Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 202

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 202
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 of the Company by unanimous written
consent approved and authorized the execution of 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,
the Company recognized $60,000 in expense in its Statements of Operations related to the advisory agreement. For the year ended December 31, 2023,
the Company recognized $110,000 in expense in its Statements of Operations related to the advisory agreement, including approximately
$50,000 in expense related to equity incentive grants. The Company issued Mr. Weiss 144 shares of restricted stock for the year ended
December 31, 2023. No restricted stock awards were granted in 2024.

Note 5 – Asset Purchase Agreements

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On May 18, 2023,
the Company entered into an Asset Purchase Agreement (the “Original Asset Purchase Agreement”) with uBriGene (Boston) Biosciences, Inc.,
a Delaware corporation (“uBriGene”), pursuant to which the Company agreed to sell its leasehold interest in its cell processing
facility located in Worcester, Massachusetts (the “Facility”), and associated assets relating to the manufacturing and production
of cell and gene therapies at the Facility to uBriGene (the “Transaction”). The Company and uBriGene subsequently entered
into Amendment No. 1 to the Original Asset Purchase Agreement, dated as of June 29, 2023 (“Amendment No. 1”),
and Amendment No. 2 to the Original Asset Purchase Agreement, dated as of July 28, 2023 (“Amendment No. 2,”
and together with the Original Asset Purchase Agreement and Amendment No. 1, the “Prior Asset Purchase Agreement”).

On July 28