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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to elect a majority of the corporation’s directors, and imposes a limited fiduciary duty requiring such controlling stockholder to refrain from exerting undue influence over directors or officers in a manner that would induce a breach of fiduciary duty and result in a material, non-ratable benefit to the controlling stockholder. The statute also provides a statutory safe harbor that shields controlling stockholders from liability where the conflict transaction is approved or recommended by a committee of disinterested directors, subject to rebuttal only under narrow circumstances. addition, AB239 clarifies that the exercise or withholding of voting power by a controlling stockholder, standing alone, does not constitute a breach of fiduciary duty. These recent changes may enhance the ability of our board of directors and certain stockholders to resist hostile takeovers or changes in control not supported by our board, particularly where procedural protections are observed. Exclusive Forum for Resolution of Disputes

Pursuant
to Section 7.06 of our amended and restated bylaws, to the fullest extent permitted by law, unless we consent in writing to the selection
of an alternative forum, the courts of the State of Nevada (the “Courts”)are the sole and exclusive forum for state law claims
for (i) any derivative action or proceeding brought on our behalf, (a) any derivative action or proceeding brought on behalf of the Company,
(b) any action or proceeding asserting a claim of or based on breach of a fiduciary duty owed by any current or former directors, officers,
or other employees or stockholders to the Company, (c) any action or proceeding asserting a claim against the Company arising pursuant
to any provision of the NRS or the bylaws or the certificate of incorporation (as might be amended from time to time), or (d) any action
or proceeding asserting a claim against the Company governed by the internal affairs doctrine, except for, as to each of (a) through
(d) above, any claim as to which the Court determines that there is an indispensable party not subject to the jurisdiction of the Court
(and the indispensable party does not consent to the personal jurisdiction of the Court within ten days following such determination),
which is vested in the exclusive jurisdiction of a Court or forum other than the Court, or for which the Court does not have subject
matter jurisdiction.. This forum selection clause does not apply to suits brought to enforce any liability or duty created by the Securities
Act, the Exchange Act, or any other claim for which the federal courts have exclusive jurisdiction (any such action, a “Federal
Action”). To the fullest extent permitted by law, and unless the Company consents in writing to the selection of an alternative
forum, the district courts of the United States of America shall be the sole and exclusive forum for any Federal Action.

recognize that the forum selection clause may impose additional litigation costs on stockholders who assert the provision is not enforceable
and may impose more general additional litigation costs in pursuing any such claims. Additionally, the forum selection clause in our
bylaws may limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us. The courts of the State of
Nevada may also reach different judgments or results than would other courts, including courts where a stockholder considering an action
may be located or would otherwise choose to bring the action, and such judgments may be more or less favorable to us than our stockholders.

Limitations
of Director Liability and Indemnification of Directors and Officers

Neither
our amended and restated articles of incorporation, nor our amended and restated bylaws, prevent us from indemnifying our officers, directors
and agents to the extent permitted under the NRS. Section 78.7502 of the NRS provides that a corporation may indemnify any director,
officer, employee, or agent of a corporation against expenses, including fees, actually and reasonably incurred by him in connection
with any defense to the extent that a director, officer, employee, or agent of a corporation has been successful on the merits or otherwise
in defense of any action, suit or proceeding referred to in Sections 78.7502(1) or 78.7502(2) of the NRS, or in defense of any claim,
issue, or matter therein.

Section
78.7502(1) of the NRS provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except
an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses, including attorneys’ fees, judgments, fines and amounts
paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he: (a) is not liable
pursuant to NRS 78.138; or (b) acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests
of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

Section
78.7502(2) of the NRS provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason
of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses,
including amounts paid in settlement and attorneys’ fees actually and reasonably incurred by him in connection with the defense
or settlement of the action or suit if he: (a) is not liable pursuant to NRS 78.138; or (b) acted in good faith and in a manner which
he reasonably believed to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim,
issue or matter as to which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals there
from, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court
in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the
circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.

Section
78.747 of the NRS provides that except as otherwise provided by specific statute, no director or officer of a corporation is individually
liable for a debt or liability of the corporation, unless the director or officer acts as the alter ego of the corporation. The court
as a matter of law must determine the question of whether a director or officer acts as the alter ego of a corporation.

Our
amended and restated bylaws provide that the Company shall, to the fullest extent permitted by the provisions of Section 78.751 of the
Nevada Revised Statutes, indemnify any and all persons whom it shall have the power to indemnify under such section.

Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Company pursuant to the foregoing provisions, or otherwise, we have been advised that, in the opinion of the SEC, such indemnification
is against public policy as expressed in such Act and is, therefore, unenforceable.

will enter into agreements with our officers and directors to provide contractual indemnification in addition to the indemnification
provided for in our amended and restated articles of incorporation and amended and restated bylaws.

do not currently carry directors’ and officers’ insurance. However, we may in the future purchase a policy of directors’
and officers’ liability insurance that insures our officers and directors against the cost of defense, settlement, or payment of
a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.

These
provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action,
if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder’s investment may be adversely affected
to the extent we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.

believe that these provisions and the indemnity agreements are necessary to attract and retain talented and experienced officers and
directors.