Company: VREOF
Filing Date: 2025-12-09
Form Type: S-3
Source: 0001104659-25-119699
Chunk: 28

Company: Vireo Growth Inc.
Filing Date: 2025-12-09
Form: S-3
Chunk 28
---

to the prior rights of the holders of any shares of the Company ranking in priority to the Multiple Voting Shares, be entitled to participate
ratably along with all other holders of Multiple Voting Shares (on an as-converted to Subordinate Voting Share basis), Subordinate Voting
Shares and Super Voting Shares (on an as-converted to Subordinate Voting Share basis).

Conversion Rights. The Multiple Voting
Shares each have a restricted right to convert into 100 Subordinate Voting Shares (the “Conversion Ratio”), subject
to customary adjustments for certain corporate changes. The ability to convert the Multiple Voting Shares is subject to a restriction
that a holder of Multiple Voting Shares may not convert their shares if after giving effect to such conversion, the holder, together with
the holder’s affiliates, would beneficially own in excess of 9.99% of the number of Subordinate Voting Shares outstanding immediately
after giving effect to the issuance of Subordinate Voting Shares issuable upon conversion of the Multiple Voting Shares subject to the
conversion. Upon notice to the Company, a holder of Multiple Voting Shares may increase or decrease the foregoing limitation, provided
the holder would not own in excess of 19.99% of the number of Subordinate Voting Shares outstanding immediately after giving effect to
the issuance of Subordinate Voting Shares upon conversion of Multiple Voting Shares subject to the conversion. Any increase in the limitation
is not effective until the 61 day after the notice is delivered to the Company.

<div align='center'>19</div>

In the event that an offer is made to purchase
Subordinate Voting Shares and the offer is one which is required, pursuant to applicable securities legislation or the rules of a
stock exchange, if any, on which the Subordinate Voting Shares are then listed, to be made to all or substantially all the holders of
Subordinate Voting Shares in a given province or territory of Canada to which these requirements apply, each Multiple Voting Share shall
become convertible at the option of the holder into Subordinate Voting Shares at the Conversion Ratio at any time while the offer is in
effect until one day after the time prescribed by applicable securities legislation for the offeror to take up and pay for such shares
as are to be acquired pursuant to the offer.

The conversion right may be exercised in respect
of Multiple Voting Shares for the purpose of depositing the resulting Subordinate Voting Shares under the offer, and for no other reason.
In such event, the Company’s transfer agent shall deposit under the offer the resulting Subordinate Voting Shares