MEMRY CORP
SUBORDINATED PROMISSORY NOTE, IRONBRIDGE MEZZANINE FUND, L.P
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.10 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">THIS INSTRUMENT AND THE RIGHTS AND OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH IN, AND SUBJECT TO
THE OTHER TERMS AND CONDITIONS SET FORTH IN, THAT CERTAIN SUBORDINATION AND INTERCREDITOR AGREEMENT (AS THE SAME MAY BE AMENDED OR OTHERWISE MODIFIED FROM TIME TO TIME PURSUANT TO THE TERMS THEREOF, THE &#147;SUBORDINATION AGREEMENT&#148;) DATED AS
OF NOVEMBER 9, 2004 AMONG MEMRY CORPORATION, A DELAWARE CORPORATION (THE &#147;COMPANY&#148;), PUTNAM PLASTICS COMPANY LLC (F/K/A MPAV ACQUISITION LLC), A CONNECTICUT LIMITED LIABILITY COMPANY (&#147;NEWCO&#148; AND TOGETHER WITH THE PARENT, THE
&#147;BORROWERS&#148;), BROOKSIDE PECKS CAPITAL PARTNERS, L.P., A DELAWARE LIMITED PARTNERSHIP, FOR ITSELF AND AS SUBORDINATED AGENT (AS DEFINED THEREIN), IRONBRIDGE MEZZANINE FUND, L.P., A DELAWARE LIMITED PARTNERSHIP, AND WEBSTER BUSINESS CREDIT
CORPORATION, A NEW YORK CORPORATION (&#147;AGENT&#148;), AS SUCH SUBORDINATION AGREEMENT MAY BE AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME; AND EACH HOLDER OF THIS INSTRUMENT, BY ITS ACCEPTANCE HEREOF, IRREVOCABLY AGREES
TO BE BOUND BY THE PROVISIONS OF THE SUBORDINATION AGREEMENT. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">MEMRY CORPORATION </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">MPAV ACQUISITION LLC </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">SUBORDINATED PROMISSORY NOTE </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">DUE NOVEMBER 9, 2010 </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">$3,000,000.00</FONT></TD>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">New&nbsp;York,&nbsp;New&nbsp;York</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">November 9, 2004</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">FOR VALUE RECEIVED,
the undersigned, MEMRY CORPORATION, a Delaware corporation (the &#147;<U>Parent</U>&#148;), and MPAV Acquisition LLC, a Connecticut limited liability company (&#147;<U>Newco</U>&#148; and together with the Parent, the &#147;<U>Borrowers</U>&#148;),
hereby, jointly and severally, promise to pay to IRONBRIDGE MEZZANINE FUND, L.P., a Delaware limited partnership (together with its registered assigns, the &#147;<U>Holder</U>&#148;), the principal sum of THREE MILLION DOLLARS ($3,000,000.00) on
November 9, 2010 (the &#147;<U>Maturity Date</U>&#148;), with interest thereon from time to time as provided herein. This Note is one of the Notes referred to in the Subordinated Loan Agreement, dated as of the date hereof (as the same may be
amended, supplemented, restated or otherwise modified from time to time, the &#147;<U>Loan Agreement</U>&#148;), by and among the Borrowers, the Lenders and the Agent. Capitalized terms used herein but not otherwise defined are used with the
meanings given to such terms in the Loan Agreement. This Note is entitled to the benefits of the Loan Agreement and is subject to all of the agreements, terms and conditions contained therein, all of which are incorporated by this reference.
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">1. <U>Interest</U>.<U></U> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) The Borrowers, jointly and severally, promise to pay interest on the Accreted Principal Amount (as defined below) of this Note at the rate of
seventeen and one-half percent (17.5%) per annum (the &#147;<U>Interest Rate</U>&#148;) pursuant to Section 3.01(a) of the Loan Agreement. The Borrowers, jointly and severally, shall pay accrued interest quarterly in arrears on each Interest Payment
Date, commencing on December 31, 2004 and on each Interest Payment Date shall pay interest accrued from (but excluding) the immediately preceding date of payment of interest through and including such Interest Payment Date. Interest on this Note
shall accrue from the date of issuance until repayment of the Accreted Principal Amount and payment of all accrued interest in full. Interest shall accrue and be computed on the basis of the actual number of days in the related period over 360 days.
Through any Interest Payment Date, interest on the Accreted Principal Amount of this Note at the rate of twelve percent (12%) per annum that shall have accrued and shall be unpaid as of such Interest Payment Date (for any Interest Payment Date, the
&#147;<U>Current Pay Interest Rate</U>&#148;) shall be paid on such Interest Payment Date by wire transfer of immediately available funds to an account at a bank designated by the Holder. Through any Interest Payment Date, interest on the Accreted
Principal Amount of this Note at the rate of five and one-half percent (5.5%) per annum that shall have accrued and shall remain unpaid as of such Interest Payment Date (for any Interest Payment Date, the &#147;<U>PIK Amount</U>&#148;) shall be paid
on such Interest Payment Date by the addition (as of such Interest Payment Date) of such PIK Amount to the principal amount outstanding under this Note; it being understood and agreed that the Borrowers, at their option, shall have the right to pay
in cash on or before the applicable Interest Payment Date any or all of the amount that would otherwise be such PIK Amount and any amount so paid in cash shall not be added to the PIK Amount (i.e., shall not be so added to the principal hereof). At
any time, the outstanding principal amount of this Note, including all PIK Amounts added thereto through such time, is referred to in this Note as the &#147;<U>Accreted Principal Amount</U>&#148;. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) Notwithstanding the foregoing provisions of this Section 1, but subject
to applicable law, during the continuance of an Event of Default, upon notice from the Required Lenders, the Accreted Principal Amount of this Note shall bear interest, from the date of the occurrence of such Event of Default until such Event of
Default is cured or waived, at a rate equal to the per annum rate that would otherwise apply pursuant to Section 1(a) above or Section 1(c) below, as the case may be, plus two hundred basis points (2.0%) (such additional interest shall be payable on
demand in immediately available funds and no PIK Amount shall be added to the Accreted Principal Amount of this Note in respect of such additional interest). In the event that any interest rate provided for herein shall be determined to be unlawful,
such interest rate shall be computed at the highest rate permitted by applicable law. Any payment by the Borrowers of any interest amount in excess of that permitted by law shall be considered a mistake, with the excess being applied to the
principal of this Note without prepayment premium or penalty. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(c) Notwithstanding the foregoing provisions of this Section 1, but subject to applicable law, in the event that the income before income taxes of the Borrowers and their Subsidiaries (x) for the Fiscal Year ending June 30, 2005 is equal to
or greater than Four Million One Hundred Fifty Thousand Dollars ($4,150,000.00) or (y) for any Fiscal Year thereafter is equal to or greater than Four Million Five Hundred Thousand Dollars ($4,500,000.00), in each </FONT>
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<FONT FACE="Times New Roman" SIZE="2">case as set forth in the audited financial statements of Borrowers and their Subsidiaries for such Fiscal Year delivered to the Lenders pursuant to Section
6.23 of the Subordinated Loan Agreement (<U>provided</U> that for purposes of calculating such income before income taxes for purposes of this Section 1(c) any expenses or charges with respect to the impairment of goodwill under SFAS 141 or 142 and
any expenses or other deductions related to the Putnam Plastics Seller Debt shall be excluded as charges or expenses), during the period referred to in Section 3.01(a) of the Loan Agreement, (i) the Interest Rate shall be reduced to sixteen and
one-half percent (16.5%), (ii) the Current Pay Interest Rate shall be as set forth in Section 1(a) of this Note and (iii) the PIK Amount shall be the amount of interest at the rate of four and one-half percent (4.5%) of the Accreted Principal Amount
that shall have accrued but remain unpaid as of each Interest Payment Date. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">2.
<U>Principal and Maturity Date</U>. The principal amount and all accrued and unpaid interest outstanding under this Note shall become due and payable in full on the Maturity Date. Upon the Maturity Date, the Borrowers, jointly and severally, shall
pay the then unpaid Accreted Principal Amount and all accrued and unpaid interest to the Holder in cash by wire transfer of immediately available funds to an account at a bank designated in writing by the Holder. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">3. <U>Optional and Mandatory Prepayments</U>. This Note may be prepaid by the Borrowers in
whole or in part, at any time and from time to time, subject to the provisions of Section 3.02 of the Loan Agreement. This Note is subject to mandatory prepayment in certain circumstances as set forth in the Loan Agreement. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">4. <U>Security</U>. The obligations of the Borrowers to the Holder hereunder are secured
pursuant to the terms of the Pledge and Security Agreement. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">5. <U>Events of
Default and Remedies</U>. Upon the occurrence and during the continuance of an Event of Default, the Holder shall be entitled to exercise any and all of the applicable rights and remedies set forth in the Loan Agreement and the Pledge and Security
Agreement, subject to the provisions of the Subordination Agreement. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">6.
<U>Waiver</U>. Any term of this Note for the benefit of the Holder may be waived at any time by the Holder, but no such waiver shall be effective unless set forth in a written instrument duly executed by the Holder. No waiver by the Holder of any
term of this Note, in any one or more instances, shall be deemed to be, or construed as, a waiver of the same or any other term of this Note on any future occasion. All remedies, either under this Note, the Loan Agreement, the Pledge and Security
Agreement or by law or otherwise afforded, will be cumulative and not alternative. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">7. <U>Amendment</U>. This Note may be amended, supplemented or otherwise modified only by a written instrument duly executed by the Borrowers and the Holder. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">8. <U>Headings</U>. The paragraph headings used in this Note have been inserted for convenience of reference only and do not define or limit
the provisions hereof. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">9. <U>Invalid Provisions</U>. If any provision of this
Note is held to be illegal, invalid or unenforceable under any present or future law (a) such provision will be fully severable, (b) this Note will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised
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<FONT FACE="Times New Roman" SIZE="2">a part hereof, (c) the remaining provisions of this Note will remain in full force and effect and will not be affected by the illegal, invalid or
unenforceable provision or by its severance herefrom and (d) in lieu of such illegal, invalid or unenforceable provision, there will be added automatically as a part of this Note a legal, valid and enforceable provision as similar in terms to such
illegal, invalid or unenforceable provision as may be possible. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">10.
<U>Governing Law</U>. Pursuant to Section 5-1401 of the New York General Obligations Law, this Note shall be governed by and construed in accordance with the internal laws of the State of New York. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">11. <U>Interpretation</U>. The Borrowers and the Holder agree that in interpreting this Note
there shall be no inferences against the drafting party. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN
WITNESS WHEREOF, the undersigned have executed this Note as of the date first written above. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">MPAV ACQUISITION LLC</FONT></P></TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">MEMRY CORPORATION</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>OBERT</SMALL> P. B<SMALL>ELCHER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></TD>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>OBERT</SMALL> P. B<SMALL>ELCHER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></TD></TR>

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<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Robert P. Belcher</B></FONT></TD>
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<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Robert P. Belcher</B></FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Vice President</B></FONT></TD>
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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Senior Vice President and</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Chief Financial Officer</B></FONT></P></TD></TR>
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