Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 252

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 252
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 be in a position to profit financially by buying or selling or in some other
way dealing in one or more of a Company’s or a Third Party’s stock while in possession of Inside Information, or to disclose
(or “tip”) such information to a third party who does so (known as a “Tippee”).

This policy and applicable
law prohibit any Insider from trading on or otherwise using Inside Information to gain a personal benefit or to disclose such information
to someone else who might do so. There is no de minimisexception to this rule. Using Inside Information to gain a personal benefit
and tipping are as illegal with respect to a few shares of stock as they are with respect to a large number of shares. You can be held
liable both for your own transactions and for transactions by a Tippee, or even a third party who receives Inside Information from a Tippee.
Furthermore, it is important that the appearanceas well as the act of insider trading in stock be avoided.

From time to time, securities
regulators have requested that the Companies disclose the names of Insiders of the Companies who may possess Inside Information. The purpose
of these requests is to determine whether any insider trading has occurred among our Insiders or their “tippees.” The Companies
have complied with all such requests in the past and will continue to do so in the future. It is our intention to cooperate with securities
regulators in uncovering any insider trading.

GENERAL POLICY

No Trading or Causing Trading While in Possession of Inside Information

| a) | No Insider may purchase or sell any Company security while in possession of Inside Information about the Company. |

| b) | No Insider who knows of any Inside Information about a Company may communicate that information to any other person, including family and friends. |

| c) | In addition, no Insider may purchase or sell any security of any other company while in possession of Inside Information about that company that was obtained in the course of his or her involvement with the Companies. Furthermore, no Insider who knows of any such Inside Information may communicate that information to any other person, including family and friends. |

| d) | For compliance purposes, you should never trade, tip, or recommend securities (or otherwise cause the purchase or sale of securities) while in possession of information that could be viewed as Inside Information, unless you first comply with the pre-trade clearance procedures in Exhibit A. |

| e) | All transactions in a Company’s stock, including purchases, sales, transfers, and