SEC Filing Document

Company: Ambitious Entertainment, Inc.
Ticker: 
CIK: 1900851
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2025-10-08
Accession Number: 0001493152-25-017387
Exchange: 
SIC Code: 7812
SIC Description: Services-Motion Picture & Video Tape Production
URL: https://www.sec.gov/Archives/edgar/data/1900851/000149315225017387/filename1.htm

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our Board of Directors is not subject to the compensation committee requirement; and are not subject to the requirements that director nominees be selected either by the independent directors or a nomination committee comprised solely of independent directors. The controlled company exemptions do not apply to the audit committee requirement or the requirement for executive sessions of independent directors. Although we do not currently plan to take advantage of the exemptions provided to controlled companies, we may in the future take advantage of such exemptions. Director Independence a “controlled company,” we are not subject to the corporate governance rules of the NYSE American requiring: (i) a majority of independent directors on our board of directors, (ii) an entirely independent corporate governance and nominating committee, and (iii) an entirely independent compensation committee. We have created or will create an audit committee, a compensation committee, and a nominating and corporate governance committee.

Under
Rule 303A of the NYSE American Rules, a director will only qualify as an “independent director” if, our board of directors
affirmatively determines that the person does not have a relationship that would interfere with the exercise of independent judgment
in carrying out the responsibilities of a director. In order to be considered independent for purposes of Rule 303A of the NYSE Listed
Company Manual, a member of an audit committee of a listed company may not, other than in his or her capacity as a member of the audit
committee, the board of directors, or any other board committee, accept, directly or indirectly, any consulting, advisory, or other compensatory
fee from the listed company or any of its subsidiaries or otherwise be an affiliated person of the listed company or any of its subsidiaries.

Our
board of directors has undertaken a review of the independence of each director. Based on information provided by each director concerning
his background, employment and affiliations, our board of directors has determined that three of our five directors, do not have relationships
that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these
directors is “independent” as that term is defined under the listing standards of the NYSE American. In making such determination,
our board of directors considered the relationships that each such non-employee director has with us and all other facts and circumstances
that our board of directors deemed relevant in determining his independence, including the beneficial ownership of our capital stock
by each non-employee director.

Committees
of Our Board of Directors

Following
this Offering, the board of directors will have established an Audit Committee, a Compensation Committee, and a Nominating and Corporate
Governance Committee. The board will have adopted written charters for each of these committees specifying the scope of responsibilities
of each of these committees and the means by which they carry out their responsibilities. Copies of the charters will be available on
our website upon the closing of this offering. Our board of directors may establish other committees from time to time as it deems necessary
or appropriate.

The
composition and responsibilities of each committee of our board of directors are described below. Members will serve on these committees
until their resignation or until otherwise determined by our board of directors. Our board of directors may establish other committees
as it deems necessary or appropriate from time to time.

Although
each committee will be directly responsible for evaluating certain enumerated risks and overseeing the management of such risks, the
entire board of directors will be generally responsible for and is regularly informed through committee reports about such risks and
any corresponding remediation efforts designed to mitigate such risks. In addition, appropriate committees of the board of directors
will receive reports from senior management within the organization in order to enable the board of directors to understand risk identification,
risk management and risk mitigation strategies. When a committee receives such a report, the chairman of the relevant committee reports
on the discussion to the full board of directors during the committee reports portion of the next board of directors meeting. This enables
the board of directors and its committees to coordinate the risk oversight role.

Upon
our listing on the NYSE American, each committee’s charter will be available under the Corporate Governance section of our website
at www.ambitious.tv. The reference to our website address does not constitute incorporation by reference of the information contained
at or available through our website, and you should not consider it to be a part of this prospectus.

Audit
Committee

After
this Offering, we expect the initial members of our Audit Committee to be [_____]. [___] will chair the Audit Committee. All members
of our audit committee meet the requirements for financial literacy under the applicable rules and regulations of the SEC and the NYSE
American. Our board has determined that [ ] is an audit committee financial expert as defined under the applicable rules of the SEC and
has the requisite financial sophistication as defined under the applicable rules and regulations of the NYSE American. The Audit Committee’s
main function is to oversee our accounting and financial reporting processes, internal systems of control, independent registered public
accounting firm relationships and the audits of our financial statements. The Audit Committee’s responsibilities include, among
other things:

●	appointing,
approving the compensation of and assessing the independence of our registered public accounting firm;

●	overseeing
the work of our independent registered public accounting firm, including through the receipt and consideration of reports from such
firm;

●	reviewing
and discussing with management and the independent registered public accounting firm our annual and quarterly financial statements
and related disclosures;

●	monitoring
our internal control over financial reporting, disclosure controls and procedures and code of business conduct and ethics;

●	overseeing
our internal audit function;

●	overseeing
our risk assessment and risk management policies;

●	establishing
policies regarding hiring employees from the independent registered public accounting firm and procedures for the receipt and retention
of accounting related complaints and concerns;

●	meeting
independently with our internal auditing staff, independent registered public accounting firm and management;

●	reviewing
and approving or ratifying any related person transactions, and

●	preparing
the Audit Committee report required by SEC rules.

All
audit and non-audit services, other than de minimis non-audit services, to be provided to us by our independent registered public
accounting firm must be approved in advance by our Audit Committee.

Compensation
Committee

After
this Offering, we expect the initial members of our Compensation Committee to be [_____]. [____] will chair the Compensation Committee.
The primary purpose of our Compensation Committee is to discharge the responsibilities of our board of directors in overseeing our compensation
policies, plans and programs and to review and determine the compensation to be paid to our executive officers, directors and other senior
management, as appropriate. Specific responsibilities of our Compensation Committee include, among other things:

●	reviewing
and recommending corporate goals and objectives relevant to the compensation of our chief executive officer and other executive officers;

●	making
recommendations to our board of directors with respect to, the compensation level of our executive officers;

●	reviewing
and recommending to our board of directors employment agreements and significant arrangements or transactions with executive officers;

●	reviewing
and recommending to our board of directors with respect to director compensation, and

●	overseeing
and administering our equity-based incentive plan or plans.

Each
member of our Compensation Committee is a non-employee director, as defined in Rule 16b-3 promulgated under the Exchange Act and an outside
director, as defined pursuant to Section 162(m) of the Internal Revenue Code of 1986, as amended, or the “Code”. Each member
of the committee will meet the requirements for independence under the listing standards of the NYSE American and SEC rules and regulations.
In arriving at these determinations, our board of directors will examine all factors relevant to determining whether any compensation
committee member has a relationship to us that is material to that member’s ability to be independent from management in connection
with carrying out such member’s duties as a compensation committee member.

With
respect to director compensation, our Compensation Committee is responsible for reviewing the compensation paid to members of the Board
and recommending modifications to Board compensation that the Compensation Committee determines are appropriate and advisable to the
Board for its approval from time to time. In this regard, the Compensation Committee may request that management report to the Compensation
Committee periodically on the status of the Board’s compensation in relation to other similarly situated companies.