Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 167

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 167
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 incentive-based compensation to ensure that the ultimate award reflects the financial results as restated. The Clawback Policy
covers any cash or equity-based incentive compensation award that was paid, earned or granted to covered executive officers during the
last completed three fiscal years immediately preceding the date on which we are required to prepare the accounting restatement.

Stock Option Grant Policy

​

We did not grant stock options or similar instruments to our NEOs during
2024. We have no set policy or practice regarding the timing of stock option awards or similar instruments in relation to the disclosure
of material nonpublic information. In general, the timing of stock option awards is dictated by the event or circumstance giving rise
to the award and the schedules of the directors responsible for approving the award. If, in the future, a stock option grant is made at
a time that material nonpublic information exists, the directors approving the award would be responsible for considering the anticipated
effect of that information on our stock price and would take such effect into account when sizing and pricing the award.

Director Compensation

​

Directors who are also employees are not compensated
separately for serving on the Board or any of its committees. Each of our non-employee directors is eligible to receive cash and equity
compensation for his or her services. The Compensation Committee periodically conducts reviews of peer company director compensation practices,
including before considering changes to our director compensation program and amounts. For 2024, our only employee director was Dr. Litchman,
and he is therefore not included in the Director Compensation Table below.

Director Compensation Program

In January 2016, the Board adopted a Non-Employee
Directors Compensation Plan for our non-employee directors, which determines the cash and equity compensation payable to our non-employee
directors. The Non-Employee Directors Compensation Plan provides for our non-employee directors to receive the following compensation:

:

| ● | $50,000 annual retainer; and |

| ● | $10,000 additional annual retainer for the Audit Committee Chair. |

However, for Mr. Weiss, in lieu of the cash compensation
described above, $60,000 of annual cash compensation is paid to the Advisor according to the Advisory Agreement.

:

| ● | Initial Equity Grant: 1000 shares of restricted stock, which shares shall vest and become non-forfeitable in equal annual installments over three years, beginning on the third (3rd) anniversary of the grant date, subject to the director’s continued service on the Board on such