NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT For the three months ended 31 March 2013 27. SHARE-BASED PAYMENT PLANS (CONTINUED) (d) Performance rights plan (continued) 28. COMMITMENTS 104 Australian Agricultural Company Limited 3.Termination and change in control provisions Under the terms of the LTI if the Managing Director/Chief Executive Officer ceases employment with the Company and holds Performance Rights,  the ability of the Managing Director/Chief Executive Officer to retain their Performance Rights will depend on the circumstances in which the  employment ceases� The Plan Rules define Bad Leavers and Good Leavers� If the executive was a Bad Leaver, then the Performance Rights will be automatically forfeited� If the executive was a Good Leaver, then the Board  will consider the circumstances of the cessation of employment and may exercise its discretion to allow some or all of the Performance Rights to  vest (and be exercised)� A change of control event occurs when any person, either alone or together with any “associate” (as defined in the Australian Corporations Act)  who does not hold a relevant interest in more than 50% of the issued shares of the Company acquires a relevant interest in more than 50% of the  issued shares, or the Board concludes that there has been a change in control of the Company then one of the following will occur in respect of all  unvested Performance Rights or Deferred Equity Awards� The Performance Rights or Deferred Equity Awards will either vest on a pro rata basis or  at the discretion of the Board in certain circumstances� We have entered into forward purchase contracts for $15,368,995 worth of grain commodities as at 31 March 2013 (31 December 2012:  $2,394,000; 31 March 2012: $5,148,473)� The contracts are expected to be settled within 12 months from balance date� We have entered into forward purchase contracts for $7,560,238 worth of cattle as at 31 March 2013 (31 December 2012: $19,186,800; 31 March 2012: $13,661,500)� The contracts are expected to be settled within 12 months from balance date� We have entered into contracts to deliver 16,000 (31 December 2012: 14,000; 31 March 2012: 20,500) bales of cotton between May 2013 and July 2013 with a contract value of $7,271,250 (31 December 2012: $6,426,980; 31 March 2012: $11,418,500)� 31 Mar 2013 $000 31 Dec 2012  $000 31 Mar 2012  $000  (reviewed) (a) Future minimum lease payments under non-cancellable operating l eases are as follows: Leased land and buildings: Not later than one year 3,706 3,886 3,829 Later than one year but not later than five years 8,220 8,298 7,286 Later than five years 5,085 6,040 - Total leased land and buildings 17,011 18,224 11,115 Property, plant and equipment lease rental payments are generally fixed� (b) Finance lease expenditure contracted for is payable as follows: We have entered into finance leases for motor vehicles� Future minimum lea se payments under finance leases and hire purchase contracts  together with the present value of the net minimum lease payments are as f ollows: Within one year 2,308 1,570 672 After one year but not more than five years 5,250 5,807 2,677 Total minimum lease payments 7,558 7,377 3,349 (c) Equipment finance contracted for is payable as follow: We have entered into asset finance arrangements for equipment� Future min imum payments under equipment finance together with the present  value of the net minimum finance payments are as follows: Within one year 1,008  984 793 Later than one year but not later than five years 3,679 3,838 3,158 Total equipment finance 4,687 4,822 3,951 (d) Other commitments