Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 253

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 253
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 the like, by an Insider, must be pre-cleared in accordance with the procedures in Exhibit A. |

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EXCEPTIONS

Please note that, generally,
transactions directly with a Company, i.e., option exercises, the exercise of a tax withholding right pursuant to which a person
elects to have a Company withhold shares of stock to satisfy tax withholding requirements upon the vesting of any restricted stock or
restricted stock unit or purchases under a Company’s employee stock purchase plan, will not have insider trading implications. However,
the subsequent sale or other disposition of such stock isfully subject to these restrictions. In addition, purchases or sales
pursuant to a written plan that meets the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (a “10b5-1 Plan”), may be made without restriction provided that it complies with the provisions regarding 10b5-1 Plans set forth below.
Finally, automatic sales of shares of the Company’s common stock through a Company-contracted service provider or broker to cover
any taxes due as a result of the vesting of restricted stock or restricted stock units, where the amount of shares sold is based on the
Insider’s taxable income, the market price of the common stock on the date that the restricted stock or restricted stock or restricted
stock units vest (the “Vesting Date”) and the market price on the date of the sale, which date will be as soon
as possible after the Vesting Date.

INSIDE INFORMATION

As a practical matter, it is
sometimes difficult to determine whether you possess Inside Information. The key to determining whether nonpublic information you possess
about a public company is Inside Information is whether dissemination of the information would be likely to affect the market price of
the company’s stock or would be information that a reasonable investor would want to know before making an investment decision.
Certainly, if the information makes youwant to trade, it would probably have the same effect on others. Both positive and negative
information can be material. If you possess Inside Information about a Company, you must refrain from trading in that Company’s
stock, advising anyone else to do so or communicating the information to anyone else until you know that the information has been disseminated
to the public. These restrictions also apply with respect to Fortress stock if the Company is a Fortress subsidiary. “Trading”
includes engaging in short sales, transactions in put or call options, hed