Document:

Exhibit

Exhibit 10.43

IRON MOUNTAIN INCORPORATED
Compensation Plan for Non-Employee Directors
		
	Restatement Date
	As of January 1, 2017

		
	Eligibility
	All non-employee Directors

		
	Annual Board Retainer
	$75,000 per year; paid in advance in quarterly installments

		
	Annual Committee Retainers
	In addition to the Annual Board Retainer, a $11,000 per year retainer for members of the Audit Committee, a $10,000 per year retainer for members of the Compensation Committee, Finance, Nominating and Governance or Risk and Safety Committees; in each case paid in advance in quarterly installments.

		
	Annual Chair Retainers
	In addition to the Annual Board Retainer and any Annual Committee Retainers, a $15,000 per year retainer for acting as Chair of the Audit Committee or Compensation Committee; a  $12,000 per year retainer for acting as the Chair of the Finance, Nominating and Governance or Risk and Safety Committees; and a $25,000  per year retainer for acting as the Lead Independent Director or a $100,000 per year retainer for acting as the Independent Chairman of the Board, as the case may be; in each case paid in advance in quarterly installments

		
	Pro Rata Portion of Retainers
	A non-employee Director shall be entitled to retain the portion of the Annual, Committee and Chair Retainers (as applicable) paid with respect to the quarter in which he or she ceases to be a non-employee Director or serve on a Committee or as a Committee Chair or Lead Independent Director or Independent Chairman, but shall not be entitled to any further portion of the Retainer(s)

		
	Meeting Expenses
	Reimbursement for all normal travel expenses to attend meetings; reimbursements due shall be paid promptly after the end of each quarter, subject to timely receipt of each director’s expense documentation

		
	Group Insurance Benefits
	Iron Mountain’s group medical and dental benefits (single or family) are available to non-employee Directors, but they must pay the current employee contribution rate in effect for such coverage; group life, AD&D, STD and LTD coverage are not available to non-employee Directors

		
	Amount of Stock Grant
	A stock grant in the form of restricted stock units will be made of that number of whole shares of Iron Mountain Incorporated common stock determined by dividing $135,000 by the stock’s “fair market value” (as determined under the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan, or any successor plan) on the date of grant

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	Timing of Stock Grants
	To be made annually to all non-employee Directors as of the first Board meeting following the annual meeting of stockholders; newly elected non-employee Directors receive a pro-rated grant on the date of their election or appointment to the Board

		
	Vesting of Stock Grants
	100% on the date of grant

		
	Purchase Price of Stock Grants
	$0.01

		
	Restrictions on Transfer of
	None once vested; prior to vesting transfer is subject to 

		
	Common Stock 
	restrictions set forth in the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan

		
	SEC Considerations
	Grants will generally be made under the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan, the shares of each of which are registered on Form S-8; insider trading restrictions and short-swing profit rules of the Securities Exchange Act of 1934 apply

		
	Taxation of Stock Grants
	Non-employee Directors pay ordinary income tax (and SECA tax) at time of vesting, which (except as described below) will also coincide with the delivery of shares, based on the fair market value of the shares on date of vesting; Iron Mountain receives a corresponding tax deduction at that time

		
	Election to Defer Retainers
	Non-employee Directors may elect to defer some or all of their Retainer fees paid in cash under the Iron Mountain Incorporated Directors Deferred Compensation Plan; deferrals will be invested in phantom shares equal in value to Iron Mountain common stock; deferral elections must be made by December 31 of the year prior to the year in which the fees are earned (or within 30 days of becoming eligible for the Plan); amounts will be subject to ordinary income tax when distributed (at a time elected by the non-employee Director)

		
	Election to Defer Stock Grants
	Non-employee Directors may elect to defer some or all of their stock grant under the Iron Mountain Incorporated Directors Deferred Compensation Plan; at vesting, the Director’s account will be credited with a number of phantom shares equal to the number of shares that would otherwise have been delivered; deferral elections must be made by December 31 of the year prior to the year in which the grant is made (or within 30 days of becoming eligible for the Plan); amounts will be subject to ordinary income tax when distributed (at a time elected by the non-employee Director)

Adopted:  October 25, 2017

2Exhibit

Exhibit  10.54
EXECUTION VERSION

THIRD AMENDMENT
THIRD AMENDMENT, dated as of January 31, 2017 (the “Amendment”), to the Credit Agreement, dated as of June 27, 2011, as amended and restated as of July 2, 2015, as amended to date (as so amended, the “Credit Agreement”), among IRON MOUNTAIN INCORPORATED, a Delaware corporation (the “Parent”), IRON MOUNTAIN INFORMATION MANAGEMENT, LLC, a Delaware limited liability company (the “Company”), each of the other Borrowers party thereto, the several banks and other financial institutions or entities from time to time parties to the Credit Agreement as Lenders (the “Lenders”), JPMORGAN CHASE BANK, TORONTO BRANCH, as Canadian Administrative Agent (in such capacity, the “Canadian Administrative Agent”) and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and the other parties thereto.
The parties hereto hereby agree as follows:
1.Defined Terms.  Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given to them in the Credit Agreement.
2.Amendments to Credit Agreement.
(a)    Section 1.01 of the Credit Agreement is amended by amending and restating the definitions of “Cash Management Agreement” and “Hedging Agreement” as follows:
“Cash Management Agreement” shall mean any agreement to provide cash management services, including treasury, depository, cash pooling, netting or composite accounting, overdraft, credit or debit procurement card, electronic funds transfer and other cash management arrangements.
“Hedging Agreement” shall mean any Interest Rate Agreement or Currency Agreement between the Parent or any Subsidiary and any financial institution.
(b)    Section 1.01 of the Credit Agreement is further amended by deleting the definition of “Currency Exchange Agreement” and substituting in lieu thereof the definition of “Currency Agreement” to read as follows:
“Currency Agreement” shall mean any foreign exchange contract, currency swap agreement or other similar agreement or arrangements (including derivative agreements or arrangements) between the Parent or any Subsidiary and any financial institution.
(c)    Paragraphs (v)(g) and (h) of Section 9.08 of the Credit Agreement are amended in full to read as follows:  
(g)  Indebtedness of the Parent and the Subsidiary Guarantors in an aggregate outstanding principal amount not at any time exceeding $50,000,000;

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(h) any guaranty by the Parent or any Subsidiary of the Parent of Indebtedness incurred pursuant to the foregoing subclauses (b), (c), (d), (e) or (f) by any other Subsidiary of the Parent;
(d)    Clause (iii)(A) of Section 9.13 to the Credit Agreement is amended in full to read as follows:  “(iii)(A) Liens contemplated by clauses (b), (d), (e) and (g) of Section 9.08(v) and Liens securing cash pooling, netting or composite accounting constituting Indebtedness under Cash Management Agreements permitted by clause (f) of Section 9.08(v);”
3.    Amendments to Other Basic Documents. The last sentence of the first paragraph of each of the Company Pledge Agreement, the Parent Pledge Agreement, the Subsidiary Pledge Agreement, the Parent Guaranty, the Company Guaranty and the Subsidiary Guaranty is amended by amending and restating such sentence as follows:“In addition, (i) a Group Member (as hereinafter defined) may from time to time be obligated under one or more Hedging Agreements and (ii) a Group Member or any of its Subsidiaries may from time to time be obligated under one or more Cash Management Agreements, in each case, to one or more of the Lenders and/or any of their affiliates or to Persons who were (or whose affiliates were) Lenders at the time the applicable Hedging Agreement or Cash Management Agreement was entered into (such obligations being herein referred to as “Hedging Obligations” and “Cash Management Obligations”, respectively).”
4.    Representations and Warranties.  On and as of the date hereof, each of the Parent and the Company hereby confirms, reaffirms and restates the representations and warranties set forth in Section 8 of the Credit Agreement and the representations and warranties in the Basic Documents mutatis mutandis, except to the extent that such representations and warranties expressly relate to a specific earlier date in which case the Parent and the Company each hereby confirms, reaffirms and restates such representations and warranties as of such earlier date.  Each of the Parent and the Company represents and warrants that, after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.
5.    Effectiveness.  This Amendment shall become effective as of the date set forth above (the “Effective Date”) upon the satisfaction of the following conditions precedent:
(a)    Amendment.  The Administrative Agent shall have received this Amendment executed and delivered by the Administrative Agent, the Canadian Administrative Agent, the Parent, the Company  and Lenders party to the Credit Agreement constituting the “Majority Lenders”.
(b)    Security Documents. The Administrative Agent shall have received the Acknowledgment and Confirmation, substantially in the form of Exhibit A hereto, executed and delivered by an authorized officer of the Parent, the Company, each of the other Borrowers and each Subsidiary Guarantor.
6.    Valid and Binding.  This Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.

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7.    Payment of Expenses.  The Company agrees to pay or reimburse the Administrative Agent for all out-of-pocket costs and expenses incurred in connection with the Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel.
8.    Reference to and Effect on the Credit Agreement; Limited Effect.  On and after the Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby.  This Amendment shall not constitute an amendment of any other provision of the Credit Agreement not expressly referred to herein and shall not be construed as a waiver or consent to any further or future action on the part of the Company that would require a waiver or consent of the Lenders, the Canadian Administrative Agent or the Administrative Agent.  Except as expressly amended hereby, the provisions of the Credit Agreement are and shall remain in full force and effect.
9.    Severability.  Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
10.    Loan Document; Integration.  This Amendment shall constitute a Basic Document.  This Amendment and the other Basic Documents represent the agreement of each Borrower, each Subsidiary Guarantor, the Canadian Administrative Agent, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Canadian Administrative Agent, the Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Basic Documents.
11.    GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
12.    Counterparts.  This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts (which may include counterparts delivered by facsimile transmission), each of which shall be deemed to be an original, and all of which taken together shall be deemed to constitute one and the same instrument.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.
IRON MOUNTAIN INFORMATION MANAGEMENT, LLC  
 
 
By:     /s/ John P. Lawrence         
      Name:  John P. Lawrence 
      Title:    Senior Vice President & Treasurer 
IRON MOUNTAIN INCORPORATED 
 
 
By:     /s/ John P. Lawrence         
      Name:   John P. Lawrence 
      Title:     Senior Vice President 

 [Signature Page to Third Amendment]

JPMORGAN CHASE BANK, N.A., as  
Administrative Agent and as a Lender 
 
 
 
By:      /s/ Mohammad S Hasan         
      Name:  Mohammad S Hasan 
      Title:    Executive Director 

 [Signature Page to Third Amendment]

JPMORGAN CHASE BANK, TORONTO BRANCH, as Canadian Administrative Agent and as a Canadian Lender 
 
 
By:  /s/ Mohammad S Hasan        
     Name:  Mohammad S Hasan 
     Title:    Executive Director 

 [Signature Page to Third Amendment]

Bank of America, NA
By:   /s/ Luanne T. Smith        
      Name:  Luanne T. Smith
      Title:    Vice President

 [Signature Page to Third Amendment]

BANK OF AMERICA, N.A., CANADA BRANCH

By:   /s/ Medina Sales de Andrade     
      Name:  Medina Sales de Andrade 
      Title:    Vice President

 [Signature Page to Third Amendment]

BARCLAYS BANK PLC,

By:   /s/ Christopher M. Aitkin        
      Name:  Christopher M. Aitkin 
      Title:    Assistant Vice President

 [Signature Page to Third Amendment]

CITIZENS BANK, N.A.

By:   /s/ Terence Kelly              
      Name:  Terence Kelly
      Title:    Vice President

 [Signature Page to Third Amendment]

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

By:   /s/ Mark Koneval             
      Name:  Mark Koneval
      Title:    Managing Director 

By:   /s/ Gordon Yip             
      Name:  Gordon Yip
      Title:    Director 

 [Signature Page to Third Amendment]

GOLDMAN SACHS BANK USA

By:   /s/ Ushma Dedhiya          
      Name:  Ushma Dedhiya
      Title:    Vice President

 [Signature Page to Third Amendment]

HSBC BANK USA, N.A.

By:   /s/ Lindsay G. Brachle          
      Name:  Lindsay G. Brachle
      Title:    Vice President

 [Signature Page to Third Amendment]

HSBC Bank plc

By:   /s/ Sneha Manohar          
      Name:  Sneha Manohar
      Title:    Relationship Director, HSBC Bank plc

RESTRICTED - [Signature Page to Third Amendment]

HSBC Bank Australia Limited

By:   /s/ Alexandre Lheritier          
      Name:  Alexandre Lheritier 
      Title:    Director, Global Banking

 [Signature Page to Third Amendment]

WELLS FARGO BANK, NATIONAL 
ASSOCIATION

By:   /s/ Karen H. McClain         
      Name:  Karen H. McClain 
      Title:    Managing Director

 [Signature Page to Third Amendment]

ROYAL BANK OF CANADA 

By:   /s/ Sheena Lee              
      Name:  Sheena Lee 
      Title:    Authorized Signatory 

 [Signature Page to Third Amendment]

THE BANK OF NOVA SCOTIA 

By:   /s/ Mauricio Saishio          
      Name:  Mauricio Saishio 
      Title:    Director

 [Signature Page to Third Amendment]

Scotiabank Europe plc

By:   /s/ Matt Tuskin              
      Name:  Matt Tuskin    
      Title:    Director

By:   /s/ Mark Lee              
      Name:  Mark Lee  
      Title:    Managing Director

 [Signature Page to Third Amendment]

PNC BANK, NATIONAL ASSOCIATION

By:   /s/ Michael Richards          
      Name:  Michael Richards 
      Title:    Senior Vice President, Managing Director

 [Signature Page to Third Amendment]

PNC BANK CANADA BRANCH

By:   /s/ Caroline Stade              
      Name:  Caroline Stade 
      Title:    Senior Vice President

 [Signature Page to Third Amendment]

SUNTRUST BANK

By:   /s/ Jason Crowley              
      Name:  Jason Crowley 
      Title:    Vice President

 [Signature Page to Third Amendment]

TD BANK, N.A.

By:   /s/ Alan Garson              
      Name:  Alan Garson 
      Title:    Senior Vice President

 [Signature Page to Third Amendment]

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

By:   /s/ George Stoecklein           
      Name:  George Stoecklein 
      Title:    Managing Director

 [Signature Page to Third Amendment]

PEOPLE’S UNITED BANK, NATIONAL ASSOCIATION,

By:   /s/ Kathryn Williams          
      Name:  Kathryn Williams
      Title:    Vice President

 [Signature Page to Third Amendment]

The Huntington National Bank

By:   /s/ Jared Shaner              
      Name:  Jared Shaner
      Title:    Vice President

 [Signature Page to Third Amendment]

WEBSTER BANK, N.A.

By:   /s/ Raymond C. Hoefling        
      Name:  Raymond C. Hoefling 
      Title:    Senior Vice President

 [Signature Page to Third Amendment]

KBC BANK NV, NEW YORK BRANCH, 
as a Lender

By:   /s/ Deborah Carlson          
      Name:  Deborah Carlson 
      Title:    Director

By:   /s/ Thomas R. Lalli          
      Name:  Thomas R. Lalli 
      Title:    Managing Director

 [Signature Page to Third Amendment]

EXHIBIT A
ACKNOWLEDGMENT AND CONFIRMATION
ACKNOWLEDGMENT AND CONFIRMATION, dated as of [   ], 2017 (this “Acknowledgment and Confirmation”) made by each of the signatories hereto.
1.    Reference is made to the Third Amendment, dated as of [   ], 2017 (the “Amendment”), to the Credit Agreement, dated as of June 27, 2011, as amended and restated as of July 2, 2015, as amended (as so amended, the “Credit Agreement”), among IRON MOUNTAIN INCORPORATED, a Delaware corporation (the “Parent”), IRON MOUNTAIN INFORMATION MANAGEMENT, LLC, a Delaware limited liability company (the “Company”), each of the other Borrowers party thereto, JPMORGAN CHASE BANK, TORONTO BRANCH, as Canadian Administrative Agent and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and the other parties thereto. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given to them in the Credit Agreement.
2.    Each of the parties hereto hereby agrees, with respect to each Basic Document to which it is a party:
(a)    all of its obligations, liabilities and indebtedness under such Basic Document shall remain in full force and effect on a continuous basis after giving effect to the Amendment;
(b)    all of the Liens and security interests created and arising under such Basic Document remain in full force and effect on a continuous basis after giving effect to the Amendment, as collateral security for its obligations, liabilities and indebtedness under the Credit Agreement and under its guarantees in the Basic Documents; and
(c)    all of the representations and warranties made by it set forth in each such Basic Document are reaffirmed and restated mutatis mutandis, except to the extent that such representations and warranties expressly relate to a specific earlier date in which case such party hereby confirms, reaffirms and restates such representations and warranties as of such earlier date.
3.    THIS ACKNOWLEDGMENT AND CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
4.    This Acknowledgment and Confirmation may be executed by one or more of the parties hereto on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
[rest of page intentionally left blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Acknowledgement and Confirmation to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.
IRON MOUNTAIN INCORPORATED
By:____________________________
Name:    John P. Lawrence
Title:      Senior Vice President 
IRON MOUNTAIN INFORMATION MANAGEMENT, LLC  
IRON MOUNTAIN FULFILLMENT SERVICES, INC. 
IRON MOUNTAIN INTELLECTUAL PROPERTY MANAGEMENT, INC.
IRON MOUNTAIN GLOBAL LLC
IRON MOUNTAIN US HOLDINGS, INC.
IRON MOUNTAIN SECURE SHREDDING, INC.
IRON MOUNTAIN INFORMATION MANAGEMENT SERVICES, INC.
By:____________________________
Name:    John P. Lawrence
Title:      Senior Vice President & Treasurer 
IRON MOUNTAIN GLOBAL HOLDINGS, INC.
NETTLEBED ACQUISITION CORP.
By:____________________________
Name:    John P. Lawrence
Title:      Senior Vice President & Treasurer 
IRON MOUNTAIN CANADA OPERATIONS ULC
IRON MOUNTAIN INFORMATION MANAGEMENT SERVICES CANADA, INC.
IRON MOUNTAIN SECURE SHREDDING CANADA, INC.
By:____________________________
Name:    John P. Lawrence
Title:      Senior Vice President & Treasurer 

 [Signature Page to Acknowledgement and Confirmation]

IRON MOUNTAIN SWITZERLAND GMBH
By:____________________________
Name: Christopher LaRochelle
Title: Managing Director
IRON MOUNTAIN EUROPE PLC
By:____________________________
Name: Simon Golesworthy
Title: Director
IRON MOUNTAIN HOLDINGS (EUROPE) LIMITED
By:____________________________
Name: Simon Golesworthy
Title: Director
IRON MOUNTAIN AUSTRALIA HOLDINGS PTY LTD
By:____________________________
Name: Marc Duale
Title: Director
IRON MOUNTAIN AUSTRALIA SERVICES PTY LTD
By:____________________________
Name: Marc Duale
Title: Director
IRON MOUNTAIN (UK) LIMITED
By:____________________________
Name: Simon Golesworthy
Title: Director

 [Signature Page to Acknowledgement and Confirmation]

IRON MOUNTAIN AUSTRIA ARCHIVIERUNG GMBH
By:____________________________
Name: Robert Nedeljkovic
Title: Managing Director
IRON MOUNTAIN INTERNATIONAL HOLDINGS BV
By:____________________________
Name: Marc Duale
Title: Director A
IRON MOUNTAIN LUXEMBOURG SERVICES S.À R.L., LUXEMBOURG, SCHAFFHAUSEN BRANCH
By:____________________________
Name: Christopher LaRochelle
Title: Manager
IRON MOUNTAIN HOLDINGS (FRANCE) SNC
By:____________________________    
Name: Marc Duale
Title: Representative
IRON MOUNTAIN FRANCE SAS
By:____________________________    
Name: Arnaud Revert
Title: President
IRON MOUNTAIN PARTICIPATIONS SA
By:____________________________    
Name: Patrick Keddy
Title: The Chairman

 [Signature Page to Acknowledgement and Confirmation]

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