Company: VREOF
Filing Date: 2025-03-07
Form Type: PRE 14C
Source: 0001140361-25-007601
Chunk: 111

Company: Vireo Growth Inc.
Filing Date: 2025-03-07
Form: PRE 14C
Chunk 111
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 the Proper Companies in a portfolio company) divided by(b) closing EBTIDA of $31,000,000. Proper Closing Merger Consideration The Proper Share Recipients will be entitled to receive the Proper Closing Merger Consideration calculated as the sum of (i) the Proper Acquisition Multiple multiplied bythe closing EBITDA of $31,000,000, plus(ii) certain unrestricted cash held by the Proper Companies and their subsidiaries as of the Proper Closing, plus(iii) $2,139,200 (imputed as the value of the Proper Arches Shares), plus(iv) certain cash reserves held by the Proper Companies and their subsidiaries in excess of the reserves required to be held by the Proper Companies and their subsidiaries in respect of certain tax obligations, less(v) the amount of certain indebtedness of the Proper Companies and their subsidiaries that will be rolled forward into the Proper Surviving Corporations, less(vi) the amount of certain other indebtedness held by the Proper Companies and their subsidiaries less(vii) any shortfall in the reserves required to be held by the Proper Companies and their subsidiaries in respect of certain tax obligations, less, (viii) the amount of any unpaid taxes of the Proper Companies and their subsidiaries for any periods ending on or before the Proper Closing Date, excluding any amounts for which the Proper Companies and their subsidiaries have established cash reserves, less(ix) the amount of any unpaid transaction expenses for which the Proper Companies and their subsidiaries are liable under the Proper Merger Agreement, plus(x) $2,500,000 in respect of a certain post-signing investment to be made by the Proper Companies plus(xi) the amount by which the working capital of the Proper

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Companies and their subsidiaries as of the Proper Closing exceeds the target working capital of $3,700,000 and less (x) the amount by which the working capital of the Proper Companies and their subsidiaries as of the Proper Closing is less than the target working capital of $3,700,000. As of the signing of the Proper Merger Agreement, the Proper Closing Merger Consideration was estimated to be $92,620,242, which would result in 178,115,850 Subordinate Voting Shares being issued by the Company in respect of the Proper Closing Merger Consideration.

At least three (3) business days prior to the Proper Closing, Proper will provide to the Company an estimated closing statement setting forth Proper’s good faith estimated calculation of the Proper Closing Merger Consideration. The Company