Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 162

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 162
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 | ​ |            ​ | ​    | ​ |       ​ |
| Former Interim Chief Financial Officer                                  | ​ | 2024 | ​ | ​ |       — | ​ | ​     | — | ​ | ​ |         — | ​ | ​ | —      | ​ | ​ | —               | ​ | ​ |      199,485 | (4)​ | ​ | 199,485 |

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| (1) | The amounts in the “Stock Awards” column reflect the aggregate grant date fair value of restricted stock units granted during the year computed in accordance with the provisions of FASB ASC Topic 718. The assumptions used in calculating these amounts are incorporated by reference to Note 10 to the financial statements included in this Form 10-K. |

| (2) | In 2024, the Compensation Committee decided to not pay 2023 and 2024 annual cash incentive bonuses. See the “Annual Cash Incentive Bonus” section below for additional details. |

| (3) | All other compensation for Dr. Litchman is comprised of Company matching 401(k) contributions. |

| (3) | Effective January 19, 2024, Mr. Murphy was appointed as our Interim Chief Financial Officer, although he remained a consultant employed by Danforth Advisors, LLC (“Danforth”) and was contracted to work for us on a part time basis, as described under “Narrative to Summary Compensation Table” below. The amount shown represents fees payable to Danforth in connection with the Chief Financial Officer services provided by Mr. Murphy based on a negotiated hourly rate. On November 12, 2024, Mr. Murphy resigned as our Interim Chief Financial Officer. Mr. Murphy’s resignation was not a result of any disagreement on any matter relating to our operations, policies or practices. |

Narrative to Summary Compensation Table

Employment Agreements

In April 2017, we entered into an employment agreement
with Dr. Litchman, our President, Chief Executive Officer and Interim Chief Financial Officer, pursuant to which he received an initial
annual base salary of $395,000. As part of his annual review in January 2023, the Board increased Dr. Litchman’s annual base salary
to $485,500 effective as of April 1, 2023. The employment agreement further provides eligibility for an incentive bonus linked to the
realization of certain corporate milestones to be established annually by the Board or the Compensation Committee.