Siren Gold Limited Annual Report 2020

14 Key Management Personnel Compensation (KMP) (continued) Details of the Directors’ remuneration and interest in Securities of the Company are set out below: Director Remuneration (Annual Package) Shares Options David Filov 1 $40,000 40,000 750,000 Brian Rodan 2 $210,000 16,683,381 6,119,524 Paul Angus 3 $40,000 20,000 3,500,000 Keith Murray 4 $35,000 80,000 750,000 1. Commencing from 1 July 2020, comprising Director’s fees of $40,000 per annum. Options are exercisable at $0.375 on or before 26 September 2024. Mr Filov resigned as a Director on 20 November 2020. 2. Commencing from 1 July 2020, comprising director’s fee of $40,000 and salary of $170,000 (excluding GST). Mr Rodan was appointed a director of the Company on 12 June 2019 and did not draw any director’s fees in the previous financial year. Options have been issued on the following terms: (a) 1,369,524 Options exercisable at $0.25 on or before 30 September 2021; (b) 2,000,000 Options exercisable at $0.25 on or before 15 January 2023; and (c) 2,250,000 Options exercisable at $0.375 on or before 26 September 2024. Ms Bronwyn Bergin, Mr Rodan’s spouse, also holds 1,000,000 Shares and 500,000 Options exercisable at $0.375 on or before 26 September 2024. 3. Commencing from 1 July 2020. In addition to his director’s fee of $40,000 per annum, 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. Options have been issued on the following terms: (a) 2,000,000 Options exercisable at $0.25 on or before 15 January 2023; and (b) 1,500,000 Options exercisable at $0.375 on or before 26 September 2024. 4. Commencing from 1 July 2020, comprising director’s fee of $35,000 per annum. Mrs Susan Murray, Mr Murray’s spouse, holds 750,000 Options exercisable at $0.375 on or before 26 September 2024. 15 Share-based payments 2020 $ 2019 $ Total share-based payments for the year 675,490 – Share-based payment recognised as capital raising costs (270,250) – Share-based payment expense 405,240 – a. Share-based payments During 2020 the Company issued 5,250,000 options to Directors under exemptions available within the Corporations Act 2001 (Cth) section 219, with terms summarised below and further detailed in Note 15b: Name Number under Option Date of Expiry Exercise Price Brian Rodan 2,250,000 26/09/2024 $0.375 Dave Filov 750,000 26/09/2024 $0.375 Paul Angus 1,500,000 26/09/2024 $0.375 Keith Murray 750,000 26/09/2024 $0.375 b. Fair value of options grants during the period The fair value of the options granted to KMP is deemed to represent the value of the employee services received over the vesting period. Notes to the Consolidated Financial Statements for the year ended 31 December 2020 Annual Report 2020 45