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Related Parties | 12 Months Ended
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Dec. 31, 2020
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Related Parties | # 8. Related p arties a. Related parties Balances and transactions between the Company and its subsidiaries and between subsidiaries have been eliminated in consolidation and are not disclosed in this note. The balances and transactions between the Company and its subsidiaries with other related parties are disclosed below:
| Loans
| Assets |  | Liabilities
Química da Bahia Indústria e Comércio S.A. (1) | - |  | 2,875
Routeasy Serviços de Assessoria Logística Ltda. (2) | 2,334 |  | -
Others (1) | 490 |  | 836
Total as of December 31, 2020 | 2,824 |  | 3,711
| Loans
| Assets |  | Liabilities
Química da Bahia Indústria e Comércio S.A. (1) | - |  | 2,875
Others (1) | 490 |  | 1,050
Total as of December 31, 2019 | 490 |  | 3,925
(1) Loans contracted have indefinite terms and do not contain remuneration clauses. (2) The loans contracted have a term of 36 months and can be extended by mutual agreement between the parties being remunerated by the DI plus a premium of 3% p.a.
| Commercial transactions
| Receivables (1) |  | Payables (1) |  | Sales and services |  | Purchases |  | Expenses
Oxicap Indústria de Gases Ltda. | - |  | 1,772 |  | 471 |  | 19,077 |  | -
Refinaria de Petróleo Riograndense S.A. | - |  | 65,215 |  | - |  | 314,587 |  | -
ConectCar Soluções de Mobilidade Eletrônica S.A. | 151 |  | 104 |  | 3,062 |  | 154 |  | -
LA’7 Participações e Empreend. Imob. Ltda. (a) | - |  | - |  | - |  | - |  | 1,613
Chevron (Thailand) Limited | 166 |  | 6 |  | - |  | 759 |  | -
Chevron Brasil Oleos Basicos LTDA | - |  | 6 |  | - |  | - |  | -
Chevron Latin America Marketing LLC | 118 |  | - |  | - |  | - |  | -
Chevron Lubricants Lanka PLC | 3 |  | - |  | - |  | - |  | -
Chevron Lubricants Oils S.A. | 823 |  | - |  | - |  | - |  | -
Chevron Marine Products | 1,873 |  | - |  | - |  | - |  | -
Chevron Oronite Brasil LTDA. | - |  | 37,482 |  | - |  | 108,198 |  | -
Chevron Products Company | - |  | 87,754 |  | - |  | 247,578 |  | -
Chevron Belgium NV | - |  | 785 |  | - |  | 6,707 |  | -
Chevron Petroleum CO Colombia | 1 |  | - |  | - |  | - |  | -
Total as of December 31, 2020 | 3,135 |  | 193,124 |  | 3,533 |  | 697,060 |  | 1,613
| Commercial transactions
| Receivables (1) |  | Payables (1) |  | Other payables |  | Sales and services |  | Purchases |  | Expenses
Oxicap Indústria de Gases Ltda. | - |  | 1,545 |  | - |  | 1 |  | 18,565 |  | -
Refinaria de Petróleo Riograndense S.A. | - |  | 264,602 |  | - |  | - |  | 1,019,108 |  | -
ConectCar Soluções de Mobilidade Eletrônica S.A. | 739 |  | 113 |  | - |  | 7,385 |  | 121 |  | -
LA’7 Participações e Empreend. Imob. Ltda. (a) | - |  | 124 |  | - |  | - |  | - |  | 1,477
Chevron (Thailand) Limited | 1,333 |  | 5,177 |  | - |  | - |  | 90,912 |  | -
Chevron Brasil Oleos Basicos LTDA | - |  | - |  | 6 |  | - |  | 6,336 |  | -
Chevron Latin America Marketing LLC | 86 |  | 6 |  | - |  | 13 |  | 506 |  | -
Chevron Lubricants Lanka PLC | - |  | - |  | 285 |  | - |  | - |  | -
Chevron Lubricants Oils S.A. | 58 |  | - |  | - |  | 42 |  | - |  | -
Chevron Marine Products | 506 |  | - |  | - |  | 104 |  | - |  | -
Chevron Oronite Brasil LTDA. | 1,193 |  | - |  | - |  | 345 |  | - |  | -
Chevron Products Company | - |  | 16,302 |  | - |  | - |  | 212,915 |  | -
Chevron Belgium NV | - |  | 2,119 |  | - |  | - |  | 15,019 |  | -
Chevron Petroleum CO Colombia | - |  | - |  | 7 |  | 30 |  | - |  | -
Total as of December 31, 2019 | 3,915 |  | 289,988 |  | 298 |  | 7,920 |  | 1,363,482 |  | 1,477
| Commercial transactions
|  | Sales and services |  | Purchases |  | Expenses
Oxicap Indústria de Gases Ltda. |  | 6 |  | 9,032 |  | -
Refinaria de Petróleo Riograndense S.A. |  | - |  | 1,008,860 |  | -
ConectCar Soluções de Mobilidade Eletrônica S.A. |  | 3,844 |  | 186 |  | -
LA’7 Participações e Empreend. Imob. Ltda. (a) |  | - |  | - |  | 1,469
Total as of December 31, 2018 |  | 3,850 |  | 1,018,078 |  | 1,469
(1) Included in “domestic trade receivables”, “domestic trade payables” and “domestic trade payables – reverse factoring”, respectively. (a) Refers to rental contracts of 15 drugstores owned by LA’7 as of December 3 1, 2020 and 2019, a company of the former shareholders of Extrafarma that are current shareholders of Ultrapar. Purchase and sale transactions relate substantially to the purchase of raw materials, feedstock, transportation, and storage services based on similar market prices and terms with customers and suppliers with comparable operational performance. The operations of ConectCar Soluções de Mobilidade Eletrônica S.A. (“ConectCar”) refer to services provided. In the opinion of the Company and its subsidiaries’ management, transactions with related parties are not subject to credit risk, therefore, no provision for expected losses on accounts receivable or guarantees are recorded. Guarantees provided by the Company in loans of subsidiaries and affiliates are mentioned in Note 16.j. b. Key executives The Company’s compensation strategy combines short and long-term elements, following the principles of alignment of interests and of maintaining a competitive compensation, and is aimed at retaining key officers and remunerating them adequately according to their attributed responsibilities and the value created to the Company and its shareholders. Short-term compensation is comprised of: (a) fixed monthly compensation paid with the objective of rewarding the executive’s experience, responsibility, and his/her position’s complexity, and includes salary and benefits such as medical coverage, check-up, life insurance, and others; (b) variable compensation paid annually with the objective of aligning the executive’s and the Company’s objectives, which is linked to: (i) the business performance measured through its economic value creation and (ii) the fulfillment of individual annual goals that are based on the strategic plan and are focused on expansion and operational excellence projects, people development and market positioning, among others. Further details about the Deferred Stock Plan are contained in Note 8.c and about post-employment benefits in Note 20.b. T he expenses for compensation of its key executives (Company’s directors and executive officers) as shown below:
| 2020 |  | 2019 |  | 2018
Short-term compensation | 47,936 |  | 41,659 |  | 36,504
Stock compensation | 4,786 |  | 9,881 |  | 1,407
Post-employment benefits | 2,866 |  | 2,640 |  | 2,278
Termination benefit | - |  | - |  | 905
Total | 55,588 |  | 54,180 |  | 41,094
c. Deferred stock plan Since 2003 Ultrapar has adopted a stock plan in which the executive h as the usufruct of shares held in treasury until the transfer of the full ownership of the shares to those eligible members of management after five to seven years from the initial concession of the rights subject to uninterrupted employment of the participant during the period. The volume of shares and the executives e ligible are determined by the Board of Directors, and there is no mandatory annual grant. The total number of shares to be used in the plan is subject to the number of shares in treasury. Ultrapar’s Board of Directors members are not eligible to participate in the stock plan. The fair value of the awards was determined on the grant date based on the market value of the shares on the B3, the Brazilian Securities, Commodities and Futures Exchange and the amounts are amortized between five to seven years from the grant date. The table below summarizes shares granted to the Company and its subsidiaries’ management:
Grant date | Balance of number of shares granted |  | Vesting period |  | Market price of shares on the grant date (in R$ per share) |  | Total grant costs, including taxes |  | Accumulated recognized grant costs |  |  | Accumulated unrecognized grant costs |
March 4, 2016 | 380,000 |  | 2021 to 2023 |  | 32.72 |  | 17,147 |  | (14,076 | ) |  | 3,071 |
December 10, 2014 | 266,660 |  | 2021 |  | 25.32 |  | 28,405 |  | (26,726 | ) |  | 1,679 |
March 5, 2014 | 55,600 |  | 2021 |  | 26.08 |  | 5,999 |  | (5,951 | ) |  | 48 |
| 702,260 |  |  |  |  |  | 51,551 |  | (46,753 | ) |  | 4,798 |
In 2020, t he amortization in the amount of R$ 2,360 (R$ 10,321 in 2019 and R$ 3,922 in 2018) was recognized as a general and administrative expense. The table below summarizes the changes of number of shares granted:
Balance on December 31, 2018 |  | 1,700,128 |
Shares vested and transferred |  | (475,604 | )
Balance on December 31, 2019 |  | 1,224,524 |
Cancellation of granted shares due to termination of executive employment |  | (200,000 | )
Shares vested and transferred |  | (322,264 | )
Balance on December 31, 2020 |  | 702,260 |
In addition, on April 19, 2017, the Ordinary and Extraordinary General Shareholders’ Meeting (“OEGM”) of approved a new incentive plan based on shares (”Plan”), which establishes the general terms and conditions for the concession of common shares issued by the Company and held in treasury, that may or may not involve the granting of usufruct of part of these shares for later transfer of the ownership of the shares, in periods of three to six years, to directors or employees of the Company or its subsidiaries. As a result of the Plan, common shares representing at most 1% of the Company's share capital may be delivered to the p articipants, which corresponds, at the date of approval of this Plan, to 11,128,102 common shares. The table below summarizes the r estricted and p erformance stock programs:
Program | Grant date |  | Balance of number of shares granted |  | Vesting period |  | Market price of shares on the grant date (in R$ per share) |  | Total grant costs, including taxes |  | Accumulated recognized grant costs |  |  | Accumulated unrecognized grant costs
Restricted | October 1, 2017 |  | 240,000 |  | 2023 |  | 38.19 |  | 12,642 |  | (6,848 | ) |  | 5,794
Restricted and performance | November 8, 2017 |  | 23,674 |  | 2021 to 2022 |  | 38.19 |  | 2,723 |  | (1,852 | ) |  | 871
Restricted and performance | April 4, 2018 |  | 121,720 |  | 2021 to 2023 |  | 34.35 |  | 8,451 |  | (5,522 | ) |  | 2,929
Restricted | September 19, 2018 |  | 80,000 |  | 2024 |  | 19.58 |  | 3,691 |  | (810 | ) |  | 2,881
Restricted | September 24, 2018 |  | 80,000 |  | 2024 |  | 18.40 |  | 2,030 |  | (761 | ) |  | 1,269
Restricted and performance | April 3, 2019 |  | 469,872 |  | 2022 to 2024 |  | 23.25 |  | 20,900 |  | (9,573 | ) |  | 11,327
Restricted | September 2, 2019 |  | 440,000 |  | 2025 |  | 16.42 |  | 9,965 |  | (2,215 | ) |  | 7,750
Restricted and performance | April 1, 2020 |  | 754,896 |  | 2023 to 2025 |  | 12.53 |  | 18,653 |  | (3,584 | ) |  | 15,069
Restricted | September 16, 2020 |  | 700,000 |  | 2026 |  | 23.03 |  | 22,236 |  | (1,235 | ) |  | 21,001
|  |  | 2,910,162 |  |  |  |  |  | 101,291 |  | (32,400 | ) |  | 68,891
In 2020, a general and administrative expense in the amount of R$ 12,664 was recognized in relation to the Plan (R$ 12,893 in 201 9 and R$ 6,001 in 201 8).
Balance on December 31, 2018 |  | 739,952 |
Shares granted on April 3, 2019 |  | 567,876 |
Shares granted on September 2, 2019 |  | 440,000 |
Cancellation of granted shares due to termination of executive employment |  | (9,168 | )
Balance on December 31, 2019 |  | 1,738,660 |
Shares granted on April 1, 2020 |  | 877,788 |
Shares granted on September 16, 2020 |  | 700,000 |
Cancellation of granted shares due to termination of executive employment |  | (353,294 | )
Cancellation of performance shares |  | (52,992 | )
Balance on December 31, 2020 |  | 2,910,162 |
The information above was adjusted restrospectively as disclosure in Note 25.a.

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