Company: MBIO
Filing Date: 2025-02-13
Form Type: 424B3
Source: 0001104659-25-013030
Chunk: 3

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-13
Form: 424B3
Chunk 3
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 described
herein, the base term (the “Base Term”) of the Lease was scheduled to expire on October 31, 2026 (the “Termination
Date”).

Pursuant
to the terms of the Sale/Surrender Agreement, AbbVie agreed to purchase from the Company, and the Company agreed to sell and convey to
AbbVie, certain furniture, fixtures and equipment (“FF&E”) located in the Premises and other items as set forth in the
Sale/Surrender Agreement for a purchase price of $1.0 million (the “Purchase Price”). AbbVie also agreed to lease the Premises
from the Landlord following the termination of the Lease pursuant to a First Amendment to Lease Agreement (the “Amendment”),
dated as of February 7, 2025, as more fully described below. On or before the tenth (10) business day (the “Anticipated
Vacation Date”) following the Effective Date, the Company agreed to provide notice and vacate the Premises no later than twenty
(20) business days following the Effective Date.

For
the seven (7) business day period (the “Inspection Period”) following the date that is the later of (i) the date AbbVie receives
written notice from the Company that it has vacated the Premises, and (ii) the Anticipated Vacation Date, AbbVie has the right to enter
the Premises to inspect the Premises and FF&E. Prior to the expiration of the Inspection Period, AbbVie will either (A) give the
Company and the Escrow Agent (defined below) written notice (an “Acceptance Notice”) stating that a Sufficient Percentage
of the FF&E items listed in the Sale/Surrender Agreement are present in the Premises and functional for their intended purpose without
the need for repair or replacement (“Acceptable Condition”); or (B) give the Company and Escrow Agent written notice stating
that the condition of the FF&E is not acceptable and specifying the reasons therefor (a “Rejection Notice”). As used
in the preceding sentences, “Sufficient Percentage” means at least ninety percent (90%) of the furniture items listed in
the Sale/Surrender Agreement (“Furniture Items”) and at least ninety (90%) of all FF&E items (including the Furniture
Items) listed in the Sale/Surrender Agreement are in Acceptable Condition.

If (i)
AbbVie gives