NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT 27. SHARE-BASED PAYMENT PLANS (CONTINUED) (b) Executive Option Plan (EOP) (continued) Exercise Price  $ 31 Mar 2013 No. 31 Dec 2012 No. 31 Mar 2012 No.  (reviewed) Expiry Date 01 January 2013 2�09 - 902,862 1,022,695 01 January 2013 3�15 - 76,000 76,000 16 December 2013 1�00 250,000 250,000 250,000 01 January 2014 3�27 1,006,656 1,040,992 1,233,850 31 March 2015 1�39 350,000 350,000 350,000 01 January 2018 2�09 290,625 290,625 290,625 01 January 2019 3�27 300,000 300,000 300,000 Total 2,197,281 3,210,479 3,523,170 On 12 September 2005 we introduced an employee share plan (ESP)� This plan allows shares in Australian Agricultural Company Limited to be  provided to all employees (excluding those participating in the EOP and Directors) with greater than one year of service up to the value of $1,000�  No shares were issued to employees under the ESP during the three months to 31 March 2013 (twelve months to 31 December 2012: nil; three  months to 31 March 2012: nil)� The fair value of the employee benefit provided under the ESP is estimated at cost at the grant date�  During 2011 we introduced a performance rights plan� The purpose of the plan is to assist in the reward, retention and motivation of Executive  Directors, Employees, and any other person determined by the Board in its sole and absolute discretion and, attract new employees and/or officers  to the Group� The performance rights have a nil exercise price� Vesting of the performance rights is dependent on the satisfaction of a service  vesting condition and/or a performance condition� Any performance rights which fail to meet the service condition on the vesting date will lapse  immediately� Once the performance rights have vested, they are automatically exercised and shares in AACo issued to either the AACo Employee  Share Scheme Trust (EST) or acquired on-market by the EST Trustee on behalf of the participant� The following tables summarise the movements in performance rights: (c) Employee share plan (ESP) (d) Performance rights plan  Annual Report 2013 101 3 months to 31 March 2013 Grant date Expiry date Exercise  price Balance  at start of  period Rights  granted  during  period Rights  exercised  during  period Rights  lapsed  during  period Balance  at end of  period Vested and  exercisable  at end of the  period Number Number Number Number Number Number 19 Sept 2011 30 April 2013 Nil 43,944 - - - 43,944 - 19 Sept 2011 30 April 2013 Nil 105,271 - - - 105,271 - 19 Sept 2011 30 April 2013 Nil 105,270 - - - 105,270 - 19 Sept 2011 30 April 2014 Nil 99,741 - - - 99,741 - 19 Sept 2011 30 April 2014 Nil 99,741 - - - 99,741 - 27 April 2012 24 May 2013 Nil 133,429 - - (1,453) 131,976 - 27 April 2012 24 May 2014 Nil 133,424 - - (1,453) 131,971 - 27 April 2012 14 June 2013 Nil 32,353 - - - 32,353 - 27 April 2012 14 June 2014 Nil 32,353 - - - 32,353 - 27 April 2012 30 April 2015 Nil 237,256 - - - 237,256 - 1,022,782 - - (2,906) 1,019,876 -