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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available personnel for positions of substantial responsibility, to provide additional incentive to our service providers and to promote the success of the Company’s business. We have reserved [●] shares of our common stock to issue awards under our 2021 Plan which shall be increased to equal [●]% of our issued and outstanding common stock at the time of each award. Shares Available for Awards of [__], 202[●], there were options to purchase [●] shares of our common stock with a weighted average exercise price of $[●] per share that were outstanding under the 2021 Plan and [●] shares of common stock remained available for future issuance under the 2021 Plan. Eligibility The persons eligible to receive awards under our 2021 Plan are our employees, directors and consultants. However, only employees are eligible to receive awards of incentive stock options (“ISOs”) within the meaning of Section 422 of the Code. Administration

Our
2021 Plan provides that it shall be administered by our board of directors or, if so delegated, a committee appointed by our board of
directors. The party administering our 2021 Plan, whether it is our board of directors or a committee appointed by our board of directors,
is referred to under the 2021 Plan as the “administrator”. Subject to the terms of our 2021 Plan, the administrator is authorized
to (i) determine the fair market value of our common stock, (ii) select eligible persons to receive awards, (iii) determine the number
of shares of our common stock to which awards will relate, (iv) approve forms of award agreement for use under the 2021 Plan, (v) determine
the terms and conditions of awards, including exercise price, time or timing of award exercisability, or any vesting acceleration or
waiver of forfeiture restrictions, (vi) determine whether to institute and determine the conditions of an award exchange program, (vii)
construe the terms of the 2021 Plan and awards granted thereunder, (viii) prescribe, amend and rescind rules and regulations relating
to the 2021 Plan (including any foreign sub-plans), (ix) modify or amend any award, including discretion to extend the post-termination
exercisability period or maximum term of an option, (x) determine how participants may satisfy tax withholding obligations and the acceptable
form of consideration for exercising an option, (xi) authorize any person to execute any award agreement previously granted by the administrator,
(xii) allow a participant to defer the receipt of the payment of cash or receipt of common shares that otherwise would be due to such
participant, and (xiii) make all other determinations deemed necessary or advisable for administering the 2021 Plan.

Stock
Options

Incentive
stock options (ISO) and non-qualified stock options (NSO) are granted pursuant to stock option agreements adopted by the administrator.
The term of an option will be no more than ten years, and no more than five years with respect to any ISO granted to a participant who,
at the time of grant, owns stock representing more than 10% of the total combined voting power of all classes of stock of the Company,
or any parent or subsidiary (a “10% Stockholder”). Generally, the exercise price for an ISO or NSO cannot be less than 100%
of the fair market value of the common stock subject to the option on the date of grant. However, any ISO granted to a 10% Stockholder
may not have an exercise price per share less than 110% of the fair market value per share on the date of grant. Notwithstanding the
above, options may be granted with a per share exercise price of less than 100% of fair market value per share on the date of grant pursuant
to certain transactions and in a manner consistent with Section 424(a) of the Code. A stock option agreement may provide for early exercise
prior to vesting and the administrator may at any time offer to buy out any option previously granted.

For
purposes of the 2021 Plan, “fair market value” means (i) if our common stock is listed on an established stock exchange,
the closing sales price on such exchange on the date of determination, or if no closing bid was reported for such date, the next earliest
date or (ii) if our common stock is not listed on an established stock exchange, the value determined in good faith by the administrator.
At the time of grant, the administrator shall determine the acceptable form of consideration for exercising an option, which may consist
of cash, check, promissory note (to the extent permitted by law), other shares of our common stock, consideration received by the Company
through a cashless exercise program, by net exercise or by any other consideration or method of payment. Options will be exercisable
as provided under the terms of the 2021 Plan and at such times set forth in the applicable award agreement. An option will be deemed
exercised when the Company receives (i) written or electronic notice of exercise, (ii) full payment for the exercised shares (including
any applicable tax withholding), and (iii) such representations and documents deemed necessary or advisable by the administrator.

an optionee ceases to be a service provider, other than upon termination due to death or disability, the optionee may exercise his or
her option within 30 days of termination, or such longer period of time specified in the award agreement (but in no case after the expiration
date of the option), to the extent such option is vested on the date of termination. If an optionee ceases to be a service provider due
to death or disability, the optionee or his or her beneficiary, may exercise any vested options up to six months following termination
(but in no case after the expiration date of the option). Any shares covered by any unvested portion of the option which is forfeited
will revert to the 2021 Plan and again be available for grant. The option agreement may provide for early exercise prior to vesting or
a right of repurchase.

Limitations

The
aggregate fair market value, determined at the time of grant, of shares of our common stock with respect to ISOs that are exercisable
for the first time by an optionee during any calendar year under all of our stock plans may not exceed $100,000. The options or portions
of options that exceed this limit are treated as non-statutory stock options.

Restricted
Stock

Our
2021 Plan also permits the issuance of restricted stock. Restricted stock represents the purchase of our common stock that is subject
to restrictions with respect to sale and transferability of such shares until the stock vests pursuant to the terms of the award agreement.

Restricted
Stock Units

Our
2021 Plan also permits the issuance of restricted stock units, or RSUs, to our service providers. RSUs granted under our 2021 Plan represent
the right to receive shares of our common stock or a cash payment at a specified future date or event and may be subject to vesting requirements.

Other
Stock-Based Awards

Our
2021 Plan permits the issuance of other awards may be paid in shares of common stock, cash or other property as standalone payment and
or payment in lieu of compensation.

Adjustments

the event of an equity restructuring as defined in the 2021 Plan, such as a stock split, stock dividend, merger or other recapitalization,
the 2021 Plan provides for the proportional adjustment of the number of shares reserved under the 2021 Plan and the number of shares
and exercise or purchase price, if applicable, of all outstanding stock awards.

Merger
or Change in Control

Unless
otherwise provided in the award agreement, in the event of certain corporate transactions, any or all outstanding stock awards under
the 2021 Plan may be treated as the administrator determines absent participant consent: that the awards will (i) be assumed or substituted
for by any successor corporation, (ii) terminate upon or immediately prior to any such transaction, (iii) vest and become exercisable
or payable in whole or in part upon the effectiveness of such transaction, (iv) be terminated in exchange or in replacement for cash
or property that would have been realized upon the exercise or realization of such award, or (v) be handled in any combination of the
above. If the successor corporation elects not to assume or substitute for such awards, the vesting of such stock awards will accelerate
and all restrictions shall lapse. In the event of our dissolution or liquidation, all outstanding options and stock appreciation rights
under the 2021 Plan will terminate immediately prior to such event.

Amendment
and Termination

Our
board of directors has the authority to amend, alter, suspend or terminate the 2021 Plan with stockholders’ approval as required
by law. However, no amendment or termination of the plan may adversely affect any rights under awards already granted to a participant
without the affected participant’s consent.

Outstanding
Equity Awards at December 31, 2024

The
following table provides information with respect to holdings of options, warrants and stock awards held by our named executive officers,
at December 31, 2024:

Option
Awards