Document:

WARRANT TO PURCHASE COMMON STOCK

 Exhibit 4.1 
  
 THE SALE AND ISSUANCE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAW OF ANY STATE OR OTHER JURISDICTION. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE DISTRIBUTION THEREOF. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
PLEDGED, OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO THESE SECURITIES AND SUCH OFFER, SALE, PLEDGE, OR TRANSFER IS IN COMPLIANCE WITH APPLICABLE SECURITIES LAW OF ANY STATE OR OTHER JURISDICTION OR (II) THERE
IS AN OPINION OF COUNSEL OR OTHER EVIDENCE, SATISFACTORY TO THE COMPANY, THAT AN EXEMPTION THEREFROM IS AVAILABLE AND THAT SUCH OFFER, SALE, PLEDGE, OR TRANSFER IS IN COMPLIANCE WITH APPLICABLE SECURITIES LAW OF ANY STATE OR OTHER JURISDICTION.

  

	No. 03-02	 	 Warrant to Purchase 62,500 Shares of
 Common Stock (subject to adjustment)

  
 WARRANT TO PURCHASE
COMMON STOCK, PAR VALUE $0.01 PER SHARE 
  
 of

  
 MEMRY CORPORATION 
 Void after July 1, 2008 
  
 This certifies that, for value received, Trautman Wasserman & Co., Inc. (the “Holder”), is entitled, subject to the terms set forth below,
to purchase from Memry Corporation (the “Company”), 62,500 shares of the Common Stock, par value $0.01 per share (“Common Stock”), of the Company, as constituted on the date hereof, upon surrender hereof, at the principal office
of the Company referred to below, with the Notice of Exercise form attached hereto as Annex I duly executed, and simultaneous payment therefor in lawful money of the United States or otherwise as hereinafter provided, at the “Exercise
Price” as set forth in Section 2 below. The number, character and Exercise Price of such shares of Common Stock are subject to adjustment as provided below. The term “Warrant” as used herein shall include this Warrant and any warrants
delivered in substitution, replacement or exchange therefor as provided herein. 
  
 This Warrant is issued in connection with the transactions contemplated by that certain letter agreement, dated April 10, 2003, between the Company and the Holder. 
  
 1. Term of Warrant. Subject to the terms and conditions set forth herein, this Warrant
shall be exercisable, in whole or in part, during the term commencing on the date hereof and ending at 5:00 p.m., prevailing local time in Stamford, Connecticut, on July 1, 2008, and shall be void thereafter. 
  
 2. Exercise Price. The Exercise Price at which this Warrant may be exercised shall be
$1.70 per share of Common Stock, as adjusted from time to time pursuant to Section 11 hereof. 
  

 3. Exercise of Warrant. 
  

(a) The purchase rights represented by this Warrant shall be exercisable by the Holder in whole or in part at any time or from time to time during the
term hereof by the surrender of this Warrant and the Notice of Exercise attached as Annex I hereto duly completed and executed on behalf of the Holder, at the principal office of the Company (or such other office or agency of the Company as it may
designate by notice in writing to the Holder at the address of the Holder appearing on the books of the Company), upon payment of the Exercise Price by certified or bank check payable in cash to the order of the Company. 
  
 (b) In addition to the method of payment set forth in Section 3(a) and in
lieu of any cash payment required thereunder, the Holder may, at any time at which the fair market value of one share of Common Stock (at the date of such calculation) is greater than the Exercise Price (as adjusted to the date of such calculation),
elect to receive shares of Common Stock equal to the value (as determined below) of this Warrant being exercised by surrender of this Warrant and the Notice of Exercise attached as Annex I hereto duly completed and executed on behalf of the Holder,
at the principal office of the Company, in which event the Company shall issue to such holder a number of shares of Common Stock computed using the following formula: 
  
 X = Y(A-B) 
      A 
  
 Where 
  

	 	X =	the number of shares of Common Stock to be issued to such holder; 

  

	 	Y =	the number of shares of Common Stock purchasable under this Warrant or, if only a portion of this Warrant is being exercised, the portion of this Warrant being cancelled (at the
date of such calculation); 

  

	 	A =	the fair market value of one share of Common Stock (at the date of such calculation); and 

  

	 	B =	Exercise Price (as adjusted to the date of such calculation). 

  
 For purposes of the above calculation, the fair market value of one share of Common Stock shall be the average of the closing bid and asked prices of the Common Stock
quoted in the over-the-counter market, or if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, or the last reported sale price of the Common Stock or the closing price quoted on the NASDAQ National
Market System or on any exchange on which the Common Stock is listed, whichever is applicable, as published in the Eastern Edition of The Wall Street Journal for the five trading days prior to the date of determination of fair market value;
provided, however, that if no public market for the Common Stock exists at the time of such exercise, the fair market value per share shall be determined by the Company’s Board of Directors in good faith. 
  
 (c) This Warrant shall be deemed to have been exercised immediately prior to
the close of business on the date of its surrender for exercise as provided above, and the person entitled to receive the shares of Common Stock issuable upon such exercise shall be treated for all purposes as the holder of record of such shares as
of the close of business on such date. As promptly as practicable on or after such date and in any event within ten (10) days thereafter, the Company, at its expense, shall issue and deliver to the person or persons entitled to receive the same, a
certificate or certificates for the number of shares 

  

 
issuable upon such exercise. In the event that this Warrant is exercised in part, the Company, at its expense, shall, simultaneously with the delivery
described in the immediately preceding sentence, execute and deliver a new Warrant of like tenor exercisable for the number of shares for which this Warrant may then be exercised. 
  
 4. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of
this Warrant. In lieu of any fractional share to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the fair market value of one share of Common Stock multiplied by such fraction. 
  
 5. Replacement of Warrant. On receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation,
on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount. 
  
 6. Rights of Stockholders. Subject to Sections 9 and 11 hereof, the Holder shall not be entitled to vote or receive dividends or be
deemed the holder of Common Stock or any other securities of the Company that may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights
of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization,
issuance of stock, reclassification of stock, change of par value, or change of stock to no par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise
until this Warrant shall have been exercised as provided herein. 
  
 7.
Registration of Warrant; Securities Law Matters. 
  
 (a)
Warrant Register. The Company shall maintain a register (the “Warrant Register”) containing the address of the Holder. The Holder may change its address as shown on the Warrant Register by written notice to the Company requesting
such change. Any notice or written communication required or permitted to be given to the Holder may be delivered or given by mail to such Holder as shown on the Warrant Register and at the address shown on the Warrant Register. The Company may
treat the Holder as shown on the Warrant Register as the absolute owner of this Warrant for all purposes, notwithstanding any notice to the contrary. 
  
 (b) Compliance with Securities Laws. 
  
 (i) The Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant is being acquired solely for the Holder’s own
account and not as a nominee for any other party, and for investment, and that the Holder shall not offer, sell or otherwise dispose of this Warrant, except under circumstances that will not result in a violation of the Act or any state securities
laws. 
  
 (ii) All shares of Common Stock issued
upon exercise hereof shall be stamped or imprinted with legends in substantially the following form (in addition to any legend required by state securities laws): 
  
 THE SALE AND ISSUANCE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES 

  

 
LAW OF ANY STATE OR OTHER JURISDICTION. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE DISTRIBUTION
THEREOF. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO THESE SECURITIES AND SUCH OFFER, SALE, PLEDGE, OR TRANSFER IS IN COMPLIANCE WITH APPLICABLE SECURITIES
LAW OF ANY STATE OR OTHER JURISDICTION OR (II) THERE IS AN OPINION OF COUNSEL OR OTHER EVIDENCE, SATISFACTORY TO THE COMPANY, THAT AN EXEMPTION THEREFROM IS AVAILABLE AND THAT SUCH OFFER, SALE, PLEDGE, OR TRANSFER IS IN COMPLIANCE WITH APPLICABLE
SECURITIES LAW OF ANY STATE OR OTHER JURISDICTION. 
  
 (c)
Restriction on Transfer. This Warrant may not be transferred, assigned or otherwise disposed of, in whole or in part, except in compliance with all of the provisions of this Section 7. Any transfer in violation of this Section 7 shall be void
ab initio. 
  
 (d) Procedures for Transfer.
Subject to compliance with this Section 7, this Warrant may be transferred by the Holder, in whole or in part, without charge to the Holder, upon surrender of this Warrant with a properly executed Notice of Assignment (in the form of Annex II
hereof) at the principal office of the Company. Upon such compliance and receipt, the Company promptly will issue to the assignee specified therein a Warrant in this form for the number of shares of Common Stock specified in such assignment (and, if
such assignment is with respect to less than all of the rights covered hereby, promptly will issue to the Holder a new Warrant, in this form, for any remaining rights represented hereby). 
  
 8. Reservation of Stock. 
  
 The Company covenants that during the term that this Warrant is exercisable, the Company shall reserve (i) from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of Common Stock upon the exercise of all or any portion of this Warrant, and (ii) from its authorized and unissued Common Stock, a sufficient number of shares to provide for the issuance of
Common Stock upon the conversion of the shares of Common Stock acquired and/or acquirable upon the exercise hereof into Common Stock and, from time to time, shall take all steps necessary to amend its Certificate of Incorporation, as amended (the
“Certificate”), to provide sufficient reserves of shares of Common Stock issuable upon exercise of the Warrant and Common Stock issuable upon the conversion of shares of Common Stock acquired and/or acquirable hereby. The Company further
covenants that all shares which may be issued upon the exercise of the rights represented by this Warrant and payment of the Exercise Price, all as set forth herein, will be free from all taxes, liens and charges in respect of the issue thereof
(other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein). The Company agrees that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing
stock certificates to execute and issue the necessary certificates for shares of Common Stock upon the exercise of this Warrant. 
  
 9. Certificates of Adjustment; Notices. 
  
 (a) Whenever the Exercise Price or number or type of shares purchasable hereunder shall be adjusted or readjusted pursuant to Section 11 hereof, the
Company shall issue a certificate signed by its Chief Financial Officer setting forth, in reasonable detail, the event requiring the adjustment or readjustment, the amount of the adjustment or readjustment, the method by which such adjustment was

  

 
calculated and the Exercise Price and number of shares purchasable hereunder after giving effect to such adjustment and the amount, if any, of other property
that at the time would be received upon exercise of the Warrant, all after giving effect to such adjustment or readjustment. A copy of such certificate to be mailed to the Holder of this Warrant in accordance with Section 13 hereof. 
  
 (b) In the event: 
  
 (i) that the Company shall take a record of the holders of
its Common Stock (or other stock or securities at the time receivable upon the exercise of this Warrant) for the purpose of entitling them to receive any dividend or other distribution, or any right to subscribe for or purchase any shares of stock
of any class or any other securities, or to receive any other right; 
  
 (ii) of any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation or merger of the Company with or into another corporation, or any conveyance of all of
substantially all of the assets of the Company to another corporation; or 
  
 (iii) of any voluntary dissolution, liquidation or winding-up of the Company, 
  
 then, and in each such case, the Company shall mail or cause to be mailed to the Holder a notice specifying, as the case may be, (A) the date on which a record is to be taken for the purposes of such dividend,
distribution or right, and stating the amount and character of such dividend, distribution or right, or (B) the date on which such reorganization, reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take
place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other stock or securities at the time receivable upon the exercise of this Warrant) shall be entitled to exchange their shares of Common Stock (or
such other stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding-up. Such notice shall be mailed at least twenty (20) days
prior to the date therein specified for the occurrence of any of the foregoing events. 
  
 (c) All such notices, advice and communications shall be given in the manner set forth in Section 13 hereof. 
  
 10. Amendments. This Warrant or any term of provision hereof may not be amended without the written consent of the Company and the Holder. 
  
 11. Adjustments. The Exercise Price and the number and type of shares purchasable
hereunder are subject to adjustment from time to time as follows: 
  
 11.1. Merger, Sale of Assets, etc. If at any time while this Warrant or any portion hereof is outstanding and unexpired, there shall be (i) a reorganization (other than a combination, reclassification, exchange or subdivision of
shares otherwise provided for herein), (ii) a merger or consolidation of the Company with or into another corporation in which the Company is not the surviving entity and by which the shares of the Company’s capital stock outstanding
immediately prior to the merger are converted by virtue of the merger into other property, whether in the form of securities, cash, or otherwise, or (iii) a sale or transfer of the Company’s properties and assets as, or substantially as, an
entirety to any other person, then, as a part of such reorganization, merger, consolidation, sale or transfer, lawful provision shall be made so that the holder of this Warrant thereafter shall be entitled to receive upon exercise of this Warrant,
during the period specified herein and upon payment of the Exercise Price then in effect, the number of shares of stock or other securities or property of the successor corporation resulting from such reorganization, merger, consolidation, sale or
transfer which a holder of the shares deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization, consolidation, 

  

 
merger, sale or transfer if this Warrant had been exercised immediately before such reorganization, consolidation, merger, sale or transfer, all subject to
further adjustment as provided in this Section 11. The foregoing provisions of this Section 11.1 similarly shall apply to successive reorganizations, consolidations, mergers, sales and transfers and to the stock or securities of any other
corporation that are at the time receivable upon the exercise of this Warrant. If the per-share consideration payable to the Holder for shares in connection with any such transaction is in a form other than cash or marketable securities, then the
value of such consideration shall be determined in good faith by the Company’s Board of Directors. In all events, appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall be made in the application of
the provisions of this Warrant such that the rights and interest of this Warrant shall be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable after that event upon exercise of this
Warrant. 
  
 11.2. Reclassification, etc. If the Company,
at any time while this Warrant or any portion hereof remains outstanding and unexpired, by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights under this Warrant exist into the same or a
different number of securities of any other class or classes, this Warrant thereafter shall represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities
that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change and the Exercise Price therefor shall be adjusted appropriately, all subject to further adjustment as provided in this Section 11.

  
 11.3. Split, Subdivision or Combination of Shares. If
the Company at any time while this Warrant or any portion hereof remains outstanding and unexpired, shall split, subdivide or combine the securities as to which purchase rights under this Warrant exist, into a different number of securities of the
same class, the Exercise Price for such securities shall be decreased proportionately, and the number of shares of such securities for which this Warrant may be exercised shall be increased proportionately, in the case of a split or subdivision, or
the Exercise Price for such securities shall be increased proportionately and the number of shares of such securities for which this Warrant may be exercised shall be decreased proportionately, in the case of a combination. 
  
 11.4. No Impairment. The Company, 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, shall not avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company, but shall at all times in good faith assist in the carrying out of all the provisions of this Section 11 and in the taking of all such action as may be necessary or appropriate in order to protect the
rights of the Holder of this Warrant against impairment. 
  
 12. Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Connecticut. 
  
 13. Notices, etc. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail,
postage prepaid, or otherwise delivered by hand or by messenger, addressed (i) if to the Holder at Trautman Wasserman & Co., Inc., 500 Fifth Avenue, New York, NY 10110, or at such other address as the Holder shall have furnished to the Company
in writing, or (ii) if to the Company, to 3 Berkshire Boulevard, Bethel, CT 06801, Attention: Chairman and CEO, or at such other address as the Company shall have furnished to the Holder. Such notices or communications shall be deemed given if
personally delivered, on the date of delivery by hand or by messenger, or three (3) days after mailing if send by mail as set forth herein. 
  

 14. Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to the Holder upon
any breach or default under this Warrant shall 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 the Holder of any breach or
default under this Warrant, or any waiver on the part of any party of any provisions or conditions of this Warrant, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this
Warrant or by law or otherwise afforded to the Holder shall be cumulative and not alternative. 
  
 15. Severability. If any provision of this Warrant is held to be unenforceable under applicable law, then such provision shall be excluded from this Warrant and the balance of this Warrant shall be interpreted
as if such provision were so excluded and shall be enforceable in accordance with its terms. A court of competent jurisdiction, in its discretion, may substitute for the excluded provision an enforceable provision which in economic substance
reasonably approximates the excluded provision. 
  
 16. Pronouns. All
pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or plural, as the identity of the person or persons may require. 
  
 [Remainder of page intentionally left blank] 
  

 [WARRANT SIGNATURE PAGE] 
  
 Executed effective on this 1st day of July, 2003. 
  

	MEMRY CORPORATION
		
	By:	 	/s/    James G. Binch        
	 	

	 	 	 Name: James G. Binch
 Title: Chief Executive Officer

  

 ANNEX I 
  
 NOTICE OF EXERCISE 
  
 To: Memry Corporation 
  
 (1) The undersigned hereby irrevocably elects to purchase              shares of Common
Stock of Memry Corporation, a Delaware corporation, pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price (i) in cash and/or (ii) by cancellation of all or a portion of this Warrant pursuant to Section
3(b) for such shares in full. 
  
 (2) In exercising this Warrant,
the undersigned hereby confirms and acknowledges that the shares of Common Stock to be issued are being acquired solely for the account of the undersigned and not as a nominee for any other party, and for investment, and that the undersigned shall
not offer, sell or otherwise dispose of any such shares of Common Stock except under circumstances that will not result in a violation of the Securities Act of 1933, as amended, or any state securities laws. 
  
 (3) Please issue a new Warrant for the unexercised portion of the attached
Warrant (if any) in the name of the undersigned. 
  
 Dated:_______________________________ 
  
 ______________________________________ 
 [Holder]                                     
                
  

 ANNEX II 
  
 NOTICE OF ASSIGNMENT 
  
 FOR VALUE RECEIVED Trautman Wasserman & Co., Inc. hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant
with respect to the number of Warrants set forth below. 
  

	 Name of Assignee

	 	 Address of Assignee

	 	 Number of Warrants Transferred

  
 Date:_________________________                               
 Signature:________________________________AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 Exhibit 10.1 
  
 AMENDED AND RESTATED 
 EMPLOYMENT
AGREEMENT 
  
 This Amended and Restated Employment Agreement,
dated as of the 1st day of March 2003, between Dr. Ming H. Wu (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, 1990; 
  
 WHEREAS, the Company and the Executive
desire to amend and restate the employment agreement on the terms and conditions set forth below (this “Agreement”); 
  
 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, Office of Technology 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 corporate 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 twelve (12) months following termination of this Agreement, as and when the same would otherwise be due,
and (ii) an amount equal to 50% of the Executive’s bonus described in Section 3(b) payable for the fiscal year in which such non renewal occurs, in one lump sum when it would otherwise be payable; 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 $150,000, 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 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. 
  
 (d)
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 (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 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 dictated by applicable statute. 
  
 (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 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, 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) 100% 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) 50% of the Executive’s bonus otherwise payable 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.

  
 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. 
  
 (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 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, 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. 
  

 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:
 Title: CEO

	 	 	 
		
	 By:
	 	     /s/    Ming H. Wu

	 	

	 	 	 Name: Dr. Ming H. Wu
 Title: Vice President Office of Technology

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