Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 248

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 248
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 director may be removed
without cause by, and only by, the affirmative vote of the holders of the shares of the class(es) of capital stock entitled to elect such
director or directors, given either at a special meeting of such stockholders duly called for that purpose or pursuant to a written consent
of stockholders. At any meeting held for the purpose of electing a director, the presence in person or by proxy of the holders of a majority
of the outstanding shares of the class or series entitled to elect such director shall constitute a quorum for the purpose of electing
such director. A vacancy in any directorship filled by the holders of any class or series shall be filled only by vote or written consent
in lieu of a meeting of the holders of such class or series or by any remaining director or directors elected by the holders of such class
or series pursuant to our Certificate of Incorporation.

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Our Bylaws provide that directors
shall be elected at each annual meeting of stockholders to hold office until the next annual meeting. Directors need not be stockholders
unless so required by our Certificate of Incorporation or Bylaws, wherein other qualifications for directors may be prescribed. Each director,
including a director elected to fill a vacancy, shall hold office until his or her successor is elected and qualified or until his or
her earlier resignation or removal. Each director shall be a natural person. Elections of directors need not be by written ballot.

<div align='center'>10</div>

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Any director may resign at
any time upon notice given in writing or electronic transmission to the Company. When one or more directors so resigns and the resignation
is effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have the power
to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each
director so chosen shall hold office as provided in our Bylaws in the filling of other vacancies.

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Unless otherwise provided in
our Certificate of Incorporation or Bylaws: (a) vacancies and newly created directorships resulting from any increase in the authorized
number of directors elected by all of the stockholders having the right to vote as a single class may be filled by a majority of the directors
then in office, although less than a quorum, or by a sole remaining director; and (b) whenever the holders of any class or classes of
stock or series thereof are entitled to elect one or