Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 251

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 251
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 and employees of the Companies, together with their Family Members (as defined below); and (b)
any person who receives Inside Information (as defined below) regarding the Companies, for so long as such Inside Information is material
and not publicly known. The term “Family Members” includes (1) any family member who resides with an Insider,
(2) any other person who lives in the Insider’s household, and (3) any other person who does not live in an Insider’s household
but whose transactions in a Company’s securities are directed by, or subject to the influence or control of, such Insider, or who
is otherwise financially dependent on the Insider. Directors, officers, and employees are responsible for informing their Family Members
about this Insider Trading Policy.

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).

Certain consultants to a Company
may receive Inside Information and may be subject to trading pre-clearance requirements on a case-by-case basis.

PURPOSE

The purpose of this Insider
Trading Policy is to describe the Companies’ pre-trading clearance procedures and the circumstances under which trading in, and
causing the trading of, the stock of a Company or another publicly-traded company with which a Company has business dealings (each, a
“Third Party”) by an Insider will result in civil liability and criminal penalties, as well as disciplinary
action by the Company.

During the course of your employment
or service with a Company, you may receive material information about one or more of the Companies or a Third Party that is not publicly
available, i.e., not disclosed to the public in a press release or filing with the United States Securities and Exchange Commission
(“Inside Information”). The fact that information has been disclosed to a few members of the public does not
make it public for insider trading purposes. To

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be “public” the information must have
been disseminated in a manner designed to reach investors generally, and the investors must be given the opportunity to absorb the information.
Because of your access to this type of information, you may