CONSULTING AGREEMENT This Consulting Agreement (the "Agreement") is made effective as of

CONSULTING AGREEMENT

Consulting Agreement (the "Agreement") is made effective as of March 17, 2022 (the "Effective Date"), by and

between Mustang Bio, Inc., a Delaware corporation, with its principal place of business being 377 Plantation Street, Worcester, MA 01605

(the "Company") and Danforth Advisors, LLC, a Massachusetts limited liability company, with its principal place of business

being 91 Middle Road, Southborough, MA 01772 ("Danforth"). The Company and Danforth are herein sometimes referred to individually

as a "Party" and collectively as the "Parties."

the Company is a clinical-stage biopharmaceutical company focused on translating today's medical breakthroughs in cell and gene

therapies into potential cures for hematologic cancers, solid tumors and rare genetic diseases; and

WHEREAS, Danforth has expertise

in financial and corporate operations and strategy; and

Danforth desires to serve as an independent consultant for the purpose of providing the Company with certain strategic and financial

advice and support services, using personnel described in Exhibit A attached hereto, (the "Services"); and

WHEREAS, the Company wishes to engage Danforth

on the terms and conditions set forth

THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which are hereby acknowledged,

the Parties agree and covenant as follows.

Danforth invoices and billing matters should be addressed to:

Accounts Payable Contact:

Company payments and billing inquiries should be addressed to:

If you are in agreement with the foregoing,

please sign where indicated below, whereupon this Agreement shall become effective as of the Effective Date.