Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 159

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 159
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 and interests. Our
independent directors evaluate all candidates to our Board by reviewing their biographical information and qualifications. If the
directors determine that a candidate is qualified to serve on our Board, such candidate is interviewed by at least one of the directors
and our Chief Executive Officer. Other members of the Board also have an opportunity to interview qualified candidates. The
directors then determine, based on the background information and the information obtained in the interviews, whether to recommend to
the Board that the candidate be nominated for approval by the stockholders to fill a directorship. With respect to an incumbent
director whom the directors are considering as a potential nominee for re-election, the directors review and consider the incumbent director’s
service during his or her term, including the number of meetings attended, level of participation, and overall contribution to the Board.
The manner in which the directors evaluate a potential nominee will not differ based on whether the candidate is recommended by
our directors or stockholders.

We consider the following qualifications, among
others, when making a determination as to whether a person should be nominated to our Board: the independence of the director nominee;
the nominee’s character and integrity; financial literacy; level of education and business experience, including experience relating
to biopharmaceutical companies; whether the nominee has sufficient time to devote to our Board; and the nominee’s commitment to
represent the long-term interests of our stockholders. We review candidates in the context of the current composition of the Board
and the evolving needs of our business. We believe that each of the current members of our Board has the requisite business, biopharmaceutical,
financial or managerial experience to serve as a member of the Board, as described above in their biographies under the heading “Information
about our Executive Officers” and “Information about our Non-Employee Directors.” We also believe that each of the current
members of our Board has other key attributes that are important to an effective board, including integrity, high ethical standards, sound
judgment, analytical skills, and the commitment to devote significant time and energy to service on the Board and its committees.

Code of Business Conduct and Ethics

We have adopted a Code of Ethics (the “Code”),
which applies to all of our directors and employees, including our principal executive officer and principal financial officer. The
Code includes guidelines dealing with the ethical handling of conflicts of interest, compliance with federal and state laws, financial
reporting, and our proprietary information. The Code also contains procedures for dealing with and