SEC Filing Document

Company: Ambitious Entertainment, Inc.
Ticker: 
CIK: 1900851
Filing Type: S-1
Document Type: EX-10.11
Date Filed: 2026-05-15
Accession Number: 0001493152-26-023581
Exchange: 
SIC Code: 7812
SIC Description: Services-Motion Picture & Video Tape Production
URL: https://www.sec.gov/Archives/edgar/data/1900851/000149315226023581/ex10-11.htm

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patent disclosures, together with all reissuances, continuations, continuations-in-part, revisions, extensions, and reexaminations thereof, (b) all trademarks, service marks, brand names, certification marks, trade dress, logos, trade names, domain names, assumed names and corporate names, together with all colorable imitations thereof, and including all goodwill associated therewith, and all applications, registrations, and renewals in connection therewith, (c) all copyrights, and all applications, registrations, and renewals in connection therewith, (d) all trade secrets under applicable state laws and the common law and know-how (including formulas, techniques, technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost information, and business and marketing plans and proposals), (e) all computer software (including source code, object code, diagrams, data and related documentation), and (f) all copies and tangible embodiments of the foregoing (in whatever form or medium). “Issuer Covered Person” and “Issuer Covered Persons” shall have the meanings ascribed to such terms in Section

“Laws”
means any U.S. federal, state, local, foreign or other laws, rules regulations, guidelines, orders, injunctions, building and other codes,
ordinances, permits, licenses, authorizations, judgements, decrees of federal, state, local, foreign or other authorities, and all orders,
writs, decrees and consents of any governmental or political subdivision or agency thereof, or any court of similar tribunal established
by any such governmental or political subdivision or agency thereof.

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(n).

“Money
Laundering Laws” shall have the meaning ascribed to such term in Section 3.1(qq).

“National
Securities Exchange” means any United States national securities exchange on which the securities of the Company are listed
for trading, including, but not limited to, The Nasdaq Stock Market LLC, the NYSE American LLC, or the New York Stock Exchange LLC.

“OFAC”
shall have the meaning ascribed to such term in Section 3.1(nn).

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

“Principal
Market” means primary market on which the Company’s Common Stock is then listed or quoted for trading, including, without
limitation, The New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital
Market, OTCPink, OTCQB, or OTCQX and any successor markets thereto.

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether pending or to the Company’s knowledge, threatened in writing against or affecting the Company, any
Subsidiary or any of their respective properties before any court, arbitrator, governmental or administrative agency or regulatory authority.

“Purchaser”
and “Purchasers” shall have the meanings ascribed thereto in the preamble.

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

“Purchase
Price” shall have the meaning ascribed to such term in the recitals.

“Regulation
FD” means Regulation FD promulgated by the SEC pursuant to the Exchange Act, as such Regulation may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as
such Regulation.

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

“Rule
144” means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended or interpreted from
time to time, or any similar rule or regulation hereafter adopted by the SEC (or similar United States law) having substantially the
same purpose and effect as such Rule.

“Series
A Shares” means as to each Purchaser, the shares of Series A Preferred Stock issued to such Purchaser pursuant to this Agreement.

“SEC”
means the United States Securities and Exchange Commission.

“Securities”
shall have the meaning ascribed to such term in Section 2.1(b).

“Securities
Act” means the Securities Act of 1933, and the rules and regulations promulgated thereunder.

“Series
A COD” shall have the meaning ascribed to such term in the recitals.

“Series
A Preferred Stock” shall have the meaning ascribed to such term in the recitals.

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be
deemed to include the location and/or reservation of borrowable shares of Common Stock).

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for the Units purchased hereunder as specified below such
Purchaser’s name on the signature page of this Agreement and next to the heading.

“Subsidiary”
means with respect to any entity at any date, any direct or indirect corporation, limited or general partnership, limited liability company,
trust, estate, association, joint venture or other business entity of which (a) more than 50% of (i) the outstanding capital stock having
(in the absence of contingencies) ordinary voting power to elect a majority of the board of directors or other managing body of such
entity, (ii) in the case of a partnership or limited liability company, the interest in the capital or profits of such partnership or
limited liability company or (iii) in the case of a trust, estate, association, joint venture or other entity, the beneficial interest
in such trust, estate, association or other entity business is, at the time of determination, owned or controlled directly or indirectly
through one or more intermediaries, by such entity, or (b) is under the actual control of the Company.

“Trading
Day” means a day on which the Principal Market is open for trading.

“Transaction
Documents” means this Agreement, the Series A COD, all schedules and exhibits thereto and hereto and any other documents or
agreements executed in connection with the transactions contemplated hereunder.

“Transfer
Agent” means Pacific Stock Transfer Company.

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies:(a) if the Common Stock is then
listed or quoted on a Principal Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Principal Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a
Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) (or a similar organization or agency succeeding
to its functions of reporting prices), (b) if no volume weighted average price of the Common Stock can be ascertained from the
Principal Market, the average closing price of the Common Stock during the ten (10) Trading Days preceding such date, or (c) in all
other cases, the fair market value of a share of Common Stock as determined by the Board of Directors.

“Warrant”
shall have the meaning ascribed to such term in the Recitals.

“Warrant
Shares” shall have the meaning ascribed to such term in the Recitals.

“Unit
Offering” shall mean the offering and sale of Units by the Company during the fiscal years ended December 31, 2023 and December
31, 2024, pursuant to which the Company issued units, each consisting of: (i) a senior secured convertible promissory note in the principal
amount of $25,000 per unit, bearing interest at a rate of 7% per annum, with a term of one year for units issued during fiscal year
2023 and two years for Units issued during fiscal year 2024; (ii) a five-year Series B warrant to purchase shares of Common Stock at
an aggregate exercise price of $25,000 per Unit (each, a “Series B Warrant”); and (iii) a five-year Series C warrant
to purchase shares of Common Stock at an aggregate exercise price of $25,000 per Unit (each, a “Series C Warrant,”
and together with the Series B Warrants, the “Unit Offering Warrants”).

ARTICLE

PURCHASE
AND SALE

Sale and Purchase of the Securities

Subject to the terms and conditions of this Agreement, each Purchaser agrees to purchase, and the Company agrees to sell and issue to
such Purchaser, at the Closing (as defined below) the number of Units set forth opposite such Purchaser’s name on the signature
page hereto. The aggregate number of Units to be sold to all Purchasers at the Closing shall be up to 69 Units, for an aggregate purchase
price payable by all Purchasers not to exceed $2,208,000. There is no minimum number of Units or minimum aggregate Subscription Amount
required as a condition to any Closing, and the Company may consummate the transactions contemplated hereby with one or more Purchasers
from time to time (including in one or more Closings) without waiting for the sale of all Units. The Series A Shares and the shares of
Common Stock issued or issuable upon conversion thereof, the Warrants, and the Warrant Shares are referred to herein collectively as
the “Securities.”