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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not include or incorporate by reference the information on our website into this prospectus. Board Composition Our business and affairs are managed under the direction of our board of directors, which currently consists of [●] members. The number of directors is determined by our board of directors, subject to the provisions of our amended and restated certificate of incorporation and amended and restated bylaws. Our directors are elected annually for one-year terms. Controlled Company Status Under the NYSE American listing rules, a “controlled company” is a company of which more than 50% of the voting power for the election of directors is held by an individual, a group or another company. We are a controlled company because Mr. Shaw, our Co-President and Interim Chief Executive Officer, holds more than 50% of our voting power, and we expect we will continue to be a controlled company upon completion of this offering.

Therefore,
for so long as we remain a controlled company, we qualify and are eligible for the exemptions afforded to controlled companies from certain
corporate governance requirements set forth in the NYSE American listing rules, which include the following:

●	our
Board of Directors is not required to be comprised of a majority of independent directors;

●	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.