Siren Gold Limited Annual Report 2020

Operations Review Remuneration Report – Audited (continued) – The Board reviews and approves the remuneration policy to enable the Company to attract and retain executives and Directors who will create value for Shareholders having consideration to the amount considered to be commensurate for a company of its size and level of activity as well as the relevant Directors’ time, commitment and responsibility. The Board is also responsible for reviewing any employee incentive and equity-based plans, including the appropriateness of performance hurdles and total payments proposed. ii. Relationship Between Remuneration Policy and Company Performance The remuneration policy has been tailored to increase goal congruence between shareholders, directors and executives. A method applied to achieve this aim is the issue of options to the majority of directors and executives to encourage the alignment of personal and shareholder interests. In establishing performance measures and benchmarks to ensure incentive plans are appropriately structured to align corporate behaviour with the long-term creation of shareholder wealth, the Board has regard for the stage of development of the Company’s business, share price, operational and business development achievements (including results of exploration activities) that are of future benefit to the Company. iii. Share Trading Policy The Board has adopted a trading policy that sets out the guidelines on the sale and purchase of securities in the Company by its Directors, officers, employees and contractors. The trading policy generally provides that for directors, the written acknowledgement of the Chairman (or the Board in the case of the Chairman) must be obtained prior to trading. iv. Employment Details of Key Management Personnel Brian Rodan – Managing Director Commencing from 1 July 2020, the Company entered into an Executive Agreement with Mr Rodan comprising an initial annual salary of $170,000 (plus superannuation) on an indefinite term. Either party can terminate the agreement subject to a one-month notice period (with reason) or a six-month notice period (without reason). Mr Rodan is not entitled to any termination payments other than for services rendered at the time of termination and accrued leave entitlements. The agreement provided for the grant of 2,250,000 unlisted options, which were issued during the year. Refer to Note 15 to the financial report for full details. Under the terms of his appointment as Managing Director of the Company Mr Rodan is also entitled to Director’s fees of $40,000 per annum. He was appointed a director of the Company on 12 June 2019 and did not draw any director’s fees in the previous financial year. Dave Filov – Non-Executive Chairman (resigned 20 November 2020) Under the terms of his appointment as Mr Filov was entitled to Director’s fees of $40,000 per annum. The agreement also provided for the grant of 750,000 unlisted options which were issued during the year. Refer to Note 15 to the financial report for full details. Paul Angus – Technical Director Under the terms of his appointment as Technical Director, Mr Angus is entitled to Director’s fees of $40,000 per annum. The agreement also provided for the grant of 3,500,000 unlisted options which were issued during the year. Refer to Note 15 to the financial report for full details. In addition to his director’s fee, Mr Angus provides technical consulting services to the Company pursuant to the Consultancy Agreement summarised in Note 22, at a rate of NZ$220 per hour to a maximum of NZ$1,760 per day. The Company estimates that Mr Angus works on Company activities an average of three days per week following the Company’s admission to the Official List, which would result in Mr Angus being paid approximately NZ$274,560 per annum. Keith Murray – Non-Executive Director Under the terms of his appointment as a non-Executive Director, Mr Murray is entitled to Director’s fees of $35,000 per annum. The agreement also provided for the grant of 750,000 unlisted options which were issued during the year. Refer to Note 15 to the financial report for full details. for the year ended 31 December 2020 Siren Gold Limited 24