58 ANNUAL REPORT  2013  KATHMANDU Movements in the number of share options outstanding and their related weighted average exercise price are as follows: Share options outstanding at the end of the year have the following expiry date, exercise dates and exercise prices. On 24 November 2010, shareholders approved at the Annual General Meeting the establishment of an Employee Long Term Incentive  Plan (LTI) to grant performance rights to Executive Directors, Key Management Personnel and other Senior Management. Performance  rights will vest subject to the satisfaction of performance conditions which will be different for Executive Directors as compared with  the Key Management Personnel and Senior Management. Performance rights granted to Executive Directors and six Key Management Personnel are summarised below: * From 2011 Performance Rights granted to Executive Directors only. The performance rights granted are divided between Long Term Incentive (261,009) and Short Term Incentive (104,403) components. Short term incentive performance rights vest: The fair value of the rights have been 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$1.69 per  right (2012: $2.23). Executive and Senior Management Long Term Incentive Plan 24 November 2010 Executive Directors and Key Management Personnel The performance period and vesting dates are summarised below: •  upon the Company achieving non-market performance hurdles; and  •  the employee remaining in employment with the Company until the vesting date. 2013 2012 Average  exercise price  $ per share Options  ‘000 Average  exercise price  $ per share Options  ‘000 Balance at beginning of year 2.1333 956 2.1333 1,074 Issued - - - - Forfeited - - 2.1333 (118) Balance at end of year 2.1333 956 2.1333 956 First Vesting Month Last Vesting  Month Exercise Price 2013  ‘000 2012  ‘000 October 2010 October 2013 $2.1333 319 319 October 2011 October 2013 $2.1333 319 319 October 2012 October 2013 $2.1333 318 318 956 956 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  Number 11 Dec 2012 - 365,412 - (104,403) 261,009 30 Nov 2011 221,920 - - - 221,920 29 Nov 2010 344,517 - (49,954) (64,885) 229,678 566,437 365,412 (49,954) (169,288) 712,607 2013 2012 Grant Date 11 Dec 2012 30 Nov 2011 Performance period (year ending) 31 Jul 2013 31 Jul 2012 Vesting Date 31 Jul 2015 31 Jul 2014