36	Related parties

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity. Directors of the company, as well as certain executives, are considered key management.

Employee contracts between Caledonia Mining South Africa Proprietary Limited, the Company and key management, include an option for respective key management to terminate such employee contract in the event of a change in control of the Company and to receive a severance payment equal to

two

years' compensation. If this was triggered as at

December 31, 2020

the severance payment would have amounted to

$8,338

(

2019:

$6,259,

2018:

$6,567

). A change in control would constitute:

the acquisition of more than

50%

of the shares; or

the acquisition of right to exercise the majority of the voting rights of shares; or

the acquisition of the right to appoint the majority of the board of directors; or

the acquisition of more than

50%

of the assets of the Group.

Key management personnel and director transactions:

A number of related parties transacted with the Group in the reporting period. The aggregate value of transactions and outstanding balances relating to key management personnel and entities over which they have control or significant influence were as follows:

	2020	2019	2018

Key management salaries and bonuses	2,915	2,362	2,476
Cash-settled share-based expense*	1,280	723	261
	4,195	3,085	2,737

Employees, officers, directors, consultants and other service providers also participate in the OEICP (see note

30.1

(a)). Group entities are set out in note

37.

Refer to note

and note

for transactions with Non-controlling interests. Refer to note

for management fees between Caledonia Mining South Africa Proprietary Limited and Blanket Mine (

1983

) (Private) Limited.

* Amount inclusive of

$295

(

2019:

$107,

2018:

$43

) classified as production costs.