Company: VREOF
Filing Date: 2025-03-07
Form Type: PRE 14C
Source: 0001140361-25-007601
Chunk: 118

Company: Vireo Growth Inc.
Filing Date: 2025-03-07
Form: PRE 14C
Chunk 118
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TABLE OF CONTENTS

The Lock-Up Restrictions will also apply to the Subordinate Voting Shares received by the Proper Share Recipients as Proper Earn-Out Shares for the periods of time set forth in the chart below.

| Earn-Out Shares Lock-Up Release |     | Earn-Out Restricted Period                           |
| 20% of Earn-Out Shares          |     | From the date of issuance to 3 months post-issuance  |
| 20% of Earn-Out Shares          |     | From the date of issuance to 6 months post-issuance  |
| 20% of Earn-Out Shares          |     | From the date of issuance to 9 months post-issuance  |
| 20% of Earn-Out Shares          |     | From the date of issuance to 12 months post-issuance |
| 20% of Earn-Out Shares          |     | From the date of issuance to 15 months post-issuance |

Procedures for Receiving Merger Consideration At the Proper Closing, the Company will deliver (or cause to be delivered) a number of the Subordinate Voting Shares of the Company representing the Proper Closing Share Payment with Proper. Until the Proper Actual Closing Merger Consideration is finally determined pursuant to the Proper Merger Agreement, Proper is required to hold, and not distribute, all such Subordinate Voting Shares without the prior written consent of the Company. After the Proper Closing, the Company will deliver (or cause to be delivered) with Proper any additional Subordinate Voting Shares that the Company elects to issue in order to pay any excess of the Proper Actual Closing Merger Consideration, and subject to satisfaction of certain requirements, Proper may distribute all Subordinate Voting Shares to the other Proper Share Recipients. In order for each Proper Share Recipient to receive its pro rata portion of the Proper Closing Share Payment, Proper is required to deliver to the Company a joinder to the Proper Merger Agreement, an Investor Rights Agreement, and a Lock-Up Letter, in each case prepared and executed by each such Proper Share Recipient. After December 31, 2026, the Company will deliver to Proper the Proper Earn-Out Shares for further distribution to the Proper Share Recipients. The distribution of Subordinate Voting Shares comprising the Proper Closing Share Payment (or any adjustment thereof) and any Proper Earn-Out Shares to the Proper Share Recipients is subject to compliance with U.S. federal and state securities laws. Representations and Warranties The Company, Proper Merger Sub 1