Company: VREOF
Filing Date: 2025-03-10
Form Type: 8-K
Source: 0001104659-25-021954
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Company: Vireo Growth Inc.
Filing Date: 2025-03-10
Form: 8-K
Item: Item 5.02
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Item 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As reported on the Form 8-K for Vireo Growth Inc. (the “ Company”)
filed December 23, 2024, the Company entered into employment agreements dated December 17, 2024 with each of its Chief Executive
Officer, John Mazarakis, and its Chief Financial Officer, Tyson Macdonald. On March 6, 2025, the Company and each of Mr. Mazarakis
and Mr. Macdonald entered into amendments to their original employment agreements.

Mazarakis Amendment to Employment Agreement

Under Mr. Mazarakis’s employment agreement dated December 17,
2024 (the “ Original Mazarakis Employment Agreement”), Mr. Mazarakis was to be issued 19,000,000 Restricted Stock Units
settled in subordinate voting shares of the Company (the “ Time-Vested RSUs”). The Time-Vested RSUs were to become 50% vested
upon the first anniversary of the Effective Date (as defined under the Original Mazarakis Employment Agreement) and the balance was to
vest at the rate of 12.5% every three months thereafter until fully vested provided that Mr. Mazarakis remained employed by the Company
or an affiliate as of each applicable vesting date. Pursuant to Amendment No. 1 to the Original Mazarakis Employment Agreement dated
March 6, 2025 (“ Mazarakis Amendment No. 1”), Mr. Mazarakis will now receive 19,000,000 Time-Vested RSUs that
will become 30% vested upon the first anniversary of the Effective Date. An additional 35% shall become vested when the 30-day weighted
average price (“ VWAP”) of the Company’s shares exceeds $0.85 (adjusted for dividends and stock splits) at any time on
or after the second anniversary of the Effective Date and during the term of the Original Mazarakis Employment Agreement. Any unvested
shares shall become vested when the VWAP exceeds $1.05 (adjusted for dividends and stock splits) at any time on or after the third anniversary
of the Effective Date and during the term of the Original Mazarakis Employment Agreement.

Under the Original Mazarakis Employment Agreement, Mr. Mazarakis
was also to receive 19,000,000 Restricted Stock Units settled in