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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Shares to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement and, if required under the terms of such arrangement, such Purchaser may transfer pledged or secured Series A Shares or the Conversion Shares to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Series A Shares, or the Conversion Shares may reasonably request in connection with a pledge or transfer of the Series A Shares or the Conversion Shares.

Certificates evidencing the Series A Shares and the Conversion Shares (or the Transfer Agent’s records if held in book entry form)
shall not contain any legend (including the legend set forth in Section 4.1(b) hereof): (i) while a registration statement covering
the resale of such securities is effective under the Securities Act (the “Effective Date”), (ii) following any sale
of such Series A Shares or Conversion Shares pursuant to Rule 144, (iii) if such Series A Shares or Conversion Shares are eligible for
sale under Rule 144, without the requirement for the Company to be in compliance with the current public information required under Rule
144 as to such Series A Shares or Conversion Shares and without volume or manner-of-sale restrictions or (iv) if such legend is not required
under applicable requirements of the Securities Act (including Sections 4(a)(1) and 4(a)(7) judicial interpretations and pronouncements
issued by the staff of the SEC). The Company shall, at its expense, cause its counsel to issue a legal opinion to the Transfer Agent
promptly after the Effective Date if required by the Transfer Agent to effect the removal of the legend hereunder. If any Series A Shares
are converted at a time when there is an effective registration statement to cover the resale of the Conversion Shares, or if such Conversion
Shares may be sold under Rule 144 and the Company is then in compliance with the current public information required under Rule 144,
or if the Conversion Shares may be sold under Rule 144 without the requirement for the Company to be in compliance with the current public
information required under Rule 144 as to such Conversion Shares and without volume or manner-of-sale restrictions or if such legend
is not otherwise required under applicable requirements of the Securities Act (including Sections 4(a)(1) and 4(a)(7), judicial interpretations
and pronouncements issued by the staff of the SEC) then such Conversion Shares shall be issued or reissued free of all legends. The Company
agrees that following the effective date of any registration statement or at such time as such legend is no longer required under this
Section 4.1(c), it will, no later than two Trading Days following the delivery by a Purchaser to the Company or the Transfer Agent of
a certificate representing restricted Series A Shares or Conversion Shares, as applicable, issued with a restrictive legend (such second
Trading Day, the “Legend Removal Date”), deliver or cause to be delivered to such Purchaser a certificate representing
such Series A Shares or Conversion Shares that is free from all restrictive and other legends. The Company may not make any notation
on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4.1.
Certificates for Series A Shares or Conversion Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent
to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company system as directed
by such Purchaser. The Company shall be responsible for any delays caused by its Transfer Agent.

In addition to such Purchaser’s other available remedies, (i) the Company shall pay to a Purchaser, in cash, as partial
liquidated damages and not as a penalty, for each $1,000 of the Stated Value of the Series A Shares (as defined in the Series A COD)
being converted, $10 per Trading Day for each Trading Day after the Legend Removal Date (increasing to $20 per Trading Day after the
fifth Trading Day) until such certificate is delivered without a legend. Nothing herein shall limit such Purchaser’s right to
pursue actual damages for the Company’s failure to deliver certificates representing any Securities as required by the
Transaction Documents, and such Purchaser shall have the right to pursue all remedies available to it at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief, and (ii) if after the Legend Removal Date such
Purchaser purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such
Purchaser of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to
all or any portion of the number of shares of Common Stock that such Purchaser anticipated receiving from the Company without any
restrictive legend, then, the Company shall pay to such Purchaser, in cash, an amount equal to the excess of such Purchaser’s
total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so
purchased (including brokerage commissions and other out-of-pocket expenses, if any) over the product of (A) such number of
Conversion Shares that the Company was required to deliver to such Purchaser by the Legend Removal Date multiplied by (B) the
highest closing sale price of the Common Stock on any Trading Day during the period commencing on the date of the delivery by such
Purchaser to the Company of the applicable Conversion Shares and ending on the date of such delivery and payment under this Section

In the event a Purchaser shall request delivery of unlegended shares as described in this Section 4.1 and the Company is required
to deliver such unlegended shares, (i) it shall pay all fees and expenses associated with or required by the legend removal and/or transfer
including but not limited to legal fees, Transfer Agent fees and overnight delivery charges and taxes, if any, imposed by any applicable
government upon the issuance of Common Stock; and (ii) the Company may not refuse to deliver unlegended shares based on any claim that
such Purchaser or anyone associated or affiliated with such Purchaser has not complied with Purchaser’s obligations under the Transaction
Documents, or for any other reason, unless, an injunction or temporary restraining order from a court, on notice, restraining and or
enjoining delivery of such unlegended shares shall have been sought and obtained by the Company and the Company has posted a surety bond
for the benefit of such Purchaser in the amount of the greater of (i) 150% of the amount of the aggregate purchase price of the Conversion
Shares (based on the amount of the Stated Value of the Series A Shares (as defined in the Series A COD) which was converted), or (ii)
the highest VWAP during the five (5) Trading Days before the issue date of the injunction multiplied by the number of unlegended shares
to be subject to the injunction, which bond shall remain in effect until the completion of the litigation of the dispute and the proceeds
of which shall be payable to such Purchaser to the extent Purchaser obtains judgment in Purchaser’s favor.

The Company shall (A) pay the reasonable legal fees of the Purchaser’s choice (provided such counsel is reasonably acceptable to
the Company) (in an amount not to exceed $500 per legal opinion, and not more often than once per week per Purchaser) in connection with
the conversion of the Series A Shares, and (B) cause its attorneys to promptly provide any opinion or reliance opinion to the Transfer
Agent.

Reserved.

Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security
(as defined in Section 2(a)(1) of the Securities Act) that would be integrated with the offer or sale of the Securities for purposes
of the rules and regulations of any Principal Market such that it would require stockholder approval prior to the closing of such other
transaction unless stockholder approval is obtained before the closing of such subsequent transaction.

Reserved.