Siren Gold Limited Annual Report 2021

Directors’ Report Remuneration Report – Audited i. Remuneration Policy The remuneration policy of Siren Gold Limited has been designed to align key management personnel (KMP) objectives with shareholder and business objectives by providing a fixed remuneration component and offering specific long-term incentives based on key performance areas affecting the Consolidated Group’s financial results. The Board of Siren Gold Limited believes the remuneration policy to be appropriate and effective in its ability to attract and retain high-quality KMP to run and manage the Consolidated Group, as well as create goal congruence between directors, executives and shareholders. The Board’s policy for determining the nature and amount of remuneration for KMP of the Consolidated Group is as follows: – The remuneration of an executive Director will be decided by the Board, without the affected executive Director participating in that decision-making process. – The total maximum remuneration of non-executive Directors is initially set by the Constitution. Subsequent variation is by ordinary resolution of Shareholders in general meeting in accordance with the Constitution, the Corporations Act and the ASX Listing Rules, as applicable. The determination of non-executive Directors’ remuneration within that maximum cap will be made by the Board having regard to the inputs and value to the Company of the respective contributions by each non-executive Director. The current amount has been set at an amount not to exceed $250,000 per annum. – In addition, a Director may be paid fees or other amounts (i.e. subject to any necessary Shareholder approval, non-cash performance incentives such as Options) as the Directors determine, where a Director performs special duties or otherwise performs services outside the scope of the ordinary duties of a Director. – Directors are also entitled to be paid reasonable travelling, hotel and other expenses incurred by them in the performance of their duties as Directors. – 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 Director’s 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 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 Chair (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 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 time of termination and accrued leave entitlements. 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. Paul Angus – Technical Director Under the terms of his appointment as Mr Angus was entitled to Director’s fees of $40,000 per annum. In addition to his Director’s fees, Mr Angus provides technical consulting services to the Company pursuant to the Consultancy Agreement summarised in Note 21 at a rate of NZ$220 per hour to a maximum of NZ$1,760 per day. 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. for the year ended 31 December 2021 Siren Gold Limited 22