Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 256

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 256
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 the Insider is not in possession of material non-public information about the Company (or Fortress if it is a subsidiary); and |

| iii. | Gives a third party discretionary authority to execute such purchases and sales, outside the control of the Insider, so long as such third party does not possess any material non-public information about the Company (or Fortress if it is a subsidiary); or explicitly specifies the security or securities to be purchased or sold, the number of shares, the prices and/or dates of transactions, or other formula(s) describing such transactions. |

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After a 10b5-1 Plan is approved by the Insider
Trading Compliance Officer, any revision to it must be reviewed and approved by the Insider Trading Compliance Officer (or in his or her
absence, the Chief Executive Officer of the Company) at least one month in advance of any trade under the revised 10b5-1 Plan.

TRADING WINDOW

From time to time, one or more
of the Companies may announce via email that Insiders are permitted to trade in one or more Company’s securities during a particular
period of time (the “Trading Window”). The Company is not obligated to open a Trading Window and may do so infrequently
or not at all. If a Trading Window is announced, the Company may in some instances close the Trading Window early if there is new Inside
Information. Insiders are still required to submit pre-clearance requests during a Trading Window.

MARGIN ACCOUNTS AND COLLATERAL

Holding stock of a Company
in margin accounts is strongly discouraged. These accounts authorize brokers to sell stock to cover amounts owed to them. A forced sale
could occur at a time when the individual has knowledge of Inside Information about a Company. A similar result can occur when Company
stock is pledged as collateral for a loan.

APPLICATION

a) Legal Penalties.
Anyone who effects transactions in a Company’s or a Third Party’s stock (or provides information to enable others to do so)
while in possession of Inside Information in violation of this policy can be subject to civil and criminal sanctions, including imprisonment,
fines, and civil penalties, and be subject to discipline or adverse employment action.

In addition, a person who tips
others may also be liable for transactions by the Tippees to whom he or she has disclosed material non-public information. Tippers can
be subject to the same penalties and sanctions as Tippees, and the United States Securities and Exchange Commission (the “SEC