Company: VREOF
Filing Date: 2025-03-10
Form Type: 8-K
Source: 0001104659-25-021954
Chunk: 1

Company: Vireo Growth Inc.
Filing Date: 2025-03-10
Form: 8-K
Item: Item 5.02
Chunk 1
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 subordinate voting shares of the Company (the “ Performance-Vested
RSUs”). The Performance-Vested RSUs were to become vested during the term of the Original Mazarakis Employment Agreement as follows:
1/3 of the Performance-Vested RSUs were to become vested when the 30-day VWAP of the Company shares exceeded US$0.85; an additional 1/3
were to become vested when the 30-day VWAP exceeded US$1.05; and the final 1/3 were to become vested when the 30-day VWAP exceeded US$1.25.
Pursuant to Mazarakis Amendment No. 1, Mr. Mazarakis will now receive 19,000,000 Performance-Vested RSUs that vest as follows:
1/3 of the Performance-Vested RSUs shall become vested when the 6 month trailing, annualized, adjusted EBITDA (“ AEBITDA”)
exceeds $150,000,000 and the net leverage of the Company is below 2.2x; an additional 1/3 shall become vested when AEBITDA exceeds $165,000,000
and the net leverage of the Company is below 2.2x; and the final 1/3 shall become vested when AEBITDA exceeds $205,000,000 and the net
leverage of the Company is below 2.2x.

Under the Original Mazarakis Employment Agreement, Mr. Mazarakis
was entitled to certain bonus payments, subject to certain conditions, in the event of (i) the refinancing of any outstanding debt
of the Company not less than $80,000,000 at an effective interest rate of not more than 9.75% with the bonus amount equal to 1% of the
amount refinanced, (ii) the acquisition or merger with any entity where the total enterprise value of such other entity is $100,000,000
or greater, (iii) a Change of Control transaction, and (iv) the consummation of a transaction raising additional capital at
a price per share greater than US$1.50.

Pursuant to Mazarakis Amendment No. 1, Mr. Mazarakis is now
entitled to the bonus payments, subject to certain conditions, in the event of (i) the refinancing, without the use of an investment
banker, of any outstanding debt of the Company not less than $60,000