Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 201

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 201
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“Annual Consulting Fee”), payable in advance in equal quarterly installments on the first business day of each calendar quarter
in each year, provided, however, that such Annual Consulting Fee shall be increased to $1.0 million for each calendar year in
which the Company has net assets in excess of $100 million at the beginning of the calendar year. The Company records fifty percent
of the Annual Consulting Fee in research and development expense and fifty percent in general and administrative expense in the Statement
of Operations. For the years ended December 31, 2024 and 2023, the Company recorded expense of $0.5 million and $0.5 million,
respectively, related to this agreement.

Payables and Accrued Expenses Related Party

In the normal course of business Fortress pays
for certain expenses on behalf of the Company. Such expenses are recorded as payables and accrued expenses - related party.

<div align='center'>F-16</div>

Table of Contents

Director Compensation

Dr. Rosenwald and David Jin

Pursuant to the terms of the Director Compensation
Plan, Dr. Rosenwald and Mr. Jin will receive a cash fee of $50,000 per year paid quarterly and an annual stock award of the
greater of (i) a number of shares of common stock having a fair market value on the grant date of $50,000 or (ii) 200 shares
of common stock, which shares shall vest and become non-forfeitable on the third anniversary of the grant date, subject to continued service
on the Board on such date.

For the year ended December 31, 2024,
the Company recognized $50,000 and $12,500 for Dr. Rosenwald and Mr. Jin, respectively, in expense in its Statements of Operations related
to the director compensation. For the year ended December 31, 2023, the Company recognized $100,000 in expense in its Statements
of Operations related to the director compensation, including approximately $50,000 in expense related to equity incentive grants. The
Company issued Dr. Rosenwald 144 restricted stock awards for the year ended December 31, 2023. No restricted stock awards were granted
in 2024. We recognized $12,500 in expense in our Statements of Operations related director compensation for Mr. Jin. We have not yet granted
any equity awards to Mr. Jin.

Mr. Weiss - Advisory Agreement with Caribe BioAdvisors,
LLC

The Board