SEC Filing Document

Company: Ambitious Entertainment, Inc.
Ticker: 
CIK: 1900851
Filing Type: DRS
Document Type: DRS
Date Filed: 2025-07-17
Accession Number: 0001493152-25-011282
Exchange: 
SIC Code: 7812
SIC Description: Services-Motion Picture & Video Tape Production
URL: https://www.sec.gov/Archives/edgar/data/1900851/000149315225011282/filename1.htm

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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.

determining compensation for our executive officers, the Compensation Committee typically considers, but is not required to accept, the
recommendations of our Chief Executive Officer regarding the performance and proposed base salary and bonus and equity awards for the
other executive officers, as well as himself. The Compensation Committee may also request the assistance of our Chief Financial Officer
in evaluating the financial, accounting and tax implications of various compensation awards paid to the executive officers. However,
our Chief Financial Officer does not determine the amounts or types of compensation paid to the executive officers. Our Chief Executive
Officer and certain of our other executive officers may attend Compensation Committee meetings, as requested by the Compensation Committee.
None of our executive officers, including our Chief Executive Officer, will attend any portion of the Compensation Committee meetings
during which the executive officer’s compensation is established and approved.

Nominating
and Corporate Governance Committee

After
this Offering, we expect the initial members of
our Nominating and Corporate Governance Committee to be [_____]. [___] will chair the Nominating and Corporate Governance Committee.
This committee’s responsibilities include, among other things:

●	identifying
and evaluating candidates, including the nomination of incumbent directors for reelection
and nominees recommended by stockholders, to serve on our board of directors;

●	considering
and making recommendations to our board of directors regarding the composition and chairmanship
of the committees of our board of directors;

●	developing
and recommending to our board of director’s corporate governance principles, codes
of conduct and compliance mechanisms, and

●	overseeing
periodic evaluations of the board of directors’ performance, including committees of
the board of directors.

When
evaluating director candidates, the Nominating and Corporate Governance Committee may consider several factors, including relevant experience,
independence, commitment, compatibility with the Chief Executive Officer and the board of directors’ culture, prominence and understanding
of the Company’s business, as well as any other factors the Nominating and Corporate Governance Committee deems relevant at the
time. The Nominating and Corporate Governance Committee makes a recommendation to the full board of directors as to any person it believes
should be nominated by our board of directors, and our board of directors determines the nominees after considering the recommendation
and report of the Nominating and Corporate Governance Committee. Each member of the committee will meet the requirements for independence
under the listing standards of the NYSE American and SEC rules and regulations.

Risk
Oversight

Our
board of directors has responsibility for the oversight of the Company’s risk management processes and, either as a whole or through
its committees, regularly discusses with management our major risk exposures, their potential impact on our business and the steps we
take to manage them. The risk oversight process includes receiving regular reports from board committees and members of senior management
to enable our board to understand the company’s risk identification, risk management and risk mitigation strategies with respect
to areas of potential material risk, including operations, finance, legal, regulatory, strategic and reputational risk.

Compensation
Committee Interlocks and Insider Participation

member of our compensation committee will have been a current or former officer or employee. None of our executive officers served as
a director or a member of a compensation committee (or other committee serving an equivalent function) of any other entity, one of whose
executive officers served as a director or member of our compensation committee during the last completed fiscal year.

Code
of Business Conduct and Ethics

have adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including our principal
executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.
A current copy of the code is posted on the Corporate Governance section of our website, www.ambitious.tv. In addition, we post on our
website all disclosures that are required by law or the listing standards of the NYSE American Market concerning any amendments
to, or waivers from, any provision of the code. 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.

Clawback
Policy

Our
board of directors have adopted a clawback policy permitting the Company to seek the recoupment of incentive compensation received by
any of the Company’s current and former executive officers (as determined by the board in accordance with Section 10D of the Exchange
Act and the NYSE American rules) and such other senior executives/employees who may from time to time be deemed subject to the Clawback
Policy by the board (collectively, the “Covered Executives”).

Involvement
in Certain Legal Proceedings

the best of our knowledge, none of our directors or executive officers has, during the past 10 years, been involved in any legal proceedings
described in subparagraph (f) of Item 401 of Regulation S-K that are material to an evaluation of the ability or integrity of any director
or executive officer of the Company.

EXECUTIVE
OFFICER AND DIRECTOR COMPENSATION

Summary
Compensation Table

The
following table provides information regarding the compensation awarded to or earned during 2024 and 2023, as applicable, by the named
executive officers of Ambitious during the historical periods presented:

Option and

Stock Warrant

Name and Principal Position Fiscal Year Salary Bonus Awards (1) Awards (1) Total

Kirk
E. Shaw, Co-President and Interim Chief Executive Officer $ $ $ $ $

(1)	The
amounts reported in these columns represent the grant date fair value of the stock, option and warrant awards granted during the
years ended December 31, 2024 and 2023, calculated in accordance with FASB ASC Topic 718.

Employment
Agreements

[Descriptions
of employment agreements]

Stock
Option and Other Compensation Plans

Our
2021 Equity Incentive Plan was originally adopted by our board of directors and approved by our stockholders on [__], 2021 (the “2021
Plan”). The purposes of the 2021 Plan are to attract and retain the best 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