Directors’ Report 2012 60 Details of Share Performance Rights granted to Key Management Personnel as part of remuneration for the year ended  30 June 2011  Balance at  1 July 2010 SPRs deposited  (deducted) during  the year (a) SPRs  notionally  granted  during  the year Fair value per SPR at grant date (b) SPRs  vested  during  the year (c) SPRs  forfeited during  the year Balance at 30 June 2011 Paul McWilliams TSR share bank account  –  2,094  –  Various (838)  –  1,256 EBIT/Funds Employed share bank account  –  760  –  Various (304)  –  456 Notional grant 20-Jun-11  –   –  7,545 $7.08   –   –  7,545 Notional grant 26-Feb-10 3,379 (3,379)  –  $12.09   –   –   –  Old LTIP grant 27-Oct-08 3,132  –   –  $10.30   –   –  3,132 Old LTIP grant 11-Jan-08 6,140  –   –  $9.16  (6,140)  –   –  12,651 (525) 7,545 (7,282)  –  12,389 Stephen Mikkelsen TSR share bank account  –  9,361   –  Various (3,744)  –  5,617  EBIT/Funds Employed share bank account  –  3,397   –  Various (1,359)  –  2,038  Notional grant 20-Jun-11  –   –  24,692  $7.08  –   –  24,692  Notional grant 26-Feb-10 15,099  (15,099)  –  $12.09  –   –   –  Old LTIP grant 27-Oct-08 14,000   –   –  $10.30  –   –  14,000  Old LTIP grant 11-Jan-08 19,647   –   –  $9.16 (19,647)  –   –  48,746  (2,341) 24,692  (24,750)  –  46,347  Michael Moraza TSR share bank account  –  10,371   –  Various (4,148)  –  6,223  EBIT/Funds Employed share bank account  –  3,764   –  Various (1,506)  –  2,258  Notional grant 20-Jun-11  –   –  20,577  $7.08  –   –  20,577  Notional grant 26-Feb-10 16,728  (16,728)  –  $12.09  –   –   –  Old LTIP grant 27-Oct-08 7,639   –   –  $10.30  –   –  7,639 Old LTIP grant 11-Jan-08 5,294   –   –  $9.16 (5,294)  –   –  29,661  (2,593) 20,577  (10,948)  –  36,697  (a) After testing the SPRs notionally granted on 26 February 2010 against the relevant performance hurdle, the SPRs are deposited into (or deducted from) the relevant share bank account for each  participant.  (b) Fair value of SPRs granted is determined using the Black-Scholes and Monte Carlo simulation methods.  (c) SPRs vest at no cost to the recipient providing the relevant performance hurdles are satisfied. 7.  Terms of Executive contracts Executives’ contracts specify their remuneration entitlements, benefits and awards. All Executives have ‘Service Agreements’, or employment contracts, which specify the components of remuneration to which they are  entitled. The Service Agreements provide for participation in the short and long-term incentives in accordance with the terms of their  respective plans. The Board can vary the terms of these plans, although such variations cannot be applied retrospectively. Details of contract duration, notice period for termination, and termination payments for Executives are provided in the table below.  (a) AGL will provide 6 months notice in circumstances of unsatisfactory performance. Executive Position Contract duration Termination notice  period by AGL  Termination notice  period by employee Termination  payments Anthony Fowler Group General Manager Merchant  Energy  No fixed term 3 months 6 months 9 months TFR Ken Hodgson Group General Manager Retail Energy No fixed term 3 months 6 months 9 months TFR Paul McWilliams Group Head of Corporate Support  Services and Company Secretary  No fixed term 3 months  (a) 6 months 9 months TFR Stephen Mikkelsen Chief Financial Officer  No fixed term 3 months  (a) 6 months 9 months TFR Michael Moraza Group General Manager Upstream Gas No fixed term 3 months 3 months 9 months TFR