Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 155

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 155
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 M.D. – Director

Dr. Zelefsky has served as a member of our Board
since June 2017. Dr. Zelefsky has served as a Member at NYU Langone since 2023 and before that was a Member at the Memorial Sloan-Kettering
Cancer Center Department of Radiation Oncology since 2005. He has served as

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Table of Contents

Chief of Memorial Sloan-Kettering’s Brachytherapy
Services since 2000 and has been a Professor of Radiation Oncology at Weill Cornell Medical College, Cornell University since 1994. He
is a recognized expert in radiation therapy and has helped develop and enhance Memorial Sloan-Kettering’s prostate brachytherapy
program during his tenure. Dr. Zelefsky received a Bachelor of Arts in Biology (summa cum laude) from Yeshiva University in 1982
and a Medical Doctor degree from Albert Einstein College of Medicine in 1986. Dr. Zelefsky is currently Editor-in-Chief of Brachytherapy
and has previously served as president of the American Brachytherapy Society. Based on Dr. Zelefsky’s extensive experience and background
in oncology, we believe that Dr. Zelefsky has the appropriate set of skills to serve as a member of the Board.

Family Relationships

There is no family relationship between and among any of our executive
officers or directors.

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Board Structure and Leadership

Our Bylaws provide that our Board shall consist
of between one and nine directors, and such number of directors within this range may be determined from time to time by resolution of
our board of directors or our stockholders. Currently, we have seven directors.

The Board does not have a formal policy regarding
the separation of the roles of Chief Executive Officer and Chairman of the Board, as the Board believes that it is in the best interests
of the Company to make that determination based on the direction of the Company and the current membership of the Board. The Board
has determined that having a director who is also the Chief Executive Officer serve as the Chairman is not in the best interest of the
Company’s stockholders at this time.

During 2024, our Board held twenty-one meetings.
During 2024, each director attended at least 75% of the meetings of the Board and the meetings of those committees on which each
director served, in each case during the period