Company: VREOF
Filing Date: 2025-05-12
Form Type: 8-K
Source: 0001104659-25-047350
Chunk: 6

Company: Vireo Growth Inc.
Filing Date: 2025-05-12
Form: 8-K
Item: Item 3.01
Chunk 6
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Item 3.01      Unregistered Sales of Equity Securities  

The information set forth under Item 2.01 of this Current Report on
Form 8-K related to the Parent Shares issued and to be issued in connection with the Merger is incorporated herein by reference, to the
extent required herein. The securities were and will be issued in reliance upon the exemptions from registration under the Securities
Act provided by Section 4(a)(2) of the Securities Act as a transaction not involving a public offering and Rule 506 promulgated under
the Securities Act.

As previously disclosed by the Company, each of John Mazarakis and
Tyson Macdonald, the Company’s Chief Executive Officer and Chief Financial Officer, respectfully, are entitled to certain restricted
stock unit (“ RSU”) awards as detailed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange
Commission on December 23, 2024 and in the Company’s Definitive Information Statement filed with the SEC on Schedule 14C on March
21, 2025. The Company granted such RSU awards on May 9, 2025 as discussed in Item 5.02 below. The RSUs were issued in reliance upon
the exemption from registration under the Securities Act provided by Section 4(a)(2) of the Securities Act as transactions not involving
a public offering.

Item 5.02                 Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

In connection with Mr. Mazarakis’
appointment as Co-Executive Chairman and Chief Executive Officer of the Company, the Company issued to Mr. Mazarakis 19,000,000 RSUs
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 “ Mazarakis 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 Mazarakis
Effective Date and during the term of the agreement. Any unvested shares shall become vested when the VWAP exceeds $1.