CTM CFO David T. Bell awarded 225,000 stock options

Rhea-AI Filing Summary

Castellum, Inc. (CTM) reported an insider equity award. Chief Financial Officer David T. Bell received 225,000 stock options on November 11, 2025 under the Second Amended 2021 Stock Incentive Plan. The options have a $1.19 exercise price and expire on November 10, 2032. They vest ratably over twenty months, beginning December 1, 2025.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Bell David T

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	Stock Options	225,000	$0.00	--

Holdings After Transaction: Stock Options — 225,000 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bell David T

(Last) (First) (Middle)

1934 OLD GALLOWS ROAD

SUITE 350

(Street)

VIENNA VA 22182

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Castellum, Inc. [ CTM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	Chief Financial Officer		Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
11/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$1.19	11/11/2025		A		225,000		(1)	11/10/2032	Common Stock	225,000	$0	225,000	D

Explanation of Responses:

1. In connection with his continued employment, on November 11, 2025 Mr. Bell received 225,000 stock options issued pursuant to the Castellum, Inc. Second Amended 2021 Stock Incentive Plan to purchase 225,000 shares of common stock which vest ratably over twenty months, commencing December 1, 2025.

Remarks:

	/s/ David T. Bell	11/13/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Castellum (CTM) disclose in this Form 4?

The CFO, David T. Bell, was granted 225,000 stock options on November 11, 2025 under the company’s 2021 plan.

What is the exercise price of the CTM options granted to the CFO?

The options have an exercise price of $1.19 per share.

How do the CTM CFO’s options vest?

They vest ratably over twenty months, starting on December 1, 2025.

When do these CTM options expire?

They expire on November 10, 2032.

How many shares are underlying the CTM options?

The options are exercisable for 225,000 shares of common stock.

What is the ownership form for the reported CTM options?

The filing lists the ownership form as Direct (D) for 225,000 derivative securities.

What roles does the reporting person hold at CTM?

David T. Bell is Chief Financial Officer and also listed as Treasurer.