Exhibit 10.2

FOURTH AMENDMENT TO THE MUSTANG BIO, INC.

2016 INCENTIVE PLAN

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This Fourth Amendment to the Mustang Bio, Inc. 2016 Incentive Plan (the “Plan”), is hereby adopted on this 22 day of December, 2025, by the Board of Directors (the “Board”) of Mustang Bio, Inc. (the “Company”).

WITNESETH:

WHEREAS, the Company adopted the Plan for the purposes set forth therein; and

WHEREAS, pursuant to Section 15.1 of the Plan, the Board has the right to amend the Plan with respect to certain matters, provided that any material increase in the number of Shares available under the Plan shall be subject to stockholder approval; and

WHEREAS, the Board has approved and authorized this Fourth Amendment to the Plan and has recommended that the stockholders of the Company approve this Fourth Amendment;

NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended, subject to and effective as of the date of stockholder approval hereof, in the following particulars:

“5.1. NUMBER OF SHARES. Subject to adjustment as provided in Sections 5.2 and Section 14.1, the aggregate number of Shares reserved and available for issuance pursuant to Awards granted under the Plan shall be 2,514,666. The maximum number of Shares that may be issued upon exercise of Incentive Stock Options granted under the Plan shall be 2,514,666. The maximum aggregate number of Shares associated with any Award granted under the Plan in any calendar year to any one Non-Employee Director shall be 100,000 Shares.”

The foregoing is hereby acknowledged as being the Fourth Amendment to the Plan, as adopted by the Board on November 17, 2025, and approved by the Company’s stockholders on December 22, 2025.

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MUSTANG BIO, INC.

Name: Manuel Litchman, M.D.
Title: President, Chief Executive Officer and Interim Chief Financial Officer