Company: VREOF
Filing Date: 2025-05-12
Form Type: 8-K
Source: 0001104659-25-047350
Chunk: 8

Company: Vireo Growth Inc.
Filing Date: 2025-05-12
Form: 8-K
Item: Item 3.01
Chunk 8
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port to be complete and is qualified in its entirety by reference to the full text of the Performance-Vested RSU award agreement for
Mr. Mazarakis, which is filed as Exhibit 10.2 to this Current Report on Form 8-K and incorporated by reference herein.

In connection with Mr. Macdonald’s
appointment as Chief Financial Officer of the Company, the Company issued to Mr. Macdonald 9,500,000 Restricted Stock Units settled
in Parent Shares (the “ Time-Vested RSUs”). The Time-Vested RSUs will become 30% vested upon the first anniversary of December 17,
2024 (the “ Macdonald Effective Date”). An additional 35% shall become vested when the 30-day 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 Macdonald Effective Date 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 Macdonald Effective Date and during the term of the Agreement. Vesting will accelerate
and the Time-Vested RSUs will be 100% vested in the event that the Mr. Macdonald is terminated by the Company for any reason other
than for Cause (as defined in his employment agreement), upon a resignation by Mr. Macdonald for Good Reason (as defined in this
employment agreement), upon Mr. Macdonald’s death or Disability (as defined in the his employment agreement) or upon the consummation
of a transaction constituting a Change in Control (as defined in his employment agreement). The foregoing description of Mr. Macdonald’s
Time-Vested RSUs is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of
the Time-Vested RSU award agreement for Mr. Macdonald, which is filed as Exhibit 10.3 to this Current Report on Form 8-K and incorporated
by reference herein.

The Company also issued
to Mr. Macdonald 9,500,000 Restricted Stock Units settled in Parent Shares (the “ Performance-Vested RSUs”). The Performance-Vested
RSUs shall become vested during the term of Mr. Macdonald’s employment with the Company as follows: 1/3 of the Performance-Vested