Document:

EX-10.11

 Exhibit 10.11 

SANA BIOTECHNOLOGY, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM 

This Sana Biotechnology, Inc. (the “Company”) Non-Employee Director Compensation Program (this
“Program”) has been adopted under the Company’s 2021 Incentive Award Plan (the “Plan”) and shall be effective upon the closing of the Company’s initial public offering of its common stock
(the “IPO”). Capitalized terms not otherwise defined herein shall have the meaning ascribed in the Plan. 
 Cash Compensation

 Effective upon the IPO, annual retainers will be paid in the following amounts to Non-Employee Directors:

  

					
	 Non-Employee Director:
	  	$	40,000	 
	 Non-Executive Chair:
	  	$	30,000	 
	 Audit Committee Chair:
	  	$	20,000	 
	 Compensation Committee Chair:
	  	$	15,000	 
	 Nominating and Corporate Governance Committee Chair:
	  	$	10,000	 
	 Audit Committee Member (non-Chair):
	  	$	10,000	 
	 Compensation Committee Member (non-Chair):
	  	$	7,500	 
	 Nominating and Corporate Governance Committee Member
(non-Chair):
	  	$	5,000	 

 All annual retainers will be paid in cash quarterly in arrears promptly following the end of the applicable calendar quarter,
but in no event more than 30 days after the end of such quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable
positions described above, for an entire calendar quarter, the retainer paid to such Non-Employee Director shall be prorated for the portion of such calendar quarter actually served as a Non-Employee Director, or in such position, as applicable. 
 Election to Receive Restricted Stock Units In Lieu of
Annual Retainer 
  

			
	General:	  	Each Non-Employee Director may elect to convert all or a portion of his or her annual retainer into a number of Restricted Stock Units (“Retainer RSUs”) granted under
the Plan or any other applicable Company equity incentive plan then-maintained by the Company covering a number of shares of Common Stock calculated by dividing (i) the amount of the annual retainer that would have otherwise been paid to such Non-Employee Director on the applicable grant date by (ii) the per share Fair Market Value as of the date of grant (such election, a “Retainer RSU
Election”).

			
		  	  
 Each award of Retainer RSUs will be granted on the fifth day of the
month immediately following the end of the quarter for which the corresponding portion of the annual retainer was earned, except that if such fifth day of the month is not a trading day, the applicable award of Retainer RSUs will be granted on the
next trading day following such date. Each award of Retainer RSUs will be fully vested on the date of grant.

		
	Election Method:	  	 Each Retainer RSU Election must be submitted to Company in the form and manner specified by the Board of Directors of the Company (the
“Board”) or Compensation Committee of the Board (the “Compensation Committee”). An individual who fails to make a timely Retainer RSU Election shall not receive Retainer RSUs and instead shall receive
the applicable annual retainer in cash. Retainer RSU Elections must comply with the following timing requirements:
  

•  Initial Election. Each individual who first becomes a
Non-Employee Director may make a Retainer RSU Election with respect to annual retainer payments scheduled to be paid in the same calendar year as such individual first becomes a
Non-Employee Director (the “Initial Election”). The Initial Election must be submitted to the Company on or prior to the date that the individual first becomes a Non-Employee Director (the “Initial Election Deadline”), and the Initial Election shall become final and irrevocable as of the Initial Election Deadline.

 
 •  Annual Election. No
later than December 31 of each calendar year, or such earlier deadline as may be established by the Board or the Compensation Committee, in its discretion (the “Annual Election Deadline”), each individual who is a Non-Employee Director as of immediately prior to the Annual Election Deadline may make a Retainer RSU Election with respect to the annual retainer relating to services to be performed in the following calendar year
(the “Annual Election”). The Annual Election must be submitted to the Company on or prior to the applicable Annual Election Deadline and shall become effective and irrevocable as of the Annual Election
Deadline.

			
		  	  
 •  Deferral
of Proceeds. The Board, the Compensation Committee or their respective authorized designee may, in its discretion, provide an individual who is a Non-Employee Director with the opportunity to defer the
delivery of the shares underlying Retainer RSUs that would otherwise be delivered to the individual hereunder. Any such deferral election shall be subject to such rules, conditions and procedures as shall be determined by the Board or the
Compensation Committee, in its sole discretion, which rules, conditions and procedures shall at all times comply with the requirements of Section 409A of the Code, unless otherwise specifically determined by the Board or the Compensation
Committee. If an individual elects to defer the delivery of the shares underlying Retainer RSUs in accordance herewith, settlement of the deferred Retainer RSUs shall be made in accordance with the terms of the Retainer RSU Election.

		
	Equity Compensation	  	
		
	Initial Stock Option Grant:	  	 Each Non-Employee Director who is initially elected or appointed to serve on the Board after the IPO
shall be granted an Option under the Plan or any other applicable Company equity incentive plan then-maintained by the Company to purchase that number of shares of Common Stock calculated by dividing (i) $700,000 by (ii) the per share grant
date fair value of the Option, calculated based on the closing trading price of the Common Stock as of the date of grant (or if the date of grant is not a trading day, the immediately preceding trading day) and using assumptions published in the
Company’s most recent periodic report as of the date of grant, rounded down to the nearest whole share (the “Initial Option”).
  

The Initial Option will be automatically granted on the date on which such Non-Employee Director commences service on
the Board, and will vest as to 1/36th of the shares subject thereto on each monthly anniversary of the applicable date of grant such that the shares subject to the Initial Option are fully vested
on the third anniversary of the date of grant, subject to the Non-Employee Director continuing in service on the Board through each such vesting date.

		
	Annual Stock Option Grant:	  	Each Non-Employee Director who (i) has been serving on the Board for at least four months as of each meeting of the Company’s stockholders after the IPO (each, an “Annual
Meeting”) and (ii) will continue to serve as a Non-Employee Director immediately following such meeting, shall be granted an Option under the Plan or any other applicable Company equity
incentive plan then-maintained by the Company to purchase a number of shares of Common Stock calculated by dividing (i) $350,000 by (ii) the per share grant date fair value of the Option, calculated based on the closing trading price of the
Common Stock as of the trading day immediately preceding the date of grant and using assumptions published in the Company’s most recent periodic report as of the date of grant, rounded down to the nearest whole share (the “Annual
Option”).

			
		  	  
 The Annual Option will be automatically granted on the date of the
applicable Annual Meeting, and will vest in full on the earlier of (i) the first anniversary of the date of grant and (ii) immediately prior to the Annual Meeting following the date of grant, subject to the
Non-Employee Director continuing in service on the Board through such vesting date.

 The per share exercise price of each Option granted to a Non-Employee Director shall
equal the Fair Market Value of a share of Common Stock on the date the Option is granted. 
 The term of each Option granted to a Non-Employee Director shall be ten years from the date the Option is granted. 
 No portion of an Initial Option or Annual
Option which is unvested or unexercisable at the time of a Non-Employee Director’s termination of service on the Board shall become vested and exercisable thereafter. 

Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their service with the Company and
any parent or subsidiary of the Company and remain on the Board will not receive an Initial Option, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from service with the Company and any parent or
subsidiary of the Company, Annual Options as described above. 
 Change in Control 

Upon a Change in Control of the Company, all outstanding equity awards granted under the Plan and any other equity incentive plan maintained by the Company
that are held by a Non-Employee Director shall become fully vested and/or exercisable, irrespective of any other provisions of the Non-Employee Director’s Award
Agreement. 
 Reimbursements 
 The Company shall
reimburse each Non-Employee Director for all reasonable, documented, out-of-pocket travel and other business expenses incurred by
such Non-Employee Director in the performance of his or her duties to the Company in accordance with the Company’s applicable expense reimbursement policies and procedures as in effect from time to time.

 Miscellaneous 

The other provisions of the Plan shall apply to the Options granted automatically pursuant to this Program, except to the extent such other provisions are
inconsistent with this Program. All applicable terms of the Plan apply to this Program as if fully set forth herein, and all grants of Options hereby are subject in all respects to the terms of the Plan. The grant of any Option under this Program
shall be made solely by and subject to the terms set forth in a written agreement in a form to be approved by the Board and duly executed by an executive officer of the Company. 

* * * * *EX-10.21(c)

 Exhibit 10.21(c) 

CERTAIN CONFIDENTIAL INFORMATION IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE
COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED 
 AMENDMENT NO. 2 TO 

EXCLUSIVE START-UP LICENSE AGREEMENT BETWEEN 

CYTOCARDIA, INC. AND UNIVERSITY OF WASHINGTON 

THIS AMENDMENT NO. 2 (“Amendment No. 2”), with an effective date of July 16, 2020 (“Amendment
No. 2 Effective Date”), is entered into by and between Cytocardia, Inc. (“Company”) and University of Washington (“University”). 

WHEREAS, COMPANY and UNIVERSITY have entered into an Exclusive Start-Up License Agreement for [***], dated
October 9, 2018 (the “Original Agreement”), and amended on November 7, 2019 (“Amendment No. 1”); and 

WHEREAS, by this Amendment No. 2, the Parties wish to amend the Original Agreement and Amendment No. 1, as set forth in Section 2 herein; and

 WHEREAS, the Parties desire that all other terms and conditions of the Original Agreement and Amendment No. 1 remain in full force and effect; 

NOW, THEREFORE, COMPANY and UNIVERSITY hereby agree as follows: 

1. Capitalized terms used in this Amendment No. 2 shall have the same meaning as those in the Original Agreement and Amendment No. 1, as the case
may be, unless specifically defined otherwise in this Amendment No. 2. All article and section references shall refer to the corresponding Article and Section in the Original Agreement and Amendment No. 1. All references to the
“Agreement” in the Original Agreement, Amendment No. 1, and this Amendment No. 2 shall mean the Original Agreement as amended hereby. 

2. Amendment 
 2.1 Exhibit D
“Licensed Program Materials.” Exhibit D of the Agreement is hereby amended to list new items. The following is added to the table listing Licensed Program Materials. 

[***] 
 3. Miscellaneous. 

3.1 Effect and Interpretation. This Amendment No. 2 shall be effective for all purposes as of the Amendment No. 2 Effective
Date. To the extent that there are any inconsistencies between this Amendment No. 2 and the Original Agreement and Amendment No. 1, the terms of this Amendment No. 2 shall supersede those set forth in the Original Agreement and
Amendment No. 1. Except as otherwise expressly modified by this Amendment No. 2, the Original Agreement and Amendment No. 1 shall remain in full force and effect in accordance with their terms. As of the Amendment No. 2 Effective
Date, the term “Agreement” (as used herein and in the Original Agreement and Amendment No. 1) shall mean the Original Agreement and Amendment No. 1 as amended by this Amendment No. 2. 

 3.2 Counterparts. This Amendment No. 2 may be executed in one or more
counterparts by original, facsimile or PDF signature, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 

[SIGNATURE PAGE TO FOLLOW] 

  
 2 

 IN WITNESS WHEREOF, COMPANY and UNIVERSITY have caused this Amendment No. 2 to be executed by their
respective duly authorized representatives as of the Amendment No. 2 Effective Date. 
  

									
	CYTOCARDIA, INC.	 		 	UNIVERSITY OF WASHINGTON
					
	By:	 	 /s/ Nathan Hardy
	 		 	By:	 	 /s/ Fiona Wills

	Name:	 	 Nathan Hardy
	 		 	Name:	 	 Fiona Wills

	Title:	 	 Chief Financial Officer, Cytocardia
	 		 	Title:	 	 Associate Vice Provost, Innovation Development

	Date:	 	 July 16, 2020
	 		 	Date:	 	 July 17, 2020

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