Company: VREOF
Filing Date: 2025-03-07
Form Type: PRE 14C
Source: 0001140361-25-007601
Chunk: 21

Company: Vireo Growth Inc.
Filing Date: 2025-03-07
Form: PRE 14C
Chunk 21
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 paid via newly issued Subordinate Voting Shares at a Closing Share Price of $0.52. Proper, as the sole holder of Proper MSA Newco Common Stock, will also be eligible to receive additional Subordinate Voting Shares through an earn-out mechanism based upon the EBITDA performance of the Proper Companies and their subsidiaries, and the revenue performance of Arches. No consideration will be paid with respect to any Proper Common Stock held in treasury by Proper or owned by Proper. The Proper Share Recipients will also be required to forfeit the Subordinate Voting Shares received by such persons pursuant to the Proper Merger Agreement in certain circumstances. For additional information, see “Description of the Merger Agreements — Proper Mergers — Consideration.” |

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TABLE OF CONTENTS

| • | Proper Merger Sub 1 Shares: Each share of the common stock of Proper Merger Sub 1 will be converted into one newly issued, fully-paid and non-assessable share of common stock, par value $0.001 per share, of the Proper Merger Sub 1 Surviving Corporation. Following the Proper Effective Time, all shares of common stock of the Proper Merger Sub 1 Surviving Corporation will be held by the Company. |

| • | Proper Merger Sub 2 Shares: Each share of the common stock of Proper Merger Sub 2 will be converted into one newly issued, fully-paid and non-assessable share of common stock, par value $0.001 per share, of the Proper Merger Sub 2 Surviving Corporation. Following the Proper Effective Time, all shares of common stock of the Proper Merger Sub 2 Surviving Corporation will be held by the Company. |

Financing of the Proper Mergers The consideration to be paid by the Company to Proper, including the Proper Closing Share Payment and the additional earn-out elements of the merger consideration, will consist of the newly issued Subordinate Voting Shares. As a result, the Proper Mergers are not subject to any financing condition. Conditions to the Closing of the Proper Mergers The obligations of the Company, Proper Merger Sub 1, Proper Merger Sub 2, and Proper and the Proper Companies, as applicable, to consummate the Proper Mergers are subject to the satisfaction or waiver of certain conditions, including (among other conditions) the following:

| • | the approval of the Proper Mergers by the holders of the Subordinate Voting Shares and Multiple Voting Shares; |

| • | the consummation