SEC Contract Filing

Filing Date: 2024-03-04

Document Content:
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INDEMNIFICATION AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 33.75pt">THIS&nbsp;INDEMNIFICATION AGREEMENT&nbsp;(this
&ldquo;<U>Agreement</U>&rdquo;), dated effective as of February 29, 2024, is made by and between iQSTEL Inc., a&nbsp;Nevada&nbsp;corporation
(the &ldquo;<U>Corporation</U>&rdquo;), and Alvaro Quintana Cardona (the &ldquo;<U>Indemnitee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PREMISES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 33.75pt">A. The Corporation desires to
provide for indemnification of the Corporation&rsquo;s directors and officers to the fullest extent permitted by the&nbsp;Nevada&nbsp;Revised
Statutes (collectively, &ldquo;<U>Nevada&nbsp;Law</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 33.75pt">B. The parties recognize the
continued difficulty in obtaining liability insurance for the Corporation&rsquo;s directors, officers, employees, stockholders, controlling
persons, agents, and fiduciaries, the significant increases in the cost of such insurance, and the general reductions in the coverage
of such insurance. Furthermore, the parties further recognize the substantial increase in corporate litigation in general, subjecting
directors, officers, employees, controlling persons, stockholders, agents, and fiduciaries to expensive litigation risks at the same time
as the availability and coverage of liability insurance have been severely limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 33.75pt">C. Indemnitee does not regard
the current protection available under the Articles of Incorporation of the Corporation, as the same may be amended, restated, amended
and restated, supplemented or otherwise modified from time to time (as amended, the &ldquo;<U>Articles</U>&rdquo;), and the Bylaws of
the Corporation (the &ldquo;<U>Bylaws</U>&rdquo;) as adequate under the present circumstances, and Indemnitee and other directors, officers,
employees, stockholders, controlling persons, agents, and fiduciaries of the Corporation may not be willing to serve in such capacities
without additional protection. Moreover, the Corporation (i) desires to attract and retain the involvement of highly qualified persons,
such as Indemnitee, to serve the Corporation and, in part, in order to induce Indemnitee to be involved with the Corporation, (ii) wishes
to provide for the indemnification and advancing of expenses to Indemnitee to the maximum extent permitted by law, and (iii) wishes to
assure Indemnitee that there will be increased certainty of adequate protection in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 33.75pt">D. In addition to any insurance
purchased by the Corporation on behalf of Indemnitee, it is reasonable, prudent, and necessary for the Corporation to obligate itself
contractually to indemnify Indemnitee so that he may remain free from undue concern that he will not be adequately protected both during
his service as an executive officer and a director of the Corporation and following any termination of such service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 33.75pt">E. This Agreement is a supplement
to and in furtherance of the Articles and Bylaws and shall not be deemed a substitute therefor or to abrogate any rights of Indemnitee
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 33.75pt">F. The directors of the Corporation
have duly approved this Agreement and the indemnification provided herein with the express recognition that the indemnification arrangements
provided herein exceed that which the Corporation would be required to provide pursuant to&nbsp;Nevada&nbsp;Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 33.75pt">NOW, THEREFORE, in consideration
of the foregoing premises and the covenants contained herein, the Corporation and Indemnitee do hereby covenant and agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 33.75pt">1.&nbsp;<U>Definitions</U>. As used in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 67.5pt">(a) A &ldquo;<U>Change in Control</U>&rdquo; means
the occurrence of any of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"