A key difference between cash-settled and equity-settled transactions relates to how the obligations under the awards are settled. In cash-settled transactions, the recipient is compensated with a cash payment equivalent to the value of the equity instrument (like a share) at the time of the transaction. In contrast, equity-settled transactions involve the issuance of actual shares of the company's stock to the recipient upon vesting. Therefore, the main distinction lies in the form of settlement: cash versus actual shares.

Answer: C. The measurement date and the number of shares awarded are generally specified in the terms of the plan and are not key differences between these two types of transactions. Board or management approval is typically required for both types of plans but is not a distinguishing feature between them.