Document:

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                                                                    EXHIBIT 10.1

                                                        Private and Confidential

                         SEVERANCE AND RELEASE AGREEMENT

         THIS SEVERVANCE AND RELEASE AGREEMENT ("Agreement") is made and entered
into as of October 31, 2004 (the "Effective Date") by and between Robert W.
Churinetz ("Employee") and Wright Medical Technology, Inc. ("Company").

         DEFINITIONS:

                  A.       As used herein, the term "Employee" shall mean Robert
                           W. Churinetz, Employee's heirs, personal
                           representatives and assigns.

                  B.       As used herein, the term "Company" shall mean Wright
                           Medical Technology, Inc., its successors, assigns,
                           affiliates, divisions, and all of the past and
                           present officers, directors, employees and agents, in
                           their individual and representative capacities.

         WHEREAS, the Employee and the Company desire to settle and resolve all
matters pertaining to Employee's employment with Wright Medical Technology,
Inc. and the termination of that employment;

         NOW THEREFORE in consideration of the promises, agreements, releases
and obligations as hereinafter set forth, it is agreed by the Employee and the
Company as follows:

         1.       The Employee unconditionally releases the Company from any and
all causes of action and liability related to the Employee's hire, employment,
and termination of employment at Company occurring prior to and up to the
effective date of this Agreement, including, but not limited to, any breach of
contract claims, common law tort claims, claims of discrimination, claims for
benefits (including claims under the Employee Retirement Income Security Act of
1974), as well as any claims which the Employee may have under or in connection
with any and all local, state or federal ordinances, statutes, or common law.
The only exclusion from this release is a claim that some term of this Agreement
has been violated. Company represents to Employee that as of the date of this
Agreement, it does not have or know of any claims or causes of actions which it
may have against Employee. Employee shall be entitled to indemnification by the
Company for acts arising in the course of Employee's employment in accordance
with and subject to the indemnification provisions contained in the Articles of
Incorporation and/or Bylaws of the Company as in effect from time to time.

<PAGE>
Severance and Release Agreement                         PRIVATE AND CONFIDENTIAL
October 31, 2004
Page 2

_____________________

         2.       The Employee's employment with the Company will be terminated
at the close of business on October 31, 2004.

         3.       The Employee certifies that this Agreement is fully understood
by Employee, is entirely satisfactory to Employee, and that Employee's signing
of this Agreement is Employee's own free and informed act and deed and that
Employee has been given the opportunity to discuss it with counsel of Employee's
choosing.

         4.       The Employee acknowledges that they are currently able to work
in their current position without limitations, either physical or mental and
without any accommodation for any physical or mental ailment.

         5.       To the extent permitted by law, the Employee and the Company
agrees each will maintain the strictest secrecy and will not disclose the terms
of this Agreement to any agency or person except where disclosure is compelled
pursuant to legal process or for reporting purposes to Federal, State, or local
taxing authorities, or in discussions with legal and financial advisors and
employee's immediate family members.

         6.       The Employee further agrees not to disclose to any person any
matters relating to the confidential business affairs of the Company or the
confidential business affairs or the personal affairs of any officer, director
or employee of the Company, or to take any action or make any written or oral
statement at any time which could tend, in the sole discretion of the Company,
to disparage, demean or embarrass the Company, or its subsidiaries, divisions,
officers, directors or employees.

         7.       The Employee further agrees to execute Exhibit A, which
releases the Company from any and all liabilities under the Age Discrimination
in Employment Act.

         8.       The Employee agrees to cooperate with the Company during the
Severance period by providing information, in response to any reasonable
request, relative to the Employee's duties performed heretofore. The person
through whom this information shall be requested will be the Employee's direct
report as the date of this agreement, or their designee.

         9.       This Agreement, and any dispute arising in connection with its
operation or execution, shall be construed in accordance with and governed by
the statutes and common law of the State of Tennessee and shall be resolved by
binding arbitration in Memphis, Tennessee. Each party to this Agreement will
select one

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Severance and Release Agreement                        PRIVATE AND CONFIDENTIAL
October 31, 2004
Page 3

-------------------------------

arbiter. The two arbiters so selected shall then select a third. Decisions of
the arbitration panel shall be binding upon the parties hereto. The prevailing
party shall be entitled to have all expenses, including, but not limited to,
attorney fees and any fees submitted by the arbitrators to be paid by the
non-prevailing party.

         10.      This Agreement reflects the entire agreement of the parties
relative to the subject matter hereof and supersedes all prior or
contemporaneous oral or written understandings, statements, representations or
promises.

         11.      The parties agree that each provision of this Agreement is
severable and further agree that if any term or provision is held to be
invalid, void, or unenforceable by a court of competent jurisdiction or an
administrative agency for any reason whatsoever, such ruling shall not affect
the validity of the remainder of this Agreement.

         12.      In exchange for this agreement, ADEA Release and Agreement
attached as Exhibit A the Company will provide pay and benefits as follows:

                  (a).     Severance pay equal to five months at the salary
                           rate in effect at termination payable over the course
                           of the Severance Period in accordance with the
                           Company's normal payroll practices.

                  (b).     Earned and unused vacation for 2004, if any.

                  (c).     Professional re-employment services provided by
                           Russell, Montgomery & Associates at the Executive
                           Career Transition Program level.

                  (d).     COBRA paid group medical, dental, and vision plan
                           coverage during the time the employee is receiving
                           severance pay (the "Severance Period").

                  (e).     The attorney's fee for review of the release
                           agreement of up to, but not to exceed $200.

                  (f).     Any stock options you have are governed by the
                           specific stock option agreement and the applicable
                           stock option plan. This Agreement does not supersede
                           those stock related agreements. The following points
                           generally apply to your options: (1) options that
                           have not yet vested at the time of termination shall
                           expire and no further vesting shall occur with
                           respect to those options; (2) vested options remain
                           exercisable until
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Severance and Release Agreement                        PRIVATE AND CONFIDENTIAL
October 31, 2004
Page 4
-------------------------------

                  the earlier of the Expiration Date or the date that is ninety
                  (90) days after termination if the termination is without
                  cause; (3) if the termination is voluntary, other than for
                  reasons of disability or retirement, or if the termination is
                  for cause, then all of the options, to the extent not
                  exercised prior to termination, whether exercisable or not,
                  shall immediately lapse and be cancelled. Check your stock
                  option agreement and the applicable stock option plan for the
                  specific terms that apply to your stock options.

     THE EMPLOYEE ACKNOWLEDGES THAT EMPLOYEE READ THIS SEVERANCE AND RELEASE
AGREEMENT, THAT EMPLOYEE UNDERSTANDS ALL OF ITS TERMS AND EXECUTES IT
VOLUNTARILY AND WITH FULL KNOWLEDGE OF ITS SIGNIFICANCE AND THE CONSEQUENCES
THEREOF.

                   AGREED AND ACCEPTED as of the Effective Date.

EMPLOYEE:                                   WRIGHT MEDICAL TECHNOLOGY, INC.

/s/ Robert W. Churinetz                     By:    /s/ Jason P. Hood
-----------------------                            -----------------------------
Robert W. Churinetz                                Jason P. Hood, Vice President
                                            Title: General Counsel and Secretary
                                                   -----------------------------
<PAGE>

                                                        PRIVATE AND CONFIDENTIAL

                                   EXHIBIT A

                           ADEA RELEASE AND AGREEMENT

         As a material inducement to Wright Medical Technology, Inc.
(hereinafter referred to as "Wright" or "Employer") to enter into this ADEA
Release and Agreement (the "Release" or "Agreement") with Robert W. Churinetz
(hereinafter referred to as "Employee") (for Employee, Employee's heirs,
executors, administrators and assigns), Employee hereby unconditionally
releases and forever discharges Wright and each of the Wright's stockholders,
predecessors, successors, assigns, agents, directors, officers, employees,
representatives, attorneys, divisions, subsidiaries, affiliates and all persons
acting by, through, under, or in concert with any of them from any and all
charges, complaints, claims, liabilities, obligations, promises, agreements,
controversies, damages, actions, causes of action, suits, rights, demands,
costs, losses, debts and expenses (including attorney's fees and costs actually
incurred) of any nature whatsoever, known or unknown, suspected or unsuspected,
including, but not limited to, rights, under the Age Discrimination in
Employment Act of 1967, as amended from time to time, and other federal, state,
or local laws prohibiting discrimination, any claims the employee may have with
regard to Employee's hiring, employment, or electing the re-employment program
and termination of employment claims growing out of any legal restrictions on
Wright's right to terminate its employees ("Claim" or "Claims"), which the
Employee now has, owns or holds, or claims to have owned or held, or which the
Employee at any time hereinafter may have owned or held or claimed to have owned
or held against Wright.

         To comply with the Older Workers Benefit Protection Act of 1990, as
amended from time to time, the Release and Agreement has advised Employee of
the legal requirements of this Act and fully incorporated the legal
requirements by reference into this Agreement as follows:

         a.       This Agreement is written in layman's terms, and the Employee
                  understands and comprehends its terms;

         b.       Employee has been advised of Employee's rights to consult an
                  attorney to review the Agreement;

         c.       Employee does not waive any rights or claims that may arise
                  after the date the Release is executed;

         d.       Employee is receiving consideration beyond anything of value
                  to which he already is entitled;

         e.       Employee has been given a reasonable period of time to
                  consider this Agreement.

         As consideration for this Release, Wright agrees to provide the items
listed previously in paragraph 12 of the Severance and Release Agreement dated
October 31, 2004. The Employee enters into this Release with full knowledge of
its contents and enters into this Agreement voluntarily.

<PAGE>

ADEA Release and Agreement                              PRIVATE AND CONFIDENTIAL
October 31, 2004
Page 2

_____________________

                              AGREED AND ACCEPTED

<Table>
<Caption>
<S>                                                          <C>
EMPLOYEE:                                                    WRIGHT MEDICAL TECHNOLOGY, INC.

I acknowledge that I fully understand and
agree that this Agreement may be pleaded by
Wright Medical Technology, Inc. as a complete
defense to any claim which hereafter may be asserted
by me or a claim against Wright Medical Technology, Inc.
for or on account of any matter or thing whatsoever
arising out of the employment relationship or my
termination from active employment.

/s/ Robert W. Churinetz
-------------------------------------------                   By: /s/ Jason P. Hood
Robert W. Churinetz                                              --------------------------------
                                                                  Jason P. Hood, Vice President

                                                              Title: General Counsel and Secretary
                                                                     ------------------------------

SWORN TO AND SUBSCRIBED, before me, a                         SWORN TO AND SUBSCRIBED, before me, a
Notary Public, in my presence this 11th day of                Notary Public, in my presence this 17th day of
November, 2004                                                November, 2004

      /s/ Janet Wood                                                Deneise K. Speakman
      ------------------------------                                ----------------------------
      Notary Public                                                  Notary Public

County of Shelby                                              Shelby County
State of Tennessee                                            Tennessee
My Commission Expires: 7-11-06                                My Commission Expires: _____________________
</TABLE>

NOTE: EMPLOYEE IS HEREBY ADVISED OF THEIR RIGHT TO RESCIND AND NULLIFY THIS
AGREEMENT, WHICH RIGHT MUST BE EXERCISED, IF AT ALL, WITHIN SEVEN (7) DAYS OF
THE DATE OF EMPLOYEE'S SIGNATURE. EMPLOYEE MUST REVOKE RELEASE BY LETTER TO
WRIGHT MEDICAL, TECHNOLOGY, INC., ATTENTION: GENERAL COUNSEL, 5677 AIRLINE ROAD,
ARLINGTON, TN (ZIP CODE ILLEGIBLE), WITHIN SEVEN (7) DAYS. NO CONSIDERATION
SHALL BE CONVEYED UNTIL SUCH TIME PERIOD HAS EXPIRED.<PAGE>

                                                                 Exhibit (10)(b)

                            THE LUBRIZOL CORPORATION

                Amended Deferred Compensation Plan For Directors

                                  (As Amended)

1. Purpose. The purpose of this Amended Deferred Compensation Plan For Directors
(the "Plan"), entered this 27th day of June, 1994, is to continue to permit any
member of the Board of Directors (the "Participant") of The Lubrizol Corporation
(the "Company"), to defer all or a portion of the compensation to be received as
a director until after the Participant ceases to be a director, all as provided
in the Plan.

2. Administration. The Plan shall be administered by the Organization and
Compensation Committee of the Board of Directors of the Company (the
"Committee"). The Committee's interpretation and construction of all provisions
of this Plan shall be binding and conclusive. In the event that a Participant is
a member of the Committee, such Participant shall not participate in any
decision of the Committee relating to that Participant's participation in this
Plan.

3. Right to Defer Compensation.

      (a)   Any director of the Company may, at any time, elect to defer under
this Plan all, or such portion as the director may designate, of (i) that
director's annual retainer fee and/or (ii) the attendance fees for attending
directors' meetings or committees thereof. The annual retainer fee, for this
purpose, shall be deemed to be earned equally and ratably as of the last day of
each calendar quarter during the calendar year. Attendance fees are deemed to be
earned when the director attends the meeting for which the attendance fee is
paid.

      (b)   The election described in paragraph (a) shall be made by written
notice delivered to the Vice President, Human Resources, of the Company
specifying (i) the length of time, not less than one year, during which the
election shall apply, (ii) the portion of the retainer fee and/or the attendance
fee to be deferred for such year or years, (iii) time of distribution, and (iv)
if applicable, the payment option as provided in Section 6 for distributions
upon ceasing to be a director.

      (c)   The election under this Section 3 shall take effect on the first day
of the calendar quarter following the month in which the election is made. A
director may designate that the election shall remain in effect until the
director, on a prospective basis, withdraws the election or changes the amount
to be deferred.

      (d)   Any notice of withdrawal of the deferral election or change in the
amount to be deferred shall be effective on the first day of the calendar
quarter following the month in which such notice is given to the Company's Vice
President, Human Resources.

                                       1
<PAGE>

4. Compensation Deferral Accounts.

      (a)   On the date the compensation deferred under this Plan would have
become payable to the Participant in the absence of an election under this Plan
to defer payment thereof, the amount of such deferred compensation shall be
credited, pursuant to Participant's election, to a Stock Deferral Account and/or
any of the Cash Deferral Account investment portfolios designated as available
by the Committee from time to time. A Participant may transfer any portion or
all of the balance in any Deferral Account among the Stock Deferral Account and
the Cash Deferral Account investment portfolios as allowed under rules
established by the Committee; provided, however that any deferrals made
hereunder into a Stock Deferral Account prior to January 1, 2000, shall be
governed by the provisions of the Plan in effect prior to January 1, 2000. All
Deferral Accounts shall be established and maintained for each Participant in
the Company's accounting books and records and the Company shall be under no
obligation to purchase any investments designated by the Participant.

      (b)   Participant's Cash Deferral Accounts shall be credited with any
gains or losses equal to those generated as if the Participant's Cash Deferral
Account balances had been invested in the applicable investment portfolio(s)
selected by the Participant.

      (c)   The amount of deferred compensation credited to a Participant's
Stock Deferral Account pursuant to paragraph (a) shall be used to determined the
number of full and fractional units ("Units") representing Company Common Shares
("Shares") which the deferred amount would purchase at the closing price for the
Shares on the New York Stock Exchange ("NYSE") composite transactions reporting
system ("composite tape") on the date that the deferred amount is credited
pursuant to paragraph (a) and if Shares were not traded on that date on the
NYSE, then such computation shall be made as of the first preceding day on which
Shares were so traded. The Company shall credit the Participant's Stock Deferral
Account with the number of full and fractional Units so determined. However, at
no time prior to delivery of such Shares, shall the Company be obligated to
purchase or reserve Shares for such Stock Deferral Account and the Participant
shall not have any of the rights of a shareholder with respect to the Units
credited to such Participant's Stock Deferral Account.

      (d)   As of each dividend payment date declared with respect to the
Shares, the Company shall credit the Participant's Stock Deferral Account with
an additional number of whole and/or fractional Units equal to:

            (i)   the product of (x) the dividend per Share which is payable
                  with respect to such dividend payment date, multiplied by (y)
                  the number of whole and fractional Units credited to the
                  Participant's Stock Deferral Account as of such payment date;

                                   divided by

            (ii)  the closing price of a Share on the dividend payment date (or
                  if Shares were not traded on that date, on the next preceding
                  day on which Shares were so traded), as reported on the
                  NYSE-composite tape.

                                       2
<PAGE>

5. Payment of Deferred Compensation upon Ceasing to be a Director.

      (a)   The total amount standing as a credit in a Participant's Cash
Deferral Accounts shall, upon Participant ceasing to be a director, be payable
to the Participant either in a lump sum or in periodic installments over such
period, not exceeding ten years, as the Participant shall have selected pursuant
to Section 3(b)(iv). Such periodic payments shall begin or the lump sum payment
shall be made, as the case may be, from the Participant's Cash Deferral
Accounts, at such time, not more than twelve (12) months after the Participant
ceases to be a director of the Company, as the Participant shall have selected
pursuant to Section 3 (b)(iv). Notwithstanding the foregoing, a Participant may
elect no later than thirty (30) days prior to the Participant ceasing to be a
director, nor earlier than ninety (90) days prior thereto, to change the form of
distribution of the Participant's Cash Deferral Accounts.

      (b)   The amount of each installment payable to a Participant shall be
determined by dividing the aggregate balance of such Participant's Cash Deferral
Accounts by the number of periodic installments (including the current
installment) remaining to be paid. Until a Participant's Cash Deferral Accounts
has been completely distributed, the balance thereof remaining, from time to
time, shall be credited with gains and losses on a monthly basis as provided in
Section 4(b).

      (c)   The total number of Units credited to the Participant's Stock
Deferral Accounts shall, upon Participant ceasing to be a director, be payable
to the Participant either in a lump sum or in periodic installments, over such
period, not exceeding ten years, as the Participant shall have selected pursuant
to Section 3(b)(iv). Such periodic payments shall begin or the lump sum payment
shall be made, as the case may be, at such time, not more than twelve (12)
months after the Participant ceased to be a director of the Company, as the
Participant shall have selected pursuant to Section 3(b)(iv). Notwithstanding
the foregoing, a Participant may elect no later than thirty (30) days prior to
the Participant ceasing to be a director, no earlier than ninety (90) days prior
thereto, to change the form of distribution of the Participant's Stock Deferral
Accounts.

      (d)   The amount of any installment payable from the Stock Deferral
Accounts to a Participant shall be determined by dividing the balance of the
aggregate number of Units in the Participant's Stock Deferral Accounts by the
number of periodic installments (including the current installment) remaining to
be paid and the quotient shall be the number of Shares that are payable. If the
determination of the installment payable from the Participant's Stock Deferral
Accounts results in a fractional Share being payable, the installment payment
shall exclude any such fractional Share payment except that, in the final
installment payment, any such fractional Share shall be paid in cash in an
amount as determined by the Committee. Until the Participant's Stock Deferral
Accounts have been completely distributed, the balance in the Stock Deferral
Accounts shall continue to be credited with the dividend equivalents on such
balances as provided in Section 4(d).

      (e)   In the event a Participant dies prior to receiving payment of the
entire amount in that Participant's Cash Deferral Accounts and/or Stock Deferral
Accounts, as the case may be, the unpaid balance shall be paid to such
beneficiary as the Participant may have designated in writing to the Vice
President, Human Resources, of the Company as the beneficiary to receive any
such post-death distribution under the Plan or, in the absence of such written
designation, to the Participant's legal representative or

                                       3
<PAGE>

to the beneficiary designated in the Participant's last will as the one to
receive such distributions. Distributions subsequent to the death of a
Participant may be made either in a lump sum or in periodic installments in such
amounts and over such period, not exceeding ten years from the date of death, as
the Committee may direct and the amount of each installment shall be computed as
provided in Section 6(b), and (d) as the case may be.

      (f)   Payments from the Cash Deferral Accounts shall be made in cash and
payments from the Stock Deferral Accounts shall be made in Shares. The amount of
any distribution pursuant to Sections 5 through 8 hereunder shall reduce the
balance held in the Participant's corresponding Deferral Accounts as of the date
of such distribution. Installment payments shall be made pro-rata from a
Participant's Deferral Accounts.

6. In-Service Distributions. Pursuant to Section 3, a Participant may elect to
receive an in-service distribution of all or any specified percentage of the
Participant's deferral for any calendar quarter commencing not earlier than the
first calendar year following the year that such compensation would have been
payable. In-service distributions shall be made in a lump sum payment. A
Participant may elect once for any calendar quarter of deferral for which the
Participant has elected an in-service distribution, to change the date of
distribution to another in-service year or upon ceasing to be director;
provided, however, that any such modification must be made in writing at least
twelve (12) months prior to the date originally elected for the in-service
distribution.

7. Special Distributions. Notwithstanding any other provision of this Plan, a
Participant may elect to receive distribution of part or all of the total of
Participant's eligible Deferral Accounts in one or more distributions if (and
only if) the amount of the distribution is reduced by ten (10) percent. The ten
(10) percent reduction shall be forfeited. Distributions shall be made pro-rata
among Participant's eligible Deferral Accounts. Any distribution made pursuant
to such an election shall be made within sixty (60) days of the date such
election is submitted to Vice President - Human Resources.

8. Hardship Distributions. The Committee may accelerate the distribution of part
or all, in any or all, of Participant's Deferral Accounts for reasons of severe
financial hardship. For purposes of this Plan, severe financial hardship shall
be deemed to exist in the event the Committee determines that a Participant
needs a distribution to meet immediate and heavy financial needs resulting from
a sudden or unexpected illness or accident of the Participant or a member of
his/her family, loss of the Participant's property due to casualty, or other
similar extraordinary and unforeseeable circumstance arising as a result of
events beyond the control of the Participant. A distribution based on financial
hardship shall not exceed the amount required to meet the immediate financial
need created by the hardship.

9. Non-assignability. None of the rights or interests in any of the
Participant's Deferral Accounts shall, prior to actual payment or distribution
pursuant to this Plan, be assignable or transferable in whole or in part, either
voluntarily or by operation of law or otherwise, and such rights and interest
shall not be subject to payment of debts by execution, levy, garnishment,
attachment, pledge, bankruptcy or in any other manner; provided that, upon the
occurrence of any such assignment or transfer or the attempted

                                       4
<PAGE>

assignment or transfer, all payments hereunder shall be payable in the sole and
unrestricted judgment and discretion of the Committee, as to time and amount,
and shall be distributable to the person who would have received the payment but
for this paragraph 9 only at such time or times and in such amounts as the
Committee, from time to time, shall determine.

10. Interest of Participant. The Company shall be under no obligation to
segregate or reserve any funds or other assets for purposes relating to the Plan
and, except as set forth in this Plan, no Participant shall have any rights
whatsoever in or with respect to any funds or other assets held by the Company
for purposes of the Plan or otherwise. Each Participant's accounts maintained
for purposes of the Plan merely constitute bookkeeping entries on records of the
Company, constitute the unsecured promise and obligation of the Company to make
payments as provided herein, and shall not constitute any allocation whatsoever
of any cash, shares or other assets of the Company or be deemed to create any
trust or special deposit with respect to any of the Company's assets.
Notwithstanding the foregoing provisions, nothing in this Plan shall preclude
the Company from setting aside Shares or funds in trust pursuant to one or more
trust agreements between a trustee and the Company. However, no Participant
shall have any secured interest or claim in any assets or property of the
Company or any such trust and all Shares or funds contained in such trust shall
remain subject to the claims of the Company's general creditors.

11. Shares Changes. In the event of any change in the number of outstanding
Shares by reason of any stock dividend, stock split up, recapitalization,
merger, consolidation, exchange of shares or other similar corporate change, the
number of units representing Shares to be credited in accordance with Section
4(c), the Shares to be distributed in accordance with this Plan shall be
appropriately adjusted to take into account any such event.

12. Amendment. The Board of Directors of the Company may, from time to time,
amend or terminate this Plan, provided that no such amendment or termination of
the Plan shall adversely affect a Participant's Accounts as they existed
immediately before such amendment or termination or the manner of distribution
thereof, unless such Participant shall have consented thereto in writing.

13. Plan Termination. Effective November 15, 2004, this Plan is terminated with
respect to deferrals of compensation earned in calendar years that begin after
December 31, 2004. Amounts deferred for compensation earned in calendar years
prior to January 1, 2005 shall continue to be administered in accordance with
the terms of this Plan.

                                       5

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