ORA-21300: objects option not installed
Cause : The objects option is not installed at this site. object types and other object features are, therefore, unavailable.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Install the objects option. The objects option is not part of the Oracle Server product and must be purchased separately. Contact an Oracle sales representative if the objects option needs to be purchased.
Well, the reason for above error is that i have taken the above script from a 11g database and running it on 10g database. 11g has bring some changes in password management. Below code is executed on 11g and user created successfully, which is expected result.