Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 156

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 156
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 that such person was a director. The permanent committees established by our Board
are the Audit Committee and the Compensation Committee, descriptions of which are set forth in more detail below. Our directors
are expected to attend each Annual Meeting of Stockholders.

Director Independence

​

We adhere to the corporate governance standards
adopted by Nasdaq. Nasdaq rules require our Board to make an affirmative determination as to the independence of each director. Consistent
with these rules, our Board completed its annual review of director independence and considered relationships and transactions during
2024 between each director or any member of his immediate family, on the one hand, and the Company and our subsidiaries and affiliates,
on the other hand. The purpose of this review was to determine whether any such relationships or transactions were inconsistent with a
determination that the director is independent. Based on this review, our Board determined that Adam Chill, Neil Herskowitz, and Michael
Zelefsky, M.D. are independent under the criteria established by Nasdaq and our Board.

Fortress Biotech, Inc. (“Fortress”)
beneficially owns capital stock representing more than 50% of the voting power of our outstanding voting stock eligible to vote in the
election of directors. As a result, we qualify as a “controlled company” and avail ourselves of certain “controlled
company” exemptions under the Nasdaq corporate governance rules. As a controlled company, we are not required to have a majority
of “independent directors” on our Board as defined under the Nasdaq rules, or have a compensation, nominating or governance
committee composed entirely of independent directors. Despite qualifying as a controlled company, we have a separately constituted Compensation
Committee consisting entirely of independent directors.

​

Board Committees

The permanent committees established by our Board
are the Audit Committee and the Compensation Committee, descriptions of which are set forth in more detail below.

Audit Committee

The Audit Committee currently consists of Adam
J. Chill, Neil Herskowitz, and Michael J. Zelefsky, M.D. Mr. Chill chairs the Audit Committee.

The Audit Committee held four meetings during
the fiscal year ended December 31, 2024. The duties and responsibilities of the Audit Committee are set forth in the Charter
of the Audit Committee which was recently reviewed by our Audit Committee. A copy of the Charter of the Audit Committee is available
on our website, located at ir.mustangbio.com. Among other things, the duties and responsibilities of the Audit Committee include
review