Company: KELYB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000055135-25-000007
Chunk: 44

Company: KELLY SERVICES INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 44
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  The maximum number of performance shares that may be earned is 200% of the target shares originally granted.  These awards have three one-year performance periods 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 subsequent to the third performance period, after approval of the financial results by the Compensation Committee, if not forfeited by the recipient.  No dividends are paid on these performance shares.On February 11, 2025, the Compensation Committee approved the actual performance achievement of 76% of target for the 2024 performance period of the annual 2024, 2023 and 2022 annual grants.  All of the shares earned for the 2024 performance period will cliff vest in February 2027, 2026 and 2025, respectively, if not forfeited by the recipient.

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

The 2024, 2023 and 2022 performance awards have a weighted average grant date fair value of $19.96, $16.87 and $19.07, respectively, which was determined by the market price on the date of grant less the present value of the expected dividends not received during the vesting period.The total nonvested shares related to 2024, 2023 and 2022 performance awards at year-end 2024 is 170,000, 211,000 and 165,000, respectively.In December 2021, the Compensation Committee approved a retention-based grant of 308,000 performance awards to certain senior officers which may be earned upon achievement of three financial goals over a performance period beginning in fiscal 2022 through the third quarter of 2024, with each goal having a unique projected achievement date.  Each goal can be earned independent of the other two goals.  Any shares earned during the performance period will cliff-vest three years after achievement of the respective performance goals and approval of the financial results by the Compensation Committee.  On May 7, 2024, the Compensation Committee confirmed the actual performance achievement for the final financial goal related to the 2021 retention-based grant, which was not achieved before the end of the performance period and resulted in no payout.In December 2020, the Company granted 115,000 performance shares to certain senior officers, which were