Document:

Exhibit 4.4

 

THIS WARRANT HAS NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
TO THE COMPANY.

 

THE NUMBER OF SHARES OF COMMON
STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF.

 

This Warrant is issued pursuant
to that certain Securities Purchase Agreement dated April 4, 2022 by and between the Company and the Holder (as defined below)
(the “Purchase Agreement”). Capitalized terms used and not otherwise defined herein shall have the meanings
set forth for such terms in the Purchase Agreement. Receipt of this Warrant by the Holder shall constitute acceptance and agreement
to all of the terms contained herein.

 

No. [•]

 

CASTELLUM, INC.

 

COMMON STOCK PURCHASE WARRANT

 

Castellum,
Inc., a Nevada corporation (together with any corporation which shall succeed to or assume the obligations of Castellum, Inc. hereunder,
the “Company”), hereby certifies that, for value received, Crom Cortana Fund LLC, a Delaware limited liability
company (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company at any
time during the Exercise Period (as defined in Section 9) up to 13,125,000 fully paid and non-assessable shares of Common
Stock (as defined in Section 9), at a purchase price per share equal to the Exercise Price (as defined in Section 9).
The number of shares of Common Stock for which this Common Stock Purchase Warrant (this “Warrant”) is exercisable
and the Exercise Price are subject to adjustment as provided herein.

 

1.           DEFINITIONS.
Certain terms are used in this Warrant as specifically defined in Section 9.

 

2.           EXERCISE
OF WARRANT.

 

2.1.       Exercise.
This Warrant may be exercised prior to its expiration pursuant to Section 2.5 hereof by the Holder at any time or from time
to time during the Exercise Period, by submitting the form of subscription attached hereto (the “Exercise Notice”)
duly executed by the Holder, to the Company at its principal office, indicating whether the Holder is electing to purchase a specified
number of shares by paying the Aggregate Exercise Price as provided in Section 2.2 or is electing to exercise this Warrant
as to a specified number of shares pursuant to the net exercise provisions of Section 2.3. On or before the first Trading
Day following the date on which the Company has received the Exercise Notice, the Company shall transmit by electronic mail an
acknowledgement of confirmation of receipt of the Exercise Notice. Subject to Section 2.4, this Warrant shall be deemed
exercised for all purposes as of the close of business on the day on which the Holder has delivered the Exercise Notice to the
Company. The Aggregate Exercise Price, if any, shall be paid by wire transfer to the Company within five (5) Business Days of the
date of exercise and prior to the time the Company issues the certificates evidencing the shares issuable upon such exercise. In
the event this Warrant is not exercised in full, the Company may, at its expense, require the Holder, after such partial exercise,
to promptly return this Warrant to the Company and the Company will forthwith issue and deliver to or upon the order of the Holder
a new Warrant or Warrants of like tenor, in the name of the Holder or as the Holder (upon payment by the Holder of any applicable
transfer taxes) may request, calling in the aggregate on the face or faces thereof for the number of shares of Common Stock equal
(without giving effect to any adjustment therein) to the number of such shares called for on the face of this Warrant minus the
number of such shares (without giving effect to any adjustment therein) for which this Warrant shall have been exercised.

 

    	 		 

     

    

 

2.2.       Payment
of Exercise Price by Wire Transfer. If the Holder elects to purchase a specified number of shares by paying the Aggregate Exercise
Price, the Holder shall pay such amount by wire transfer of immediately available funds to the account designated by the Company
in its acknowledgement of receipt of such Exercise Notice pursuant to Section 2.1.

 

2.3.       Net
Exercise. If a registration statement covering the shares of Common Stock that are the subject of the Notice of Exercise (the
“Unavailable Warrant Shares”) is not available for the resale of such Unavailable Warrant Shares to the public
or upon exercise of this Warrant in connection with a Fundamental Transaction, the Holder may elect to exercise this Warrant by
receiving shares of Common Stock equal to the number of shares determined pursuant to the following formula:

 

X = Y (A - B)

    A

 

	where,	 
	X =	the number of shares of Common Stock to be issued to Holder;
	 	 
	Y =	the number of shares of Common Stock as to which this Warrant is to be exercised
	 	(as indicated on the Exercise Notice);
	 	 
	A =	VWAP for the Trading Day immediately preceding the date of exercise or if the
	 	VWAP is unavailable the Fair Market Value of a share of Common Stock; and
	 	 
	B =	the Exercise Price.

 

2.4.       Antitrust
Notification. If the Holder determines, in its sole judgment upon the advice of counsel, that the issuance of any Warrant Shares
pursuant to the terms hereof would be subject to the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended (the “HSR Act”), the Company shall file as soon as practicable after the date on which the Company receives
notice from the Holder of the applicability of the HSR Act and a request to so file with the United States Federal Trade Commission
and the United States Department of Justice the notification and report form required to be filed by it pursuant to the HSR Act
in connection with such issuance.

 

2.5.       Termination.
This Warrant shall terminate upon the earlier to occur of (i) exercise in full or (ii) the expiration of the Exercise Period.

 

3.           REGISTRATION
RIGHTS. The Holder of this Warrant has certain rights to require the Company to register its resale of the Warrant Shares under
the Securities Act and any blue sky or securities laws of any jurisdictions within the United States at the time and in the manner
specified in the Purchase Agreement.

 

    	 	-2-	 

     

    

 

4.            DELIVERY
OF STOCK CERTIFICATES ON EXERCISE.

 

4.1.       Delivery
of Exercise Shares. As soon as practicable after any exercise of this Warrant and in any event within three (3) Trading Days
thereafter (such date, the “Exercise Share Delivery Date”), the Company shall, at its expense (including the
payment by it of any applicable issue or stamp taxes), cause to be issued in the name of and delivered to the Holder, or as the
Holder may direct, a certificate or certificates evidencing the number of fully paid and non-assessable shares of Common Stock
(which number shall be rounded down to the nearest whole share in the event any fractional share may otherwise be issuable upon
such exercise and the Company shall pay a cash adjustment to the Holder in respect of such final fraction in an amount equal to
such fraction multiplied by the Exercise Price) to which the Holder shall be entitled on such exercise, in such denominations as
may be requested by the Holder, which certificate or certificates shall be free of restrictive and trading legends (except for
any such legends as may be required under the Securities Act). In lieu of delivering physical certificates for the shares of Common
Stock issuable upon any exercise of this Warrant, provided the Warrant Shares are not restricted securities and the Company’s
transfer agent is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer program
or a similar program, upon request of the Holder, the Company shall cause its transfer agent to electronically transmit such shares
of Common Stock issuable upon exercise of this Warrant to the Holder (or its designee), by crediting the account of the Holder’s
(or such designee’s) broker with DTC through its Deposit Withdrawal Agent Commission system (provided that the same time
periods herein as for stock certificates shall apply) as instructed by the Holder (or its designee).

 

4.2.       Compensation
for Buy-In on Failure to Timely Deliver Exercise Shares. In addition to any other rights available to the Holder, if the Company
fails to cause its transfer agent to transmit to the Holder Exercise Shares pursuant to an exercise on or before the Exercise Share
Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise)
or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder
of the Exercise Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall
(a) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions,
if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Exercise Shares
that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the
sell order giving rise to such purchase obligation was executed, and (b) at the option of the Holder, either reinstate the portion
of the Warrant and equivalent number of Exercise Shares for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having
a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (a) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and evidence of the amount of such loss. Nothing herein shall limit a Holder’s right
to pursue a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver
shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

4.3.       Charges,
Taxes and Expenses. Issuance of Exercise Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Exercise Shares, all of which taxes and expenses shall be paid by the
Company, and such Exercise Shares shall be issued in the name of the Holder or in such name or names as may be directed by the
Holder; provided, however, that in the event Exercise Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto (the “Assignment
Form”) duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient
to reimburse it for any transfer tax incidental thereto.

 

    	 	-3-	 

     

    

 

5.           CERTAIN
ADJUSTMENTS.

 

5.1.       Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (a) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (b) subdivides outstanding shares of Common Stock into a larger number of shares, (c) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (d) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 5.1 shall
become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.
In connection with the provisions of this Section 5.1 and by way of example only and assuming no other adjustments hereunder, if
the Company conducts a 20:1 reverse stock split and the original unadjusted exercise price was $1.00 prior to such reverse stock
split, then following such reverse stock split the exercise price would be $20.00 and the number of Warrant Shares would be reduced
to 656,250.

 

5.2       Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in
such Distribution (provided, however, that, to the extent that the Holder's right to participate in any such Distribution would
result in the Holder exceeding the beneficial ownership limitation provided for in Section 10, then the Holder shall not
be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as
a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of
the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the beneficial ownership limitation).

 

    	 	-4-	 

     

    

 

5.3       Fundamental
Transaction. If, at any time while this Warrant is outstanding, (a) the Company effects any merger or consolidation of the
Company with or into another Person, (b) the Company effects any sale of all or substantially all of its assets in one or a series
of related transactions, (c) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to
which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (d) the
Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property (each, a “Fundamental
Transaction”), then, upon the closing of a Fundamental Transaction and payment of the exercise price therefore (including
at the election of the Holder by cashless exercise), the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder (without regard to any limitation in Section 10 on the exercise of this Warrant), the number of shares of Common Stock of the
successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the
“Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of
shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to
any limitation in Section 10 on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise
Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate
Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a
Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any
exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a
Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at
any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the
public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an
amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date
of the consummation of such Fundamental Transaction. “Black Scholes Value” means the value this Warrant based on
the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P.
(“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing
purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between
the date of the public announcement of the applicable Fundamental Transaction and the final day of the Exercise Period, (B) an
expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the
Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per
share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the
value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the greater of (x) the last
volume weighted average price immediately prior to the public announcement of such Fundamental Transaction and (y) the last volume
weighted average price immediately prior to the consummation of such Fundamental Transaction and (D) a remaining option time equal
to the time between the date of the public announcement of the applicable Fundamental Transaction and the final day of the Exercise
Period. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds within five Business
Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause
any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents
in accordance with the provisions of this 5.3 pursuant to written agreements in form and substance reasonably satisfactory to the
Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the
Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon
exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the
relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this
Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and
substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be
substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other
Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every
right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction
Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 	-5-	 

     

    

 

5.4         Reserved

 

5.5         Calculations.
All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may
be. For purposes of this Section 5, the number of shares of Common Stock deemed to be issued and outstanding as of a given
date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding at the
close of the Trading Day on or, if not applicable, most recently preceding, such given date.

 

5.6         Notice
to Holder.

 

(a)       Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 5, the Company
shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment.

 

(b)       Notice
to Allow Exercise by Holder. If (i) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock; (ii) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock; (iii)
the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any
shares of capital stock of any class or of any rights; (iv) the approval of any stockholders of the Company shall be required in
connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale
or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock
is converted into other securities, cash or property; or (v) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company; then, in each case, the Company shall cause to be mailed to the Holder
at its last address as it shall appear upon the Warrant Register of the Company, at least twenty (20) calendar days prior to the
applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the
purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which
the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to
be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected
to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled
to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing
thereof shall not affect the validity of the corporate action required to be specified in such notice. Subject to applicable law,
the Holder is entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of
the event triggering such notice. Notwithstanding the foregoing, the delivery of the notice described in this Section 5.6
is not intended to and shall not bestow upon the Holder any voting rights whatsoever with respect to outstanding unexercised Warrants.

 

    	 	-6-	 

     

    

 

6.           NO
IMPAIRMENT. The Company will not, by amendment of the Articles of Incorporation or through any reorganization, transfer of
assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of
all such terms and in taking all such action as may be necessary or appropriate in order to protect the rights of the Holder against
impairment. Without limiting the generality of the foregoing, the Company (a) will not increase the par value of any shares of
Common Stock receivable on the exercise of this Warrant above the amount payable therefor on such exercise and (b) will take all
such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable
shares of stock on the exercise of this Warrant from time to time outstanding.

 

7.           NOTICES
OF RECORD DATE. In the event of:

 

(a)       any
taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof
who are entitled to receive any dividend or other distribution, or any right to subscribe for, purchase or otherwise acquire any
shares of stock of any class or any other securities or property, or to receive any other right;

 

(b)       any
capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any transfer
of all or substantially all the assets of the Company to or any consolidation or merger of the Company with or into any other Person
or any other Change of Control; or

 

(c)       any
voluntary or involuntary dissolution, liquidation or winding-up of the Company;

 

then, and in each such event, the
Company will mail or cause to be mailed to the Holder a notice specifying (i) the date on which any such record is to be taken
for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or
right, or (ii) the date on which any such reorganization, reclassification, recapitalization, transfer, consolidation, merger,
dissolution, liquidation or winding-up is anticipated to take place, and the time, if any is to be fixed, as of which the holders
of record of Common Stock shall be entitled to exchange their shares of Common Stock for securities or other property deliverable
on such reorganization, reclassification, recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up.
Such notice shall be mailed at least fifteen (15) days prior to the date specified in such notice on which any such action is to
be taken.

 

8.           RESERVATION
OF STOCK ISSUABLE ON EXERCISE OF WARRANT; REGULATORY COMPLIANCE.

 

8.1.       Reservation
of Stock Issuable on Exercise of Warrant. The Company shall at all times while this Warrant shall be outstanding, reserve and
keep available out of its authorized but unissued Common Stock, such number of shares of Common Stock as shall from time to time
be sufficient to effect the exercise of all or any portion of the Warrant Shares (disregarding for this purpose any and all limitations
of any kind on such exercise). The Company shall, from time to time in accordance with the Nevada Revised Statutes, increase the
authorized number of shares of Common Stock or take other effective action if at any time the unissued number of authorized shares
shall not be sufficient to satisfy the Company’s obligations under this Section 8.

 

8.2.       Regulatory
Compliance. If any shares of Common Stock to be reserved for the purpose of exercise of the Warrant Shares require registration
or listing with or approval of any Governmental Authority, stock exchange or other regulatory body under any federal or state law
or regulation or otherwise before such shares may be validly issued or delivered upon exercise, the Company shall, at its sole
cost and expense, in good faith and as expeditiously as possible, secure such registration, listing or approval, as the case may
be.

 

    	 	-7-	 

     

    

 

9.           DEFINITIONS.
As used herein the following terms, unless the context otherwise requires, have the following respective meanings:

 

“Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common
control with, the Person specified.

 

“Aggregate
Exercise Price” means, in connection with the exercise of this Warrant at any time, an amount equal to the product obtained
by multiplying (i) the Exercise Price times (ii) the number of shares of Common Stock for which this Warrant is being exercised
at such time.

 

“Articles
of Incorporation” means the Company’s Restated Articles of Incorporation as amended

to date.

 

“Business
Day” means any day other than a Saturday, Sunday or any other day on which banks are permitted or required to be closed
in New York City.

 

“Change
of Control” has the meaning set forth in the Purchase Agreement.

 

“Common
Stock” means (i) the Company’s Common Stock, $0.01 par value per share, and (ii) any other securities into which
or for which any of the securities described in clause (i) above have been converted or exchanged pursuant to a plan of recapitalization,
reorganization, merger, sale of assets or otherwise.

 

“Common
Stock Equivalents” means any rights or warrants or options to purchase any Common Stock or Convertible Securities, other
than rights or warrants or options to purchase any Common Stock or Convertible Securities granted or issued under any Equity Plan.

 

“Convertible
Securities” means any debt, equity or other securities that are, directly or indirectly, convertible into or exchangeable
for Common Stock.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder from
time to time in effect.

 

“Exercise
Period” means the period commencing on the [Issue Date] [date of the Liquidity Event] and ending 11:59 P.M. (New York
City time) on the date that is sixty (60) months from the Issue Date or earlier closing of a Fundamental Transaction (other than
a Fundamental Transaction of the type described in clause (d) of the definition thereof resulting in the conversion into or exchange
for another security of the Company).

 

“Exercise
Price” means $0.092 per share, as may be adjusted pursuant to the terms hereof.

 

“Exercise
Shares” means the shares of Common Stock for which this Warrant is then being exercised.

 

“Fair
Market Value” means, with respect to any security or other property, the fair market value of such security or other
property as determined by the Board of Directors, acting in good faith.

 

“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

    	 	-8-	 

     

    

 

“Issue
Date” means April 4, 2022.

 

“Note”
means the senior secured convertible promissory note issued by the Company to the Holder pursuant to the Purchase Agreement.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder from time to
time in effect.

 

“Subsidiary”
means, as of any time of determination and with respect to any Person, any United States corporation, partnership, limited liability
company or limited liability partnership, all of the stock (or other equity interest) of every class of which, except directors’
qualifying shares (or any equivalent), shall, at such time, be owned by such Person either directly or through Subsidiaries and
of which such Person or a Subsidiary shall have 100% control thereof, except directors’ qualifying shares. Unless the context
otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company.

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means whichever of the New York Stock Exchange, NYSE: Amex Exchange, or the Nasdaq Stock Market (including the
Nasdaq Capital Market), on which the Common Stock is listed or quoted for trading on the date in question.

 

“VWAP”
means, as of any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of one share of Common Stock trading in the ordinary
course of business on the applicable Trading Price for such date (or the nearest preceding date) on such Trading Market as reported
by Bloomberg Financial L.P.; (b) if the Common Stock is not then listed on a Trading Market and if the Common Stock is traded in
the over-the-counter market, as reported by the OTC Bulletin Board, the volume weighted average price of one share of Common Stock
for such date (or the nearest preceding date) on the OTC Bulletin Board, as reported by Bloomberg Financial L.P.; (c) if the Common
Stock is not then listed or quoted on the OTC Bulletin Board and if prices for the Common Stock is then reported in the “Pink
Sheets” published by the Pink OTC Markets Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price of one share of Common Stock so reported, as reported by Bloomberg Financial L.P.; or (d) in
all other cases, the fair market value of one share of Common Stock as determined by an independent appraiser selected in good
faith by the Holder and reasonably acceptable to the Company (in each case rounded to four decimal places).

 

“Warrant
Shares” means collectively the shares of Common Stock of the Company issuable upon exercise of the Warrant in accordance
with its terms, as such number may be adjusted pursuant to the provisions thereof.

 

    	 	-9-	 

     

    

 

10.          LIMITATION
ON BENEFICIAL OWNERSHIP. Notwithstanding anything to the contrary contained herein, the Holder shall not be entitled to receive
shares of Common Stock or other securities (together with Common Stock, “Equity Interests”) upon exercise of
this Warrant to the extent (but only to the extent) that such exercise or receipt would cause the Holder Group to become, directly
or indirectly, a “beneficial owner” (within the meaning of Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder) of a number of Equity Interests of a class that is registered under the Exchange Act which exceeds the
Maximum Percentage (as defined below) of the Equity Interests of such class that are outstanding at such time. Any purported delivery
of Equity Interests in connection with the exercise of the Warrant prior to the termination of this restriction in accordance herewith
shall be void and have no effect to the extent (but only to the extent) that such delivery would result in the Holder Group becoming
the beneficial owner of more than the Maximum Percentage of the Equity Interests of a class that is registered under the Exchange
Act that is outstanding at such time. If any delivery of Equity Interests owed to the Holder following exercise of this Warrant
is not made, in whole or in part, as a result of this limitation, the Company’s obligation to make such delivery shall not
be extinguished and the Company shall deliver such Equity Interests as promptly as practicable after the Holder gives notice to
the Company that such delivery would not result in such limitation being triggered or upon termination of the restriction in accordance
with the terms hereof. To the extent limitations contained in this Section 10 apply, the determination of whether this Warrant
is exercisable and of which portion of this Warrant is exercisable shall be the sole responsibility and in the sole determination
of the Holder, and the submission of an Exercise Notice shall be deemed to constitute the Holder’s determination that the
issuance of the full number of Warrant Shares requested in the Exercise Notice is permitted hereunder, and neither the Company
nor any Warrant agent shall have any obligation to verify or confirm the accuracy of such determination. For purposes of this Section
10, (i) the term “Maximum Percentage” shall mean 4.99%; provided, that if at any time after the date hereof
the Holder Group beneficially owns in excess of 4.99% of any class of Equity Interests in the Company that is registered under
the Exchange Act (excluding any Equity Interests deemed beneficially owned by virtue of this Warrant or the Note), then the Maximum
Percentage shall automatically increase to 9.99% so long as the Holder Group owns in excess of 4.99% of such class of Equity Interests
(and shall, for the avoidance of doubt, automatically decrease to 4.99% upon the Holder Group ceasing to own in excess of 4.99%
of such class of Equity Interests); and (ii) the term “Holder Group” shall mean the Holder plus any other Person
with which the Holder is considered to be part of a group under Section 13 of the Exchange Act or with which the Holder otherwise
files reports under Sections 13 and/or 16 of the Exchange Act. In determining the number of Equity Interests of a particular class
outstanding at any point in time, the Holder may rely on the number of outstanding Equity Interests of such class as reflected
in (x) the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission, as the case may be, (y) a more recent public announcement by the Company or (z) a more recent notice by the
Company or its transfer agent to the Holder setting forth the number of Equity Interests of such class then outstanding. For any
reason at any time, upon written or oral request of the Holder, the Company shall, within one (1) Trading Day of such request,
confirm orally and in writing to the Holder the number of Equity Interests of any class then outstanding. The provisions of this
Section 10 shall be construed, corrected and implemented in a manner so as to effectuate the intended beneficial ownership
limitation herein contained.

 

11.          REGISTRATION
AND TRANSFER OF WARRANT.

 

11.1.       Registration
of Warrant. The Company shall register and record transfers, exchanges, reissuances and cancellations of this Warrant, upon
the records to be maintained by the Company for that purpose, in the name of the record holder hereof from time to time. The Company
may deem and treat the registered holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. The Company shall be entitled
to rely, and held harmless in acting or refraining from acting in reliance upon, any notices, instructions or documents it believes
in good faith to be from an authorized representative of the Holder.

 

    	 	-10-	 

     

    

 

11.2       Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment
of this Warrant substantially in the form of assignment (the “Assignment Notice”) attached hereto duly executed
by the Holder or its agent or attorney. The Company may require the transferor thereof to provide to the Company an opinion of
counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to the Company, to
the effect that such transfer does not require registration of the transferred Warrant under the 1933 Act. Upon such surrender,
the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in
the denomination or denominations specified in such Assignment Notice, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. This Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Exercise Shares without having a new Warrant issued.

 

11.3.       New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 11.2, as to any transfer which may be involved in
such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for this Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original
Issue Date and shall be identical with this Warrant except as to the number of Exercise Shares issuable pursuant thereto.

 

12.          LOSS,
THEFT, DESTRUCTION OR MUTILATION OF WARRANT. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Exercise
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
this Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

13.         REMEDIES.
The Company stipulates that the remedies at law of the Holder in the event of any default or threatened default by the Company
in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate, and that such terms
may be specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction against
a violation of any of the terms hereof or otherwise.

 

14.         NO
RIGHTS AS A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity
as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the
Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s
capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold
consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger,
conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance
to the Holder of the Exercise Shares.

 

15.       NOTICES.
All notices, requests, demands and other communications that are required or may be given pursuant to the terms of this Warrant
shall be in writing and shall be deemed delivered (i) on the date of delivery when delivered by hand on a Business Day during normal
business hours or, if delivered on a day that is not a Business Day or after normal business hours, then on the next Business Day,
(ii) on the date of transmission when sent by facsimile transmission or email during normal business hours on a Business Day with
telephone confirmation of receipt or, if transmitted on a day that is not a Business Day or after normal business hours, then on
the next Business Day, or (iii) on the second Business Day after the date of dispatch when sent by a reputable courier service
that maintains records of receipt. The addresses for notice shall be as set forth in the Purchase Agreement.

 

    	 	-11-	 

     

    

 

16.       CONSENT
TO AMENDMENTS. Any term of this Warrant may be amended, and the Company may take any action herein prohibited, or compliance
therewith may be waived, only if the Company shall have obtained the written consent (and not without such written consent) to
such amendment, action or waiver from the Holder. No course of dealing between the Company and the Holder nor any delay in exercising
any rights hereunder shall operate as a waiver of any rights of the Holder.

 

17.       MISCELLANEOUS.
In case any provision of this Warrant shall be invalid, illegal or unenforceable, or partially invalid, illegal or unenforceable,
the provision shall be enforced to the extent, if any, that it may legally be enforced and the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby. If any provision of this Warrant is found to
conflict with the Purchase Agreement, the provisions of this Warrant shall prevail. If any provision of this Warrant is found to
conflict with the Note, the provisions of the Note shall prevail. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE INTERNAL LAW OF THE STATE OF NEVADA EXCLUDING CHOICE-OF-LAW PRINCIPLES
OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. The headings in
this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof.

 

[Remainder of Page Intentionally
Left Blank]

 

    	 	-12-	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its duly authorized officer.

 

Dated as of April 4, 2022

 

	 	CASTELLUM, INC.
	 	 	 
	 	By:	/s/ Mark Fuller
	 	 	 
	 	Name:	Mark Fuller
	 	 	 
	 	Title:	President & CEO

 

    	 	-13-	 

     

    

 

FORM OF SUBSCRIPTION

 

(To be signed only on exercise 

of Common
Stock Purchase Warrant)

 

		TO:	Castellum, Inc.

 

1.       The
undersigned Holder of the attached Warrant hereby elects to exercise its purchase right under such Warrant to purchase shares of
Common Stock of Castellum, Inc., a Nevada corporation (the “Company”), as follows (check one or more, as applicable):

 

		o	to exercise the Warrant to purchase ________________ shares of Common Stock and to pay the Aggregate
Exercise Price therefor by wire transfer of United States funds to the account of the Company, which transfer has been made prior
to or as of the date of delivery of this Form of Subscription pursuant to the instructions of the Company;

 

and/or

 

		o	to exercise the Warrant with respect to _______________ shares of Common Stock pursuant to the
net exercise provisions specified in Section 2.3 of the Warrant.

 

2.            In
exercising this Warrant, the undersigned Holder hereby confirms and acknowledges that the shares of Common Stock are being acquired
solely for the account of the undersigned and not as a nominee for any other party, and for investment, and that the undersigned
shall not offer, sell or otherwise dispose of any such shares of Common Stock except under circumstances that will not result in
a violation of the Securities Act or any state securities laws. The undersigned hereby further confirms and acknowledges that it
is an “accredited investor”, as that term is defined under the Securities Act.

 

3.           Please
issue a stock certificate or certificates representing the appropriate number of shares of Common Stock in the name of the undersigned
or in such other name(s) as is specified below:

 

	Name:	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	TIN:	 	 

 

		 	Dated:	 
	(Signature must conform exactly to name of	 	 	 
	Holder as specified on the face of the Warrant)	 	 	 

 

    	 		 

     

    

 

FORM OF ASSIGNMENT

(To be signed only on transfer of Warrant)

 

For value received, the undersigned hereby
sells, assigns, and transfers unto ____________ the right represented by the within Warrant to purchase _____________ shares of
Common Stock of Castellum, Inc., a Nevada corporation, to which the within Warrant relates, and appoints _______________ attorney
to transfer such right on the books of Castellum, Inc., with full power of substitution in the premises.

 

[insert name of Holder]

 

	Dated:	 	 	By:	 
	 	 	 	 	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	[insert address of Holder]

 

	Signed in the presence of:Exhibit 10.1

 

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, FLEDGED OR HYPOTHECATED
UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL
OR OTHER EVIDENCE REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

 

	Face Value: $5,600,000	Issued on August [    ], 2021 (“Issuance Date”)

 

AMENDED AND RESTATED PROMISSORY NOTE

(hereinafter referred to as this “Promissory
Note”)

 

FOR VALUE RECEIVED, Corvus
Consulting, LLC (“Corvus”) and Castellum, Inc. f/k/a BioNovelus, Inc. (“Parent”) (collectively,
the “Obligors”), hereby jointly and severally promise to pay to the order of Robert Eisiminger or any future permitted
holder of this promissory note (the “Holder”), the principal sum of FIVE MILLION AND SIX HUNDRED THOUSAND DOLLARS AND
NO/100 ($5,600,000.00) (the “Principal Amount”) plus any accrued but unpaid interest thereon at the rate of SEVEN PERCENT
(7%) per annum (the “Interest Rate”) until the Principal Amount is paid in full. All payments made under this Promissory
Note will be made to the Holder, at such address as the Holder may designate, in monies of the United States of America. This Amended
and Restated Promissory Note supersedes and replaces in its entirety that certain prior Promissory Note in the amount of $5,600,000, dated
November 21, 2019 (the “Prior Note”), which Prior Note is hereby cancelled.

 

1.       Interest.
Subject to Section 1.1. below, interest accrued at the Interest Rate shall be payable in [quarterly] [monthly] installments (with
interest accruing from [September 1, 2021] and with payments commencing with the [month ended September 30, 2021])1 on the
first day of each [quarter] [monthly] or upon mandatory prepayment in cash from the date of this Promissory Note unless the Principal
Amount and all interest accrued thereon and all other amounts owed hereunder are prepaid as provided for herein.

 

1.1       Subordination
of Payments. Notwithstanding anything else herein to the contrary, all of Holder’s rights to payment and the other terms and conditions
hereunder shall be subject in all respects to the terms of the Subordination and Standby Agreement, dated as of August [    ], 2021 between,
inter alios, Holder, the Obligors and Live Oak Banking Company (the “Subordination Agreement”).

 

2.       Maturity.
The Obligors shall repay in full the entire principal balance then outstanding plus any accrued but unpaid interest under this Promissory
Note on the earliest to occur of (i) September 30, 2024 or (ii) the acceleration of the obligations as contemplated by this Promissory
Note (see, e.g., Section 5,2 hereof).

 

 

1 NTD: to be confirmed whether interest
will be payable quarterly or monthly; believe interest for August has already been paid.

 

     

     

    

 

3.       Equity
Warrant.2 As partial consideration for making the loan underlying this Promissory Note, Parent issued to the Holder
pursuant to the Prior Note [21,614,349] [7]-year warrant (from the date of the Prior Note) to purchase shares of common stock of the Obligor
at a total aggregate price for the exercise of $[1.00] for all shares, representing (as of the date of the Prior Note) [1.999]% of the
fully diluted shares of the Obligor. To the extent that Holder chooses to exercise any warrants prior to [November 21, 2023], Holder hereby
grants a four-year proxy to Mr. Mark Fuller, CEO of the Obligor, to vote such shares as Mr. Fuller deems appropriate. Holder shall have
no right to vote such shares during the continuance of the proxy, and shall have no right to appoint directors, or otherwise central the
management of the Obligor.

 

3.1       Adjustment
of Number of Shares. The number of and kind of securities for pursuant to the Equity Warrant shall be subject to adjustment from time
to time as follows:

 

3.1.1       Subdivisions,
Combinations and Other Issuances. If the Parent shall at any time subdivide its Shares by split-up or otherwise, or combine its Shares,
or issue additional shares of its Shares as a dividend, the number of shares issuable on exercise of the Equity Warrant shall be proportionately
increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments
shall also be made to the conversion price payable per share, but the aggregate purchase price payable for the total number of Shares
exercisable under the Equity Warrant (as adjusted) shall remain the same. Any adjustment under this Section 3.1.1 shall become effective
as of the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or
if no record date is fixed, upon the making of such dividend.

 

3.1.2       Reclassification,
Reorganization and Consolidation. In case of any reclassification, capital reorganization, or change in the capital stock of the Parent
(other than as a result of a subdivision, combination, or stock dividend provided or in Section 1.1 above) or any Change of Control (as
defined below) of the Parent, then the Parent shall make appropriate provision so that the Holder shall have the right at any time to
exercise the Equity Warrant, the kind and amount of shares of stock and other securities and property receivable in connection with such
reclassification, reorganization, or change by a holder of the same number of Shares as were exercisable into by the Holder immediately
prior to such reclassification, reorganization, or change. In any such case, appropriate provisions shall be made with respect to the
rights and interest of the Holder so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or
other securities and property deliverable upon conversion hereof, and appropriate adjustments shall be made to the purchase price per
share payable hereunder, provided the aggregate purchase price shall remain the same.

 

3.1.3       Notice
of Adjustment. When any adjustment is required to be made pursuant to this Section 3.1, Parent shall promptly notify the Holder of
such event and the number of Shares or other securities or property thereafter exercisable.

  

 

2 NTD: to be determined if this section needs to be modified
in any way.

 

     

     

    

 

3.1.4       Reservation
of Stock. Parent agrees that, to reserve and keep available from its authorized and unissued Shares for the purpose of effecting the
exercise of Equity Warrant such number of Shares as shall from time to time be sufficient to effect the exercise of the rights under the
Equity Warrant.

 

4.       Representations.
The Obligors hereby represent and warrant to the Holder as follows:

 

4.1       Due
Incorporation; Good Standing; Due Authorization. The Obligors are each duly formed and validly existing as entities in good standing
under the laws of the state of each of its formation. The Obligors have the requisite power and authorization to enter into this Promissory
Note and all necessary action has been taken by the Obligors to do so. As of the Corvus Closing, the Parent owned all of equity interest
and membership interests of Corvus and Corvus became a wholly owned subsidiary of the Parent.

 

4.2       Use
of Proceeds. The original proceeds of this Promissory Note were used only for the purchase of 100% of the equity interests and membership
interests of Corvus and for working capital,

 

4.3      Capitalization.

 

(a)       Schedule
4.3(b) of the Prior Note set forth the fully diluted capitalization of Parent on the date of issuance thereof, after giving effect to
the Corvus Closing, including the number of shares and the holders of the following: (i) issued and outstanding shares of Series A Preferred
Stock, (ii) issued and outstanding shares of Series B Preferred Stock, (iii) issued and outstanding shares of Common Stock; (iv) the number
of shares reserved under any convertible notes including the principal amounts, the interest rate, the maturity date and the conversion
rate or conversion price associated therewith; (v) granted stock options, including vesting schedule and exercise price; (v) shares of
Common Stock reserved for issuance under any equity incentive plan but not yet subject to grants; and (vi) warrants or purchase rights,
if any. As of the date of issuance of the Prior Note, except as set forth on such Schedule 4.3(b), and except as may be granted pursuant
to this Note, there are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal),
proxy or stockholder agreements, or agreements of any kind forth: purchase or acquisition from the Parent of any of its securities and
there are no outstanding or authorized equity appreciation, phantom equity or similar rights with respect to the Parent.

 

(b)       All
issued and outstanding shares of the Common Stock and Preferred Stock of the Parent (i) have been duly authorized and validly issued and
are fully paid and nonassessable, (ii) were issued in compliance with all applicable laws concerning the issuance of securities and applicable
preemptive and other similar rights; and (iii) are not subject to a right of first refusal in favor of the other shareholders of the Company
upon transfer.

 

     

     

    

 

(c)       The
Parent is not subject to any obligation (contingent or otherwise) to redeem, purchase or otherwise acquire or retire any of its securities.
No person or entity has any right of first offer, right of first refusal, preemptive right or other similar right in connection with the
issuance or sale of the outstanding securities of the Parent, or with respect to any future offer, sale or issuance of securities by the
Parent. There are no agreements, written or oral, relating to the acquisition, issuance, disposition, repurchase, voting or registration
of securities of the Parent. There are no agreements or arrangements of any kind providing anti-dilution protection to any security holder.
There is no employee, advisor, consultant or other person or entity with an offer letter; agreement or other arrangement that contemplates
a grant of options to purchase shares of the Common Stock or other equity or equity-based awards with respect to the capital stock of
the Parent, or who has otherwise been promised options to purchase shares of the Common Stock or other equity or equity-based awards with
respect to the capital stock of the Parent, which options or other awards have not been granted as of the date of issuance of the Prior
Note.

 

4.4       Articles
of Incorporation. Schedule 4.4 to the Prior Note contained a true and complete copy of the Articles of Incorporation of the Parent
with all amendments.

 

4.5       Litigation.
The Obligor hereby confirm that, as of the Issuance Date, neither of the Obligors is subject to either any actual or threatened litigation.

 

4.6       Liabilities.
Except as previously disclosed to Holder, each of the Obligors hereby confirm that, as of the Issuance Date, neither of the Obligors is
subject to any liabilities.

 

5.       Remedies.

 

5.1       Events
of Default. “Event of Default” wherever used herein, means any one of the following events:

 

5.1.1       default
in the payment of the principal of this Promissory Note at its maturity or any interest payment required to be made hereunder; or

 

5.1.2       the
entry by a start having jurisdiction in the premi ses of (A) a decree or order for relief in respect of the Obligors in an involuntary
case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or
order adjudging either one of the Obligors a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Obligors under any applicable federal or state law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Obligors or of any substantial part of its property,
or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other
decree or order unstayed and in effete for a period of sixty (60) consecutive days; or

 

5.1.3       the
commencement by either one of the Obligors of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency,
reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it
to the entry of a decree or order for relief in respect of the Obligors in an involuntary case or proceeding under any applicable federal
or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding
against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state
law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or similar official of the Obligors or of any substantial part of its property, or the making by it of
an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become
due, or the taking of corporate action by the Obligors in furtherance of any such action; or

 

     

     

    

 

5.1.4       the
dissolution of the Obligors; or

 

5.1.5       any
representation or warranty made to the Holder by the Obligors pursuant to this Promissory Note is false or misleading in any material
respect; or

 

5.1.6       the
Obligors fail to observe or perform any material covenant or agreement made by the Obligors to the Holder pursuant to this Promissory
Note.

 

5.2       Acceleration
of Maturity. If any Event of Default occurs and is continuing, then and in every such case the Holder may (subject to the Subordination
Agreement) declare the principal on this Promissory Note to be due and payable immediately, by a notice in writing-to the Obligors, and
upon any such declaration such principal shall become immediately due and payable, and such accelerated amount shall thereafter bear interest
at the rate equal to twelve percent (12%) per annum.

 

5.3       Payment
of Expenses. If any part of the balance is not paid when due, or if the Obligors fail to perform any obligation required hereunder,
the Obligors shall (subject to the Subordination Agreement) pay any and all reasonable costs of collection or enforcement of all outstanding
obligations under this Promissory Note incurred by the. Holder, including reasonable attorneys’ fees and expenses.

 

6.       Negative
Covenants. As long as the Holder is owed principal and interest hereunder, the Parent shall not, either directly or indirectly
by amendment, merger, consolidation or otherwise, do any of the following without the written consent of the Holder given in writing,
and any such act or transaction entered into without such consent shall be null and void ab initio, and of no force or effect.

 

6.1       liquidate,
dissolve or wind-up the business and affairs of the Parent, adopt effect or enter into any merger or consolidation, dissolution, liquidation,
reorganization or recapitalization of the Company or any of its subsidiaries or any other Change of Control, or consent to any of the
foregoing;

 

6.2       amend,
alter or repeal any provision of Parent’s Articles of incorporation or Bylaws of the Parent, except that Parent shall increase its
authorized common stock to a total of 3 billion shares after the Corvus Closing;

 

6.3       create,
or authorize the creation of, or issue or obligate itself to issue shares of, any additional class or series of capital stock, or increase
the authorized number of shares of Common Stock (except as provided in Section 6.2) or any Preferred Stock or increase the authorized
number of shares of any additional class or series of capital stock of the Parent;

 

6.4       (i)
reclassify, alter or amend any existing security of the Parent in respect of the distribution of assets on the liquidation, dissolution,
voting or winding up of the Parent or (ii) reclassify, alter or amend any existing security of the Parent at in respect of the distribution
of assets on the liquidation, dissolution, voting or winding up of the Parent, the payment of dividends or rights of redemption;

 

     

     

    

 

6.5       purchase
or redeem (or permit any subsidiary to purchase or redeem) or pay or declare any dividend in cash or securities, or make any distribution
on, any shares of capital stock of the Parent other than repurchases of stock from former employees, officers, directors, consultants
or other persons who performed services for the Parent or any subsidiary in connection with the cessation of such employment or service
at no greater than the original purchase price thereof:

 

6.6       create,
or authorize the creation of, or issue, or authorize the issuance of any debt security, incur or maintain any debt, or create any lien
or security interest (except purchase money liens or statutory liens of landlords, mechanics, materialmen, workmen, warehousemen and other
similar persons arising or incurred in the ordinary course of business) or incur other indebtedness for borrowed money, including but
not limited to obligations and contingent obligations under guarantees, or permit any subsidiary to take any such action with respect
to any debt security or debt lien, security interest or other indebtedness for borrowed money:

 

6.7       dissolve,
wind-up or liquidate itself or initiate a bankruptcy proceeding involving itself; or

 

6.8       agree
to do any of the foregoing;

 

provided that, notwithstanding anything to the contrary
herein, if any of the covenants described in this Section 6 is not otherwise expressly prohibited by the Loan Agreement (as defined in
the Subordination Agreement) for so long as the Loan Agreement is in effect, no breach of any of the foregoing covenants in this Section
6 will constitute a default or Event of Default hereunder.

 

7.      Release
of Security Interest; Termination of Liens. Any security interest or lien granted to the Holder in the Collateral (as defined
in the Prior Note) or any other property of the Obligors securing amounts evidenced by the Prior Note, shall be automatically released
and terminated in full, in each case, without the necessity of further action by any person, upon the entry into this Promissory Note
by the parties hereto.

 

8.      Prepayment.
The Obligors may not prepay this Promissory Note without the Holder’s consent. If the Obligors choose to prepay this Promissory
Note, such prepayment will be subject to Section 1.1 herein.

 

9.      Various
Definitions.

 

9.1       “Change
of Control” shall mean (A) any consolidation or merger of the Parent or Corvus with or into any other corporation or other entity
or person, or any other corporate reorganization, other than any such consolidation, merger or reorganization in which the stockholders
of Parent or Corvus immediately prior to such consolidation, merger or reorganization continue to hold at least a majority of the voting
power of the surviving entity in substantially the same proportions (or, if the surviving entity is a wholly owned subsidiary, its parent)
immediately after such consolidation, merger or reorganization; or (B) any transaction or series of related transactions to which the
Parent or Corvus is a party in which in excess of 50% of the Parent or Corvus’ voting power is transferred; and (ii) a sale, lease,
exclusive license or other disposition of all or substantially all of the assets of the Parent or Corvus.

 

     

     

    

 

9.2       [Reserved].

 

9.3       “Corvus
Closing” shall mean the Closing (as defined therein) of the transactions contemplated by that certain Stock Purchase Agreement
made and entered into as of November 20, 2019, by and among the Parent, Corvus Consulting, LLC, and the member of Corvus Consulting, LLC
(and with the Company Letter and all exhibits and schedules), all as attached as Schedule 9.3 to this Note.

 

10.    Notices.
All notices and communications provided for herein or made hereunder shall be delivered, or mailed first class with postage prepaid,
addressed in each case as follows, until some other address shall have been designated in a written notice given in like manner, and shall
he deemed to have been given or made when so delivered or mailed:

 

	The Holder:	Robert Eisiminger

 

or to such other person or address as the Obligors
shall furnish to the Holder in writing.

 

	The Obligor:	Castellum, Inc. and
	 	Corvus Consulting, LLC
	 	9812 Fall Rd Hl 14-299
	 	Potomac, MD 20854

 

or to such other person or address as the Holder shall
furnish to the Obligors in writing.

 

11.    Miscellaneous.

 

11.1       This
Promissory Note may be amended only by writing signed by both the Obligors and the Holder. All covenants and agreements in this Promissory
Note by the Obligors shall bind its successors and assigns.

 

11.2       In
case any provision in this Promissory Note shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

11.3       This
Promissory Note shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia in without regard to the
principles of conflicts of laws thereof.

 

11.4       This
Promissory Note (and related agreements, exhibits, certificates and schedules) constitutes the full and entire understanding between the
Obligors and the Holder with respect to the subject matter hereof and thereof.

 

     

     

    

 

11.5       This Promissory
Note is binding on the Obligor; and the Obligors hereby waive presentment, demand, notice and protest and any defense by reason of an
extension of time for payment or other indulgences. Failure of, or delay by, the Holder to assert any right herein shall not be deemed
to be a waiver thereof, nor shall any such failure or delay on any one or more occasions be deemed to prohibit or waive the same or any
other right on any future occasion.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, the Obligors have caused this instrument to be duly
executed as of the date first referenced above.

 

	OBLIGORS;	 
	 	 	 
	Corvus Consulting, LLC	 
	 	 	 
	By:	/s/ Mark C. Fuller	 
	 	 	 
	Castellum Inc.	 
	 	 	 
	By:	/s/ Mark C. Fuller	 
	 	 	 
	Accepted: ROBERT EISIMINGER	 
	 	 	 
	By:  	/s/ Robert Eisiminger

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]