Consolidated  Notes to the  Financial  Statements 110 Note 48 – Share-based payment plans The Parent Entity (AGL) has the following share-based payment plans: – AGL Share Reward Plan; – AGL Share Purchase Plan; and – AGL Long-Term Incentive Plan. AGL Share Reward Plan The total expense recognised in the income statement as part of employee benefits expense during the year in relation to the AGL Share  Reward Plan was: During the year, there were 1,579 eligible employees (2010: 1,533) who were each granted 61 ordinary shares in AGL (2010: 73).  All shares granted were purchased on-market and the fair value per share is market value (as defined above). Details of share movements in the AGL Share Reward Plan are set out below: SRP shares rank pari passu in all respects with all other shares and carry the same rights and entitlements, including dividend and voting  rights, as those conferred by other shares. SRP shares may not be disposed before the earlier of three years after the date of acquisition or the date on which the participating  employee ceases to be employed by the consolidated entity. During this period, the trustee is entitled to retain custody of share certificates  or holding statements in respect of the SRP shares and to implement procedures to prevent any dealing with those shares. Market value means in relation to a subscription for shares, the weighted average of the prices at which AGL’s ordinary shares are traded on  the ASX during the five business days up to and including the day on which the subscription occurs. Market value in relation to a purchase of  shares means the price at which the shares are actually acquired in the ordinary course of trading on the ASX. The trustee of the SRP applies amounts contributed by entities in the consolidated entity in purchasing shares on behalf of participating  employees in the ordinary course of trading on the ASX; or subscribing for shares on behalf of the participating employees. All shares acquired  by the trustee are acquired at the market value of the shares. Eligible employees include full-time or permanent part-time employees who have completed 12 months continuous service (or such lesser  period as the Board determines) and who have attained the age of 18 years. Casual employees and employees who are resident overseas  can only participate at the Board’s discretion. Employees participating in the AGL Long-Term Incentive Plan and the Directors of AGL are not  eligible to participate. The AGL Energy Limited Board of Directors approved the AGL Share Reward Plan (SRP) on 5 October 2006. Under the SRP, eligible  employees may be invited on an annual basis to acquire up to $1,000 worth of fully-paid ordinary shares in AGL for no consideration. The  Board determines whether to make an offer of shares based on the consolidated entity’s performance measured against specific  performance hurdles set by the Board each financial year. Balance Distributed Balance at beginning  Granted during  Fair value  during  at end of of the year  the year  per share  the year  the year Grant date Number Number $ Number Number 2011 22 September 2010  – 96,319 $16.21 (12,566) 83,753 22 September 2009  97,309 – – (18,177) 79,132 22 September 2008  66,360 – – (12,460) 53,900 20 September 2007  48,195 – – (48,195) – 211,864 96,319 (91,398) 216,785 2010 22 September 2009  –  111,909  $13.57  (14,600)  97,309 22 September 2008  76,860  –  –  (10,500)  66,360 20 September 2007  57,519  –  –  (9,324)  48,195 134,379  111,909  (34,424)  211,864 2011 2010 $m $m Employee benefits expense  1.5 1.5