b'CENTAURUS METALS ANNUAL REPORT 202315.2Remuneration Framework The executive remuneration and reward framework currently has four regular components: Total Fixed Remuneration (TFR) - base salary plus superannuation; short term incentives (STIs); long term incentives (LTIs); and other benefits such as insurances. Inaddition,wheremarketcircumstancesrequireit,retentionbonusesarealsoprovidedaspartoftheoverall remuneration package of KMP. The combination of the above regular components and occasional retention bonuses comprise the executives total remuneration. 15.2.1 Total Fixed Remuneration Total Fixed Remuneration is base salary inclusive of superannuation. Executives are offered a competitive TFR that is reflective of current market conditions. TFR for senior executives is reviewed annually to ensure the executives remuneration is competitive with the market. An executives TFR is also reviewed on promotion.There are no guaranteed TFR increases included in any senior executive contracts. In accordance with regulatory requirements relating to superannuation, Directors and employees are permitted to nominate a superannuation fund of their choice to receive superannuation contributions.15.2.2Short Term Incentives The STI Plan is designed to reward executives for the achievement of annual performance targets. The STI Plan and the annual performance objectives under the STI Plan are reviewed annually by the Remuneration Committee and approved by the Board. All awards to Key Management Personnel (KMP) are assessed and recommended by the Remuneration Committee and approved by the Board. For 2023, KMP other than the Managing Director, can earn up to 45% of Total Fixed Remuneration (TFR) under the STI Plan whilst the Managing Director can earn up to 50% of TFR. Other Managers of the Group can earn up to 20-40% of TFR under the Plan.The annual performance targets are based on challenging goals with a mix of both Company performance and project specific targets. Given its status as a pre-revenue exploration and evaluation focused entity, the Company does not consider that financial targets such as net profit are relevant measures for a STI program. The STI Plan has a gateway with no award being made in the event of fatality, permanent disabling injury and/or material environmental breach. The Groups key STI performance measures for the year ending 31 December 2023 are summarised below;effective management of environmental conditions and safety performance; community and land owner engagement in Brazil; achievement of defined targets for the Jaguar Project with respect to exploration activity performance which includes achieving drilling program objectives within budget; achievementofkeydeliverablesinrelationtothelicensing,definitivefeasibilitystudy,offtakeandother development activities of the Jaguar Nickel Project; and achievement of value adding outcome for the Jambreiro Iron Ore project. Details of STI incentives awarded during the year are provided in Section 15.6.15.2.3 Long Term Incentives LTIs may be granted from time to time to reward performance in the realisation of strategic outcomes and long-term growth in shareholder wealth and to ensure the retention of KMP. Options or performance rights may be utilised to deliver long term incentive awards. The Board has discretion to grant options or performance rights for no consideration. Options or performance rights do not carry voting or dividend entitlements.Information on share options granted during the year is set out in Section 15.8.During the period, KMP were granted options with no exercise price which are subject to vesting conditions related to achieving performance targets measured over a three-year period. The options were issued under the Companys ESIP and under ASX Listing Rule 10.11 to Executive Directors. KMP, other than the Managing Director and the Brazil Country Manager, were issued with options up to the value of 60% of TFR whilst the Managing Director and the Brazil Country Manager were issued with options up the value of 100% and 70% of TFR respectively. The ESIP is approved by shareholders for a 3-year period with vesting conditions set by the Board on an annual basis in order to ensure responsiveness to changes in business circumstances. 42 ANNUAL REPORT CENTAURUS METALS LIMITED Page 15 of 54CENTAURUS METALS LIMITED ANNUAL REPORT 43'