NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT For the three months ended 31 March 2013 No options were granted to middle management during the three months to 31 March 2013 and 31 March 2012, and the twelve months to 31  December 2012� The following table illustrates the number (No�) and weighted average exercise prices (WAEP) of share options previously issued under the EOP� 27. SHARE-BASED PAYMENT PLANS (CONTINUED) (b) Executive Option Plan (EOP) (continued) Middle Management – Executive Options 3 months to  31 Mar 13  No. 3 months to  31 Mar 13  WAEP  $ 12 months to  31 Dec 12  No. 12 months to  31 Dec 12  WAEP  $ 3 months to  31 Mar 12  No.  (reviewed) 3 months to 31 Mar 12  WAEP  $  (reviewed) Outstanding at the beginning of  the period 3,210,479 2�45 3,973,407 2�52 3,973,407 2�52 Granted during the period - - - - - - Forfeited during the period (1,013,198) 2�13 (762,928) 2�82 (450,237) 2�83 Exercised during the period - - - - - - Outstanding at the end of the  period 2,197,281 2�56 3,210,479 2�45 3,523,170 2�45 Exercisable at the end of the  period 2,197,281 2�56 3,210,479 2�45 3,523,170 2�45 Terms of the Executive Option Plan  An employee whose employment terminates prior to the vesting of any tranche will lose their unvested option entitlement, unless otherwise  determined by the Board� Under the EOP where a participant ceases employment prior to the vesting of their award, the options are forfeited unless the Board applies its  discretion to allow vesting at or post-cessation of employment in appropriate circumstances�  In the event of a takeover or change in control of the Company: (a) 50% of unvested options granted within the last three years prior to the change in control, would vest, as soon as the Board forms the opinion  that the takeover or change in control will occur; and (b) all or part of the other 50% of the unvested options granted within the last three years may be vested by the Board as determined in its  absolute discretion� 250,000 options over ordinary shares with an exercise price of $1�00 each; 350,000 options over ordinary shares with an exercise price of $1�39 each;  290,625 options over ordinary shares with an exercise price of $2�09 each; and 1,306,656 options over ordinary shares with an exercise price of $3�27 each� The outstanding balance as at 31 March 2013 is represented by: Share options issued under the EOP and outstanding at the end of the year have the following exercise prices: 100 Australian Agricultural Company Limited