Document:

EX-10.4

INVESTORS’ RIGHTS AGREEMENT

THIS INVESTORS’ RIGHTS AGREEMENT is made as of the 23rd day of September, 2011, by and among
Torvec, Inc., a New York corporation (the “Company”), B. Thomas Golisano, a resident of the State
of Florida (the “Investor”), and Charles T. Graham and David Still (collectively, the “Additional
Investors”). The “Investor” and the “Additional Investors” are referred to collectively as the
“Purchasers.”

RECITALS

WHEREAS, the Company and the Purchasers are parties to that certain Securities Purchase
Agreement of even date herewith (the “Purchase Agreement”); and

WHEREAS, in order to induce the Company to enter into the Purchase Agreement and to induce the
Purchasers to invest funds in the Company pursuant to the Purchase Agreement, the Purchasers and
the Company hereby agree that this Agreement shall govern the rights of the Purchasers to cause the
Company to register shares of Common Stock issuable to the Purchasers, to receive certain
information from the Company, and to participate in future equity offerings by the Company, and
shall govern certain other matters as set forth in this Agreement;

NOW, THEREFORE, the parties to this Agreement agree as follows:

1. Definitions. For purposes of this Agreement:

1.1. “Affiliate” 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.

1.2. “Certificate of Incorporation” means the Company’s Certificate of Incorporation, as
amended from time to time.

1.3. “Common Stock” means shares of the Company’s common stock, par value $0.01 per share.

1.4. “Compensatory Equity Interest” means any equity security (or any commitment to sell,
grant or issue any equity security under any option, warrant, conversion or exchange right or
otherwise) of the Company or any subsidiary or any phantom stock, stock appreciation right or
similar equity or equity-based compensation right of the Company or any subsidiary, (i) awarded as
compensation for or as an incentive to service or continued service with the Company (including
without limitation under the 2011 Stock Option Plan or any other option or other equity incentive
plan) to employees, officers, or directors or, or consultants, advisors or other providers of
services to, the Company, (ii) issued as payment for rent or other sums under any lease or (iii)
issued as payment of royalties or other consideration under any license agreement; provided,
however that Compensatory Equity Interests shall not include (A) outstanding options and warrants,
listed on Section 2.4 of the Purchase Agreement, and (B) conversion and dividend rights now
provided for in the certificate of incorporation as amended to date.

1.5. “Compensating Shares” has the meaning given to that term in Subsection 5.2.

1.6. “Damages” means any loss, damage, or liability (joint or several) to which a party hereto
may become subject under the Securities Act, the Exchange Act, or other federal or state law,
insofar as such loss, damage, or liability (or any action in respect thereof) arises out of or is
based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any
registration statement of the Company, including any preliminary prospectus or final prospectus
contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to
state therein a material fact required to be stated therein, or necessary to make the statements
therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or
any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law,
or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state
securities law.

1.7. “Deemed Common Shares” means, with respect to a Purchaser, (i) the number of shares of
Common Stock issuable or issued upon conversion of the Series C Preferred Stock acquired by the
Purchaser under the Purchase Agreement, (ii) the number of Compensating Shares, if any, issued or
issuable to such Purchaser; (ii) the number of shares of Common Stock issued or issuable
upon exercise of the Warrants acquired by the Purchaser under the Purchase Agreement; and (iii) the
number of shares of Common Stock issued as (or issuable upon the conversion or exercise of any
warrant, right, or other security that is issued as) a dividend or other distribution with respect
to, or in exchange for or in replacement of, the shares referenced in clauses (i), (ii) and (iii)
above, in each case as adjusted for stock splits, stock dividends, combinations, and other
recapitalizations for which adjustment has not otherwise been made.

1.8. “Derivative Securities” means any securities or rights convertible into, or exercisable
or exchangeable for (in each case, directly or indirectly), Common Stock, including options and
warrants.

1.9. “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

1.10. “Excluded Registration” means (i) a registration relating to the sale of securities to
employees, directors or consultants of the Company or a subsidiary pursuant to a stock option,
stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii)
a registration on any form that does not include substantially the same information as would be
required to be included in a registration statement covering the sale of the Registrable
Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock
issuable upon conversion of debt securities that are also being registered.

1.11. “Exempted Securities” means (i) shares of capital stock or Derivative Securities issued
as a dividend or distribution on any capital stock or Derivative Securities of the Company; (ii)
shares of capital stock or Derivative Securities issued by reason of a stock split, combination,
split-up or other reorganization or recapitalization of the Company’s capital stock; (iii) shares
of Common Stock or Derivative Securities issued to employees or directors of, or consultants or
advisors to, the Company or any of its subsidiaries pursuant to a plan, agreement or arrangement
approved by the Board of Directors of the Company; (iv) a Compensatory Equity Interest; (v) shares
of Common Stock or Derivative Securities actually issued upon the exercise of options or warrants,
or shares of Common Stock actually issued upon the conversion or exchange of Derivative Securities,
in each case provided such issuance is pursuant to the terms of such Derivative Securities; (vi)
securities issued pursuant to the Directors’ Investment Transaction (as defined in the Purchase
Agreement); and (vii) shares of Common Stock or Derivative Securities issued pursuant to the
acquisition of another company by the Company by merger, purchase of substantially all of the
assets or other reorganization or to a joint venture agreement or otherwise in a bona fide
acquisition of business assets.

1.12. “Form S-3” means such form under the Securities Act as in effect on the date hereof or
any registration form under the Securities Act subsequently adopted by the SEC that permits
incorporation of substantial information by reference to other documents filed by the Company with
the SEC.

1.13. “Holder” means any holder of Registrable Securities who is a party to this Agreement or
an assignee thereof who succeeds to rights at issue.

1.14. “Immediate Family Member” means a 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, of a natural person referred to
herein.

1.15. “New Securities” means, collectively, equity securities of the Company, whether or not
currently authorized, as well as rights, options, or warrants to purchase such equity securities,
or securities of any type whatsoever that are convertible or exchangeable into or exercisable for
such equity securities (including without limitation Derivative Securities).

1.16. “Ownership Percentage” means at the time of measurement, the proportion that the Deemed
Common Shares then beneficially held by a Purchaser, bears to the total Common Stock of the Company
then outstanding or issuable pursuant to outstanding Derivative Securities, assuming full
conversion and/or exercise, as applicable, of all such Derivative Securities then outstanding,
expressed as a percentage. For avoidance of doubt, such Derivative Securities include, but are not
limited to, the preferred stock, warrants and options described in Section 2.4(a) of the Purchase
Agreement, and the Series C Preferred Stock.

1.17. “Person” means any individual, corporation, partnership, trust, limited liability
company, association or other entity.

1.18. “Purchased Securities” means the Series C Preferred Stock and Warrants purchased by the
Purchasers under the Purchase Agreement.

1.19. “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion
of the Series C Preferred Stock acquired by the Purchasers under the Purchase Agreement and any
Compensating Shares issued to such Persons; (ii) any Common Stock issued or issuable upon exercise
of the Warrants acquired by the Purchasers under the Purchase Agreement; and (iii) any Common Stock
issued as (or issuable upon the conversion or exercise of any warrant, right, or other security
that is issued as) a dividend or other distribution with respect to, or in exchange for or in
replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases,
however, any Registrable Securities sold by a Person in a transaction in which the applicable
rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for
purposes of Section 2 any shares for which registration rights have terminated pursuant
to Subsection 2.12 of this Agreement.

1.20. “Requisite Holders” means, as of any date and as to any provision of this Agreement, the
holders (and their assignees) who have the benefit of the provision of this Agreement at issue, of
at least two-thirds (2/3) of the Deemed Common Shares deemed owned by all such holders.

1.21. “Restricted Securities” means the securities of the Company required to bear the legend
set forth in Subsection 2.11(b) hereof.

1.22. “Sale of the Company” means a Deemed Liquidation Event, as that term is defined in the
Certificate of Amendment to the Company’s Certificate of Incorporation that creates the Series C
Preferred Stock.

1.23. “SEC” means the Securities and Exchange Commission.

1.24. “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

1.25. “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.

1.26. “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.

1.27. “Selling Expenses” means all underwriting discounts, selling commissions, and stock
transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of
counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne
and paid by the Company as provided in Subsection 2.6.

1.28. “Series C Preferred Stock” means shares of the Company’s Series C Voting Convertible
Preferred Stock, par value $0.01 per share.

1.29. “Underlying Shares” shall have the meaning given thereto in the Purchase Agreement.

1.30. “Warrant” or “Warrants” shall have the meaning given thereto in the Purchase Agreement.

2. Registration Rights. The Company covenants and agrees as follows:

2.1. Registration.

(a) If at any time when it is eligible to use a Form S-3 registration statement, the Company
receives a request from Holders that the Company file a Form S-3 registration statement with
respect to outstanding Registrable Securities of such Holders having an anticipated aggregate
offering price of at least $500,000 (the “Initiating Holders”), then the Company shall (i) within
ten (10) days after the date such request is given, give a Demand Notice to all Holders other than
the Initiating Holders; and (ii) as soon as practicable, and in any event within sixty (60) days
after the date such request is given by the Initiating Holders, file a Form S-3 registration
statement under the Securities Act covering all Registrable Securities requested to be included in
such registration by any other Holders, as specified by notice given by each such Holder to the
Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject
to the limitations of Subsection 2.1(b).

(b) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting
a registration pursuant to this Subsection 2.1 a certificate signed by the Company’s chief
executive officer stating that in the good faith judgment of the Company’s Board of Directors it
would be materially detrimental to the Company and its stockholders for such registration statement
to either become effective or remain effective for as long as such registration statement otherwise
would be required to remain effective, because such action would (i) materially interfere with a
significant acquisition, corporate reorganization, or other similar transaction involving the
Company; (ii) require premature disclosure of material information that the Company has a bona fide
business purpose for preserving as confidential, provided that the Company’s officers and directors
are prohibited from trading in the Company’s securities during the same period; or (iii) render the
Company unable to comply with requirements under the Securities Act or Exchange Act, then the
Company shall have the right to defer taking action with respect to such filing, and any time
periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a
period of not more than one hundred twenty (120) days after the request of the Initiating Holders
is given; provided, however, that the Company may not invoke this right more than
once in any twelve (12) month period; and provided further that the Company shall
not register any securities for its own account or that of any other stockholder during such one
hundred twenty (120) day period other than an Excluded Registration.

2.2. Limitation on Registration Rights. The Company shall not be obligated to effect,
or to take any action to effect, any registration pursuant to Subsection 2.1(a) (i) during the
period that is ninety (90) days before the Company’s good faith estimate of the date of filing of,
and ending on a date that is one hundred eighty (180) days after the effective date of, a
Company-initiated registration, provided, that the Company is actively employing in good faith
commercially reasonable efforts to cause such registration statement to become effective; or (ii)
if the Company has effected one registration pursuant to Subsection 2.1(a) during the twelve (12)
month period immediately preceding the date of such request. A registration shall not be counted
as “effected” for purposes of this Subsection 2.2 until such time as the applicable registration
statement has been declared effective by the SEC, unless the Initiating Holders withdraw their
request for such registration, and elect not to pay the registration expenses therefor that they
are required to pay pursuant to Subsection 2.6, in which case such withdrawn registration
statement shall be counted as “effected” for purposes of this Subsection 2.2.

2.3. Underwriting Requirements.

(a) If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the
Registrable Securities covered by their request by means of an underwriting, they shall so advise
the Company as a part of their request made pursuant to Subsection 2.1, and the Company
shall include such information in the Demand Notice. The underwriter(s) will be selected by the
Initiating Holders; provided, that such underwriter(s) shall be reasonably acceptable to the
Company’s Board of Directors (such approval not to be unreasonably withheld, conditioned or
delayed). In such event, the right of any Holder to include such Holder’s Registrable Securities in
such registration shall be conditioned upon such Holder’s participation in such underwriting and
the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided
herein. All Holders proposing to distribute their securities through such underwriting shall
(together with the Company as provided in Subsection 2.4(e)) enter into an underwriting
agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding
any other provision of this Subsection 2.2, if the managing underwriter(s) advise(s) the
Company in writing that marketing factors require a limitation on the number of shares to be
underwritten, then the Company shall so advise all Holders of Registrable Securities that otherwise
would be underwritten pursuant hereto, and the number of Registrable Securities that may be
included in the underwriting shall be allocated among such Holders of Registrable Securities,
including the Initiating Holders, in proportion (as nearly as practicable) to the number of
Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed
to by all such selling Holders; provided, however, that the number of Registrable
Securities held by the Holders to be included in such underwriting shall not be reduced unless all
other securities are first entirely excluded from the underwriting. To facilitate the allocation of
shares in accordance with the above provisions, the Company or the underwriters may round the
number of shares allocated to any Holder to the nearest 100 shares.

(b) For purposes of Subsection 2.1, a registration shall not be counted as “effected”
if, as a result of an exercise of the underwriter’s cutback provisions in Subsection
2.2(a), fewer than fifty percent (50%) of the total number of Registrable Securities that
Holders have requested to be included in such registration statement are actually included.

2.4. Obligations of the Company. Whenever required under this Section 2 to
effect the registration of any Registrable Securities, the Company shall, as expeditiously as
reasonably possible:

(a) prepare and file with the SEC a registration statement with respect to such Registrable
Securities and use its commercially reasonable efforts to cause such registration statement to
become effective and, upon the request of the Holders of a majority of the Registrable Securities
registered thereunder, keep such registration statement effective for a period of up to one hundred
twenty (120) days or, if earlier, until the distribution contemplated in the registration statement
has been completed; provided, however, that (i) such one hundred twenty (120) day
period shall be extended for a period of time equal to the period the Holder refrains, at the
request of an underwriter of Common Stock (or other securities) of the Company, from selling any
securities included in such registration, and (ii) in the case of any registration of Registrable
Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to
compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended
for up to eighteen (18) months, if necessary, to keep the registration statement effective until
all such Registrable Securities are sold;

(b) prepare and file with the SEC such amendments and supplements to such registration
statement, and the prospectus used in connection with such registration statement, as may be
necessary to comply with the Securities Act in order to enable the disposition of all securities
covered by such registration statement;

(c) furnish to the selling Holders such numbers of copies of a prospectus, including a
preliminary prospectus, as required by the Securities Act, and such other documents as the Holders
may reasonably request in order to facilitate their disposition of their Registrable Securities;

(d) use its commercially reasonable efforts to register and qualify the securities covered by
such registration statement under such other securities or blue-sky laws of such jurisdictions as
shall be reasonably requested by the selling Holders; provided that the Company shall not
be required to qualify to do business or to file a general consent to service of process in any
such states or jurisdictions, unless the Company is already subject to service in such jurisdiction
and except as may be required by the Securities Act;

(e) in the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the underwriter(s) of such
offering;

(f) use its commercially reasonable efforts to cause all such Registrable Securities covered
by such registration statement to be listed on a national securities exchange or trading system and
each securities exchange and trading system (if any) on which similar securities issued by the
Company are then listed;

(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant
to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not
later than the effective date of such registration;

(h) promptly make available for inspection by the selling Holders, any managing underwriter(s)
participating in any disposition pursuant to such registration statement, and any attorney or
accountant or other agent retained by any such underwriter or selected by the selling Holders, all
financial and other records, pertinent corporate documents, and properties of the Company, and
cause the Company’s officers, directors, employees, and independent accountants to supply all
information reasonably requested by any such seller, underwriter, attorney, accountant, or agent,
in each case, as necessary or advisable to verify the accuracy of the information in such
registration statement and to conduct appropriate due diligence in connection therewith;

(i) notify each selling Holder, promptly after the Company receives notice thereof, of the
time when such registration statement has been declared effective or a supplement to any prospectus
forming a part of such registration statement has been filed; and

(j) after such registration statement becomes effective, notify each selling Holder of any
request by the SEC that the Company amend or supplement such registration statement or prospectus.

2.5. Furnish Information. It shall be a condition precedent to the obligations of the
Company to take any action pursuant to this Section 2 with respect to the Registrable
Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of
such securities as is reasonably required to effect the registration of such Holder’s Registrable
Securities.

2.6. Expenses of Registration. All expenses (other than Selling Expenses) incurred in
connection with registrations, filings, or qualifications pursuant to Section 2, including
all registration, filing, and qualification fees; printers’ and accounting fees; fees and
disbursements of counsel for the Company; and the reasonable fees and disbursements of one counsel
for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company;
provided, however, that the Company shall not be required to pay for any expenses
of any registration proceeding begun pursuant to Subsection 2.1 if the registration request
is subsequently withdrawn (other than because of material adverse information relating to the
Company that is different from the information known or available, upon request from the Company or
otherwise, to the Holders requesting registration at the time of their request for registration) at
the request of the Holders of a majority of the Registrable Securities to be registered (in which
case all selling Holders shall bear such expenses pro rata based upon the number of Registrable
Securities that were to be included in the withdrawn registration), unless the Initiating Holders
agree to forfeit their right to the registration for such twelve month period pursuant to
Subsection 2.1. All Selling Expenses relating to Registrable Securities registered pursuant
to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the
number of Registrable Securities registered on their behalf.

2.7. Delay of Registration. No Holder shall have any right to obtain or seek an
injunction restraining or otherwise delaying any registration pursuant to this Agreement as the
result of any controversy that might arise with respect to the interpretation or implementation of
this Section 2.

2.8. Indemnification. If any Registrable Securities are included in a registration
statement under this Section 2:

(a) To the extent permitted by law, the Company will indemnify and hold harmless each selling
Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal
counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act)
for each such Holder; and each Person, if any, who controls such Holder or underwriter within the
meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to
each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or
other expenses reasonably incurred thereby in connection with investigating or defending any claim
or proceeding from which Damages may result, as such expenses are incurred; provided,
however, that the indemnity agreement contained in this Subsection 2.8(a) shall not
apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected
without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the
Company be liable for any Damages to the extent that they arise out of or are based upon actions or
omissions made in reliance upon and in conformity with written information furnished by or on
behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person
expressly for use in connection with such registration.

(b) To the extent permitted by law, each selling Holder, severally and not jointly, will
indemnify and hold harmless the Company, and each of its directors, each of its officers who has
signed the registration statement, each Person (if any), who controls the Company within the
meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as
defined in the Securities Act), any other Holder selling securities in such registration statement,
and any controlling Person of any such underwriter or other Holder, against any Damages, in each
case only to the extent that such Damages arise out of or are based upon actions or omissions made
in reliance upon and in conformity with written information furnished by or on behalf of such
selling Holder expressly for use in connection with such registration; and each such selling Holder
will pay to the Company and each other aforementioned Person any legal or other expenses reasonably
incurred thereby in connection with investigating or defending any claim or proceeding from which
Damages may result, as such expenses are incurred; provided, however, that the
indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in
settlement of any such claim or proceeding if such settlement is effected without the consent of
the Holder, which consent shall not be unreasonably withheld; and provided further
that in no event shall the aggregate amounts payable by any Holder by way of indemnity or
contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the
offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the
case of fraud or willful misconduct by such Holder.

(c) Promptly after receipt by an indemnified party under this Subsection 2.8 of notice
of the commencement of any action (including any governmental action) for which a party may be
entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Subsection 2.8, give the
indemnifying party notice of the commencement thereof. The indemnifying party shall have the right
to participate in such action and, to the extent the indemnifying party so desires, participate
jointly with any other indemnifying party to which notice has been given, and to assume the defense
thereof with counsel mutually satisfactory to the parties; provided, however, that
an indemnified party (together with all other indemnified parties that may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the fees and
expenses to be paid by the indemnifying party, if representation of such indemnified party by the
counsel retained by the indemnifying party would be inappropriate due to actual or potential
differing interests between such indemnified party and any other party represented by such counsel
in such action. The failure to give notice to the indemnifying party within a reasonable time of
the commencement of any such action shall relieve such indemnifying party of any liability to the
indemnified party under this Subsection 2.8, only to the extent that such failure
materially prejudices the indemnifying party’s ability to defend such action. The failure to give
notice to the indemnifying party will not relieve it of any liability that it may have to any
indemnified party otherwise than under this Subsection 2.8.

(d) To provide for just and equitable contribution to joint liability under the Securities Act
in any case in which either (i) any party otherwise entitled to indemnification hereunder makes a
claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined
(by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration
of time to appeal or the denial of the last right of appeal) that such indemnification may not be
enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for
indemnification in such case, or (ii) contribution under the Securities Act may be required on the
part of any party hereto for which indemnification is provided under this Subsection 2.8,
then, and in each such case, such parties will contribute to the aggregate losses, claims, damages,
liabilities, or expenses to which they may be subject (after contribution from others) in such
proportion as is appropriate to reflect the relative fault of each of the indemnifying party and
the indemnified party in connection with the statements, omissions, or other actions that resulted
in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant
equitable considerations. The relative fault of the indemnifying party and of the indemnified party
shall be determined by reference to, among other things, whether the untrue or allegedly untrue
statement of a material fact, or the omission or alleged omission of a material fact, relates to
information supplied by the indemnifying party or by the indemnified party and the parties’
relative intent, knowledge, access to information, and opportunity to correct or prevent such
statement or omission; provided, however, that, in any such case, (x) no Holder
will be required to contribute any amount in excess of the public offering price of all such
Registrable Securities offered and sold by such Holder pursuant to such registration statement, and
(y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) will be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation; and provided further that in no event shall a
Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid
or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the
offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the
case of willful misconduct or fraud by such Holder.

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with the
underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control.

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with
the underwritten public offering, the obligations of the Company and Holders under this
Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a
registration under this Section 2, and otherwise shall survive the termination of this
Agreement.

2.9. Reports Under Exchange Act. With a view to making available to the Holders the
benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a
Holder to sell securities of the Company to the public without registration or pursuant to a
registration on Form S-3, the Company shall:

(a) make and keep available adequate current public information, as those terms are understood
and defined in SEC Rule 144;

(b) use commercially reasonable efforts to file with the SEC in a timely manner all reports
and other documents required of the Company under the Securities Act and the Exchange Act.

2.10.  “Market Stand-off” Agreement.

(a) Each Holder hereby agrees that in connection with an underwritten public offering by the
Company other than an Excluded Registration, it will not, without the prior written consent of the
managing underwriter, during the period commencing on the date of the final prospectus relating to
the registration by the Company of shares of its Common Stock under the Securities Act and ending
on the date specified by the Company and the managing underwriter (such period not to exceed one
hundred eighty (180) days, plus such additional period (not to exceed seventeen (17) days) as may
be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the
publication or other distribution of research reports and (2) analyst recommendations and opinions,
including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule
472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell;
contract to sell; sell any option or contract to purchase; purchase any option or contract to sell;
grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or
indirectly, any shares of Common Stock or any securities convertible into or exercisable or
exchangeable (directly or indirectly) for Common Stock held immediately before the effective date
of the registration statement for such offering or (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of
such securities, whether any such transaction described in clause (i) or (ii) above is to be
settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing
provisions of this Subsection 2.10 shall not apply to the sale of any shares to an
underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for
the direct or indirect benefit of the Holder or the immediate family of the Holder,
provided that the trustee of the trust agrees to be bound in writing by the restrictions
set forth herein, and provided further that any such transfer shall not involve a
disposition for value, and shall be applicable to the Holders only if all officers and
directors are subject to the same restrictions and the Company uses commercially reasonable efforts
to obtain a similar agreement from all stockholders individually owning more than one percent (1%)
of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of
all outstanding Derivative Securities). The underwriters in connection with such registration are
intended third-party beneficiaries of this Subsection 2.10 and shall have the right, power,
and authority to enforce the provisions hereof as though they were a party hereto. Each Holder
further agrees to execute such agreements as may be reasonably requested by the underwriters in
connection with such registration that are consistent with and no more burdensome to the Holders
than, this Subsection 2.10 or that are necessary to give further effect thereto. Any
discretionary waiver or termination of the restrictions of any or all of such agreements by the
Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based
on the number of shares subject to such agreements. The provisions of this Subsection 2.10(a) shall
not apply to any Person with respect to Common Stock of the Company acquired from a party to this
Agreement or otherwise, in open market transactions.

(b) In order to enforce the foregoing covenants of this Subsection 2.10, the Company
may impose stop-transfer instructions with respect to the Registrable Securities of each Holder
(and transferees and assignees thereof) until the end of such lock-up period.

2.11. Restrictions on Transfer.

(a) The Series C Preferred Stock and the Registrable Securities shall not be sold, pledged, or
otherwise transferred, and the Company shall not recognize and shall issue stop-transfer
instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon
the conditions specified in this Agreement, which conditions are intended to ensure compliance with
the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser,
pledgee, or transferee of the Series C Preferred Stock and the Registrable Securities held by such
Holder to agree to take and hold such securities subject to the provisions and upon the conditions
specified in this Agreement.

(b) Each certificate or instrument representing (i) the Series C Preferred Stock, (ii) the
Registrable Securities, and (iii) any other securities issued in respect of the securities
referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger,
consolidation, or similar event, shall (unless otherwise permitted by the provisions of
Subsection 2.11(c)) be stamped or otherwise imprinted with a legend substantially in the
following form:

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD,
PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION
FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE
TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON
FILE WITH THE SECRETARY OF THE COMPANY.

The Holders consent to the Company making a notation in its records and giving instructions to any
transfer agent of the Restricted Securities in order to implement the restrictions on transfer set
forth in this Subsection 2.11.

(c) The holder of each certificate representing Restricted Securities, by acceptance thereof,
agrees to comply in all respects with the provisions of this Section 2. Before any proposed
sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration
statement under the Securities Act covering the proposed transaction, the Holder thereof shall give
notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each
such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer
in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such
Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal
opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect
that the proposed transaction may be effected without registration under the Securities Act; or
(ii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the
proposed sale, pledge, or transfer of the Restricted Securities may be effected without
registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be
entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of
the notice given by the Holder to the Company. Each certificate or instrument evidencing the
Restricted Securities transferred as above provided shall bear, except if such transfer is made
pursuant to a registration statement or SEC Rule 144 or if, in the opinion of counsel for such
Holder and the Company, such legend is not required in order to establish compliance with any
provisions of the Securities Act, the appropriate restrictive legend set forth in Subsection
2.11(b). Notwithstanding the foregoing, it is agreed that, provided that 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.

2.12. Termination of Registration Rights. The right of any Holder to request
registration or inclusion of Registrable Securities in any registration pursuant to Subsection
2.1 shall terminate upon the earliest to occur of: (a) the closing of a Sale of the Company;
(b) dissolution of the Company or (c) such time as (i) Rule 144 or another similar exemption under
the Securities Act is available for the sale of all of such Holder’s shares without limitation
during a three-month period without registration and (ii) if requested by Purchaser and he has
provided the necessary documentation, the Company has removed restrictive legends and stop transfer
orders with respect to such shares, and the Company covenants to remove such restrictive legends
promptly upon the furnishing of such documentation.

3. Information and Observer Rights.

3.1. Inspection Rights. Subject to Section 3.3 and 3.6 below, the Company shall
permit, during normal business hours and upon reasonable request and reasonable notice, the
Investor or any employees, agents or representatives thereof, so long as Investor shall
beneficially own at least Three Million (3,000,000) Deemed Common Shares, for purposes reasonably
related to Investor’s interests as a stockholder to examine and make reasonable copies of and
extracts from the records and books of account of, and visit and inspect the properties, assets,
operations and business of the Company and any subsidiary, and to discuss the affairs, finances and
accounts of the Company and any subsidiary with any of its officers, consultants, directors, and
key employees.

3.2. Reporting Requirements. If the Company ceases to file its periodic reports with
the Commission, or if the Commission ceases making these periodic reports available via the
Internet without charge, then at Investor’s request the Company shall furnish the following to
Investor so long as Investor shall beneficially own at least Three Million (3,000,000) Deemed
Common Shares:

(a) Quarterly Reports filed with the Commission on Form 10-Q as soon as available, and in any
event within forty-five (45) days after the end of each of the first three fiscal quarters of the
Company;

(b) Annual Reports filed with the Commission on Form 10-K as soon as available, and in any
event within ninety (90) days after the end of each fiscal year of the Company; and

(c) Copies of all notices and information, including without limitation notices and proxy
statements in connection with any meetings, that are provided to holders of shares of Common Stock,
contemporaneously with the delivery of such notices or information to such holders of Common Stock.

3.3. Observer Rights. As long as Investor (a) shall beneficially own at least Three
Million (3,000,000) Deemed Common Shares, and (b) shall not be serving as a director of the Company
or have a representative serving as director of the Company, the Company shall invite the Investor,
or his representative, to attend all meetings of its Board of Directors in a nonvoting observer
capacity and shall provide the Investor, or his representative with all information provided by the
Company to the Board of Directors at the same time it is so provided; provided, however, that the
Investor and such representative shall agree to hold in confidence and trust and to act in a
fiduciary manner with respect to all information so provided; and provided further, that the
Company reserves the right to withhold any information and to exclude the Investor and such
representative from any meeting or portion thereof if access to such information or attendance at
such meeting could adversely affect the attorney-client privilege between the Company and its
counsel or result in disclosure of trade secrets that would not be precluded by the confidential
information covenants of the Investor in this Agreement and any other confidential information
agreement or other assurance that the Investor and any representative choose to provide, or a
material conflict of interest, or if such Investor or its representative is a competitor of the
Company. The Investor may voluntarily terminate the right set forth in this Section 3.3 by his
written, signed election to do so, which election shall make reference to this Section 3.3.

3.4. Appointment to the Board of Directors. As long as Investor shall beneficially
own at least Three Million (3,000,000) Deemed Common Shares, at the Investor’s request, the Company
will cause Investor to be appointed to the Company’s Board of Directors to serve until the
following annual meeting of shareholders and until a successor is elected. The Investor may
voluntarily terminate the right set forth in this Section 3.4 by his written, signed election to do
so, which election shall make reference to this Section 3.4.

3.5. Termination of Information. The covenants set forth in Subsections
3.1, 3.2, 3.3 and 3.4 shall terminate and be of no further force or
effect upon the closing of a Sale of the Company or the dissolution of the Company, whichever event
occurs first.

3.6. Confidentiality. Investor and each Holder agrees to keep confidential and not
disclose, divulge, or use for any purpose (other than to monitor and otherwise protect its
interests with respect to its investment in the Company or as otherwise permitted by this
Agreement) any material confidential information obtained from the Company pursuant to the terms of
this Agreement (including notice of the Company’s intention to file a registration statement),
unless such confidential information (a) is known or becomes known to the public in general (other
than as a result of a breach of this Subsection 3.6 by such Investor), (b) is or has been
independently developed or conceived by the Investor without use of the Company’s confidential
information, or (c) is or has been made known or disclosed to the Investor or Holder by a third
party without a breach of any obligation of confidentiality such third party may have to the
Company, or (d) has been disclosed to another Person by the Company other than under a reservation
of confidentiality; provided, however, that Investor or a Holder may disclose
confidential information (i) to its attorneys, accountants, consultants, and other professionals to
the extent necessary to obtain their services in connection with monitoring its investment in the
Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if
such prospective purchaser agrees to be bound by the provisions of this Subsection 3.6; or
(iii) as may otherwise be required by law, provided that the Investor or Holder promptly
notifies the Company in advance of such disclosure and affords the Company the opportunity to take
such steps as it may desire to minimize the extent of any such required disclosure.

4. Rights to Future Stock Issuances.

4.1. Right of First Offer. Subject to the terms and conditions of this Subsection
4.1 and applicable securities laws, if the Company proposes to offer or sell any New
Securities, the Company shall first offer such New Securities to the Investor, and then the other
Purchasers.

(a) The Company shall give notice (the “Offer Notice”) to the Purchasers, stating (i) its bona
fide intention to offer such New Securities, (ii) the number of such New Securities to be offered,
and (iii) the price and terms, if any, upon which it proposes to offer such New Securities.

(b) By notification to the Company within twenty (20) days after the Offer Notice is given,
each Purchaser may elect to purchase or otherwise acquire, at the price and on the terms specified
in the Offer Notice, up to that portion of such New Securities which equals the proportion
that the Deemed Common Shares then attributable to such Purchaser based on Common Stock, Warrants
or Series C Preferred Stock held of record by such Purchaser bears to the total Common Stock of the
Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Series C
Preferred Stock and other Derivative Securities then outstanding). Each Purchaser shall have a
right of over-allotment such that if any Purchaser fails to exercise its right hereunder to
purchase its share of New Securities, the other Purchasers may purchase such non-purchasing
Purchaser’s portion on a pro rata basis (or as they may otherwise agree among themselves) within
ten (10) days from the date such non-purchasing Purchaser fails to exercise its right to purchase.
The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of
ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New
Securities pursuant to Subsection 4.1(c).

(c) If all New Securities referred to in the Offer Notice are not elected to be purchased or
acquired as provided in Subsection 4.1(b), the Company may, during the one hundred (180)
day period following the expiration of the periods provided in Subsection 4.1(b), offer and
sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price
not less than, and upon terms no more favorable to the offeree than, those specified in the Offer
Notice. If the Company does not enter into an agreement for the sale of the New Securities within
such period, or if such agreement is not consummated within thirty (30) days of the execution
thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall
not be offered unless first reoffered to the Purchasers in accordance with this Subsection
4.1.

(d) The right of first offer in this Subsection 4.1 shall not be applicable to
Exempted Securities.

4.2. Termination. The covenants set forth in Subsection 4.1 shall terminate
and be of no further force or effect (a) immediately when the Purchasers collectively cease to
beneficially own at least Three Million (3,000,000) Deemed Common Shares; or (b) upon the closing
of a Sale of the Company, or (iii) upon the dissolution of the Company, whichever event occurs
first.

5. Additional Covenants.

5.1. Investor Approvals. The Company shall not, directly or indirectly, do any of the
following (or permit any subsidiary to do any of the following) without the written consent of the
Investor:

(a) create, sell, grant or issue any Compensatory Equity Interest;

(b) reduce the per-share exercise or conversion price of any Derivative Security that is a
Compensatory Equity Interest, other than pursuant to its terms;

(c) create, incur, assume or guarantee any indebtedness for borrowed money in excess of
$1,000,000 in the aggregate at any one time; or

(d) guarantee the indebtedness of any third party for borrowed money except for trade accounts
of the Company or any subsidiary arising in the ordinary course of business.

5.2. Compensating Shares. In the event the Company shall at any time after the date
hereof issue Compensatory Equity Interests in violation of Subsection 5.1(a) or breach
Subsection 5.1(b) with the effect that additional equity interests are issuable as a result
of such breach, then the Company shall be obligated to issue to each Purchaser immediately such
aggregate number of additional shares of Common Stock (“Compensating Shares”) so that immediately
following such violation such Purchaser’s Ownership Percentage shall equal his Ownership Percentage
immediately prior to said violation. Such payments shall constitute the Purchaser’s exclusive
monetary remedy for such events, but shall not affect the right of the Investor to seek injunctive
relief. A Purchaser shall be deemed to have reconfirmed as to such Compensating Shares the
representations and warranties set forth in Section 3 of the Purchase Agreement, and such
Compensating Shares shall contain the restrictive legend set forth therein.

5.3. Termination of Covenants. The covenants set forth in Subsection 5.1,
shall terminate and be of no further force or effect (a) immediately when the Investor ceases to
beneficially own at least Three Million (3,000,000) Deemed Common Shares; (b) upon the closing of a
Sale of the Company or (c) upon the dissolution of the Company, whichever occurs first.

6. Miscellaneous.

6.1. Successors and Assigns.

(a) A Holder’s rights under Section 2 of this Agreement may be assigned (but only with
all related obligations) to a transferee of Registrable Securities that (i) is an Affiliate of a
Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder
or one or more of such Holder’s Immediate Family Members and, in the case of B. Thomas Golisano
only, The Golisano Foundation; or (iii) after such transfer, holds shares of Registrable Securities
representing at least 500,000 shares of Common Stock (subject to appropriate adjustment for stock
splits, stock dividends, combinations, and other recapitalizations); provided,
however, that (x) the Company is, within a reasonable time after such transfer, furnished
with written notice of the name and address of such transferee and the Registrable Securities with
respect to which such rights are being transferred; and (y) such transferee agrees in a written
instrument delivered to the Company to be bound by and subject to the terms and conditions of this
Agreement, including the provisions of Subsection 2.10. For the purposes of determining the
number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1)
that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or
(3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family
Member shall be aggregated together and with those of the transferring Holder; provided
further that all transferees who would not qualify individually for assignment of rights
shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices,
or taking any action under this Agreement.

(b) A Purchaser’s rights under Section 4 may be assigned to a Person who acquires in such
assignment beneficial ownership of at least Five Hundred Thousand (500,000) Deemed Common Shares;
provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished
with written notice of the name and address of such transferee and the Deemed Common Shares with
respect to which such rights are being transferred; and (y) such transferee agrees in a written
instrument delivered to the Company to be bound by and subject to the terms and conditions of this
Agreement, as applicable to the rights being assigned.

(c) A Purchaser’s rights under Subsection 5.2 may be assigned to a Person who acquires
in such assignment beneficial ownership of at least One Hundred Thousand (100,000) Deemed Common
Shares, provided, however, that (x) the Company is, within a reasonable time after such transfer,
furnished with written notice of the name and address of such transferee and the Deemed Common
Shares with respect to which such rights are being transferred; and (y) such transferee agrees in a
written instrument delivered to the Company to be bound by and subject to the terms and conditions
of this Agreement, as applicable to the rights being assigned.

(d) Without limiting any other provision of this Agreement, the Investor may assign any rights
and all under this Agreement to an Affiliate of the Investor.

(e) Except as set forth in Subsections 6.1(a), 6.1(b) 6.1(c) and 6.1(d), this
Agreement and the rights hereunder shall not be assignable or transferable by the Purchasers or the
Company. Subject to the preceding sentence, the terms and conditions of this Agreement shall be
binding upon, inure to the benefit of and be enforceable by the respective successors and permitted
assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon
any party other than the parties hereto or their respective successors and permitted assignees any
rights, remedies, obligations or liabilities under or by reason of this Agreement, except as
expressly provided herein.

6.2. Governing Law. This Agreement shall be deemed to be a contract made under, and
shall be construed in accordance with, the laws of the State of New York, without giving effect to
conflict of laws principles thereof.

6.3. Waiver of Jury Trial. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY.

6.4. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument. Counterparts may be delivered via facsimile, electronic mail (including .pdf) or other
transmission method and any counterpart so delivered shall be deemed to have been duly and validly
delivered and be valid and effective for all purposes.

6.5. Titles and Subtitles. The titles and subtitles used in this Agreement are used
for convenience only and are not to be considered in construing or interpreting this Agreement.

6.6. Notices. Any notice or demand which is required or provided to be given under
this Agreement shall be deemed to have been sufficiently given and received for all purposes when
delivered in writing by hand, telecopy, telex, facsimile, email or other method of electronic
delivery, or five (5) days after being sent by certified or registered mail, postage and charges
prepaid, return receipt requested, or two (2) days after being sent by overnight delivery providing
receipt of delivery, to the following addresses: If to the Company, it shall be sent to: Torvec
Inc., 1999 Mt. Read Boulevard, Building 3, Rochester, NY 14615, Attention: Chief Executive Officer,
Fax: 585-254-1105, Email: dickk@torvec.com, with copies (which shall not constitute notice) to
(Torvec Inc., 1999 Mt. Read Boulevard, Building 3, Rochester, NY 14615, Attention: General Counsel,
Fax: 585-254-1105, Email: dsullivan@torvec.com; if to the Investor, to: B. Thomas Golisano, 3175
Green Dolphin Lane, Naples, Florida 34102, Fax: 585-383-3428, Email: tgolisano@bluetie.com, with a
copy to (which shall not constitute notice), Fisher Asset Management,       ,
Attention: David Still, Fax: 585-340-1202, Email:      , if to Charles T.
Graham, to: 10 Turtle Creek, Pittsford, NY 14534, Fax:       , Email:       ;
if to David Still, to: 18 Wrenfield Lane, Pittsford, NY 14534, Fax: 585-340-1202, Email:
     .

6.7. Amendments and Waivers. Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular
instance, and either retroactively or prospectively) only with the written consent of (a) the
Company, and (b) the Requisite Holders; provided, that the Company may in its sole
discretion waive compliance with Subsection 2.11(c); and provided further
that any provision hereof may be waived by any waiving party on such party’s own behalf, without
the consent of any other party. The Company shall give prompt notice of any amendment or
termination hereof or waiver hereunder to any party hereto that did not consent in writing to such
amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance
with this Subsection 6.7 shall be binding on all parties hereto, regardless of whether any
such party has consented thereto. No waivers of or exceptions to any term, condition, or provision
of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or
continuing waiver of any such term, condition, or provision.

6.8. Severability. The invalidity or unenforceability of any provision hereof shall in
no way affect the validity or enforceability of any other provision.

6.9. Aggregation of Stock. All shares of Registrable Securities held or acquired by
Affiliates shall be aggregated together for the purpose of determining the availability of any
rights under this Agreement and such Affiliated persons may apportion such rights as among
themselves in any manner they deem appropriate.

6.10. Entire Agreement; Termination of Prior Agreements. This Agreement (including any
Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among
the parties with respect to the subject matter hereof, and any other written or oral agreement
relating to the subject matter hereof existing between the parties is expressly canceled.

6.11. Delays or Omissions. No delay or omission to exercise any right, power or remedy
accruing to any party under this Agreement, upon any breach or default of any other party under
this Agreement, shall impair any such right, power or remedy of such non-breaching or
non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an
acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any
waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or
character on the part of any party of any breach or default under this Agreement, or any waiver on
the part of any party of any provisions or conditions of this Agreement, must be in writing and
shall be effective only to the extent specifically set forth in such writing. All remedies, either
under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not
alternative.

6.12. Non-Circumvention. The Company will not, by amendment of its Certificate of
Incorporation or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the covenants or agreements to be observed or performed by it
under this Agreement, but will at all times in good faith assist in the carrying out of all such
provisions and in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Purchasers against impairment.

[ Remainder of Page Intentionally Left Blank ]

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
written above.

THE COMPANY:

TORVEC, INC.

By: /s/ Richard A. Kaplan—

	 
	 	 	Name:	 	 	Richard A. Kaplan
	 	 	Title:	 	 	Chief Executive Officer

INVESTOR:

/s/ B. Thomas Golisano      

	B.	 	Thomas Golisano

ADDITIONAL INVESTORS:

/s/ Charles T. Graham      

	 	 	Charles T. Graham

/s/ David Still      

	 	 	David Stillex10-14.htm

EXHIBIT 10.14

DIVERSIFIED GLOBAL HOLDINGS GROUP, INC.

September 20, 2011

Mr. Nikolay Uraev

RE:  Separation and Release Agreement

Dear Mr. Uraev:

This letter (“Separation and Release Agreement” or “Agreement”) is your notice that we accept your resignation as a director of Diversified Global Holdings Group, Inc., a Florida corporation (“DGHG” or the “Company”).

BACKGROUND:

You were one of the three major new shareholders in the November 20, 2009 restructure of the Company, each of which received 28,000,000 shares of common stock.  In addition, you received 1,100,000 shares of common stock for the sale by you to the Company of Kontakt LLC (“Kontakt”).  Effective August 5, 2010, each of these three major shareholders retransferred 13,000,000 shares to the treasury of the Company as a contribution to capital, leaving your total ownership at 16,100,000 shares of common stock.

AGREEMENTS:

In consideration of your agreements made as provided herein, DGHG agrees to assign and transfer to you all limited liability company ownership interests owned by it in Kontakt and to forgive the $75,000 loan from the Company to Kontakt, made pursuant to the Loan Agreement, dated May 17, 2010 (the “Kontakt Loan”).

DGHG’s agreement to retransfer to you all limited liability company ownership interests in Kontakt to you and to forgive the Kontakt Loan is conditioned upon your agreement to the following:

First, In consideration of the transfer to you of all limited liability company ownership interests in Kontakt, you hereby confirm your resignation as a director of the Company effective the date of this Agreement (the “Separation Date”), and you waive any rights to any salary or unreimbursed expenses owed to you by DGHG. You agree to release, and indemnify and hold harmless, DGHG and its officers and directors  from any liabilities or claims relating to your employment with Kontakt LLC or to your having acted as a director of the Company.

Second, you agree that you will promptly return, and transfer and assign to, DGHG (1) as a contribution to the Company’s capital, certificates representing 11,000,000 shares of DGHG common stock owned by you for cancellation, and (2) in payment for the retransfer to you of all of the limited liability company ownership interests in Kontakt,  certificates representing 1,100,000 shares of DGHG common stock in accordance with this Settlement Agreement. In the aggregate, you will transfer 12,100,000 shares of common stock to the Company and retain 4,000,000 shares of common stock following completion of the transactions described in this Agreement.

Third, you agree to transition with DGHG and assist DGHG in all respects with regard to filing of financial information concerning Kontakt with the U.S. Securities and Exchange Commission (SEC), as the rules of the SEC may require.

 

  

  

  

 

Fourth, you agree to execute (1) all necessary powers of attorney and other instruments to ensure filing with appropriate authorities in the Russian Federation of the change of ownership information concerning Kontakt and (2) an irrevocable proxy for a period of one year appointing Richard Lloyd and Vadim Enikeev your proxies and attorneys to vote all shares of common stock of DGHG owned by your at any meeting of shareholders which is being held for the purpose of election of directors.

Finally, you agree that after the Separation Date, you will not, either directly or indirectly, separately or in association with others,  interfere with DGHG’s relationship with (1) any of its subsidiaries or prospective investors, or (2) current or prospective employees of DGHG or any of its subsidiaries, by soliciting or encouraging, or causing others to solicit or encourage, any of them to discontinue their employment with DGHG or any of its subsidiaries. Further, you agree that you will not use or disclose to others any confidential or proprietary information concerning DGHG.

 

This Separation and Release Agreement is intended to be a binding legal document and contains all of the agreements between you and DGHG with respect to your employment and termination from employment and as a director of DGHG. The terms of this Agreement cannot be modified except in a written document signed by both of us.  This Agreement is effective and your resignation is effective as of the date set forth in the first paragraph hereof.

If the foregoing terms and conditions are entirely satisfactory to you, please date and sign this Separation and Release Agreement below and return the original to the Company.

Sincerely,

DGHG GROUP, INC.

 

	By:    /s/ Richard Lloyd	 
	          Richard Lloyd, President and Chief Executive Officer	 
	 	 
	By:  /s/Nikolay Uraev	 
	        Nikolay Uraev, Director

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