Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 114

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 114
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 respect to the Proper Final Closing Statement. To the extent that the Company and the Member Representative are not able to resolve any disputes, such disputes will be submitted to CohnReznik, or, if CohnReznik is not able to serve, another independent accountant mutually appointed by the Company and the Member Representative (the “Proper Independent Accountant”) for resolution. The fees of the Proper Independent Accountant will be paid by the Company, on the one hand, and Proper, on the other hand, based upon the percentage that the amount actually contested but not awarded to the Company or Proper, respectively, bears to the aggregate amount actually contested by Proper and the Company. The final Proper Closing Merger Consideration as determined pursuant to this paragraph is hereinafter referred to as the “Proper Actual Closing Merger Consideration.”

In the event that the Proper Actual Closing Merger Consideration exceeds the estimated Proper Closing Merger Consideration, then the Company may elect to pay to Proper an amount in cash equal to such excess or issue additional Subordinate Voting Shares to Proper in a number equal to the amount of such excess divided by the closing share price of $0.52. In the event that the Proper Actual Closing Merger Consideration is less than the estimated Proper Closing Merger Consideration, Proper may elect to (i) pay to the Company the amount of such excess in cash, or (ii) direct the Proper Escrow Agent to release to the Company an aggregate number of Escrow Shares (rounded up to the nearest whole number) equal to the amount of such shortfall divided by the closing share price of $0.52, or any combination of the foregoing.

The Subordinate Voting Shares received by the Proper Share Recipients are subject to certain customary restrictions on transfer. For additional information on such restrictions, see “Description of the Merger Agreements – Proper Mergers – Lock-Up Letters” below. For additional information on our Subordinate Voting Shares, see “Description of the Company’s Securities” below.

Proper Earn-Out Amounts

Proper EBITDA Earn-Out Amount

The Proper Share Recipients will be eligible to receive an earn-out amount (the “Proper EBITDA Earn-Out Amount”) subject to the satisfaction of certain EBITDA performance thresholds as described below. The Proper Earn-Out Amount will be calculated as an amount equal to (i) the product of four (4) multiplied by the following

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