Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 115

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 115
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) (1) 5% of the aggregate dollar amount of all delivery sales processed through the Arches platform plus (3) 2.5% of the aggregate dollar amount of certain online pick-up, curbside, or drive thru sales processed through the Arches platform plus (3) 1% of the aggregate dollar amount of certain walk-in sales processed through the Arches platform, with such amount in (ii) measured either (A) during the full twelve (12) month 2026 calendar year or (B) the April 1, 2026 through December 31, 2026 period annualized to reflect a full twelve (12) month period, depending on which measurement period provides the greater sum (the “Proper E-Commerce Revenue Amount”).

The Proper E-Commerce Earn-Out Amount shall be paid by the Company through the issuance of newly issued Subordinate Voting Shares at a share price of the greater of $1.05 and the 20-day volume weighted average price of such Subordinate Voting Shares during the 20 trading day period ending on the trading day immediately prior to December 31, 2026 (the “Proper E-Commerce Earn-Out Shares” and collectively with the Proper EBITDA Earn-Out Shares, the “Proper Earn-Out Shares”).

The Subordinate Voting Shares received by the Proper Share Recipients are subject to certain customary restrictions on transfer. For additional information on such restrictions, see “Description of the Merger Agreements – Proper Mergers – Lock-Up Letters” below. For additional information on the Company’s Subordinate Voting Shares, see “Description of the Company’s Securities” below.

Proper Forfeiture Amount

The Proper Share Recipients will be required to forfeit the Subordinate Voting Shares received by such Proper Share Recipients as Proper Actual Closing Merger Consideration in the event that (i) (a) the higher of (I) the consolidated trailing twelve (12) month adjusted EBITDA of the Proper Companies and their subsidiaries for the twelve full calendar months

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ending December 31, 2026, and (II) the consolidated trailing nine (9) month adjusted EBITDA of the Proper Companies and their subsidiaries for the last nine (9) months of calendar year 2026, such amount annualized to reflect a full 12-month period, is less than (b) ninety-six and one-half percent (96.5%) of the closing