Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 157

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 157
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ing and monitoring our financial statements and internal accounting procedures, the selection of,

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Table of Contents

consultation with and review of the services provided
by our independent registered public accounting and identifying and assessing any related party transactions in collaboration with counsel,
accountants and management. Our Audit Committee has sole discretion over the retention, compensation, evaluation and oversight of
our independent registered public accounting firm.

The SEC and Nasdaq have established rules and
regulations regarding the composition of audit committees and the qualifications of audit committee members. Our Board has examined
the composition of our Audit Committee and the qualifications of our Audit Committee members in light of the current rules and regulations
governing audit committees. Based upon this examination, our Board has determined that each member of our Audit Committee is independent
and is otherwise qualified to be a member of our Audit Committee in accordance with the rules of the SEC and Nasdaq.

Additionally, the SEC requires that at least one
member of the Audit Committee have a “heightened” level of financial and accounting sophistication. Such a person is
known as the “audit committee financial expert” under the SEC’s rules. Our Board has determined that Mr. Chill
is an “audit committee financial expert,” as the SEC defines that term, and is an independent member of our Board and our
Audit Committee. Please see Mr. Chill’s biography in Item 10. Directors, Executive Officers, and Corporate Governance.

Compensation Committee

The Compensation Committee currently consists
of Adam J. Chill, Neil Herskowitz and Michael J. Zelefsky, M.D. Mr. Herskowitz chairs the Compensation Committee.

The Compensation Committee held one meeting during
the fiscal year ended December 31, 2024. The duties and responsibilities of the Compensation Committee are set forth in
the Charter of the Compensation Committee which was recently reviewed by our Compensation Committee. A copy of the Charter of the
Compensation Committee is available on our website, located at ir.mustangbio.com. As discussed in its Charter, among other things,
the duties and responsibilities of the Compensation Committee include approving any corporate goals and objectives relating to the compensation
of our executive officers, evaluating the performance of our executive officers, and administering all of our executive compensation programs,
including, but not limited to, our incentive and equity-based plans. The Compensation Committee evaluates the performance of all
of our executive officers on an annual basis and reviews and approves on an annual basis all compensation programs and awards relating
to such