Document:

EX-10.2

TORVEC, INC.

Warrant No. H-      

WARRANT TO PURCHASE COMMON STOCK

VOID AFTER 5:00 P.M., EASTERN TIME,

ON THE EXPIRATION DATE

THIS WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, DONATED
OR OTHERWISE TRANSFERRED WITHOUT COMPLIANCE WITH THE REGISTRATION OR QUALIFICATION PROVISIONS OF
APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR WITHOUT DELIVERING AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

FOR VALUE RECEIVED, TORVEC, INC., a New York corporation (the “Company”), hereby
agrees to sell upon the terms and on the conditions hereinafter set forth, at any time commencing
on the date hereof but no later than 5:00 p.m., Eastern Time, on September 23, 2021 (the
“Expiration Date”), to        or his registered assigns (the “Holder”),
under the terms as hereinafter set forth,        (      ) fully paid and
non-assessable shares of the Company’s Common Stock, par value $.01 per share (the “Common
Stock”), at a purchase price per share equal to the Exercise Price (as defined below), pursuant
to the terms and conditions set forth in this warrant (this “Warrant”). The number of
shares of Common Stock issued upon exercise of this Warrant (“Warrant Shares”) and the
Exercise Price are subject to adjustment in certain events as hereinafter set forth.

This Warrant is issued pursuant to that certain Securities Purchase Agreement among the
Holder, certain other persons and the Company, dated as of September 23, 2011.

1. Exercise of Warrant.

(a) The Holder may exercise this Warrant according to the terms and conditions set forth
herein by delivering to the Company, at the address set forth in Section 9 prior to 5:00 p.m.,
Eastern Time, on the Expiration Date (i) this Warrant, (ii) the Subscription Form attached hereto
as Exhibit A (the “Subscription Form”) (having then been duly executed by the
Holder), (iii) cash, a certified check or a bank draft in payment of the purchase price, in lawful
money of the United States of America, for the number of Warrant Shares specified in the
Subscription Form.

(b) This Warrant may be exercised in whole or in part so long as any exercise in part hereof
would not involve the issuance of fractional Warrant Shares. If exercised in part, the Company
shall deliver to the Holder a new Warrant, identical in form to this Warrant, in the name of the
Holder, evidencing the right to purchase the number of Warrant Shares as to which this Warrant has
not been exercised, which new Warrant shall be signed by the Chairman, Chief Executive Officer or
President of the Company. The term Warrant as used herein shall include any subsequent Warrant
issued as provided herein.

(c) No fractional Warrant Shares or scrip representing fractional Warrant Shares shall be
issued upon the exercise of this Warrant. The Company shall pay cash in lieu of such fractional
Warrant Shares. The price of a fractional Warrant Share shall equal the product of (i) the VWAP
(as defined below) per share of the Common Stock on the exchange or market on which the Common
Stock is then traded (if the Common Stock is not then publicly traded, then the fair market value
per share of the Common Stock (as determined by the Company’s Board of Directors)), and (ii) the
applicable fraction.

(d) In the event of any exercise of the rights represented by this Warrant, a certificate or
certificates for Warrant Shares so purchased, registered in the name of the Holder on the stock
transfer books of the Company, shall be delivered to the Holder within a reasonable time after such
rights shall have been so exercised. The person or entity in whose name any certificate for
Warrant Shares is issued upon exercise of the rights represented by this Warrant shall for all
purposes be deemed to have become the holder of record of such Warrant Shares immediately prior to
the close of business on the date on which the Warrant was surrendered and payment of the Exercise
Price and any applicable taxes was made, irrespective of the date of delivery of such certificate,
except that, if the date of such surrender and payment is a date when the stock transfer books of
the Company are closed, such person shall be deemed to have become the holder of such shares at the
opening of business on the next succeeding date on which the Company’s stock transfer books are
open. Except as provided in Section 4 hereof, the Company shall pay any and all documentary stamp
or similar issue or transfer taxes payable in respect of the issue or delivery of Warrant Shares on
exercise of this Warrant.

(e) The “Exercise Price” shall mean the greater of (i) $0.01 or (ii) eighty percent
(80%) of the Volume Weighted Average Price (“VWAP”) per share of the Company’s Common Stock
during the ten (10) consecutive trading days immediately preceding the date that notice of exercise
is given to the Company, subject to such adjustments as are provided in Section 5 of the Warrant.
As used herein, the “Volume Weighted Average Price” or “VWAP” for any security as
of any date means the volume weighted average sale price per share on the Over the Counter
Electronic Bulletin Board (the “OTC-BB”) as reported by, or based upon data reported by,
Bloomberg Financial Markets or an equivalent, reliable reporting service designated reasonably and
in good faith by the Company (“Bloomberg”) or, if the OTC-BB is not the principal trading
market for such security, the volume weighted average sale price of such security on the principal
securities exchange or trading market where such security is listed or traded as reported by
Bloomberg, or, if no volume weighted average sale price is reported for such security, then the
last closing trade price of such security as reported by Bloomberg, or, if no last closing trade
price is reported for such security by Bloomberg, the average of the bid prices of any market
makers for such security that are listed with the OTC Markets Group, Inc. If the Volume Weighted
Average Price cannot be calculated for such security on such date in the manner provided above, the
volume weighted average price shall be the fair market value of a share of Common Stock as
determined by the Company’s Board of Directors reasonably and in good faith upon the request of the
Holder. “Trading Day” shall mean any day on which the Common Stock is traded for any period
on the OTC-BB, or on the principal securities exchange or other securities market on which the
Common Stock is then being traded.

(f) Net Exercise Election. In lieu of exercising this Warrant by payment of cash, the
Holder may elect to receive, without the payment by the Holder of any additional consideration, a
number of shares of Common Stock (rounded down to the nearest whole share) equal to the value of
this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company
(the “Net Exercise”), with the net issue election duly selected and initialed in the
Subscription Form delivered to the Company as provided above. Thereupon the Company will issue to
the Holder such number of shares of Common Stock as is computed using the following formula:

X = Y (A-B)

A

	 	 	 
	where X =
	 	the number of shares of Common Stock to be issued to the Holder

upon the Net Exercise pursuant to this Section;

	Y =
	 	the number of shares of Common Stock exercised under this Warrant

for which the net issue election is made pursuant to this Section

(upon such Net Exercise, the number of shares of Common Stock

subject to further exercise under this Warrant shall be reduced by

this number);

	A =
	 	the Volume Weighted Average Price of one share of the Company’s

Common Stock on the date the Net Exercise election is made pursuant

to this Section; and

	B =
	 	the per share Exercise Price in effect under this Warrant

(g) Exercise Prior to Expiration. To the extent this Warrant is not previously
exercised as to all shares of Common Stock subject hereto, this Warrant shall be deemed
automatically exercised by Net Exercise pursuant to Section 1(f) above (even if this Warrant is not
surrendered) immediately before its expiration. To the extent this Warrant is deemed automatically
exercised pursuant to this Section 1(g), the Company agrees to promptly notify the Holder of the
number of shares of Common Stock the Holder is to receive by reason of such automatic exercise.

2. Disposition of Warrant Shares and Warrant.

(a) The Holder hereby acknowledges that: (i) this Warrant and any Warrant Shares purchased
pursuant hereto are not being registered (A) under the Securities Act of 1933 (the “Securities
Act”) on the ground that the issuance of this Warrant is exempt from registration under Section
4(2) of the Securities Act as not involving any public offering, or (B) under any applicable state
securities law because the issuance of this Warrant does not involve any public offering; and (ii)
that the Company’s reliance on the registration exemption under Section 4(2) of the Securities Act
and under applicable state securities laws is predicated in part on the representations hereby made
to the Company by the Holder. The Holder represents and warrants that he, she, or it is acquiring
this Warrant and will acquire Warrant Shares for investment for his own account, with no present
intention of dividing his participation with others or reselling or otherwise distributing this
Warrant or Warrant Shares.

(b) The Holder hereby agrees that it will not sell, transfer, pledge or otherwise dispose of
(collectively, “Transfer”) all or any part of this Warrant and/or Warrant Shares unless and
until (A) the securities to be transferred are eligible for transfer under Rule 144 under the
Securities Act, (B) there is in effect a registration statement under the Securities Act covering
the proposed transaction, or (C) he shall have first have given notice to the Company describing
such Transfer and furnished to the Company (i) a statement from the transferee, whereby the
transferee represents and warrants that he, she, or it is acquiring this Warrant and will acquire
Warrant Shares, as applicable, for investment for his own account, with no present intention of
dividing his participation with others or reselling or otherwise distributing this Warrant or
Warrant Shares, as applicable, and either (ii) an opinion, reasonably satisfactory to counsel for
the Company, of counsel (skilled in securities matters, selected by the Holder and reasonably
satisfactory to the Company) to the effect that the proposed Transfer may be made without
registration under the Securities Act and without registration or qualification under any state
law, or (iii) an interpretative letter from the U.S. Securities and Exchange Commission to the
effect that no enforcement action will be recommended if the proposed sale or transfer is made
without registration under the Act. It is agreed that, provided an opinion of counsel is not
required by the Company’s transfer agent, (i) the Company shall not require opinions of counsel for
transactions made pursuant to Rule 144 except in unusual circumstances, and (ii) no registration
statement or opinion of counsel shall be necessary for a transfer without consideration by a Holder
to an Affiliate of such Holder or without consideration by a Holder which is (A) a partnership to
its partners or retired partners in accordance with partnership interests, (B) a corporation to its
shareholders in accordance with their interest in the corporation, (C) a limited liability company
to its members or former members in accordance with their interests in the limited liability
company, (D) an individual Holder to such Holder’s Immediate Family Member or a trust for the
benefit of the individual Holder or an Immediate Family Member thereof. As used in this Section
2(b), “Affiliate,” as used in this Section, means, with respect to any specified person,
any other person who, directly or indirectly, controls, is controlled by, or is under common
control with such person, including without limitation any general partner, managing member,
officer or director of such person, and “Immediate Family Member” means, with respect to a
specified person, such person’s child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, including adoptive relationships.

(c) If, at the time of issuance of Warrant Shares, no registration statement is in effect with
respect thereto under applicable provisions of the Securities Act and Rule 144 or another similar
exemption under the Securities Act is not available for the sale of all of such Warrant Shares
without limitation during a three-month period without registration, the Company may, at its
election, require that (i) the Holder provide written reconfirmation of the Holder’s investment
intent to the Company, and (ii) any stock certificate evidencing Warrant Shares shall bear legends
reading substantially as follows:

“THE SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THE SHARES REPRESENTED
BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS SET FORTH IN THE
WARRANT PURSUANT TO WHICH THESE SHARES WERE PURCHASED FROM THE COMPANY.
COPIES OF SUCH RESTRICTIONS ARE ON FILE AT THE PRINCIPAL OFFICES OF THE
COMPANY. NO TRANSFER OF SUCH SHARES OR OF THIS CERTIFICATE (OR OF ANY
SHARES OR OTHER SECURITIES (OR CERTIFICATES THEREFOR) ISSUED IN EXCHANGE FOR
OR IN RESPECT OF SUCH SHARES) SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS
AND CONDITIONS SET FORTH IN THE WARRANT HAVE BEEN COMPLIED WITH.”

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR AN OPINION OF COUNSEL
SATISFACTORY TO THE ISSUER OF THIS CERTIFICATE THAT REGISTRATION IS NOT
REQUIRED UNDER THE ACT.”

In addition, so long as the foregoing legend may remain on any stock certificate evidencing Warrant
Shares, the Company may maintain appropriate “stop transfer” orders with respect to such
certificates and the shares represented thereby on its books and records and with those to whom it
may delegate registrar and transfer functions.

3. Reservation of Shares. The Company hereby agrees that at all times there shall be
reserved for issuance upon the exercise of this Warrant such number of shares of the Common Stock
as shall be required for issuance upon exercise of this Warrant. The Company further agrees that
all Warrant Shares will be duly authorized and will, upon issuance and payment of the exercise
price therefor, be validly issued, fully paid and non-assessable, free from all taxes, liens,
charges and encumbrances with respect to the issuance thereof, other than taxes, if any, in respect
of any transfer occurring contemporaneously with such issuance and other than transfer restrictions
imposed by federal and state securities laws.

4. Exchange, Transfer or Assignment of Warrant. Subject to Section 2, this Warrant is
exchangeable, without expense, at the option of the Holder, upon presentation and surrender hereof
to the Company or at the office of its stock transfer agent, if any, for other Warrants of the
Company (“Warrants”) of different denominations, entitling the Holder or Holders thereof to
purchase in the aggregate the same number of Warrant Shares purchasable hereunder. Subject to
Section 2, upon surrender of this Warrant to the Company or at the office of its stock transfer
agent, if any, with the Assignment Form attached hereto as Exhibit B (the “Assignment
Form”) duly executed and funds sufficient to pay any transfer tax, the Company shall, without
charge, execute and deliver a new Warrant in the name of the assignee named in the Assignment Form
and this Warrant shall promptly be canceled. Subject to Section 2, this Warrant may be divided or
combined with other Warrants that carry the same rights upon presentation hereof at the office of
the Company or at the office of its stock transfer agent, if any, together with a written notice
specifying the names and denominations in which new Warrants are to be issued and signed by the
Holder hereof.

5. Capital Adjustments. This Warrant is subject to the following further provisions:

(a) Recapitalization, Reclassification and Succession. If any recapitalization of the
Company or reclassification of its Common Stock or any merger or consolidation of the Company into
or with a corporation or other business entity, or the sale or transfer of all or substantially all
of the Company’s assets or of any successor corporation’s assets to any other corporation or
business entity (any such corporation or other business entity being included within the meaning of
the term “successor corporation”) shall be effected, at any time while this Warrant remains
outstanding and unexpired, then, as a condition of such recapitalization, reclassification, merger,
consolidation, sale or transfer, lawful and adequate provision shall be made whereby the Holder of
this Warrant thereafter shall have the right to receive upon the exercise hereof as provided in
Section 1 and in lieu of the Warrant Shares immediately theretofore issuable upon the exercise of
this Warrant, such shares of capital stock, securities or other property as may be issued or
payable with respect to or in exchange for the number of outstanding shares of Common Stock equal
to the number of Warrant Shares immediately theretofore issuable upon the exercise of this Warrant
had such recapitalization, reclassification, merger, consolidation, sale or transfer not taken
place, and in each such case, the terms of this Warrant shall be applicable to the shares of stock
or other securities or property receivable upon the exercise of this Warrant after such
consummation.

(b) Subdivision or Combination of Shares. If the Company at any time while this
Warrant remains outstanding and unexpired shall subdivide or combine its Common Stock, the number
of Warrant Shares purchasable upon exercise of this Warrant shall be proportionately adjusted.

(c) Stock Dividends and Distributions. If the Company at any time while this Warrant
is outstanding and unexpired shall issue or pay the holders of its Common Stock, or take a record
of the holders of its Common Stock for the purpose of entitling them to receive, a dividend payable
in, or other distribution of, Common Stock, then the number of Warrant Shares purchasable upon
exercise of this Warrant shall be adjusted to the number of shares of Common Stock that Holder
would have owned immediately following such action had this Warrant been exercised immediately
prior thereto.

(d) Price Adjustments. Whenever the number of Warrant Shares purchasable upon
exercise of this Warrant is adjusted pursuant to Sections 5(a), 5(b) or 5(c), the Exercise Price
shall be proportionately adjusted.

(e) Certain Shares Excluded. The number of shares of Common Stock outstanding at any
given time for purposes of the adjustments set forth in this Section 5 shall exclude any shares
then directly or indirectly held in the treasury of the Company.

6. Notice to Holders.

(a) Notice of Record Date. In case:

(i) the Company shall take a record of the holders of its Common Stock (or
other stock or securities at the time receivable upon the exercise of this Warrant)
for the purpose of entitling them to receive any dividend (other than a cash
dividend payable out of earned surplus of the Company) or other distribution, or any
right to subscribe for or purchase any shares of stock of any class or any other
securities, or to receive any other right;

(ii) of any capital reorganization of the Company, any reclassification of the
capital stock of the Company, any consolidation with or merger of the Company into
another corporation, or any conveyance of all or substantially all of the assets of
the Company to another corporation; or

(iii) of any voluntary dissolution, liquidation or winding-up of the Company;

then, and in each such case, the Company will mail or cause to be mailed to the Holder hereof at
the time outstanding a notice specifying, as the case may be, (i) the date on which a record is to
be taken for the purpose of such dividend, distribution or right, and stating the amount and
character of such dividend, distribution or right, or (ii) the date on which such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding-up is to
take place, and the time, if any, is to be fixed, as of which the holders of record of Common Stock
(or such stock or securities at the time receivable upon the exercise of this Warrant) shall be
entitled to exchange their shares of Common Stock (or such other stock or securities) for
securities or other property deliverable upon such reorganization, reclassification, consolidation,
merger, conveyance, dissolution or winding-up. Such notice shall be mailed at least twenty (20)
calendar days prior to the record date therein specified, or if no record date shall have been
specified therein, at least twenty (20) days prior to such specified date.

(b) Certificate of Adjustment. Whenever any adjustment shall be made pursuant to
Section 5 hereof, the Company shall promptly make available and have on file for inspection a
certificate signed by its Chairman, Chief Executive Officer, President or a Vice President, setting
forth in reasonable detail the event requiring the adjustment, the amount of the adjustment, the
method by which such adjustment was calculated and the Exercise Price and number of Warrant Shares
purchasable upon exercise of this Warrant after giving effect to such adjustment.

7. Loss, Theft, Destruction or Mutilation. Upon receipt by the Company of evidence
satisfactory to it, in the exercise of its reasonable discretion, of the ownership and the loss,
theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, of
indemnity reasonably satisfactory to the Company and, in the case of mutilation, upon surrender and
cancellation thereof, the Company will execute and deliver in lieu thereof, without expense to the
Holder, a new Warrant of like tenor dated the date hereof.

8. Warrant Holder Not a Shareholder. The Holder of this Warrant, as such, shall not
be entitled by reason of this Warrant to any rights whatsoever as a shareholder of the Company,
including but not limited to voting rights.

9. Notices. Any notice provided for in this Warrant must be in writing and must be
either personally delivered, mailed by first class mail (postage prepaid and return receipt
requested), or sent by reputable overnight courier service (charges prepaid) to the recipient at
the address below indicated:

If to the Company:

Torvec, Inc.

1999 Mt. Read Boulevard, Building 3

Rochester, New York 14615

Attention: Chief Executive Officer

If to the Holder:

To the address of such Holder set forth on the books and records of the Company,

or such other address or to the attention of such other person as the recipient party shall have
specified by prior written notice to the sending party. Any notice under this Warrant will be
deemed to have been given (a) if personally delivered, upon such delivery, (b) if mailed, five days
after deposit in the U.S. mail, or (c) if sent by reputable overnight courier service, one business
day after such services acknowledges receipt of the notice.

10. Choice of Law. THIS WARRANT IS ISSUED UNDER AND SHALL FOR ALL PURPOSES BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING
EFFECT TO ITS CONFLICTS OF LAW RULES.

IN WITNESS WHEREOF, the Company has duly caused this Warrant to be signed on its behalf, in
its corporate name and by a duly authorized officer, as of this 23rd day of September 2011.

TORVEC, INC.

By:

Name:       

Title:       

1

EXHIBIT A

SUBSCRIPTION FORM

Torvec, Inc.

Torvec, Inc.

1999 Mt. Read Boulevard, Building 3

Rochester, New York 14615

Attention: Chief Executive Officer

The undersigned hereby (1) irrevocably elects to exercise his or its rights to purchase
     shares of Company’s Common Stock, par value $.01 per share (“Common Stock”) covered by
the attached Warrant, and (2) [check one]        (i) makes payment in full of the purchase price
therefore by enclosure of cash, a certified check or bank draft, or        (ii) elects to purchase
the Warrant Shares by Net Exercise (as defined in the Warrant), and (3) requests that certificates
for such shares of Common Stock be issued in the name of:

(Please print the Warrant holder’s name, address and Social Security/Tax Identification Number)

     

     

     

and (4) if such number of shares of Common Stock shall not be all the shares receivable upon
exercise of the attached Warrant, requests that a new Warrant for the balance of the shares covered
by the attached Warrant be registered in the name of, and delivered to:

(Please print name, address and Social Security/Tax Identification Number)

     

     

     

In lieu of receipt of a fractional share of Common Stock, the undersigned will receive a check
representing payment therefor.

Dated:              

PRINT WARRANT HOLDER NAME

 

Name:       

Title:       

Witness:

      

2

EXHIBIT B

ASSIGNMENT FORM

Torvec, Inc.

1999 Mt. Read Boulevard, Building 3

Rochester, New York 14615

Attention: Chief Executive Officer

FOR VALUE RECEIVED,   hereby sells, assigns and transfers unto

(Please print assignee’s name, address and Social Security/Tax Identification Number)

     

     

     

the right to purchase the Common Stock, par value $.01 per share, of Torvec, Inc., a New York
corporation, represented by this Warrant to the extent of shares as to which such right is
exercisable and does hereby irrevocably constitute and appoint       ,
Attorney, to transfer the same on the books of the Company with full power of substitution in the
premises.

Dated:              

PRINT WARRANT HOLDER NAME

 

Name:       

Title:       

Witness:

      

3EX-10.3

SUBSCRIPTION AGREEMENT

Torvec, Inc., a New York corporation

Torvec, Inc.,

1999 Mt. Read Blvd. Building 3,

Rochester, New York 14615

Gentlemen:

This Subscription Agreement (the “Agreement”) is made by and between Torvec, Inc., a New York
corporation (the “Company”), and the undersigned, a director or executive officer of the Company
(the “Subscriber”) in connection with the private placement of up to 687,500 Investment Units, for
an aggregate of $275,000 to three directors and one executive officer of the Company (the
“Purchasing Directors Financing”). Each Investment Unit consists of one (1) share of the Company’s
Series C Voting Convertible Preferred Stock, par value $0.01 per share (the “Series C Preferred
Stock”) initially convertible into an equivalent number of shares of common stock of the Company,
par value $0.01 per share (“Common Stock”), and a warrant to purchase one-tenth (1/10th)
of a share of Common Stock (the “Warrant”, and together with the Series C Preferred Stock, and the
Common Stock issuable upon exercise of the Warrant or conversion of the shares of Series C
Preferred Stock, each a “Company Security” and collectively, the “Company Securities”). The
Purchasing Directors Financing is part of a transaction whereby the Company is obtaining financing
concurrently herewith, of approximately $6.23 million through the sale of 15,562,500 Investment
Units to lead investor, B. Thomas Golisano, and other accredited investors(the “Golisano
Financing”), for an aggregate of $6.5 million with the Investment Units to be purchased in the
Purchasing Directors Transaction (collectively, the “Financing”).The offer and sale of the
Investment Units in the Financing are being made in reliance upon the provisions of Rule 506 of
Regulation D, under the Securities Act of 1933, as amended (the “Securities Act”).

In consideration of any agreement by the Company to accept the Subscriber’s subscription upon
the terms and conditions set forth herein, the Subscriber agrees and represents as follows:

1. Subscription.

(a) The Subscriber hereby irrevocably subscribes to purchase from the Company at a purchase
price of $0.40 per Investment Unit, that number of Investment Units as shall have been subscribed
for by the Subscriber as set forth on the signature page of this Agreement.

(b) Simultaneously with the execution of this Agreement, the Subscriber is paying and
delivering to the Company a check made payable to “Torvec, Inc.,” in the amount of the aggregate
purchase price due for the purchase of the Investment Units subscribed. Subscriber further
understands the payments made hereunder may be used by the Company as working capital or for other
purposes that the Company may determine in its sole discretion.

2. Effectiveness. Subscriber agrees that this Agreement shall not be binding on the Company
unless and until it is accepted by the Company. Until accepted, this Agreement constitutes an
irrevocable offer to the Company. Subscriber also understands and agrees that the Company may
refuse to accept this Agreement for any reason and this Agreement shall not be accepted until the
funds paid by Subscriber herewith clear and are credited to the account of the Company.

3. Investment Representations.

Subscriber hereby makes the representations and warranties set forth below with the express
intention that they be relied upon by the Company in determining the suitability of the Subscriber
to purchase Investment Units:

(a) Subscriber is aware that the Investment Units and the underlying Company Securities is a
speculative investment involving a high degree of risk and the potential loss of his/her entire
investment. Subscriber acknowledges that there is no minimum aggregate number of Investment Units
that must be purchased pursuant to this Agreement. There is no arrangement to place funds in an
escrow, trust, or similar account and all subscription deposits will be paid directly to the
Company.

(b) Subscriber can bear the economic risk of this investment and can afford a complete loss of
this investment; and Subscriber (A) has sufficient liquid assets to pay the full purchase price for
the shares of the Investment Units; (B) has adequate means of providing for Subscriber’s current
needs and possible personal contingencies, and has no present need for liquidity of Subscriber’s
investment in the Investment Units; (C) does not have a commitment to investments which are not
readily marketable or transferable which is disproportionate to Subscriber’s net worth; and (D)
Subscriber’s investment in the Investment Units will not cause such commitment to become excessive.

(c) Subscriber has sought and received such accounting, legal and tax advice as the Subscriber
has considered necessary to make an informed investment decision.

(d) Subscriber has had the opportunity to review publicly available materials filed by the
Company with the Securities and Exchange Commission (“SEC”) pursuant to the Securities Exchange Act
of 1934, as amended, including, but not limited to, the Risk Factors related to the Company’s
business and an investment in its Common Stock. The Company has made available to Subscriber, a
reasonable time prior to the date hereof, the opportunity to ask questions of, and to receive
answers from, the Company and its representatives, concerning the terms and conditions of the
Financing, including the Golisano Financing, and access to any information, documents, financial
statements, records and books (i) relative to the Company, the business, the Financing, including
the Golisano Financing, and an investment in the Company, and (ii) necessary to verify the accuracy
of any information furnished to Subscriber.

(e) Subscriber understands that the Investment Units and the underlying Company Securities
have not been registered under the Securities Act or pursuant to the provisions of the securities
or other laws of any applicable jurisdictions, in reliance upon certain exemptions contained in the
Securities Act and Regulation D promulgated thereunder and in the laws of such jurisdictions.
Subscriber is fully aware that Subscriber’s purchase of the Investment Units, is to be accepted by
the Company in reliance upon such exemptions based upon Subscriber’s representations, warranties
and agreements contained herein. The Subscriber further understands and agrees that the Company
will not honor any attempt by the Subscriber to sell, pledge, transfer or otherwise dispose of any
of the Investment Units or the underlying Company Securities in the absence of an effective
registration statement for such shares of the Company Securities, or an opinion of counsel
satisfactory to the Company that an exemption from any applicable registration requirements is
available. The Subscriber further understands that the Company is under no obligation to register
the Investment Units and the underlying Company Securities or make an exemption from registration
available and that the Company has not represented that it will make any attempt to so register the
Investment Units and the underlying Company Securities to make such an exemption thereto available.
Subscriber is fully aware of the restrictions on sale, transferability, and assignment of the
Company’s securities for an indefinite period of time.

(f) Subscriber knows of no public solicitation or advertisement of any offer in connection
with the proposed issuance and sale of the securities hereunder. Subscriber is not purchasing the
Investment Units as a result of any advertisement, article, notice or other communication regarding
the Company or the Investment Units published in any newspaper, magazine or similar media or
broadcast over television or radio or the Internet or presented at any seminar or through any other
general solicitation or general advertisement and acknowledges that the Subscriber had a
preexisting business or personal relationship with an officer or director of the Company.

(g) Subscriber understands that the Investment Units are being offered only to accredited
investors. Subscriber has delivered herewith a Representation of Accredited Investor (attached
as Exhibit A hereto) and the Subscriber represents that the information contained in such
Representation is true and accurate as of the date hereof. The Subscriber agrees to advise the
Company if any of the information contained in the Representation materially changes prior to
acceptance of this subscription.

(h) The Subscriber has delivered herewith a Form W-9 — Request for Taxpayer Identification
Number and Certification (attached as Exhibit B hereto), and the Subscriber represents that
the information contained in such Form W-9 is true and accurate as of the date hereof. The
Subscriber agrees to supplement the information in such Form W-9 as may be necessary to ensure that
the information contained in such Form W-9 remains correct in all material respects.

(i) Subscriber’s execution and delivery of this Agreement has been duly authorized by all
necessary action. Subscriber agrees not to transfer or assign this Agreement or any of
Subscriber’s interest herein. Subscriber is acquiring the Investment Units for Subscriber’s own
account and not as a fiduciary or nominee for any other person and for investment purposes only and
not with a view to or for the transfer, assignment, resale, or distribution thereof, in whole or in
part. Subscriber has no present plans to enter into any such contract, undertaking, agreement, or
arrangement. Subscriber understands the meaning and legal consequences of the foregoing
representations and warranties. Subscriber is not an “underwriter” of any of the Company’s
securities, as that term is defined in Section 2(11) of the Securities Act, and Subscriber will not
take or cause to be taken any action that would cause Subscriber to be deemed an “underwriter” of
the securities.

(j) Subscriber has the full power and authority to execute, deliver and perform this
Agreement. This Agreement, when executed and delivered by Subscriber, will constitute a valid and
legally binding obligation of Subscriber, enforceable in accordance with its terms.

(k) Subscriber is a resident of the State or other jurisdiction set forth on the Signature
Page of this Agreement and has reviewed any legend applicable to such state or jurisdiction in
Paragraph 4 hereof.

(l) Subscriber acknowledges that, except as expressly set forth in this Agreement, neither the
Company, nor any other Person acting on the Company’s behalf has made any other representations and
warranties of any kind or nature whatsoever to the Subscriber in connection with the sale of the
Investment Units hereunder, including without limitation, any representation or warranty regarding
the Company, its business, financial statements, results of operations, financial condition or
future prospects.

(m) The foregoing representations and warranties are true and correct as of the date of
Subscriber’s purchase of the Investment Units subscribed for herein, and each such representation
and warranty shall survive such purchase. Subscriber agrees to notify the Company immediately as
soon as any such representation or warranty is no longer true and correct.

4. Legends. Each certificate representing shares of the Series C Voting Convertible Preferred
Stock and the Common Stock issuable upon the conversion thereof, which may be issued by the Company
hereunder shall bear the following legend:

“NO SALE, OFFER TO SELL, OR TRANSFER OF THE SERIES C PREFERRED SHARES REPRESENTED BY THIS
CERTIFICATE, OR THE SECURITIES ISSUABLE UPON THE CONVERSION THEREOF, SHALL BE MADE IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT THE PROPOSED TRANSFER IS EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF SAID ACT AND IS IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS.”

The Subscriber agrees that a legend shall be placed on the Warrant in the form presented to
Subscriber, and a similar legend shall be placed on the Common Stock issuable upon the exercise
thereof.

5. Indemnification. Subscriber hereby agrees to indemnify and hold harmless the Company and
its affiliated persons and entities (other than Subscriber) from any and all damages, losses,
costs, and expenses (including reasonable attorneys’ fees) which it may incur by reason of
Subscriber’s failure to fulfill any of the terms and conditions of this purchase or by reason of
any misrepresentation or breach of any of the warranties contained herein. In this regard,
Subscriber agrees to hold the Company and its controlling persons harmless from all expenses,
liabilities, and damages deriving from an assignment or disposition of any shares of our Company
Securities subscribed for and/or purchased hereby in a manner which violates the Securities Act, or
of any applicable state securities law or which may be suffered by the indemnified person by reason
of any misrepresentation or breach of any warranty or agreement by Subscriber set forth herein.

6 Securities Laws. Subscriber understands that this Financing has not been reviewed by the
U.S. Securities and Exchange Commission or the securities commissioner or Attorney General of any
state due to the exempted nature of this Financing. Subscriber understands that any Financing
literature used in conjunction with this Financing has not been reviewed by the U.S. Securities and
Exchange Commission or the Attorney General or securities commissioner of any state and therefore
has not been approved by the U.S. Securities and Exchange Commission or any state securities
commissioner.

7 Notices. All notices and other communications required or permitted hereunder shall be in
writing, shall be effective when given, and shall in any event be deemed to be given upon receipt
by the other party or, if earlier, (a) five (5) days after deposit with the United States Postal
Service or other applicable postal service, if delivered by first class mail, postage prepaid, (b)
upon delivery, if delivered by hand, (c) one (1) business day after the business day of deposit
with Federal Express or similar overnight courier, freight prepaid or (d) one (1) business day
after the business day of facsimile transmission, if delivered by facsimile transmission with copy
by first class mail, postage prepaid, and shall be addressed to the parties at the following
addresses and/or facsimile numbers (or at such other address or number for a party as shall be
specified by like notice):

(a) If to the Company, to the address first set forth in the beginning of this Agreement;

(b) If to Subscriber, to the address set forth on the signature page of this Agreement for
Subscriber.

8. Governing Law. This Agreement shall be governed in all respects, including, without
limitation, validity, interpretation and effect, by the internal laws of the State of New York as
applied to contracts entered into and entirely performed within such state.

9. Severability. If any provision of this Agreement, or the application thereof, will for any
reason and to any extent be invalid or unenforceable, the remainder of this Agreement and
application of such provision to other persons or circumstances will be interpreted so as
reasonably to effect the intent of the parties hereto. The parties further agree to replace such
void or unenforceable provision of this Agreement with a valid and enforceable provision that will
achieve, to the extent possible, the economic, business and other purposes of the void or
unenforceable provision.

10. Entire Agreement. This Agreement, and the exhibits attached hereto, constitute the entire
agreement between the parties hereto with respect to the subject matter hereof, are intended to be
limited to the expressly provided provisions hereof, and supersede any prior agreements,
representations or understandings, both written and oral, between the parties hereto with respect
to the subject matter hereof, including, but not limited to, any prior Subscription Agreement which
may have been executed in favor of the Company by the Subscriber.

11. Binding Effect. This Agreement is binding upon and will inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

12. Amendment. This Agreement may not be amended except by an instrument in writing signed on
behalf of each of the parties hereto.

13. Counterparts. This Agreement may be executed in one or more counterparts, all of which
shall be considered one and the same agreement and shall become effective when one or more
counterparts have been signed by each of the parties and delivered to the other party.

REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

1

SIGNATURE PAGE

The undersigned hereby subscribes for the number of Investment Units as indicated below.

	 	 	 	Number of Investment Units subscribed:

       Investment Units X $0.40 per Investment Unit = $     .00 payment.

IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement this        day of
September, 2011.

Signature:

Name (Print):

Address:

SSN or EIN:

Title of Authorized Signatory
if Subscriber is a corporation,
partnership or other entity

Subscription for        shares of Investment Units accepted this        day of September, 2011.

Torvec, Inc.,

By:

Name:

Title:

EXHIBIT A

REPRESENTATION OF ACCREDITED INVESTOR

In connection with the proposed offering by Torvec, Inc., a New York corporation (the
“Company”), of investment units (the “Investment Units”), each consisting of one (1) share of the
Company’s Series C Voting Convertible Preferred Stock, par value $0.01 per share, initially
convertible into an equivalent number of shares of common stock of the Company, par value $0.01 per
share (“Common Stock”), and a warrant to purchase one-tenth (1/10th) of a share of the
Common Stock, at a purchase price of $0.40 per Investment Unit in a transaction intended to qualify
as a private placement of securities exempt from registration under the Securities Act of 1933, as
amended (the “Act”), pursuant to Section 4(2) thereof and Regulation D promulgated thereunder, I,
the undersigned, furnish the following representations and information:

REPRESENTATIONS

1. I have such knowledge and experience in financial and business matters to be capable of
evaluating the merits and risks of an investment in the Investment Units. I am offering as evidence
of my knowledge and experience in these matters the information indicated below.

2. I am an Accredited Investor (as that term is defined in Attachment 1 hereto), as
evidenced by my satisfying at least one of the following standards (initial the one that applies):

	 	 	 	       (a) I am an individual and had Income in excess of $200,000 in the two most
recent years or joint Income with my spouse in excess of $300,000 in the two most
recent years and reasonably expect to have Income in excess of this level in the
current year. For purposes of this Representation, “Income” shall mean salary and bonus
income, taxable income (gross receipts less cost of goods or services and expenses) in
the case of sale of proprietorships, distributable income from trusts and partnerships,
interest and dividend income (excluding unrealized gains) and vested contributions made
on behalf of an individual; or

	 	 	 	       (b) I am an individual and my net worth (i.e., excess of total assets over
total liabilities), either individually or together with my spouse, is at least
$1,000,000, excluding the value of my primary residence; or

	 	 	 	       (c) I am a corporation or partnership, not formed for the purpose of acquiring
the shares, with total assets in excess of $5,000,000; or

	 	 	 	       (d) I am an entity in which all of the equity owners meet the standards set
forth in any of the immediately preceding subparagraphs. (If this standard is
initialed, then each such equity owner must complete and return a copy of this
Representation); or

	 	 	 	 	 
	     
	 	(e)
	 	I am an executive officer or director of the Company; or

	     
	 	(e)
	 	Other (specify by reference to Attachment 1):

	 	 	 	 	 

3. I am acquiring the Investment Units for my own account as principal for my investment and
not with a view toward resale or distribution.

4. My present financial position, including my other security holdings, and my financial needs
are such that:

(a) my investment in the Investment Units is suitable for me, and I am able to bear the
economic risk of losing all funds invested; and

(b) I am able to bear the economic burden of having all such funds tied up in an essentially
illiquid investment for an extended period of time.

5. All questions that I have had concerning the investment have been answered to my complete
satisfaction.

6. All documents, books and records of the Company relative to this investment have been made
available for my inspection.

7. I further acknowledge that the representations and information contained herein support the
reasonable belief of Torvec, Inc., that I qualify within one of the above categories of Accredited
Investors.

IN WITNESS WHEREOF, I have executed this Representation of Accredited Investor this        day
of September, 2011 and declare that it is truthful and correct.

	 	 	 
	     

Signature of Prospective Purchaser

	 	     

Signature of Prospective Co-Purchaser
	     

PRINT Purchaser Name

	 	     

PRINT Co-Purchaser Name
	     

Title, if applicable

	 	     

Title, if applicable

(Check one)

       Individually

       Joint tenants with right of survivorship

       Tenants in common

       Partnership

       As custodian, Trustee or agent for       

       Company

ATTACHMENT 1

Definition of Accredited Investor

Accredited investor. Accredited investor shall mean any person who comes within any of the
following categories, or who the issuer reasonably believes comes within any of the following
categories, at the time of the sale of the securities to that person:

(1) Any bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan
association or other institution as defined in section 3(a)(5)(A) of the Securities Act whether
acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section
15 of the Securities Exchange Act of 1934; any insurance company as defined in section 2(13) of the
Securities Act; any investment company registered under the Investment Company Act of 1940 or a
business development company as defined in section 2(a)(48) of that Act; any Small Business
Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d)
of the Small Business Investment Act of 1958; any plan established and maintained by a state, its
political subdivisions, or any agency or instrumentality of a state or its political subdivisions,
for the benefit of its employees, if such plan has total assets in excess of $ 5,000,000; any
employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if
the investment decision is made by a plan fiduciary, as defined in section 3(21) of such act, which
is either a bank, savings and loan association, insurance company, or registered investment
adviser, or if the employee benefit plan has total assets in excess of $ 5,000,000 or, if a
self-directed plan, with investment decisions made solely by persons that are accredited investors;

(2) Any private business development company as defined in section 202(a)(22) of the
Investment Advisers Act of 1940;

(3) Any organization described in section 501(c)(3) of the Internal Revenue Code, corporation,
Massachusetts or similar business trust, or partnership, not formed for the specific purpose of
acquiring the securities offered, with total assets in excess of $5,000,000;

(4) Any director, executive officer, or general partner of the issuer of the securities being
offered or sold, or any director, executive officer, or general partner of a general partner of
that issuer;

(5) Any natural person whose individual net worth or joint net worth with that person’s
spouse, at the time of his purchase exceeds $1,000,000 excluding the value of the primary residence
of such natural person;

(6) Any natural person who had an individual income in excess of $200,000 in each of the two
most recent years or joint income with that person’s spouse in excess of $300,000 in each of those
years and has a reasonable expectation of reaching the same income level in the current year;

(7) Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose
of acquiring the securities offered, whose purchase is directed by a sophisticated person as
described in 17 C.F.R. § 230.506(b)(2)(ii); and

(8) Any entity in which all of the equity owners are accredited investors.

EXHIBIT B

FORM W-9

2

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