Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 257

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 257
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”)
has imposed large penalties even when the tipper did not profit financially from the transaction.

The SEC can also seek substantial
penalties from any person who, at the time of an insider trading violation, “directly or indirectly controlled the person who committed
such violation,” which would apply to the Companies and/or management and supervisory personnel. These control persons may be held
liable for up to the greater of $1 million or three times the amount of the profits gained or losses avoided. Even for violations that
result in a small or no profit, the SEC can seek a minimum of $1 million from a company and/or management and supervisory personnel as
control persons.

b) Company-imposed Penalties.
Directors, officers, and employees who violate this Insider Trading Policy (or whose Family Members violate this Insider Trading Policy)
may be subject to disciplinary action by a Company, including dismissal for cause. Any exceptions to the Insider Trading Policy, if permitted,
may only be granted in writing by the Insider Trading Compliance Officer of the relevant Company (or, in his or her absence, the Chief
Executive Officer of the Company) and must be provided before any activity contrary to the above requirements

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takes place. This Insider Trading Policy will
continue to apply to your transactions in a Company’s or a Third Party’s stock even after your employment or service with
the Company has terminated. If you are in possession of material nonpublic information when your employment or service terminates, you
may not trade in the Company’s stock (or Fortress’s stock if the Company is a subsidiary) until the information has become
public or is no longer material.

An Insider who has questions
about these matters should speak with his or her own attorney or to the Company’s Insider Trading Compliance Officer.

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Any Insider who knows of or
suspects a violation of this Insider Trading Policy should report the violation immediately to the Company’s Insider Trading Compliance
Officer, Chief Executive Officer, or Compensation Committee of the Board of Directors. Each Company will comply with all requests from
the SEC, any securities exchange on which the Company’s securities are listed, and other agencies for information related to insider
trading investigations.

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<div align='center'>EXHIBIT A

FORTRESS BIOTECH, INC. AND SUBSIDIARIES

PRE-CLEARANCE AND COMPLIANCE PROCEDURES</div>

To ensure compliance with the