I just looked at documents for the June 21, 2011 AGM(page 7). What the Free Press is quoting is George's 2010 salary for the .75 months he was with SGR in 2010. The $1,805,828 is the value of the option based awards based on the share price at that time Vs the Black-Scholes model for option value. It would be $0 based on the current share price. Poor George, kinda hurts when the share price is down, doesn't it !

"Pursuant to this agreement Mr Piere is paid a base salary of $350,000 and is eligible for a bonus as determined by the Board in its sole discretion. Mr Pirie is also eligible for a bonus not to exceed 150% of his base salary. Mr Piere also received 1,000,000 options to purchase (not free) common shares for a period of five years from the date of issuance." On page 8 it states the option exercise price of $3.41 which is now way out of the money.

It will be interesting to see what the BofD's give George for a discretionary bonus for 2011. My guess is north of $250,000

Hope that clears things up

cheers