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## 27. SHARE-BASED PAYMENT PLANS (CONTINUED) 

## (b) Executive Option Plan (EOP) (continued) 

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## (c) Employee share plan (ESP) 

On 12 September 2005 we introduced an employee share plan (ESP)� This plan allows shares in Australian Agricultural Company Limited to be provided to all employees (excluding those participating in the EOP and Directors) with greater than one year of service up to the value of $1,000� No shares were issued to employees under the ESP during the three months to 31 March 2013 (twelve months to 31 December 2012: nil; three months to 31 March 2012: nil)� 

The fair value of the employee benefit provided under the ESP is estimated at cost at the grant date� 

## (d) Performance rights plan 

During 2011 we introduced a performance rights plan� The purpose of the plan is to assist in the reward, retention and motivation of Executive Directors, Employees, and any other person determined by the Board in its sole and absolute discretion and, attract new employees and/or officers to the Group� The performance rights have a nil exercise price� Vesting of the performance rights is dependent on the satisfaction of a service vesting condition and/or a performance condition� Any performance rights which fail to meet the service condition on the vesting date will lapse immediately� Once the performance rights have vested, they are automatically exercised and shares in AACo issued to either the AACo Employee Share Scheme Trust (EST) or acquired on-market by the EST Trustee on behalf of the participant� 

The following tables summarise the movements in performance rights: 

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