{"url_path":"/sec/brls/10-k/2026/item-11","section_key":"item-11","section_title":"Item 11 Executive Compensation.","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-02","source_url":"https://www.sec.gov/Archives/edgar/data/1852973/0001213900-26-063777-index.html","accession_number":"0001213900-26-063777","cik":"0001852973","ticker":"BRLS","issuer_name":"Borealis Foods Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1852973/0001213900-26-063777-index.html","primary_entity_key":"0001852973","primary_entity_name":"Borealis Foods Inc."},"word_count":1275,"has_tables":true,"body_markdown":"Item\n11. Executive Compensation.\n\n \n\nOur named executive officers (or “**NEOs**”) for the\nyear ended December 31, 2025, consisted of five individuals:\n\n \n\n(i)Reza\nSoltanzadeh, our current Chief Executive Officer, who served as our principal executive officer during the year ended December 31, 2025;\n\n \n\n(ii)Stephen\nWegrzyn, our current Chief Financial Officer, who served as our principal financial officer at the end of the fiscal year ended December\n31, 2025;\n\n \n\n(iii)Pouneh\nRahimi, our Chief Legal Officer, who was serving as our executive officer at the end of the fiscal year ended December 31, 2025;\n\n \n\n(iv)Henry\nWong, our current Chief Marketing Officer, who was serving as our executive officer at the end of the fiscal year ended December 31,\n2025; and\n\n \n\n(v)Matt\nTalle, our current Chief Strategy Officer, who was serving as our executive officer at the end of the fiscal year ended December 31,\n2025.\n\n \n\nThis section discusses the material components of the executive compensation\nprogram for our executive officers who are named in the “Summary Compensation Table” below.\n\n \n\nThis discussion may contain forward-looking statements that are based\non our current plans, considerations, expectations, and determinations regarding future compensation programs.\n\n \n\n50\n\n \n\n**Summary Compensation Table**\n\n \n\nThe following table sets forth information regarding the compensation\nearned during the years ended December 31, 2025 and December 31, 2024 by our NEOs.\n\n \n\nName and Principal Position\n \nYear\n \nSalary\n($)\n \n \nBonus\n($)\n \n \nOption\nAwards\n($)\n \n \n**Stock Awards ($) **\n \n \nAll Other\nCompensation\n($)\n \n \nTotal\n($)\n \n\nReza Soltanzadeh\n \n2025\n \n \n500,000\n(1)  \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n500,000\n \n\nPresident and Chief Executive Officer\n \n2024\n \n \n450,998\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n450,998\n \n\nStephen Wegrzyn\n \n2025\n \n \n178,000\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n178,000\n \n\nChief Financial Officer\n \n2024\n \n \n178,000\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n178,000\n \n\nPouneh Rahimi\n \n2025\n \n \n202,915\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n202,915\n \n\nChief Legal Officer\n \n2024\n \n \n202,915\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n202,915\n \n\nHenry Wong\n \n2025\n \n \n183,365\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n183,365\n \n\nChief Marketing Officer\n \n2024\n \n \n183,365\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n183,365\n \n\nMatt Talle\n \n2025\n \n \n280,110\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n280,110\n \n\nChief Strategy Officer\n \n2024\n \n \n256,110\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n256,110\n \n\n \n\n(1)Mr.\nSoltanzadeh’s annual base salary for fiscal year 2025 was $500,000. Effective February 1, 2025, Mr. Soltanzadeh deferred the payment\nof his base salary through December 31, 2025. As of December 31, 2025, approximately $460,000 in deferred salary remained unpaid and\nis reflected as an obligation of the Company. See Item 13, “Certain Relationships and Related Transactions, and Director Independence.”\n\n \n\n**Narrative Disclosure to the Summary Compensation Table**\n\n \n\nCertain of the compensation paid to our NEOs reflected in the Summary\nCompensation Table was provided pursuant to plans and programs which are summarized below. Mr. Talle, Mr. Wegrzyn and Mr. Wong were not\nparty to an employment agreement during 2025 or 2024. Ms. Rahimi and Mr. Soltanzadeh were each party to an employment agreement during\n2024 and 2025. For a discussion of benefits, please see below.\n\n \n\n**Elements of Compensation**\n\n \n\nIn 2025, our compensation program consisted primarily of the following\nelements: base salary and benefits.\n\n \n\n**2025 Base Salary**\n\n \n\nHistorically, we have provided base salary as a fixed source of compensation\nfor our executive officers. Base salaries for NEOs are established based on the scope of their responsibilities, competencies and their\nprior relevant experience, taking into account compensation paid in the market for similar positions and the market demand for such NEO’s\ntotal compensation package. Base salaries are reviewed annually and increased for merit reasons based on the executive’s success\nin meeting or exceeding individual objectives. Additionally, base salaries can be adjusted as warranted throughout the year to reflect\npromotions or other changes in the scope of breadth of an executive’s role or responsibilities, as well as to maintain market competitiveness.\n\n \n\n51\n\n \n\n**Long Term Equity Compensation Plans**\n\n \n\nThe Incentive Plan initially makes available a maximum number of 1,125,869\nCommon Shares. The aggregate number of Common Shares that is (i) issued to an officer, director, 10% shareholder and anyone who possesses\nmaterial non-public information because of his or her relationship with the company or with an officer, director or principal shareholder\nof the company (“Insiders”) under the Incentive Plan or any other proposed or established share compensation arrangement within\nany one-year period will not exceed 10% of the total issued and outstanding Common Shares subject to the Incentive Plan from time to time\nand (ii) issuable to a non-employee director under the Incentive Plan during any of our fiscal years may not have a “fair value”\nas of the date of grant, as determined in accordance with ASC Topic 718 (or any other applicable accounting guidance), that exceeds $300,000\nin the aggregate. No grants were made under the equity incentive plan to NEOs in 2025.\n\n \n\n**Health and Welfare Plans**\n\n \n\nOur named executive officers are eligible to participate in the employee\nbenefit plans that we offer to our employees generally, including medical, life and accidental death and dismemberment, and short- and\nlong-term disability benefits in Canada and the United States, and basic and extended health care, dental, counseling services, disability,\nlife and accidental death and dismemberment insurance and survivor benefits in Canada.\n\n \n\n**Clawback Policy**\n\n \n\nWe adopted a compensation recovery policy (the “Company’s\nClawback Policy”), which was effective March 27, 2024, that is compliant with the Nasdaq Listing Rules, as required by the Dodd-Frank\nAct. A copy of the Company’s Clawback Policy was previously filed as Exhibit 97.1 to the Company’s Annual Report on Form 10-K for the\nfiscal year ended December 31, 2024, filed with the SEC on April 15, 2025, and is incorporated herein by reference.\n\n \n\n**Outstanding Equity Awards at Fiscal Year End**\n\n \n\nAs\nof December 31, 2025, no NEO held any outstanding equity awards.\n\n \n\n**Director\nCompensation**\n\n \n\nThe following table sets forth compensation earned\nby or paid to each non-employee director for the year ended December 31, 2025.\n\n \n\nName \nFees Earned or Paid in Cash ($)  \nStock Awards ($)(1)  \nOption Awards ($)  \nAll Other Compensation ($)  \nTotal ($) \n\nErtharin Cousin \n —  \n 40,125  \n —  \n —  \n 40,125 \n\nBarthelemy Helg \n —  \n 40,125  \n —  \n —  \n 40,125 \n\nShukhrat Ibragimov \n —  \n —  \n —  \n —  \n — \n\nSteven Oyer \n —  \n 40,125  \n —  \n —  \n 40,125 \n\nShiv Vikram Khemka(2) \n —  \n 40,125  \n —  \n —  \n 40,125 \n\n \n\n(1)\nAmounts reflect the aggregate grant date fair value computed in accordance with ASC Topic 718; the price per share value as of the closing on May 27, 2025, the grant date, was $3.21.\n\n \n\nNo non-employee directors received\ncash compensation for services rendered to us during the years ended December 31, 2024 and December 31, 2025. The non-employee directors\nreceived a grant of 10,000 shares under our Equity Incentive Plan for their services in year one and a grant of 2,500 shares for the first\nfour months of year two. The grants for the balance of the year will be made in the second quarter of 2026.\n\n \n\n(2)On May 11, 2026, Mr. Khemka resigned from the Board of Directors\n(the “Board”) of the Company and from his positions as a member of the Audit Committee, Compensation Committee and Nominating\nand Corporate Governance Committee of the Board. Mr. Khemka’s resignation was not the result of any disagreement with the Company\non any matter relating to the Company’s operations, policies or practices.\n\n \n\n52\n\n \n\n*Cash Compensation*\n\n \n\nThe chairperson of the three principal standing committees of our board\nof directors are entitled to the following annual cash retainers:\n\n \n\nBoard Committee \nChairperson Fee \n\nAudit Committee \n$16,666.66 \n\nCompensation Committee \n$16,666.66 \n\nNominating and Corporate Governance Committee \n$16,666.66 \n\n \n\nNo cash retainers were paid during the year ended\nDecember 31, 2025 to the chairperson of the three standing committees of our board of directors. The sums shown above will be paid during\nfiscal year 2026.\n\n \n\nWe also reimburse all reasonable pre-approved out-of-pocket expenses\nincurred by non-employee directors for their attendance at meetings of our board of directors or any committee thereof."}