Company: MBIO
Filing Date: 2025-12-03
Form Type: DEF 14A
Source: 0001104659-25-118122
Chunk: 26

Company: MUSTANG BIO, INC.
Filing Date: 2025-12-03
Form: DEF 14A
Chunk 26
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-----|:---------|---------:|:--|:-----------|:--|-------------:|:-----|:---------------|------:|
| Manuel Litchman M.D. |   |           868 | (2)​ |           520 | (2)​ | $        | 4,297.50 |   | 4/24/2027  |   |          137 | (3)​ | $              | 1,212 |
| James Murphy         | ​ |             — | ​    |             — | ​    | ​        |        — | ​ | —          | ​ |            — | ​    | ​              |     — |

| (1) | Market value is based on $8.85 per share, the closing price of our common stock on the Nasdaq Capital Market on December 31, 2024, the last trading day of the fiscal year. |

| (2) | The option vests as follows: (i) one half of the option will vest over time, with 25% of such shares vesting after twelve months of employment, and the remaining shares vesting in twelve equal quarterly installments thereafter, subject to Dr. Litchman’s “continuous service” (as defined in the EIP) to the Company on each vesting date; (ii) the remaining one half of the option will vest and become exercisable upon the occurrence of the following milestones being achieved, in each case subject to Dr. Litchman’s continuous service to the Company on the date of such occurrences: (A) 25% of such shares will vest upon the dosing of the first patient in the first Phase 2 clinical trial of any Company product candidate; (B) 25% of such shares will vest upon the dosing of the first patient in the first Phase 2 clinical trial of a second Company product candidate; (C) 25% of such shares will vest upon our achievement of a fully-diluted market capitalization of $500,000,000; and (D) 25% of such shares will vest upon our achievement of a fully-diluted market capitalization of $1 billion. Notwithstanding the foregoing, in the event that a Phase 2 clinical trial for either of the Company product candidates referenced in subsections (i) or (ii) of this paragraph is bypassed, the corresponding percentage of the Performance Option grant that would have otherwise vested pursuant to subsections (i) or (ii