Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 168

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 168
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 date. |

| ● | Re-Election Equity Grant: The greater of (i) a number of shares of restricted stock having a fair market value on the grant date of $50,000, or (ii) 200 shares of restricted stock, which shares shall vest and become non-forfeitable on the third (3rd) anniversary of the grant date, subject to the director’s continued service on the Board on such date. |

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Table of Contents

However, in 2024 the Board decided not to grant
director equity awards due to timing of the annual shareholders meeting and the number of shares available for issuance under the 2016
Plan.

In addition, each non-employee director receives
reimbursement for reasonable travel expenses incurred in attending meetings of our Board and meetings of committees of our Board.

<div align='center'>Director Compensation Table</div>

The following table sets forth the cash and other
compensation we paid to the non-employee members of our Board for all services in all capacities during 2024.

| ​                          
 ​                          
 ​                          
 Name                       | ​ 
 ​ 
 ​ | ​              
 Fees Earned or 
 Paid in Cash   
 ($)(1)         |      ​ | ​ 
 ​ 
 ​ | ​      
 Stock  
 Awards 
 ($)(2) | ​ | ​ 
 ​ 
 ​ | ​     
 ​     
 Total 
 ($)   |      ​ 
      ​ |
|:---------------------------|:--|:---------------|-------:|:--|:-------|:--|:--|:------|-------:|
| Michael S. Weiss(3)        | ​ | $              | 60,000 | ​ | $      | — | ​ | $     | 60,000 |
| Adam J. Chill              | ​ | ​              | 60,000 | ​ | ​      | — | ​ | ​     | 60,000 |
| Neil Herskowitz            | ​ | ​              | 50,000 | ​ | ​      | — | ​ | ​     | 50,000 |
| David Jin(4)               | ​ | ​              | 12,500 | ​ | ​      | — | ​ | ​     | 12,500 |
| Lindsay A. Rosenwald, M.D. | ​ | ​              | 50,000 | ​ | ​      | — | ​ | ​     | 50,000 |
| Michael J. Zele