Company: VREOF
Filing Date: 2025-07-15
Form Type: S-3
Source: 0001104659-25-068137
Chunk: 29

Company: Vireo Growth Inc.
Filing Date: 2025-07-15
Form: S-3
Chunk 29
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 Multiple Voting Shares subject to the
conversion. Upon notice to the Company, a holder of Multiple Voting Shares may increase or decrease the foregoing limitation, provided
the holder would not own in excess of 19.99% of the number of Subordinate Voting Shares outstanding immediately after giving effect to
the issuance of Subordinate Voting Shares upon conversion of Multiple Voting Shares subject to the conversion. Any increase in the limitation
is not effective until the 61 day after the notice is delivered to the Company.

In the event that an offer is made to purchase
Subordinate Voting Shares and the offer is one which is required, pursuant to applicable securities legislation or the rules of a
stock exchange, if any, on which the Subordinate Voting Shares are then listed, to be made to all or substantially all the holders of
Subordinate Voting Shares in a given province or territory of Canada to which these requirements apply, each Multiple Voting Share shall
become convertible at the option of the holder into Subordinate Voting Shares at the Conversion Ratio at any time while the offer is in
effect until one day after the time prescribed by applicable securities legislation for the offeror to take up and pay for such shares
as are to be acquired pursuant to the offer.

The conversion right may be exercised in respect
of Multiple Voting Shares for the purpose of depositing the resulting Subordinate Voting Shares under the offer, and for no other reason.
In such event, the Company’s transfer agent shall deposit under the offer the resulting Subordinate Voting Shares on behalf of the
holder. Should the Subordinate Voting Shares issued upon conversion and tendered in response to the offer be withdrawn by shareholders
or not taken up by the offeror, or should the offer be abandoned, withdrawn or terminated by the offeror or the offer otherwise expires
without such Subordinate Voting Shares being taken up and paid for, the Subordinate Voting Shares resulting from the conversion shall
be automatically reconverted, without further intervention on the part of the Company or on the part of the holder, into Multiple Voting
Shares at the inverse of the Conversion Ratio then in effect.

Change in Control. No subdivision or consolidation
of the Subordinate Voting Shares, Multiple Voting Shares or Super Voting Shares shall occur unless, simultaneously, the Subordinate Voting
Shares, Multiple Voting Shares and Super Voting Shares are subdivided or consolidated in the same manner or such other adjustment is made,
so as to maintain and preserve the relative rights of the holders of the shares of each of the said classes.

Redemption Rights. The Company