Document:

EXHIBIT 10.2

 

AMENDMENT TO THE IRON MOUNTAIN INCORPORATED

2003 SENIOR EXECUTIVE INCENTIVE PROGRAM

 

1.            Section 2 of the Iron Mountain Incorporated 2003 Senior Executive Incentive Program (the “2003 SEIP”) is hereby deleted in its entirety and replaced with the following:

 

“2.  Annual Limit on Incentive Compensation.  The maximum amount payable under this Program with respect to a fiscal year shall be the lesser of 3.0 times Mr. Reese’s annual base compensation for the fiscal year or $3,500,000.00 (the “Annual Limit”).”

 

2.            Section 3 of the 2003 SEIP is hereby deleted in its entirety and replaced with the following:

 

“3.  Eligibility for Incentive Compensation.  While the outcome for the Corporation’s fiscal year to which the incentive compensation relates is substantially uncertain (but not more than 90 days after the start of that fiscal year), the Compensation Committee of the Board of Directors shall establish the criteria for the payment of the Annual Limit.  Such criteria may be based on any one or more of the following business criteria:  EBITDA; OIBDA; gross revenues; growth rate; capital spending; return on investment capital; free cash flow; operating income; attaining budget; and achievement of stated corporate goals including, but not limited to acquisitions, alliances, joint ventures, international development and internal expansion.  Any such criteria shall be adjusted as necessary to reflect acquisitions.  If such objectives are
not fully achieved, the Compensation Committee may provide that less than 100 percent of the Annual Limit shall be payable.”

 

3.            Except as hereinabove amended, the provisions of the 2003 SEIP shall remain in full force and effect.EXHIBIT 10.3

 

IRON MOUNTAIN INCORPORATED 

2006 SENIOR EXECUTIVE INCENTIVE PROGRAM

 

	
            1.
 	
            Participant.  The sole participant in this Program shall be the President of Iron Mountain Incorporated.
 

	
            2.
 	
            Annual Limit on Incentive Compensation.  The maximum amount payable under this Program with respect to a fiscal year shall be the lesser of 1.0 times the President’s annual base compensation for the fiscal year or $1,000,000.00 (the “Annual Limit”).
 

	
            3.
 	
            Eligibility for Incentive Compensation.  While the outcome for the Corporation’s fiscal year to which the incentive compensation relates is substantially uncertain (but not more than 90 days after the start of that fiscal year), the Compensation Committee of the Board of Directors shall establish the criteria for the payment of the Annual Limit.  Such criteria may be based on any one or more of the following business criteria:  EBITDA; OIBDA; gross revenues; growth rate; capital spending; return on investment capital; free cash flow; operating income; attaining budget; and achievement of stated corporate goals including, but not limited to acquisitions, alliances, joint ventures, international development and internal expansion.  Any such criteria shall be adjusted as necessary to reflect
acquisitions.  If such objectives are not fully achieved, the Compensation Committee may provide that less than 100 percent of the Annual Limit shall be payable.
 

Following the close of the fiscal year, the Compensation Committee shall certify whether such criteria were satisfied.

 

	
            4.
 	
            Discretion to Reduce Incentive Compensation.  The Compensation Committee, after consultation with the Chairs of the Audit and Executive Committees of the Board of Directors, may, in its discretion, reduce the amount of incentive compensation otherwise payable for the fiscal year based on any of the following criteria:  extent to which the objective financial measurements achieved for the fiscal year satisfied the Corporation’s short-term or long-term goals; stockholder confidence in the Corporation, as evidenced in part by the Corporation’s stock price; and the effectiveness and wellness of the Corporation as a whole, taking into account, for example, labor relations and other similar matters.
 

	
            5.
 	
            Effective Date; Right to Amend and Terminate.  This 2006 Senior Executive Incentive Program shall be effective as of May 25, 2006 and shall be first applicable for the fiscal year that begins January 1, 2007; provided, however, that the material terms of this Program must be approved prior to any payment hereunder by an affirmative vote of a majority of the votes properly cast at a duly held meeting of the stockholders of the Corporation at which a quorum representing a majority of all outstanding common stock is present, in person or by proxy.
 

The Program shall continue until terminated by the Board of Directors.  The Board of Directors reserves the right to from time to time amend, modify or suspend this Program (or any part thereof).

 

 

 

 

	
            6.
 	
            Administration.  This Program shall be construed and administered in such a manner as to permit payments hereunder to satisfy the “performance-based” exception of Internal Revenue Code Section 162(m), and regulations and rulings promulgated thereunder (“Section 162(m)”).  In the event that one or more members of the Compensation Committee are not “outside directors” within the meaning of Section 162(m), the duties of the Compensation Committee as set forth herein shall be performed by a committee or subcommittee of the Board of Directors consisting solely of two or more such “outside directors.”Exhibit 10.4

IRON MOUNTAIN INCORPORATED

Compensation Plan for Non-Employee Directors

	
            Restatement Date
 	
            May 25, 2006
 

 

	
            Eligibility
 	
            All non-employee Directors
 

 

	
            Annual Retainer
 	
            $20,000 per year (paid in quarterly installments)
 

 

	
            Meeting Fees
 	
            $1,500 per committee meeting and/or quarterly Board meeting attended live or $750 by teleconference (paid quarterly)
 

 

	
            Chairperson Fees
 	
            $5,000 per year retainer (paid in quarterly installments) for acting as Chairperson of the Executive, Governance or Compensation Committee; $20,000 per year retainer (paid in quarterly installments) for acting as Chairperson of the Audit Committee; $25,000 per year retainer (paid in quarterly installments) for acting as the “lead” Director
 

 

	
            Meeting Expenses
 	
            Reimbursement for all normal travel expenses to attend meeting (paid quarterly)
 

 

	
            Group Insurance Benefits
 	
            Iron Mountain’s group medical and dental benefits (single or family) are available to non-employee Directors, but they pay the full premium; life, AD&D, STD and LTD insurance are not available to non-employee Directors
 

 

	
            Amount of Options
 	
            Non-qualified Stock options to be equal to $75,000 per year of Black Scholes value
 

 

	
            Timing of Option Grants
 	
            Stock options granted to all non-employee Directors on initial Restatement Date and at the first Board meeting following Iron Mountain’s annual meeting (generally the fourth Tuesday of May each year); newly elected non-employee Directors receive grant on the date of their election
 

 

	
            Vesting of Options
 	
            Options vest 100% on one year anniversary of grant (or, if earlier, the annual meeting of Iron Mountain that is closest to the one year anniversary)
 

 

	
            Exercise Price of Options
 	
            Fair market value on date of grant
 

 

	
            Terms of Options
 	
            10 years
 

 

 

 

 

	
            Cessation of Service as
 	
            Vested options must be exercised within 60 days 
 

	
            a Director
 	
            by a non-employee Director or his beneficiary
 

 

	
            Restrictions on Resale
 	
            None
 

 

	
            Restrictions on Transfer
 	
            Options may not be transferred (except upon death)
 

 

	
            SEC Considerations
 	
            Options will generally be granted under the Iron Mountain Incorporated 2002 Stock Incentive Plan (but may be granted under the Iron Mountain Incorporated 1997 Stock 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
 

 

	
            Shareholder Approval
 	
            Not required
 

 

	
            Source of Shares
 	
            Treasury shares or authorized, but unissued shares will be used for options
 

 

	
            Taxation of Options
 	
            Non-employee Directors pay ordinary income tax (and SECA tax) at time of exercise on spread between exercise price and fair market value on date of exercise; Iron Mountain gets a corresponding tax deduction at that time<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                   Exhibit 10.11

     Schedule of Agreements: Discretionary Investment Management Agreement

<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
        Agreement                                      Purpose of Agreement                            Date of       Governing Law
                                                                                                      Agreement
====================================================================================================================================
<S>                                      <C>                                                          <C>               <C>
Discretionary Investment Management      Agreement provides for the management by Goldman             November 20,      New York
Agreement, between Allied World          Sachs Asset Management, L.P. of the trust account            2003
Assurance Company (U.S.), Inc. and       assets established under an agreement, dated
Goldman Sachs Asset Management,          September 30, 2002, by and among American Home
L.P.                                     Assurance Company, Allied World Assurance Company
                                         (U.S.), Inc., Royal Trust Corporation of Canada
                                         and the Superintendent of Financial Institutions
                                         Canada. Effective as of January 4, 2006, Royal
                                         Trust Corporation of Canada assigned its rights
                                         and obligations to RBC Dexia Trust.
------------------------------------------------------------------------------------------------------------------------------------
Discretionary Investment Management      Agreement provides for the management by Goldman             November 20,      New York
Agreement, between Allied World          Sachs Asset Management, L.P. of the trust account            2003
Assurance Company, Ltd and Goldman       assets established under an agreement, dated December 16,
Sachs Asset Management, L.P.             2002, by and among American Home Assurance Company, Allied
                                         World Assurance Company (U.S.), Inc., Royal Trust
                                         Corporation of Canada and the Superintendent of Financial
                                         Institutions Canada. Effective as of January 4, 2006, Royal
                                         Trust Corporation of Canada assigned its rights and
                                         obligations to RBC Dexia Trust.
------------------------------------------------------------------------------------------------------------------------------------
Discretionary Investment Management      Agreement provides for the management by Goldman Sachs       December 4,       New York
Agreement, between Allied World          Asset Management, L.P. of the trust account assets           2002, as
Assurance Company (U.S.) Inc. and        established under an agreement, dated January 1, 2002,       amended
Goldman Sachs Asset Management, L.P.     by and among Allied World Assurance Company, Ltd,            April 7, 2004
                                         Mellon Bank, N.A. and Commercial Underwriters Insurance
                                         Company (changed its name to Allied World Assurance
                                         Company (U.S.) Inc.).
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
------------------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>                                                         <C>               <C>
Discretionary Investment                  Agreement provides for the management by Goldman Sachs      December 4,       New York
Management Agreement, between Newmarket   Asset Management, L.P. of the trust account assets          2002, as
Underwriters Insurance Company and        established under an agreement, dated January 1, 2002,      amended
Goldman Sachs Asset Management, L.P.      by and among Allied World Assurance Company, Ltd,           April 7,
                                          Mellon Bank, N.A. and Newmarket Underwriters Insurance      2004
                                          Company.
------------------------------------------------------------------------------------------------------------------------------------
Discretionary Investment Management       Agreement provides for the management by Goldman            November 20,      New York
Agreement, between Allied World           Sach & Co. of the trust account assets established          2003
Assurance Company (U.S.) Inc. and         under an agreement, dated September 30, 2002, by
Goldman Sachs & Co.                       and among Commerce & Industry Insurance Company of
                                          Canada, Royal Trust Corporation of Canada and the
                                          Superintendent of Financial Institutions Canada.
                                          Effective as of January 4, 2006, Royal Trust
                                          Corporation of Canada assigned its rights and
                                          obligations to RBC Dexia Trust.
------------------------------------------------------------------------------------------------------------------------------------
Discretionary Investment                  Agreement provides for the management by                    December 4,       New York
Management Agreement, between             Goldman Sachs Asset Management, L.P.                        2002, as
Allied World Assurance Company (U.S.)     of Allied World Assurance Company (U.S.) Inc.'s             amended
Inc. and Goldman Sachs Asset              entire investment portfolio.                                April 7, 2004
Management, L.P.
------------------------------------------------------------------------------------------------------------------------------------
Discretionary Investment                  Agreement provides for the management by Goldman            December 4,       New York
Management Agreement, between             Sachs Asset Management, L.P. of Newmarket                   2002, as
Newmarket Underwriters Insurance          Underwriters Insurance Company's entire investment          amended April 7,
Company and Goldman Sachs Asset           portfolio.                                                  2004
Management, L.P.
------------------------------------------------------------------------------------------------------------------------------------
Amended Discretionary Investment          Agreement provides for the management by Goldman            September 24,     England and
Management Agreement, between             Sachs Asset Management International of Allied              2003, as          Wales
Allied World Assurance Company (Europe)   World Assurance Company (Europe) Limited's                  amended
Limited and Goldman Sachs Asset           entire investment portfolio.                                April 29, 2004
Management International
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
------------------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>                                                         <C>               <C>
Amended Discretionary Investment          Agreement provides for the management by                    November 21,      England and
Management Agreement, between             Goldman Sachs Asset Management International                2001, as          Wales
Allied World Assurance Company, Ltd       of Allied World Assurance Company, Ltd's                    amended
and Goldman Sachs Asset Management        entire investment portfolio.                                January 2002,
International                                                                                         August 2002,
                                                                                                      December 2002,
                                                                                                      March 2003,
                                                                                                      April 2004,
                                                                                                      January 2004
                                                                                                      and February
                                                                                                      2005
------------------------------------------------------------------------------------------------------------------------------------
Amended Discretionary Investment          Agreement provides for the management by                    August 12,        England and
Management Agreement, between             Goldman Sachs Asset Management International                2003, as          Wales
Allied World Assurance Company            of Allied World Assurance Company (Reinsurance)             amended
(Reinsurance) Limited and Goldman         Limited's entire investment portfolio.
Sachs Asset Management International
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}]]