Company: MBIO
Filing Date: 2025-12-03
Form Type: DEF 14A
Source: 0001104659-25-118122
Chunk: 48

Company: MUSTANG BIO, INC.
Filing Date: 2025-12-03
Form: DEF 14A
Chunk 48
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 the EIP Amendment is attached to this proxy statement as Appendix B. If the EIP Amendment is approved by our stockholders at the Annual Meeting, it will become effective on the date of the Annual Meeting. If the EIP Amendment is not approved by our stockholders, then the EIP will remain in effect as it presently exists. Background and Number of Shares Requested In setting the number of proposed shares issuable under the EIP, the Board considered a number of factors, including historical share usage and future share needs. The following are several factors that you should consider in evaluating the proposal to increase the share reserve under the EIP:

| ● | The EIP currently includes authorization for 14,666 shares of common stock. As of November 28, 2025, there were 6,958 shares of our common stock remaining available for the grant of equity awards under the EIP. The additional 2,500,000 shares requested under the EIP, together with the remaining shares under the EIP, represent the shares the Company anticipates needing for the next year under normal circumstances. |

| ● | Although we must manage our share reserve under the possibility that performance awards will be earned at the maximum level, this will only occur if we achieve the maximum performance under each metric in each award, which is not expected to be the case. Our actual share usage will also vary from our estimate based upon changes in market grant values, changes in the number of recipients, changes in our stock price, changes in the structure of our long-term incentive program, changes in our dividend rate and forfeitures of outstanding awards. We believe that the proposed share reserve reflects an appropriate balance between our desire to allow maximum flexibility in a competitive labor market and stockholder interests of limiting dilution. |

| ● | Our Amended and Restated Certificate of Incorporation currently authorizes the issuance of (i) 200,000,000 shares of Common Stock, with $0.0001 par value, of which 1,000,000 shares are designated as “Class A Common Stock” and the remainder are undesignated Common Stock, and (ii) 2,000,000 shares of Preferred Stock, 250,000 of which are designated as Class A Preferred Stock and the remainder are undesignated Preferred Stock. As of November 28, 2025 there were 6,453,701 shares of common stock and 845,385 shares of Class A common stock issued and outstanding, and the closing price of a share