Document:

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                                                                    Exhibit 10.2

                              AMENDED AND RESTATED
                              EMPLOYMENT AGREEMENT

         This Amended and Restated Employment Agreement, dated as of the 1st day
of September, 2001, 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 entered into an Employment
Agreement on January 1, 2000, which superseded and replaced the Letter Agreement
between the Company and the Executive, dated July 19, 1999 (the "Letter
Agreement");

         WHEREAS, the Company and the Executive desire to amend and restate the
employment agreement on the terms and conditions set forth below (this
"Agreement");

         WHEREAS, in consideration of the commencement of the performance
described in this Agreement, and effective as of the date hereof, the Company
shall issue to the Executive an option to acquire 100,000 shares of the common
stock of the Company pursuant to the terms of the Company's Amended and Restated
1993 Long-Term Incentive Plan, which options shall (1) be incentive stock
options to the extent permitted under the Internal Revenue Code of 1986, as
amended, (2) have an exercise price equal to the fair market value of the common
stock on the date hereof, and (3) vest equally in annual installments over four
years beginning on the first anniversary of the date hereof.

         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.
                  ---------------------

                  (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 Senior Vice President,
         Finance and Administration, Chief Financial Officer and Corporate
         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).

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         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. 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 fifteen (15) months following termination of this Agreement, as and
when the same would otherwise be due, and (ii) an amount equal to 125% 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 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 $185,000, 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 45% 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 $500 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

                                       - 2 -

<PAGE>
         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.

                  (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.
                  ----------------------------------------

                  (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.

                                       - 3 -

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         5.       Covenant Not to Disclose Information. The Executive agrees
                  ------------------------------------
that 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 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 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 (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.

                                       - 4 -

<PAGE>
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.
                  -------------------------

                  (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 regular salary payments for a
         period of six (6) months from the date of such termination or, if
         sooner,

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<PAGE>
         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) 125% of the Executive's annual base 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) 125% 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) Bethel, 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 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.
                  -------------

                  (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.

                                       - 6 -

<PAGE>
                  (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 Letter
         Agreement, notwithstanding any provisions therein which state that
         certain provisions shall survive the termination of the Letter
         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 acquires
         beneficial ownership (within the meaning of Rule 13d-3 promulgated
         under teh Securities Exchange Act of 1934, as amended) of 25% or more
         of the Company's outstanding voting securities; unless, (x) 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 or, (y)
         with respect to clause (iv), the change of directors is approved by the
         Board of Directors as constituted prior to such change.

                                       - 7 -

<PAGE>

         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 and CEO

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

                                       - 8 -<PAGE>
                                                                    Exhibit 10.3

                              AMENDED AND RESTATED
                              EMPLOYMENT AGREEMENT

         This Amended and Restated Employment Agreement, dated as of the 21st
day of September, 2001, between Ronald Burke (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 entered into an employment
agreement on December 7, 2000 which superseded and replaced the Offer Letter
between the Company and the Executive, dated November 20, 2000 (the "Offer
Letter");

         WHEREAS, the Company and the Executive desire to amend and restate the
employment agreement on the terms and conditions set forth below (this
"Agreement"); and

         WHEREAS, in consideration of the commencement of the performance
described in this Agreement, and effective as of the date hereof, the Company
shall issue to the Executive an option to acquire 50,000 shares of the common
stock of the Company pursuant to the terms of the Company's Amended and Restated
1997 Long-Term Incentive Plan, which options shall (1) be incentive stock
options to the extent permitted under the Internal Revenue Code of 1986, as
amended, (2) have an exercise price equal to the fair market value of the common
stock on the date hereof, and (3) vest equally in annual installments over four
years beginning on the first anniversary of the date hereof.

         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.

                  (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 and
         General Manager - Operations, 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 Period of Employment 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 during the Period
         of Employment. 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

<PAGE>
         (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 during the Period of Employment 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 and the
         Company's senior management. The Executive shall comply with the
         directions and instructions made or given by or under the authority of
         the Company's President and Chief Operating Officer 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 his base salary for a period of
twelve (12) months following termination of this Agreement, as and when the same
would otherwise be due; provided, however, that such payment shall not be paid
                        --------  -------
by the Company if such non-renewal is for Cause (as defined in Section 8(b));
and, provided further, that if such non-renewal by the Company follows within
two (2) years of a Change in Control (as defined below), then the Company shall
also pay to the Executive, in one lump sum on the last day of the Term, an
amount equal to the sum of (x) 100 % of the Executive's annual base salary as
then in effect, plus (y) 100% of the Executive's target bonus, as then in
effect.

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

                  (a) From the date hereof the Company shall pay to the
         Executive an annual base salary of $175,000, 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 45% of the Executive's base annual salary, determined by and in the
         sole discretion of the Board of Directors of the Company. Such target
         amount is based upon the Company meeting Company performance goals and
         objectives. In addition, the Executive shall be entitled to a cash
         bonus of $50,000 as soon as practicable following the Executive's
         successful completion (as determined in good faith by the Chief
         Executive Officer of the Company) of the move of the Tinel Lock and DTC
         product lines from the Company's West Coast operations to the Company's
         East Coast operations. The Executive shall also be eligible to receive
         stock option grants 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

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<PAGE>
         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 $500 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 (pro rated for
         partial years) worked and including the period prior to the date hereof
         beginning on the date that the Executive began providing consulting
         services to the Company), no more than thirty of which (in the
         aggregate) may be carried over from one year to the next.
         Notwithstanding anything to the contrary in this Agreement, for
         purposes of determining the number of vacation days accrued by the
         Executive for the 2000 calendar year, the period prior to the date
         hereof, beginning on the date that the Executive began providing
         consulting services to the Company, shall be included.

                  (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 President and Chief
         Operating Officer.

                  (f) In the event that the Executive relocates from the
         Company's facility in Menlo Park, California to a facility at least 50
         miles outside of Menlo Park, California, the Executive shall be
         entitled to Tier I relocation benefits (as set forth in the Company's
         Relocation Policy in effect as of the date hereof) plus a lump sum cash
         payment of an amount equal to the mortgage points actually paid by the
         Executive with respect to the financing of the Executive's new primary
         residence in Connecticut or New York purchased by the Executive in
         connection with such relocation (not to exceed three points), payable
         upon the later to occur of 30 days following the date of relocation and
         30 days following the presentation by the Executive of evidence as to
         the same. The Executive acknowledges and agrees that, in the event of a
         termination of employment by the Executive without Good Reason during
         the two year period following the date of a relocation, the Executive
         shall be obligated to reimburse the Company all or a portion of the
         benefit received under such Relocation Policy, as set forth therein.

         4.       Covenant Not to Compete; Nonsolicitation.
                  ----------------------------------------

                  (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 a period of one year after the termination of the
         Period of Employment, any business which competes or could reasonably
         be expected to compete with the Company and/or its affiliates as of the
         date of termination; 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

                                       - 3 -

<PAGE>
         to cause the Executive to be engaged in any businesses being conducted
         by such publicly traded corporation; and (ii) the Company, at its sole
         discretion, may, by written notice to the Executive no more than six
         (6) months and no less than three (3) months prior to the end of the
         two-year period described above, extend such two-year period for a
         third year, in which case the Company will be obligated to pay the
         Executive, quarterly in advance, at the rate of the Executive's base
         salary in effect on the last day of the Period of Employment, for such
         additional one-year non-compete period. 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 three
         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 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 then
confidential information or trade secrets of the Company or any affiliate of the
Company which were made known to him 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 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.

                                       - 4 -

<PAGE>
         7.       Inventions and Improvements. With respect to any and all
                  ---------------------------
inventions (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.

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.
                  -------------------------

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

                  (b) The Executive's Period of Employment may be terminated by
         the Company with or without Cause or by the Executive with or without
         Good Reason (as defined in subsection (e)). For purposes of this
         Agreement, "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

                                       - 5 -

<PAGE>
         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; (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; or (viii) a failure by the Executive
         to meet the minimum objectives established in the annual "Memry Sharing
         Plan" to receive any bonus pursuant to Section 3(b) above with respect
         to two consecutive fiscal years. A termination for Cause must be
         accompanied by a written notice to that effect. If the Executive's
         employment is terminated by the Company for Cause or by the Executive
         without Good Reason, the Executive shall be paid his base salary
         through the date of his termination and any unreimbursed business
         expenses in accordance with Section 3(e) hereof (the "Accrued
         Obligations").

                  (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's legal representatives equal to the
         Executive's regular base salary payments through the end of the month
         in which such death occurs and any Accrued Obligations. In addition,
         the Company shall make a severance payment to the Executive's legal
         representatives 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's legal representatives 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 any Accrued Obligations and shall continue the
         Executive's regular base 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 with the Company
         is terminated by the Executive for Good Reason, as hereinafter defined,
         or is terminated by the Company without Cause (other than pursuant to
         subsection (d) above) (and the Company may terminate the Executive's
         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 (i) a lump-sum payment equal to the sum of (A) the
         Executive's

                                       - 6 -

<PAGE>
         annual base 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 (B)
         100% of the Executive's target bonus for the year that the termination
         occurs, plus (C) any Accrued Obligations, and (ii) outplacement
         service, up to a maximum amount of $15,000. 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) a Relocation (as defined below). 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). Relocation shall mean (i) prior to a Change in Control,
         the second time that the Company requires the Executive to relocate his
         principal place of business to a location more than sixty (60) miles
         from both (A) the facility in which the Executive is then employed and
         (B) the location of the home in which the Executive then resides, or
         (ii) after a Change in Control, the requirement that the Executive
         relocate his principal place of business to a location more than sixty
         (60) miles from both (A) the facility in which the Executive is then
         employed and (B) the location of the home in which the Executive then
         resides, in each case, without the Executive's prior consent. For
         purposes of clarification, a relocation from the Company's facility in
         Menlo Park, California, shall be deemed to have occurred without the
         Executive's consent for the purposes of clause (i) above.

         9. Effect of Termination. Upon termination of the Executive's
            ---------------------
employment 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.
                  -------------

                  (a) This Agreement may not be assigned by the Executive. The
         Company may assign this Agreement in connection with a Change in
         Control 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.

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

                                       - 7 -

<PAGE>
                  (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 Offer Letter.

                  (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 acquires
         beneficial ownership (within the meaning of Rule 13d-3 promulgated
         under the Securities Exchange Act of 1934, as amended) of 25% or more
         of the Company's outstanding voting securities; unless, (x) 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 (y) with respect to clause (iv), the change
         of directors is approved by the Board of Directors as constituted prior
         to such change.

         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 and CEO

                                          /s/ Ronald Burke
                                         ---------------------------------------
                                         Ronald Burke

                                       - 8 -

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