds in U.S. Dollars and designated for and sufficient to pay all principal, premium, if any,
and interest then due.

 

Section 4.2           
Reports.

 

Whether or not required by the rules and regulations
of the SEC, so long as any Notes are outstanding, Iron Mountain will furnish to Holders (or file with the SEC for public availability),
within the time periods specified in the SEC’s rules and regulations:

 

(1)              
all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q
and 10-K if Iron Mountain were required to file such Forms, including a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and, with respect to the annual information only, a report thereon by Iron Mountain’s
certified independent accountants; and

 

(2)              
all financial information that would be required to be included in a Form 8-K filed with the SEC if Iron Mountain were required
to file such reports.

 

The Trustee shall have no liability or responsibility
for the filing, timeliness or content of any such reports, documents or information filed by Iron Mountain and delivery of such reports,
documents or information to the Trustee is for informational purposes only and receipt of such shall not constitute constructive notice
thereof or any information contained therein.

 

In addition, whether or not required by the
rules and regulations of the SEC, Iron Mountain will file a copy of all such information and reports with the SEC for public
availability (unless the SEC will not accept such a filing) and make such information available to investors who request it in
writing.  Iron Mountain will not take any action for the purpose of causing the SEC not to accept any such filings.  If,
notwithstanding the foregoing, the SEC will not accept Iron Mountain’s filings for any reason, Iron Mountain will post the
reports referred to in the preceding paragraphs on its website within the time periods that would apply if Iron Mountain were
required to file those reports with the SEC.  The Trustee shall have no liability or responsibility for the filing, content or
timeliness of any such report, and the Trustee shall have no duty to participate in or monitor any conference calls. Delivery of
such reports, information and documents shall be for informational purposes only, and the Trustee’s receipt of such reports,
information and documents shall not constitute constructive or actual notice of any information contained therein or determinable
from information contained therein, including the Issuer’s compliance with any of its covenants (as to which the Trustee is
entitled to conclusively rely on an Officer’s Certificate). The Trustee is under no duty to examine such reports, information
or documents to ensure compliance with the provision of the Indenture or to ascertain the correctness or otherwise of the
information or the statements contained therein.

 

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Notwithstanding the foregoing, if at any time the
Notes are Guaranteed by any direct or indirect parent company of Iron Mountain, Iron Mountain shall satisfy its obligations under this
covenant with respect to financial information relating to Iron Mountain by furnishing financial information relating to such direct or
indirect parent company; provided, however, that the same is accompanied by consolidating information that explains in reasonable
detail the differences between the information relating to such direct or indirect parent company and any of its Subsidiaries other than
Iron Mountain and its Subsidiaries, on the one hand, and the information relating to Iron Mountain and the Subsidiaries of Iron Mountain
on a standalone basis, on the other hand.

 

Section 4.3           
[Reserved].

 

Section 4.4           
Compliance Certificate

 

Iron Mountain shall deliver to the Trustee, within
90 days after the end of each fiscal year of Iron Mountain, an Officers’ Certificate stating that a review of the activities
of Iron Mountain and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with
a view to determining whether Iron Mountain and its Subsidiaries have kept, observed, performed and fulfilled their obligations under
this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his knowledge Iron Mountain
and its Subsidiaries have kept, observed, performed and fulfilled each and every covenant contained in this Indenture and are not in default
in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which he may have knowledge).

 

Iron Mountain will, so long as any Notes are outstanding,
deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying
such Default or Event of Default and what action Iron Mountain is taking or proposes to take with respect thereto.

 

Section 4.5           
Stay, Extension and Usury Laws.

 

Each of Iron Mountain, the Issuer and the Subsidiary
Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which
may affect the covenants or the performance of this Indenture or the Notes; and each of Iron Mountain, the Issuer and the Subsidiary Guarantors
(to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not,
by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit
the execution of every such power as though no such law has been enacted.

 

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Section 4.6           
Corporate Existence.

 

Subject to Article V and any covenants included
in this Indenture or in a supplemental indenture relating to the release of Subsidiary Guarantors or the consolidation, merger or amalgamation
of Restricted Subsidiaries, Iron Mountain, the Issuer and each of the Restricted Subsidiaries shall do or cause to be done all things
necessary to preserve and keep in full force and effect (i) its existence in accordance with the respective organizational documents
(as the same may be amended from time to time), and (ii) the rights (charter and statutory), licenses and franchises of Iron Mountain,
the Issuer and the Restricted Subsidiaries; provided, however, that Iron Mountain, the Issuer and the Restricted Subsidiaries
shall not be required to preserve any such right, license or franchise if an Officer of Iron Mountain shall determine that the preservation
thereof is no longer desirable in the conduct of the business of Iron Mountain, the Issuer, the Restricted Subsidiaries and their Subsidiaries,
taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders.

 

Section 4.7           
Taxes.

 

Iron Mountain shall, and shall cause each of its
Subsidiaries to, pay prior to delinquency all material taxes, assessments and governmental levies, except (i) as contested in good
faith and by appropriate proceedings or (ii) the nonpayment of which would not materially adversely affect the business, condition
(financial or otherwise), operations, performance or properties of Iron Mountain and its Subsidiaries, taken as a whole.

 

Section 4.8           
Maintenance of Office or Agency.

 

The Issuer shall maintain an office or agency (which
may be an office of the Trustee or an affiliate of the Trustee, registrar or co-registrar) where the Notes may be surrendered for registration
of transfer or for exchange and where notices and demands to or upon the Issuer in respect of such Notes and this Indenture may be served. 
The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. 
If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.

 

The Issuer may also from time to time designate one
or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer
of its obligation to maintain an office or agency for such purposes.  The Issuer shall give prompt written notice to the Trustee
of any such designation or rescission and of any change in the location of any such other office or agency.

 

The Issuer hereby designates the Corporate Trust
Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.3.

 

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Section 4.9           
Restricted Payments.

 

Iron Mountain shall not, and shall not permit any Restricted Subsidiary
to, directly or indirectly:

 

(1)              
declare or pay any dividend or make any distribution on account of Iron Mountain’s Equity Interests (other than dividends
or distributions payable in Equity Interests of Iron Mountain (other than Disqualified Stock));

 

(2)              
purchase, redeem or otherwise acquire or retire for value any Equity Interests of Iron Mountain;

 

(3)              
purchase, redeem or otherwise acquire or retire prior to the date that is one year prior to the scheduled maturity for value any
Indebtedness (excluding any intercompany Indebtedness between or among Iron Mountain and any of its Restricted Subsidiaries) that is contractually
subordinated in right of payment to the Notes or the Note Guarantees, except a payment of interest or principal at the Stated Maturity
thereof; or

 

(4)              
make any Investment other than a Permitted Investment (all such payments and other actions set forth in clauses (1) through
(4) above being collectively referred to as “Restricted Payments”);

 

unless, at the time of such Restricted Payment:

 

(i)                
no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof;

 

(ii)             
other than in respect of Restricted Payments as defined in clause (4) of the definition thereof, Iron Mountain would, at the time
of such Restricted Payment, on a Pro Forma Basis, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the
test set forth in the first paragraph of Section 4.10; and

 

(iii)            such
Restricted Payment, together with the aggregate of all other Restricted Payments made by Iron Mountain and the Restricted
Subsidiaries after October 1, 1996 (excluding Restricted Payments permitted by clauses (2) through (11) of the next succeeding
paragraph and any Restricted Payments in respect of the defeasance, redemption, repurchase, retirement or other acquisition or
retirement for value of any Indebtedness prior to the date hereof that would have been contractually subordinated in right of
payment to the Notes) would be less than (a) the cumulative EBITDA of Iron Mountain, minus 1.4 times the cumulative
Consolidated Interest Expense of Iron Mountain, in each case for the period (taken as one accounting period) from June 30,
1996, to the end of Iron Mountain’s most recently ended fiscal quarter for which internal financial statements are available
at the time of such Restricted Payment, plus (b) the aggregate net Equity Proceeds received by Iron Mountain from the issuance
or sale since October 1, 1996 of Equity Interests of Iron Mountain or of debt securities of Iron Mountain that have been converted
into such Equity Interests (other than Equity Interests or convertible debt securities sold to a Restricted Subsidiary and other
than Disqualified Stock or debt securities that have been converted into Disqualified Stock), plus (c) an amount equal to the net
reduction in Investments since October 1, 1996 (other than reductions in Permitted Investments) in any Person resulting from
payments of interest on Indebtedness, dividends, repayments of loans or advances, or other transfers of assets, in each case to Iron
Mountain or any of its Restricted Subsidiaries or from the net cash proceeds from the sale of any such Investment (except, in each
case, to the extent any such payment or proceeds have already been included in the calculation of cumulative EBITDA) or from
redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition of
“Investments”) not to exceed, in each case, the amount of Investments previously made by Iron Mountain and its
Restricted Subsidiaries in such Person), plus (d) $2.0 million.

 

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The foregoing provisions will not prohibit:

 

(1)              
the payment of any dividend or the consummation of any irrevocable repurchase, redemption, defeasance or other acquisition or retirement
within 60 days after the date of declaration of the dividend or giving of the notice of repurchase, redemption, defeasance or other
acquisition or retirement, as the case may be, if at the date of declaration or notice, the dividend or repurchase, redemption, defeasance
or other acquisition or retirement would have complied with the provisions of this Indenture;

 

(2)              
the making of any Restricted Payment in exchange for, or with the net cash proceeds of, the substantially concurrent sale (other
than to a Restricted Subsidiary) of other Equity Interests of Iron Mountain (other than any Disqualified Stock); provided that
the amount of any such net cash proceeds that are utilized for any such Restricted Payment will not be considered to be net Equity Proceeds
for purposes of clause (iii)(b) of the first paragraph of this Section 4.9 or clause (9) of this paragraph and will not be considered
to be net cash proceeds from a Qualified Equity Offering for purposes of Section 3.6;

 

(3)              
the defeasance, redemption, repurchase, retirement or other acquisition or retirement for value of Indebtedness that is contractually
subordinated in right of payment to the Notes or the Note Guarantees, as applicable (including all accrued interest on the Indebtedness,
all accrued and unpaid dividends on Disqualified Stock, and the amount of all penalties, fees, costs, expenses, discounts and premiums
incurred in connection therewith and any original issue discount or debt issuance costs with respect thereto), in exchange for, or with
the net cash proceeds of, the issuance and sale (other than to Iron Mountain or any Restricted Subsidiary) of Refinancing Indebtedness
not more than 90 days before or after such defeasance, redemption, repurchase, retirement or other acquisition or retirement for value;

 

(4)              
the repurchase of any Indebtedness contractually subordinated in right of payment to the Notes or the Note Guarantees, as applicable,
at a purchase price not greater than 101% of the principal amount of such Indebtedness in the event of a Change of Control in accordance
with provisions similar to the covenant set forth in Section 4.17, provided that prior to or contemporaneously with such repurchase
the Issuer has made the Change of Control Offer as provided in such covenant with respect to the Notes and has repurchased all Notes validly
tendered for payment in connection with such Change of Control Offer;

 

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(5)              
 the purchase, redemption, or other acquisition or retirement of Indebtedness subordinated in right of payment to the Notes or
any Note Guarantee (including all accrued interest on the Indebtedness, all accrued and unpaid dividends on Disqualified Stock, and the
amount of all penalties, fees, costs, expenses, discounts and premiums incurred in connection therewith and any original issue discount
or debt issuance costs with respect thereto) (A) with any Excess Proceeds remaining after completion of an Asset Sale Offer (assuming
such Excess Proceeds were not reset at zero) or (B) at a purchase price not greater than 100% of the principal amount of such Indebtedness,
plus accrued and unpaid interest thereon in the event of Asset Sale, to the extent required by the terms of such Indebtedness; provided
that Iron Mountain shall have first complied with its obligations under Section 4.16;

 

(6)              
the repurchase of Equity Interests deemed to occur upon the exercise of stock options to the extent such Equity Interests represent
a portion of the exercise price of those stock options;

 

(7)              
so long as no Default or Event of Default has occurred and is continuing, the declaration and payment of regularly scheduled or
accrued dividends to holders of any class or series of Disqualified Stock of Iron Mountain or any preferred stock of any Restricted Subsidiary
issued on or after the date hereof in accordance with the Fixed Charge Coverage Ratio test described in Section 4.10;

 

(8)              
payments of cash, dividends, distributions, advances or other Restricted Payments by Iron Mountain or any Restricted Subsidiary
to allow for the payment of cash in lieu of the issuance of fractional shares upon (i) the exercise of options or warrants or (ii) the
conversion or exchange of Capital Stock of any such Person;

 

(9)              
additional payments to current or former employees, officers, directors or consultants (or their respective transferees, estates
or beneficiaries) of Iron Mountain or any of its Subsidiaries for repurchases of stock, stock options or other equity interests in an
aggregate amount up to $5.0 million in any year, with unused amounts in any year permitted to be carried over to succeeding fiscal
years; provided, further, that such amount in any year under this clause may be increased by an amount not to exceed:

 

(i)                
the net cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of Iron Mountain and, to the extent contributed
to Iron Mountain, the net cash proceeds from the sale of Equity Interests of any parent of Iron Mountain, in each case, to any future,
current or former employees, officers, consultants or directors of Iron Mountain, any of its Subsidiaries, or any parent of Iron Mountain
that occurs after the Issue Date, to the extent the net cash proceeds from the sale of such Equity Interests have not otherwise been applied
to the payment of Restricted Payments by virtue of clauses (i)-(iii) of the first paragraph of this Section 4.9 or clause (2) of this
paragraph; plus

 

(ii)             
the cash proceeds of key man life insurance policies received by Iron Mountain or its Restricted Subsidiaries (or by any parent
of Iron Mountain to the extent contributed to Iron Mountain) after the Issue Date; minus

 

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(iii)           
 the amount of any Restricted Payments previously made with the cash proceeds described in the foregoing sub-clauses (i) and (ii)
of this clause (9);

 

provided that Iron Mountain may elect to apply all or any portion
of the aggregate increase contemplated by sub-clauses (i) and (ii) above in any twelve-month period;

 

(10)          
any Restricted Payment so long as after giving effect thereto, the Senior Leverage Ratio would be less than 4.5 to 1.0; and

 

(11)          
so long as no Default or Event of Default has occurred and is continuing, other Restricted Payments in an aggregate amount under
this clause (11) since the date of this Indenture not to exceed the greater of (x) $275.0 million and (y) 25% of Adjusted EBITDA
(determined as of the date of any Restricted Payment pursuant to this clause (11)).

 

Notwithstanding the foregoing, Iron Mountain may
declare or pay any dividend or make any distribution on or in respect of shares of Iron Mountain’s Capital Stock to holders of such
Capital Stock, so long as Iron Mountain believes in good faith that it qualifies as a “real estate investment trust” under
Section 856 of the Code (or any successor provision) and that the declaration or payment of such dividend or making of such distribution
is necessary either (i) to maintain Iron Mountain’s status as a REIT for any taxable year or (ii) to enable Iron Mountain
to avoid payment of any tax for any taxable year that could be avoided by reason of paying such dividend or making such distribution by
Iron Mountain to its stockholders, with such dividend to be paid or distribution to be made as and when determined by Iron Mountain, whether
during or after the end of the relevant taxable year.

 

If an Investment results in the making of a Restricted
Payment, the aggregate amount of all Restricted Payments deemed to have been made as calculated under the foregoing provision shall be
reduced by the amount of any net reduction in such Investment (resulting from the payment of interest or dividends, loan repayment, transfer
of assets or otherwise) to the extent such net reduction is not included in Iron Mountain’s EBITDA; provided, however,
that the total amount by which the aggregate amount of all Restricted Payments may be reduced may not exceed the lesser of (a) the
cash proceeds received by Iron Mountain and the Restricted Subsidiaries in connection with such net reduction and (b) the initial
amount of such Investment.  In addition, for the avoidance of doubt and to avoid double counting, if an Investment results in the
making of a Restricted Payment, then the subsequent assignment, contribution, distribution or other transfer of such Investment by Iron
Mountain or any Restricted Subsidiary to any Excluded Restricted Subsidiary or Unrestricted Subsidiary shall not be considered a new Investment
or Restricted Payment and shall not further reduce the amount that would otherwise be available for Restricted Payments under clause (iii) of
the first paragraph of this Section.

 

If the aggregate amount of all Restricted Payments
calculated under the foregoing provision includes an Investment in an Unrestricted Subsidiary or other Person that thereafter becomes
a Restricted Subsidiary, such Investment will no longer be counted as a Restricted Payment for purposes of calculating the aggregate amount
of Restricted Payments.

 

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For purposes of determining compliance with this
covenant, in the event that a Restricted Payment or Investment (or a portion thereof) meets the criteria of more than one of the categories
described in the second paragraph of this Section 4.9, or is permitted pursuant to clause (i), (ii) or (iii) of the first paragraph of
this Section 4.9 or pursuant to the definition of “Permitted Investments,” Iron Mountain will be entitled to divide or classify
(or later divide, classify or reclassify in whole or in part in its sole discretion) such Restricted Payment or Investment (or, in each
case, any portion thereof) in any manner that complies with this covenant.

 

For the purpose of making any Restricted Payment
calculations under this Indenture:

 

(1)              
Investments shall include the Fair Market Value of the net assets of any Restricted Subsidiary at the time such Restricted Subsidiary
is designated an Unrestricted Subsidiary and shall exclude the Fair Market Value of the net assets of any Unrestricted Subsidiary that
is designated as a Restricted Subsidiary and, for the avoidance of doubt, such inclusions and exclusions will not be limited by the amount
of any Investment or aggregate Investments;

 

(2)              
any asset or property transferred to or from an Unrestricted Subsidiary shall be valued at Fair Market Value at the time of such
transfer; provided that, for the avoidance of doubt, the Fair Market Value (as so determined) of such asset or property shall be
subtracted from (in the case of a transfer to an Unrestricted Subsidiary) or added to (in the case of a transfer from an Unrestricted
Subsidiary) the calculation under clause (iii) of the first paragraph of this Section; and

 

(3)              
the amount of any Restricted Payment, if other than cash, shall be determined by Iron Mountain, whose good faith determination
shall be conclusive.

 

Iron Mountain’s Board of Directors may designate
a Restricted Subsidiary as an Unrestricted Subsidiary in compliance with Section 4.15.  Upon such designation, all outstanding
Investments by Iron Mountain and the Restricted Subsidiaries (except to the extent repaid in cash) in the Subsidiary so designated will
be deemed to be Restricted Payments made at the time of such designation.  Such designation will only be permitted if such Restricted
Payment would be permitted at such time and if such Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

 

Section 4.10       
Incurrence of Indebtedness and Issuance of Preferred Stock.

 

Iron Mountain shall not, and shall not permit
any Restricted Subsidiary to, directly or indirectly, create, incur, issue, assume, Guarantee or otherwise become directly or
indirectly liable with respect to (or, collectively, “incur”) any Indebtedness (including Acquired Debt) and Iron
Mountain shall not permit any Restricted Subsidiary to issue any shares of preferred stock; provided, however, that
Iron Mountain may incur Indebtedness and may permit a Restricted Subsidiary to incur Indebtedness or issue preferred stock if, at
the time of such incurrence or issuance and after giving effect thereto on a Pro Forma Basis (including a pro forma application of
the net proceeds therefrom), the Fixed Charge Coverage Ratio for the four full fiscal quarters immediately preceding such incurrence
or issuance for which internal financial statements are available, taken as one period, would have been at least 2.0 to 1.0.

 

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The foregoing limitations shall not apply to:

 

(1)              
the incurrence by Iron Mountain or any Restricted Subsidiary of Indebtedness and letters of credit under Credit Facilities in an
aggregate principal amount at any one time outstanding under this clause (1) (with letters of credit being deemed to have a
principal amount equal to the maximum potential liability of Iron Mountain and the Restricted Subsidiaries thereunder) not to exceed $3,260.0
million;

 

(2)              
the issuance of the Note Guarantees;

 

(3)              
the incurrence by Iron Mountain and the Restricted Subsidiaries of the Existing Indebtedness;

 

(4)              
the issuance of the Notes on the date hereof;

 

(5)              
the incurrence by Iron Mountain and the Restricted Subsidiaries of Financing Lease Obligations, mortgage financings and/or Indebtedness
constituting purchase money obligations, including all Refinancing Indebtedness incurred with respect thereto, up to an aggregate at any
one time outstanding of the greater of (i) $250.0 million and (ii) 5.0% of Consolidated Total Assets as of any date of incurrence;

 

(6)              
the incurrence or issuance of Indebtedness or preferred stock between (i) Iron Mountain and the Restricted Subsidiaries and (ii) the
Restricted Subsidiaries;

 

(7)              
the incurrence by Iron Mountain and the Restricted Subsidiaries of Hedging Obligations not for purposes of speculation;

 

(8)              
the incurrence by Iron Mountain and the Restricted Subsidiaries in respect of performance bonds, bankers’ acceptances, workers’
compensation claims, surety, bid, appeal or similar bonds, completion guarantees, payment obligations in connection with self-insurance
or similar obligations, and bank overdrafts (and letters of credit in respect thereof) in the ordinary course of business;

 

(9)              
the incurrence by Iron Mountain and the Restricted Subsidiaries of Indebtedness consisting of “earn-out” obligations,
Guarantees, indemnities or obligations in respect of purchase price adjustments in connection with the acquisition or disposition of assets,
including, without limitation, shares of Capital Stock;

 

(10)          
the incurrence by Iron Mountain or any Restricted Subsidiary of Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered
within five (5) Business Days;

 

(11)           the
Guarantee by Iron Mountain, the Issuer or any Subsidiary Guarantor of Indebtedness of Iron Mountain or a Restricted Subsidiary and
the Guarantee by any non-Guarantor Subsidiary (other than the Issuer) of Indebtedness of another non-Guarantor Subsidiary, in each
case, to the extent that the Guaranteed Indebtedness was permitted to be incurred by another provision of this Section 4.10; provided that
if the Indebtedness being Guaranteed is contractually subordinated to the Notes or the Note Guarantees, as applicable, then the
Guarantee must be subordinated to the same extent as the Indebtedness Guaranteed;

 

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(12)          
the incurrence by Iron Mountain and the Restricted Subsidiaries of Refinancing Indebtedness issued in exchange for, or the proceeds
of which are used to repay redeem, defease, extend, refinance, renew, replace or refund, Indebtedness (other than intercompany Indebtedness)
referred to in clauses (2) through (5) above, this clause (12) or clause (13) below or that was otherwise permitted
to be incurred pursuant to the test set forth in the first paragraph of this Section 4.10;

 

(13)          
the incurrence by Iron Mountain or any Restricted Subsidiary of additional Indebtedness in an aggregate principal amount (or accreted
value, as applicable) at any time outstanding, including all permitted Refinancing Indebtedness incurred to renew, refund, refinance,
replace, defease or discharge any Indebtedness incurred pursuant to this clause (13), not to exceed $50.0 million;

 

(14)          
Acquired Debt and any other Indebtedness incurred to finance a merger, consolidation or other acquisition; provided that
on a Pro Forma Basis, either (A) Iron Mountain’s Fixed Charge Coverage Ratio would be equal to or greater than Iron Mountain’s
Fixed Charge Coverage Ratio immediately prior to such merger, consolidation or other acquisition or (B) Iron Mountain would have been
able to incur at least $1.00 of additional Indebtedness pursuant to the first paragraph of this Section 4.10;

 

(15)          
Indebtedness the net proceeds of which have been deposited in escrow to finance the repayment or redemption of such Indebtedness
pursuant to customary escrow arrangements pending the release thereof;

 

(16)          
Indebtedness that has been discharged;

 

(17)          
Indebtedness deemed to exist pursuant to the terms of a Joint Venture agreement as a result of a failure of Iron Mountain or a
Restricted Subsidiary to make a required capital contribution therein; provided that the only recourse on such Indebtedness is
limited to Iron Mountain’s or such Restricted Subsidiary’s equity interests in the related Joint Venture;

 

(18)          
(i) Indebtedness representing deferred compensation to employees of Iron Mountain or any of its Restricted Subsidiaries incurred
in the ordinary course of business, and (ii) Indebtedness consisting of obligations of Iron Mountain or any of its Restricted Subsidiaries
under deferred compensation or other similar arrangements incurred by such Person in connection with any Investment permitted under Section
4.9; and

 

(19)           Indebtedness
of Iron Mountain or any Restricted Subsidiary in an aggregate principal amount up to 100% of the Equity Proceeds received by Iron
Mountain after the Issue Date from the issue or sale of Equity Interests of Iron Mountain or cash contributed to the capital of Iron
Mountain (in each case, other than proceeds of Disqualified Stock or sales of Equity Interests to Iron Mountain or any of its
Subsidiaries) to the extent such Equity Proceeds have not been applied pursuant to clause (iii)(b) of the first paragraph of Section
4.9, or clause (2) or clause (9) of the second paragraph of Section 4.9, to make Restricted Payments, and provided, that any
such Equity Proceeds shall be excluded for purposes of making Restricted Payments pursuant to any of clause (iii)(b) of the first
paragraph of Section 4.9, or clause (2) or clause (9) of the second paragraph of Section 4.9, to the extent Iron Mountain or any
Restricted Subsidiary incur Indebtedness in reliance thereon.

 

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Notwithstanding the foregoing, Restricted Subsidiaries
other than the Issuer that are non-Guarantor Subsidiaries will not be permitted to incur Indebtedness or issue preferred stock pursuant
to the first paragraph of this Section 4.10 or clause (13) above if, after giving effect to such incurrence or issuance, the
aggregate principal amount of Indebtedness of such Restricted Subsidiaries other than the Issuer that are non-Guarantor Subsidiaries (excluding
intercompany Indebtedness between or among Iron Mountain and the Restricted Subsidiaries) outstanding pursuant to such first paragraph
or such clause, together with the aggregate liquidation preference of preferred stock issued by such Restricted Subsidiaries other than
the Issuer that are non-Guarantor Subsidiaries (excluding intercompany preferred stock issued between or among Iron Mountain and the Restricted
Subsidiaries) outstanding pursuant to such provisions, would exceed the greater of (x) $1.25 billion and (y) 1.25x Adjusted
EBITDA as of any date of incurrence.

 

Iron Mountain will not incur, and Iron Mountain will
not permit the Issuer or any Subsidiary Guarantor to incur, any Indebtedness that is contractually subordinated in right of payment to
any other Indebtedness of Iron Mountain, the Issuer or such Subsidiary Guarantor unless such Indebtedness is also contractually subordinated
in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however,
that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of Iron Mountain, the
Issuer or a Subsidiary Guarantor solely by virtue of being unsecured or by virtue of being secured on a junior priority basis.

 

For purposes of determining compliance with this
Section 4.10, for the avoidance of doubt, in the event that an item of Indebtedness meets the criteria of more than one of the categories
of permitted debt described in clauses (1) through (19) above, or is entitled to be incurred pursuant to the first paragraph
of this Section 4.10, Iron Mountain will be permitted to classify such item of Indebtedness on the date of its incurrence, or later
reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 4.10.  Indebtedness
under the Credit Agreement outstanding on the date on which Notes are first issued and authenticated under this Indenture will at all
times be deemed to have been incurred on such date in reliance on the exception provided by clause (1) above.  The accrual
of interest or preferred stock dividends, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness
in the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change in
accounting principles, and the payment of dividends on preferred stock or Disqualified Stock in the form of additional shares of the same
class of preferred stock or Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of preferred stock
or Disqualified Stock for purposes of this Section 4.10; provided, in each such case, that the amount thereof is included
in the Consolidated Interest Expense of Iron Mountain as accrued.

 

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For purposes of determining compliance with any U.S.
Dollar-denominated restriction on the incurrence of Indebtedness, the U.S. Dollar-equivalent principal amount of Indebtedness denominated
in a currency other than U.S. Dollars will be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness
was incurred; provided that if such Indebtedness is incurred to extend, replace, refund, refinance, renew or defease, or that is
exchanged for, other Indebtedness denominated in a currency other than U.S. Dollars, and such extension, replacement, refunding, refinancing,
renewal, defeasance or exchange would cause the applicable U.S. Dollar-denominated restriction to be exceeded if calculated at the relevant
currency exchange rate in effect on the date of such extension, replacement, refunding, refinancing, renewal, defeasance or exchange,
such U.S. Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing
Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, refinanced, renewed, defeased
or exchanged.  Notwithstanding any other provision of this Section 4.10, the maximum amount of Indebtedness that Iron Mountain
or any Restricted Subsidiary may incur pursuant to this Section 4.10 shall not be deemed to be exceeded solely as a result of fluctuations
in exchange rates or currency values.

 

The amount of any Indebtedness outstanding as of
any date will be:

 

(1)              
the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(2)              
the principal amount of the Indebtedness, in the case of any other Indebtedness; and

 

(3)              
in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

(i)                
the Fair Market Value of such assets at the date of determination; and

 

(ii)             
the amount of the Indebtedness of the other Person.

 

In connection with the incurrence of (i) revolving
loan Indebtedness under this Section 4.10 or (ii) any commitment relating to the incurrence of Indebtedness under this Section 4.10 and
(in respect of both (i) and (ii)) the granting of any Lien to secure any such Indebtedness, Iron Mountain or the applicable Restricted
Subsidiary may designate, such incurrence and the granting of any such Lien as having occurred on the date of first incurrence of such
revolving loan Indebtedness or commitment (such date, the “Deemed Date”), and any related subsequent actual incurrence
or granting of any such Lien therefor will be deemed for all purposes under this Indenture to have been incurred or granted on such Deemed
Date, including, without limitation, for purposes of calculating the Senior Leverage Ratio and usage of any other baskets or ratios under
this Indenture (as applicable).

 

The amount of Indebtedness that may be incurred
pursuant to any provision of this Section 4.10 or secured pursuant to Section 4.11 (i) shall be deemed to include all amounts
necessary to renew, refund, redeem, refinance, replace, restructure, defease or discharge any such Indebtedness incurred and/or
secured pursuant to such provisions, including after giving effect to additional Indebtedness in an amount equal to the aggregate
amount of fees, premia, underwriting discounts and other costs and expenses incurred in connection with such renewal, refund,
redemption, refinancing, replacement, restructuring, defeasance or discharge; and (ii) in any case where such amounts are or may be
based on Consolidated Total Assets or Adjusted EBITDA (or any ratio of which Adjusted EBITDA is a component), shall not be deemed to
be exceeded, with respect to such incurrence or grant of Lien, due solely to the result of fluctuations in the amount of
Consolidated Total Assets or Adjusted EBITDA (and, for the avoidance of doubt, such Indebtedness and such Lien will be permitted to
be refinanced or replaced notwithstanding that, after giving effect to such refinancing or replacement, such excess will
continue).

 

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Section 4.11       
Liens.

 

Neither Iron Mountain nor any Restricted Subsidiary
may directly or indirectly create, incur, assume or suffer to exist any Lien securing Indebtedness (other than a Permitted Lien) upon
any property or assets now owned or hereafter acquired, or any income, profits or proceeds therefrom, or assign or otherwise convey any
right to receive income therefrom, unless (a) in the case of any Lien securing any Indebtedness that is contractually subordinate
to the Notes or any Note Guarantee, as applicable, the Notes or any such Note Guarantee are secured by a Lien on such property, assets
or proceeds that is senior in priority to such Lien and (b) in the case of any other Lien securing Indebtedness, the Notes or the
applicable Note Guarantee are equally and ratably secured with the obligation or liability secured by such Lien.

 

For purposes of determining compliance with this
Section 4.11, (i) a Lien securing an item of Indebtedness need not be permitted solely by reference to one category of Permitted Liens
(or any portion thereof) described in the definition of “Permitted Liens” or pursuant to the first paragraph of Section 4.11
but may be permitted in part under any combination thereof and (ii) in the event that a Lien securing an item of Indebtedness (or any
portion thereof) meets the criteria of one or more of the categories of Permitted Liens (or any portion thereof) described in the definition
of “Permitted Liens” or pursuant to the first paragraph of this Section 4.11, Iron Mountain may, in its sole discretion, classify
or reclassify, or later divide, classify or reclassify (as if incurred or issued at such later time), such Lien securing such item of
Indebtedness (or any portion thereof) in any manner that complies with this Section 4.11 and at the time of incurrence, issuance, classification
or reclassification will be entitled to only include the amount and type of such Lien or such item of Indebtedness secured by such Lien
(or any portion thereof) in one of the categories of Permitted Liens (or any portion thereof) described in the definition of “Permitted
Liens” or pursuant to the first paragraph of this Section 4.11 and, in such event, such Lien securing such item of Indebtedness
(or any portion thereof) will be treated as being incurred, issued or existing pursuant to only such clause or clauses (or any portion
thereof) or pursuant to the first paragraph of this Section 4.11 without including such item (or portion thereof) when calculating the
amount of Liens or Indebtedness that may be incurred or issued pursuant to any other clause or paragraph (or portion thereof) at such
time.

 

With respect to any revolving loan Indebtedness
or commitment relating to the incurrence of Indebtedness that is designated to be incurred on any date pursuant to Section 4.10, any
Lien that does or that shall secure such Indebtedness may also be designated by Iron Mountain or any Restricted Subsidiary to be incurred
on such date and, in such event, any related subsequent actual incurrence of such Lien shall be deemed for all purposes under this Indenture
to be incurred on such prior date, including for purposes of calculating usage of any “Permitted Lien.”

 

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With respect to any Lien securing Indebtedness that
was permitted to secure such Indebtedness at the time of the incurrence of such Indebtedness, such Lien shall also be permitted to secure
any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the
amount of such Indebtedness that is not deemed to be an incurrence of Indebtedness for purposes of Section 4.10.

 

Section 4.12       
Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

Iron Mountain shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or
restriction on the ability of any Restricted Subsidiary to:

 

(1)              
(i) pay dividends or make any other distributions to Iron Mountain or any Restricted Subsidiary (A) on its Capital Stock
or (B) with respect to any other interest or participation in, or measured by, its profits, or (ii) pay any Indebtedness owed
to Iron Mountain or any Restricted Subsidiary;

 

(2)              
make loans or advances to Iron Mountain or any Restricted Subsidiary; or

 

(3)              
transfer any of its properties or assets to Iron Mountain or any Restricted Subsidiary.

 

However, the preceding restrictions will not apply
to encumbrances or restrictions existing under or by reason of:

 

(1)              
agreements governing Existing Indebtedness as in effect as of the date hereof, and any amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings thereof; provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings are no more restrictive in the aggregate with
respect to such dividend and other payment restrictions than those contained in the agreements governing Existing Indebtedness as in effect
on the date hereof;

 

(2)              
the Credit Agreement as in effect as of the date hereof, and any amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings thereof; provided that such amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings are no more restrictive in the aggregate with respect to such dividend
and other payment restrictions than those contained in the Credit Agreement as in effect on the date hereof;

 

(3)              
this Indenture and the Notes;

 

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(4)              
 applicable law, including, for the avoidance of doubt, any applicable rule, regulation or order;

 

(5)              
any instrument governing Indebtedness or Capital Stock of a Person acquired by Iron Mountain or any Restricted Subsidiary as in
effect at the time of such acquisition (except to the extent such Indebtedness was incurred in connection with or in contemplation of
such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other
than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness
was permitted by the terms of this Indenture to be incurred;

 

(6)              
customary non-assignment provisions in contracts, licenses or leases entered into in the ordinary course of business and consistent
with past practices;

 

(7)              
any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary
pending its sale or other disposition;

 

(8)              
restrictions on the transfer of property subject to mortgages, purchase money obligations or Financing Lease Obligations otherwise
permitted by clause (5) of Section 4.10;

 

(9)              
permitted Refinancing Indebtedness, provided that the restrictions contained in the agreements governing such Refinancing Indebtedness
are no more restrictive in the aggregate than those contained in the agreements governing the Indebtedness being refinanced;

 

(10)          
Liens permitted to be incurred under Section 4.11 that limit the right of the debtor to dispose of the assets subject to such
Liens;

 

(11)          
provisions limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback
agreements, stock sale agreements and other similar agreements (including agreements entered into in connection with a Permitted Investment)
entered into with the approval of Iron Mountain’s Board of Directors, which limitation is applicable only to the assets that are
the subject of such agreements;

 

(12)          
restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of
business;

 

(13)          
agreements governing other Indebtedness permitted to be incurred under the provisions of Section 4.10 and any amendments,
restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the restrictions
therein will not materially affect Iron Mountain’s ability to make anticipated principal or interest payments on the Notes (as determined
in good faith by senior management or the Board of Directors of Iron Mountain); and

 

(14)           any
Lien or restriction on a Securitization Subsidiary that, in the good faith judgment of senior management or the Board of Directors
of Iron Mountain, is reasonably required in connection therewith; provided, however, that such restrictions only apply to
Securitization Subsidiaries.

 

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Section 4.13       
Transactions with Affiliates.

 

Iron Mountain shall not, and shall not permit any
Restricted Subsidiary to, sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or
assets from, or enter into any contract, agreement, understanding, loan, advance or Guarantee with, or for the benefit of, any Affiliate
(each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration made by Iron Mountain
or any Restricted Subsidiary in excess of $25.0 million, unless:

 

(a)              
such Affiliate Transaction is on terms that are no less favorable to Iron Mountain or such Restricted Subsidiary than those that
would have been obtained in a comparable transaction by Iron Mountain or such Restricted Subsidiary with a non-Affiliated Person; and

 

(b)              
with respect to any Affiliate Transaction involving aggregate payments in excess of $200.0 million, Iron Mountain delivers
to the Trustee a resolution of Iron Mountain’s Board of Directors set forth in an Officers’ Certificate certifying that such
Affiliate Transaction complies with clause (a) above and such Affiliate Transaction is approved by a majority of the disinterested
members of Iron Mountain’s Board of Directors.

 

The following items shall not be deemed Affiliate
Transactions and therefore, will not be subject to the provisions of the prior paragraph:

 

(1)              
any employment agreement, employee benefit plan, officer or director indemnification agreement or any similar arrangement entered
into by Iron Mountain or any Restricted Subsidiary in the ordinary course of business and payments thereto;

 

(2)              
transactions between or among Iron Mountain and one or more Restricted Subsidiaries;

 

(3)              
transactions with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of Iron Mountain solely because Iron Mountain
owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;

 

(4)              
payment of reasonable and customary fees and reimbursements of expenses (pursuant to indemnity arrangements or otherwise) of officers,
directors, employees or consultants of Iron Mountain or any Restricted Subsidiary;

 

(5)              
any issuance of Equity Interests (other than Disqualified Stock) of Iron Mountain to Affiliates of Iron Mountain;

 

(6)              
Restricted Payments and Permitted Investments that do not violate the provisions of Section 4.9;

 

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(7)              
 payments to an Affiliate in respect of the Notes or any other Indebtedness of Iron Mountain or any Restricted Subsidiary on the
same basis as concurrent payments made or offered to be made in respect thereof to non-Affiliates;

 

(8)              
loans or advances to employees in the ordinary course of business not to exceed $1.0 million in the aggregate at any one time
outstanding;

 

(9)              
any transaction effected as part of a Qualified Securitization Facility, or any transaction involving the transfer of Receivables
of the type specified in the definition of “Credit Facilities” and permitted under paragraph (1) of Section 4.10;

 

(10)          
any transfers by Iron Mountain or any Restricted Subsidiary to, and any lease entered into by Iron Mountain or any Restricted Subsidiary
with, a wholly owned Unrestricted Subsidiary in connection with a Sale and Leaseback Transaction permitted under this Indenture;

 

(11)          
transactions with Joint Ventures and Subsidiaries thereof and Unrestricted Subsidiaries that are approved by a majority of the
disinterested members of Iron Mountain’s Board of Directors (or by the audit committee or any committee of the Board of Directors
consisting of disinterested members of the Board of Directors) (a director shall be disinterested if he or she has no interest in such
Joint Venture or Unrestricted Subsidiary other than through Iron Mountain and its Restricted Subsidiaries);

 

(12)          
any transaction with respect to which Iron Mountain or any of its Restricted Subsidiaries obtains an opinion as to the fairness
to Iron Mountain or such Restricted Subsidiary, as applicable, of such Affiliate Transaction from a financial point of view issued by
an accounting, appraisal or investment banking firm of national standing;

 

(13)          
transactions with a Person who is not an Affiliate immediately before the consummation of such transaction that becomes an Affiliate
as a result of such transaction;

 

(14)          
any lease entered into between Iron Mountain or any Restricted Subsidiary, as lessee and any Affiliate of Iron Mountain, as lessor,
which is approved by the Board of Directors of Iron Mountain in good faith, or any lease entered into between Iron Mountain or any Restricted
Subsidiary, as lessee, and any Affiliate of Iron Mountain, as lessor, in the ordinary course of business;

 

(15)          
intellectual property licenses in the ordinary course of business;

 

(16)          
payments to and from, and transactions with, any Joint Ventures entered into in the ordinary course of business or consistent with
past practice (including, including without limitation, any cash management activities related thereto);

 

(17)          
the payment of reasonable out-of-pocket costs and expenses relating to registration rights and indemnities provided to stockholders
of Iron Mountain or any parent of Iron Mountain pursuant to a stockholders agreement or a registration rights agreement entered into on
or after the Issue Date in connection therewith or similar equity holder’s agreements or limited liability company agreements; and

 

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(18)          
 transactions between Iron Mountain or any Restricted Subsidiary and any Person, which is an Affiliate solely due to a director
or directors of such Person (or a parent company of such Person) also being a director of Iron Mountain; provided, however, that
any such director abstains from voting as a director of Iron Mountain on any matter involving such other Person.

 

Section 4.14       
Additional Note Guarantees.

 

No Restricted Subsidiary (other than the Issuer,
an Excluded Restricted Subsidiary and, following the release or termination of all Guarantees by a Foreign Subsidiary Holdco of any Indebtedness
of Iron Mountain or its other Subsidiaries other than the Notes, such Foreign Subsidiary Holdco) may, after the date hereof, Guarantee
the payment of (a) any Indebtedness of Iron Mountain, the Issuer or any Subsidiary Guarantor under any Credit Facility or (b) any Indebtedness
of Iron Mountain, the Issuer or any Subsidiary Guarantor evidenced by bonds, notes or other debt securities in an aggregate principal
amount of $10.0 million or more, unless such Restricted Subsidiary shall also execute within 60 days following the date on which
such requirement arose a Note Guarantee and deliver an Opinion of Counsel and Officers’ Certificate to the Trustee with respect
thereto, in accordance with the terms of this Indenture. Iron Mountain’s Note Guarantee will not be released under any circumstances.

 

No Subsidiary Guarantor may consolidate or merge
with or into (whether or not such Subsidiary Guarantor is the surviving Person) another Person (other than Iron Mountain or the Issuer),
whether or not affiliated with such Subsidiary Guarantor unless:

 

(1)              
subject to the provisions of the following paragraph, the Person formed by or surviving any such consolidation or merger (if other
than such Subsidiary Guarantor) assumes all the obligations of such Subsidiary Guarantor under its Note Guarantee pursuant to a supplemental
indenture in a form reasonably satisfactory to the Trustee; and

 

(2)              
immediately after giving effect to such transaction, no Default or Event of Default exists.

 

The Note Guarantee of a Subsidiary Guarantor will
automatically be released:

 

(1)              
in connection with any sale or other disposition of Capital Stock of that Subsidiary Guarantor by way of consolidation, merger
or otherwise to a Person that is not (either before or after giving effect to such transaction) Iron Mountain or a Restricted Subsidiary,
if the sale or other disposition does not violate Section 4.16 and the Subsidiary Guarantor ceases to be a Restricted Subsidiary
as a result of the sale or other disposition;

 

(2)              
in connection with any sale or other disposition of all or substantially all of the assets of that Subsidiary Guarantor by way
of consolidation, merger or otherwise to a Person that is not (either before or after giving effect to such transaction) Iron Mountain
or a Restricted Subsidiary, if the sale or other disposition does not violate Section 4.16 and the Subsidiary Guarantor ceases to
be a Restricted Subsidiary as a result of the sale or other disposition;

 

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(3)              
 if Iron Mountain designates any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary in accordance
with the terms of Section 4.15;

 

(4)              
upon legal defeasance or covenant defeasance of the Notes as provided below under Article VIII; or

 

(5)              
upon the release or discharge of the guarantee by, or direct obligation of, such Subsidiary Guarantor of the Indebtedness that
resulted in the creation of such Note Guarantee, except a discharge or release by or as a result of payment under such guarantee or direct
obligation (it being understood that a release subject to a contingent reinstatement will constitute a release for the purposes of this
provision, and that if any such guarantee is so reinstated, such Note Guarantee shall also be reinstated to the extent that such Subsidiary
Guarantor would then be required to provide a Note Guarantee pursuant to the first paragraph of this covenant);

 

(6)              
upon the merger, amalgamation or consolidation of any Subsidiary Guarantor with and into Iron Mountain, the Issuer or another Subsidiary
Guarantor or upon the liquidation of such Subsidiary Guarantor, in each case, in compliance with the applicable provisions of this Indentures;
or

 

(7)              
for any Foreign Subsidiary Holdco, concurrently with the release or termination of all Guarantees by such Foreign Subsidiary Holdco
of any Indebtedness of Iron Mountain or its other Subsidiaries other than the Notes.

 

Section 4.15       
Designation of Unrestricted Subsidiaries.

 

Iron Mountain’s Board of Directors may designate
any Subsidiary (including any Restricted Subsidiary or any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary
so long as:

 

(1)              
any Investment in such Subsidiary deemed to be made as a result of designating such Subsidiary an Unrestricted Subsidiary will
not violate the provisions of Section 4.9; and

 

(2)              
neither Iron Mountain nor any Restricted Subsidiary has any obligation to subscribe for additional shares of Capital Stock or other
Equity Interests in such Subsidiary, or to maintain or preserve such Subsidiary’s financial condition or to cause such Subsidiary
to achieve certain levels of operating results other than as permitted under Section 4.9.

 

Notwithstanding the foregoing, in no event may the
Issuer be designated as an Unrestricted Subsidiary.

 

For the avoidance of doubt, the provisions of this
Section 4.15 shall not limit or restrict the ability of any Restricted Subsidiary to sell, transfer or otherwise dispose of any properties
or assets to any other Subsidiary, including any Unrestricted Subsidiary, to the extent such sale, transfer or other disposition is permitted
under Section 4.13 or Section 4.16.

 

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Iron Mountain’s Board of Directors may designate
any Unrestricted Subsidiary as a Restricted Subsidiary; provided that such designation will be deemed to be an incurrence of Indebtedness
by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be permitted
if:

 

(1)              
such Indebtedness is permitted under Section 4.10; and

 

(2)              
no Default or Event of Default would occur as a result of such designation.

 

Section 4.16       
Asset Sales.

 

Iron Mountain shall not, and shall not permit any
Restricted Subsidiary to:

 

(1)              
sell, lease, convey or otherwise dispose of any assets (including by way of a Sale and Leaseback Transaction, but excluding a Qualifying
Sale and Leaseback Transaction) other than (a) the sale, lease or other transfer of real estate, products, inventory, services or
accounts receivable in the ordinary course of business and any sale or other disposition of damaged, worn-out or obsolete assets in the
ordinary course of business (including the abandonment or other disposition of intellectual property that is, in the reasonable judgment
of Iron Mountain, no longer economically practicable to maintain or useful in the conduct of the business of Iron Mountain and the Restricted
Subsidiaries taken as whole), (b) licenses and sublicenses by Iron Mountain or any Restricted Subsidiary of software or intellectual
property in the ordinary course of business, (c) any surrender or waiver of contract rights or settlement, release, recovery on or
surrender of contract, tort or other claims in the ordinary course of business, (d) the granting of Liens not prohibited by Section 4.11
or (e) the sale or other disposition of cash or Cash Equivalents (provided that the sale, lease, conveyance or other disposition
of all or substantially all of the assets of Iron Mountain will be governed by Sections 4.17 and/or 5.1 and not by the provisions
of this Section 4.16); or

 

(2)              
issue or sell Equity Interests of any Restricted Subsidiary,

 

that, in the case of either clause (1) or
(2) above, whether in a single transaction or a series of related transactions:

 

(i)                
has a Fair Market Value in excess of $10.0 million; or

 

(ii)             
results in Net Proceeds in excess of $10.0 million (each of the foregoing, an “Asset Sale”),

 

unless (x) Iron Mountain (or the
Restricted Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at least equal to the Fair Market
Value of the assets sold or otherwise disposed of and (y) at least 75% of the consideration therefor received by Iron Mountain
or such Restricted Subsidiary in the Asset Sale and all other Asset Sales since the Issue Date on a cumulative basis is in the form
of (i) cash, (ii) Cash Equivalents, (iii) like-kind assets, (iv) other assets used in or useful in Iron
Mountain’s business or (v) Designated Non-Cash Consideration having an aggregate Fair Market Value, taken together with
all other Designated Non-Cash Consideration received pursuant to this clause  (2)(y)(v) that is at the time outstanding,
not to exceed the greater of (i) $50.0 million and (ii) 1.0% of Consolidated Total Assets as of the date of such
Asset Sale (in each case as determined in good faith by Iron Mountain);

 

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provided, however, that the amount of any liabilities
(as shown on Iron Mountain’s or such Restricted Subsidiary’s most recent balance sheet or in the notes thereto) of Iron Mountain
or such Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are
assumed by the transferee of any such assets, and any notes, securities or other obligations received by Iron Mountain or such Restricted
Subsidiary from such transferee that are converted by Iron Mountain or such Restricted Subsidiary into cash (to the extent of the cash
received) or Cash Equivalents within 180 days of such Asset Sale, shall be deemed to be cash for purposes of this provision; and provided,
further, that the 75% limitation referred to in the foregoing clause (2)(y) shall not apply to any Asset Sale in which
the cash portion of the consideration received therefrom is equal to or greater than what the after-tax proceeds would have been had such
Asset Sale complied with the aforementioned 75% limitation.  For the avoidance of doubt, a disposition that constitutes a Restricted
Payment or Permitted Investment will be governed by the provisions of Section 4.9 and not by this Section 4.16.

 

A transfer of assets or issuance of Equity Interests
by Iron Mountain to a Restricted Subsidiary or by a Restricted Subsidiary to Iron Mountain or to another Restricted Subsidiary will not
be deemed to be an Asset Sale.

 

Within 365 days of any Asset Sale, Iron Mountain
or any Restricted Subsidiary may, at its option, apply an amount equal to the Net Proceeds from such Asset Sale either:

 

(1)              
to repay (a) Indebtedness and other obligations that are secured by a Lien or (b) Indebtedness of a Restricted Subsidiary other
than the Issuer or a Subsidiary Guarantor;

 

(2)              
to an investment in another business or capital expenditure or to other long-term assets, in each case, in the same line of business
as Iron Mountain or any Restricted Subsidiary is then engaged or in businesses similar or reasonably related thereto;

 

(3)              
(a) to repay, prepay, redeem or purchase the Notes or (b) to repay other Indebtedness of Iron Mountain, the Issuer or a Subsidiary
Guarantor that ranks pari passu in right of payment with the Notes or any Note Guarantee, as applicable (“Pari Passu Indebtedness”);
provided that, to the extent Iron Mountain elects to repay such Pari Passu Indebtedness, Iron Mountain shall also equally and ratably,
at its option, (i) redeem the Notes pursuant to the optional redemption provisions of this Indenture; (ii) offer to reduce Indebtedness
under the Notes by making an offer (in accordance with the procedures set forth in Section 3.8) to Holders at an offer price in cash
in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase, in accordance
with the procedures set forth in Section 3.8; or (iii) purchase the Notes through privately negotiated transactions or open market
purchases in a manner that complies with this Indenture and applicable securities law at a purchase price of at least 100% of the principal
amount thereof, plus the amount of accrued but unpaid interest thereon up to the principal amount of Notes to be repurchased; and/or

 

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(4)              
 a combination of the repayments and investments permitted by the foregoing clauses (1) through (3).

 

Notwithstanding the foregoing, if within 365 days
after the receipt of any Net Proceeds from an Asset Sale, Iron Mountain (or the Restricted Subsidiary, as the case may be) enters into
a binding written agreement irrevocably committing Iron Mountain or such Restricted Subsidiary to an application of funds of the kind
described in clause (2) above within 180 days of such contractual commitment (an “Acceptable Commitment”),
Iron Mountain or such Restricted Subsidiary shall be deemed not to be in violation of the preceding paragraph so long as such application
of funds is consummated within 545 days of the receipt of such Net Proceeds. In the event any Acceptable Commitment is later cancelled
or terminated for any reason before the Net Proceeds are applied in connection therewith, then such Net Proceeds shall constitute Excess
Proceeds (defined below) unless Iron Mountain or such Restricted Subsidiary enters into another Acceptable Commitment within 180 days
of such cancellation or termination (a “Second Commitment”) and such Net Proceeds are actually applied in such manner
within 180 days from the date of the Second Commitment; provided, further, that if any Second Commitment is later cancelled or
terminated for any reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds to the extent
720 days have elapsed since the date of receipt of such Net Proceeds by Iron Mountain or a Restricted Subsidiary.

 

Pending the final application of any such Net
Proceeds, Iron Mountain or any Restricted Subsidiary may temporarily reduce revolving credit Indebtedness or otherwise invest such
Net Proceeds in any manner that is not prohibited by this Indenture.  On the 365th day after an Asset Sale or such earlier
date (or a later date if Iron Mountain has entered into an Acceptable Commitment as described in the immediately preceding
paragraph), if any, as the Board of Directors of Iron Mountain or such Restricted Subsidiary determines not to apply the Net
Proceeds relating to such Asset Sale as set forth in clauses (1) through (4) of the second preceding paragraph (an
“Asset Sale Offer Trigger Date”), such aggregate amount of Net Proceeds (rounded down to the nearest $1,000) that has
not been applied on or before such Asset Sale Offer Trigger Date as permitted in clauses (1) through (4) of the
second preceding paragraph or the last provision of this paragraph (an “Asset Sale Offer Amount”) shall be applied by
Iron Mountain or such Restricted Subsidiary to make an offer to purchase (an “Asset Sale Offer”) to all Holders and, to
the extent required by the terms of any Pari Passu Indebtedness, to all holders of Pari Passu Indebtedness, on a date (such date, an
“Asset Sale Offer Payment Date”) not less than 30 nor more than 60 days following the applicable Asset Sale Offer
Trigger Date, from all Holders (and holders of any such Pari Passu Indebtedness) on a pro rata basis, the maximum amount of
Notes and Pari Passu Indebtedness equal to the Asset Sale Offer Amount at a price equal to 100% of the principal amount of the Notes
and Pari Passu Indebtedness to be purchased, plus accrued and unpaid interest thereon, if any, to the date of purchase.  Iron
Mountain and the Restricted Subsidiaries shall comply with the requirements of Regulation 14E as described under
Section 3.8; provided, however, Iron Mountain and the Restricted Subsidiaries may defer an Asset Sale Offer until
there is an aggregate unutilized Asset Sale Offer Amount equal to or in excess of $25.0 million resulting from one or more
Asset Sales (at which time, the entire unutilized Asset Sale Offer Amount, and not just the amount in excess of $25.0 million,
shall be applied as required pursuant to this Section 4.16 and Section 3.8). Upon completion of an Asset Sale Offer
(including payment for accepted Notes), any surplus Excess Proceeds that were the subject of such offer shall cease to be Excess
Proceeds and the amount of Excess Proceeds shall be reset to zero.

 

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Section 4.17       
Change of Control Offer.

 

(a)              
Upon the occurrence of a Change of Control, each Holder shall have the right to require the Issuer to repurchase all or any part
(equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes pursuant to the offer described below
(the “Change of Control Offer”) at an offer price in cash equal to 101% of the aggregate principal amount thereof, plus accrued
and unpaid interest to, but excluding, the date of repurchase (the “Change of Control Payment”). In connection with any Change
of Control Offer, the Issuer may, in its sole discretion, elect to offer a premium (the “Early Tender Premium”) to holders
of Notes who tender their Notes early in connection with such Change of Control Offer; provided that the minimum payment offered
to any holder of the Notes is no lower than 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest
on the Notes repurchased, to, but excluding, the date of purchase. In addition, the Issuer may determine, in its sole discretion, to require
as a condition to the receipt of such Early Tender Premium that holders (i) provide consents to any requested amendments of this Indenture
and (ii) waive any withdrawal rights in connection with the Change of Control Offer.

 

Within 30 calendar days following any Change
of Control, the Issuer shall deliver a notice to each Holder stating:

 

(1)              
that the Change of Control Offer is being made pursuant to this Section 4.17 and that all Notes properly tendered shall be
accepted for payment;

 

(2)              
the purchase price and the purchase date, which shall be no earlier than 15 calendar days and no later than 60 calendar
days from the date such notice is delivered (the “Change of Control Payment Date”);

 

(3)              
that any Note not tendered shall continue to accrue interest;

 

(4)              
that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the
Change of Control Offer shall cease to accrue interest on and after the Change of Control Payment Date;

 

(5)              
that Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender such Notes,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the paying agent at
the address specified in such notice prior to the close of business on the fifth Business Day preceding the Change of Control Payment
Date;

 

(6)              
that Holders will be entitled to withdraw their election if the paying agent receives, not later than the close of business on
the second Business Day preceding the Change of Control Payment Date, facsimile transmission or letter setting forth the name of the Holder,
the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing its election to have such Notes
purchased; and

 

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(7)              
 that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 or an integral multiple of $1,000 in excess thereof.

 

The Issuer shall comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder, to the extent such laws and regulations
are applicable to the repurchase of the Notes in connection with a Change of Control.  To the extent that the provisions of any securities
laws or regulations conflict with this Section 4.17, the Issuer shall comply with the applicable securities laws and regulations
and shall not be deemed to have breached our obligations under the Change of Control provisions of this Indenture by virtue of such conflict.

 

(b)              
On the Change of Control Payment Date, the Issuer shall, to the extent lawful:

 

(1)              
accept for payment Notes or portions thereof tendered pursuant to the Change of Control Offer;

 

(2)              
deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered;
and

 

(3)              
deliver or cause to be delivered to the Trustee or the paying agent the Notes so accepted together with an Officers’ Certificate
stating the Notes or portions thereof tendered to the Issuer.

 

The paying agent shall promptly deliver to each Holder
so accepted the Change of Control Payment for such Notes, and the Trustee or the Authentication Agent shall promptly authenticate, subject
to the provisions hereof, and deliver to each such Holder a new Note equal in principal amount to any unpurchased portion of the Notes
surrendered, if any; provided that each such new Note shall be in a minimum principal amount of $2,000 or an integral multiple
of $1,000 in excess thereof.

 

The Issuer shall not be required to make a Change
of Control Offer upon a Change of Control if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise
in compliance with the requirements set forth in this Section 4.17 applicable to a Change of Control Offer made by the Issuer and
purchases all Notes properly tendered and not withdrawn under the Change of Control Offer; (ii) in connection with or in contemplation
of any Change of Control, the Issuer, an Affiliate of the Issuer or any third party has made an offer to purchase (an “Alternate
Offer”) any and all Notes validly tendered at a cash price equal to or higher than the Change of Control Payment price and has purchased
all Notes validly tendered and not withdrawn under such Alternate Offer; or (iii) a notice of redemption of all outstanding Notes has
been given pursuant to Section 3.6, unless and until there is a default in payment of the applicable redemption price.  Notwithstanding
anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the
consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control
Offer is made.

 

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Section 4.18       
Changes in Covenants When Notes Are Rated Investment Grade.

 

If on any date following the date hereof:

 

(1)              
at least two of the following events occurs:

 

(i)                
the Notes are rated Baa3 or better by Moody’s,

 

(ii)              
the Notes are rated BBB- or better by S&P, or

 

(iii)             
the Notes are rated BBB- or better by Fitch,

 

(or, if any such entity ceases to rate the Notes
for reasons outside of the control of Iron Mountain, the equivalent investment grade credit rating from any other “nationally recognized
statistical rating organization” registered under Section 3(a)(62) of the Exchange Act selected by Iron Mountain as a replacement
agency); and

 

(2)              
no Default or Event of Default shall have occurred and be continuing,

 

then, beginning on that date and continuing at all times thereafter
regardless of any subsequent changes in the rating of the Notes, (i) Sections 3.8, 4.9, 4.10, 4.12, 4.13, 4.14, 4.15 and 4.16 and
clause (4) of Section 5.1 shall no longer be applicable as to the Notes and the Note Guarantees and (ii) for purposes of
Section 4.17, a Change of Control will only be deemed to occur in the event of a Rating Decline.

 

Article V.

SUCCESSORS

 

Section 5.1           
Merger, Consolidation or Sale of Assets.

 

Neither the Issuer nor Iron Mountain may consolidate
or merge with or into (whether or not the Issuer or Iron Mountain, as applicable, is the surviving entity), or sell, assign, transfer,
lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to another
Person unless:

 

(1)              
either (i) the Issuer or Iron Mountain, as applicable, is the surviving entity or (ii) the Person formed by or surviving any
such consolidation or merger (if other than the Issuer or Iron Mountain, as applicable) or to which such sale, assignment, transfer, lease,
conveyance or other disposition shall have been made is an entity organized or existing under the laws of the United States, any state
thereof or the District of Columbia;

 

(2)              
the Person formed by or surviving any such consolidation or merger (if other than the Issuer or Iron Mountain), or the Person to
which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made, assumes all the obligations of the
Issuer or Iron Mountain, as applicable under the Notes and the applicable Note Guarantee and this Indenture (pursuant to a supplemental
indenture in a form satisfactory to the Trustee);

 

(3)              
immediately after such transaction no Default or Event of Default exists; and

 

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(4)              
 either (i) Iron Mountain or any Person formed by or surviving any such consolidation or merger, or to which such sale, assignment,
transfer, lease, conveyance or other disposition shall have been made, will, at the time of such transaction and on a Pro Forma Basis,
be permitted to incur at least $1.00 of additional Indebtedness pursuant to the test set forth in the first paragraph of Section 4.10
or (ii) at the time of such sale, assignment, transfer, lease, conveyance or other disposition shall have been made on a Pro Forma
Basis, the Fixed Charge Coverage Ratio would have been equal to or greater than the Fixed Charge Coverage Ratio immediately prior to such
transaction.

 

This Section 5.1 will not apply to any sale,
assignment, transfer, conveyance, lease or other disposition of assets between or among Iron Mountain and the Restricted Subsidiaries. 
Clauses (3) and (4) of the first paragraph of this Section 5.1 will not apply to any consolidation or merger of Iron
Mountain or the Issuer (i) with or into a Restricted Subsidiary for any purpose or (ii) with or into an Affiliate solely for the purpose
of reincorporating Iron Mountain in another jurisdiction in the United States.

 

Section 5.2           
Successor Entity Substituted.

 

Upon any consolidation or merger, or any sale, lease,
conveyance or other disposition of all or substantially all of the assets of the Issuer or Iron Mountain in accordance with Section 5.1,
the successor entity formed by such consolidation or into or with which the Issuer or Iron Mountain is merged or to which such sale, lease,
conveyance or other disposition is made (the “Successor Person”) shall succeed to, and be substituted for (so that from and
after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring
to the “Issuer” or “Iron Mountain”, as applicable, shall refer instead to the Successor Person and not to the
Issuer or Iron Mountain, as applicable) and may exercise every right and power of the Issuer or Iron Mountain, as applicable, under this
Indenture with the same effect as if such Successor Person has been named as the Issuer or Iron Mountain herein; provided, however,
that the predecessor Issuer or predecessor to Iron Mountain in the case of a sale, lease, conveyance or other disposition shall not be
released from the obligation to pay (or guarantee the payment of) the principal of and interest, if any, on the Notes, except in the case
of a sale of all the Issuer’s or Iron Mountain’s assets that meets the requirements of Section 5.1.

 

Article VI.

DEFAULTS AND REMEDIES

 

Section 6.1           
Events of Default.

 

Each of the following constitutes an “Event
of Default” hereunder:

 

(a)              
default for 30 days in payment when due of interest on the Notes;

 

(b)              
default in payment when due of the principal of or premium, if any, on the Notes;

 

(c)              
failure by the Issuer to comply with Section 4.17;

 

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(d)              
 failure by Iron Mountain or any Restricted Subsidiary for 60 days after written notice from the Trustee or Holders of not
less than 25% of the aggregate principal amount of the then outstanding Notes to comply with any of its other agreements in this Indenture,
the Notes or the Note Guarantees;

 

(e)              
the failure to pay at final maturity (giving effect to any applicable grace periods and any extensions thereof) the stated principal
amount of any Indebtedness of Iron Mountain or any Restricted Subsidiary, or the acceleration of the final stated maturity of any such
Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 30 days of receipt by Iron Mountain or such
Restricted Subsidiary of notice of any such acceleration) if the aggregate principal amount of such Indebtedness, together with the principal
amount of any other such Indebtedness in default for failure to pay principal at final stated maturity or which has been so accelerated
(in each case with respect to which the 30-day period described above has passed), equals $200.0 million or more at any time;

 

(f)               
a final judgment or final judgments for the payment of money are entered by a court or courts of competent jurisdiction against
Iron Mountain or any Restricted Subsidiary and such judgments remain unpaid, undischarged or unstayed for a period of 60 days, provided
that the aggregate of all such unpaid, undischarged or unstayed judgments exceeds $200.0 million;

 

(g)              
Iron Mountain, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary:

 

(i)                
commences a voluntary case,

 

(ii)             
consents to the entry of an order for relief against it in an involuntary case,

 

(iii)           
consents to the appointment of a Custodian of it or for all or substantially all of its property,

 

(iv)            
makes a general assignment for the benefit of its creditors, or

 

(v)              
admits in writing that it generally is unable to pay its debts as the same become due;

 

in each case, pursuant to or within the meaning of
any Bankruptcy Law; or

 

(h)              
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)                
is for relief against Iron Mountain, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary in an involuntary
case,

 

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(ii)             
 appoints a Custodian of Iron Mountain, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary or for all or
substantially all of its property, or

 

(iii)           
orders the liquidation of Iron Mountain, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary, and such order
or decree remains unstayed and in effect for 60 days; or

 

(i)                
except as permitted by this Indenture or the Note Guarantees, any Note Guarantee shall be held in any judicial proceeding to be
unenforceable or invalid or shall cease for any reason to be in full force and effect, or Iron Mountain or any Restricted Subsidiary or
any Person acting on behalf of Iron Mountain or any Restricted Subsidiary shall deny or disaffirm in writing its obligations under its
Note Guarantee.

 

The term “Bankruptcy Law” means Title 11,
United States Bankruptcy Code of 1978, or any similar U.S. federal or state law relating to bankruptcy, insolvency, receivership, winding-up,
liquidation, reorganization or relief of debtors or any amendment to, succession to or change in any such law.  The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section 6.2           
Acceleration of Maturity.

 

In the case of an Event of Default under Section 6.1(g) or
(h) with respect to Iron Mountain, the Issuer, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately
without further action or notice.  If any other Event of Default occurs and is continuing (subject to Section 6.15), the Trustee
or Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable
immediately.

 

Section 6.3           
Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The Issuer covenants that if

 

(a)              
default is made in the payment of any interest on any Note when such interest becomes due and payable and such default continues
for a period of 30 days, or

 

(b)              
default is made in the payment of principal of any Note at the maturity thereof.

 

THEN, the Issuer will, upon demand of the Trustee, pay to it, for the
benefit of the Holders of such Notes, the whole amount then due and payable on such Notes for principal and interest and, to the extent
that payment of such interest shall be legally enforceable, interest on any overdue principal or any overdue interest, at the rate or
rates prescribed therefor in such Notes, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

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If the Issuer fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer or
any other obligor upon such Notes and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property
of the Issuer or any other obligor upon such Notes, wherever situated.

 

If an Event of Default occurs and is continuing,
the Trustee may proceed to protect and enforce its rights and the rights of the Holders by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 6.4           
Trustee May File Proofs of Claim.

 

In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Issuer or any
other obligor upon the Notes or the property of the Issuer or of such other obligor or their creditors, but excluding any solvent reorganization
or arrangement of capital pursuant to applicable corporations legislation, the Trustee (irrespective of whether the principal of the Notes
shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made
any demand on the Issuer for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding
or otherwise,

 

(a)              
to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding,

 

(b)              
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and

 

(c)              
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder.

 

Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of
any Holder in any such proceeding.

 

Section 6.5           
Trustee May Enforce Claims Without Possession of Notes.

 

All rights of action and claims under this Indenture
or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, be for the ratable benefit of Holders in respect of which such judgment has been recovered.

 

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Section 6.6           
Application of Money Collected.

 

Any money collected by the Trustee pursuant to this
Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal or interest, upon presentation of the Notes and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:

 

First:  To the payment of all amounts due the
Trustee (acting in any capacity hereunder);

 

Second:  To the payment of the amounts then
due and unpaid for principal of, and interest on, the Notes in respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal and interest,
respectively; and

 

Third:  To the Issuer.

 

Section 6.7           
Limitation on Suits.

 

Except to enforce the right to receive payment of
principal, premium, if any, or interest, if any, when due, no Holder shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

(a)              
such Holder has previously given written notice to the Trustee of a continuing Event of Default;

 

(b)              
Holders of at least 25% in aggregate principal amount of the then outstanding Notes shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(c)              
such Holder or Holders offer and, if requested, provide to the Trustee security or indemnity satisfactory to it against any costs,
expenses and liabilities to be incurred in compliance with such request;

 

(d)              
the Trustee does not comply with such request within 60 days after its receipt of such request and offer of security or indemnity;
and

 

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(e)              
 during such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee
a direction inconsistent with such written request;

 

it being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to
enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.

 

Section 6.8           
Unconditional Right of Holders to Receive Principal and Interest.

 

Subject to Article XII, notwithstanding any
other provision in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment
of the principal of and premium and interest, if any, on such Note on the Stated Maturity or Stated Maturities expressed in such Note
(or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights
shall not be impaired without the consent of such Holder.

 

Section 6.9           
Restoration of Rights and Remedies.

 

If the Trustee or any Holder has instituted any proceeding
to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, Iron
Mountain, the Issuer, the Subsidiary Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding
had been instituted.

 

Section 6.10       
Rights and Remedies Cumulative.

 

Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.7, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing
at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 6.11       
Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or of any Holder
to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the Trustee or
to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case
may be.

 

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Section 6.12       
Control by Holders.

 

The Holders of a majority in principal amount of
the outstanding Notes shall have the right to direct the time, method and place of conducting any proceeding for exercising any remedy
available to the Trustee, or exercising any trust or power conferred on the Trustee, provided that:

 

(a)              
such direction shall not be in conflict with any rule of law or with this Indenture,

 

(b)              
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and

 

(c)              
subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the
Trustee in good faith shall determine that the proceeding so directed would reasonably be expected to expose the Trustee to personal liability.

 

Section 6.13       
Waiver of Past Defaults.

 

The Holders of a majority in aggregate principal
amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all Holders, rescind an acceleration or waive
any existing Default or Event of Default and its consequences under this Indenture, if the rescission would not conflict with any judgment
or decree, except a continuing Default or Event of Default in the payment of principal of, premium on, if any, or interest on, the Notes. 
Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent
thereon.

 

Section 6.14       
Undertaking for Costs.

 

All parties to this Indenture agree, and each Holder
by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall
not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more
than 10% in principal amount of the outstanding Notes, or to any suit instituted by any Holder for the enforcement of the payment of the
principal of or interest on any Note on or after the Stated Maturity or Stated Maturities expressed in such Note (or, in the case of redemption,
on the redemption date).

 

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Section 6.15       
Reporting Defaults.

 

Notwithstanding Section 6.2, except as provided in
the second to last sentence of this paragraph, the sole remedy for any failure to comply by the Issuer with Section 4.2 shall be the payment
of liquidated damages as described in the following sentence, such failure to comply shall not constitute an Event of Default, and Holders
shall not have any right to accelerate the maturity of the Notes as a result of any such failure to comply. If a failure to comply by
the Issuer with Section 4.2 is continuing on the day that is 60 days following the Issuer’s receipt of notice of such failure to
comply in accordance with Section 6.1(d) (such notice, the “Reports Default Notice”), the Issuer will pay liquidated damages
to all Holders at a rate per annum equal to 0.25% of the principal amount of the Notes then outstanding from such date to, but not including,
the earlier of (x) the 121st day following the Issuer’s receipt of the Reports Default Notice and (y) the date on which the failure
to comply by the Issuer with Section 4.2 shall have been cured or waived. On the earlier of the dates specified in the immediately preceding
clauses (x) and (y), such liquidated damages will cease to accrue. If the failure to comply by the Issuer with Section 4.2 shall not have
been cured or waived on or before the 121st day following the Issuer’s receipt of the Reports Default Notice, then the failure to
comply by the Issuer with Section 4.2 shall on such 121st day constitute an Event of Default. A failure to comply with Section 4.2 automatically
shall cease to be continuing and shall be deemed cured at such time as the Issuer furnishes to the Trustee the applicable information
or report; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information,
documents or reports have been filed pursuant to the EDGAR service (or its successor) nor shall the Trustee have any liability or responsibility
for the filing, timeliness or content of such reports.  For avoidance of doubt, for purposes of the foregoing, any failure by Iron
Mountain to comply with Section 4.2 shall constitute a failure by the Issuer to comply with Section 4.2.

 

Article VII.

TRUSTEE

 

Section 7.1           
Duties of Trustee.

 

(a)              
If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture
and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct
of such Person’s own affairs.

 

(b)              
Except during the continuance of an Event of Default:

 

(i)                
The Trustee need perform only those duties that are specifically set forth in this Indenture and no others; and

 

(ii)              In
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to
the requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which by
any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’
Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture (but need not
confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 

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(c)         The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that:

 

(i)             This
paragraph does not limit the effect of paragraph (b) of this Section;

 

(ii)            The
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts;

 

(iii)           
The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to the Notes
in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Notes relating to the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Indenture with respect to the Notes;

 

(d)         Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of
this Section;

 

(e)          The
Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any cost,
liability or expense;

 

(f)          The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. 
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law;

 

(g)         No
provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance
of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk is not reasonably assured to it;

 

(h)          No
bond or surety shall be required with respect to performance of the Trustee’s duties and powers; and

 

(i)          The
paying agent, the registrar and the Authentication Agent shall be entitled to the protections, immunities and standard of care as are
set forth in paragraphs (b), (c), (e), (f), (g) and (h) of this Section with respect to the Trustee.

 

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Section 7.2           
Rights of Trustee.

 

(a)              
 The Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any document believed by
it to be genuine and to have been signed or presented by the proper Person.  The Trustee need not investigate any fact or matter
stated in the document.

 

(b)              
Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel. 
The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate
or Opinion of Counsel.

 

(c)              
The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due
care.  No Depository shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by
any Depository.  The Trustee shall also have no liability or responsibility for the action or inaction of DTC.

 

(d)              
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within
its rights or powers.

 

(e)              
The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

 

(f)               
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against
any costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

(g)              
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it
may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Issuer, personally or by agent or attorney at the sole cost of the Issuer and shall incur no liability or
additional liability of any kind by reason of such inquiry or investigation.

 

(h)              
The Trustee shall not be deemed to have notice of any Default or Event of Default (other than a payment default under Sections 6.1(a) or
6.1(b)) unless a Responsible Officer of the Trustee has received written notice of any event which is in fact such a default in accordance
with Section 11.1.

 

(i)                 The
Trustee may request that the Issuer deliver an Officers’ Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be
signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any such
certificate previously delivered and not superseded.

 

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(j)                
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to
be indemnified, are extended to, and shall be enforceable by, the Trustee, the paying agent and the registrar in each of their capacities
hereunder, and each agent, custodian and other Person employed to act hereunder.

 

(k)              
In no event shall the Trustee be responsible or liable for special, punitive, indirect, or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

 

(l)                
For certain payments made pursuant to this Indenture, the paying agent may be required to make a “reportable payment”
or “withholdable payment” and in such cases the paying agent may have the duty to act as a payor or withholding agent, respectively,
that is responsible for any tax withholding and reporting required under Chapters 3, 4, 24 and 61 of the Code.  The paying agent
shall have the sole right to make the determination as to which payments with respect to which it is the withholding agent are “reportable
payments” or “withholdable payments” under the Code.  All parties to this Indenture shall provide an executed IRS
Form W-9 or appropriate IRS Form W-8 (or, in each case, any successor form) to the paying agent prior to closing, and shall
promptly update any such form to the extent such form becomes obsolete or inaccurate in any respect.  The paying agent shall have
the right to request from any party to this Indenture, or any other Person entitled to payment hereunder, any additional forms, documentation
or other information as may be reasonably necessary for the paying agent to satisfy its reporting and withholding obligations under the
Code.  To the extent any such forms to be delivered under this Section 7.2(l) are not provided prior to or by the time
the related payment is required to be made or are determined by the paying agent to be incomplete and/or inaccurate in any respect, the
paying agent shall be entitled to withhold on any such payments hereunder to the extent withholding is required under Chapters 3, 4, 24
or 61 of the Code, and shall have no obligation to gross up any such payment.

 

Section 7.3          Individual Rights of Trustee.

 

The Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any of its Affiliates with the same rights it would
have if it were not Trustee.  However, if the Trustee acquires any conflicting interest it must eliminate such conflict within 90
days or resign.  Any Agent may do the same with like rights.  The Trustee is also subject to Section 7.9.  Under no circumstances
shall the Trustee be liable in its individual capacity for the obligations evidenced by the Notes.

 

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Section 7.4           
Trustee’s Disclaimer.

 

The Trustee makes no representation as to the validity
or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and
it shall not be responsible for any statement in the Notes other than its authentication.

 

Section 7.5           
Notice of Defaults.

 

If a Default or Event of Default occurs and is continuing
with respect to the Notes and if it is actually known to a Responsible Officer of the Trustee as described in Section 7.2(h), the
Trustee shall mail to each Holder notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible
Officer of the Trustee has actual knowledge of such Default or Event of Default.  The Trustee may withhold the notice if and so long
as it in good faith determines that withholding the notice is in the interests of Holders, except a Default or Event of Default relating
to the payment of principal of, premium on, if any, and interest on, the Notes.

 

Section 7.6           
Compensation and Indemnity.

 

The Issuer shall pay to the Trustee (acting in any
capacity hereunder) from time to time such compensation for its services as the Issuer and the Trustee shall agree in writing.  The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Issuer shall
reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it.  Such expenses shall include the reasonable
compensation and expenses of the Trustee’s agents and counsel.

 

The Issuer shall fully indemnify the Trustee (acting
in any capacity hereunder) or any predecessor Trustee and their agents (including the cost of defending itself against any claim (whether
asserted by the Issuer, or any Holder or any other Person)) against any and all losses, damages, claims, liability, fees, costs or expenses,
including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth
in the next paragraph in the performance of their duties under this Indenture as Trustee or Agent, including, without limitation, reasonable
attorneys’ fees and expenses and court costs incurred in connection with any action, claim or suit brought to enforce the Trustee’s
right to compensation, reimbursement or indemnification.  The Trustee shall notify the Issuer promptly of any claim of which a Responsible
Officer has received notice for which it may seek indemnity.  The Issuer shall defend the claim and the Trustee shall cooperate in
the defense.  The Trustee may have separate counsel and the Issuer shall pay the reasonable fees and expenses of such counsel. 
The Issuer need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.  This indemnification
shall apply to officers, directors, employees, shareholders and agents of the Trustee and any Agent.

 

The Issuer need not reimburse any expense or indemnify
against any loss or liability incurred by the Trustee or by any officer, director or employee of the Trustee caused by its own negligence
or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable order.

 

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To secure the Issuer’s payment obligations
in this Section, the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee, except that
held in trust to pay principal and interest on the Notes.

 

When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.1(g) or (h) (or any comparable provisions set forth in a supplemental
indenture) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any
Bankruptcy Law.

 

The provisions of this Section shall survive
the termination of this Indenture and the resignation or removal of the Trustee.

 

Section 7.7           
Replacement of Trustee.

 

A resignation or removal of the Trustee and appointment
of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.

 

The Trustee may resign by so notifying the Issuer
in writing.  The Holders of a majority in principal amount of the Notes may remove the Trustee by so notifying the Trustee and the
Issuer in writing not less than 30 days prior to the effective date of such removal.

 

The Issuer may remove the Trustee if:

 

(a)              
the Trustee fails to comply with Section 7.9;

 

(b)              
the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

 

(c)              
a Custodian or public officer takes charge of the Trustee or its property; or

 

(d)              
the Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Issuer shall promptly appoint a successor Trustee.  Within one year after the
successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee
to replace the successor Trustee appointed by the Issuer.

 

If a successor Trustee does not take office within
60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Holders of at least 10% in principal
amount of the Notes may petition any court of competent jurisdiction at the expense of the Issuer for the appointment of a successor Trustee.

 

If the Trustee fails to comply with Section 7.9,
any Holder, who has been a Holder for at least six months, may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

 

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A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Issuer.  Promptly after that, the retiring Trustee shall, upon payment of its
charges hereunder, transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.6,
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers
and duties of the Trustee under this Indenture.  A successor Trustee shall mail a notice of its succession to each Holder.

 

Notwithstanding replacement of the Trustee pursuant
to this Section 7.7, the Issuer’s obligations under Section 7.6 shall continue for the benefit of the retiring trustee
with respect to expenses and liabilities incurred by it prior to such replacement.

 

Any resigning or removed Trustee shall have no responsibility
or liability for any action or inaction of any successor Trustee.

 

Section 7.8           
Successor Trustee by Merger, Etc.

 

If the Trustee consolidates with, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without
any further act shall be the successor Trustee.

 

Section 7.9           
Eligibility; Disqualification.

 

This Indenture shall always have a Trustee that is
a corporation, national association or other business entity organized and doing business under the laws of the United States of America
or of any state thereof that is authorized under such laws to exercise corporate trustee power, and that is subject to supervision or
examination by U.S. federal or state authorities.  The Trustee shall always have a combined capital and surplus of at least $50,000,000
as set forth in its most recent published annual report of condition.

 

Section 7.10       
Agents.

 

The rights, privileges, protections, immunities and
benefits given to the Trustee, including, without limitation, its right to be compensated, reimbursed (including for any applicable value
added tax) and indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each
Agent.  For avoidance of doubt, the provisions of this Article VII (other than Section 7.1(a)) shall be applicable to all
Agents whether or not such Agent is an affiliate of the Trustee.

 

Article VIII.

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.1           
Option to Effect Legal Defeasance or Covenant Defeasance.

 

The Issuer may, at the option of its Board of Directors
evidenced by a resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.2 or 8.3 be applied
to all of its obligations discharged with respect to outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

 

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Section 8.2           
Legal Defeasance and Discharge.

 

Upon the Issuer’s exercise under Section 8.1
of the option applicable to this Section 8.2, each of Iron Mountain, the Issuer and the Subsidiary Guarantors, if any, shall, subject
to the satisfaction of the conditions set forth in Section 8.4, be deemed to have been discharged from its obligations with respect
to all outstanding Notes and related Note Guarantees on the date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”).  For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes
of Section 8.5 and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its
other obligations under such Notes and this Indenture as it relates to such Notes (and the Trustee, on demand of and at the expense of
the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise
terminated or discharged hereunder:  (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described
in Section 8.4, and as more fully set forth in such section, payments in respect of the principal of, premium, if any, and interest
on such Notes when such payments are due, (b) Iron Mountain’s, the Issuer’s and Subsidiary Guarantors’ obligations
with respect to the Notes under Article II, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and Iron
Mountain’s, the Issuer’s and the Subsidiary Guarantors’ obligations in connection therewith and (d) this Article VIII. 
Subject to compliance with this Article VIII, the Issuer may exercise its option under this Section 8.2 notwithstanding the
prior exercise of its option under Section 8.3.

 

Section 8.3           
Covenant Defeasance.

 

Upon the Issuer’s
exercise under Section 8.1 of the option applicable to this Section 8.3, each of Iron Mountain, the Issuer and the
Subsidiary Guarantors, if any, shall, subject to the satisfaction of the conditions set forth in Section 8.4, be released from
its obligations under Article IV (other than Sections 4.1, 4.5, 4.7 and 4.18) and Article V with respect to the
outstanding Notes and related Note Guarantees on and after the date the conditions set forth below are satisfied (hereinafter,
“Covenant Defeasance”), and such Notes shall thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants,
but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes
shall not be deemed outstanding for accounting purposes).  For this purpose, Covenant Defeasance means that, with respect to
the outstanding Notes, Iron Mountain, the Issuer and the Subsidiary Guarantors may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or
in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1, but,
except as specified above, the remainder of this Indenture, such Notes and the related Note Guarantees, if any, shall be unaffected
thereby.  In addition, upon the Issuer’s exercise under Section 8.1 of the option applicable to this
Section 8.3, subject to the satisfaction of the conditions set forth in Section 8.4, Sections 6.1(c) through
6.1(f) and 6.1(i) shall not constitute Events of Default.

 

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Section 8.4           
Conditions to Legal or Covenant Defeasance.

 

The following shall be the conditions to the application
of either Section 8.2 or 8.3 to the outstanding Notes:

 

In order to exercise either Legal Defeasance or Covenant
Defeasance:

 

(a)              
the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of Holders, cash in U.S. Dollars for the Notes,
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized
firm of independent public accountants, to pay the principal of, premium, if any, and interest on the outstanding Notes on the Stated
Maturity or on the applicable redemption date, as the case may be, of such principal or installment of principal of, premium, if any,
or interest on the outstanding Notes;

 

(b)              
in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to
the Trustee confirming that (i) the Issuer has received from, or there has been published by, the IRS a ruling or (ii) since the date
hereof, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, Holders and beneficial owners of the outstanding Notes will not recognize income, gain or loss
for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(c)              
in the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably
acceptable to the Trustee confirming that the Holders and beneficial owners of the outstanding Notes will not recognize income, gain or
loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(d)              
no Default or Event of Default shall have occurred and be continuing (other than a Default or Event of Default resulting from the
borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness), and the granting
of Liens to secure such borrowings) on the date of the deposit described in clause (a) above;

 

(e)              
such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced)
to which Iron Mountain or any of its Subsidiaries is a party or by which Iron Mountain or any of its Subsidiaries is bound;

 

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(f)               
 the Issuer shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuer
with the intent of preferring Holders over any other creditors of the Issuer with the intent of defeating, hindering, delaying or defrauding
creditors of the Issuer or others; and

 

(g)              
the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

Section 8.5           
Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section 8.6, all money and non-callable
Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes
of this Section 8.5, the “Trustee”) pursuant to Section 8.4 in respect of the outstanding Notes subject to a Legal
Defeasance or a Covenant Defeasance shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes
and this Indenture, to the payment, either directly or through any paying agent (including the Issuer acting as paying agent) as the Trustee
may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest,
but such money need not be segregated from other funds except to the extent required by law.

 

Iron Mountain, the Issuer and the Subsidiary Guarantors
shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.4 or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of the outstanding Notes subject to a Legal Defeasance or a Covenant Defeasance.

 

Anything in this Article VIII to the contrary
notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the request of the Issuer any money or non-callable
Government Securities held by it as provided in Section 8.4 which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.4(a)),
are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.6           
Repayment to Issuer.

 

Any money deposited with the
Trustee or any paying agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest,
if any, on any Notes subject to a Legal Defeasance or a Covenant Defeasance and remaining unclaimed for two years after such
principal, and premium, if any, or interest, if any, have become due and payable, subject to applicable abandoned property law,
shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from such trust; and the Holders of
such Notes shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the
Trustee or such paying agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon
cease.

 

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Section 8.7           
Reinstatement.

 

If the Trustee or paying agent is unable to apply
any U.S. Dollars or non-callable Government Securities in accordance with Section 8.2 or 8.3, as the case may be, by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s
obligations under this Indenture, the Notes and the related Note Guarantees, if any, shall be revived and reinstated as though no deposit
had occurred pursuant to Section 8.2 or 8.3 until such time as the Trustee or paying agent is permitted to apply all such money in
accordance with Section 8.2 or 8.3, as the case may be; provided, however, that, if the Issuer makes any payment of
principal of, premium, if any, or interest, if any, on any such Notes following the reinstatement of its obligations, the Issuer shall
be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or paying agent.

 

Article IX.

AMENDMENTS AND WAIVERS

 

Section 9.1           
Without Consent of Holders.

 

Notwithstanding Section 9.2, without the consent
of any Holder, the Issuer and the Trustee may amend or supplement this Indenture or the Notes:

 

(a)              
to cure any ambiguity, defect or inconsistency,

 

(b)              
to provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are
issued in registered form for purposes of Section 163(f) of the Code),

 

(c)              
to provide for the assumption of the Issuer’s, Iron Mountain’s or a Subsidiary Guarantor’s obligations to Holders
in the case of a merger or consolidation,

 

(d)              
to make any change that would provide any additional rights or benefits to Holders (including providing for additional Note Guarantees)
or that does not adversely affect the legal rights of any such Holder under this Indenture,

 

(e)              
to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture; or

 

(f)               
to conform the text of this Indenture, the Notes or the Note Guarantees to any provision of the “Description of the notes”
section of the Issuer’s Offering Memorandum dated December 13, 2021, relating to the initial offering of the Notes, to the extent
that such provision in that “Description of the notes” was intended to be a substantially verbatim recitation of a provision
of this Indenture, the Notes or the Note Guarantees, which intent may be evidenced by an Officers’ Certificate delivered to the
Trustee to that effect.

 

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Upon the request of the Issuer accompanied by a resolution
of its Board of Directors authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the Trustee of
the documents described in Section 7.2, the Trustee shall join with the Issuer, Iron Mountain and the Subsidiary Guarantors in the
execution of any amended or supplemental Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental
Indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 

For the avoidance of doubt, no amendment to, or deletion
of any of the covenants described in Article IV or action taken in compliance with the covenants in effect at the time of such action,
shall be deemed to impair or affect any rights of any Holders to receive payment of principal of or premium, if any, or interest on the
Notes or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes.

 

Section 9.2           
With Consent of Holders.

 

Except as provided in Section 9.1 and Section 9.3,
this Indenture and the Notes may be amended or supplemented with the consent of Holders of at least a majority in principal amount of
Notes then outstanding affected by the supplemental indenture implementing such amendment or supplement (including consents obtained in
connection with a tender offer or exchange offer for Notes), and, subject to Sections 6.8 and 6.12, any existing Default or Event
of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on the Notes, except
a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture or the Notes
may be waived with the consent of Holders of a majority in principal amount of Notes then outstanding affected by such supplemental indenture
implementing such amendment or supplement (including consents obtained in connection with a tender offer or exchange offer for Notes).

 

It shall not be necessary for the consent of the
Holders under this Section 9.2 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if
such consent approves the substance thereof.  After a supplemental indenture or waiver under this Section 9.2 becomes effective,
the Issuer or Iron Mountain shall deliver to the Holders affected thereby a notice briefly describing the supplemental indenture or waiver. 
Any failure by Issuer or Iron Mountain to mail such notice, or any defect therein, shall not, however, in any way impair or affect the
validity of any such supplemental indenture or waiver.

 

Upon the request of the Issuer accompanied by a resolution
of its Board of Directors authorizing the execution of any such amended or supplemental Indenture, and upon the filing with the Trustee
of evidence reasonably satisfactory to the Trustee of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the
documents described in Section 7.2, the Trustee shall join with the Issuer, Iron Mountain and the Subsidiary Guarantors in the execution
of such amended or supplemental Indenture unless such amended or supplemental Indenture affects the Trustee’s own rights, duties
or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter
into such amended or supplemental Indenture.

 

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Section 9.3           
Limitations.

 

Without the consent of each affected Holder of the
Notes, an amendment or waiver may not (with respect to any Notes held by a non-consenting Holder):

 

(a)              
reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

 

(b)              
reduce the principal of or change the fixed maturity of any Note or alter any of the provisions with respect to the redemption
of any Note in a manner adverse to the Holder of such Note;

 

(c)              
reduce the rate of or change the time for payment of interest on any Note;

 

(d)              
waive a Default or Event of Default in the payment of principal of or premium, if any, or interest on any Note (except a rescission
of acceleration of the Notes by Holders of at least a majority in aggregate principal amount of Notes then outstanding and a waiver of
the payment default that resulted from such acceleration);

 

(e)              
make any Note payable in a currency other than that stated in such Note;

 

(f)               
make any change in the provisions of this Indenture relating to waivers of past Defaults or the legal rights of Holders to receive
payments of principal of or premium, if any, or interest on the Notes;

 

(g)              
waive a redemption payment with respect to any Note (other than a payment required by Section 4.16 or 4.17 hereof);

 

(h)              
except pursuant to this Indenture, release Iron Mountain or any Subsidiary Guarantor from its obligations under its Note Guarantee,
or change any Note Guarantee in any manner that would materially adversely affect Holders; or

 

(i)                
make any change in the foregoing amendment and waiver provisions.

 

It shall not be necessary for the consent of the
Holders under this Section 9.3 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such
consent approves the substance thereof.

 

Section 9.4           
[Reserved].

 

Section 9.5           
Revocation and Effect of Consents.

 

Until an amendment or waiver
becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder
of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent
is not made on any Note.  However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to his
Note or portion of a Note if the Trustee receives the notice of revocation before the date the amendment or waiver becomes
effective.

 

Any amendment or waiver once effective shall bind
every Holder of a Note affected by such amendment or waiver unless it is of the type described in any of clauses (a) through
(i) of Section 9.3.  In that case, the amendment or waiver shall bind each Holder of a Note who has consented to it and
every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note.

 

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Section 9.6           
Notation on or Exchange of Notes.

 

The Trustee may place an appropriate notation about
an amendment or waiver on any Note thereafter authenticated.  The Issuer in exchange for Notes may issue and the Trustee shall authenticate
upon request new Notes that reflect the amendment or waiver.

 

Section 9.7           
Trustee to Sign Amendments; Trustee Protected.

 

The Trustee shall sign any amended or supplemental
Indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities
or immunities of the Trustee.  In executing, or accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be provided with, and (subject
to Section 7.1) shall be fully protected in conclusively relying upon, an Opinion of Counsel and Officers’ Certificate stating
that the execution of such supplemental indenture is authorized or permitted by this Indenture, complying with the requirements of Sections 10.4
and 10.5, and covering such other matters as the Trustee may reasonably require, including that such supplemental indenture is the legal,
valid and binding obligation of the Issuer, Iron Mountain and the Subsidiary Guarantors, enforceable against the Issuer, Iron Mountain
and the Subsidiary Guarantors in accordance with its terms.

 

Promptly after the execution by the Issuer and the
Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall transmit a copy of such supplemental
indenture or a notice provided by the Issuer to the Trustee setting forth in general terms the substance of such supplemental indenture,
to the Holders affected thereby.  In the case of certificated Notes, such notice shall be sent by mail, first class postage prepaid,
to the Holders affected thereby as their names and addresses appear upon the Note Register.  Any failure of the Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

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Article X.

SATISFACTION AND DISCHARGE

 

Section 10.1       
Satisfaction and Discharge.

 

This Indenture will be discharged and will cease
to be of further effect as to all Notes issued hereunder, when:

 

(a)         either:

 

(i)                
all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation; or

 

(ii)             
all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the delivery of
a notice of redemption or otherwise or will become due and payable within one year and the Issuer, Iron Mountain or Subsidiary Guarantor
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of
such Notes, cash in U.S. Dollars, non-callable Government Securities, or a combination thereof, in amounts as will be sufficient, without
consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee
for cancellation for principal of, premium on, if any, and interest on, the Notes to the date of maturity or redemption;

 

(b)         in respect of clause (a)(ii), no Default or Event of Default has occurred and is continuing on the date of the deposit (other
than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and any similar deposit relating
to other Indebtedness and, in each case, the granting of Liens to secure such borrowings) and the deposit will not result in a breach
or violation of, or constitute a default under, any other instrument to which the Issuer, Iron Mountain or any Subsidiary Guarantor is
a party or by which the Issuer, Iron Mountain or any Subsidiary Guarantor is bound (other than with respect to the borrowing of funds
to be applied concurrently to make the deposit required to effect such satisfaction and discharge and any similar concurrent deposit relating
to other Indebtedness, and in each case the granting of Liens to secure such borrowings);

 

(c)         the Issuer, Iron Mountain or any Subsidiary Guarantor has paid or caused to be paid all sums payable by it under this Indenture;

 

(d)        the Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at
maturity or on the redemption date, as the case may be; and

 

(e)         the Issuer has delivered an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent
to the satisfaction and discharge of this Indenture have been satisfied.

 

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Article XI.

MISCELLANEOUS

 

Section 11.1       
Notices.

 

Any notice or communication by Iron Mountain, the
Issuer, any Subsidiary Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class
mail (registered or certified, return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the others’
address:

 

If to Iron Mountain, the Issuer or any Subsidiary
Guarantor:

 

Iron Mountain Incorporated

One Federal Street

Boston, MA  02110

Telecopier No.:  (617) 350-7881

Attention:  Treasurer

 

With a copy to:

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Telecopier No.:  (212) 310-8007

Attention:  Frank R. Adams, Esq. and Nitin S. Konchady

 

If to the Trustee:

 

Computershare Trust Company, N.A.

600 S. 4th Street

 

7th Floor Minneapolis, MN 55415

Attention:  Corporate Trust Services Administrator —

Iron Mountain Information Management Services, Inc.

 

Iron Mountain, the Issuer, any Subsidiary Guarantor
or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications (other than those
sent to Holders) must reference the Notes and this Indenture and shall be deemed to have been duly given:  at the time delivered
by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged,
if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day
delivery.

 

Any notice or communication to a Holder shall be
delivered electronically or mailed by first class mail, or by overnight air courier guaranteeing next day delivery to its address shown
on the register kept by the registrar.  Failure to mail a notice or communication to a Holder or any defect in it shall not affect
its sufficiency with respect to other Holders.

 

If a notice or communication is mailed in the manner
provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

 

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If Iron Mountain, the Issuer or any Subsidiary Guarantor
electronically delivers or mails a notice or communication to Holders, it shall electronically deliver or mail a copy to the Trustee and
each Agent at the same time.

 

Section 11.2       
Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application by Iron Mountain,
the Issuer or any Subsidiary Guarantor to the Trustee to take any action under this Indenture, Iron Mountain, the Issuer or such Subsidiary
Guarantor shall furnish to the Trustee:

 

(a)              
an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with; and

 

(b)              
an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

Section 11.3       
Statements Required in Certificate or Opinion.

 

Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include:

 

(a)              
a statement that the Person making such certificate or opinion has read such covenant or condition;

 

(b)              
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(c)              
a statement that, in the opinion of such Person, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)              
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

Section 11.4       
Rules by Trustee and Agents.

 

The Trustee may make reasonable rules for action
by or at a meeting of Holders.  The registrar or paying agent may make reasonable rules and set reasonable requirements for
its functions.

 

Section 11.5       
Legal Holidays.

 

A “Legal Holiday” is any day that is
not a Business Day.  If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding
day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

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Section 11.6       
No Personal Liability of Directors, Officers, Employees and Stockholders.

 

No director, manager, officer, employee, incorporator
or stockholder or other equity holder of Iron Mountain or any Restricted Subsidiary (including the Issuer), as such, shall have any liability
for any obligations of Iron Mountain or any Restricted Subsidiary (including the Issuer) under the Notes, the Note Guarantees or this
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder, by accepting
a Note and the Note Guarantees, waives and releases all such liability.  The waiver and release are part of the consideration for
issuance of the Notes and the Note Guarantees.

 

Section 11.7       
Counterparts.

 

This Indenture may be executed in any number of counterparts
and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. This Indenture shall be valid, binding, and enforceable against a party only
when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the
federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or
any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code (collectively, “Signature
Law”); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature
or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence
as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect
to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate,
confirm or otherwise verify the validity or authenticity thereof. This Indenture may be executed in any number of counterparts, each of
which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For avoidance
of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature
Law due to the character or intended character of the writings.

 

Section 11.8       
GOVERNING LAWS.

 

THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES
SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE.

 

Section 11.9       
No Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret another
indenture, loan or debt agreement of the Issuer, Iron Mountain or a Subsidiary.  Any such indenture, loan or debt agreement may not
be used to interpret this Indenture.

 

Section 11.10    Successors.

 

All agreements of Iron Mountain, the Issuer and the Subsidiary Guarantors in this Indenture and the Notes and the Note Guarantees
shall bind their respective successors.  All agreements of the Trustee in this Indenture shall bind its successors.

 

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Section 11.11   
Severability.

 

In case any provision in this Indenture, the Notes
or the Note Guarantees, if any, shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

Section 11.12   
Table of Contents, Headings, Etc.

 

The Table of Contents and headings of the Articles
and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall
in no way modify or restrict any of the terms or provisions hereof.

 

Section 11.13   
Judgment Currency.

 

The Issuer agrees, to the fullest extent that it
may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert
the sum due in respect of the principal of or interest or other amount on the Notes (the “Required Currency”) into a currency
in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance
with normal banking procedures such foreign exchange agent appointed by the Issuer could purchase in The City of New York the Required
Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking
Day, then, the rate of exchange used shall be the rate at which in accordance with normal banking procedures such foreign exchange agent
appointed by the Issuer could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking
Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments
in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or
not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such
tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable
in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering
in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency
so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. 
For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City
of New York on which banking institutions are authorized or required by law, regulation or executive order to close.

 

Section 11.14   
Waiver of Jury Trial.

 

EACH OF IRON MOUNTAIN , THE
ISSUER, THE SUBSIDIARY GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION
CONTEMPLATED HEREBY.

 

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Section 11.15   
Submission to Jurisdiction; Venue.

 

IRON MOUNTAIN, THE ISSUER AND EACH SUBSIDIARY GUARANTOR
HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK
OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS.  IRON MOUNTAIN, THE ISSUER AND EACH SUBSIDIARY GUARANTOR IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION
OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.  NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE
TRUSTEE OR ANY HOLDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST
IRON MOUNTAIN, THE ISSUER OR ANY SUBSIDIARY GUARANTOR IN ANY OTHER JURISDICTION.

 

Section 11.16   
Force Majeure.

 

In no event shall the Trustee be responsible or liable
for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond
its control, including, without limitation: any act or provision of any present or future law or regulation or governmental authority,
any act of God, natural disaster, war, terrorism, civil unrest, accidents, labor dispute, disease, epidemic or pandemic, quarantine, national
emergency, loss or malfunction of utility or computer software or hardware, communications system failure, malware or ransomware or unavailability
of the Federal Reserve Bank wire or telex system or other wire or other funds transfer systems, or unavailability of any securities clearing
system; it being understood that the Trustee shall use reasonable efforts which are consistent with the business interruption policies
and procedures of the Trustee to resume performance as soon as practicable under the circumstances.

 

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Article XII.

NOTE GUARANTEES

 

Section 12.1       
Note Guarantee.

 

Iron Mountain and each
Subsidiary Guarantor that is a signatory hereto and each Subsidiary of Iron Mountain that is required to become party to this
Indenture as a Subsidiary Guarantor upon execution of a supplemental indenture, hereby jointly and severally, unconditionally
guarantees to each Holder of a Note authenticated and delivered by the Trustee irrespective of the validity or enforceability of
this Indenture, the Notes or the obligations of the Issuer under this Indenture or the Notes, that:  (i) the principal of
and interest on the Notes will be paid in full when due, whether at the maturity or interest payment or mandatory redemption date,
by acceleration, call for redemption or otherwise, and interest on the overdue principal of and interest, if any, on the Notes and
all other obligations of the Issuer to the Holders or the Trustee under this Indenture or the Notes will be promptly paid in full or
performed, all in accordance with the terms of this Indenture and the Notes; and (ii) in case of any extension of time of
payment or renewal of any Notes or any of such other obligations, they will be paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at maturity, by acceleration or otherwise.  Failing payment when due of any
amount so guaranteed for whatever reason, Iron Mountain and each Subsidiary Guarantor will be obligated to pay the same whether or
not such failure to pay has become an Event of Default which could cause acceleration pursuant to Section 6.2.  Iron
Mountain and each Subsidiary Guarantor agrees that this is a guarantee of payment not a guarantee of collection.

 

Iron Mountain and each
Subsidiary Guarantor hereby agrees that its obligations with regard to this Note Guarantee shall be joint and several and
unconditional, irrespective of the validity or enforceability of the Notes or the obligations of the Issuer under this Indenture,
the absence of any action to enforce the same, the recovery of any judgment against the Issuer or any other obligor with respect to
this Indenture, the Notes or the obligations of the Issuer under this Indenture or the Notes, any action to enforce the same or any
other circumstances (other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of
Iron Mountain or a Subsidiary Guarantor. Iron Mountain and each Subsidiary Guarantor further, to the extent permitted by law, waives
and relinquishes all claims, rights and remedies accorded by applicable law to guarantors and agrees not to assert or take advantage
of any such claims, rights or remedies, including but not limited to: (a) any right to require the Trustee, the Holders or the
Issuer (each, a “Benefited Party”) to proceed against the Issuer or any other Person or to proceed against or exhaust
any security held by a Benefited Party at any time or to pursue any other remedy in any Benefited Party’s power before
proceeding against Iron Mountain or such Subsidiary Guarantor; (b) the defense of the statute of limitations in any action
hereunder or in any action for the collection of any Indebtedness or the performance of any obligation hereby guaranteed;
(c) any defense that may arise by reason of the incapacity, lack of authority, death or disability of any other Person or the
failure of a Benefited Party to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding)
of any other Person; (d) demand, protest and notice of any kind including but not limited to notice of the existence, creation
or incurring of any new or additional Indebtedness or obligation or of any action or non-action on the part of Iron Mountain or such
Subsidiary Guarantor, the Issuer, any Benefited Party, any creditor of Iron Mountain or such Subsidiary Guarantor, the Issuer or on
the part of any other Person whomsoever in connection with any Indebtedness or obligations hereby guaranteed; (e) any defense
based upon an election of remedies by a Benefited Party, including but not limited to an election to proceed against Iron Mountain
or such Subsidiary Guarantor for reimbursement; (f) any defense based upon any statute or rule of law which provides that the
obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (g) any
defense arising because of a Benefited Party’s election, in any proceeding instituted under Bankruptcy Law, of the application
of 11 U.S.C. Section 1111 (b)(2); or (h) any defense based on any borrowing or grant of a security interest under
11 U.S.C. Section 364.  Iron Mountain and each Subsidiary Guarantor hereby covenants that its Note Guarantee will not
be discharged except by complete performance of the obligations contained in its Note Guarantee and this Indenture.

 

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If any Holder or the Trustee is required by any court
or otherwise to return to either the Issuer, Iron Mountain or any Subsidiary Guarantor, or any Custodian acting in relation to either
the Issuer, Iron Mountain or such Subsidiary Guarantor, any amount paid by the Issuer, Iron Mountain or such Subsidiary Guarantor to the
Trustee or such Holder, the applicable Note Guarantees, to the extent theretofore discharged, shall be reinstated and be in full force
and effect.  Iron Mountain and each Subsidiary Guarantor agrees that it will not be entitled to any right of subrogation in relation
to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby.

 

Iron Mountain and each Subsidiary Guarantor further
agrees that, as between Iron Mountain or such Subsidiary Guarantor, on the one hand, and the Holders and the Trustee, on the other hand,
(i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Section 6.2 for the purposes of this
Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration as to the Issuer or any other obligor
on the Notes of the obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of those obligations
as provided in Section 6.2, those obligations (whether or not due and payable) will forthwith become due and payable by Iron Mountain
or such Subsidiary Guarantor for the purpose of this Note Guarantee.

 

Section 12.2       
Limitation of Iron Mountain and each Subsidiary Guarantor’s Liability.

 

Iron Mountain and each Subsidiary Guarantor and,
by its acceptance hereof, the Trustee and each Holder hereby confirm that it is its intention that the Note Guarantee of Iron Mountain
and such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. 
To effectuate the foregoing intention, each such Person hereby irrevocably agrees that the obligation of Iron Mountain or such Subsidiary
Guarantor under its Note Guarantee under this Article XII shall be limited to the maximum amount as will, after giving effect to
such maximum amount and all other (contingent or other) liabilities of Iron Mountain or such Subsidiary Guarantor that are relevant under
such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of Iron
Mountain or any other Subsidiary Guarantor, as applicable, in respect of the obligations of Iron Mountain or such other Subsidiary Guarantor,
as applicable, under this Article XII, result in the obligations of Iron Mountain or such Subsidiary Guarantor in respect of such
maximum amount not constituting a fraudulent transfer or conveyance under said laws.  The Trustee and each Holder by accepting the
benefits hereof, confirms its intention that, in the event of a bankruptcy, reorganization or other similar proceeding of the Issuer,
Iron Mountain or any Subsidiary Guarantor in which concurrent claims are made upon the Issuer, Iron Mountain or such Subsidiary Guarantor
hereunder, to the extent such claims will not be fully satisfied, each such claimant with a valid claim against the Issuer shall be entitled
to a ratable share of all payments by Iron Mountain or such Subsidiary Guarantor in respect of such concurrent claims.

 

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Article XIII. 

USA PATRIOT ACT

 

Section 13.1       
USA Patriot Act.

 

The parties hereto acknowledge that in accordance
with Section 326 of the USA Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism
and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes
a relationship or opens an account with the Trustee.  The parties to this Indenture agree that they will provide the Trustee with
such information as it may reasonably request in order for the Trustee to satisfy the requirements of the USA Patriot Act.

 

[Remainder of Page Left Blank Intentionally;
Signature Pages Follow Immediately.]

 

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IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed as of the date and year first written above.

 

	 	IRON MOUNTAIN INFORMATION MANAGEMENT SERVICES, INC.
	 	 	 
	 	By: 	/s/ David Buda          
	 	Name: David Buda
	 	Title: Senior Vice President and Treasurer
	 	 
	 	IRON MOUNTAIN INCORPORATED
	 	IRON MOUNTAIN GLOBAL HOLDINGS, INC.
	 	IRON MOUNTAIN INTELLECTUAL PROPERTY MANAGEMENT,
    INC.
	 	IRON MOUNTAIN RECORDS MANAGEMENT (PUERTO RICO),
    INC.
	 	IRON MOUNTAIN SECURE SHREDDING, INC.
	 	IRON MOUNTAIN US HOLDINGS, INC.
	 	NETTLEBED ACQUISITION CORP.
	 	IRON MOUNTAIN INFORMATION MANAGEMENT, LLC
	 	IRON MOUNTAIN GLOBAL LLC
	 	IRON MOUNTAIN DATA CENTERS, LLC and
	 	IRON MOUNTAIN DATA CENTERS SERVICES, LLC
	 	 
	 	By: 	/s/ David Buda
	 	Name: David Buda
	 	Title: Senior Vice President and Treasurer

 

[Signature Page to 2032
Senior Notes Indenture (Iron Mountain Information Management Services, Inc.)]

 

     

     

    

 

	 	COMPUTERSHARE TRUST COMPANY, N.A., as Trustee
	 	 
	 	By:	/s/ Linda Lopez          
	 	Name: Linda Lopez
	 	Title: Assistant Vice President

 

[Signature Page to 2032
Senior Notes Indenture (Iron Mountain Information Management Services, Inc.)]

 

     

     

    

 

EXHIBIT A

 

[FACE OF GLOBAL NOTE]

 

5.000% Senior Notes due 2032

 

	ISIN No.:	No. [  ]
	144A: [ · ]	$[ · ]
	Reg S: [ · ]	 
	 	 
	CUSIP No.:	 
	144A: [ · ]	 
	Reg S: [ · ]	 
	 	 	 

 

IRON MOUNTAIN INFORMATION MANAGEMENT SERVICES,
INC.

 

promises to pay to Cede & Co., or registered assigns, the
principal sum of [ · ] DOLLARS on July 15, 2032.

 

Interest Payment Dates:  May 15 and November 15

 

Record Dates:  May 1 and November 1

 

Dated:  [ · ]

 

    A-1

     

    

 

	 	IRON MOUNTAIN INFORMATION MANAGEMENT
    SERVICES, INC.
	 	 
	 	By:	              
	 	Name:	 
	 	Title:	 

 

    A-2

     

    

 

This is one of the Notes referred to in the within-mentioned Indenture:

 

	COMPUTERSHARE TRUST COMPANY, N.A.,
    as Trustee	 
	 	 
	By:	  	 
	 	Authorized Signatory	 

 

    A-3

     

    

 

5.000% Senior Notes due 2032

 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITORY (AS DEFINED
IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE
TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (i) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 2.6.1 OF THE INDENTURE; AND (ii) THIS GLOBAL NOTE MAY BE DELIVERED IN ACCORDANCE WITH SECTION 2.6.13 OF
THE INDENTURE TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE.

 

[Insert 144A Legend and Reg S Legend if applicable
pursuant to the Indenture]

 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER HEREOF
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (A) IT IS NOT A PLAN (WHICH TERM IS DEFINED AS (I) EMPLOYEE BENEFIT
PLANS THAT ARE SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR ERISA, (II) PLANS, INDIVIDUAL
RETIREMENT ACCOUNTS AND OTHER ARRANGEMENTS THAT ARE SUBJECT TO SECTION 4975 OF THE CODE OR TO PROVISIONS UNDER APPLICABLE FEDERAL,
STATE, LOCAL, NON U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE, OR SIMILAR LAWS, AND (III) ENTITIES
THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO INCLUDE “PLAN ASSETS,” WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101
AS MODIFIED BY SECTION 3(42) OF ERISA, OF SUCH PLANS, ACCOUNTS AND ARRANGEMENTS), AND IT IS NOT PURCHASING THIS SECURITY (OR ANY
INTEREST THEREIN) ON BEHALF OF, OR WITH THE “PLAN ASSETS” OF, ANY PLAN OR (B) THE HOLDER’S PURCHASE, HOLDING AND
SUBSEQUENT DISPOSITION OF THIS SECURITY (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER ERISA OR THE CODE OR A VIOLATION UNDER ANY PROVISION OF SIMILAR LAW.

 

Capitalized terms used herein shall have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.                  INTEREST. 
Iron Mountain Information Management Services, Inc., a Delaware corporation (the “Issuer”), promises to pay interest on
the principal amount of this Note at 5.000% per annum from [ · ] until
July 15, 2032. The Issuer shall pay interest, semi-annually in arrears on May 15 and November 15 of each year, or if any such day is
not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”).  Interest on the Notes
will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that
if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on
the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided, further, that the first Interest Payment Date shall be May 15, 2022. The Issuer shall pay interest
(including post-petition interest to the extent allowed in any proceeding under any Bankruptcy Law) on overdue principal from time
to time on demand at a rate equal to the per annum rate on the Notes then in effect; it shall pay interest (including post-petition
interest to the extent allowed in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to
any applicable grace periods) from time to time on demand at the same rate to the extent lawful.  Interest will be computed on
the basis of a 360-day year of twelve 30-day months.

 

    A-4

     

    

 

2.                 
METHOD OF PAYMENT.  The Issuer will pay principal, premium, if any, and interest on the Notes in U.S. Dollars. 
The Issuer, however, may pay principal, premium, if any, and interest by check payable in such money.  It may mail an interest check
to a Holder’s registered address.

 

3.                 
PAYING AGENT AND REGISTRAR.  Initially, the paying agent and registrar under the Indenture will be as set forth
in Section 2.3 of the Indenture.  The Issuer may change any paying agent or registrar without notice to any Holder.  Iron
Mountain or any of its Subsidiaries may act in any such capacity.

 

4.                 
INDENTURE.  The Issuer issued the Notes under the 2032 Senior Notes Indenture dated as of December 28, 2021
(the “Indenture”), among the Issuer, Iron Mountain, the Subsidiary Guarantors and the Trustee.  The terms of the Notes
include those stated in the Indenture and, to the extent any provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling.

 

5.                 
OPTIONAL REDEMPTION.

 

Prior to July 15, 2027, the Notes shall be subject
to redemption at any time at the option of the Issuer, in whole or in part, upon not less than 10 nor more than 60 days’ notice,
at the Make-Whole Price, plus accrued and unpaid interest to, but excluding, the applicable redemption date.  On and after July 15,
2027, the Notes will be subject to redemption at any time at the option of the Issuer, in whole or in part, upon not less than 10 nor
more than 60 days’ notice, at the redemption price (expressed as percentages of principal amount) set forth below, plus accrued
and unpaid interest to, but excluding, the applicable redemption date, if redeemed during the 12-month period beginning on July 15 of
the years indicated below:

 

	Year	 	Notes
 Percentage	 
	2027	 	 	102.500	%
	2028	 	 	101.667	%
	2029	 	 	100.833	%
	2030 and thereafter	 	 	100.000	%

 

Notwithstanding the foregoing, at any time
prior to January 15, 2025, the Issuer may on any one or more occasions redeem up to 40% in aggregate principal amount of the Notes
at a redemption price of 105.000% of the principal amount thereof, plus, in each case, accrued and unpaid interest to, but
excluding, the applicable redemption date, with cash in an amount not greater than the net cash proceeds of one or more Qualified
Equity Offerings; provided that:  (i) at least 50% of the aggregate principal amount of the Notes (excluding any
Additional Notes) issued under the Indenture remains outstanding immediately after the occurrence of such redemption (excluding
Notes held by Iron Mountain or any of its Subsidiaries) unless all Notes are redeemed substantially concurrently; and (ii) the
redemption occurs within six months of the date of the closing of any such Qualified Equity Offering.

 

    A-5

     

    

 

6.                 
NOTICE OF REDEMPTION.

 

Notice of redemption will be delivered at least 10 days
but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed at such Holder’s address of
record.  The Notes in denominations larger than $2,000 may be redeemed in part but only in integral multiples of $1,000 in excess
thereof, unless all the Notes held by a Holder are to be redeemed.  In the event of a redemption of less than all of the Notes, the
Notes will be chosen for redemption by the Trustee (or the registrar, as applicable) in accordance with the Indenture.  On and after
the redemption date, interest ceases to accrue on the Notes or portions of them called for redemption.

 

If this Note is redeemed subsequent to a record date
with respect to any Interest Payment Date specified above and on or prior to such Interest Payment Date, then any accrued interest will
be paid to the Person in whose name this Note is registered at the close of business on such record date.

 

7.                 
MANDATORY REDEMPTION.  Except as set forth in paragraph 8 below, the Issuer shall not be required to repurchase
or to make mandatory redemption payments with respect to the Notes.  There are no sinking fund payments with respect to the Notes.

 

8.                 
REPURCHASE AT OPTION OF HOLDER.  This Note is subject to purchase at the option of the Holder upon the circumstances
set forth in Sections 4.16 and 4.17 of the Indenture.

 

9.                 
DENOMINATIONS, TRANSFER, EXCHANGE.  The Notes are in registered form without coupons in minimum denominations
of $2,000 and integral multiples of $1,000 in excess thereof.  The transfer of Notes may be registered and Notes may be exchanged
as provided in the Indenture.  The registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. 
The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed
portion of any Note being redeemed in part.  Also, the Issuer need not exchange or register the transfer of any Notes for a period
of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment
Date.

 

10.             
PERSONS DEEMED OWNERS.  The registered Holder of a Note may be treated as its owner for all purposes.

 

    A-6

     

    

 

11.              AMENDMENT,
SUPPLEMENT AND WAIVER.  Subject to certain exceptions, the Indenture with respect to the Notes or the Notes may be amended
or supplemented with the written consent of the Holders of a majority in principal amount of the Notes and any existing default or
compliance with any provision of the Indenture with respect to the Notes or the Notes may be waived with the consent of the Holders
of a majority in principal amount of the Notes (including, in each case, Additional Notes, if any).  Without the consent of any
Holder of the Notes, the Indenture with respect to the Notes or the Notes may be amended or supplemented to, in addition to other
events more fully described in the Indenture, cure any ambiguity, defect or inconsistency, provide for uncertificated Notes in
addition to or in place of certificated Notes, provide for the assumption of the Issuer’s obligations to Holders of the Notes
in the case of a merger or consolidation or make any change that would provide any additional rights or benefits to the Holders of
the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder.

 

12.             
DEFAULTS AND REMEDIES.  An Event of Default with respect to the Notes occurs upon the occurrence of any of the
following events:  the default for 30 days in payment when due of interest on the Notes; the default in payment when due of
the principal of or premium, if any, on the Notes; the failure by the Issuer to comply with Section 4.17 of the Indenture; the failure
by the Issuer or any of the Restricted Subsidiaries for 60 days after written notice from the Trustee or Holders of not less than 25%
of the aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) to comply with any of its other agreements
in the Indenture, Notes or the Note Guarantees; the failure to pay at final maturity (giving effect to any applicable grace periods and
any extensions thereof) the stated principal amount of any Indebtedness of Iron Mountain or any Restricted Subsidiary, or the acceleration
of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 30 days
of receipt by Iron Mountain or such Restricted Subsidiary of notice of any such acceleration) if the aggregate principal amount of such
Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at final stated
maturity or which has been so accelerated (in each case with respect to which the 30-day period described above has passed), equals $200.0 million
or more at any time; the failure by Iron Mountain or any Restricted Subsidiary to pay final judgments aggregating in excess of $200.0 million,
which judgments remain unpaid, undischarged or unstayed for a period of 60 days; certain events of bankruptcy or insolvency with
respect to Iron Mountain, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary; or except as permitted by the Indenture
or the Note Guarantees, any Note Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for
any reason to be in full force and effect, or Iron Mountain or any Restricted Subsidiary or any Person acting on behalf of Iron Mountain
or any Restricted Subsidiary shall deny or disaffirm in writing its obligations under its Note Guarantee.

 

In the case of an Event of Default arising from certain
events of bankruptcy or insolvency, with respect to the Issuer, Iron Mountain, any Restricted Subsidiary that is a Significant Subsidiary
or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become
due and payable immediately without further action or notice.  If any other Event of Default occurs and is continuing, the Trustee
or Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable
immediately.

 

Subject to certain limitations, Holders of a
majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or
power.  The Trustee will be required to give notice to Holders within 90 days after a default of which the Trustee has
actual knowledge under the Indenture unless the default has been cured or waived.  The Trustee may withhold from Holders notice
of any continuing Default or Event of Default if it determines that withholding notice is in their interest, except a Default or
Event of Default relating to the payment of principal of, premium on, if any, and interest on the Notes.

 

    A-7

     

    

 

Subject to the provisions of the Indenture relating
to the duties of the Trustee, in case an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise
any of the rights or powers under the Indenture at the request or direction of any Holders unless such Holders have offered the Trustee
indemnity or security reasonably acceptable to it against any cost, liability or expense incurred in compliance with such request. 
Except to enforce the right to receive payment of principal, premium, if any, or interest, if any, when due, no Holder shall have any
right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee,
or for any other remedy thereunder, unless:  such Holder has previously given written notice to the Trustee of a continuing Event
of Default; Holders of at least 25% in aggregate principal amount of the then outstanding Notes shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture; such Holder or Holders
offer and, if requested, provide to the Trustee security or indemnity satisfactory to it against any costs, expenses and liabilities to
be incurred in compliance with such request; the Trustee does not comply with such request within 60 days after its receipt of such request
and offer of security or indemnity; and during such 60 day period, Holders of a majority in aggregate principal amount of the then outstanding
Notes do not give the Trustee a direction inconsistent with such written request.

 

The Holders of a majority in aggregate principal
amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all Holders, rescind an acceleration or waive
any existing Default or Event of Default and its consequences under the Indenture, if the rescission would not conflict with any judgment
or decree, except a continuing Default or Event of Default in the payment of principal of, premium on, if any, or interest on, the Notes.

 

13.             
NOTE GUARANTEES.  Payment of principal of, premium, if any, and interest (including interest on overdue principal,
if any, and interest, if lawful) on the Notes is guaranteed on an unsecured, senior basis by Iron Mountain and the Subsidiary Guarantors
pursuant to Article XII of the Indenture.

 

14.             
TRUSTEE DEALINGS WITH ISSUER.  The Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if
it were not the Trustee. Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by
the Notes.

 

15.              NO
RECOURSE AGAINST OTHERS.  No director, manager, officer, employee, incorporator or stockholder or other equity holder, of
Iron Mountain or any Restricted Subsidiary (including the Issuer), as such, shall have any liability for any obligations of Iron
Mountain or any Restricted Subsidiary (including the Issuer)under the Notes, the Note Guarantees or the Indenture or for any claim
based on, in respect of or by reason of such obligations or their creation.  Each Holder by accepting a Note and the related
Note Guarantees waives and releases all such liability.  The waiver and release are part of the consideration for the issuance
of the Notes and the Note Guarantees.

 

    A-8

     

    

 

16.             
AUTHENTICATION.  This Note shall not be valid until authenticated by the manual signature of the Trustee or
the Authentication Agent.

 

17.             
ABBREVIATIONS.  Customary abbreviations may be used in the name of a Holder or an assignee, such as:  TEN
COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants
in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

18.             
ISIN NUMBERS.  Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuer has caused ISIN numbers to be printed on the Notes and the Trustee may use ISIN numbers, to be provided by the
Issuer, in notices as a convenience to Holders.  No representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice and reliance may be placed only on the other identification numbers placed thereon.

 

19.             
CUSIP NUMBERS.  Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption
as a convenience to Holders.  No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.

 

The Issuer shall furnish to any Holder upon written
request and without charge a copy of the Indenture.  Requests may be made to:

 

Iron Mountain Incorporated

One Federal Street

Boston, MA  02110

Attention:  Treasurer

 

    A-9

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below: 
(I) or (we) assign and transfer this Note to

 

	 
	(Insert assignee’s soc. sec. or tax I.D. no.)

 

 

 

 

 

 

 

 

(Print or type assignee’s name, address and zip code)

 

and irrevocably appoint ______________________________________ to transfer
this Note on the books of the Issuer.  The agent may substitute another to act for him.

 

 

	Date:	 	 	 

 

	Your Signature:	 
	(Sign exactly as your name appears on the face of this Note)

 

    A-10

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by Iron Mountain, the Issuer or the applicable Restricted Subsidiary pursuant to Section 4.16 or 4.17 of the Indenture, check the
box below:

 

o       Section 4.16

 

o       Section 4.17

 

If you want to elect to have only part of the Note
purchased by Iron Mountain, the Issuer or the applicable Restricted Subsidiary pursuant to Section 4.16 or 4.17 of the Indenture,
state the amount you elect to have purchased:  $___________

 

	Date:	 	 	Your Signature:	 	 
	 	(Sign exactly as your name appears on the Note)
	 
	 	Tax Identification No.:	 	 

 

    A-11

     

    

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
NOTE

 

The following exchanges of a part of this Global
Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note
for an interest in this Global Note, have been made:

 

 

	Date of

Exchange	 	Amount of

decrease in

Principal

Amount of this

Global Note	 	Amount of

increase in

Principal

Amount of this

Global Note	 	Principal

Amount of this

Global Note

following such

decrease (or

increase)	 	Signature of

authorized

signatory of

Trustee or DTC
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    A-12

     

    

 

 

 

EXHIBIT B

 

[FACE OF DEFINITIVE NOTE]

 

5.000% Senior Notes due 2032

 

	ISIN No.:	 	No. [  ]
	144A: [ · ]	 	$[ · ]
	Reg S: [ · ]	 	 
	 	 	 
	CUSIP No.:	 	 
	144A: [ · ]	 	 
	Reg S: [ · ]	 	 

  

IRON MOUNTAIN INFORMATION MANAGEMENT SERVICES,
INC.

 

promises to pay to [ · ]
or registered assigns, the principal sum of [ · ] DOLLARS on July 15, 2032.

 

Interest Payment Dates:  May 15 and November 15

 

Record Dates:  May 1 and November 1

 

Dated:  [ · ]

 

    B-1

     

    

 

	 	IRON MOUNTAIN INFORMATION MANAGEMENT
    SERVICES, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    B-2

     

    

 

This is one of the Notes referred to in the within-mentioned
Indenture:

 

COMPUTERSHARE TRUST COMPANY, N.A., as Trustee

 

	By:	 	 
	 	Authorized Signatory	 

 

    B-3

     

    

 

5.000% Senior Notes due 2032

 

[Insert 144A Legend and Reg S Legend if
applicable pursuant to the Indenture]

 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER HEREOF
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (A) IT IS NOT A PLAN (WHICH TERM IS DEFINED AS (I) EMPLOYEE BENEFIT
PLANS THAT ARE SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR ERISA, (II) PLANS, INDIVIDUAL
RETIREMENT ACCOUNTS AND OTHER ARRANGEMENTS THAT ARE SUBJECT TO SECTION 4975 OF THE CODE OR TO PROVISIONS UNDER APPLICABLE FEDERAL,
STATE, LOCAL, NON U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE, OR SIMILAR LAWS, AND (III) ENTITIES
THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO INCLUDE “PLAN ASSETS,” WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101
AS MODIFIED BY SECTION 3(42) OF ERISA, OF SUCH PLANS, ACCOUNTS AND ARRANGEMENTS), AND IT IS NOT PURCHASING THIS SECURITY (OR ANY
INTEREST THEREIN) ON BEHALF OF, OR WITH THE “PLAN ASSETS” OF, ANY PLAN OR (B) THE HOLDER’S PURCHASE, HOLDING AND
SUBSEQUENT DISPOSITION OF THIS SECURITY (OR ANY INTEREST THEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER ERISA OR THE CODE OR A VIOLATION UNDER ANY PROVISION OF SIMILAR LAW.

 

Capitalized terms used herein shall have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.                 
INTEREST.  Iron Mountain Information Management Services, Inc., a Delaware corporation (the “Issuer”),
promises to pay interest on the principal amount of this Note at 5.000% per annum from [ · ]
until July 15, 2032.  The Issuer shall pay interest, semi-annually in arrears on May 15 and November 15 of each year, or if any
such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”).  Interest on
the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance;
provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date
referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest
Payment Date; provided, further, that the first Interest Payment Date shall be May 15, 2022. The Issuer shall pay interest
(including post-petition interest to the extent allowed in any proceeding under any Bankruptcy Law) on overdue principal from time to
time on demand at a rate equal to the per annum rate on the Notes then in effect; it shall pay interest (including post-petition interest
to the extent allowed in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable
grace periods) from time to time on demand at the same rate to the extent lawful.  Interest will be computed on the basis of a 360-day
year of twelve 30-day months.

 

2.                  METHOD
OF PAYMENT.  The Issuer will pay principal, premium, if any, and interest on the Notes in U.S. Dollars.  The Issuer,
however, may pay principal, premium, if any, and interest by check payable in such money.  It may mail an interest check to a
Holder’s registered address.

 

    B-4

     

    

 

3.                 
PAYING AGENT AND REGISTRAR.  Initially, the paying agent and registrar under the Indenture will be as set forth
in Section 2.3 of the Indenture.  The Issuer may change any paying agent or registrar without notice to any Holder.  Iron
Mountain or any of its Subsidiaries may act in any such capacity.

 

4.                 
INDENTURE.  The Issuer issued the Notes under a 2032 Senior Notes Indenture dated as of December 28, 2021 (the
“Indenture”), among the Issuer, Iron Mountain, the Subsidiary Guarantors and the Trustee.  The terms of the Notes include
those stated in the Indenture and, to the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling.

 

5.                 
OPTIONAL REDEMPTION.

 

Prior to July 15, 2027, the Notes shall be subject
to redemption at any time at the option of the Issuer, in whole or in part, upon not less than 10 nor more than 60 days’ notice,
at the Make-Whole Price, plus accrued and unpaid interest to, but excluding, the applicable redemption date.  On and after July 15,
2027, the Notes will be subject to redemption at any time at the option of the Issuer, in whole or in part, upon not less than 10 nor
more than 60 days’ notice, at the redemption price (expressed as percentages of principal amount) set forth below, plus accrued
and unpaid interest to, but excluding, the applicable redemption date, if redeemed during the 12-month period beginning on July 15 of
the years indicated below:

 

	Year	 	 	Notes
 Percentage	 
	2027	 	 	 	102.500	%
	2028	 	 	 	101.667	%
	2029	 	 	 	100.833	%
	2030 and thereafter	 	 	 	100.000	%

  

Notwithstanding the foregoing, at any time prior
to January 15, 2025, the Issuer may on any one or more occasions redeem up to 40% in aggregate principal amount of the Notes at a redemption
price of 105.000% of the principal amount thereof, plus, in each case, accrued and unpaid interest to, but excluding, the applicable redemption
date, with cash in an amount not greater than the net cash proceeds of one or more Qualified Equity Offerings; provided that:  (i)
at least 50% of the aggregate principal amount of the Notes (excluding any Additional Notes) issued under the Indenture remains outstanding
immediately after the occurrence of such redemption (excluding Notes held by Iron Mountain or any of its Subsidiaries) unless all Notes
are redeemed substantially concurrently; and (ii) the redemption must occur within six months of the date of the closing of any such Qualified
Equity Offering.

 

    B-5

     

    

 

6.                 
NOTICE OF REDEMPTION.

 

Notice of redemption will be delivered at least 10 days
but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed at such Holder’s address of
record.  The Notes in denominations larger than $2,000 may be redeemed in part but only in integral multiples of $1,000 in excess
thereof, unless all the Notes held by a Holder are to be redeemed.  In the event of a redemption of less than all of the Notes, the
Notes will be chosen for redemption by the Trustee (or the registrar, as applicable) in accordance with the Indenture.  On and after
the redemption date, interest ceases to accrue on the Notes or portions of them called for redemption.

 

If this Note is redeemed subsequent to a record date
with respect to any Interest Payment Date specified above and on or prior to such Interest Payment Date, then any accrued interest will
be paid to the Person in whose name this Note is registered at the close of business on such record date.

 

7.                 
MANDATORY REDEMPTION.  Except as set forth in paragraph 8 below, the Issuer shall not be required to repurchase
or to make mandatory redemption payments with respect to the Notes.  There are no sinking fund payments with respect to the Notes.

 

8.                 
REPURCHASE AT OPTION OF HOLDER.  This Note is subject to purchase at the option of the Holder upon the circumstances
set forth in Sections 4.16 and 4.17 of the Indenture.

 

9.                 
DENOMINATIONS, TRANSFER, EXCHANGE.  The Notes are in registered form without coupons in minimum denominations
of $2,000 and integral multiples of $1,000 in excess thereof.  The transfer of Notes may be registered and Notes may be exchanged
as provided in the Indenture.  The registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. 
The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed
portion of any Note being redeemed in part.  Also, the Issuer need not exchange or register the transfer of any Notes for a period
of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment
Date.

 

10.             
PERSONS DEEMED OWNERS.  The registered Holder of a Note may be treated as its owner for all purposes.

 

11.              AMENDMENT,
SUPPLEMENT AND WAIVER.  Subject to certain exceptions, the Indenture with respect to the Notes or the Notes may be amended
or supplemented with the written consent of the Holders of a majority in principal amount of the Notes and any existing default or
compliance with any provision of the Indenture with respect to the Notes or the Notes may be waived with the consent of the Holders
of a majority in principal amount of the Notes (including, in each case, Additional Notes, if any).  Without the consent of any
Holder of the Notes, the Indenture with respect to the Notes or the Notes may be amended or supplemented to, in addition to other
events more fully described in the Indenture, cure any ambiguity, defect or inconsistency, provide for uncertificated Notes in
addition to or in place of certificated Notes, provide for the assumption of the Issuer’s obligations to Holders of the Notes
in the case of a merger or consolidation or make any change that would provide any additional rights or benefits to the Holders of
the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder.

 

    B-6

     

    

 

12.             
DEFAULTS AND REMEDIES.  An Event of Default with respect to the Notes occurs upon the occurrence of any of the
following events:  the default for 30 days in payment when due of interest on the Notes; the default in payment when due of
the principal of or premium, if any, on the Notes; the failure by the Issuer to comply with Section 4.17 of the Indenture; the failure
by Iron Mountain or any of the Restricted Subsidiaries for 60 days after written notice from the Trustee or Holders of not less than 25%
of the aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) to comply with any of its other agreements
in the Indenture, Notes or the Note Guarantees; the failure to pay at final maturity (giving effect to any applicable grace periods and
any extensions thereof) the stated principal amount of any Indebtedness of Iron Mountain or any Restricted Subsidiary, or the acceleration
of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 30 days
of receipt by Iron Mountain or such Restricted Subsidiary of notice of any such acceleration) if the aggregate principal amount of such
Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at final stated
maturity or which has been so accelerated (in each case with respect to which the 30-day period described above has passed), equals $200.0 million
or more at any time; the failure by Iron Mountain or any Restricted Subsidiary to pay final judgments aggregating in excess of $200.0 million,
which judgments remain unpaid, undischarged or unstayed for a period of 60 days; certain events of bankruptcy or insolvency with
respect to Iron Mountain, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary; or except as permitted by the Indenture
or the Note Guarantees, any Note Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for
any reason to be in full force and effect, or Iron Mountain or any Restricted Subsidiary or any Person acting on behalf of Iron Mountain
or any Restricted Subsidiary shall deny or disaffirm in writing its obligations under its Note Guarantee.

 

In the case of an Event of Default arising from certain
events of bankruptcy or insolvency, with respect to the Issuer, Iron Mountain, any Restricted Subsidiary that is a Significant Subsidiary
or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become
due and payable immediately without further action or notice.  If any other Event of Default occurs and is continuing, the Trustee
or Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable
immediately.

 

Subject to certain limitations, Holders of a majority
in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power.  The Trustee
will be required to give notice to Holders within 90 days after a default of which the Trustee has actual knowledge under the Indenture
unless the default has been cured or waived.  The Trustee may withhold from Holders notice of any continuing Default or Event of
Default if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of
principal of, premium on, if any, and interest on the Notes.

 

    B-7

     

    

 

Subject to the provisions of the Indenture relating
to the duties of the Trustee, in case an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise
any of the rights or powers under the Indenture at the request or direction of any Holders unless such Holders have offered the Trustee
indemnity or security reasonably acceptable to it against any cost, liability or expense incurred in compliance with such request. 
Except to enforce the right to receive payment of principal, premium, if any, or interest, if any, when due, no Holder shall have any
right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee,
or for any other remedy thereunder, unless:  such Holder has previously given written notice to the Trustee of a continuing Event
of Default; Holders of at least 25% in aggregate principal amount of the then outstanding Notes shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture; such Holder or Holders
offer and, if requested, provide to the Trustee security or indemnity satisfactory to it against any costs, expenses and liabilities to
be incurred in compliance with such request; the Trustee does not comply with such request within 60 days after its receipt of such request
and offer of security or indemnity; and during such 60 day period, Holders of a majority in aggregate principal amount of the then outstanding
Notes do not give the Trustee a direction inconsistent with such written request.

 

The Holders of a majority in aggregate principal
amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all Holders, rescind an acceleration or waive
any existing Default or Event of Default and its consequences under the Indenture, if the rescission would not conflict with any judgment
or decree, except a continuing Default or Event of Default in the payment of principal of, premium on, if any, or interest on, the Notes.

 

13.             
NOTE GUARANTEES.  Payment of principal of, premium, if any, and interest (including interest on overdue principal,
if any, and interest, if lawful) on the Notes is guaranteed on an unsecured, senior basis by Iron Mountain and the Subsidiary Guarantors
pursuant to Article XII of the Indenture.

 

14.             
TRUSTEE DEALINGS WITH ISSUER.  The Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if
it were not the Trustee. Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by
the Notes.

 

15.             
NO RECOURSE AGAINST OTHERS.  No director, manager, officer, employee, incorporator or stockholder or other equity
holder of Iron Mountain or any Restricted Subsidiary (including the Issuer), as such, shall have any liability for any obligations of
the Iron Mountain or any Restricted Subsidiary (including the Issuer)under the Notes, the Note Guarantees or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation.  Each Holder by accepting a Note and the related
Note Guarantees waives and releases all such liability.  The waiver and release are part of the consideration for the issuance of
the Notes and the Note Guarantees.

 

16.             
AUTHENTICATION.  This Note shall not be valid until authenticated by the manual signature of the Trustee or
the Authentication Agent.

 

    B-8

     

    

 

17.             
 ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as:  TEN COM
(= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants
in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

18.             
ISIN NUMBERS.  Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuer has caused ISIN numbers to be printed on the Notes and the Trustee may use ISIN numbers, to be provided by the
Issuer, in notices as a convenience to Holders.  No representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice and reliance may be placed only on the other identification numbers placed thereon.

 

19.             
CUSIP NUMBERS.  Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption
as a convenience to Holders.  No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.

 

The Issuer shall furnish to any Holder upon written
request and without charge a copy of the Indenture.  Requests may be made to:

 

Iron Mountain Incorporated

One Federal Street

Boston, MA 02110

Attention:  Treasurer

 

    B-9

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below: 
(I) or (we) assign and transfer this Note to

 

 

(Insert assignee’s soc. sec. or tax
I.D. no.)

  

 

 

 

 

 

(Print
or type assignee’s name, address and zip code) 

 

and irrevocably appoint ______________________________________ to
transfer this Note on the books of the Issuer.  The agent may substitute another to act for him.

 

 

 

	Date:	 	 

 

	Your Signature:	 

(Sign exactly as your name appears on the face of
this Note)

 

    B-10

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by Iron Mountain, the Issuer or the applicable Restricted Subsidiary pursuant to Section 4.16 or 4.17 of the Indenture, check the
box below:

 

 ̈       Section 4.16

 

 ̈       Section 4.17

 

If you want to elect to have only part of the Note
purchased by Iron Mountain, the Issuer or the applicable Restricted Subsidiary pursuant to Section 4.16 or 4.17 of the Indenture,
state the amount you elect to have purchased:  $___________

 

	Date:	 	 	Your Signature:                                                                            
	 	(Sign exactly as your name
appears on the Note)
	 	 
	 	Tax Identification No.:                                                                 

 

    B-11

     

    

 

 

EXHIBIT C

 

FORM OF CERTIFICATE OF TRANSFER

 

Computershare Trust Company, N.A.,

as Trustee — DAPS Reorg

MAC N9300 — 070

600 South 4th Street, 7th Floor

Minneapolis, MN  55415

Telephone No.:  (877) 872-4605

Fax No.:  (866) 969-1290

Email:  DAPSReorg@wellsfargo.com

 

Iron Mountain Incorporated

One Federal Street

Boston, MA  02110

Attention:  Treasurer

Telecopier No.:  (617) 350-7881

 

Re:   5.000% Senior Notes due 2032 of Iron
Mountain Information Management Services, Inc.

 

Reference is hereby made to the 2032 Senior Notes
Indenture, dated as of December 28, 2021 (the “Indenture”), among Iron Mountain Information Management Services, Inc., as
issuer (the “Issuer”), Iron Mountain Incorporated, the Subsidiary Guarantors named therein and Computershare Trust Company,
N.A., as trustee.  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

________________, (the “Transferor”) owns
and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $          
in such Note[s] or interests (the “Transfer”), to ____________________ (the “Transferee”), as further specified
in Annex A hereto.  In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

    C-1

     

    

 

1.             
o        Check if Transfer is
Pursuant to Rule 144A.  The Transfer is being effected pursuant to and in accordance with Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that
the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing
the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable
securities laws of any other jurisdiction.  Upon consummation of the proposed Transfer in accordance with the terms of the Indenture,
the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the 144A Legend
printed on the 144A Global Note and/or the 144A Definitive Note and in the Indenture and the Securities Act.

 

2.              
o       Check if Transfer is pursuant
to Regulation S.  The Transfer is being effected pursuant to and in accordance with Rule 903 or 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in
the United States and (A) at the time the buy order was originated, the Transferee was outside the United States or such Transferor
and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (B) the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor
any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States; (ii) no directed selling
efforts have been made in contravention of the requirements of Rule 904(b) of Regulation S under the Securities Act; and
(iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.  Upon consummation
of the proposed transfer in accordance with the terms of the Indenture, the transferred Book-Entry Interest or Definitive Note will be
subject to the restrictions on Transfer enumerated in the Regulation S Legend and in the Indenture and the Securities Act.

 

3.               
o      Check if Transfer is pursuant to
Rule 144.  (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities
Act and in compliance with the transfer restrictions contained in the Indenture and any applicable securities laws of any other jurisdiction;
(ii) the Transferor is not (and during the three months preceding the Transfer was not) an Affiliate of the Issuer, Iron Mountain
Incorporated or any Subsidiary Guarantor; (iii) at least two years have elapsed since such Transferor (or any previous transferor
of such Book-Entry Interest or Definitive Note that was not an Affiliate of the Issuer, Iron Mountain Incorporated or any Subsidiary
Guarantor) acquired such Book-Entry Interest or Definitive Note from the Issuer, Iron Mountain Incorporated or any Subsidiary Guarantor
or an Affiliate of the Issuer, Iron Mountain Incorporated or any Subsidiary Guarantor, and (iv) the restrictions on transfer contained
in the Indenture and the 144A Legend are not required in order to maintain compliance with the Securities Act.  Upon consummation
of the proposed Transfer in accordance with the terms of the Indenture, the transferred Book-Entry Interest or 144A Definitive Note will
no longer be subject to the restrictions on transfer enumerated in the 144A Legend printed on the 144A Global Notes and/or the 144A Definitive
Notes and in the Indenture.

 

This certificate and the statements contained herein
are made for your benefit and the benefit of the Issuer and the Trustee.

 

	 	[Insert Name of Transferor]
	 
	 	By:	 
	 	 	Name:
	 	 	Title
	 	 
	Dated:	 	 	 

 

    C-2

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.                 
The Transferor owns and proposes to transfer the following:

 

[CHECK ONE]

 

(a) o
a Book-Entry Interest held through DTC Account No. ______, in the:

 

(i) o 144A
Global Note (CUSIP _______, ISIN _______), or

 

(ii) o Regulation
S Global Note (CUSIP ______, ISIN ______); or

 

(b) o
a 144A Definitive Registered Note; or

 

(c) o
a Regulation S Definitive Registered Note.

 

2.                 
After the Transfer the Transferee will hold:

 

[CHECK ONE]

 

(a) o
a Book-Entry Interest through DTC Account No.             , in the:

 

(i) o 144A
Global Note (CUSIP _______, ISIN _______), or

 

(ii) o Regulation
S Global Note (CUSIP ______, ISIN ______); or

 

(b) o
  a 144A Definitive Registered Note; or

 

(c) o
  a Regulation S Definitive Registered Note; or

 

(d) o
  an Unrestricted Definitive Registered Note.

 

    C-3

     

    

 

EXHIBIT D

 

FORM OF CERTIFICATE OF EXCHANGE

 

Computershare Trust Company, N.A.,

as Trustee — DAPS Reorg

MAC N9300 — 070

600 South 4th Street, 7th Floor

Minneapolis, MN  55415

Telephone No.:  (877) 872-4605

Fax No.:  (866) 969-1290

Email:  DAPSReorg@wellsfargo.com

 

Iron Mountain Incorporated

One Federal Street

Boston, MA  02110

Attention:  Treasurer

Telecopier No.:  (617) 350-7881

 

Re:5.000% Senior Notes due 2032 of Iron
Mountain Information Management Services, Inc.

 

Reference is hereby made to the 2032 Senior Notes
Indenture, dated as of December 28, 2021 (the “Indenture”), among Iron Mountain Information Management Services, Inc., as
issuer (the “Issuer”), Iron Mountain Incorporated, the Subsidiary Guarantors named therein and Computershare Trust Company,
N.A., as trustee.  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

________________, (the “Owner”) owns and proposes
to exchange the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $          
in such Note[s] or interests (the “Exchange”).  In connection with the Exchange, the Owner hereby certifies that:

 

1.                 
Exchange of Book-Entry Interests in Global Notes to Unrestricted Definitive Notes or 144A Definitive Notes to Book-Entry
Interest in Regulation S Global Note.

 

(a) o Check
(i) if Exchange is from Book-Entry Interest in 144A Global Note to Unrestricted Definitive Note or (ii) if Exchange is
from 144A Definitive Notes to Book-Entry Interests in the Regulation S Global Note.  In connection with the Exchange
of the Owner’s Book-Entry Interest in the 144A Global Note for Unrestricted Definitive Note(s) or with the Exchange of
the Owner’s 144A Definitive Notes for Book-Entry Interests in the Regulation S Global Note, in each case, in an equal
principal amount, the Owner hereby certifies (i) the Notes are being acquired for the Owner’s own account without
transfer, (ii) such Owner is not (and during the three months preceding the Exchange was not) an Affiliate of the Issuer, Iron
Mountain Incorporated or any Subsidiary Guarantor, (iii) at least two years have elapsed since the Owner (or any previous
transferor of such Book-Entry Interest that was not an Affiliate of the Issuer, Iron Mountain Incorporated or any Subsidiary
Guarantor) acquired the Notes to be exchanged from the Issuer, Iron Mountain Incorporated or any Subsidiary Guarantor or an
Affiliate of the Issuer, (iv) such Owner is permitted under Rule 144(k) of the Securities Act of 1933, as amended
(the “Securities Act”) to sell all such Notes without registration under the Securities Act, (v) the restrictions
on transfer contained in the Indenture and the 144A Legend or the Regulation S Legend are not required in order to maintain
compliance with the Securities Act and (vi) the Note(s) are being acquired in compliance with all applicable securities
laws of any other jurisdiction.

 

    D-1

     

    

 

(b) o
Check if Exchange is from Book-Entry Interest in the Regulation S Global Note to Unrestricted Definitive Note.  In connection
with the Exchange of the Owner’s Book-Entry Interest in the Regulation S Global Note for Unrestricted Definitive Notes in an
equal principal amount, the Owner hereby certifies (i) the Definitive Note(s) are being acquired for the Owner’s own account
without transfer, (ii) such Owner acquired such Book-Entry Interest in a transaction complying with Rule 903 or Rule 904
under the Securities Act, (iii) if such Owner acquired such Book-Entry Interest in a transaction complying with Rule 903 under
the Securities Act, a period of at least 40 days has elapsed since the commencement of the Distribution Compliance Period (as defined
in Regulation S under the Securities Act) with respect to such Book-Entry Interest, (iv) the restrictions on transfer contained in
the Indenture and the Regulation S Legend are not required in order to maintain compliance with the Securities Act and (v) the Unrestricted
Definitive Notes are being acquired in compliance with all applicable securities laws of any other jurisdiction.

 

2.                 
Exchange of Restricted Definitive Notes or Book-Entry Interest in Global Notes for Restricted Definitive Notes or a Book-Entry
Interest in Global Note(s).

 

[UNLESS THIS BOX IS CHECKED, YOU WILL NOT BE
PERMITTED

TO COMPLETE THE EXCHANGE]

 

(a) o
In connection with the Exchange of the Owner’s Book-Entry Interest in the Global Note or Restricted Definitive Notes for Definitive
Notes or a Book-Entry Interest in a Global Note with an equal principal amount, the Owner hereby certifies that such Definitive Notes
or such Book-Entry Interest is being acquired for the Owner’s own account without transfer.

 

[CHECK ONLY IF APPLICABLE.]

 

(b) o
In connection with the Exchange, the Owner hereby certifies that it acquired its Regulation S Definitive Notes or Book-Entry Interest
in the Regulation S Global Note in a transaction complying with Rule 903 or Rule 904 under the Securities Act.

 

If you checked box “(b)” you will receive
Regulation S Definitive Notes or a Book-Entry Interest in the Regulation S Global Note and, accordingly, such Regulation S
Notes bear the Regulation S Legend and will be subject to the restrictions on transfer enumerated therein and in the Indenture and
the Securities Act.

 

    D-2

     

    

 

If you did not check box “(b)” you will
receive 144A Definitive Notes or a Book-Entry Interest in the 144A Global Note and, accordingly, such 144A Notes will bear the 144A Legend
and shall be subject to the restrictions on transfer enumerated therein and in the Indenture and the Securities Act.

 

This certificate and the statements contained herein
are made for your benefit and the benefit of the Issuer and the Trustee.

 

	 	Insert Name of Transferor
	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	Dated:	 	 	 

 

    D-3

     

    

 

ANNEX A TO CERTIFICATE OF EXCHANGE

 

1.                 
The Owner owns and proposes to transfer the following:

 

[CHECK ONE]

 

(a) o
a Book-Entry Interest held through DTC Account No. ______, in the:

 

(i) o 144A
Global Note (CUSIP _______, ISIN _______), or

 

(ii) o Regulation
S Global Note (CUSIP ______, ISIN ______); or

 

(b) o
a 144A Definitive Registered Note; or

 

(c) o
a Regulation S Definitive Registered Note.

 

2.                 
After the Exchange the Owner will hold:

 

[CHECK ONE]

 

(a) o
a Book-Entry Interest through DTC Account No. __________, in the:

 

(i) o 144A
Global Note (CUSIP _______, ISIN _______), or

 

(ii) o Regulation
S Global Note (CUSIP ______, ISIN ______); or

 

(b) o
  a 144A Definitive Registered Note; or

 

(c) o
  a Regulation S Definitive Registered Note; or

 

(d) o
  an Unrestricted Definitive Registered Note.

 

 

    D-4Exhibit 4.1 

 

THE COMPANIES
ACT (AS REVISED)

OF THE CAYMAN
ISLANDS

 

 

NU HOLDINGS LTD.

 

 

An Exempted Company
Limited By Shares

 

 

 

 

	 

                                                                                             TWELFTH AMENDED
    AND RESTATED

     

    

    MEMORANDUM 

     

    AND

     

    ARTICLES
    OF ASSOCIATION

     

 

 

(Amended and
Restated by Special Resolution passed on December 2, 2021 and effective on the closing date of
the Company’s initial public offering of Class A Ordinary Shares)

 

     

     

    

TABLE OF CONTENTS

 

	AMENDED
    AND RESTATED MEMORANDUM OF ASSOCIATION	1
	AMENDED
    AND RESTATED ARTICLES OF ASSOCIATION	3

	1	PRELIMINARY	3
	2	FORMATION EXPENSES	9
	3	OFFICES OF THE COMPANY	9
	4	SHARES	9
	5	CLASS A ORDINARY SHARES AND CLASS B ORDINARY SHARES	13
	6	SHARE CERTIFICATES	18
	7	LIEN	18
	8	CALLS ON SHARES AND FORFEITURE	19
	9	TRANSFER OF SHARES	20
	10	TRANSMISSION OF SHARES	22
	11	CHANGES OF CAPITAL	22
	12	REDEMPTION AND PURCHASE OF OWN SHARES	23
	13	TREASURY SHARES	24
	14	REGISTER OF MEMBERS	24
	15	CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE	24
	16	GENERAL MEETINGS	25
	17	NOTICE OF GENERAL MEETINGS	26
	18	PROCEEDINGS AT GENERAL MEETINGS	27
	19	VOTES OF MEMBERS	29
	20	NUMBER OF DIRECTORS AND CHAIRMAN	32
	21	APPOINTMENT, DISQUALIFICATION AND REMOVAL OF DIRECTORS	32
	22	POWERS OF DIRECTORS	35
	23	DELEGATION OF DIRECTORS’ POWERS	37
	24	REMUNERATION AND EXPENSES OF DIRECTORS	38
	25	DIRECTORS’ GRATUITIES AND PENSIONS	39
	26	DIRECTORS’ INTERESTS	39
	27	PROCEEDINGS OF DIRECTORS	41
	28	SECRETARY AND OTHER OFFICERS	43
	29	MINUTES	43
	30	SEAL	43
	31	DIVIDENDS	44
	32	FINANCIAL YEAR, ACCOUNTING RECORDS AND AUDIT	45
	33	CAPITALISATION OF PROFITS	46
	34	SHARE PREMIUM ACCOUNT	47
	35	NOTICES	47
	36	WINDING UP	49
	37	INDEMNITY	49
	38	CLAIMS AGAINST THE COMPANY	51
	39	UNTRACEABLE MEMBERS	51
	40	AMENDMENT OF MEMORANDUM AND ARTICLES	52
	41	TRANSFER BY WAY OF CONTINUATION	53
	42	MERGER AND CONSOLIDATION	53
	43	SUBMISSION TO JURISDICTION	53

 

     

     

    

THE COMPANIES
ACT (AS REVISED)

OF THE CAYMAN ISLANDS

 

TWELFTH AMENDED
AND RESTATED

MEMORANDUM OF ASSOCIATION

 

OF

 

NU HOLDINGS LTD.

 

(Amended and
Restated by Special Resolution passed on December 2, 2021 and effective on the closing date of
the Company’s initial public offering of Class A Ordinary Shares)

 

		1	The
                                            name of the Company is Nu Holdings Ltd. 

 

		2	The
                                            registered office of the Company shall be at the offices of Campbells Corporate Services
                                            Limited, Floor 4, Willow House, Cricket Square, Grand Cayman KY1-9010, Cayman Islands, or
                                            such other place as the Directors may from time to time determine.

 

		3	The
                                            objects for which the Company is established are unrestricted and the Company shall have
                                            full power and authority to carry out any object not prohibited by any law as provided by
                                            Section 7(4) of the Companies Act (as revised).

 

		4	The
                                            Company shall have and be capable of exercising all the functions of a natural person of
                                            full capacity irrespective of any question of corporate benefit as provided by Section 27(2)
                                            of the Companies Act (as revised).

 

		5	Nothing
                                            in this Memorandum shall permit the Company to carry on a business for which a licence is
                                            required under the laws of the Cayman Islands unless duly licensed.

 

		6	The
                                            Company shall not trade in the Cayman Islands with any person, firm or corporation except
                                            in furtherance of the business of the Company carried on outside the Cayman Islands; provided
                                            that nothing in this clause shall be construed as to prevent the Company effecting and
                                            concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its
                                            powers necessary for the carrying on of its business outside the Cayman Islands.

 

		7	The
                                            liability of each Member is limited to the amount, if any, unpaid on such Member’s
                                            shares.

 

		8	The
                                            authorized share capital of the Company is US$324,022.94 divided into 48,603,441,210 shares
                                            of a nominal or par value of US$0.000006666666667 each, each of which may be issued as Class
                                            A Ordinary Shares, Class B Ordinary Shares or shares of any class with such preferred, deferred
                                            or other special rights or restrictions as the Board may determine from time to time in accordance
                                            with Article 4 of the Articles of Association of the Company, provided that, subject
                                            to the Act and the Articles of Association, the Company shall have the power to issue all
                                            or any part of its authorized capital, whether original, redeemed, increased or reduced,
                                            with or without any preference, 

 

    1 

     

    

priority,
special privilege or other rights or subject to any postponement of rights or to any condition or restriction whatsoever and so that,
unless the conditions of issue shall otherwise expressly provide, every issue of shares, whether stated to be common, preference or otherwise
shall be subject to the powers on the part of the Company hereinbefore provided.

 

		9	The
                                            Company has power to register by way of continuation as a body corporate limited by shares
                                            under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the
                                            Cayman Islands.

 

		10	Capitalised
                                            terms that are not defined in this Memorandum of Association bear the meaning given in the
                                            Articles of Association of the Company.

 

    2 

     

    

THE COMPANIES
ACT (AS REVISED)

OF THE CAYMAN ISLANDS

 

TWELFTH AMENDED
AND RESTATED

ARTICLES OF ASSOCIATION

 

OF

 

NU HOLDINGS LTD.

 

(Amended and
Restated by Special Resolution passed on December 2, 2021 and effective on the closing date of
the Company’s initial public offering of Class A Ordinary Shares)

 

		1	Preliminary

 

		1.1	The
                                            regulations contained in Table A in the First Schedule of the Act shall not apply to the
                                            Company and the following regulations shall be the Articles of Association of the Company.

 

		1.2	In
                                            these Articles:

 

		(a)	the
                                            following terms shall have the meanings set opposite if not inconsistent with the subject
                                            or context:

 

	Act	The
    Companies Act (Revised);
	allotment	shares
    are taken to be allotted when a person acquires the unconditional right to be included in the Register of Members in respect of those
    shares;
	Affiliate	with respect
    to any Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or
    is under common control with such Person, and (i) in the case of a natural person, shall include, without limitation, such person’s
    spouse, domestic partner, parents, step-parents, grandparents, children, step-children, grandchildren, siblings, nieces, nephews,
    mother-in-law and father-in-law, brothers- and sisters-in-law and sons-in-law and daughters-in-law, whether by blood, marriage or
    adoption, or anyone residing in such person’s home, a trust for the benefit of any of the foregoing, or a company, partnership
    or entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, corporation
    or any natural person or entity which, directly or indirectly through one or more intermediaries, controls, is controlled by or is
    under common control with, such entity;

    3 

     

    

	Articles	these articles
    of association of the Company, as amended from time to time;
	Board or Board of Directors	the board of directors
    of the Company;
	Business Combination	a statutory amalgamation,
    merger, consolidation, arrangement or other reorganization involving the Company requiring the approval of the members of one or
    more of the participating companies as well as a short-form merger or consolidation that does not require a resolution of members;
	Business Day	any day on which banks are
    not required or authorised by law to close in the City of New York, New York, USA or in São Paulo, State of São Paulo,
    Brazil;
	B3	B3 S.A. - Brasil, Bolsa,
    Balcão;
	Chairman	the chairman of the Board
    of Directors appointed in accordance with Article ‎20.2;
	Change of Control	(i) the merger or consolidation of the Company or any of its subsidiaries
    with or into another Person (other than the Company or any of its wholly owned subsidiaries) or the merger of another Person (other
    than the Company or any of its wholly owned subsidiaries) with or into the Company or any of its subsidiaries, (ii) the direct
    or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
    of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries taken as a whole
    to any Person other than a wholly owned subsidiary of the Company or (iii) any “person” or “group”
    (as such terms are used for purposes of Section 13(d) of the Exchange Act) is or becomes the a beneficial owner, directly or
    indirectly, of more than 50% of the Total Voting Power or acquires the power to direct or cause the direction of the management and
    policies of the Company, whether through the ownership of voting securities, by contract or otherwise.
	Class A Ordinary
    Shares	class A ordinary shares
    of a nominal or par value of US$0.000006666666667 each in the capital of the Company having the rights provided for in these Articles;
	Class B Ordinary
    Shares	class B ordinary shares
    of a nominal or par value of US$0.000006666666667 each in the capital of the Company having the rights provided for in these Articles;
	clear days	in relation to a period
    of notice means that period excluding both 

    4 

     

    

	 	the day when
    the notice is given or deemed to be given and the day for which it is given or on which it is to take effect;
	Clearing House	a clearing house recognized
    by the laws of the jurisdiction in which shares in the capital of the Company (or depository receipts thereof) are listed or quoted
    on a stock exchange or interdealer quotation system in such jurisdiction;
	Company	the above named company,
    Nu Holdings Ltd., an exempted company incorporated in the Cayman Islands with limited liability;
	Company’s Website	the website of the Company
    or its web-address or domain name;
	control	the ownership, directly
    or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, partnership or other entity
    (other than, in the case of a corporation, shares having such power only by reason of the happening of a contingency), or having
    the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of
    such corporation, partnership or other entity;
	CVM	the Comissão
    de Valores Mobiliários (The Securities and Exchange Commission of Brazil);
	Designated Stock Exchange	the New York Stock Exchange,
    the B3 and any other stock exchange or interdealer quotation system listed in Schedule 4 of the Act on which shares in the capital
    of the Company are listed or quoted;
	Directors	the Directors for the time
    being of the Company or, as the case may be, those Directors assembled as a Board or as a committee of the Board;
	dividend	includes a distribution
    or interim dividend or interim distribution;
	electronic	has the same meaning as
    in the Electronic Transactions Act (Revised);
	electronic communication	a communication sent by
    electronic means, including electronic posting to the Company’s Website, transmission to any number, address or internet website
    (including the SEC’s and the CVM’s websites) or other electronic delivery methods as otherwise determined and approved
    by the Board;
	electronic record	has the same meaning as
    in the Electronic Transactions Act (Revised);

    5 

     

    

	electronic
    signature	has the same
    meaning as in the Electronic Transactions Act (Revised);
	Exchange Act	the Securities Exchange
    Act of 1934 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the SEC
    thereunder, all as the same shall be in effect at the time;
	executed	includes any mode of execution;
	Founding Shareholder	David Vélez, so
    long as he or any of his Affiliates shall “beneficially own” (as such term is defined in Rule 13d-3 of the Exchange Act)
    any Company shares;
	holder	in relation to any share,
    the Member whose name is entered in the Register of Members as the holder of the share;
	Incentive Plan	any incentive plan or scheme
    established or implemented by the Company pursuant to which any Person who provides services of any kind to the Company or any of
    its direct or indirect subsidiaries (including, without limitation, any employee, executive, officer, director, consultant, secondee
    or other provider of services) may receive or acquire newly-issued shares of the Company or any interest therein;
	Indemnified Person	every Director, Secretary
    or other officer for the time being or from time to time of the Company;
	Islands	the British Overseas Territory
    of the Cayman Islands;
	Member	has the same meaning as
    in the Act;
	Memorandum	the memorandum of association
    of the Company as from time to time amended;
	month	a calendar month;
	officer	any person appointed as
    an officer of the Company, including a Secretary;
	Ordinary Resolution	a resolution (i) of a duly
    constituted general meeting of the Company at which a quorum is present passed by a simple majority of the votes cast by, or on behalf
    of, the Members entitled to vote present in person or by proxy and voting at the meeting, or (ii) approved in writing by all of the
    Members entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Members
    and the effective date of the resolution so adopted shall be the date on 

    6 

     

    

	 	which the instrument,
    or the last of such instruments, if more than one, is executed;
	Ordinary Shares	Class A Ordinary Shares,
    Class B Ordinary Shares and shares of such other classes as may from time to time be designated by the Board pursuant to these Articles
    as being ordinary shares for the purposes of Article ‎5.3;
	Other Indemnitors	persons or entities other
    than the Company that may provide indemnification, advancement of expenses or insurance to the Indemnified Persons in connection
    with such Indemnified Persons’ involvement in the management of the Company;
	paid up	paid up as to the par value
    of the shares and includes credited as paid up;
	Person	any individual, corporation,
    general or limited partnership, limited liability company, joint stock company, joint venture, estate, trust, association, organization
    or any other entity or governmental entity;
	Register of Members	the register of Members
    required to be kept pursuant to the Act;
	Seal	the common seal of the
    Company including every duplicate seal;
	SEC	the Securities and Exchange
    Commission of the United States of America or any other federal agency for the time administering the Securities Act;
	Secretary	any person appointed by
    the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy secretary;
	Securities Act	the Securities Act of 1933
    of the United States of America, as amended, or any similar federal statute and the rules and regulations of the SEC thereunder,
    all as the same shall be in effect at the time;
	share	a share in the share capital
    of the Company, and includes stock (except where a distinction between shares and stock is expressed or implied) and includes a fraction
    of a share;
	Shareholders’
    Agreement	the Shareholders’
    Agreement dated as of November 29, 2021 among the Company and certain of its Members;
	signed	includes an electronic
    signature or a representation of a signature affixed by mechanical means;

    7 

     

    

	Special
    Resolution	a special resolution
    passed in accordance with the Act, being a resolution: (i) passed by at least two-thirds of such Members as, being entitled to do
    so, vote in person or by proxy at a general meeting of the Company of which notice specifying the intention to propose the resolution
    as a Special Resolution has been duly given; or (ii) approved in writing by all of the Members entitled to vote at a general meeting
    of the Company in one or more instruments each signed by one or more of the Members;
	subsidiary	a company is a subsidiary
    of another company if that other company: (i) holds a majority of the voting rights in it; (ii) is a member of it and has the right
    to appoint or remove a majority of its board of directors; or (iii) is a member of it and controls alone, pursuant to an agreement
    with other members, a majority of the voting rights in it; or if it is a subsidiary of a company which is itself a subsidiary of
    that other company. For the purpose of this definition the expression company includes any body corporate established
    in or outside of the Islands;
	Treasury Share	a share held in the name
    of the Company as a treasury share in accordance with the Act;
	Total Voting Power	the aggregate voting power
    of all issued shares of the Company having the right to receive notice of, attend, speak and vote at general meetings of the Company,
    voting together as a single class;
	Vice Chairman	the vice chairman of the
    Board of Directors appointed in accordance with Article ‎20.2;
	U.S. Person	a Person who is a citizen
    or resident of the United States of America; and
	written and in writing	includes all modes of representing
    or reproducing words in visible form including in the form of an electronic record.

 

		(b)	unless
                                            the context otherwise requires, words or expressions defined in the Act shall have the same
                                            meanings herein but excluding any statutory modification thereof not in force when these
                                            Articles become binding on the Company;

 

		(c)	unless
                                            the context otherwise requires: (i) words importing the singular number shall include the
                                            plural number and vice-versa; (ii) words importing the masculine gender only shall include
                                            the feminine gender; (iii) the word “or” is not exclusive; and (iv) words importing
                                            persons shall include companies or associations or bodies of person whether incorporated
                                            or not as well as any other legal or natural person;

 

    8 

     

    

		(d)	any
                                            phrase introduced by the terms “including”, “include”, “in
                                            particular” or any similar expression shall be construed as illustrative and shall
                                            not limit the sense of the words preceding those terms;

 

		(e)	the
                                            word may shall be construed as permissive and the word shall
                                            shall be construed as imperative;

 

		(f)	the
                                            headings herein are for convenience only and shall not affect the construction of these Articles;

 

		(g)	references
                                            to statutes are, unless otherwise specified, references to statutes of the Islands and, subject
                                            to paragraph (b) above, include any statutory modification or re-enactment thereof for the
                                            time being in force; and

 

		(h)	where
                                            an Ordinary Resolution is expressed to be required for any purpose, a Special Resolution
                                            is also effective for that purpose.

 

		2	Formation
                                            expenses

 

The
Directors may pay, out of the capital or any other monies of the Company, all expenses incurred in or about the formation and establishment
of the Company including the expenses of registration.

 

		3	offices
                                            of the company

 

		3.1	The
                                            registered office of the Company shall be at such address in the Islands as set out in the
                                            Memorandum or as the Board shall otherwise from time to time determine.

 

		3.2	The
                                            Company, in addition to its registered office, may establish and maintain such other offices,
                                            places of business and agencies in the Islands and elsewhere as the Board may from time to
                                            time determine.

 

		4	shares

 

		4.1	

 

		(a)	Subject
                                            to the rules of any Designated Stock Exchange and to the provisions, if any, in the Memorandum
                                            and these Articles, the Board has general and unconditional authority to allot, grant options
                                            over, offer or otherwise deal with or dispose of any unissued shares in the capital of the
                                            Company without the approval of Members (whether forming part of the original or any increased
                                            share capital), either at a premium or at par, with or without preferred, deferred or other
                                            special rights or restrictions, whether in regard to dividend, voting, return of capital
                                            or otherwise and to such persons, on such terms and conditions, and at such times as the
                                            Board may determine, but so that no share shall be issued at a discount to par, except in
                                            accordance with the provisions of the Act.

 

    9 

     

    

		(b)	In particular
                                            and without prejudice to the generality of paragraph (a) above, the Board is hereby empowered
                                            to authorise by resolution or resolutions from time to time and without the approval of Members:

 

		(i)	the
                                            creation of one or more classes or series of preferred shares, to cause to be issued such
                                            preferred shares and to fix the designations, powers, preferences and relative participating,
                                            optional and other rights, if any, and the qualifications, limitations and restrictions thereof,
                                            if any, including, without limitation, the number of shares constituting each such class
                                            or series, dividend rights, conversion rights, redemption privileges, voting rights and powers
                                            (including full or limited or no voting rights or powers) and liquidation preferences, and
                                            to increase or decrease the number of shares comprising any such class or series (but not
                                            below the number of shares of any class or series of preferred shares then in issue) to the
                                            extent permitted by law. Without limiting the generality of the foregoing, the resolution
                                            or resolutions providing for the establishment of any class or series of preferred shares
                                            may, to the extent permitted by law, provide that such class or series shall be superior
                                            to, rank equally with or be junior to the preferred shares of any other class or series;

 

		(ii)	to
                                            designate for issuance as Class A Ordinary Shares or Class B Ordinary Shares from time to
                                            time any or all of the authorised but unissued shares of the Company which have not at that
                                            time been designated by the Memorandum or by the Directors as being shares of a particular
                                            class;

 

		(iii)	to
                                            create one or more further classes of shares which represent ordinary shares for the purposes
                                            of Article ‎5.3; and

 

		(iv)	to
                                            re-designate authorised but unissued Class A Ordinary Shares or Class B Ordinary Shares from
                                            time to time as shares of another class.

 

		(c)	The Company
                                            shall not issue shares or warrants to bearer.

 

		(d)	Subject
                                            to the rules of any Designated Stock Exchange, the Board shall have general and unconditional
                                            authority to issue options, warrants or convertible securities of similar nature conferring
                                            the right upon the holders thereof to subscribe for, purchase or receive any class of shares
                                            or securities in the capital of the Company to such persons, on such terms and conditions
                                            and at such times as the Board may determine.

 

		4.2	Notwithstanding
                                            Article ‎4.1, at any time when there are Class A Ordinary Shares in issue, Class
                                            B Ordinary Shares may only be issued pursuant to:

 

		(a)	a
                                            share-split, subdivision or similar transaction or as contemplated in Articles ‎5.8
                                            or ‎33.1(b) below; 

 

		(b)	a
                                            Business Combination involving the issuance of Class B Ordinary Shares as full or partial
                                            consideration; or

 

    10 

     

    

		(c)	an
                                            issuance of Class A Ordinary Shares, whereby holders of Class B Ordinary Shares are entitled
                                            to purchase a number of Class B Ordinary Shares that would allow them to maintain their proportional
                                            ownership interest in the Company pursuant to Article ‎4.3.

 

		4.3	With
                                            effect from the date on which any shares of the Company are first admitted to trading on
                                            a Designated Stock Exchange, subject to Articles ‎4.4, ‎4.5 and ‎4.6,
                                            the Company shall not issue Ordinary Shares and/or preferred shares to a person on any terms
                                            unless:

 

		(a)	it
                                            has made an offer to each person who holds Class B Ordinary Shares to issue to him on the
                                            same economic terms such number of Class B Ordinary Shares as would allow each holder of
                                            Class B Ordinary Shares to maintain its proportional ownership interest in the Company; and

 

		(b)	the
                                            period during which any such offer set forth in Article ‎4.3(a) may be accepted
                                            has expired or the Company has received notice of the acceptance or refusal of every offer
                                            so made in accordance with Article ‎4.3(a).

 

An
offer made pursuant to this Article ‎4.3 may be made in either hard copy or by electronic communication, must state a period
during which it may be accepted and the offer shall not be withdrawn before the end of that period. The period referred to must be at
least fifteen (15) Business Days beginning with the date on which the offer is deemed to be delivered in accordance with Article ‎35.

 

		4.4	An
                                            offer shall not be regarded as being made contrary to the requirements of Article ‎4.3
                                            by reason only that:

 

		(a)	fractional
                                            entitlements are rounded or otherwise settled or sold at the discretion of the Board, as
                                            long as it does not materially negatively impact the proportional ownership interest of the
                                            Class B Ordinary Shares; or

 

		(b)	no
                                            offer of Class B Ordinary Shares is made to a Member where the making of such an offer would
                                            in the view of the Board pose legal or practical problems in or under the laws or securities
                                            rules of any territory or the requirements of any regulatory body or stock exchange such
                                            that the Board considers it is necessary or expedient in the interests of the Company to
                                            exclude such Member from the offer; or

 

		(c)	the
                                            offer is conditional upon the said issue of Ordinary Shares and/or preferred shares proceeding.

 

		4.5	The
                                            provisions of Article ‎4.3 do not apply in relation to the issue of:

 

		(a)	Class
                                            A Ordinary Shares if these are, or are to be, wholly or partly paid up otherwise than in
                                            cash;

 

    11 

     

    

		(b)	Class
                                            A Ordinary Shares which would, apart from any renunciation or assignment of the right to
                                            their allotment, be held under or issued pursuant to an Incentive Plan; and

 

		(c)	Class A
                                            Ordinary Shares issued in furtherance of an initial public offering of shares of the Company
                                            or issued to underwriters in connection with an initial pubic offering pursuant to any over-allotment
                                            options granted by the Company.

 

		4.6	Holders
                                            of Class B Ordinary Shares may from time to time by consent in writing (in one or more counterparts)
                                            approved by the holder or holders of all Class B Ordinary Shares then in issue, referring
                                            to this Article ‎4.6, authorise the Board to issue Ordinary Shares for cash and,
                                            on the granting of such an authority, the Board shall have the power to issue (pursuant to
                                            that authority) Ordinary Shares for cash as if Article ‎4.3 above did not apply
                                            to:

 

		(a)	one
                                            or more issuances of Class A Ordinary Shares to be made pursuant to that authority; and/or

 

		(b)	such
                                            issuances with such modifications as may be specified in that authority.

 

Unless
previously revoked, the authority granted in accordance with this Article ‎4.6 shall expire on the date (if any) specified
in the authority or, if no date is specified, twelve (12) months after the date on which the authority is granted, but the Company may
before the power expires make an offer or agreement which would or might require Class A Ordinary Shares to be issued after it expires.

 

		4.7	The
                                            Company may issue fractions of a share of any class and a fraction of a share shall be subject
                                            to and carry the corresponding fraction of liabilities (whether with respect to nominal or
                                            par value, premium, contribution, calls or otherwise howsoever), limitations, preferences,
                                            privileges, qualifications, restrictions, rights and other attributes of a whole share of
                                            that class of shares.

 

		4.8	The
                                            Company may, in so far as the Act permits, pay a commission to any person in consideration
                                            of his subscribing or agreeing to subscribe, whether absolutely or conditionally, or procuring
                                            or agreeing to procure subscriptions (whether absolute or conditional) for any shares in
                                            the capital of the Company. Such commissions may be satisfied by the payment of cash or the
                                            allotment of fully or partly paid up shares or partly in one way and partly in the other.
                                            The Company may also, on any issue of shares, pay such brokerage fees as may be lawful.

 

		4.9	Except
                                            as required by law, no person shall be recognised by the Company as holding any share upon
                                            any trust and the Company shall not be bound by or be compelled in any way to recognise (even
                                            when having notice thereof) any equitable, contingent, future or partial interest in any
                                            share (except only as by these Articles or by law otherwise provided) or any other rights
                                            in respect of any share except an absolute right to the entirety thereof in the holder.

 

		4.10	

 

    12 

     

    

		(a)	If
                                            at any time the share capital is divided into different classes of shares, the rights attached
                                            to any class of shares (unless otherwise provided by these Articles or the terms of issue
                                            of the shares of that class) may be varied with the consent in writing of the holders of
                                            two-thirds of the issued shares of that class or with the sanction of a Special Resolution
                                            passed at a separate general meeting of the holders of the shares of that class. To every
                                            such separate general meeting, the provisions of these Articles relating to general meetings
                                            shall mutatis mutandis apply, but so that the necessary quorum shall be any one or
                                            more persons holding or representing by proxy not less than two-thirds of the issued shares
                                            of the applicable class and that any holder of shares of that class present in person or
                                            by proxy may demand a poll.

 

		(b)	For
                                            the purposes of Article ‎4.10(a), the Directors may treat all classes of shares
                                            or any two or more classes of shares as forming one class if they consider that all such
                                            classes would be affected in the same way by the proposals under consideration.

 

		(c)	The
                                            rights conferred upon the holders of the shares of any class shall not, unless otherwise
                                            expressly provided by the terms of issue of the shares of that class, be deemed to be varied
                                            by:

 

		(i)	the
                                            creation or issue of further shares ranking pari passu therewith;

 

		(ii)	the
                                            redemption, purchase or conversion (in any manner permitted by law) of any shares of any
                                            class by the Company;

 

		(iii)	the
                                            cancellation of authorised but unissued shares of that class; or

 

		(iv)	the
                                            creation or issue of shares with preferred or other rights including, without limitation,
                                            the creation of any class or issue of shares with enhanced or weighted voting rights.

 

		(d)	The
                                            rights conferred upon holders of Class A Ordinary Shares shall not be deemed to be varied
                                            by the creation or issue from time to time of further Class B Ordinary Shares and the rights
                                            conferred upon holders of Class B Ordinary Shares shall not be deemed to be varied by the
                                            creation or issue from time to time of further Class A Ordinary Shares.

 

		4.11	The
                                            Directors may accept contributions to the capital of the Company otherwise than in consideration
                                            of the issue of shares and the amount of any such contribution may, unless otherwise agreed
                                            at the time such contribution is made, be treated by the Company as a distributable reserve,
                                            subject to the provisions of the Act and these Articles.

 

		5	class
                                            a ORdinary shares and class b ORDInARy shares

 

		5.1	The
                                            rights of the holders of Class A Ordinary Shares and Class B Ordinary Shares are identical,
                                            except with respect to voting, conversion and transfer restrictions applicable to the Class
                                            B Ordinary Shares as set out in these Articles. 

 

    13 

     

    

		5.2	Holders
                                            of Class A Ordinary Shares and holders of Class B Ordinary Shares have the right to receive
                                            notice of, attend, speak and vote at general meetings of the Company. Subject to any separate
                                            general meeting(s) of the holders of a class of shares in accordance with Article ‎4.10(a)
                                            above, holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times
                                            vote together as one class on all resolutions submitted to a vote by the Members in general
                                            meetings. Each Class A Ordinary Share shall entitle the holder to 1 vote on all matters subject
                                            to a vote at general meetings of the Company, and each Class B Ordinary Share shall entitle
                                            the holder to 20 votes on all matters subject to a vote at general meetings of the Company.

 

		5.3	Without
                                            prejudice to any special rights conferred thereby on the holders of any other shares or class
                                            of shares established pursuant to the Memorandum or these Articles from time to time, holders
                                            of Class A Ordinary Shares and holders of Class B Ordinary Shares shall:

 

		(a)	be
                                            entitled to such dividends as the Board may from time to time declare;

 

		(b)	in
                                            the event of a winding-up or dissolution of the Company, whether voluntary or involuntary
                                            or for the purposes of a reorganization or otherwise or upon any distribution of capital,
                                            be entitled to the surplus assets of the Company; and

 

		(c)	generally
                                            be entitled to enjoy all of the rights attaching to Class A Ordinary Shares and Class B Ordinary
                                            Shares.

 

		5.4	In
                                            no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares.

 

		5.5	Class
                                            B Ordinary Shares shall be convertible or converted into Class A Ordinary Shares as follows:

 

		(a)	Class
                                            B Ordinary Shares shall be convertible into the same number of Class A Ordinary Shares, on
                                            a share-to-share basis, in the following manner:

 

		(1)	a
                                            holder of Class B Ordinary Shares has the right to call upon the Company to effect a conversion
                                            of all or any of its Class B Ordinary Shares into the same number of Class A Ordinary Shares
                                            which right shall be exercised, at any time after issue and without payment of any additional
                                            sum (subject to any moneys unpaid on their shares in accordance with Article ‎8), by
                                            notice in writing given to the Company at its registered office (and which conversion shall
                                            be effected by the Company promptly upon delivery of said notice);

 

		(2)	the
                                            holder(s) of a majority of the Class B Ordinary Shares in issue have the right to require
                                            that all Class B Ordinary Shares in issue be converted into the same number of Class A Ordinary
                                            Shares, which right shall be exercised, at any time after issue and without payment of any
                                            additional sum (subject to any moneys unpaid on their shares in accordance with Article ‎8),
                                            by notice in writing (which may be in one or more counterparts) signed by the holder(s) of
                                            a majority of the Class B Ordinary Shares in 

 

    14 

     

    

issue
and given to the Company at its registered office (and which conversion shall be effected by the Company promptly upon delivery of said
notice);

 

		(3)	a
                                            Class B Ordinary Share shall automatically convert into a Class A Ordinary Share immediately
                                            and without further action by the holder thereof upon the registration of any transfer of
                                            a Class B Ordinary Share (whether or not for value and whether or not the certificate(s)
                                            (if any) representing such Class B Ordinary Share is surrendered to the Company), other than:

 

		(i)	a
                                            transfer to an Affiliate of the holder of the Class B Ordinary Share;

 

		(ii)	a
                                            transfer to one or more trustees of a trust established for the benefit of the holder or
                                            an Affiliate of the holder of the Class B Ordinary Share; 

 

		(iii)	a
                                            transfer to an organization that is exempt from taxation under Section 501(3)(c) of the United
                                            States Internal Revenue Code of 1986, as amended (or any successor thereto), or to an organization
                                            that is exempt from taxation in Brazil under Sections 184, 377 or 378 of the 2018 Internal
                                            Tax Regulations, as amended (or any successor thereto), and that is controlled, directly
                                            or indirectly through one or more intermediaries, by the holder of the Class B Ordinary Share;
                                            or

 

		(iv)	a
                                            transfer to a partnership, corporation or other entity owned or controlled by the holder
                                            or an Affiliate of the holder of the Class B Ordinary Share.

 

For
the avoidance of doubt, the creation of any pledge, charge, encumbrance or other security interest or third party right of whatever description
on any Class B Ordinary Shares to secure a holder’s contractual or legal obligations shall not be deemed to be a transfer unless
and until any such pledge, charge, encumbrance or other third party right is enforced and results in such third party (or its nominee)
holding legal title to the related Class B Ordinary Shares, in which case all the related Class B Ordinary Shares shall be automatically
and immediately converted into the same number of Class A Ordinary Shares. The conversion of Class B Ordinary Shares to Class A Ordinary
Shares shall occur prior to any effective transfer not authorised in Article ‎5.5‎(a)‎(2)‎(i)-‎(iv) above.

 

		(4)	If,
                                            on the record date for any meeting of the Members, the total voting power of all the Class
                                            B Ordinary Shares in issue represents less than 10% of the Total Voting Power, the Class
                                            B Ordinary Shares then in issue shall automatically and immediately convert into Class A
                                            Ordinary Shares and no Class B Ordinary Shares shall be issued by the Company thereafter.
                                            

 

    15 

     

    

		(b)	Mechanics
                                            of Conversion. Before any holder of Class B Ordinary Shares shall be entitled to
                                            convert such Class B Ordinary Shares into Class A Ordinary Shares pursuant to sub-paragraph
                                            ‎5.5(a)(1) above, the holder shall, if available, surrender the certificate or
                                            certificates therefor (if any), duly endorsed (where applicable), at the registered office
                                            of the Company.

 

Upon
the occurrence of one of the bases of conversion provided for in paragraph ‎5.5(a) above, the Company shall enter or procure
the entry of the name of the relevant holder of Class B Ordinary Shares as the holder of the relevant number of Class A Ordinary Shares
resulting from the conversion of the Class B Ordinary Shares in, and make any other necessary and consequential changes to, the Register
of Members and shall procure that certificate(s) in respect of the relevant Class A Ordinary Shares, together with a new certificate
for any unconverted Class B Ordinary Shares represented by the certificate(s) surrendered by the holder of the Class B Ordinary Shares
(if any), are issued to the holders of the Class A Ordinary Shares and Class B Ordinary Shares, as the case may be, if so requested.

 

Any
conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to this Article ‎5 shall be effected by any manner permitted
by applicable law (including by means of (i) the re-designation and re-classification of the relevant Class B Ordinary Share as a Class
A Ordinary Share together with such rights and restrictions for the time being attached thereto and shall rank pari passu in all
respects with the Class A Ordinary Shares then in issue and/or (ii) the compulsory redemption without notice of Class B Ordinary Shares
and the automatic application of the redemption proceeds in paying for such new Class A Ordinary Shares into which the Class B Ordinary
Shares have been converted). For the avoidance of doubt, following the conversion to Class A Ordinary Shares, the holder thereof shall
have Class A Ordinary Share voting rights in respect of such shares and not Class B Ordinary Share voting rights. Such conversion shall
become effective forthwith upon entries being made in the Register of Members to record the conversion.

 

If the
proposed conversion is in connection with an underwritten or other public or private offering of securities, the conversion may, at the
option of any holder tendering such Class B Ordinary Shares for conversion, be conditional upon the closing with the underwriters or
other purchasers of the sale of securities pursuant to such offering, in which event any persons entitled to receive Class A Ordinary
Shares upon conversion of such Class B Ordinary Shares shall not be deemed to have converted such Class B Ordinary Shares until immediately
prior to the closing of such sale of securities.

 

		(c)	Effective
                                            upon and with effect from the conversion of a Class B Ordinary Share into a Class A Ordinary
                                            Share in accordance with this Article ‎5.5, the converted share shall be treated
                                            for all purposes as a Class A Ordinary Share and shall carry the rights and be subject to
                                            the restrictions attaching to Class A Ordinary Shares including, without limitation, the
                                            right to one vote on matters subject to a vote at general meetings of the Company.

 

    16 

     

    

		5.6	No
                                            subdivision of Class A Ordinary Shares into shares of an amount smaller than the nominal
                                            or par value of such shares at the relevant time shall be effected unless Class B Ordinary
                                            Shares are concurrently and similarly subdivided in the same proportion and the same manner,
                                            and no subdivision of Class B Ordinary Shares into shares of an amount smaller than the nominal
                                            or par value of such shares at the relevant time shall be effected unless Class A Ordinary
                                            Shares are concurrently and similarly subdivided in the same proportion and the same manner.

 

		5.7	No
                                            consolidation of Class A Ordinary Shares into shares of an amount larger than the nominal
                                            or par value of such shares at the relevant time shall be effected unless Class B Ordinary
                                            Shares are concurrently and similarly consolidated in the same proportion and the same manner,
                                            and no consolidation of Class B Ordinary Shares into shares of an amount larger than the
                                            nominal or par value of such shares at the relevant time may be effected unless Class A Ordinary
                                            Shares are concurrently and similarly consolidated in the same proportion and the same manner.

 

		5.8	In
                                            the event that a dividend or other distribution is paid by the issue of Class A Ordinary
                                            Shares or Class B Ordinary Shares or rights to acquire Class A Ordinary Shares or Class B
                                            Ordinary Shares (i) holders of Class A Ordinary Shares shall receive Class A Ordinary Shares
                                            or rights to acquire Class A Ordinary Shares, as the case may be; and (ii) holders of Class
                                            B Ordinary Shares shall receive Class B Ordinary Shares or rights to acquire Class B Ordinary
                                            Shares, as the case may be.

 

		5.9	No
                                            Business Combination (whether or not the Company is the surviving entity) shall proceed unless
                                            by the terms of such transaction: (i) the holders of Class A Ordinary Shares have the right
                                            to receive, or the right to elect to receive, the same form of consideration as the holders
                                            of Class B Ordinary Shares, and (ii) the holders of Class A Ordinary Shares have the right
                                            to receive, or the right to elect to receive, at least the same amount of consideration on
                                            a per share basis as the holders of Class B Ordinary Shares. The Directors shall not approve
                                            such a transaction unless the requirements of this Article are satisfied. For the avoidance
                                            of doubt, this Article refers to and includes only economic rights.

 

		5.10	No
                                            tender or exchange offer to acquire any Class A Ordinary Shares or Class B Ordinary Shares
                                            by any third party pursuant to an agreement to which the Company is to be a party, nor any
                                            tender or exchange offer by the Company to acquire any Class A Ordinary Shares or Class B
                                            Ordinary Shares, shall be approved by the Company unless by the terms of such transaction:
                                            (i) the holders of Class A Ordinary Shares shall have the right to receive, or the right
                                            to elect to receive, the same form of consideration as the holders of Class B Ordinary Shares,
                                            and (ii) the holders of Class A Ordinary Shares shall have the right to receive, or the right
                                            to elect to receive, at least the same amount of consideration on a per share basis as the
                                            holders of Class B Ordinary Shares. The Directors shall not approve such a transaction unless
                                            the requirements of this Article are satisfied. For the avoidance of doubt, this Article
                                            refers to and includes only economic rights.

 

		5.11	Save
                                            and except for voting rights, conversion rights and transfer rights, Class A Ordinary Shares
                                            and Class B Ordinary Shares shall rank pari passu and shall have the same rights,
                                            

 

    17 

     

    

preferences,
privileges and restrictions and share ratably and otherwise be identical in all respects as to all matters.

 

		6	share
                                            certificates

 

		6.1	A
                                            Member shall only be entitled to a share certificate if the Directors resolve that share
                                            certificates shall be issued. Share certificates representing shares, if any, shall be in
                                            such form as the Directors may determine. Share certificates shall be signed by one or more
                                            Directors or other person authorised by the Directors. The Directors may authorise certificates
                                            to be issued with the authorised signature(s) affixed by mechanical process. All certificates
                                            for shares shall be consecutively numbered or otherwise identified and shall specify the
                                            shares to which they relate. All certificates surrendered to the Company for transfer or
                                            conversion shall be cancelled and subject to the Articles and, save as provided in Articles
                                            ‎6.3, ‎7, and ‎8 below and in the case of a conversion of
                                            shares pursuant to Article ‎4.1, no new certificate shall be issued until the
                                            former certificate representing a like number of relevant shares shall have been surrendered
                                            and cancelled.

 

		6.2	Every
                                            share certificate of the Company shall bear legends required under the applicable laws, including
                                            the Securities Act.

 

		6.3	If
                                            a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms
                                            (if any) as to evidence and indemnity and payment of the expenses reasonably incurred by
                                            the Company in investigating evidence as the Directors may determine but otherwise free of
                                            charge, and (in the case of defacement or wearing-out) on delivery to the Company of the
                                            old certificate.

 

		7	lien

 

		7.1	The
                                            Company shall have a first and paramount lien on every share (not being a share which is
                                            fully paid as to its par value and share premium) for all moneys (whether presently payable
                                            or not) payable at a fixed time or called in respect of that share (including any premium
                                            payable). The Directors may at any time declare any share to be wholly or in part exempt
                                            from the provisions of this Article. The Company’s lien on a share shall extend to
                                            any amount in respect of it.

 

		7.2	The
                                            Company may sell in such manner as the Directors determine any shares on which the Company
                                            has a lien if a sum in respect of which the lien exists is presently payable and is not paid
                                            within fourteen (14) clear days after notice has been given to the holder of the share or
                                            to the person entitled to it in consequence of the death or bankruptcy of the holder, demanding
                                            payment and stating that if the notice is not complied with the shares may be sold.

 

		7.3	To
                                            give effect to a sale, the Directors may authorise some person to execute an instrument of
                                            transfer of the shares sold to, or in accordance with the directions of, the purchaser. The
                                            title of the transferee to the shares shall not be affected by any irregularity or invalidity
                                            in the proceedings in reference to the sale.

 

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		7.4	The
                                            net proceeds of the sale, after payment of the costs, shall be applied in payment of so much
                                            of the sum for which the lien exists as is presently payable, and any residue shall (upon
                                            surrender to the Company for cancellation of the certificate for the shares sold, if any,
                                            and subject to a like lien for any moneys not presently payable as existed upon the shares
                                            before the sale) be paid to the person entitled to the shares at the date of the sale.

 

		8	calls
                                            on shares and FORFEITURE

 

		8.1	Subject
                                            to the terms of allotment, the Directors may make calls upon the Members in respect of any
                                            moneys unpaid on their shares (whether in respect of nominal value or premium) and each Member
                                            shall (subject to receiving at least fourteen (14) clear days’ notice specifying when
                                            and where payment is to be made) pay to the Company as required by the notice the amount
                                            called on his shares. A call may be required to be paid by instalments. A call may, before
                                            receipt by the Company of any sum due thereunder, be revoked in whole or in part and payment
                                            of a call may be postponed in whole or in part. A person upon whom a call is made shall remain
                                            liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect
                                            of which the call was made.

 

		8.2	A
                                            call shall be deemed to have been made at the time when the resolution of the Directors authorising
                                            the call was passed.

 

		8.3	The
                                            joint holders of a share shall be jointly and severally liable to pay all calls in respect
                                            of the share.

 

		8.4	If
                                            a call remains unpaid after it has become due and payable, the person from whom it is due
                                            and payable shall pay interest on the amount unpaid from the day it became due and payable
                                            until it is paid at the rate fixed by the terms of allotment of the share or in the notice
                                            of the call or, if no rate is fixed, at an annual rate of ten percent (10%), but the Directors
                                            may waive payment of the interest wholly or in part.

 

		8.5	An
                                            amount payable in respect of a share on allotment or at any fixed date, whether in respect
                                            of nominal value or premium or as an instalment of a call, shall be deemed to be a call,
                                            and if it is not paid when due, all the provisions of the Articles shall apply as if that
                                            amount had become due and payable by virtue of a call.

 

		8.6	Subject
                                            to the terms of allotment, the Directors may make arrangements on the issue of shares for
                                            a difference between the holders in the amounts and times of payment of calls on their shares.

 

		8.7	If
                                            a call remains unpaid after it has become due and payable, the Directors may give to the
                                            person from whom it is due not less than fourteen (14) clear days’ notice requiring
                                            payment of the amount unpaid, together with any interest which may have accrued. The notice
                                            shall name the place where payment is to be made and shall state that if the notice is not
                                            complied with the shares in respect of which the call was made will be liable to be forfeited.

 

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		8.8	If
                                            the notice is not complied with, any share in respect of which it was given may, before the
                                            payment required by the notice has been made, be forfeited by a resolution of the Directors
                                            and the forfeiture shall include all dividends or other moneys payable in respect of the
                                            forfeited shares and not paid before the forfeiture.

 

		8.9	Subject
                                            to the provisions of the Act, a forfeited share may be sold, re-allotted or otherwise disposed
                                            of on such terms and in such manner as the Directors determine either to the person who was
                                            before the forfeiture the holder or to any other person, and at any time before a sale, re-allotment
                                            or other disposition, the forfeiture may be cancelled on such terms as the Directors think
                                            fit. Where, for the purposes of its disposal a forfeited share is to be transferred to any
                                            person, the Directors may authorise any person to execute an instrument of transfer of the
                                            share to that person.

 

		8.10	A
                                            person any of whose shares have been forfeited shall cease to be a Member in respect of them
                                            and shall surrender to the Company for cancellation the certificate for the shares forfeited,
                                            if any, but shall remain liable to the Company for all moneys which at the date of forfeiture
                                            were presently payable by him to the Company in respect of those shares with interest at
                                            the rate at which interest was payable on those moneys before the forfeiture or, if no interest
                                            was so payable, at an annual rate of ten percent (10%), from the date of forfeiture until
                                            payment but the Directors may waive payment wholly or in part or enforce payment without
                                            any allowance for the value of the shares at the time of forfeiture or for any consideration
                                            received on their disposal.

 

		8.11	A
                                            statutory declaration by a Director or the Secretary that a share has been forfeited on a
                                            specified date shall be conclusive evidence of the facts stated in it as against all persons
                                            claiming to be entitled to the share and the declaration shall (subject to the execution
                                            of an instrument of transfer if necessary) constitute a good title to the share and the person
                                            to whom the share is disposed of shall not be bound to see to the application of the consideration,
                                            if any, nor shall his title to the share be affected by any irregularity in or invalidity
                                            of the proceedings in reference to the forfeiture or disposal of the share.

 

		9	transfer
                                            of shares

 

		9.1	Subject
                                            to these Articles (including the limitation on transfers of Class B Ordinary Shares as set
                                            out in Article ‎5.5), any Member may transfer all or any of his shares by an instrument
                                            of transfer in the usual or common form or in a form prescribed by any Designated Stock Exchange
                                            or in any other form approved by the Board and may be under hand or, if the transferor or
                                            transferee is a Clearing House, by hand or by electronic signature or by such other manner
                                            of execution as the Board may approve from time to time. Without prejudice to the generality
                                            of the foregoing, title to listed shares of the Company may be evidenced and transferred
                                            in accordance with the laws applicable to and the rules and regulations of the Designated
                                            Stock Exchange on which such shares are listed.

 

		9.2	The
                                            instrument of transfer shall be executed by or on behalf of the transferor and the transferee
                                            provided that the Board may dispense with the execution of the instrument of transfer by
                                            the transferee in any case which it thinks fit in its discretion to do so. Without 

 

    20 

     

    

prejudice
to Article ‎9.1, the Board may also resolve, either generally or in any particular case, upon request by either the transferor
or transferee, to accept mechanically executed transfers including, where applicable, in accordance with the laws and rules applicable
to the Designated Stock Exchange. The transferor shall be deemed to remain the holder of the share until the name of the transferee is
entered in the Register of Members in respect thereof. Nothing in these Articles shall preclude the Board from recognizing a renunciation
of the allotment or provisional allotment of any share by the allottee in favour of some other person.

 

		9.3	The
                                            Board may in its absolute discretion and without giving any reason therefor, refuse to register
                                            a transfer of any share:

 

		(a)	that
                                            is not fully paid up (as to both par value and any premium) to a person of whom it does not
                                            approve;

 

		(b)	issued
                                            under any Incentive Plan upon which a restriction on transfer imposed thereby still subsists;

 

		(c)	to
                                            more than four joint holders; or

 

		(d)	on
                                            which the Company has a lien.

 

		9.4	Without
                                            limiting the generality of Article ‎9.3, the Board may also decline to recognise
                                            any instrument of transfer unless:

 

		(a)	a
                                            fee of such maximum sum as any Designated Stock Exchange may determine to be payable or such
                                            lesser sum as the Board may from time to time require is paid to the Company in respect thereof;

 

		(b)	the
                                            instrument of transfer is in respect of only one class of shares;

 

		(c)	the
                                            Shares are fully paid (as to both par value and any premium) and free of any lien;

 

		(d)	the
                                            instrument of transfer is lodged at the registered office or such other place at which the
                                            Register of Members is kept in accordance with the Act accompanied by any relevant share
                                            certificate(s), if any, and/or such other evidence as the Board may reasonably require to
                                            show the right of the transferor to make the transfer (and, if the instrument of transfer
                                            is executed by some other person on his behalf, the authority of that person so to do); and

 

		(e)	if
                                            applicable, the instrument of transfer is duly and properly stamped.

 

		9.5	If
                                            the Directors refuse to register a transfer of a share, they shall within two (2) months
                                            after the date on which the transfer was lodged with the Company send to the transferee notice
                                            of the refusal.

 

    21 

     

    

		9.6	The
                                            registration of transfers of shares or of any class of shares may, after compliance with
                                            any notice requirement of any Designated Stock Exchange, be suspended and the Register of
                                            Members be closed at such times and for such periods (not exceeding in the whole thirty (30)
                                            days in any year) as the Board may determine.

 

		9.7	The
                                            Company shall be entitled to retain any instrument of transfer which is registered, but any
                                            instrument of transfer which the Directors refuse to register shall be returned to the person
                                            lodging it when notice of the refusal is given.

 

		10	transmission
                                            of shares

 

		10.1	If
                                            a Member dies, his personal representatives or his legal successor (where he was a sole holder)
                                            or the survivor of joint holders (in case of joint ownership) shall be the only persons recognised
                                            by the Company as having any title to his interest; but nothing in these Articles shall release
                                            the estate of a deceased Member from any liability in respect of any share which had been
                                            jointly held by him.

 

		10.2	A
                                            person becoming entitled to a share in consequence of the death or bankruptcy of a Member
                                            may, upon such evidence being produced as the Directors may properly require, elect either
                                            to become the holder of the share or to have some person nominated by him registered as the
                                            transferee. If he elects to become the holder he shall give notice to the Company to that
                                            effect. If he elects to have another person registered he shall execute an instrument of
                                            transfer of the share to that person. All the Articles relating to the transfer of shares
                                            shall apply to the notice or instrument of transfer as if it were an instrument of transfer
                                            executed by the Member and the death or bankruptcy of the Member had not occurred.

 

		10.3	A
                                            person becoming entitled to a share by reason of the death or bankruptcy of a Member shall
                                            have the rights to which he would be entitled if he were the holder of the share, except
                                            that he shall not, before being registered as the holder of the share, be entitled in respect
                                            of such share to attend or vote at any meeting of the Company or at any separate meeting
                                            of the holders of any class of shares in the Company.

 

		10.4	For
                                            the avoidance of doubt, if a holder of Class B Ordinary Shares dies or becomes bankrupt then
                                            such Class B Ordinary Shares held at the time of death or bankruptcy shall maintain all of
                                            their rights and no conversion shall apply to such Class B Ordinary Shares upon transmission
                                            of such shares to the new holder who must be an Affiliate.

 

		11	changes
                                            of capital

 

		11.1	Subject
                                            to and in so far as permitted by the provisions of the Act and these Articles, the Company
                                            may from time to time by Ordinary Resolution alter or amend the Memorandum to:

 

		(a)	increase
                                            its share capital by such sum, to be divided into shares of such amount, as the resolution
                                            shall prescribe;

 

    22 

     

    

		(b)	consolidate
                                            and divide all or any of its share capital into shares of larger amounts than its existing
                                            shares;

 

		(c)	convert
                                            all or any of its paid up shares into stock and reconvert that stock into paid up shares
                                            of any denomination;

 

		(d)	sub-divide
                                            its existing shares, or any of them, into shares of smaller amounts than is fixed by the
                                            Memorandum, provided, that in the subdivision, the proportion between the amount paid
                                            and the amount, if any, unpaid on each reduced share shall be the same as it was in the case
                                            of the share from which the reduced share is derived; and

 

		(e)	cancel
                                            any shares which, at the date of the passing of the resolution, have not been taken or agreed
                                            to be taken by any person, and diminish the amount of its share capital by the amount of
                                            the shares so cancelled.

 

		11.2	For
                                            the avoidance of doubt, the Directors shall have the ability to issue shares within the authorized
                                            share capital of the Company thereby changing the issued share capital of the Company and
                                            no Ordinary Resolution shall be required for such issuances.

 

		11.3	Except
                                            so far as otherwise provided by the conditions of issue, the new shares shall be subject
                                            to the same provisions with reference to the payment of calls, liens, transfer, transmission,
                                            forfeiture and otherwise as the shares in the original share capital. 

 

		11.4	Whenever
                                            as a result of a consolidation of shares any Members would become entitled to fractions of
                                            a share, the Directors may, on behalf of those Members, sell the shares representing the
                                            fractions for the best price reasonably obtainable to any person (including, subject to the
                                            provisions of the Act, the Company) and distribute the net proceeds of sale in due proportion
                                            among those Members, and the Directors may authorise some person to execute an instrument
                                            of transfer of the shares to, or in accordance with the directions of, the purchaser. The
                                            transferee shall not be bound to see to the application of the purchase money nor shall his
                                            title to the shares be affected by any irregularity in or invalidity of the proceedings in
                                            reference to the sale.

 

		11.5	The
                                            Company may by Special Resolution reduce its share capital and any capital redemption reserve
                                            in any manner and with and subject to any incident, consent, order or other matter required
                                            by law.

 

		12	redemption
                                            and purchase of own shares

 

		12.1	Subject
                                            to the provisions of the Act and these Articles, the Company may:

 

		(a)	issue
                                            shares on terms that they are to be redeemed or are liable to be redeemed at the option of
                                            the Company or the Member on such terms and in such manner as the Directors may, before the
                                            issue of shares, determine;

 

    23 

     

    

		(b)	purchase
                                            its own shares (including any redeemable shares) in such manner and on such terms as the
                                            Directors may determine and agree with the relevant Member; and

 

		(c)	make
                                            a payment in respect of the redemption or purchase of its own shares in any manner authorised
                                            by the Act, including out of capital.

 

		12.2	The
                                            Directors may, when making a payment in respect of the redemption or purchase of shares,
                                            if so authorised by the terms of issue of the shares (or otherwise by agreement with the
                                            holder of such shares) make such payment in cash or in specie (or partly in one and partly
                                            in the other).

 

		12.3	Upon
                                            the date of redemption or purchase of a share, the holder shall cease to be entitled to any
                                            rights in respect thereof (excepting always the right to receive (i) the price therefor and
                                            (ii) any dividend which had been declared in respect thereof prior to such redemption or
                                            purchase being effected) and accordingly his name shall be removed from the Register of Members
                                            with respect thereto and the share shall be cancelled.

 

		13	treasury
                                            shares

 

		13.1	The
                                            Directors may, prior to the purchase, redemption or surrender of any share, determine that
                                            such share shall be held as a Treasury Share.

 

		13.2	The
                                            Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms
                                            as they think proper (including, without limitation, for nil consideration).

 

		14	register
                                            of members

 

		14.1	The
                                            Company shall maintain or cause to be maintained an overseas or local Register of Members
                                            in accordance with the Act.

 

		14.2	The
                                            Directors may determine that the Company shall maintain one or more branch registers of Members
                                            in accordance with the Act. The Directors may also determine which Register of Members shall
                                            constitute the principal register and which shall constitute the branch register or registers,
                                            and to vary such determination from time to time.

 

		15	closing
                                            register of members or fixing record date

 

		15.1	For
                                            the purpose of determining Members entitled to notice of, or to vote at, any meeting of Members
                                            or any adjournment thereof, or Members entitled to receive payment of any dividend or other
                                            distribution, or in order to make a determination of Members for any other purpose, the Directors
                                            may provide that the Register of Members shall be closed for transfers for a stated period
                                            which shall not in any case exceed thirty (30) days. If the Register shall be so closed for
                                            the purpose of determining those Members that are entitled to receive notice of, attend or
                                            vote at a meeting of Members, the Register shall be so closed for at least ten (10) clear
                                            days immediately preceding such meeting and the record date for such determination shall
                                            be the date of the closure of the Register.

 

    24 

     

    

		15.2	In
                                            lieu of, or apart from, closing the Register of Members, the Directors may fix, in advance
                                            or in arrears, a date as the record date for any such determination of Members entitled to
                                            notice of, or to vote at any meeting of the Members or any adjournment thereof, or for the
                                            purpose of determining the Members entitled to receive payment of any dividend or other distribution,
                                            or in order to make a determination of Members for any other purpose, provided that
                                            such a record date shall not exceed forty (40) clear days prior to the date where the determination
                                            will be made.

 

		15.3	If
                                            the Register of Members is not so closed and no record date is fixed for the determination
                                            of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled
                                            to receive payment of a dividend or other distribution, the date on which notice of the meeting
                                            is sent or posted or the date on which the resolution of the Directors resolving to pay such
                                            dividend or other distribution is passed, as the case may be, shall be the record date for
                                            such determination of Members. When a determination of Members entitled to vote at any meeting
                                            of Members has been made as provided in this Article, such determination shall apply to any
                                            adjournment thereof.

 

		16	general
                                            meetings

 

		16.1	An
                                            annual general meeting of the Company may at the discretion of the Board be held in the year
                                            in which these Articles were adopted and shall be held in each year thereafter at such time
                                            as determined by the Board, and the Company may, but shall not (unless required by the Act)
                                            be obliged to, in each year hold any other general meeting.

 

		16.2	The
                                            agenda of the annual general meeting shall be set by the Board and shall include the presentation
                                            of the Company’s annual accounts, the report of the Directors (if any) and the election
                                            of Directors.

 

		16.3	Annual
                                            general meetings shall be held in such place as the Directors may determine from time to
                                            time.

 

		16.4	All
                                            general meetings other than annual general meetings shall be called extraordinary general
                                            meetings and the Company shall specify the meeting as such in the notices calling it.

 

		16.5	The
                                            Directors, the chief executive officer, the Chairman of the Board, or, for so long as the
                                            Founding Shareholder (together with his Affiliates) beneficially owns 50% or more of the
                                            Total Voting Power, the Members holding a majority of the Total Voting Power, may, whenever
                                            such person or persons think(s) fit, convene an extraordinary general meeting of the Company.

 

		16.6	For
                                            so long as the Founding Shareholder (together with his Affiliates) beneficially owns 50%
                                            or more of all the Total Voting Power, Members who collectively hold a majority of the Total
                                            Voting Power shall be entitled to request Directors to convene an extraordinary general meeting
                                            of the Company and Directors shall on a Members’ requisition in accordance with these
                                            Articles forthwith proceed to convene an extraordinary general meeting of the Company.

 

    25 

     

    

		16.7	In
                                            the event that the Founding Shareholder (together with his Affiliates) beneficially owns
                                            less than 50% of the Total Voting Power, then no Member shall have the power to make a requisition
                                            to convene a meeting to Directors.

 

		16.8	The
                                            Members’ requisition must state the objects of the meeting and must be signed by the
                                            requisitionists and deposited at the registered office, and may consist of several documents
                                            in like form each signed by one or more requisitionists.

 

		16.9	If
                                            there are no Directors as at the date of the deposit of the Members’ requisition or
                                            if the Directors do not within fourteen (14) days from the date of the deposit of the Members’
                                            requisition duly proceed to convene a general meeting to be held within a further fourteen
                                            (14) days, the requisitionists, or any of them representing more than one-half of the total
                                            voting rights of all of the requisitionists, may themselves convene a general meeting, but
                                            any meeting so convened shall be held no later than the day which falls three (3) months
                                            after the expiration of the first said fourteen (14) day period.

 

		16.10	A
                                            general meeting convened as aforesaid by requisitionists shall be convened in as close to
                                            the same manner as possible as that in which general meetings are to be convened by Directors.

 

		16.11	Save
                                            as set out in Articles ‎16.1 to ‎16.10, the Members have no right to
                                            propose resolutions to be considered or voted upon at annual general meetings or extraordinary
                                            general meetings of the Company.

 

		17	notice
                                            of general meetings

 

		17.1	An
                                            annual general meeting, if and when called in accordance with Article ‎16, shall
                                            be called by at least 21 days’ (and not less than 15 clear business days’) notice
                                            in writing, and any other general meeting shall be called by at least 14 days’ (and
                                            not less than 10 clear business days’) notice in writing. Such notice shall be exclusive
                                            of the day on which it is served or deemed to be served and of the day for which it is given,
                                            and must specify the time, place and agenda of the meeting and particulars of the resolution(s)
                                            to be considered at that meeting and, in the case of special business, the general nature
                                            of that business. All business transacted at an extraordinary general meeting shall be deemed
                                            special business. All business shall also be deemed special business where it is transacted
                                            at an annual general meeting, with the exception of certain routine matters which shall be
                                            deemed ordinary business.

 

		17.2	Such
                                            notice may be served on a Member in accordance with Article ‎35 or in such other
                                            manner (if any) as may be prescribed by Ordinary Resolution, to such persons as are entitled
                                            to vote or may otherwise be entitled under these Articles to receive such notices from the
                                            Company; provided that a general meeting of the Company shall, whether or not the
                                            notice specified in this Article has been given and whether or not the provisions of the
                                            Articles regarding general meetings have been complied with, be deemed to have been duly
                                            convened if it is so agreed:

 

		(a)	in
                                            the case of an annual general meeting, by all of the Members entitled to attend and vote
                                            thereat; and

 

    26 

     

    

		(b)	in
                                            the case of an extraordinary general meeting, by Members having a right to attend and vote
                                            at the meeting, together holding not less than 75%, in par value of the shares giving that
                                            right.

 

		17.3	The
                                            accidental omission to give notice of a general meeting to, or the non-receipt of notice
                                            of a meeting by, any person entitled to receive notice shall not invalidate the proceedings
                                            at that general meeting.

 

		18	proceedings
                                            at general meetings

 

		18.1	No
                                            business shall be transacted at any meeting unless a quorum is present at the time when the
                                            meeting proceeds to business and continues to be present until the conclusion of the meeting.
                                            One or more Members holding not less than a majority in aggregate of all shares in issue
                                            entitled to vote, present in person or by proxy or, if a corporation or other non-natural
                                            person, by its duly authorised representative, shall represent a quorum.

 

		18.2	If
                                            a quorum is not present within half an hour from the time appointed for the meeting to commence
                                            or if during such a meeting a quorum ceases to be present, the meeting, if convened upon
                                            a Members’ requisition, shall be dissolved and in any other case it shall stand adjourned
                                            and shall reconvene on the same day in the next week at the same time and place or to such
                                            other day, time and place as the Directors may determine, and if at the reconvened meeting
                                            a quorum is not present within half an hour from the time appointed for the meeting to commence,
                                            the Members present shall be a quorum.

 

		18.3	A
                                            person may participate in a general meeting by conference telephone or other electronic means
                                            by means of which all the persons participating in the meeting can communicate with each
                                            other at the same time. Participation by a Member in a meeting in this manner is treated
                                            as presence in person at that meeting and is counted in a quorum and entitled to vote.

 

		18.4	The
                                            Chairman or in his absence the Vice-Chairman (if any) shall preside as chairman of the meeting,
                                            but if neither the Chairman nor such Vice-Chairman (if any) is present within thirty (30)
                                            minutes after the time appointed for holding the meeting and willing to act, the Directors
                                            present shall elect one of their number to be chairman and, if there is only one Director
                                            present and willing to act, he shall be chairman. If no Director is willing to act as chairman,
                                            or if no Director is present within thirty (30) minutes after the time appointed for holding
                                            the meeting, then such meeting shall be adjourned for a one week period and shall be held
                                            in the following week on the same day at the same time and place. If at the adjournment of
                                            the meeting the Chairman or in his absence the Vice-Chairman (if any) or in their absence
                                            a Director is not willing to act as chairman, or if no Director is present within thirty
                                            (30) minutes after the time appointed for holding the meeting, then such meeting shall be
                                            cancelled. For the avoidance of doubt, only a director may serve as the chairman of the meeting.
                                            

 

		18.5	The
                                            order of business at each such meeting shall be as determined by the chairman of the meeting.
                                            The chairman of the meeting shall have the right and authority to prescribe such rules, regulations
                                            and procedures and to do all such acts and things as are necessary or desirable for the proper
                                            conduct of the meeting, including, without limitation, the 

 

    27 

     

    

establishment
of procedures for the maintenance of order and safety, limitations on the time allotted to questions or comments on the affairs of the
Company, restrictions on entry to such meeting after the time prescribed for the commencement thereof, and the opening and closing of
the polls. The chairman of the meeting shall announce at each such meeting the date and time of the opening and the closing of the polls
for each matter upon which the Members will vote at such meeting.

 

		18.6	A
                                            Director shall, notwithstanding that he is not a Member, be entitled to attend and speak
                                            at any general meeting and at any separate meeting of the holders of any class of shares
                                            in the Company.

 

		18.7	The
                                            chairman of the meeting may, with the consent of a majority of the Members present at such
                                            meeting at which a quorum is present (and shall if so directed by such Members), adjourn
                                            the meeting from time to time and from place to place, but no business shall be transacted
                                            at any adjourned meeting other than business which might properly have been transacted at
                                            the meeting had the adjournment not taken place. When a meeting is adjourned for fourteen
                                            (14) days or more, at least seven (7) clear days’ notice shall be given in the manner
                                            herein provided, including, but not limited to, as described in Article ‎35,
                                            specifying the time and place of the adjourned meeting and the general nature of the business
                                            to be transacted. Otherwise it shall not be necessary to give any such notice.

 

		18.8	At
                                            each meeting of the Members, all corporate actions to be taken by vote of the Members (except
                                            as otherwise required by applicable law and except as otherwise provided in these Articles)
                                            shall be authorised by Ordinary Resolution; provided, that a Director (excluding for
                                            the avoidance of doubt, any appointment(s) or replacement(s) of Founding Directors by the
                                            Founding Shareholder in accordance with Article ‎21.2) shall be elected by a plurality
                                            of the votes cast by the Members present in person or represented by proxy at the meeting
                                            at which such election is to take place. There shall be no cumulative voting in the election
                                            of Directors. Where a separate vote by a class or classes or series is required, save as
                                            provided in Article ‎4.10(a), the affirmative vote of the majority of shares of
                                            such class or classes or series present in person or represented by proxy at the meeting
                                            at which a quorum is present and voting shall be the act of such class or series (unless
                                            provided otherwise in the resolutions providing for the issuance of such class or series).
                                            

 

		18.9	At
                                            any general meeting a resolution put to the vote of the meeting shall be decided on a poll.

 

		18.10	A
                                            poll shall be taken in such manner as the chairman directs and he may appoint scrutineers
                                            (who need not be Members) and fix a place and time for declaring the result of the poll.
                                            The result of the poll shall be deemed to be the resolution of the meeting at which the poll
                                            was taken.

 

		18.11	In
                                            the case of equality of votes, the chairman of the meeting shall be entitled to a casting
                                            vote in addition to any other vote he may have.

 

		18.12	If
                                            the Company has only one Member:

 

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		(a)	the
                                            sole Member may agree that any general meeting be called by shorter notice than that provided
                                            for by the Articles; and

 

		(b)	all
                                            other provisions of the Articles apply with any necessary modification (unless the provision
                                            expressly provides otherwise).

 

		19	votes
                                            of members

 

		19.1	Subject
                                            to any special rights, restrictions or privileges as to voting for the time being attached
                                            to any class or classes of shares at any general meeting (including without limitation the
                                            enhanced voting rights attaching to Class B Ordinary Shares provided for in Article ‎5),
                                            on a poll every Member present in person or by proxy or, in the case of a Member being a
                                            corporation, by its duly authorized representative, shall have one vote for every share which
                                            is fully paid or credited as fully paid registered in his or her name in the Register of
                                            Members (and for the avoidance of doubt each Class B Ordinary Share shall entitle the holder
                                            to 20 votes on all matters subject to a vote at general meetings of the Company), provided
                                            that no amount paid up or credited as paid up on a share in advance of calls or instalments
                                            is treated for this purpose as paid up on the share. 

 

		19.2	At
                                            any general meeting, a resolution put to the vote of the meeting is to be decided by poll.

 

		19.3	In
                                            the case of joint holders, the vote of the senior joint holder who tenders a vote, whether
                                            in person or by proxy, shall be accepted to the exclusion of the votes of the other joint
                                            holders; and seniority shall be determined by the order in which the names of the holders
                                            stand in the Register of Members.

 

		19.4	A
                                            Member in respect of whom an order has been made by any court having jurisdiction (whether
                                            in the Islands or elsewhere) in matters concerning mental disorder may vote, by his receiver,
                                            curator bonis or other person authorised in that behalf appointed by that court, and any
                                            such receiver, curator bonis or other person may vote by proxy. Evidence to the satisfaction
                                            of the Directors of the authority of the person claiming to exercise the right to vote shall
                                            be received at the registered office of the Company, or at such other place as is specified
                                            in accordance with these Articles for the deposit or delivery of forms of appointment of
                                            a proxy, or in any other manner specified in these Articles for the appointment of a proxy,
                                            not less than forty-eight (48) hours before the time appointed for holding the meeting or
                                            adjourned meeting at which the right to vote is to be exercised and in default the right
                                            to vote shall not be exercisable.

 

		19.5	Where
                                            the Company has actual knowledge that any Member is, under the listing rules of any Designated
                                            Stock Exchange on which the shares are listed, required to abstain from voting on any particular
                                            resolution or restricted to voting only for or only against any particular resolution, any
                                            votes cast by or on behalf of such Member in contravention of such requirement or restriction
                                            shall not be counted.

 

		19.6	No
                                            Member shall, unless the Directors otherwise determine, be entitled to vote at any general
                                            meeting or at any separate meeting of the holders of any class of shares in the Company,
                                            either in person or by proxy or by a corporate representative, in respect of any 

 

    29 

     

    

share
held by him unless all moneys presently payable by him in respect of that share have been paid.

 

		19.7	No
                                            objection shall be raised to the qualification of any voter except at the meeting or adjourned
                                            meeting at which the vote objected to is tendered, and every vote not disallowed at the meeting
                                            shall be valid. Any objection made in due time shall be referred to the chairman of the meeting
                                            whose decision shall be final and conclusive.

 

		19.8	Votes
                                            may be given either personally or by proxy. Deposit or delivery of a form of appointment
                                            of a proxy does not preclude a Member from attending and voting at the meeting or at any
                                            adjournment of it, save that only the Member or his proxy may cast a vote.

 

		19.9	A
                                            Member entitled to more than one vote need not, if he votes, use all his votes or cast all
                                            votes he uses in the same way.

 

		19.10	The
                                            instrument appointing a proxy shall be in writing under the hand of the appointor or of his
                                            or her attorney duly authorized in writing, or if the appointor is a corporation, either
                                            under seal or under the hand of a duly authorized officer or attorney. Every instrument of
                                            proxy, whether for a specified meeting or otherwise, shall be in such form as the Board may
                                            from time to time approve, provided that it shall not preclude the use of the two-way
                                            form. Any form issued to a Member for appointing a proxy to attend and vote at an extraordinary
                                            general meeting or at an annual general meeting at which any business is to be transacted
                                            shall be such as to enable the Member, according to his or her intentions, to instruct the
                                            proxy to vote in favour of or against (or, in default of instructions, to exercise his or
                                            her discretion in respect of) each resolution dealing with any such business.

 

		19.11	Subject
                                            to the Act, the Directors may accept the appointment of a proxy received in an electronic
                                            communication at an address specified for such purpose, on such terms and subject to such
                                            conditions as they consider fit. The Directors may require the production of any evidence
                                            which they consider necessary to determine the validity of any appointment pursuant to Article
                                            ‎19.10.

 

		19.12	Subject
                                            to Article ‎19.13 below, the form of appointment of a proxy and any authority
                                            under which it is executed or a copy of such authority certified notarially or in some other
                                            way approved by the Directors may:

 

		(a)	in
                                            the case of an instrument in writing, be left at or sent by post to the registered office
                                            of the Company or such other place within the Islands or elsewhere as is specified in the
                                            notice convening the meeting or in any form of appointment of proxy sent out by the Company
                                            in relation to the meeting at any time before the time for holding the meeting or adjourned
                                            meeting at which the person named in the form of appointment of proxy proposes to vote;

 

		(b)	in
                                            the case of an appointment of a proxy contained in an electronic communication, where an
                                            address has been specified by or on behalf of the Company for the purpose of receiving electronic
                                            communications:

 

    30 

     

    

		(i)	in
                                            the notice convening the meeting; or

 

		(ii)	in
                                            any form of appointment of a proxy sent out by the Company in relation to the meeting; or

 

		(iii)	in
                                            any invitation contained in an electronic communication to appoint a proxy issued by the
                                            Company in relation to the meeting;

 

be received
at such address at any time before the time for holding the meeting or adjourned meeting at which the person named in the form of appointment
of proxy proposes to vote;

 

		(c)	in
                                            the case of a poll taken more than forty-eight (48) hours after it is demanded, be deposited
                                            or delivered as required by paragraphs (a) or (b) of this Article after the poll has been
                                            demanded and at any time before the time appointed for the taking of the poll; or

 

		(d)	where
                                            the poll is taken immediately or within forty-eight (48) hours after it is demanded, be delivered
                                            at the meeting at which the poll was demanded to the chairman of the meeting or to the secretary
                                            or to any Director;

 

and
a form of appointment of proxy which is not deposited or delivered in accordance with this Article and Article ‎19.13 is invalid.

 

		19.13	Notwithstanding
                                            Article ‎19.12 above, the Directors may by way of note to or in any document accompanying
                                            the notice of a general meeting (or adjourned meeting) fix the latest time by which the appointment
                                            of a proxy must be communicated to or received by the Company (being not more than 48 hours
                                            before the relevant meeting).

 

		19.14	A
                                            vote or poll demanded by proxy or by the duly authorised representative of a corporation
                                            shall be valid notwithstanding the previous determination of the authority of the person
                                            voting or demanding a poll unless notice of the determination was received by the Company
                                            at the registered office of the Company or, in the case of a proxy, any other place specified
                                            for delivery or receipt of the form of appointment of proxy or, where the appointment of
                                            a proxy was contained in an electronic communication, at the address at which the form of
                                            appointment was received, before the commencement of the meeting or adjourned meeting at
                                            which the vote is given or the poll demanded or (in the case of a poll taken otherwise than
                                            on the same day as the meeting or adjourned meeting) the time appointed for taking the poll.

 

		19.15	Any
                                            corporation or other non-natural person which is a Member of the Company may in accordance
                                            with its constitutional documents, or, in the absence of such provision, by resolution of
                                            its directors or other governing body, authorise such person as it thinks fit to act as its
                                            representative at any meeting of the Company or of any class of Members, and the person so
                                            authorised shall be entitled to exercise the same powers on behalf of the corporation which
                                            he represents as the corporation could exercise if it were an individual Member.

 

    31 

     

    

		19.16	Should
                                            a Clearing House or its nominee(s) or depositary or its nominee(s) be a Member, such person
                                            or persons may be authorized as it thinks fit to act as its representative(s) at any general
                                            meeting or at any meeting of any class of Members provided that, if more than one person
                                            is so authorized, the authorisation shall specify the number and class of shares in respect
                                            of which each such person is so authorized. A person authorized in accordance with this Article
                                            shall be deemed to have been duly authorized without further evidence of the facts and be
                                            entitled to exercise the same rights and powers on behalf of the Clearing House or its nominee(s)
                                            or depositary or its nominee(s) as if such person were an individual Member.

 

		20	number
                                            of directors and chairman

 

		20.1	Subject
                                            to Article ‎21.6, the Board will initially consist of not more than nine (9) Directors,
                                            which number of Directors may be modified from time to time by a majority of the Directors
                                            then in office.

 

		20.2	The
                                            Board shall have a Chairman to act as the chairman at Board meetings. For so long as the
                                            Founding Shareholder either (i) serves as the Chief Executive Officer of the Company or (ii)
                                            together with his Affiliates, beneficially owns at least 50% of the Total Voting Power, the
                                            Chairman shall be the Founding Shareholder (or such other Director as the Founding Shareholder
                                            may appoint from time to time). Where the Founding Shareholder either does not have such
                                            voting power (together with his Affiliates) or does not serve as Chief Executive Officer
                                            of the Company, the Board shall have a Chairman elected and appointed by a majority of the
                                            Directors then in office. The Founding Shareholder, as long as the Founding Shareholder (together
                                            with his Affiliates) beneficially owns at least 50% of the Total Voting Power, may also elect
                                            a Vice-Chairman to act in the absence of the Chairman at Board meetings. Where the Founding
                                            Shareholder (together with his Affiliates) does not have such voting power, the Board may
                                            also have a Vice-Chairman elected and appointed by a majority of the Directors then in office.

 

		20.3	The
                                            period for which the Chairman and/or the Vice-Chairman shall hold office shall be determined
                                            by the Founding Shareholder, so long as the Founding Shareholder (together with his Affiliates)
                                            beneficially owns at least 50% of the Total Voting Power. Where the Founding Shareholder
                                            (together with his Affiliates) does not have such voting power, the Board shall determine
                                            the period for which the Chairman and/or the Vice-Chairman shall hold office. 

 

		20.4	The
                                            Chairman shall preside as chairman at every meeting of the Board at which he is present.
                                            Where the Chairman is not present at a meeting of the Board, the Vice-Chairman (if any) shall
                                            act as chairman, or in his absence, the attending Directors may choose one Director to be
                                            the chairman of the meeting.

 

		21	appointment,
                                            disqualification and removal of directors

 

		21.1	Save
                                            as provided in Article ‎21.5 and subject to Article ‎21.2, Directors
                                            shall be elected by an Ordinary Resolution of Members at an annual general meeting.

 

    32 

     

    

		21.2	The
                                            Founding Shareholder shall be entitled to nominate a number of designees to be appointed
                                            to the Board at a general meeting of the Company (the Founding Directors) by
                                            notice in writing to the Company as follows:

 

		(a)	up
                                            to five Founding Directors (or if the size of the Board is increased, a majority (i.e., more
                                            than 50%) of the total number of Directors, rounded upward to the nearest whole number),
                                            so long as the Founding Shareholder and his Affiliates continue to beneficially own at least
                                            40% of the Total Voting Power,

 

		(b)	up
                                            to three Founding Directors (or if the size of the Board is increased, one-third of the total
                                            number of Directors, rounded upward to the nearest whole number), so long as the Founding
                                            Shareholder and his Affiliates continue to beneficially own at least 25% of the Total Voting
                                            Power, and

 

		(c)	up
                                            to one Founding Director (or if the size of the Board is increased, 10% of the total number
                                            of Directors, rounded upward to the nearest whole number), so long as the Founding Shareholder
                                            and his Affiliates continue to beneficially own at least 5% of the Total Voting Power.

 

		(d)	In
                                            the event that the Founding Shareholder has nominated less than the total number of Founding
                                            Director(s) that the Founding Shareholder is entitled to nominate pursuant to these Articles,
                                            the Founding Shareholder shall have the right, at any time, to nominate such additional Founding
                                            Director(s) to which he is entitled, in which case the Board shall call an extraordinary
                                            general meeting for the purpose of approving resolutions to (A) if applicable, increase the
                                            size of the Board as required to enable the appointment of such additional designees (or
                                            otherwise increase the size of the Board pursuant to Article ‎20.1) and (B) appoint
                                            such additional Founding Director(s) nominated by the Founding Shareholder to such newly
                                            created directorships.

 

		(e)	The
                                            Founding Shareholder may remove any Founding Director(s) by notice in writing to the Company,
                                            whether or not Cause (as defined below) exists, and, upon such removal, may designate a replacement
                                            Founding Director, and such replacement Founding Director shall be appointed as a Director
                                            by the Board pursuant to Article ‎21.5.

 

		21.3	Until
                                            the Classifying Date (as defined below), each Director shall serve for a term ending on the
                                            date of the annual general meeting of the Members next following the annual general meeting
                                            of the Members at which such Director was elected. From and after the date on which the Founding
                                            Shareholder (together with his Affiliates) no longer beneficially owns more than 50% of the
                                            Total Voting Power (the Classifying Date), the Company shall cause the Directors
                                            to be, and the Directors shall be, divided into three classes designated Class I, Class II
                                            and Class III. Each class of Directors shall consist, as nearly as possible, of one third
                                            of the total number of Directors constituting the entire Board. The Board shall assign members
                                            of the Board in office at the Classifying Date to such classes. Each Director shall serve
                                            for a term ending on the date of the third annual general meeting of the Members next following
                                            the annual general meeting of the 

 

    33 

     

    

Members
at which such Director was elected, provided that Directors initially designated as Class I Directors shall serve for a term ending
on the date of the first annual general meeting of the Members following the Classifying Date, Directors initially designated as Class
II Directors shall serve for a term ending on the second annual general meeting of the Members following the Classifying Date, and Directors
initially designated as Class III Directors shall serve for a term ending on the date of the third annual general meeting of the Members
following the Classifying Date. The Founding Directors shall be allocated to the longest duration classes unless otherwise determined
by the Board.

 

		21.4	Before
                                            the expiration of a Director’s term of office, a Director may only be removed for Cause
                                            by Ordinary Resolution in accordance with Article ‎21.9 below, subject to Article
                                            ‎21.2(e) above in respect of Founding Directors. Cause shall mean,
                                            in relation to a Director, the occurrence of any of the following events:

 

		(a)	the
                                            Director’s conviction by final judgment issued by a competent court or declaration
                                            of guilt before a competent court with respect to any offense considered an intentional crime
                                            or punishable by detention, or a torpid act, intentional fraud, improbity, theft or anti-ethical
                                            business conduct in the jurisdiction involved; 

 

		(b)	fraud,
                                            theft, financial dishonesty, misappropriation or embezzlement of funds by the Director, whether
                                            before or after the date of his election, that adversely affects the Company;

 

		(c)	breach
                                            or wilful misconduct by the Director in the performance of his or her obligations, including,
                                            among others, (i) uninterrupted or repeated omission or refusal to perform the obligations
                                            and duties established in the Articles of Association or in the applicable laws, and (ii)
                                            incapacity, by the Director, to comply with the obligations and duties as a result of an
                                            alcohol or drug addiction; or

 

		(d)	wilful
                                            misconduct by the Director that causes material damages to or that adversely affects the
                                            financial situation or commercial reputation of the Company.

 

		21.5	Subject
                                            to Article ‎21.2, any vacancies on the Board arising other than upon the removal
                                            of a Director in accordance with Article ‎21.9 may be filled by the remaining
                                            Director(s) (notwithstanding that the remaining Director(s) may constitute fewer than is
                                            required for a quorum pursuant to Article ‎27.1), provided that in the
                                            case of a vacancy arising as a result of a removal pursuant to Article ‎21.2(e)
                                            above, the Board shall appoint any person designated as a replacement Founding Director.
                                            Any such appointment shall be as an interim Director to fill such vacancy until (x) if before
                                            the Classifying Date, the next annual general meeting of Members or (y) if after the Classifying
                                            Date, the annual general meeting at which such interim Director’s predecessor would
                                            have been up for election.

 

		21.6	Additional
                                            Board members may be appointed to the Board by Ordinary Resolution, subject to the provisions
                                            of Article ‎21.2.

 

		21.7	There
                                            is no age limit for Directors of the Company. Directors are eligible for re-election.

 

    34 

     

    

		21.8	No
                                            shareholding qualification shall be required for a Director. A Director who is not a Member
                                            shall nevertheless be entitled to receive notice of and to attend and speak at general meetings
                                            of the Company.

 

		21.9	Directors
                                            (including, for the avoidance of doubt, Founding Directors) may be removed for Cause by Ordinary
                                            Resolution. The notice of general meeting must contain a statement of the intention to remove
                                            the Director and must be served on the Director not less than ten (10) calendar days before
                                            the meeting. The director is entitled to attend the meeting and be heard on the motion for
                                            his removal. For the avoidance of doubt, where a Founding Director is removed for Cause by
                                            Ordinary Resolution, the Founding Shareholder shall be entitled to appoint a new Founding
                                            Director (not being the Director so removed for Cause) in accordance with and subject to
                                            Article ‎21.2.

 

		21.10	The
                                            office of a Director shall be vacated automatically if:

 

		(a)	he
                                            or she becomes prohibited by law from being a Director;

 

		(b)	he
                                            or she becomes bankrupt or makes any arrangement or composition with his creditors generally;

 

		(c)	he
                                            or she dies or is, in the opinion of all his co-Directors, incapable by reason of mental
                                            disorder of discharging his or her duties as Director;

 

		(d)	he
                                            or she resigns his or her office by notice to the Company; or

 

		(e)	he
                                            or she has for more than six (6) months been absent without permission of the Directors from
                                            meetings of Directors held during that period and the remaining Directors resolve that his
                                            or her office be vacated.

 

		22	powers
                                            of directors

 

		22.1	Subject
                                            to the provisions of the Act, to the Memorandum and the Articles, to any directions given
                                            by Ordinary Resolution or Special Resolution and to the listing rules of any Designated Stock
                                            Exchange, the business and affairs of the Company will be managed by, or under the direction
                                            or supervision of, the Board. The Directors may exercise all the powers of the Company. No
                                            alteration of the Memorandum or Articles and no such direction shall invalidate any prior
                                            act of the Directors which would have been valid if that alteration had not been made or
                                            that direction had not been given. The powers given by this Article shall not be limited
                                            by any special power given to the Directors by the Articles and a meeting of Directors at
                                            which a quorum is present may exercise all powers exercisable by the Directors.

 

		22.2	Subject
                                            to the Memorandum and the Articles, the Board may exercise all the powers of the Company
                                            to raise capital or borrow money and to mortgage or charge all or any part of the undertaking,
                                            property and assets (present and future) and uncalled capital of the Company and, subject
                                            to the Act, to issue debentures, bonds and other securities, whether outright or as collateral
                                            security for any debt, liability or obligation of the Company or of any third party.

 

    35 

     

    

		22.3	Notwithstanding
                                            anything to the contrary in the Memorandum or the Articles, for so long as the Founding Shareholder
                                            and his Affiliates continue to beneficially own at least 10% of the Total Voting Power, the
                                            Company shall not take any action, or permit its subsidiaries to take any action (including
                                            any action by the Board or any committee thereof), with respect to any of the following matters
                                            without the prior written approval of a majority of the Class B Ordinary Shares in issue:

 

		(a)	entering
                                            into any transaction or series of transactions that would result in a Change of Control;

 

		(b)	any
                                            merger, consolidation, reorganization (including conversion) or any other Business Combination
                                            involving the Company or any of its subsidiaries;

 

		(c)	any
                                            liquidation, dissolution, receivership, commencement of bankruptcy, insolvency or similar
                                            proceedings with respect to the Company or any of its subsidiaries;

 

		(d)	authorizing
                                            or issuing any shares or any security or obligation that, by its terms, directly or indirectly,
                                            is convertible into or exchangeable or exercisable for shares (collectively, “Convertible
                                            Securities”) and any option, warrant or other right to subscribe for, purchase
                                            or acquire Convertible Securities, other than (i) pursuant to any share plan, employee share
                                            purchase plan or equity incentive plan approved by the Board, (ii) in connection with the
                                            acquisition by the Company or any of its subsidiaries of the securities, business, technology,
                                            property or other assets of another Person or pursuant to an employee benefit plan assumed
                                            by the Company or any of its subsidiaries in connection with such acquisition, or the Company’s
                                            joint ventures, equipment leasing arrangements, debt financings or other strategic transactions;
                                            provided that the aggregate number of shares (or shares underlying Convertible Securities)
                                            issued or issuable over any 12-month period under this clause (ii) shall not exceed 10% of
                                            the total number of Ordinary Shares in issue on the first day of such 12-month period, (iii)
                                            in connection with the exchange or conversion of Class B Ordinary Shares into Class A Ordinary
                                            Shares, as contemplated hereby or (iv) in compliance with these Articles;

 

		(e)	the
                                            acquisition, sale, conveyance, transfer or other disposition of any asset or business of
                                            the Company or any of its subsidiaries, in one transaction or a series of related transactions,
                                            the aggregate consideration or fair value of which is greater than or equal to 20% of the
                                            Company’s net equity value on the date of such transaction, as determined by the Board
                                            in good faith;

 

		(f)	redeeming,
                                            repurchasing or otherwise acquiring any shares or Convertible Securities of the Company or
                                            any of its subsidiaries, other than redemptions, repurchases or acquisitions of from employees,
                                            officers, directors, consultants or other Persons performing services for the Company or
                                            any of its subsidiaries (or in connection with the cessation of such services) pursuant to
                                            agreements under which the Company or any of its subsidiaries has the option to repurchase
                                            such 

 

    36 

     

    

shares
or Convertible Securities upon the occurrence of certain events, such as the termination of employment or service;

 

		(g)	paying
                                            or declaring any dividend or distribution on any shares of the Company or any of its subsidiaries
                                            except to the extent such payments are to the Company or one of its directly or indirectly
                                            wholly owned subsidiaries;

 

		(h)	incurring,
                                            creating or assuming any indebtedness of the Company or any of its subsidiaries in an amount
                                            greater than or equal to the Company’s net equity value in the aggregate on a consolidated
                                            basis;

 

		(i)	any
                                            material change in the strategic direction or scope of the Company’s business, as determined
                                            by the Board in good faith;

 

		(j)	any
                                            transaction or agreement (other than relating to the issuance or sale of shares or Convertible
                                            Securities) between the Company and/or any of its subsidiaries, on the one hand, and any
                                            officer, Director or Affiliate of the Company, on the other (excluding, in all cases, of
                                            the Founding Shareholder);

 

		(k)	any
                                            determination or approval of the annual compensation of an officer and/or Director of the
                                            Company (excluding, in all cases, of the Founding Shareholder); or

 

		(l)	the
                                            adoption of a shareholders’ rights plan.

 

		23	delegation
                                            of directors’ powers

 

		23.1	Subject
                                            to these Articles, the Directors may from time to time appoint any Person, whether or not
                                            a director of the Company, to hold such office in the Company as the Directors may think
                                            necessary for the administration of the Company, including without prejudice to the foregoing
                                            generality, the offices of chief executive officer and chief financial officer, and one or
                                            more vice presidents, managers or controllers, and for such term and at such remuneration
                                            (whether by way of salary or commission or participation in profits or partly in one way
                                            and partly in another) and with such powers and duties as the Directors may think fit. The
                                            Directors may by resolution remove from that position any officer appointed pursuant to this
                                            Article, however:

 

		(a)	The
                                            chief executive officer shall, subject to the other terms of these Articles: (i) have general
                                            executive charge, management and control of the properties, business and operations of the
                                            Company with all such powers as may be reasonably incident to such responsibilities; (ii)
                                            agree upon and execute all contracts in the name of the Company and may sign all certificates
                                            for shares of the Company; and (iii) have such other powers and duties as may be assigned
                                            to him or her from time to time by the Board.

 

		(b)	The
                                            chief financial officer shall have responsibility for the custody and control of all the
                                            funds and securities of the Company, and he or she shall have such other powers and duties
                                            as may be prescribed from time to time by the Board. He or she 

 

    37 

     

    

shall
perform all acts incident to the position of chief financial officer, subject to the control of the chief executive officer and the Board.

 

		23.2	Without
                                            limiting the generality of Article ‎23.1, the Directors may appoint one or more
                                            of their body to the office of managing Director or to any other executive office under the
                                            Company, and the Company may enter into an agreement or arrangement with any Director for
                                            his or her employment, subject to applicable law and any listing rules of the SEC, the CVM
                                            or any Designated Stock Exchange, or for the provision by him of any services outside the
                                            scope of the ordinary duties of a Director. Any such appointment, agreement or arrangement
                                            may be made upon such terms as the Directors determine and they may remunerate any such Director
                                            for his services as they think fit. Any appointment of a Director to an executive office
                                            shall terminate automatically if he ceases to be a Director but without prejudice to any
                                            claim to damages for breach of the contract of service between the Director and the Company.

 

		23.3	The
                                            Directors may, by power of attorney or otherwise, appoint any person to be the agent of the
                                            Company for such purposes and on such conditions as they determine, including authority for
                                            the agent to delegate all or any of his powers.

 

		23.4	Subject
                                            to applicable law and the listing rules of any Designated Stock Exchange, the Directors may
                                            delegate any of their powers to any committee, consisting of one or more Directors or officers.
                                            Subject to the requirements of the SEC, the CVM and any Designated Stock Exchange, the composition
                                            of each committee shall be allocated in accordance with the rights set forth in Article ‎21.2.
                                            The Directors may also delegate to any officer or committee of officers such of their powers
                                            as they consider desirable to be exercised by him or them. Any such delegation may be made
                                            subject to any conditions the Directors may impose, and either collaterally with or to the
                                            exclusion of its own powers and may be revoked or altered. Subject to any such conditions,
                                            the proceedings of a committee with two or more members shall be governed by the provisions
                                            of the Articles regulating the proceedings of Directors so far as they are capable of applying.
                                            Where a provision of the Articles refers to the exercise of a power, authority or discretion
                                            by the Directors and that power, authority or discretion has been delegated by the Directors
                                            to a committee, the provision shall be construed as permitting the exercise of the power,
                                            authority or discretion by the committee.

 

		24	Remuneration
                                            and Expenses of Directors

 

		24.1	The
                                            Directors shall be entitled to receive, as ordinary remuneration for their services, such
                                            sums as shall from time to time be determined by the Board or in general meeting by the Members,
                                            as the case may be, such sum (unless otherwise directed by the resolution by which it is
                                            determined) to be divided among the Directors in such proportions and in such manner as they
                                            may agree or, failing agreement, either equally or, in the case of any Director holding office
                                            for only a portion of the period in respect of which the remuneration is payable, pro
                                            rata. The Directors shall also be entitled to be repaid all expenses reasonably incurred
                                            by them in attending any Board meetings, committee meetings or general meetings or otherwise
                                            in connection with the discharge of their duties as Directors. Such remuneration shall be
                                            in addition to any other remuneration to which a 

 

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Director
who holds any salaried employment or office with the Company may be entitled by reason of such employment or office.

 

		24.2	Any
                                            Director who, at the request of the Company, performs services which in the opinion of the
                                            Board go beyond the ordinary duties of a Director may be paid such special or extra remuneration
                                            as the Board may determine, in addition to or in substitution for any ordinary remuneration
                                            as a Director. An executive Director appointed to be a managing Director, joint managing
                                            Director, deputy managing Director or other officer shall receive such remuneration and such
                                            other benefits and allowances as the board of directors may from time to time decide. Such
                                            remuneration shall be in addition to his or her ordinary remuneration as a Director.

 

		25	Directors’
                                            Gratuities and Pensions

 

		25.1	The
                                            Board may establish, either on its own or jointly in concurrence or agreement with subsidiaries
                                            or companies with which the Company is associated in business, or may make contributions
                                            out of Company monies to, any schemes or funds for providing pensions, sickness or compassionate
                                            allowances, life assurance or other benefits for employees (which expression as used in this
                                            and the following paragraph shall include any Director or former Director who may hold or
                                            have held any executive office or any office of profit with the Company or any of its subsidiaries)
                                            and former employees of the Company and their dependents or any class or classes of such
                                            persons.

 

		25.2	The
                                            Board may also pay, enter into agreements to pay or make grants of revocable or irrevocable,
                                            whether or not subject to any terms or conditions, pensions or other benefits to employees
                                            and former employees and their dependents, or to any of such persons, including pensions
                                            or benefits additional to those, if any, to which such employees or former employees or their
                                            dependents are or may become entitled under any such scheme or fund as mentioned above. Such
                                            pension or benefit may, if deemed desirable by the Board, be granted to an employee either
                                            before and in anticipation of, or upon or at any time after, his or her actual retirement.

 

		26	directors’
                                            interests

 

		26.1	With
                                            the exception of the office of auditor, a Director may hold any other office or place of
                                            profit with the Company in conjunction with his or her office of Director for such period
                                            and upon such terms as the Directors may determine in accordance with these Articles, and
                                            may be paid such extra remuneration for that other office or place of profit, in whatever
                                            form, in addition to any remuneration provided for by or pursuant to these Articles. A Director
                                            may be or become a director, officer or member of any other company in which Company may
                                            be interested, and shall not be liable to account to the Company or the Members for any remuneration
                                            or other benefits received by him as a director, officer or member of such other company.

 

		26.2	No
                                            Director or intended Director shall be disqualified by his or her office from contracting
                                            with the Company, nor shall any such contract or any other contract or arrangement in which
                                            any Director is in any way interested be liable to be avoided, nor shall any Director so
                                            contracting or being so interested be liable to account to the 

 

    39 

     

    

Company
for any profit realised by any such contract or arrangement by reason only of such Director holding that office or the fiduciary relationship
established by it. A Director who is, in any way, materially interested in a contract or arrangement or proposed contract or arrangement
with the Company shall declare the nature of his or her interest at the earliest meeting of the Board at which he or she may practically
do so.

 

		26.3	A
                                            Director shall not vote or be counted in the quorum on any resolution of the Board in respect
                                            of any contract or arrangement or proposal in which he or she or any of his or her close
                                            associate(s) has/have a material interest, and if such Director shall do so, his or her vote
                                            shall not be counted nor shall such Director be counted in the quorum for that resolution,
                                            but this prohibition shall not apply to any of the following matters:

 

		(a)	the
                                            giving of any security or indemnity to the Director or his or her close associate(s) in respect
                                            of money lent or obligations incurred or undertaken by him or any of them at the Company’s
                                            request and of or for the Company’s benefit or any of the Company’s subsidiaries;
                                            

 

		(b)	the
                                            giving of any security or indemnity to a third party in respect of a debt or obligation of
                                            the Company’s or any of the Company’s subsidiaries for which the Director or
                                            his close associate(s) has/have himself/themselves assumed responsibility in whole or in
                                            part whether alone or jointly under a guarantee or indemnity or by the giving of security;
                                            

 

		(c)	any
                                            proposal concerning an offer of shares, debentures or other securities of or by the Company
                                            or any other company which the Company may promote or be interested in for subscription or
                                            purchase, where the Director or his or her close associate(s) is/are or is/are to be interested
                                            as a participant in the underwriting or sub-underwriting of the offer; 

 

		(d)	any
                                            proposal or arrangement concerning the benefit of the Company’s or any of its subsidiaries’
                                            employees, including the adoption, modification or operation of either: (i) any employees’
                                            share scheme or any share incentive or share option scheme under which the Director or his
                                            or her close associate(s) may benefit; or (ii) any of a pension fund or retirement,
                                            death or disability benefits scheme which relates to Directors, their close associates and
                                            employees of the Company or any of the Company’s subsidiaries and does not provide
                                            in respect of any Director or his or her close associate(s) any privilege or advantage not
                                            generally accorded to the class of persons to which such scheme or fund relates; and 

 

		(e)	any
                                            contract or arrangement in which the Director or his or her close associate(s) is/are interested
                                            in the same manner as other holders of shares, debentures or other securities of the Company
                                            by virtue only of his or her/their interest in those shares, debentures or other securities.
                                            

 

		26.4	Subject
                                            to the Act and Articles ‎26.1, ‎26.2 and ‎26.3 above and
                                            the listing rules of any Designated Stock Exchange, if a Director has disclosed to the other
                                            Directors the nature and extent of any direct or indirect interest that the Director has
                                            in any transaction or arrangement with the Company, a Director, notwithstanding his office:

 

    40 

     

    

		(a)	may
                                            be a party to or otherwise interested in any transaction or arrangement with the Company
                                            or in which the Company is otherwise interested;

 

		(b)	may
                                            be a Director or other officer of, or employed by, or a party to any transaction or arrangement
                                            with, or otherwise interested in, any body corporate promoted by the Company or in which
                                            the Company is otherwise interested; and

 

		(c)	shall
                                            not by reason of his office be accountable to the Company for any benefit which he derives
                                            from any such office or employment or from any such transaction or arrangement or from any
                                            interest in any such body corporate and no such transaction or arrangement shall be liable
                                            to be avoided on the ground of any such interest or benefit.

 

		26.5	For
                                            the purposes of Article ‎26.4:

 

		(a)	a
                                            general notice given to the Directors to the effect that (1) a Director is a member or officer
                                            of a specified company or firm and is to be regarded as having an interest in any transaction
                                            or arrangement that may after the date of the notice be made with that company or firm; or
                                            (2) a Director is to be regarded as interested in any transaction or arrangement that may
                                            after the date of the notice be made with a specified person who is connected with him or
                                            her shall be deemed to be a sufficient disclosure that the Director has an interest of the
                                            nature and extent so specified; and

 

		(b)	an
                                            interest of which a Director has no knowledge and of which it is unreasonable to expect him
                                            to have knowledge shall not be treated as an interest of his.

 

		26.6	A
                                            Director must disclose any direct or indirect interest in any transaction or arrangement
                                            with the Company, and following a declaration being made pursuant to the Articles, subject
                                            to Articles ‎26.1, ‎26.2 and ‎26.3 above and any separate
                                            requirement for approval under applicable law or the listing rules of any Designated Stock
                                            Exchange, and unless disqualified by the chairman of the relevant meeting, a Director may
                                            vote in respect of any such transaction or arrangement in which such Director is interested
                                            and may be counted in the quorum at such meeting.

 

		27	Proceedings
                                            of Directors

 

		27.1	The
                                            quorum for the transaction of the business of the Directors shall be a simple majority of
                                            the Directors then in office (subject to there being a minimum of two (2) Directors present,
                                            one of whom shall be a Founding Director, to the extent applicable). 

 

		27.2	Subject
                                            to the provisions of the Articles, the Directors may regulate their proceedings as they determine
                                            is appropriate. The affirmative vote of a majority of Directors present at a meeting at which
                                            a quorum is present shall constitute an act of the Board. Questions arising at any meeting
                                            shall be decided by a majority of Directors present at a meeting at which a quorum is present.
                                            In the case of an equality of votes, the Chairman shall have a second or casting vote. In
                                            the absence of the Chairman, the Vice-Chairman shall have a second or casting vote. In the
                                            absence of both Chairman and Vice-Chairman, no director 

 

    41 

     

    

shall
have a second or casting vote and in the event of a tie a new meeting shall be convened.

 

		27.3	Meetings
                                            of the Directors shall be held at least once every calendar quarter and shall take place
                                            at such place as the Directors may determine from time to time.

 

		27.4	A
                                            person may participate in a meeting of the Directors or any committee of Directors by conference
                                            telephone or other electronic means by means of which all the persons participating in the
                                            meeting can communicate with each other at the same time. Participation by a person in a
                                            meeting in this manner is treated as presence in person at that meeting and is counted in
                                            a quorum and entitled to vote.

 

		27.5	A
                                            resolution in writing (in one or more counterparts) signed by all the Directors or all the
                                            members of a committee of the Directors shall be as valid and effective as if it had been
                                            passed at a meeting of the Director or committee of Directors, as the case may be, duly convened
                                            and held. Unless otherwise provided by its terms, such a resolution shall be effective from
                                            the date and time of the last signature.

 

		27.6	The
                                            Chairman or in his absence the Vice-Chairman (if any) or in their absence a Director may,
                                            and another officer of the Company on the direction of a Director shall, call a meeting of
                                            the Directors by at least five (5) clear days’ notice in writing to every Director,
                                            which notice shall set forth the general nature of the business to be considered, unless
                                            notice is waived by all the Directors either at, before or after the meeting is held. To
                                            any such notice of a meeting of the Directors all the provisions of the Articles relating
                                            to the giving of notices by the Company to the Members shall apply mutatis mutandis.

 

		27.7	Notwithstanding
                                            Article ‎27.6, if all Directors so agree to the meeting, the Chairman or in his
                                            absence the Vice-Chairman (if any) or in their absence any Director may, or other officer
                                            of the Company on the direction of a Director may, call a meeting of the Directors on shorter
                                            notice than is provided for in Article ‎27.6 by notice in writing to every Director,
                                            which notice shall set forth the general nature of the business to be considered.

 

		27.8	The
                                            continuing Directors (or a sole continuing Director, as the case may be) may act notwithstanding
                                            any vacancy in their body, but if and so long as their number is reduced below the number
                                            fixed by or pursuant to the Articles (if any) as the necessary quorum of Directors, the continuing
                                            Directors or Director may act for the purpose of increasing the number of Directors to be
                                            equal to such fixed number (if any), or of summoning a general meeting of the Company, but
                                            for no other purpose.

 

		27.9	All
                                            acts done by any meeting of the Directors or of a committee of the Directors shall, notwithstanding
                                            that it is afterwards discovered that there was some defect in the appointment of any Director,
                                            or that they or any of them were disqualified, or had vacated their office or were not entitled
                                            to vote, be as valid as if every such person had been duly appointed or not disqualified
                                            to be a Director or had not vacated their office or had been entitled to vote, as the case
                                            may be.

 

		27.10	A
                                            Director who is present at a meeting of the Directors at which action on any Company matter
                                            is taken shall be presumed to have assented to the action taken unless his dissent 

 

    42 

     

    

shall
be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the secretary
of the meeting before the adjournment thereof or shall forward such dissent by electronic mail to the Company immediately after the conclusion
of the meeting and such notice is received by the Company within twenty four hours. Such right to dissent shall not apply to a Director
who voted in favour of such action.

 

		28	Secretary
                                            and other officers

 

		28.1	The
                                            Directors may by resolution appoint a Secretary and may by resolution also appoint such other
                                            officers as may from time to time be required upon such terms as to the duration of office,
                                            remuneration and otherwise as they may think fit. Such Secretary or other officers need not
                                            be Directors and in the case of the other officers may be ascribed such titles as the Directors
                                            may determine. The Directors may by resolution remove from that position any Secretary or
                                            other officer appointed pursuant to this Article. 

 

		29	minutes

 

		29.1	The
                                            Directors shall cause minutes to be made in books kept for the purposes of recording:

 

		(a)	all
                                            appointments of officers made by the Directors; and

 

		(b)	all
                                            resolutions and proceedings of meetings of the Company, of the holders of any class of shares
                                            in the Company and of the Board and of committees of Board, including the names of the Directors
                                            present at each such meeting.

 

		30	seal

 

		30.1	The
                                            Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the
                                            authority of the Directors or of a committee of the Board authorised by the Directors. The
                                            Directors may determine who shall sign any instrument to which the Seal is affixed, and unless
                                            otherwise so determined every such instrument shall be signed by a Director or by such other
                                            person as the Directors may authorise.

 

		30.2	The
                                            Company may have for use in any place or places outside the Islands a duplicate Seal or Seals,
                                            each of which shall be a reproduction of the Seal of the Company and, if the Directors so
                                            determine, shall have added on its face the name of every place where it is to be used.

 

		30.3	The
                                            Directors may by resolution determine (i) that any signature required by this Article need
                                            not be manual but may be affixed by some other method or system of reproduction or mechanical
                                            or electronic signature and (ii) that any document may bear a printed reproduction of the
                                            Seal in lieu of affixing the Seal thereto.

 

		30.4	No
                                            document or deed otherwise duly executed and delivered by or on behalf of the Company shall
                                            be regarded as invalid merely because at the date of the delivery of the deed or document,
                                            the Director, Secretary or other officer or person who shall have 

 

    43 

     

    

executed
the same or affixed the Seal thereto, as the case may be, for and on behalf of the Company shall have ceased to hold such office and
authority on behalf of the Company.

 

		31	dividends

 

		31.1	Subject
                                            to any rights and restrictions for the time being attached to any shares, the Directors may
                                            from time to time declare dividends (including interim dividends) and other distributions
                                            on shares in issue and authorize payment of the same out of the funds of the Company lawfully
                                            available therefor.

 

		31.2	Subject
                                            to any rights and restrictions for the time being attached to any shares, the Company by
                                            Ordinary Resolution may declare dividends, but no dividend shall exceed the amount recommended
                                            by the Directors. 

 

		31.3	Subject
                                            to the provisions of the Act, the Directors may declare dividends in accordance with the
                                            respective rights of the Members and authorise payment of the same out of the funds of the
                                            Company lawfully available therefor. If at any time the share capital is divided into different
                                            classes of shares, the Directors may pay dividends on shares which confer deferred or non-preferred
                                            rights with regard to dividends as well as on shares which confer preferential rights with
                                            regard to dividends, but no dividend shall be paid on shares carrying deferred or non-preferred
                                            rights if, at the time of payment, any preferential dividend is in arrears. The Directors
                                            may also pay at intervals settled by them any dividend payable at a fixed rate if it appears
                                            that there are sufficient funds of the Company lawfully available for distribution to justify
                                            the payment. Provided the Directors act in good faith they shall not incur any liability
                                            to the holders of shares conferring preferred rights for any loss they may suffer by the
                                            lawful payment of a dividend on any shares having deferred or non-preferred rights.

 

		31.4	The
                                            Directors may, before recommending or declaring any dividend, set aside out of the funds
                                            legally available for distribution such sums as they think proper as a reserve or reserves
                                            which shall, at the discretion of the Directors, be applicable for meeting contingencies,
                                            or for equalising dividends or for any other purpose to which those funds may be properly
                                            applied and pending such application may, at the like discretion, either be employed in the
                                            business of the Company or be invested in such investments (other than shares in the capital
                                            of the Company) as the Directors may from time to time think fit.

 

		31.5	Except
                                            as otherwise provided by the rights attached to shares and subject to Article ‎15,
                                            all dividends shall be paid in proportion to the number of shares a Member holds as of the
                                            date the dividend is declared; save that (a) if any share is issued on terms providing that
                                            it shall rank for dividend as from a particular date, that share shall rank for dividend
                                            accordingly; and (b) where the Company has shares in issue which are not fully paid up (as
                                            to par value) the Company may pay dividends in proportion to the amount paid up on each share.

 

		31.6	The
                                            Directors may deduct from a dividend or other amounts payable to a person in respect of a
                                            share any amounts due from him to the Company on account of a call or otherwise in relation
                                            to a share.

 

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		31.7	Any
                                            Ordinary Resolution or Directors’ resolution declaring a dividend may direct that it
                                            shall be satisfied wholly or partly by the distribution of assets and, where any difficulty
                                            arises in regard to such distribution, the Directors may settle the same and in particular
                                            may issue fractional certificates and fix the value for distribution of any assets and may
                                            determine that cash shall be paid to any Member upon the footing of the value so fixed in
                                            order to adjust the rights of Members and may vest any assets in trustees.

 

		31.8	Any
                                            dividend or other moneys payable on or in respect of a share may be paid by cheque sent by
                                            post to the registered address of the person entitled or, if two or more persons are the
                                            holders of the share or are jointly entitled to it by reason of the death or bankruptcy of
                                            the holder, to the registered address of that one of those persons who is first named in
                                            the Register of Members or to such person and to such address as the person or persons entitled
                                            may in writing direct. Subject to any applicable law or regulations, every cheque shall be
                                            made payable to the order of the person or persons entitled or to such other person as the
                                            person or persons entitled may in writing direct and payment of the cheque shall be a good
                                            discharge to the Company. Any joint holder or other person jointly entitled to a share as
                                            aforesaid may give receipts for any dividend or other moneys payable in respect of the share.

 

		31.9	No
                                            dividend or other moneys payable in respect of a share shall bear interest against the Company
                                            unless otherwise provided by the rights attached to the share.

 

		31.10	Any
                                            dividend which has remained unclaimed for six years from the date when it became due for
                                            payment shall, if the Directors so resolve, be forfeited and cease to remain owing by the
                                            Company.

 

		32	Financial
                                            Year, Accounting Records and Audit

 

		32.1	Unless
                                            the Directors otherwise prescribe, the financial year of the Company shall end on 31 December
                                            in each year and shall begin on 1 January each year.

 

		32.2	The
                                            Board shall cause proper books of account to be kept of the sums of money received and expended
                                            by the Company, and of the Company’s assets and liabilities and of all other matters
                                            required by the Act (which include all sales and purchases of goods by the company) necessary
                                            to give a true and fair view of the state of the Company’s affairs and to show and
                                            explain the Company’s transactions. 

 

		32.3	The
                                            books of account relating to the Company’s affairs shall be kept in such manner as
                                            may be determined from time to time by the Directors. The books of account shall be kept
                                            at the registered office or at such other place or places as the Directors think fit, and
                                            shall always be open to the inspection of the Directors.

 

		32.4	No
                                            Member shall be entitled to require discovery of or any information with respect to any detail
                                            of the Company’s trading or any matter which is or may be in the nature of a trade
                                            secret or secret process which may relate to the conduct of the business of the Company and
                                            which in the opinion of the Directors it will be inexpedient in the interests of the Members
                                            of the Company to communicate to the public.

 

    45 

     

    

		32.5	The
                                            Directors may from time to time determine whether and to what extent and at what times and
                                            places and under what conditions or regulations the accounts and books and corporate records
                                            of the Company or any of them shall be open to the inspection of Members not being Directors,
                                            and no Member (not being a Director) shall have any right of inspecting any account or book
                                            or document of the Company except as conferred by applicable law, the listing rules of any
                                            Designated Stock Exchange or authorised by the Directors.

 

		32.6	Subject
                                            to Articles ‎32.5 and ‎32.7 a printed copy of the Directors’
                                            report, if any, accompanied by the consolidated financial statements including every document
                                            required by the Act to be annexed thereto, made up to the end of the applicable financial
                                            year, shall be sent to the Members at least ten (10) days before the date of the general
                                            meeting and laid before the Company at the annual general meeting held in accordance with
                                            Article ‎16.2, provided that this Article ‎32.6 shall not require a
                                            copy of those documents to be sent to any person whose address the Company is not aware of
                                            or to more than one of the joint holders of any shares.

 

		32.7	The
                                            requirement to send to a person referred to in Article ‎32.6 the documents referred
                                            to in that Article shall be deemed satisfied where, in accordance with all applicable laws,
                                            rules and regulations, including, without limitation, the rules of any Designated Stock Exchange,
                                            the Company publishes copies of the documents referred to in Article ‎32.6 on
                                            the Company’s Website, transmits it to SEC’s website or in any other permitted
                                            manner (including by sending any other form of electronic communication), and that person
                                            has agreed or is deemed by the Company to have agreed to treat the publication or receipt
                                            of such documents in such manner as discharging the Company’s obligation to send to
                                            him a copy of such documents.

 

		32.8	The
                                            Directors may from time to time determine that Auditors shall be appointed and that the accounts
                                            relating to the Company's affairs shall be audited in such manner as the Directors shall
                                            determine, provided, that nothing contained in this Article shall require Auditors
                                            to be appointed or the accounts relating to the Company's affairs to be audited. The appointment
                                            of and provisions relating to Auditors shall be in accordance with applicable law and the
                                            relevant code, rules and regulations applicable to the listing of the Class A Ordinary Shares
                                            on a Designated Stock Exchange.

 

		33	Capitalisation
                                            of Profits

 

		33.1	The
                                            Directors may:

 

		(a)	subject
                                            to the remainder of this Article, resolve to capitalize any undivided profits of the Company
                                            not required for paying any preferential dividend (whether or not they are available for
                                            distribution) or any sum standing to the credit of the Company’s share premium account
                                            or capital redemption reserve;

 

		(b)	appropriate
                                            the sum resolved to be capitalised to the Members who would have been entitled to it if it
                                            were distributed by way of dividend and in the same proportions and apply such sum on their
                                            behalf either in or towards paying up the amounts, if any, for the time being unpaid on any
                                            shares held by them respectively, 

 

    46 

     

    

or
in paying up in full unissued shares or debentures of the Company of a nominal amount equal to such sum, and allot the shares or debentures
credited as fully paid to those Members, or as they may direct, in those proportions, or partly in one way and partly in the other, provided
that on any such capitalization holders of Class A Ordinary Shares shall receive Class A Ordinary Shares (or rights to acquire Class
A Ordinary Shares, as the case may be) and holders of Class B Ordinary Shares shall receive Class B Ordinary Shares (or rights to acquire
Class B Ordinary Shares, as the case may be);

 

		(c)	resolve
                                            that any shares so allotted to any Member in respect of a holding by him of any partly-paid
                                            shares rank for dividend, so long as such shares remain partly paid, only to the extent that
                                            such partly paid shares rank for dividend;

 

		(d)	make
                                            such provision by the issue of fractional certificates or by payment in cash or otherwise
                                            as they determine in the case of shares or debentures becoming distributable under this Article
                                            in fractions; and

 

		(e)	authorise
                                            any person to enter on behalf of all the Members concerned into an agreement with the Company
                                            providing for the allotment to them respectively, credited as fully paid, of any shares or
                                            debentures to which they may be entitled upon such capitalization, any agreement made under
                                            such authority being binding on all such Members.

 

		34	Share
                                            Premium Account

 

		34.1	The
                                            Directors shall in accordance with Section 34 of the Act establish a share premium account
                                            and shall carry to the credit of such account from time to time a sum equal to the amount
                                            or value of the premium paid on the issue of any share or capital contributed as described
                                            in Article ‎4.11.

 

		34.2	There
                                            shall be debited to any share premium account:

 

		(a)	on
                                            the redemption or purchase of a share the difference between the nominal value of such share
                                            and the redemption or purchase price provided always that at the discretion of the Directors
                                            such sum may be paid out of the profits of the Company or, if permitted by Section 37 of
                                            the Act, out of capital; and

 

		(b)	any
                                            other amounts paid out of any share premium account as permitted by Section 34 of the Act.

 

		35	notices

 

		35.1	Except
                                            where otherwise provided in these Articles and subject to the rules of any Designated Stock
                                            Exchange, any notice or document (including a share certificate) to be given or issued under
                                            these Articles shall be in writing, and may be served on any Member personally, by post to
                                            such Member’s registered address or (in the case of a notice) by advertisement in the
                                            newspapers. The Company will give notice of each general meeting of the Members by publication
                                            on the Company’s website and in any 

 

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other
manner that the Company may be required to follow in order to comply with Cayman Islands law, the listing rules of any Designated Stock
Exchange and SEC and CVM requirements.

 

		35.2	Subject
                                            to the Act and the listing rules of any Designated Stock Exchange, a notice or document may
                                            also be served or delivered by the Company to any Member by electronic means.

 

		35.3	In
                                            the case of joint holders of a Share, all notices shall be given to that one of the joint
                                            holders whose name stands first in the Register of Members in respect of the joint holding,
                                            and notice so given shall be sufficient notice to all the joint holders.

 

		35.4	Notices
                                            posted to addresses outside the Cayman Islands shall be forwarded by prepaid airmail or courier.

 

		35.5	Any
                                            notice or other document, if served by:

 

		(a)	post,
                                            shall be deemed to have been served five days after the time when the letter containing the
                                            same is posted;

 

		(b)	facsimile,
                                            shall be deemed to have been served upon production by the transmitting facsimile machine
                                            of a report confirming transmission of the facsimile in full to the facsimile number of the
                                            recipient;

 

		(c)	recognized
                                            courier service, shall be deemed to have been served 48 hours after the time when the letter
                                            containing the same is delivered to the courier service;

 

		(d)	electronic
                                            mail, shall be deemed to have been served immediately upon the time of the transmission by
                                            electronic mail; or

 

		(e)	placing
                                            it on the Company’s Website, shall be deemed to have been served one (1) hour after
                                            the notice or document is placed on the Company’s Website.

 

In
proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly
addressed and duly posted or delivered to the courier service.

 

		35.6	A
                                            Member present, either in person or by proxy, at any meeting of the Company or of the holders
                                            of any class of shares in the Company shall be deemed to have received notice of the meeting,
                                            and, where requisite, of the purpose for which it was called.

 

		35.7	Any
                                            notice or document delivered or sent by post to or left at the registered address of any
                                            Member in accordance with the terms of these Articles shall notwithstanding that such Member
                                            be then dead or bankrupt, and whether or not the Company has notice of his death or bankruptcy,
                                            be deemed to have been duly served in respect of any share registered in the name of such
                                            Member as sole or joint holder, unless his name shall, at the time of the service of the
                                            notice or document, have been removed from the Register of Members as the holder of the share,
                                            and such service shall for all purposes be deemed a 

 

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sufficient
service of such notice or document on all Persons interested (whether jointly with or as claiming through or under him) in the share.

 

		35.8	Notice
                                            of every general meeting of the Company shall be given to:

 

		(a)	all
                                            Members holding shares with the right to receive notice and who have supplied to the Company
                                            an address, facsimile number or email address for the giving of notices to them; and

 

		(b)	every
                                            Person entitled to a share in consequence of the death or bankruptcy of a Member who but
                                            for his death or bankruptcy would be entitled to receive notice of the meeting.

 

No
other Person shall be entitled to receive notices of general meetings.

 

		36	Winding
                                            Up

 

		36.1	The
                                            Board shall have the power in the name and on behalf of the Company to present a petition
                                            to the court for the Company to be wound up.

 

		36.2	If
                                            the Company is wound up, the liquidator may, with the sanction of a Special Resolution and
                                            any other sanction required by the Act, divide among the Members in specie the whole or any
                                            part of the assets of the Company and may, for that purpose, value any assets and determine
                                            how the division shall be carried out as between the Members or different classes of Members.
                                            The liquidator may, with the like sanction, vest the whole or any part of the assets in trustees
                                            upon such trusts for the benefit of the Members as he with the like sanction determines,
                                            but no Member shall be compelled to accept any assets upon which there is a liability.

 

		36.3	If
                                            the Company shall be wound up and the assets available for distribution amongst the Members
                                            as such shall be insufficient to repay the whole of the paid up capital, such assets shall
                                            be distributed so that, as nearly as may be, the losses shall be borne by the Members in
                                            proportion to the capital paid up, or which ought to have been paid up, at the commencement
                                            of the winding up, on the shares held by them respectively. If in a winding up the assets
                                            available for distribution amongst the Members shall be more than sufficient to repay the
                                            whole of the capital paid up at the commencement of the winding up, the excess shall be distributed
                                            pari passu amongst the Members in proportion to the capital paid up at the commencement
                                            of the winding up on the shares held by them respectively. This Article is to be without
                                            prejudice to the rights of the holders of shares issued upon special terms and conditions.

 

		37	Indemnity

 

		37.1	Every
                                            Indemnified Person for the time being and from time to time of the Company and the personal
                                            representatives of the same shall be indemnified and secured harmless out of the assets and
                                            funds to the maximum extent permitted by Islands law as then in effect of the Company against
                                            all actions, proceedings, costs, charges, expenses, losses, damages, liabilities, judgments,
                                            fines, settlements and other amounts (including reasonable 

 

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attorneys’
fees and expenses and amounts paid in settlement and costs of investigation (collectively Losses) incurred or sustained
by him otherwise than by reason of his own dishonesty, wilful default or fraud in or about the conduct of the Company’s business
or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or
discretions, including without prejudice to the generality of the foregoing, any Losses incurred by him in defending or investigating
(whether successfully or otherwise) any civil, criminal, investigative and administrative proceedings concerning or in any way related
to the Company or its affairs in any court whether in the Islands or elsewhere. Such Losses incurred in defending or investigating any
such proceeding shall be paid by the Company as they are incurred upon receipt, in each case, of an undertaking by or on behalf of the
Indemnified Person to repay such amounts if it is ultimately determined by a non-appealable order of a court of competent jurisdiction
that such Indemnified Person is not entitled to indemnification hereunder with respect thereto.

 

		37.2	No
                                            such Indemnified Person of the Company and the personal representatives of the same shall
                                            be liable (i) for the acts, receipts, neglects, defaults or omissions of any other Director
                                            or officer or agent of the Company or (ii) by reason of his having joined in any receipt
                                            for money not received by him personally or in any other act to which he was not a direct
                                            party for conformity or (iii) for any loss on account of defect of title to any property
                                            of the Company or (iv) on account of the insufficiency of any security in or upon which any
                                            money of the Company shall be invested or (v) for any loss incurred through any bank, broker
                                            or other agent or any other party with whom any of the Company’s property may be deposited
                                            or (vi) for any loss, damage or misfortune whatsoever which may happen in or arise from the
                                            execution or discharge of the duties, powers, authorities or discretions of his office or
                                            in relation thereto or (vii) for any loss occasioned by any negligence, default, breach of
                                            duty, breach of trust, error of judgement or oversight on such Person’s part, unless
                                            he has acted dishonestly, with wilful default or through fraud.

 

		37.3	The
                                            Company hereby acknowledges that certain Indemnified Persons may have certain rights to indemnification,
                                            advancement of expenses or insurance from or against (other than directors’ and officers’
                                            or similar insurance obtained or maintained by or on behalf of the Company or any of its
                                            subsidiaries, including any such insurance obtained or maintained pursuant to Article ‎37.4
                                            hereof) Other Indemnitors. The Company hereby agrees that: (i) it is the indemnitor of first
                                            resort (i.e., its obligations to an Indemnified Person are primary and any obligation of
                                            any Other Indemnitors to advance expenses or to provide indemnification for the same expenses
                                            or liabilities incurred by such Indemnified Person are secondary); (ii) it shall be required
                                            to advance the full amount of expenses incurred by an Indemnified Person and shall be liable
                                            for the full amount of all Losses to the extent legally permitted and as required by the
                                            terms of these Articles (or any other agreement between the Company and an Indemnified Person)
                                            without regard to any rights an Indemnified Person may have against any Other Indemnitors;
                                            and (iii) it irrevocably waives, relinquishes and releases any Other Indemnitors from any
                                            and all claims against the Other Indemnitors for contribution, subrogation or any other recovery
                                            of any kind in respect thereof. The Company further agrees that no advancement or payment
                                            by any Other Indemnitors on behalf of an Indemnified Person with respect to any claim for
                                            which such Indemnified Person has sought indemnification from the Company shall affect the
                                            

 

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foregoing,
and without prejudice to Article ‎38 below, Other Indemnitors shall have a right of contribution or be subrogated to the extent
of such advancement or payment to all of the rights of recovery of such Indemnified Person against the Company. For the avoidance of
doubt, no Person or entity providing Directors’ or officers’ or similar insurance obtained or maintained by or on behalf
of the Company or any of its subsidiaries, including any Person providing such insurance obtained or maintained pursuant to Article ‎37.4
hereof, shall be an Other Indemnitor.

 

		37.4	The
                                            Directors may exercise all the powers of the Company to purchase and maintain insurance for
                                            the benefit of a Person who is or was (whether or not the Company would have the power to
                                            indemnify such Person against such liability under the provisions of this Article ‎37
                                            or under applicable law): (a) a Director, Secretary or auditor of the Company or of a company
                                            which is or was a subsidiary of the Company or in which the Company has or had an interest
                                            (whether direct or indirect); or (b) the trustee of a retirement benefits scheme or other
                                            trust in which a person referred to in Article ‎37.1 is or has been interested,
                                            indemnifying him against any liability which may lawfully be insured against by the Company.

 

		38	Claims
                                            Against the Company

 

		38.1	Notwithstanding
                                            Article ‎37.3, unless otherwise determined by a majority of the Board, in the
                                            event that (i) any Member (the Claiming Party) initiates or asserts any claim
                                            or counterclaim (Claim) or joins, offers substantial assistance to or has a
                                            direct financial interest in any Claim against the Company and (ii) the Claiming Party (or
                                            the third party that received substantial assistance from the Claiming Party or in whose
                                            Claim the Claiming Party had a direct financial interest) does not obtain a judgment on the
                                            merits in which the Claiming Party prevails, then each Claiming Party shall, to the fullest
                                            extent permissible by law, be obligated jointly and severally to reimburse the Company for
                                            all fees, costs and expenses (including, but not limited to, all reasonable attorneys’
                                            fees and other litigation expenses) that the Company may incur in connection with such Claim.

 

		39	Untraceable
                                            Members

 

		39.1	Without
                                            prejudice to the rights of the Company under Article ‎39.2, the Company may cease
                                            sending cheques for dividend entitlements or dividend warrants by post if such cheques or
                                            warrants have been left uncashed on two (2) consecutive occasions. However, the Company may
                                            exercise the power to cease sending cheques for dividend entitlements or dividend warrants
                                            after the first occasion on which such a cheque or warrant is returned undelivered.

 

		39.2	The
                                            Company shall have the power to sell, in such manner as the Board thinks fit, any shares
                                            of a Member who is untraceable, but no such sale shall be made unless:

 

		(a)	all
                                            cheques or warrants in respect of dividends of the shares in question, being not less than
                                            three (3) in total number, for any sum payable in cash to the holder of such shares in respect
                                            of them sent during the relevant period in the manner authorised by the Articles of the Company
                                            have remained uncashed;

 

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		(b)	so
                                            far as it is aware at the end of the relevant period, the Company has not at any time during
                                            the relevant period received any indication of the existence of the Member who is the holder
                                            of such shares or of a person entitled to such shares by death, bankruptcy or operation of
                                            law; and

 

		(c)	the
                                            Company, if so required by the rules governing the listing of shares on any Designated Stock
                                            Exchange, has given notice to, and caused advertisement in newspapers to be made in accordance
                                            with the requirements of, such Designated Stock Exchange of its intention to sell such shares
                                            in the manner required by such Designated Stock Exchange, and a period of three (3) months
                                            or such shorter period as may be allowed by such Designated Stock Exchange has elapsed since
                                            the date of such advertisement.

 

For
the purposes of the foregoing, the relevant period means the period commencing twelve (12) years before the date of publication
of the advertisement referred to in this Article ‎39.2 and ending at the expiry of the period referred to in that paragraph.

 

		39.3	To
                                            give effect to any such sale the Board may authorise some person to transfer the said shares
                                            and an instrument of transfer signed or otherwise executed by or on behalf of such persons
                                            shall be as effective as if it had been executed by the registered holder or the person entitled
                                            by transmission to such shares, and the purchaser shall not be bound to see to the application
                                            of the purchase money nor shall his title to the shares be affected by any irregularity or
                                            invalidity in the proceedings relating to the sale. The net proceeds of the sale will belong
                                            to the Company and upon receipt by the Company of such net proceeds it shall become indebted
                                            to the former Member for an amount equal to such net proceeds. No trust shall be created
                                            in respect of such debt and no interest shall be payable in respect of it and the Company
                                            shall not be required to account for any money earned from the net proceeds which may be
                                            employed in the business of the Company or as it thinks fit. Any sale under this Article
                                            shall be valid and effective notwithstanding that the Member holding the shares sold is dead,
                                            in bankruptcy or otherwise under any legal disability or incapacity.

 

		40	Amendment
                                            of Memorandum and Articles

 

		40.1	Subject
                                            to the Act, the Company may by Special Resolution, and (for so long as the Founding Shareholder
                                            and his Affiliates continue to beneficially own at least 10% of the Total Voting Power) with
                                            the consent of a majority of the Class B Ordinary Shares in issue, change its name or change
                                            the provisions of the Memorandum with respect to its objects, powers or any other matter
                                            specified therein.

 

		40.2	Subject
                                            to the Act and as provided in these Articles, the Company may at any time and from time to
                                            time by Special Resolution, and (for so long as the Founding Shareholder and his Affiliates
                                            continue to beneficially own at least 10% of the Total Voting Power) with the consent of
                                            a majority of the Class B Ordinary Shares in issue, alter or amend these Articles in whole
                                            or in part.

 

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		41	Transfer
                                            by way of Continuation

 

		41.1	The
                                            Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction
                                            outside the Islands or such other jurisdiction in which it is for the time being incorporated,
                                            registered or existing. In furtherance of a resolution adopted pursuant to this Article,
                                            the Directors may cause an application to be made to the Registrar of Companies to deregister
                                            the Company in the Islands or such other jurisdiction in which it is for the time being incorporated,
                                            registered or existing and may cause all such further steps as they consider appropriate
                                            to be taken to effect the transfer by way of continuation of the Company.

 

		42	Merger
                                            and Consolidation

 

		42.1	Subject
                                            to the Act and the rules of any Designated Stock Exchange, the Company shall, with the approval
                                            of a Special Resolution, have the power to merge or consolidate with one or more constituent
                                            companies (as defined in the Act), upon such terms as the Directors may determine, provided
                                            that (for so long as the Founding Shareholder and his Affiliates continue to beneficially
                                            own at least 10% of the Total Voting Power) any such merger or consolidation shall, subject
                                            to require the consent of the Founding Shareholder.

 

		42.2	For
                                            the avoidance of doubt: a) statutory mergers and consolidations have the specific meaning
                                            as set out in Act, b) no additional requirements are imposed by the Articles, and c) transactions
                                            which are not deemed by the Directors, in their sole discretion following due deliberations
                                            and advice, to be a merger or consolidation as set out in the Act, do not require a Special
                                            Resolution and may be carried out by the Company with the approval of Directors and shall
                                            not (unless otherwise set out in these Articles or the Act) require separate Member approval.

 

		43	Submission
                                            to jurisdiction

 

		43.1	Unless
                                            the Company (through the approval of the Board) consents in writing to the selection of an
                                            alternative forum, the Grand Court of the Cayman Islands shall be the sole and exclusive
                                            forum for (i) any derivative action or proceeding brought on behalf of the Company; (ii)
                                            any action or proceeding asserting a claim of breach of a fiduciary duty owed by any director
                                            or officer or other employee of the Company to the Company or to any other person; (iii)
                                            subject to Article 43.2 below, any action or proceeding asserting a claim against the Company
                                            or any director or officer or other employee of the Company arising pursuant to, or seeking
                                            to enforce any right, obligation or remedy under, any provision of the Act, any other provision
                                            of applicable law, the Memorandum or these Articles; (iv) any action or proceeding seeking
                                            to interpret, apply, enforce or determine the validity of the Memorandum or these Articles;
                                            or (v) any action or proceeding as to which the Act confers jurisdiction on the Grand Court
                                            of the Cayman Islands.

 

		43.2	Unless
                                            the Company (through approval of the Board of Directors) consents in writing to the selection
                                            of an alternative forum, the federal district courts of the United States of America shall
                                            be the exclusive forum for the resolution of any complaint asserting a cause of action arising
                                            under the Securities Act.

 

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		43.3	Any
                                            person or entity purchasing or otherwise acquiring or holding any interest in shares in the
                                            capital of the Company shall be deemed to have notice of and to have consented to the provisions
                                            of this Article 43.

 

		43.4	If
                                            any provision or provisions of this Article 43 shall be held to be invalid, illegal
                                            or unenforceable for any reason whatsoever, the validity, legality and enforceability of
                                            the remaining provisions of this Article 43 shall not in any way be affected or impaired
                                            thereby.

 

    54

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