Company: VREOF
Filing Date: 2025-05-12
Form Type: 8-K
Source: 0001104659-25-047350
Chunk: 7

Company: Vireo Growth Inc.
Filing Date: 2025-05-12
Form: 8-K
Item: Item 3.01
Chunk 7
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05 (adjusted for
dividends and stock splits) at any time on or after the third anniversary of the Mazarakis Effective Date and during the term of the agreement.
Vesting will accelerate and the Time-Vested RSUs will be 100% vested in the event that Mr. Mazarakis is terminated by the Company
for any reason other than for Cause (as defined in his employment agreement), upon a resignation by Mr. Mazarakis for Good Reason
(as defined in his employment agreement), upon Mr. Mazarakis’ death or Disability (as defined in his employment agreement)
or upon the consummation of a transaction constituting a Change in Control (as defined in his employment agreement). The foregoing description
of Mr. Mazarakis’ Time-Vested RSUs is only a summary, does not purport to be complete and is qualified in its entirety by reference
to the full text of the Time-Vested RSU award agreement for Mr. Mazarakis, which is filed as Exhibit 10.1 to this Current Report on Form
8-K and incorporated by reference herein.

The Company also issued
to Mr. Mazarakis 19,000,000 Restricted Stock Units settled in Parent Shares (the “ Performance-Vested RSUs”). The Performance-Vested
RSUs shall become vested 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. Vesting will accelerate and the Performance-Vested RSUs
will become 100% vested in the event that Mr. Mazarakis is terminated by the Company for any reason other than for Cause, upon a
resignation by Mr. Mazarakis for Good Reason, upon Mr. Mazarakis’ death or Disability or upon the consummation of a transaction
constituting a Change in Control. The foregoing description of Mr. Mazarakis’ Performance-Vested RSUs is only a summary, does not
pur