KATHMANDU A NNUAL REPORT  2013 61 Senior Management Expenses arising from share based payments: GROUP PARENT 2013 2012 2013 2012 NZ$’000 NZ$’000 NZ$’000 NZ$’000 Share Option Plan 2009 7 22 7 22 Executive Directors and Key Management Personnel 202 200 202 200 Senior Management - 149 - 149 209 371 209 371 The fair value of the rights were assessed as the Kathmandu Holdings Limited share price as at the grant date less the present value  of the dividends forecast to be paid prior to the vesting date. The fair value of each right has been calculated to be NZ$1.70 per right  (2012: $2.35). The non-market performance hurdles set for the year ending 31 July 2013 were not met and accordingly: Short Term Incentive performance rights vest: The performance periods and vesting dates are summarised below: Performance rights granted to Key Management Personnel under the shareholder approved Employee Long Term Incentive Plan are  summarised below: Grant Date Balance at  start of year  Number Granted during  the year  Number Vested during  the year  Number Lapsed during  the year  Number Balance at the  end of year 04 Dec 2012 - 259,133 - (259,133) - 30 Nov 2011 - - - - - - 259,133 - (259,133) - 2013 2012 Grant Date 04 Dec 2012 30 Nov 2011 Performance period (year ending) 31 Jul 2013 31 Jul 2012 Vesting Date 31 Jul 2014 31 Jul 2013 •  no expense has been recorded in the income statement; and •  all of these rights have lapsed •  upon the Company achieving specified non-market performance hurdles; and •  the employee remaining in employment with the Company until the vesting date.