Consolidated  Notes to the  Financial  Statements 124 Note 49 – Share-based payment plans (continued)  (a) After testing the SPRs notionally granted on 20 June 2011 against the relevant performance hurdle, the SPRs are deposited into (or deducted from) the relevant share bank account for each participant. (b) Adjustment grants were made to adjust for dilution to the number of SPRs notionally granted on 22 June 2012 and to unvested SPRs for prior years as a result of the rights issue allotment in June 2012. There were nil SPRs vested but not exercisable at 30 June 2012. Details of SPRs movements in the AGL Long-Term Incentive Plan during the year are set out below:  In the event the growth in EBIT/Funds Employed outcome is greater than 13%, the EBIT/Funds Employed for measuring the following year’s  EBIT/Funds Employed is set at a level that would have achieved 13%. In the event the growth in EBIT/Funds Employed outcome is less than  minus 13%, the opening EBIT/Funds Employed for measuring the following year’s EBIT/Funds Employed is set at a level that would have  achieved minus 13%. SPRs awarded can be positive and negative. This means shares can only be awarded if there is a predetermined improvement on the prior  year. Importantly however, if performance falls below a predetermined level in any year, then previously awarded SPRs will be clawed back  to the extent calculated under the performance hurdles. Each participant has two notional share bank accounts (one for TSR, the other for EBIT/Funds Employed) and these operate independently  of each other in determining whether a distribution is made. The SPRs awarded are deposited into a notional share bank account. An annual calculation is made as soon as practicable for the year ended  30 June to determine the number of SPRs to be added or deducted from the notional share bank accounts. If there is a positive notional share bank balance in a bank account following the calculation, 40% of that balance is distributed to  participants during the next AGL share trading window. There is no distribution from a bank account if there is a negative notional share bank balance in that account following the calculation and  any negative balance is carried forward to the following year. Under the old LTIP, SPRs granted on 27 October 2008 are subject to a performance condition based on TSR with the level of vesting being  dependent upon AGL’s TSR performance measured against a comparable group of the ASX100 listed companies as at 1 October 2008. The performance condition was tested initially on 1 October 2011 and the number of SPRs that vested at that time was determined in  accordance with the table below. To the extent that full vesting did not occur at that point, the performance condition will be retested  on 1 October 2012.  The following table sets out details of SPRs notionally granted to executives during the year: SPRs grant Balance at beginning of the year Deposited (deducted)  during the year  (a) Notionally granted during the year Adjustments granted during the year (b) Vested during the year Forfeited during the year Balance at end of the  year 2012 TSR share bank account 85,935  –  –  1,872  (34,897) –  52,910  EBIT/Funds Employed share bank account 31,184  (89,475) –  (2,149) (316) –  (60,756) Notional grant 22/6/12 –  –  363,566  13,321  –  –  376,887  Notional grant 20/6/11 298,265  (298,265) –  –  –  –  –  Old LTIP grant 27/10/08 200,640  –  –  142  (195,301) (1,462) 4,019  616,024  (387,740) 363,566  13,186  (230,514) (1,462) 373,060 SPRs grant Number of SPRs Performance period Vesting date Weighted average fair value 2012 22 June 2012 363,566  1 July 2011–30 June 2012 1 September 2012 $14.53 2011 20 June 2011 298,265  1 July 2010–30 June 2011 1 September 2011 $7.08 AGL’s TSR ranking relative to ASX100 Percentage of SPRs that vest TSR below 40th percentile 0% TSR between 40th and 50th percentile Progressive vesting on a straight-line basis from 40% to 50% TSR between 51st and 84th percentile Progressive vesting on a straight-line basis from >50% and <100% TSR equal to or greater than 85th percentile 100%