Company: VREOF
Filing Date: 2025-12-09
Form Type: S-3
Source: 0001104659-25-119699
Chunk: 23

Company: Vireo Growth Inc.
Filing Date: 2025-12-09
Form: S-3
Chunk 23
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 the event of any other distribution of
assets of the Company among its shareholders for the purpose of winding up its affairs, the holders of Subordinate Voting Shares will,
subject to the prior rights of the holders of any shares of the Company ranking in priority to the Subordinate Voting Shares, be entitled
to participate ratably along with all other holders of Multiple Voting Shares (on an as-converted to Subordinate Voting Shares basis)
and Super Voting Shares (on an as-converted to Subordinate Voting Shares basis).

Conversion Rights. In the event that an
offer is made to purchase Multiple Voting Shares and the offer is one which is required, pursuant to applicable securities legislation
or the rules of a stock exchange, if any, on which the Multiple Voting Shares are then listed, to be made to all or substantially
all the holders of Multiple Voting Shares in a given province or territory of Canada to which these requirements apply, each Subordinate
Voting Share shall become convertible at the option of the holder into Multiple Voting Shares at the inverse of the Conversion Ratio (as
defined below) then in effect at any time while the offer is in effect until one day after the time prescribed by applicable securities
legislation for the offeror to take up and pay for such shares as are to be acquired pursuant to the offer.

The conversion right may only be exercised in
respect of Subordinate Voting Shares for the purpose of depositing the resulting Multiple Voting Shares under the offer, and for no other
reason. In such event, the Company’s transfer agent for the Subordinate Voting Shares shall deposit under the offer the resulting
Multiple Voting Shares on behalf of the holder. Should the Multiple Voting Shares issued upon conversion and tendered in response to the
offer be withdrawn by shareholders or not taken up by the offeror, or should the offer be abandoned, withdrawn or terminated by the offeror
or the offer otherwise expires without such Multiple Voting Shares being taken up and paid for, the Multiple Voting Shares resulting from
the conversion shall be automatically reconverted, without further intervention on the part of the Company or on the part of the holder,
into Subordinate Voting Shares at the Conversion Ratio then in effect.

Change in Control. No subdivision or consolidation
of the Subordinate Voting Shares, Multiple Voting Shares or Super Voting Shares shall occur unless, simultaneously, the Subordinate Voting
Shares, Multiple Voting Shares and Super Voting Shares are subdivided or consolidated in the same manner or such other adjustment is made,
so as to maintain and preserve the relative rights of the