Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 117

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 117
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 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) the closing EBITDA of $31,000,000 (the absolute value of the amount of the deficiency (a) to the amount calculated in (b) if any, the “Proper EBITDA Deficiency”). In the event that the foregoing occurs, the Proper Share Recipients will be required to forfeit an aggregate number of Subordinate Voting Shares to the Company equal to the Proper Forfeiture Amount divided bythe closing share price of $0.52, with such forfeited shares capped at fifty percent (50%) of the total Subordinate Voting Shares issued as Proper Actual Closing Merger Consideration (excluding for this purpose any Subordinate Voting Shares issued as consideration for the Proper Arches Shares). The “Proper Forfeiture Amount” will be calculated as an amount equal to the sum of (i) the product of the Proper Acquisition Multiple multiplied bythe Proper EBITDA Deficiency, plus(ii) the aggregate amount of any indebtedness for borrowed money incurred by the Proper Companies or their subsidiaries after the Proper Closing Date, minus(iii) the amount of any cash remaining in the Proper Member Representative Expense Fund, and minus(iv) certain tax refund amounts held by the Proper Surviving Corporation for the benefit of the Proper Share Recipients pursuant to the Proper Merger Agreement. The “Proper Member Representative Expense Fund” is an amount in cash equal to $100,000 that Proper is required to deposit with the Member Representative for use by the Member Representative. The Proper Earn-Out Amount plusthe Proper Actual Closing Merger Consideration minusthe Proper Forfeiture Amount is hereinafter referred to as the “Proper Total Merger Consideration.” Lock-Up Letters As an additional condition to receiving its pro rata portion of the Proper Closing Share Payment and any Proper Earn-Out Shares, each Proper Share Recipient is required to deliver a lock-up letter (each