Summary Description of Incentive Compensation Arrangement for Iron Mountain Incorporated’s Executive Officers
Iron Mountain Incorporated has an informal incentive compensation plan for its executive officers. Each year, usually in the first quarter, the company sets performance targets based on financial criteria like gross revenues and operating income before depreciation and amortization (OIBDA). Executive bonuses, ranging from 30% to 100% of base salary, are awarded after the fiscal year depending on how well these targets are met. Management may adjust targets during the year for acquisitions or major unexpected events. For 2005, the criteria include gross revenues, OIBDA, and a discretionary component.
EXHIBIT 10.3
Summary Description of Incentive Compensation Arrangement for Iron Mountain Incorporated’s Executive Officers
Iron Mountain Incorporated (the “Company”) has an incentive compensation arrangement for executive officers that is unwritten and informal. It is generally set during the first three months of the fiscal year for that fiscal year. Criteria, such as gross revenues and Operating Income Before Depreciation and Amortization (OIBDA), are selected, and targets for such criteria are selected. Bonuses ranging from 30% to 100% of the executive officer’s base salary are paid, depending on targets being met at various levels, following the end of the fiscal year. The targets for criteria are adjusted by management during the year for acquisitions and other major unbudgeted events. The criteria set for fiscal year 2005 are gross revenues, OIBDA and a discretionary element.
