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                                                                   Exhibit 10.32


                             EMPLOYMENT AGREEMENT


     This Employment Agreement, dated as of the 1st day of January, 2000,
between Robert P. Belcher (the "Executive") and Memry Corporation, a Delaware
corporation (the "Company").

                             W I T N E S S E T H,
                             - - - - - - - - - -

     WHEREAS, the Company and the Executive are currently party to a Letter
Agreement, dated July 19, 1999 (the "Letter Agreement"), by which the Executive
is currently employed as the Company's Vice President, Chief Financial Officer,
Treasurer and Secretary; and

     WHEREAS, the Company and the Executive desire to enter into an employment
agreement on the terms and conditions set forth below (this "Agreement") in
substitution for the Letter Agreement; and

     WHEREAS, in consideration of the commencement of the performance described
in this Agreement, the Company has issued to the Executive 125,000 incentive
stock options, 25,000 of which are immediately vested, with the remainder
vesting equally in annual installments over four years.

     NOW, THEREFORE, in consideration of the premises and of the covenants and
agreements set forth herein, the parties agree as follows:

     1.   Employment and Duties.
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          (a) The Company hereby agrees to employ the Executive, and the
     Executive hereby accepts employment, upon the terms and conditions set
     forth herein.  During the period during which he is employed hereunder (the
     "Period of Employment"), the Executive shall diligently and faithfully
     serve the Company in the capacity of Vice President, Chief Financial
     Officer, Treasurer and Secretary, or in such other and/or lesser executive
     capacity or capacities as the Board of Directors and the Executive may,
     from time to time, agree.

          (b) During the term hereof, the Executive shall, at the request of the
     Company, serve as an officer and/or director of direct and indirect
     subsidiaries, and other affiliates, of the Company as the Company, acting
     through its Board of Directors, shall request from time to time.

          (c) The Executive shall devote his best efforts and substantially all
     of his business time, services and attention to the advancement of the
     Company's business and interests.  The restrictions in this Section 1 shall
     in no way prevent the Executive from (except as set forth in the
     immediately succeeding sentence) pursuing other activities, so long as all
     of such other activities do not, in the aggregate, materially interfere
     with the Executive's duties hereunder (including his obligation to devote
     substantially all of his business time, services and attention to the
     Company). Notwithstanding the foregoing, however, the Executive shall not
     accept any outside directorships without the prior consent of the Company's
     Board of Directors.

          (d) The Executive shall, at all times during the Period of Employment,
     diligently and faithfully carry out the policies, programs and directions
     of the Board of Directors of the Company.
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     The Executive shall comply with the directions and instructions made or
     given by or under the authority of the Company's Chief Executive Officer
     and/or its Board of Directors and whenever requested to do so shall give an
     account of all transactions, matters and things related to the Company and
     its affiliates and their affairs with which the Executive is entrusted.

     2.   Term.  The initial term of this Agreement shall commence on the date
          ----
hereof, and shall terminate on the day before the first anniversary of such date
(the "Initial Term").  Thereafter, the term of this Agreement shall be
automatically renewed for successive one-year periods, each commencing on the
month and day of this Agreement in the appropriate year and terminating on the
day before such date in the subsequent year, unless either party notifies the
other in writing of such party's intention not to renew at least ninety (90)
days prior to the date on which the term of this Agreement would otherwise
terminate.  The Initial Term and such other periods for which the term hereof
has been extended as aforesaid is collectively referred to herein as the "Term."
In the event the Company elects not to renew this Agreement at the end of any
Term, then the Company shall pay to the Executive (i) the Executive's base
salary for a period of six (6) months following termination of this Agreement,
as and when the same would otherwise be due, and (ii) one-half of the
Executive's target bonus described in Section 3(b), as then in effect, in one
lump sum; provided, however, that such payment shall not be paid by the Company
if such non-renewal is "for cause" (as defined below).

     3.   Compensation.  In consideration of the services rendered and to be
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rendered by the Executive, the Company agrees to compensate the Executive as
follows:

          (a) From the date hereof the Company shall pay to the Executive an
     annual base salary of $160,000, payable in equal installments every two
     weeks.  The Executive's base salary may be increased from time to time by
     the Board in accordance with normal business practices of the Company.

          (b) The Executive shall also be entitled to receive additional
     compensation in the form of an annual target bonus in an amount equal to
     35% of the Executive's annual base salary and/or stock option grants
     determined by and in the sole discretion of the Board of Directors of the
     Company.  Such target amount is based upon the Executive meeting all
     personal and Company performance goals and objectives.  Such grants may be
     made pursuant to any bonus and/or incentive compensation programs that may
     be established by the Company, including without limitation the Company's
     current incentive plans; provided, however, that nothing set forth in this
     sentence will in any way limit the Board of Directors discretion to approve
     or reject any bonus that the Executive would otherwise be due under any
     such plans.

          (c) The Executive shall be entitled to an automobile allowance of $300
     per month, to be paid in accordance with the Company's policy for paying
     automobile allowances as in effect from time to time.

          (d) The Executive shall be entitled to other fringe benefits
     comparable to the benefits afforded to other executive employees of the
     Company, including but not limited to reasonable sick leave and coverage
     under any health, dental, accident, hospitalization, disability,
     retirement, life insurance, 401(k), and annuity plans, programs or policies
     maintained by the Company.  In addition, and without limiting the
     foregoing, the Company shall provide the Executive with twenty working days
     of vacation per calendar year, no more than thirty of which (in the
     aggregate) may be carried over from one year to the next.

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          (e) The Executive shall be entitled to reimbursement, in accordance
     with Company policy, of all reasonable out-of-pocket expenses which he
     incurs on behalf of the Company in the course of performing his duties
     hereunder, subject to furnishing appropriate documentation of such expenses
     to the Company's Chief Executive Officer.

     4.   Covenant Not to Compete; Nonsolicitation.
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          (a) Except as specifically set forth in this Section 4, during the
     Period of Employment, the Executive will not engage, directly or
     indirectly, anywhere in the United States (including its territories,
     possessions and commonwealths) or Canada in any business which competes or
     could reasonably be expected to compete with the Company and/or its
     affiliates and, for such time after the Period of Employment as the Company
     is making severance payments to the Executive, any business which competes
     or could reasonably be expected to compete with the Company and/or its
     affiliates as of the date of termination of the Period of Employment;
     provided, however, that (i) the ownership by the Executive of less than 2%
     of the outstanding stock of any publicly traded corporation shall not be
     deemed solely by reason thereof to cause the Executive to be engaged in any
     businesses being conducted by such publicly traded corporation; and (ii)
     the Executive, at his sole discretion, may, by written notice to the
     Company, terminate the Company's obligation to make severance payments to
     the Executive, and upon the termination of such payments, the Executive's
     non-competition obligations pursuant to this Section 4 shall terminate.  If
     the final judgment of a court of competent jurisdiction declares that any
     term or provision of this Section 4(a) is invalid or unenforceable, the
     parties agree that the court making the determination of invalidity or
     unenforceability shall have the power to reduce the scope, duration, or
     area of the term or provision, to delete specific words or phrases, or to
     replace any invalid or unenforceable term or provision with a term or
     provision that is valid and enforceable and that comes closest to
     expressing the intention of the invalid or unenforceable term or provision,
     and this Agreement shall be enforceable as so modified after the expiration
     of the time within which the judgment may be appealed.

          (b) During the Period of Employment and for a period of two years
     thereafter, the Executive will not, directly or indirectly, either for
     himself or for any other person or entity (i) solicit (A) any employee of
     the Company or any affiliate of the Company to terminate his or her
     employment with the Company or such affiliate during his or her employment
     with the Company or such affiliate or (B) any former employee of the
     Company or an affiliate of the Company for a period of one year after such
     individual terminates his or his employment with the Company or such
     affiliate, (ii) solicit any customer or client of the Company or any such
     affiliate (or any prospective customer or client of the Company or such
     affiliate) as of the termination of the Period of Employment to terminate
     its relationship with the Company or such affiliate, or do business with
     any third parties, or (iii) take any action that is reasonably likely to
     cause injury to the relationships between the Company or any such affiliate
     or any of their respective employees and any lessor, lessee, vendor,
     supplier, customer, distributor, employee, consultant or other business
     associate of the Company or any such affiliate as such relationship relates
     to the Company's or such affiliate's conduct of its business.

     5.   Covenant Not to Disclose Information.  The Executive agrees that
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during the Period of Employment and thereafter, he will not use or disclose,
other than to another employee of the Company, qualified by the Company to
receive that information in the normal course of business, any confidential
information or trade secrets of the Company or any affiliate of the Company
which were made known to him

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by the Company, its officers or employees or affiliates, or learned by him while
in the Company's employ, without the prior written consent of the Company, and
that upon termination of his employment for any reason, he will promptly return
to the Company any and all properties, records, figures, calculations, letters,
papers, drawings, schematics or copies thereof or other confidential information
of the Company and its affiliates of any type or description. It is understood
that the term "trade secrets" as used in this Agreement is deemed to include,
without limitation, lists of the Company's and its affiliates' respective
customers, information relating to their practices, know-how, processes and
inventions, and any other information of whatever nature which gives the Company
or any affiliate an opportunity to obtain an advantage over its competitors who
do not have access to such information.

     6.   Remedy at Law Inadequate.  The Executive acknowledges that any remedy
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at law for breach of any of the restrictive covenants (Sections 4 and 5)
contained in this Agreement would be inadequate and the Company shall be
entitled to injunctive relief in the event of any such breach.

     7.   Inventions and Improvements.  With respect to any and all inventions
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(as defined in Section 7(e) below) made or conceived by the Executive, whether
or not during his hours of employment, either solely or jointly with others,
during the Period of Employment, without additional consideration:

          (a) The Executive shall promptly inform the Company of any such
     invention.

          (b) Any such invention, whether patentable or not, shall be the
     property of the Company, and the Executive hereby assigns and agrees to
     assign to the Company all his rights to any such invention, and to any
     United States and/or foreign letters patent granted upon any such invention
     or any application therefor.

          (c) The Executive shall apply, at the Company's request and expense,
     for United States and/or foreign letters patent either in the Executive's
     name or otherwise as the Company may desire.

          (d) The Executive shall acknowledge and deliver promptly to the
     Company, without charge to the Company but at its expense, all sketches,
     drawings, models and figures and other information and shall perform such
     other acts, such as giving testimony in support of his inventorship, as may
     be necessary in the opinion of the Company to obtain and maintain United
     States and/or foreign letters patent and to vest the entire right and title
     thereto in the Company.

          (e) For purposes of this Section, the term "invention" shall be deemed
     to mean any discovery, concept or idea (whether patentable or not),
     including but not limited to processes, methods, formulas, techniques,
     hardware developments and software developments, as well as improvements
     thereof or know-how related thereto, (i) concerning any present or
     prospective activities of the Company and its affiliates and (ii) (A) which
     the Executive becomes acquainted with as a result of his employment by the
     Company, (B) which results from any work he may do for, or at the request
     of, the Company or any of its affiliates, (C) which relate to the Company's
     or any affiliates' business or actual or demonstrably anticipated research
     and development, or (D) which are developed in any part by use of the
     Company's or any such affiliates' equipment, supplies, facilities or trade
     secrets.

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The parties hereto agree that the covenants and agreements contained in this
Section 7 are, taken as a whole, reasonable in their scope and duration, and no
party shall raise any issue of the reasonableness of the scope or duration of
any such covenants in any proceeding to enforce any such covenants.

     8.   Termination of Employment.
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          (a) The Executive's Period of Employment may not be terminated prior
     to the expiration of the Term except in accordance with the provisions of
     this Section 8.

          (b) The Executive's Period of Employment may be terminated by the
     Company for cause.  For purposes of this Agreement, "for cause" means that
     termination occurs in connection with a determination, made at a meeting of
     the Board of Directors at which the Executive (and, at the Executive's
     option, his counsel) shall have had a right to participate, that the
     Executive has (i) committed an act of gross negligence or willful
     misconduct, or a gross dereliction of duty, that has materially and
     adversely affected the overall performance of his duties hereunder; (ii)
     committed fraud upon the Company in his capacity as an employee hereunder;
     (iii) been convicted of, or pled guilty (or nolo contendere) to, a felony
     that the Board of Directors, acting in good faith, determines is or would
     reasonably be expected to have a material adverse effect upon the business,
     operations, reputation, integrity, financial condition or prospects of the
     Company; (iv) any material breach by the Executive of the terms hereof; (v)
     failure to follow instructions from a person authorized to give them
     pursuant to Section 1(d) above that is lawful and not inconsistent with the
     terms hereof; (vi) the Executive's habitual drunkenness or habitual
     substance abuse; or (vii) civil or criminal violation of any state or
     federal government statute or regulation, or of any state or federal law
     relating to the workplace environment (including without limitation laws
     relating to sexual harassment or age, sex or other prohibited
     discrimination), or any violation of any Company policy adopted in respect
     of any of the foregoing.  "For cause" termination must be accompanied by a
     written notice to that effect.  If the Executive is terminated for cause,
     the Executive shall be paid through the date of his termination.

          (c) If the Executive dies, the Period of Employment shall terminate
     effective at the time of his death; provided, however, that such
     termination shall not result in the loss of any benefit or rights which the
     Executive may have accrued through the date of his death.  If the Period of
     Employment is terminated prior to the expiration of the Term due to the
     Executive's death, the Company shall make a severance payment to the
     Executive or his legal representatives equal to the Executive's regular
     salary payments through the end of the month in which such death occurs.
     In addition, the Company shall make a severance payment to the Executive or
     his legal representative equal to the Executive's target bonus described in
     Section 3(b), pro rated for the portion of such fiscal year completed prior
     to the Executive's death; provided, however, that such pro rated portion of
     the Executive's target bonus shall be paid to the Executive following the
     completion of such fiscal year at the time similar bonuses are paid to
     other employees of the Company.

          (d) If the Executive becomes disabled, the Period of Employment may be
     terminated, at the Company's option, at the end of the calendar month
     during which his disability is determined; provided, however, that such
     termination shall not result in the loss of any benefits or rights which
     the Executive may have accrued through the date of his disability.  If the
     Period of Employment is terminated prior to the expiration of the Term due
     to the Executive's disability, the Company shall make a severance payment
     to the Executive or his legal representative equal to the Executive's

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     regular salary payments for a period of six (6) months from the date of
     such termination or, if sooner, until payments begin under any disability
     insurance policy maintained by the Company for the benefit of the
     Executive.  For the purposes of this section, the definition of
     "disability" shall be the same as the definition of a "permanent
     disability" contained in any long-term disability insurance policy
     maintained by the Company in effect at the time of the purported
     disability, or last in effect, if no policy is then in effect.

          (e) If the Executive's Period of Employment is terminated by the
     Executive for "Good Reason," as hereinafter defined, or is terminated by
     the Company without cause (and the Company may terminate the Period of
     Employment without cause at any time) other than at the end of the Term,
     then, in addition to the other rights to which the Executive is entitled
     upon a termination as provided for herein, the Executive shall also be
     entitled to a lump-sum payment equal to the sum of (i) one half ( 1/2) of
     the Executive's annual salary, at the rate of salary in effect immediately
     prior to the effective date of such termination (without regard to any
     purported or attempted reduction of such rate by the Company), plus (ii)
     fifty percent (50%) of the Executive's target bonus for the fiscal year
     during which termination occurs.  For purposes of this Agreement, the term
     "Good Reason" shall mean: (i) the failure by the Company to observe or
     comply with any of the provisions of this Agreement if such failure has not
     been cured within ten (10) days after written notice thereof has been given
     by the Executive to the Company; or (ii) at the election of the Executive,
     upon a Change in Control of the Company, as defined in Section 10(f) (which
     election can be made at any time upon thirty (30) days' prior written
     notice given within two (2) years following the date on which the Change in
     Control of the Company occurred) if, subsequent to such Change in Control,
     there is a material diminution in the position, duties and/or
     responsibilities of the Executive; or (iii) the relocation of the
     Executive's principal place of business to a location more than sixty (60)
     miles from both (A) Brookfield, Connecticut and (B) Easton, Connecticut,
     without the Executive's prior consent.  Further, in the event of a
     termination pursuant to this Section 8(e), or pursuant to Section 8(c) or
     Section 8(d) above, to the extent allowable under the provisions of the
     Internal Revenue Code of 1986, as amended, and the rules and regulations
     promulgated thereunder, and the plans pursuant to which the same were
     granted, all incentive and non-qualified stock options then held by the
     Executive still subject to any vesting requirements shall have such vesting
     requirements terminated (such that all such options are then immediately
     exercisable).

     9.   Effect of Termination.  Upon termination of the Executive's employment
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for any reason whatsoever, all rights and obligations of the parties under this
Agreement shall cease, except that the Executive shall continue to be bound by
the covenants set forth in Sections 4, 5, 6 and 7 hereof, and the Company shall
be bound to pay to the Executive accrued compensation, including salary and
other benefits, to the date of termination and any severance payments which may
be owed under the provisions of Section 8 hereof.

     10.  Miscellaneous.
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          (a) This Agreement may not be assigned by the Executive.  The Company
     may assign this Agreement in connection with a Sale of the Company.

          (b) In the event that any provision of this Agreement is found by a
     court of competent jurisdiction to be invalid or unenforceable, such
     provision shall be, and shall be deemed to be, modified so as to become
     valid and enforceable, and the remaining provisions of this Agreement shall
     not be affected.

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          (c) This Agreement shall be governed by and construed in accordance
     with the laws of the State of Connecticut.

          (d) No modification of this Agreement shall be effective unless in a
     writing executed by both parties.

          (e) This Agreement constitutes the entire agreement of the parties
     with respect to the subject matter hereof, and supercedes all prior
     agreements, representations and promises by either party or between the
     parties, including without limitation, the Prior Employment Agreement,
     notwithstanding any provisions therein which state that certain provisions
     shall survive the termination of the Prior Employment Agreement.

          (f) For purposes of this Agreement, "Change in Control of the Company"
     shall mean: (i) any merger or consolidation or other corporate
     reorganization of the Company in which the Company is not the surviving
     entity; or (ii) any sale of all or substantially all of the Company's
     assets, in either a single transaction or a series of transactions; or
     (iii) a liquidation of all or substantially all of the Company's assets; or
     (iv) a change within one twelve-month period of a majority of the directors
     constituting the Company's Board of Directors at the beginning of such
     twelve-month period; or (v) if a single person or entity, or a related
     group of persons or entities, at any time beneficially owns 25% or more of
     the Company's outstanding voting securities; unless, with respect to any
     event described in clauses (i) through (v), the Executive agrees in
     writing, prior to the consummation of the event giving rise to the Change
     in Control of the Company, that such event or events does not for purposes
     of this Agreement constitute a Change in Control of the Company or, as a
     director, votes in favor of the matter that would otherwise cause the
     Change in Control of the Company and unless, with respect to clause (iv),
     the change of directors is approved by the Board of Directors as
     constituted prior to such change.

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

                                        MEMRY CORPORATION


                                        By: /s/ James G. Binch
                                           ------------------------------
                                            Name: James G. Binch
                                            Title: Chairman & CEO


                                          /s/ Robert P. Belcher
                                        ---------------------------------
                                        Robert P. Belcher

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