Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 176

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 176
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 receive a cash fee of $50,000 per year paid quarterly and an annual stock
award of the greater of (i) a number of shares of common stock having a fair market value on the grant date of $50,000 or (ii) 200
shares of common stock, which shares shall vest and become non-forfeitable on the third anniversary of

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the grant date, subject to continued service on
the board of directors on such date. Dr. Rosenwald is Chairman, President and Chief Executive Officer of Fortress and Mr. Jin
is Chief Financial Officer and Head of Corporate Development of Fortress. We are a controlled subsidiary of Fortress.

For the year ended December 31, 2024,
we recognized $50,000 and $12,500 for Dr. Rosenwald and Mr. Jin, respectively, in expense related to the director compensation. For the year
ended December 31, 2023, we recognized $100,000 in expense in our Statements of Operations related to the director compensation,
including approximately $50,000 in expense related to equity incentive grants. We issued Dr. Rosenwald 144 restricted stock awards
for the year ended December 31, 2023. No restricted stock awards were granted in 2024. We recognized $12,500 in expense in our
Statements of Operations related director compensation for Mr. Jin. We have not yet granted any equity awards to Mr. Jin.

Mr. Weiss - Advisory Agreement with Caribe BioAdvisors, LLC

The Board approved and authorized our entrance
into an advisory agreement, dated January 1, 2017 (the “Advisory Agreement”), with Caribe BioAdvisors, LLC (the “Advisor”),
owned by Michael S. Weiss, the Chairman of the Board, to provide the board advisory services of Mr. Weiss as Chairman of the Board.
Pursuant to the Advisory Agreement, the Advisor will be paid an annual cash fee of $60,000, paid quarterly and an annual stock award of
the greater of (i) a number of shares of common stock having a fair market value on the grant date of $50,000 or (ii) 200 shares
of common stock, which shares shall vest and become non-forfeitable on the third anniversary of the grant date, subject to continued service
on the Board on such date.

For the year ended December 31, 2024,
we recognized $60