Company: KELYB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000055135-25-000052
Chunk: 79

Company: KELLY SERVICES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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 granted.  These awards have three one-year performance periods: 2025, 2026 and 2027, with the payout for each performance period based on separate financial measure goals that are set in February of each of the three performance periods.  Earned shares during each performance period will cliff vest in February 2028 after approval of the financial results by the Compensation Committee, if not forfeited by the recipient.  No dividends are paid on these performance shares.A summary of the status of all nonvested performance shares at target as of second quarter-end 2025 and the year-to-date changes is presented as follows below (in thousands of shares except per share data).  The vesting adjustment in the table below represents a portion of the 2022 performance shares that did not vest because actual achievement was below the threshold level or was not achieved, and resulted in no payout.

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KELLY SERVICES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)(UNAUDITED)

Performance SharesSharesWeighted Average Grant Date Fair ValueNonvested at year-end 2024568 $18.66 Granted291 12.59 Vested(162)20.18 Forfeited— — Vesting adjustment(28)15.48 Nonvested at second quarter-end 2025669 $14.98 Restricted StockA summary of the status of nonvested restricted stock as of second quarter-end 2025 and the year-to-date changes is presented as follows below (in thousands of shares except per share data).Restricted StockSharesWeighted Average Grant Date Fair ValueNonvested at year-end 20241,061 $19.79 Granted626 13.42 Vested(340)19.57 Forfeited(85)17.69 Nonvested at second quarter-end 20251,262 $16.83 

12. Sale of AssetsOn June 10, 2024, the Company sold Ayers Group, a division of our ETM segment, for a purchase price of $7.5 million, subject to final closing adjustments.  The Company received cash proceeds of $4.5 million in the second quarter of 2024, representing the purchase price less the value of rights to certain receivables and deferred revenue retained by the Company, net of working capital adjustments in accordance with the agreement.  As of the date of the