Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 158

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 158
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 officers. The Compensation Committee applies discretion in the determination of individual executive compensation packages
to ensure compliance with our compensation philosophy. Our Chief Executive Officer makes recommendations to the Compensation Committee
with respect to the compensation packages for officers other than himself.

Nasdaq has established rules and regulations regarding
the composition of compensation committees and the qualifications of compensation committee members. Our Board has examined the
composition of our Compensation Committee and the qualifications of our Compensation Committee members in light of the current rules and
regulations governing compensation committees. Based upon this examination, our Board of Directors has determined that each member
of our Compensation Committee is independent and is otherwise qualified to be a member of our Compensation Committee in accordance with
such rules.

Nominating Process

We do not currently have a nominating committee
or any other committee serving a similar function. Although we do not have a written charter in place to select director nominees,
our Board has adopted resolutions regarding the director nomination process. We believe that the current process in place functions
effectively to select director nominees who will be valuable members of our Board.

We identify potential nominees to serve as directors
through a variety of business contacts, including current executive officers, directors, community leaders and stockholders. We
may, to the extent deemed appropriate by the Board, retain a professional search firm and other advisors to identify potential nominees.

We will also consider candidates recommended by
stockholders for nomination to our Board. A stockholder who wishes to recommend a candidate for nomination to our Board must submit
such recommendation to our Corporate Secretary, at our offices located at 95 Sawyer Road, Suite 110, Waltham, MA 02453. Any recommendation
must be received not less than 50 calendar days nor more than 90 calendar days before the anniversary date of the previous year’s
annual meeting.

On April 7, 2017, we entered into an Executive
Employment Agreement with Dr. Litchman, pursuant to which, among other things, we agreed to use our best efforts to cause Dr. Litchman
to be nominated and reelected to the Board. Except as described herein, there are no arrangements or understandings between any
of our executive officers or directors and any other person pursuant to which any of them are elected as an officer or director.

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We believe that our Board as a whole should encompass
a range of talent, skill, and expertise enabling it to provide sound guidance with respect to our operations