Castellum (CTM) COO gets 275,000 options at $1.19; 20-month vest

Castellum (CTM) reported an insider equity grant.

Rhea-AI Filing Summary

Castellum (CTM) reported an insider equity grant. Chief Operating Officer Andrew Merriman was awarded 275,000 stock options on November 11, 2025 under the Second Amended 2021 Stock Incentive Plan at an exercise price of $1.19 per share. The options vest ratably over twenty months, beginning December 1, 2025, and expire on November 10, 2032. Following the grant, 275,000 derivative securities are beneficially owned directly.

Insider Trade Summary

Grant/Award: 275,000 shares

Grant/Award 1 txn

Insider Merriman Andrew

Role Chief Operating Officer

Type	Security	Shares	Price	Value
Grant/Award	Stock Options	275,000	$0.00	$0.00

Holdings After Transaction: Stock Options — 275,000 contracts (Direct)

Footnotes (1)

1. F1. In connection with his continued employment, on November 11, 2025 Mr. Merriman received 275,000 stock options issued pursuant to the Castellum, Inc. Second Amended 2021 Stock Incentive Plan to purchase 275,000 shares of common stock, which vest ratably over twenty months, commencing December 1, 2025.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

The COO, Andrew Merriman, received 275,000 stock options on November 11, 2025 at an exercise price of $1.19.

What is the vesting schedule for the CTM COO’s options?

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

What is the exercise price and expiration for the options?

The exercise price is $1.19 per share; the options expire on November 10, 2032.

How many derivative securities does the COO own after the transaction?

Following the grant, 275,000 derivative securities are beneficially owned directly.

Under which plan were the options granted to CTM’s COO?

They were issued under the Castellum, Inc. Second Amended 2021 Stock Incentive Plan.

Who is the reporting person in this CTM Form 4 filing?

The reporting person is Andrew Merriman, Chief Operating Officer of Castellum, Inc.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/13/2025 - 06:52 AM EST Learn about SEC filing dates

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^*

Merriman Andrew

(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)		Other (specify below)
	Chief Operating Officer

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		275,000		(1)	11/10/2032	Common Stock	275,000	$0	275,000	D

Explanation of Responses:

1. In connection with his continued employment, on November 11, 2025 Mr. Merriman received 275,000 stock options issued pursuant to the Castellum, Inc. Second Amended 2021 Stock Incentive Plan to purchase 275,000 shares of common stock, which vest ratably over twenty months, commencing December 1, 2025.

Remarks:

	/s/ Andrew Merriman	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.