Company: VREOF
Filing Date: 2025-03-10
Form Type: 8-K
Source: 0001104659-25-021954
Chunk: 2

Company: Vireo Growth Inc.
Filing Date: 2025-03-10
Form: 8-K
Item: Item 5.02
Chunk 2
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,000 at an effective rate of not more than 9.75% with the bonus amount
equal to 0.8% of the amount refinanced; (ii) the acquisition or merger with an entity where the acquisition multiple is less than
or equal to five times the total enterprise value of such other entity; (iii) a Change of Control transaction where the consideration
per share (adjusted for stock splits and dividends) exceeds $1.15 per share; and (iv) the consummation of a transaction raising additional
capital at a price per share greater than US$1.50.

Macdonald Amendment to Employment Agreement

Under Mr. Macdonald’s employment agreement dated December 17,
2024 (the “ Original Macdonald Employment Agreement”), Mr. Macdonald was to be issued 9,5000,000 Restricted Stock Units
settled in subordinate voting shares of the Company (the “ Time-Vested RSUs”). The Time-Vested RSUs were to become 50% vested
upon the first anniversary of the Effective Date (as defined under the Original Macdonald Employment Agreement) and the balance was to
vest at the rate of 12.5% every three months thereafter until fully vested provided that Mr. Macdonald remained employed by the Company
or an affiliate as of each applicable vesting date. Pursuant to Amendment No. 1 to the Original Macdonald Employment Agreement dated
March 6, 2025 (“ Macdonald Amendment No. 1”), Mr. Macdonald will now receive 9,5000,000 Time-Vested RSUs that
will become 30% vested upon the first anniversary of the Effective Date. An additional 35% shall become vested when the 30-day weighted
average price (“ VWAP”) of the Company shares exceeds $0.85 (adjusted for dividends and stock splits) at any time on or after
the second anniversary of the effective date of the agreement and during the term of the agreement. Any unvested shares shall become vested
when the VWAP exceeds $1.05 (adjusted for dividends and stock splits) at any time on or after the third anniversary of the effective date
and during the term of the agreement.

Under the Original Macdonald Employment Agreement, Mr. Macdonald
was also to receive 9,500,000 Restricted Stock Units settled in subordinate voting shares of the Company (the “ Performance-Vested
RSUs”). The Performance-Vested RSUs were