Notes to the Financial Statements 96 24. Employee benefits and share-based payments  continued Set out below are summaries of options under the plans. Securities Exchange on the day prior to the exercise of the options. The fair value of shares issued on the exercise of options is the weighted average price at which the Company’s shares were traded on the Australian  The weighted average remaining contractual life of share options outstanding at the end of the period was 2.59 years (2012: 2.95 years). Grant date Expiry date Exercise price  $ Balance start of year  Number Granted during year  Number Expired during year  Number Balance end of year  Number Vested and exercisable at end of year  Number Year ended 30 June 2013 – Employees 04 Apr 2008 03 Apr 2013 $6.00 481,000 – (481,000) – – Total 481,000 – (481,000) – – Weighted average exercise price $6.00 –  $6.00 – – Year ended 30 June 2012 – Employees 07 Jul 2006 01 Jul 2011 $6.00 50,000 – (50,000) – – 04 Apr 2008 03 Apr 2013 $4.68 58,535 – (58,535) – – 04 Apr 2008 03 Apr 2013 $6.00 566,001 – (85,001) 481,000 481,000 Total 674,536  – (193,536) 481,000 481,000 Weighted average exercise price  $5.89 –  $5.60 $6.00 $6.00 04 Apr 2008 03 Apr 2013  $6.00  415,000 – (415,000) – – 04 Apr 2008 03 Apr 2013  $7.00  500,000 – (500,000) – – 26 Aug 2011 25 Aug 2014 $10.36  1,500,000 – – 1,500,000 1,500,000 23 Sep 2011 22 Sep 2016  $10.50  3,333,334 – – 3,333,334 3,333,334 Total  5,748,334 – (915,000) 4,833,334 4,833,334 Weighted average exercise price  $9.83  $6.55 $10.46 $10.46 04 Apr 2008 03 Apr 2013  $6.00 415,000 – – 415,000 415,000 04 Apr 2008 03 Apr 2013  $7.00 500,000 – –  500,000  500,000 26 Aug 2011 25 Aug 2014  $10.36  – 1,500,000 – 1,500,000 1,500,000 23 Sep 2011 22 Sep 2016 $10.50 – 3,333,334 – 3,333,334 3,333,334 Total 915,000 4,833,334 – 5,748,334 5,748,334 Weighted average exercise price $6.55 $10.46 $9.83 $9.83 On 1 July 2012, the Company introduced an Executive Rights Plan which involves the grant of two types of rights being performance rights and deferred  rights. Subject to the satisfaction of the performance condition at the end of a three year measurement period in respect of performance rights and the  service condition at the end of the three year vesting period in respect of deferred rights, the rights will vest. The first $1,000 of value per individual award is  settled by cash with the balance settled by shares.  Executive Rights Plan Year ended 30 June 2012 – Other Year ended 30 June 2013 – Other www.kingsgate.com.au