Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 255

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 255
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 the resolution of such litigation; and |

| u) | change in auditors or a notification that a Company can no longer rely on an auditor’s report. |

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PROHIBITION OF SPECULATIVE TRADING

No Insider may engage in short
sales, transactions in put or call options, hedging transactions, or other inherently speculative transactions with respect to a Company’s
stock at any time.

Directors and officers of a
Company must also comply with the reporting obligations and limitations on short-swing transactions set forth in Section 16 of the Securities
Exchange Act of 1934, as amended. Directors and officers may not purchase and sell a Company’s securities within a six-month period
whether or not they had knowledge of any Inside Information during those times. Neither the receipt of an option under a Company’s
equity plans, nor the exercise of that option, will be deemed a purchase under Section 16; however, the sale of any such shares is a sale
under Section 16. Moreover, no officer or director may ever make a short sale of a Company’s stock.

PRE-CLEARANCE PROCEDURES

A director, officer, or employee
of a Company must pre-clear trading in, or transfer of, any securities of the Companies for himself or herself and any Family Member in
accordance with the procedures in . The pre-clearance requirement applies to all accounts of such persons, including any
legal entity that he or she controls (e.g., as general partner of a partnership account, trustee of a trust account, and executor or administrator
of an estate account).

BLACKOUT PERIODS

a) Quarterly Blackout Periods. Pre-clearance requests will not be approved during the period beginning at the close of the market on the third trading
day prior to the date a Company’s financial results are publicly disclosed and ending at the close of market on the second trading
day following the date such Company’s financial results are publicly disclosed. During these periods, Insiders generally possess
or are presumed to possess Inside Information about the Company’s financial results.

b) Exception.
These trading restrictions do not apply to transactions under a 10b5-1 Plan, provided that such 10b5-1 Plan:

| i. | Is submitted to and approved by the Insider Trading Compliance Officer after you execute the certification attached to this Insider Trading Policy; |

| ii. | Is entered into in good faith by the Insider at a time when