Document:

<PAGE>

                                                                    EXHIBIT 10.1

                              AMENDMENT AGREEMENT

     THIS AMENDMENT AGREEMENT (the "Agreement") dated November 30, 1999, is
between MEMRY CORPORATION, a Delaware corporation with its chief executive
office and principal place of business at 57 Commerce Drive, Brookfield,
Connecticut 06804 ("BORROWER") and WEBSTER BANK, a banking institution with an
office at 185 Asylum Street, City Place II, 5th Floor, HFD 605, Hartford,
Connecticut 06103-3494 ("LENDER") amending a certain Commercial Revolving Loan,
Term Loan, Line of Credit and Security Agreement by and between the Borrower and
the Lender dated June 30, 1998 as amended by a Letter Agreement dated June 3,
1999, and as further amended by a Letter Agreement dated September 22, 1999 (as
amended, the "LOAN AGREEMENT").

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

     WHEREAS, pursuant to the Loan Agreement the Lender made a Revolving Loan to
the Borrower in an amount up to $3,000,000 of which the principal amount of
$2,087,473.43 remains outstanding on November 17, 1999; and

     WHEREAS, pursuant to the Loan Agreement the Lender made a Term Loan to the
Borrower in the original principal amount of $500,000 of which the principal
amount of $366,666.72 remains outstanding as of November 17, 1999; and

     WHEREAS, pursuant to the Loan Agreement the Lender made an Equipment Loan
to the Borrower in an amount up to $750,000, $667,993.00 of which was converted
to term indebtedness on July 1, 1999 in accordance with the terms of the Loan
Agreement of which the principal amount of $593,771.56 remains outstanding as of
November 17, 1999; and

     WHEREAS, pursuant to the Loan Agreement, the Borrower reborrowed amounts
under the Equipment Loan, of which the principal amount of $235,498.37 remains
unconverted and outstanding as of November 17, 1999; and

     WHEREAS, the Borrower has requested that the Bank: (i) increase the amount
of the Revolving Loan to $5,000,000; (ii) make an additional term loan in the
original principal amount of $1,000,000; and (iii) increase the amount of the
Equipment Loan to $1,250,000; and

     WHEREAS, the Borrower has further requested that the Lender amend certain
terms and conditions of the Loan Agreement; and

     WHEREAS, the Lender is willing to increase the amounts of the Loans as
aforesaid and to amend certain other terms and conditions of the Loan Agreement
on the terms and conditions set forth herein.
<PAGE>

                                      -2-

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

     (S)  1. Definitions.  Capitalized terms used herein without definition that
             -----------
are defined in the Loan Agreement shall have the same meanings herein as
therein.

     (S)  1.1.  Ratification of Existing Agreements.  All of the Borrower's
                -----------------------------------
obligations and liabilities to the Lender as evidenced by or otherwise arising
under the Loan Agreement, the Revolving Loan Note, the Term Loan Note, the
Equipment Loan Note, the Converted Equipment Loan Note and each and every other
document, instrument or agreement executed in connection therewith (the "Loan
Documents"), are, by Borrower's execution of this Agreement, ratified and
confirmed in all respects. In addition, by Borrower's execution of this
Agreement, Borrower represents and warrants that no counterclaim, right of set-
off, recoupment or defense of any kind exists or is outstanding with respect to
such obligations and liabilities.

     (S)  1.2.  Representations and Warranties.  Except as set forth on Schedule
                ------------------------------                          --------
I attached hereto and made a part hereof, all of the representations and
-
warranties made by the Borrower in the Loan Agreement, the Notes and the other
Loan Documents are true and correct on the date hereof as if made on and as of
the date hereof, except to the extent that any of such representations and
warranties expressly relate by their terms to a prior date.

     (S)  1.3.  Conditions Precedent.  The effectiveness of the amendments
                --------------------
contemplated hereby shall be subject to the satisfaction on or before the date
hereof of each of the following conditions precedent:

     A.   Representations and Warranties. All of the representations and
          ------------------------------
warranties made by the Borrower herein, whether directly or incorporated by
reference, shall be true and correct on the date hereof, except as provided in
(S)3 hereof.

     B.   Performance; No Event of Default.  The Borrower shall have performed
          --------------------------------
and complied in all material respects with all terms and conditions herein
required to be performed or complied with by it prior to or at the time hereof,
and there shall exist no material adverse change in the financial condition of
the Borrower, and there shall exist no default, Defaulting Event or Event of
Default.
<PAGE>

                                      -3-

     C.   Corporate Action.  All requisite corporate action necessary for the
          ----------------
valid execution, delivery and performance by the Borrower of this Agreement and
all other instruments and documents delivered by the Borrower in connection
herewith shall have been duly and effectively taken.

     D.   Delivery.  The parties hereto shall have executed and delivered this
          --------
Agreement.  In addition, the Borrower shall have executed and delivered such
further instruments, and take such further action as the Lender may have
requested, in each case further to effect the purposes of this Agreement, the
Loan Agreement and the other Loan Documents.

     E.   Fees and Expenses.  The Borrower shall have paid to the Lender all
          -----------------
fees and expenses incurred by the Lender in connection with this Agreement, the
Loan Agreement or the other Loan Documents.

     F.   Commitment Fee.  The Borrower shall have paid to the Lender at
          --------------
closing a non-refundable commitment fee of $17,500.

1.   (S)  Amendments to the Loan Agreement.
          --------------------------------

     A.   Amendment to the Preamble of the Loan Agreement.  The first Whereas
          -----------------------------------------------
clause of the Loan Agreement is hereby amended in its entirety to read as
follows:

          "WHEREAS, Borrower has requested Lender to extend to
     Borrower the following financial accommodations
     (collectively, the "Loans"): a revolving loan in the maximum
     aggregate principal amount of up to $5,000,000, a term loan
     in the original principal amount of $500,000, an additional
     term loan in the original principal amount of $1,000,000,
     and a line of credit in the original principal amount of up
     to $1,250,000 which provides for, among other things,
     amounts outstanding thereunder to be converted to term
     indebtedness; and"

     B.   Amendment to the Definitions of the Loan Agreement.  The following
          --------------------------------------------------
definitions set forth in Article I of the Loan Agreement are hereby amended in
their entirety to read as follows:
<PAGE>

                                      -4-

          "(dd)  "Equipment Loan Borrowing Base" shall mean: (I) prior to June
     30, 2000, an amount equal to the lesser of: (i) One Million Two Hundred
     Fifty Thousand Dollars ($1,250,000); or (ii) seventy-five percent (75%) of
     the face amount of net invoices and/or purchase orders for Eligible
     Equipment, or (II) commencing June 30, 2000, an amount equal to the lesser
     of: (i) One Million Two Hundred Fifty Thousand Dollars ($1,250,000); or
     (ii) seventy-five percent (75%) of the face amount of net invoices for
     Eligible Equipment."

          "(cccc) "Revolving Loan Borrowing Base" shall mean: (I) if the
     Increased Revolving Loan Borrowing Base Test is satisfied, an amount equal
     to the lesser of:

     I.   Five Million Dollars ($5,000,000) or

     II. an amount equal to the aggregate of (1) eighty percent (80%) of
     Eligible Accounts and (2) the lesser of (A) forty-five percent (45%) of
     Eligible Inventory, or (B) One Million Seven Hundred Fifty Thousand Dollars
     ($1,750,000), or (II) if the Increased Revolving Loan Borrowing Base Test
     is not satisfied, an amount equal to the lesser of (i) Five Million Dollars
     ($5,000,000) or (ii) an amount equal to the aggregate of (1) eighty percent
     (80%) of Eligible Accounts and (2) the lesser of (A) thirty-five percent
     (35%) of Eligible Inventory, or (B) One Million Dollars ($1,000,000). As
     used herein, the term "Increased Revolving Loan Borrowing Base Test" means:
     the consolidated net sales of the Borrower for the three month period
     ending December 31, 1999 equal at least $6,297,375 and the consolidated net
     profit before taxes of the Borrower for the three month period ending
     December 31, 1999 equals at least $790,933."

          "(mmm)  "Loan" means a Revolving Loan, the Term Loan, the Additional
     Term Loan, an Equipment Loan, or a Converted Equipment Loan, and "Loans"
     means the Revolving Loans, the Term Loan, the Additional Term Loan, the
     Equipment Loans, and the Converted Equipment Loans."

          "(ooo)  "Note" means the Revolving Loan Note, the Term Loan Note, the
     Additional Term Loan Note, the Equipment Loan Note, the Initial Converted
     Equipment Loan Note, the Subsequent Converted Equipment Loan Note or the
     Final Converted Equipment Loan Note, and "Notes" means the Revolving Loan
     Note, the Term Loan Note, the Additional Term Loan Note, the Equipment Loan
     Note, the Initial Converted Equipment Loan Note, the
<PAGE>

                                      -5-

     Subsequent Converted Equipment Loan Note and the Final Converted Equipment
     Loan Note."

     A.   Amendment to the Definitions of the Loan Agreement.  The following
          --------------------------------------------------
definitions are added to Article I of the Loan Agreement, inserted in
alphabetical order and each definition shall be re-lettered accordingly:

          "Additional Term Loan" shall have the meaning assigned in Section 3.1
     hereof."

          "Additional Term Loan Maturity Date" shall mean January 1, 2004."

          "Additional Term Loan Note" shall have the meaning assigned in Section
     3.1 hereof."

     B.   Amendment to Article III of the Loan Agreement. Article III of the
          ----------------------------------------------
Loan Agreement is hereby amended in its entirety to read as follows:

     "Section 3.1. Amount. Subject to the terms and conditions contained in this
Agreement, Lender has made a loan to Borrower in the original principal amount
of $500,000 (the "Term Loan"). In addition to this Agreement, the Term Loan
shall be evidenced by a Term Loan Note payable to Lender in the form of Exhibit
                                                                        -------
B attached hereto (the "Term Loan Note").
-

Subject to the terms and conditions contained in this Agreement, Lender agrees
to make an additional term loan to Borrower in the original principal amount of
$1,000,000, not less than $500,000 of which shall be used to finance the
purchase of Eligible Equipment (the "Additional Term Loan").  While Lender has
agreed to disburse the full amount of the Additional Term Loan on the date
hereof, prior to June 30, 2000 Borrower shall have submitted to Lender
documentation to evidence the purchase of Eligible Equipment including: (a)
copies of invoices and/or purchase orders and proof of payment, which reflect
the actual cost of the Eligible Equipment being purchased with the proceeds of
not less than $500,000 of such Additional Term Loan, including, if any,
installation and other services and costs associated therewith; (b) evidence
satisfactory to Lender that upon payment of the purchase price therefor, the
Eligible Equipment shall be in the Borrower's physical possession and that (1)
the Borrower has acquired good title to such Eligible Equipment, and (2) such
Eligible Equipment is not subject to any pledge, lien, lease, encumbrance or
charge of any kind whatsoever, other than in favor of Lender. In addition to
this Agreement, the Additional Term Loan shall be evidenced by an Additional
Term Loan Note payable to Lender in the form of  Exhibit B-1 attached hereto
                                                 -----------
(the "Additional Term Loan Note")."
<PAGE>

                                      -6-

     "Section 3.2. Notice and Manner of Establishing Interest Rate. Whenever the
Borrower desires to have the Term Loan or Additional Term Loan accrue interest
as a Fixed Rate Loan, the Borrower shall give the Lender written notice at least
three (3) Business Days prior to the day on which the requested Fixed Rate Loan
is to take effect. Such notice (an "Election Notice") shall specify the
effective date of the Fixed Rate Loan and the duration of the initial Interest
Period. The Borrower shall elect the duration of each succeeding Interest Period
by giving irrevocable written notice to Lender of such duration not less than
three (3) Business Days prior to the last day of the then current Interest
Period applicable to such Fixed Rate Loan. If the Lender does not receive timely
notice of the Interest Period elected by the Borrower, the Borrower shall be
deemed to have elected to convert to a Prime Rate Loan subject to Section 7.2
                                                                  -----------
below."

     "Section 3.3. Monthly Statements. On a monthly basis, Lender shall render a
statement for the Term Loan and the Additional Term Loan, which statements shall
be considered correct and accepted by Borrower and conclusively binding upon
Borrower unless Borrower notifies Lender to the contrary within ten (10) days of
the receipt of any such statement by Borrower. Lender shall have the right to
debit any account of Borrower for all principal, interest and other charges on
the Term Loan and the Additional Term Loan as and when the same shall be due and
payable, if not otherwise paid by Borrower."

     C.   Amendment to Section 5.1 of the Loan Agreement. Section 5.1 of the
          ----------------------------------------------
Loan Agreement is hereby amended by inserting the words "(which shall not be
reduced by the amount of the Initial Converted Equipment Loan)" after the words
Borrowing Base so to read as follows:

     "Section 5.1 Amount. Subject to the terms and conditions contained in this
Agreement and so long as no Defaulting Event has occurred, Lender agrees to make
loans (collectively, the "Subsequent Equipment Loans" and, individually, a
"Subsequent Equipment Loan") to Borrower from time to time until terminated as
provided below in principal amounts not exceeding in the aggregate at any one
time outstanding the Equipment Loan Borrowing Base (which shall not be reduced
by the amount of the Initial Converted Equipment Loan), it being agreed and
understood that at no time shall the maximum aggregate principal amount of the
Equipment Loans made by Lender exceed the Equipment Loan Borrowing Base."

     D.   Amendment to Section 5.2 of the Loan Agreement. Section 5.2 of the
          ----------------------------------------------
Loan Agreement is hereby amended by deleting (a) and substituting the following:
<PAGE>

                                      -7-

     "(a) copies of invoices and/or purchase orders (and proof of payment within
90 days after the date of the borrowing made with respect thereto), which
reflect the actual cost of the Eligible Equipment being purchased with the
proceeds of such Subsequent Equipment Loan, including, if any, installation and
other services and costs associated therewith;"

     E.   Amendment to Section 6.1 of the Loan Agreement. Section 6.1 of the
          ----------------------------------------------
Loan Agreement is hereby amended by inserting the words "(which shall not be
reduced by the amount of the Initial Converted Equipment Loan)" after the words
Borrowing Base so to read as follows:

               "Section 6.1 Amount. Subject to the terms and conditions
          contained in this Agreement and so long as no Defaulting Event has
          occurred, Lender agrees to make loans (collectively, the "Final
          Equipment Loans" and, individually, an "Final Equipment Loan") to
          Borrower from time to time until terminated as provided below in
          principal amounts not exceeding in the aggregate at any one time
          outstanding the Equipment Loan Borrowing Base (which shall not be
          reduced by the amount of the Initial Converted Equipment Loan or the
          Subsequent Converted Equipment Loan), it being agreed and understood
          that at no time shall the maximum aggregate principal amount of the
          Equipment Loans made by Lender exceed the Equipment Loan Borrowing
          Base."

     F.   Amendment to Section 7.1(a)(ii) of the Loan Agreement.  Section
          -----------------------------------------------------
7.1(a)(ii) of the Loan Agreement is hereby amended in its entirety to read as
follows:

          "(ii) Term Loan and Additional Term Loan. The Term Loan and the
     Additional Term Loan shall bear such type of interest as the Borrower may
     elect subject to the provisions of this Agreement. The Term Loan and the
     Additional Term Loan shall bear interest on the outstanding principal
     amount thereof, for the Interest Period applicable thereto, at a per annum
     rate equal to, at the election of the Borrower: (A) if a Prime Rate Loan,
     at a floating rate per annum equal to the Prime Rate plus three-quarters of
     one percentage point (.75%), or (B) in the case of a Fixed Rate Loan, at a
     per annum rate equal to the Fixed Rate plus three hundred twenty-five (325)
     basis points."
<PAGE>

                                      -8-

     G.   Amendment to Section 7.2(h) of the Loan Agreement. Section 7.2(h) of
          -------------------------------------------------
the Loan Agreement is hereby amended in its entirety to read as follows:

          "(h) Term Loan and Additional Term Loan. Provided that no Event of
     Default shall have occurred, the Borrower may, on any Business Day, convert
     the outstanding Term Loan or Additional Term Loan bearing interest as a
     Prime Rate Loan or a Fixed Rate Loan into a Fixed Rate Loan or a Prime Rate
     Loan, respectively, in the same aggregate principal amount, provided,
     however, that any conversion of a Fixed Rate Loan shall be made only on the
     last Business Day of the then current Interest Period applicable to such
     Fixed Rate Loan."

     H.   Amendment to Section 7.3(a) of the Loan Agreement.  Section 7.3(a)
          -------------------------------------------------
of the Loan Agreement is hereby amended by inserting the phrase " , Additional
Term Loan" after the words "Term Loan".

     I.   Amendment to Section 7.7 of the Loan Agreement.  Section 7.7 of the
          ----------------------------------------------
Loan Agreement is hereby amended in its entirety to read as follows:

          "Section 7.7. Early Termination Fee. In the event that prior to June
     30, 2001 (a) the Revolving Loan is terminated by the Borrower, or (b) the
     Revolving Loan is terminated as a result of the occurrence of an Event of
     Default, Borrower shall pay to Lender on the effective date of termination,
     in addition to any other payments Borrower is required to make hereunder, a
     termination fee equal to one percent (1%) of the maximum principal amount
     of the Loans (the "Termination Fee"). It is understood that the
     determination of the maximum principal amount of the Loans shall be made
     without regard to the components of the Revolving Loan Borrowing Base based
     upon Eligible Accounts and Eligible Inventory and the component of the
     Equipment Loan Borrowing Base based upon Eligible Equipment. For example,
     for purposes of this provision, on the date hereof the maximum principal
     amount of the Revolving Loan is $5,000,000, the maximum principal amount of
     the Equipment Loan is $1,250,000, the maximum principal amount of the Term
     Loan is $500,000 and the maximum principal amount of the Additional Term
     Loan is $1,000,000 and the Termination Fee would be $77,500."

     J.   Amendment to Section 11.30 of the Loan Agreement.  Section 11.30 of
          ------------------------------------------------
the Loan Agreement is hereby amended in its entirety to read as follows:
<PAGE>

                                      -9-

          "Section 11.30. Debt to Worth Ratio. Permit its Debt to Worth Ratio to
     be greater than (a) 4.0 to 1.0 on December 31, 1999, (b) 3.5 to 1.0 on
     March 31, 2000, and (c) 3.0 to 1.0 on June 30, 2000, and at the end of each
     and every fiscal quarter thereafter."

     K.   Amendment to Section 11.31 of the Loan Agreement.  Section 11.31 of
          ------------------------------------------------
the Loan Agreement is hereby amended in its entirety to read as follows:

          "Section 11.31. Debt Service Coverage Ratio. Permit its Debt Service
     Coverage Ratio for each period of four (4) consecutive fiscal quarters to
     be less than (a) 1.50 to 1.0 on December 31, 1999, (b) 1.75 to 1.0 on March
     31, 2000, and (c) 2.0 to 1.0 on June 30, 2000 and at the end of each and
     every fiscal quarter thereafter."

     L.   Amendment to Section 11.32 of the Loan Agreement.  Section 11.32 of
          ------------------------------------------------
the Loan Agreement is hereby amended in its entirety to read as follows:

          "Section 11.32. Leverage Ratio. Permit its Leverage Ratio for each
     period of four (4) consecutive fiscal quarters to be greater than (a) 7.0
     to 1.0 on December 31, 1999, and (b) 3.0 to 1.0 on March 31, 2000 and at
     the end of each and every fiscal quarter thereafter."

     M.   Amendment to Section 17.1(a) of the Loan Agreement.  Section 17.1(a)
          --------------------------------------------------
of the Loan Agreement is hereby amended by adding the words "Additional Term
Loan" to the last sentence so as to read:

          "At the end of the Revolving Loan Term, Borrower shall pay the entire
     balance of the Revolving Loans, the Equipment Loans, the Converted
     Equipment Loans, the Term Loan, the Additional Term Loan and all other
     outstanding Obligations. Further, upon termination of the Revolving Loan
     facility all of the rights, interests and remedies of Lender and
     Obligations of Borrower shall survive and Borrower shall have no right to
     receive, and Lender shall have no obligation to make, any further Loans."

     N.   Amendment to Section 17.1(b) of the Loan Agreement.  Section 17.1(b)
          --------------------------------------------------
of the Loan Agreement is hereby amended in its entirety to read as follows:

          "(b) Term Loan and Additional Term Loan.
<PAGE>

                                      -10-

          Unless sooner terminated by Lender as a result of the occurrence of an
     Event of Default (including without limitation the failure to pay the
     Revolving Note upon demand or on its due date), the Term Loan shall be due
     and payable in fifty-nine (59) consecutive monthly installments of
     principal in the amount of $8,333.33 (plus interest in arrears) commencing
     on August 1, 1998 and continuing on the first day of each and every month
     thereafter through and including June 1, 2003, and (b) one final
     installment of $8,332.53, plus all accrued and unpaid interest, principal
     and any other sums due hereunder or under the Term Loan Note on June 30,
     2003.

          Unless sooner terminated by Lender as a result of the occurrence of an
     Event of Default (including without limitation the failure to pay the
     Revolving Note upon demand or on its due date), the Additional Term Loan
     shall be due and payable in fifty-nine (59) consecutive monthly
     installments of principal in the amount of $16,666.67 (plus interest in
     arrears) commencing on January 1, 2000 and continuing on the first day of
     each and every month thereafter through and including December 1, 2004, and
     (b) one final installment of $16,666.67, plus all accrued and unpaid
     interest, principal and any other sums due hereunder or under the Term Loan
     Note on January 1, 2005."

(S) 1.   Expenses.  The Borrower agrees to pay to the Bank upon demand an amount
         --------
equal to any and all out-of-pocket costs or expenses (including reasonable legal
fees and disbursements) incurred or sustained by the Bank in connection with the
preparation of this Agreement and related matters.

     (S) 1.1.  Delivery of Notes.  Contemporaneously herewith, the Borrower
               -----------------
shall execute and deliver to Lender: (a) an Amended and Restated Revolving Loan
Note in form and content satisfactory to Lender which shall be substantially in
the form of Exhibit A attached hereto; (b) an Additional Term Loan Note in form
            ---------
and content satisfactory to Lender which shall be substantially in the form of
Exhibit B attached hereto; and (c) an Amended and Restated Equipment Loan Note
---------
in form and content satisfactory to Lender which shall be substantially in the
form of Exhibit C attached hereto.
        ---------

     The copy of the Revolving Loan Note attached hereto as Exhibit A shall be
deemed to be attached to the Loan Agreement as Exhibit A thereto and the note
                                               ---------
attached thereto as Exhibit A is hereby deleted. The copy of the Additional Term
                    ---------
Loan Note attached hereto as Exhibit B shall be deemed to be attached to the
                             ---------
Loan Agreement as Exhibit B-1 thereto. The copy of the Equipment Loan Note
                  ---------
attached hereto as Exhibit C shall be deemed to be attached to the Loan
                   ---------
<PAGE>

                                      -11-

Agreement as Exhibit C thereto and the note attached thereto as Exhibit C is
             ---------                                          ---------
hereby deleted.

     (S) 1.2   Miscellaneous Provisions.
               ------------------------

     A.   Except as otherwise expressly provided by this Agreement, all of the
respective terms, conditions and provisions of the Loan Agreement, the Notes and
the other Loan Documents shall remain the same. It is declared and agreed by
each of the parties hereto that the Loan Agreement, as amended hereby, shall
continue in full force and effect, and that this Agreement and the Loan
Agreement shall be read and construed as one instrument.

     B.   This Agreement is intended to take effect under, and shall be
construed according to and governed by, the laws of the State of Connecticut.

     C.   This Agreement may be executed in any number of counterparts, but
all such counterparts shall together constitute but one instrument.  In making
proof of this Agreement it shall not be necessary to produce or account for more
than one counterpart signed by each party hereto by and against which
enforcement hereof is sought.

     (d)  All references in the Notes and Loan Documents to "Loan Agreement"
shall mean and refer to the Loan Agreement as amended by this Agreement.

                      [Signatures on the following page]
<PAGE>

                                      -12-

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by
their duly authorized officers as of the date first above written.

                          Witnesses:MEMRY CORPORATION

                              By: /s/
                                  Its

                            Witnessed:WEBSTER BANK

                              By   /s/
                                 Its

                             STATE OF CONNECTICUT)
                            )ss.  _________________
                            COUNTY OF_____________)

     Before me, the undersigned, this ____ day of November, 1999, personally
appeared ___________________, known to me to be the ____________ of MEMRY
CORPORATION and that he as such officer, signer and sealer of the foregoing
instrument, acknowledged the execution of the same to be his free act and deed
individually and as such officer, and the free act and deed of said corporation.

                  In Witness Whereof; I hereunto set my hand.

                                        Notary Public
                                        My Commission Expires:
                                        Commissioner of the Superior Court
<PAGE>

                                      -13-

STATE OF CONNECTICUT  )
                              )     ss.  Hartford
COUNTY OF HARTFORD  )

     Before me, the undersigned, this ____ day of November, 1999 personally
appeared ________________________, known to me to be the ___________________ of
WEBSTER BANK, and that he as such officer, signer and sealer of the foregoing
instrument, acknowledged the execution of the same to be his free act and deed
individually and as such officer, and the free act and deed of said corporation.

     In Witness Whereof; I hereunto set my hand.

                                        Notary Public
                                        My Commission Expires:
                                        Commissioner of the Superior Court<PAGE>

                                                                    Exhibit 10.2

                   AMENDED AND RESTATED REVOLVING LOAN NOTE

$5,000,000                                                     November 30, 1999

     For value received, the undersigned, MEMRY CORPORATION, a Delaware
corporation ("Maker"), promises to pay to WEBSTER BANK, or order ("Lender"), at
its office at CityPlace II, 5th Floor, HFD 605, Hartford, Connecticut 06103-
3439, or at such other place as the holder hereof (including Lender, hereinafter
referred to as "Holder") may designate, the sum of up to FIVE MILLION DOLLARS
($5,000,000), together with interest on the unpaid balance of this Note,
beginning as of the date hereof, before or after maturity or judgment, as
provided for in the Loan Agreement (as defined below), together with all taxes
levied (excluding income taxes) or assessed on this Note or the debt evidenced
hereby against the Holder, and together with all reasonable costs, expenses and
reasonable attorneys' and other reasonable professional fees incurred in any
action to collect this Note or to enforce or foreclose any mortgage, security
agreement or other agreement securing this Note or to protect or sustain the
lien of said mortgage, security agreement or other agreement or in any
litigation or controversy arising from or connected with said mortgage, security
agreement or other agreement or this Note.

     This Note is made and delivered by Maker pursuant to Section 2.2 of the
Commercial Revolving Loan, Term Loan, Line of Credit and Security Agreement
dated June 30, 1998 by and between Maker and Lender as amended by a Letter
Agreement dated June 3, 1999, as further amended by a Letter Agreement dated
September 22, 1999, as further amended by an Amendment to Commercial Revolving
Loan, Term Loan, Line of Credit and Security Agreement of even date herewith (as
amended and in effect from time to time, the "Loan Agreement"), and is entitled
to the benefits and is subject to the provisions of the Loan Agreement.  All
capitalized terms used herein which are defined in the Loan Agreement that are
not defined herein shall have the same meanings herein as are ascribed to them
in the Loan Agreement.

     The Maker also promises to pay interest on the aggregate unpaid principal
amount of the Revolving Loans until all amounts payable under the Loan Agreement
are paid in full, at the rates per annum set forth in or established pursuant to
the Loan Agreement. Such interest shall be payable on such dates as are
determined from time to time pursuant to the Loan Agreement and shall be
calculated as therein provided. Notwithstanding anything to the contrary, the
entire indebtedness under this Note, including but not limited to, all
outstanding principal and accrued and unpaid interest shall be due and payable
in full on June 30, 2001.

     The Maker has the right in certain circumstances to prepay the principal of
this Note on the terms and conditions specified in the Loan Agreement.
<PAGE>

                                      -2-

     If an Event of Default shall occur, the entire unpaid principal amount of
this Note, all of the unpaid interest accrued thereon and any other sum due
hereunder may become or be declared due and payable in the manner and with the
effect provided in the Loan Agreement.

     THE MAKER HEREBY WAIVES TRIAL BY JURY IN ANY COURT AND IN ANY SUIT, ACTION
OR PROCEEDING ON ANY MATTER ARISING IN CONNECTION WITH OR IN ANY WAY RELATED TO
THE FINANCING TRANSACTIONS OF WHICH THIS NOTE IS A PART AND/OR THE ENFORCEMENT
OF ANY OF HOLDERS' RIGHTS AND REMEDIES, INCLUDING WITHOUT LIMITATION, TORT
CLAIMS. THE MAKER ACKNOWLEDGES THAT IT MAKES THIS WAIVER KNOWINGLY, VOLUNTARILY,
WITHOUT DURESS AND ONLY AFTER CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER
WITH ITS ATTORNEYS. THE MAKER FURTHER ACKNOWLEDGES THAT LENDER HAS NOT AGREED
WITH OR REPRESENTED TO MAKER THAT THE PROVISIONS OF THIS PARAGRAPH WILL NOT BE
FULLY ENFORCED IN ALL INSTANCES.

     THE MAKER ACKNOWLEDGES THAT THE LOAN EVIDENCED BY THIS NOTE IS A COMMERCIAL
TRANSACTION AND WAIVES ITS RIGHTS TO NOTICE AND HEARING UNDER CHAPTER 903a OF
THE CONNECTICUT GENERAL STATUTES, OR AS OTHERWISE ALLOWED BY ANY STATE OR
FEDERAL LAW WITH RESPECT TO ANY PREJUDGMENT REMEDY WHICH HOLDER MAY DESIRE TO
USE, AND FURTHER WAIVES ITS RIGHTS TO REQUEST THAT HOLDER POST A BOND, WITH OR
WITHOUT SURETY, TO PROTECT SAID MAKER AGAINST DAMAGES THAT MAY BE CAUSED BY ANY
PREJUDGMENT REMEDY SOUGHT OR OBTAINED BY HOLDER.  The Maker further waives
diligence, demand, presentment for payment, notice of nonpayment, protest and
notice of protest, and notice of any renewals or extensions of this Note, and
all rights under any statute of limitations, and further consents to the release
of all or any part of the security for the payment hereof, at the discretion of
Holder, or the release of any party liable for this obligation without affecting
the liability of the other parties hereto.  The Maker further (i) consents to
any and all delays, extensions, renewals or other modifications of this Note,
any other Financing Agreements or the debts or collateral evidenced hereby or
thereby or any waivers of any term hereof or thereof, any release, surrender,
taking of additional, substitution, exchange, failure to perfect or record any
interest in, failure to preserve or realize upon, failure to lawfully dispose
of, or any other impairment of, any collateral or other security, or any other
failure to act by the Lender or any other forbearance or indulgence shown by the
Lender, from time to time and in one or more instances (without notice to or
assent from the Maker) and agrees that none of the foregoing shall release,
discharge or otherwise impair any of their liabilities; and (ii) waives any
defenses based on suretyship or impairment of collateral. THE MAKER ACKNOWLEDGES
THAT IT MAKES THIS WAIVER KNOWINGLY, VOLUNTARILY, WITHOUT DURESS AND ONLY AFTER
CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER WITH ITS
<PAGE>

                                      -3-

ATTORNEYS. THE MAKER FURTHER ACKNOWLEDGES THAT LENDER HAS NOT AGREED WITH OR
REPRESENTED TO MAKER THAT THE PROVISIONS OF THIS PARAGRAPH WILL NOT BE FULLY
ENFORCED IN ALL INSTANCES.

     This Note hereby amends and restates a certain Revolving Loan Note dated
June 30, 1998, in the original principal amount of up to $3,000,000 executed and
delivered by the Maker to the Lender.

     This Note shall be governed by and construed in accordance with the laws of
the State of Connecticut (but not its conflicts of law provisions).

                                             MEMRY CORPORATION

                                             By:   /s/

                                                  Its

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