---

 

 

iWALLET CORPORATION

 

CERTIFICATE OF DESIGNATION OF PREFERENCES,

RIGHTS AND LIMITATIONS

OF

SERIES B PREFERRED STOCK

 

PURSUANT TO SECTION 78.1955 OF THE

NEVADA REVISED STATUTES

 

Pursuant to Section 78.1955 of the Nevada Revised Statutes, the undersigned does hereby certify, on behalf of iWallet Corporation, a Nevada corporation (the “Company”), that the following resolution was duly adopted by the Board of Directors of the Company.

 

WHEREAS, the Articles of Incorporation of the Company, as amended (the “Articles of Incorporation”), authorize the issuance of up to 20,000,000 shares of preferred stock, par value $0.001 per share, of the Company (the “Preferred Stock”) in one or more series, which Preferred Stock shall have such distinctive designation or title, voting powers or no voting powers, and such preferences, rights, qualifications, limitations or restrictions, as shall be stated in such resolution or resolutions providing for the issuance of such class or series of Preferred Stock as may be adopted from time to time by the Board prior to the issuance of any shares thereof; and

 

WHEREAS, it is the desire of the Board of Directors to establish and fix the number of shares to be included in a new series of Preferred Stock and the designation, rights, preferences, powers, restrictions and limitations of the shares of such new series.

 

NOW, THEREFORE, IT IS RESOLVED, that the Board of Directors does hereby provide for the issue of a series of Preferred Stock and does hereby in this Certificate of Designation (this “Certificate of Designation”) establish and fix and herein state and express the designation, rights, preferences, powers, restrictions, and limitations of such series of Preferred Stock as follows:

 

TERMS OF SERIES A PREFERRED STOCK

 

Section 1. Designation, Amount and Par Value. The series of Preferred Stock shall be designated as Series B Preferred Stock (the “Series B Preferred Stock”) and the number of shares so designated shall be One Million (1,000,000). Each share of the Series B Preferred Stock shall have a par value of $0.001.

 

Section 2. Fractional Shares. The Series B Preferred Stock may be issued in fractional shares.

 

---

 

Section 3. Voting Rights. The holders of Series B Preferred Stock shall have the right to take action by written consent or vote based on the number of votes equal to two times the number

 

of votes of all other classes of outstanding shares of capital stock of the Company, including the total number of shares of common stock outstanding and the total number of any other class of voting preferred stock outstanding, such that the holders of outstanding shares of Series B Preferred Stock shall always two-thirds (66.66667%) of the voting rights of the Company. The two-thirds aggregate voting rights may be exercised by vote or written consent based on the will of a majority of the holders of Series B Preferred Stock. Except as otherwise required by law or by the Articles of Incorporation of the Company, the holders of shares of common stock and Series B Preferred Stock shall vote together and not as separate classes.

 

Section 4. Conversion and Adjustments. The Series B Preferred Stock shall not be convertible into shares of the Company’s common stock.

 

Section 5. Protection Provisions. So long as any shares of Series B Preferred Stock are outstanding, the Company shall not, without first obtaining the unanimous written consent of the holders of Series B Preferred Stock, alter or change the rights, preferences or privileges of the Series B Preferred Stock so as to affect adversely the holders of Series B Preferred Stock.

 

Section 6. Waiver. Any of the rights, powers or preferences of the holders of the Series B Preferred Stock may be waived by the affirmative consent or vote of the holders of at least a majority of the shares of Series B Preferred Stock then outstanding.

 

Section 7. No Other Rights or Privileges. Except as specifically set forth herein, the holder(s) of the shares of Series B Preferred Stock shall have no other rights, privileges or preferences with respect to the Series B Preferred Stock.

 

RESOLVED, FURTHER, that the president or any vice-president, and the secretary or any assistant secretary, of the Company be and they hereby are authorized and directed to prepare and file this Certificate of Designation of Preferences, Rights and Limitations in accordance with the foregoing resolution and the provisions of the Nevada Revised Statutes.

 

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Designation this 21^st day of May, 2024.

 

IWALLET CORPORATION

 

 

By: /s/ Steve Cabouli

 Steve Cabouli

 President