Company: KELYB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000055135-25-000007
Chunk: 45

Company: KELLY SERVICES INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 45
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 contingent upon the achievement of a specific operating earnings performance goal with a one-year performance period.  These performance shares vest over four years and earn dividends, which are not paid until the awards vest, if not forfeited by the recipient.  The 2020 performance awards had a weighted average grant date fair value of $22.59 per share, which was determined by the market price on the date of grant.  On February 15, 2022, the Compensation Committee approved the actual performance achievement of these performance awards.  The total nonvested shares related to 2020 performance awards at year-end 2024 is 22,000.A summary of the status of nonvested performance shares at target as of year-end 2024 and changes during this period is presented as follows below (in thousands of shares except per share data).  The vesting adjustment in the table below represents 2021 performance shares that did not vest because actual achievement was below the threshold level or was not achieved, and resulted in no payout.Performance SharesSharesWeighted Average Grant Date Fair ValueNonvested at year-end 2023674 $17.49 Granted170 19.96 Vested(136)18.88 Forfeited(33)17.99 Vesting Adjustment(107)16.52 Nonvested at year-end 2024568 $18.66 As of year-end 2024, unrecognized compensation cost related to all unvested performance shares totaled $3.4 million.  The weighted average period over which the costs are expected to be recognized is approximately 1.3 years for performance shares.  The total fair value of performance shares, which vested during 2024, 2023 and 2022, was $2.6 million, $3.4 million and $0.9 million, respectively.

17. Sale of AssetsOn June 10, 2024, the Company sold Ayers Group, a division of our OCG 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 for assets sold with a net carrying value of $1.0 million.  In the third quarter of 2024, a post-close net working capital adjustment of $0.1 million was recorded in gain on sale of assets in the consolidated statements of earnings.  A gain of $