Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 113

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 113
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 aggregate amount actually contested by Proper and the Company. The final Proper Closing Merger Consideration as determined pursuant to this paragraph is hereinafter referred to as the “Proper Actual Closing Merger Consideration.”

In the event that the Proper Actual Closing Merger Consideration exceeds the estimated Proper Closing Merger Consideration, then the Company may elect to pay to Proper an amount in cash equal to such excess or issue additional Subordinate Voting Shares to Proper in a number equal to the amount of such excess divided by the closing share price of $0.52. In the event that the Proper Actual Closing Merger Consideration is less than the estimated Proper Closing Merger Consideration, Proper may elect to (i) pay to the Company the amount of such excess in cash, or (ii) direct the Proper Escrow Agent to release to the Company an aggregate number of Escrow Shares (rounded up to the nearest whole number) equal to the amount of such shortfall divided by the closing share price of $0.52, or any combination of the foregoing.

The Subordinate Voting Shares received by the Proper Share Recipients are subject to certain customary restrictions on transfer. For additional information on such restrictions, see “Description of the Merger Agreements – Proper Mergers – Lock-Up Letters” below. For additional information on our Subordinate Voting Shares, see “Description of the Company’s Securities” below.

Proper Earn-Out Amounts

Proper EBITDA Earn-Out Amount

The Proper Share Recipients will be eligible to receive an earn-out amount (the “Proper EBITDA Earn-Out Amount”) subject to the satisfaction of certain EBITDA performance thresholds as described below. The Proper Earn-Out Amount will be calculated as an amount equal to (i) the product of four (4) multiplied by the following

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(which may be a positive or negative number): (a) the greater of (1) the trailing twelve (12) month adjusted EBITDA of the Proper Companies and their subsidiaries for the twelve (12) calendar months ending December 31, 2026 and (2) the trailing nine (9) month adjusted EBITDA of the Proper Companies and their subsidiaries for the last nine (9) months of calendar year 2026, with such amount annualized to reflect a full 12-month period, minus (b) the closing EBITDA of $31,000,000, minus (ii) the aggregate amount of any indebted