Document:

Form of 2005 Restricted Share Award Ageement

 Exhibit 10.55 
 WARNER CHILCOTT HOLDINGS COMPANY, LIMITED 
 FORM OF 

2005 EQUITY INCENTIVE PLAN 
 2005 RESTRICTED SHARE AWARD AGREEMENT 
 GRANT TO: [                    ] 
 THIS AGREEMENT (the “Agreement”) is made effective as of March 28, 2005 (the “Grant Date”), between
Warner Chilcott Holdings Company, Limited, a Bermuda exempted limited company (together with its successors, the “Company”), and [            ], who is an employee
of the Company or one of its Subsidiaries (the “Grantee”). Capitalized terms, unless defined in Section 9 or a prior section of this Agreement, shall have the same meanings as in the Plan (as defined below). 

WHEREAS, in connection with the Grantee’s employment with the Company or one of its Subsidiaries, the Company desires to grant to the Grantee a
certain number of Class A ordinary shares, par value $.01, of the Company (“Class A Common Shares”) on the date hereof pursuant to the terms and conditions of this Agreement and the Company’s 2005 Equity Incentive
Plan (the “Plan”). 
 WHEREAS, the Board of Directors of the Company has determined that it would be to the
advantage, and in the best interest, of the Company and its shareholders to grant the Restricted Shares (as defined herein) provided for herein to the Grantee as an incentive for increased efforts during his employment with the Company or one of its
Subsidiaries. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt
of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. GRANT OF SHARE AWARD 
 (a) Grant. Subject to the terms and conditions of the Plan and this Agreement, the Company hereby grants to the Grantee the following: 
 (i) [                    ]
Class A Common Shares, which are the “Time Vesting Shares,” 
 (ii)
[                    ] Class A Common Shares, which are the “Performance Vesting Shares,” and 
 (iii) [                    ]
Class A Common Shares, which are the “ROC Vesting Shares” (the ROC Vesting Shares, together with the Time Vesting Shares and the Performance Vesting Shares, the “Restricted Shares”). 

 (b) Plan. This award is granted under the Plan, which is incorporated herein by this reference and made a part of
this Agreement. 
 SECTION 2. ISSUANCE OF SHARES 
 (a)
Share Certificates. The Company shall cause to be issued certificates for the Time Vesting Shares, the Performance Vesting Shares and the ROC Vesting Shares representing this award, registered in the name of the Grantee (or in the names of
such person and his spouse as community property or as joint tenants with right of survivorship). In connection with the execution of this Agreement the Grantee shall deliver to the Company a duly-executed blank share power in the form attached
hereto as Exhibit A. 
 (b) Voting Rights. The Grantee shall have voting rights with respect to the Restricted Shares. 
 (c) Dividends. All share dividends, if any, that are paid on unvested Restricted Shares and all share dividends, if any, that are paid on any share
dividends (any such share dividends, “Restricted Share Dividends”) and all cash dividends paid on unvested Restricted Shares (or on Restricted Share Dividends) (“Cash Dividends”) shall be treated as
set forth in Section 3(b). 
 (d) Section 83(b) Election. If the Grantee chooses, the Grantee may make an election under Section 83(b)
of the Code, which would cause the Grantee currently to recognize income for U.S. federal income tax purposes in an amount equal to the excess (if any) of the FMV of the award (determined as of the date of the award) over the Purchase Price (if
any), which excess will be subject to U.S. federal income tax. The form for making a Section 83(b) election is attached as Exhibit B. The Grantee acknowledges that it is the Grantee’s sole responsibility to timely file the
Section 83(b) election and that failure to file a Section 83(b) election within 30 days after the Grant Date may result in the recognition of ordinary income on any future appreciation on the Restricted Shares. 
 (e) Withholding Requirements. The Company may withhold any tax (or other governmental obligation) as a result of the grant of this award and/or the filing of a
Section 83(b) election as a condition to the grant of this award, and the Grantee shall make arrangements satisfactory to the Company to enable it to satisfy all such withholding requirements. 
 SECTION 3. CERTAIN RESTRICTIONS 
 The following provisions shall apply
to each Restricted Share until such share vests in accordance with Section 4: 
 (a) The certificate representing such Restricted Share shall be
held in custody by the Company. 
 (b) All Restricted Share Dividends, all Cash Dividends and all new, substituted or additional securities or other property
described in Section 7 below (“Additional Property”), shall be subject to the same restrictions as the Restricted Share to which such Restricted Share Dividend, Cash Dividend or Additional Property relates and
will be held in custody by the Company on the same terms as such Restricted Share. 
  

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 (c) The certificate representing such Restricted Share shall bear the legend provided for in the first sentence of
Section 5(d). 
 (d) The holder of such Restricted Share shall have no liquidation rights with respect thereto. 
 (e) In the event that the Grantee’s employment with the Company or the applicable Subsidiary thereof terminates prior to January 18, 2006 and such termination
was by the Company (or the applicable Subsidiary thereof) for Cause or by the Grantee without Good Reason, then all unvested Restricted Shares (and all Restricted Share Dividends, Cash Dividends and Additional Property related to such unvested
Restricted Shares) shall be forfeited, and all of the Grantee’s rights, or the rights of any spouse or any Permitted Transferee of such Grantee, to such unvested Restricted Shares (and such Restricted Share Dividends, Cash Dividends and
Additional Property) shall terminate. 
 (f) In the event that the Grantee’s employment with the Company or the applicable Subsidiary thereof terminates
for any reason, then all unvested Restricted Shares as of such date of termination shall remain unvested and shall not be subject to vesting pursuant to the provisions of Section 4 or otherwise in any circumstance, except as set forth in
Section 6(c). 
 SECTION 4. VESTING OF RESTRICTED SHARES 
 (a) Vesting. Subject to the provisions of this Agreement, the following Restricted Shares shall vest as follows: 
 (i) the Time Vesting Shares shall vest in accordance with the provisions of Schedule A and, if applicable, Section 6(c); 
 (ii) the Performance Vesting Shares shall vest in accordance with the provisions of Schedule B and, if applicable,
Section 6(c); and 
 (iii) the ROC Vesting Shares shall vest in accordance with the provisions of Schedule C and,
if applicable, Section 6(c). 
 (b) Effect of Vesting. Subject to the provisions of this Agreement, upon the vesting of any Restricted
Shares: 
 (i) the restrictions referred to in Section 3 shall cease to exist with respect to such Restricted
Shares; 
 (ii) the Company will cause to be issued and delivered to the Grantee (or the applicable Permitted Transferee of
the Grantee, if any) a certificate or certificates for the number of Restricted Shares which have so vested, and the number of shares represented by the Restricted Share Dividends, if any, paid with respect to such Restricted Shares, without the
legend provided for in the first sentence of Section 5(d); 
 (iii) The Company will cause to be delivered to the
Grantee (or the applicable Permitted Transferee of the Grantee, if any) any Cash Dividends or 

  

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Additional Property with respect to such vested Restricted Shares that are held in the custody of the Company; and 
 (iv) the Company will cause to be issued a certificate or certificates for the remaining unvested Restricted Shares registered in the name
of the Grantee (or in the names of such person and his spouse as community property or as joint tenants with right of survivorship or the applicable Permitted Transferee of the Grantee, if any), which certificate or certificates will continue to be
held in the custody of the Company in accordance with Section 3. 
 SECTION 5. SECURITIES LAW ISSUES, TRANSFER RESTRICTIONS 
 (a) Grantee Acknowledgements and Representations. The Grantee understands and agrees that: (x) the Restricted Shares have not been registered under the
Securities Act, (y) the Restricted Shares are restricted securities under the Securities Act and (z) the Restricted Shares may not be resold or transferred unless they are first registered under the Securities Act or unless an exemption
from such registration is available. The Grantee hereby makes the representations and warranties set forth in Exhibit C hereto. 
 (b) No
Registration Rights. Except as otherwise set forth in the Management Shareholders Agreement with respect to vested Restricted Shares, the Company may, but shall not be obligated to, register or qualify the award of Restricted Shares to the
Grantee under the Securities Act or any other applicable law. The Company shall not be obligated to take affirmative action to cause the award of Restricted Shares to the Grantee to comply with any law. 
 (c) Transfers. All Restricted Shares shall be subject to the provisions as to Transfer set forth in Article 3 of the Management Shareholders Agreement.
Unless otherwise permitted pursuant to the Management Shareholders Agreement, the Grantee shall not Transfer any Restricted Shares (x) except in compliance with the provisions of Article 3 of the Management Shareholders Agreement, and
(y) unless the transferee shall have agreed in writing to be bound by the terms of this Agreement in a manner mutually acceptable to the Board and otherwise acknowledged that such Restricted Shares are subject to the restrictions set forth in
this Agreement. Any attempt to Transfer any Restricted Shares not in compliance with this Agreement shall be null and void and have no force or effect, and the Company shall not, and shall cause any transfer agent not to, give any effect in such
entity’s share records to such attempted Transfer. The Grantee acknowledges that the transfer restrictions contained in this Agreement are reasonable and in the best interests of the Company. 
 (d) Legends. Each certificate representing Restricted Shares that have not vested shall be endorsed with a legend in substantially the following form: 

“The securities represented by this certificate are subject to a certain Share Award Agreement, dated as of March 28, 2005, which
provides, among other things, for certain restrictions on the transfer and encumbrance of such securities, and for the vesting of such securities according to particular provisions. A copy of such agreement is on file at the principal offices of the
Company.” 
  

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 In addition to the legend set forth in the previous sentence, each certificate representing Restricted
Shares shall be endorsed with a legend in substantially in the form set forth in Section 3.03 of the Management Shareholders Agreement. 
 SECTION 6.
RIGHT OF REPURCHASE 
 (a) Right of Repurchase. All Restricted Shares and Restricted Share Dividends shall be subject to the provisions of
Article 5 of the Management Shareholders Agreement with respect to the repurchase of the Restricted Shares by the Company (or its assignee permitted pursuant to such Article 5); provided, that, except as otherwise set
forth in Section 6(b), Restricted Share Dividends shall be treated in the same manner, and shall be subject to the same provisions on process, as the Restricted Shares are pursuant to such Article 5 of the Management Shareholders
Agreement. 
 (b) Treatment of Cash Dividends, Restricted Share Dividends, Additional Property. In the event that, at the time of the exercise of
rights by the Company pursuant to Article 5 of the Management Shareholders Agreement with respect to unvested Restricted Shares, the Company holds pursuant to Section 3(b) Cash Dividends, Restricted Share Dividends and/or
Additional Property with respect to such unvested Restricted Shares, upon the purchase by the Company (or its assignee permitted pursuant to such Article 5) of such Restricted Shares, notwithstanding anything to the contrary in this Agreement
or the Management Shareholders Agreement, all such Cash Dividends, Restricted Share Dividends and/or Additional Property shall be forfeited by the Grantee (and any spouse or any Permitted Transferee of the Grantee) and all the Grantee’s rights,
or the rights of any spouse or any Permitted Transferee of the Grantee, to such Cash Dividends, Restricted Share Dividends and/or Additional Property shall terminate. 
 (c) Non-Exercise of Right of Repurchase. In the event that (i) the Company has a right pursuant to Article 5 of the Management Shareholders Agreement to repurchase an unvested Restricted Share, and
(ii) the Company elects not to exercise such right (and does not assign such right to a Person who exercises such right), in each case pursuant to such Article 5, then such unvested Restricted Share shall vest. 
 SECTION 7. ADJUSTMENT OF SHARES 
 In the event of a
Recapitalization, the terms of this award (including, without limitation, the number and kind of Class A Common Shares subject to this award) shall be adjusted as set forth in Section 13(a) of the Plan. In the event that the Company
is a party to a merger or consolidation, this award shall be subject to the agreement of merger or consolidation, as provided in Section 13(b) of the Plan. 
 SECTION 8. MISCELLANEOUS PROVISIONS 
 (a) No Retention Rights. Nothing in this award or in the Plan shall
confer upon the Grantee any right to continue in Service or interfere with or otherwise restrict in any way the rights of the Company (or any Subsidiary employing the Grantee), which rights are hereby expressly reserved by the Company, to terminate
the Grantee’s Service at any time and for any reason, with or without Cause. 
  

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 (b) Notices. All notices, requests and other communications under this Agreement shall be in writing and shall be
delivered in person (by courier or otherwise), mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission, as follows: 
 If to the Company, to: 
 c/o Warner Chilcott Holdings Company, Limited 
 100 Enterprise Drive 
 Rockaway, NJ 07866

 Attention: General Counsel 
 Facsimile: (973) 442-3283 
 If to the Grantee, to the address that he most recently provided to the Company, 
 or, in each case, at such other address or fax number as such party may hereafter specify for the purpose of notices hereunder by written notice to the other party
hereto. All notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise,
any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. Any notice, request or other written communication sent by facsimile transmission shall be confirmed
by certified or registered mail, return receipt requested, posted within one Business Day, or by personal delivery, whether by courier or otherwise, made within two Business Days after the date of such facsimile transmissions; provided that such
confirmation mailing or delivery shall not affect the date of receipt, which will be the date that the facsimile successfully transmitted the notice, request or other communication. 
 (c) Entire Agreement. This Agreement and the Plan, together with the Management Shareholders Agreement, and the other agreements referred to herein and therein and any schedules, exhibits and other documents
referred to herein or therein, constitute the entire agreement and understanding among the parties hereto in respect of the subject matter hereof and thereof and supersede all prior and contemporaneous arrangements, agreements and understandings,
both oral and written, whether in term sheets, presentations or otherwise, among the parties hereto, or between any of them, with respect to the subject matter hereof and thereof. 
 (d) Amendment; Waiver. No amendment or modification of any provision of this Agreement shall be effective unless signed in writing by or on behalf of the Company and the Grantee, except that the Company may
amend or modify the Agreement without the Grantee’s consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. The failure of the Company in any instance to exercise the Right of Repurchase shall not
constitute a waiver of any other repurchase rights that may subsequently arise under the provisions of this Agreement or any other agreement between the Company and the Grantee. No waiver of any breach or condition of this Agreement shall be deemed
to be a waiver of any other or subsequent breach or condition whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in
the specific instance and for the specific purpose for which made or given. 
  

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 (e) Assignment. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by
reason hereof shall be assignable by the Grantee except pursuant to a Transfer of Restricted Securities in accordance with the provisions of this Agreement. 
 (f) Successors and Assigns; No Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the Company and the Grantee and their respective heirs, successors, legal representatives and permitted
assigns. Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the Company and the Grantee, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies,
obligations or liabilities under or by reason of this Agreement. 
 (g) Governing Law, Venue. All issues concerning the relative rights of the Company
and the Grantee with respect to each other shall be governed by the laws of Bermuda. All other issues concerning the construction, validity and interpretation of this Agreement, and the rights and obligations of the parties hereunder, shall be
governed by, and construed in accordance with, the laws of the State of New York applicable to contracts made and performed entirely within such state, without regard to the conflicts of laws rules of such state. Any legal action or proceeding with
respect this Agreement shall be brought in the courts of the United States for the Southern District of New York, and, by execution and delivery of this Agreement, each party hereby irrevocably accepts for itself and in respect of its property,
generally and unconditionally, the exclusive jurisdiction of such courts. Each party irrevocably waives any objection which it may now or hereafter have to the laying of venue of the aforesaid actions or proceedings arising out of or in connection
with this Agreement in the courts referred to in this paragraph and hereby further irrevocably waives and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient
forum. 
 (h) Waiver of Jury Trial. The Grantee hereby irrevocably waives all right of trial by jury in any legal action or proceeding (including
counterclaims) relating to or arising out of or in connection with this Agreement or any of the transactions or relationships hereby contemplated or otherwise in connection with the enforcement of any rights or obligations hereunder. 

(i) Interpretation. Unless otherwise expressly provided, for purposes of this Agreement, the following rules of interpretation apply: 
 Headings. The division of this Agreement into Sections and other subdivisions and the insertion of headings are for
convenience of reference only and do not alter the meaning of, or affect the construction or interpretation of, this Agreement. 
 Section References. All references in this Agreement to any “Section” are to the corresponding Section of this Agreement. 
 Schedules/Exhibits. Any capitalized terms used in any Schedule or Exhibit to this Agreement but are not otherwise defined therein have the meanings set forth in this Agreement. 
 (j) Severability. If any provision of this Agreement is invalid, illegal, or incapable of being enforced by any law, all other provisions of this Agreement remain
in full force and effect so 

  

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long as the economic and legal substance of the transactions contemplated hereby are not affected in any manner materially adverse to any party. If any
provision of this Agreement is held to be invalid, illegal, or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in order
that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 
 (k) Counterparts. The parties
may execute this Agreement in one or more counterparts, each of which constitutes an original copy of this Agreement and all of which, collectively constitute only one agreement. The signatures of all the parties need not appear on the same
counterpart. 
 (l) Grantee Undertaking. The Grantee agrees to take whatever additional action and execute whatever additional documents the Company
may deem necessary or advisable to carry out or effect one or more of the obligations or restrictions imposed on either the Grantee or upon the Restricted Shares pursuant to the provisions of this Agreement. 
 (m) Plan; Management Shareholders Agreement; Counsel. The Grantee acknowledges and understands that material definitions and provisions concerning the Restricted
Shares and the Grantee’s rights and obligations with respect thereto are set forth in the Plan and the Management Shareholders Agreement. The Grantee has read carefully, and understands, the provisions of such documents. White & Case
LLP (“Counsel”) has been retained by the Company to represent the Grantee in connection with the transactions contemplated by this Agreement. The Grantee has had the opportunity to seek legal advice from Counsel on this
Agreement and the transactions contemplated hereby. 
 SECTION 9. DEFINITIONS 
 (a) “Affiliate” means, with respect to any Person, any other Person who, directly or indirectly, controls such first Person or is controlled by said Person or is under common control with said
Person, where “control” means the power and ability to direct, directly or indirectly, or share equally in or cause the direction of, the management and/or policies of a Person, whether through ownership of voting shares or other
equivalent interests of the controlled Person, by contract (including proxy) or otherwise. 
 (b) “Board” means the Board of
Directors of the Company, as constituted from time to time or, if a Committee has been appointed, such Committee. 
 (c) “Business
Day” has the meaning ascribed to such term in the Management Shareholders Agreement. 
 (d) “Cause” has the meaning
ascribed to such term in the Management Shareholders Agreement, except that the reference therein to a Management Shareholder shall be to the Grantee. 
 (e)
“Change of Control” has the meaning ascribed to such term in the Management Shareholders Agreement. For the avoidance of doubt, a Change of Control shall not include an IPO unless the definition of Change of Control is
otherwise satisfied. 
  

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 (f) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the
regulations promulgated thereunder. 
 (g) “Committee” means the compensation committee of the Board of Directors of the Company.

 (h) “Employee” means any individual who is a common-law employee of the Company or a Subsidiary thereof. 
 (i) “FMV” with respect to a Restricted Share, means the fair market value of a Restricted Share, as determined by the Board in good faith. Such
determination shall be conclusive and binding on all persons. 
 (j) “Good Reason” has the meaning ascribed to such term in the
Management Shareholders Agreement, except that the reference therein to a Management Shareholder shall be to the Grantee. 
 (k)
“IPO” has the meaning ascribed to such term in the Management Shareholders Agreement. 
 (l) Management Shareholders
Agreement” means that certain Management Shareholders Agreement dated as of the date hereof by and among the Company, Warner Chilcott Holdings Company II, Limited, Warner Chilcott Holdings Company III, Limited, the Grantee and the other
parties thereto (as the same shall be amended, modified or supplemented from time to time). 
 (m) “Permitted Transferee” has
the meaning ascribed to such term in the Management Shareholders Agreement. 
 (n) “Person” means an individual, corporation, limited
liability company, partnership, association, trust or other entity or organization. 
 (o) “Purchase Price” means the price, if any,
paid by the Grantee for the Restricted Shares. 
 (p) “Right of Repurchase” means the Company’s right of repurchase described in
Section 6 of this Agreement. 
 (q) “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
 (r) “Service” means service as an Employee. 
 (s) “Subsidiary” means, with respect to any specified Person, any other Person in which such specified Person, directly or indirectly through one
or more Affiliates or otherwise, beneficially owns at least 50% of either the ownership interest (determined by equity or economic interests) in, or the voting control of, such other Person. 
  

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 (t) “Transfer” has the meaning ascribed in such term in the Management Shareholders Agreement.

  

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

  

					
	WARNER CHILCOTT HOLDINGS COMPANY, LIMITED
		
	By:	 	  
		 	Name:	 	
		 	Title:	 	
		
	  	 	  
	[Name]

 SIGNATURE PAGE: RESTRICTED A AWARDSeparation Agreement and Release

 Exhibit 10.1 
 SEPARATION AGREEMENT AND RELEASE 
 This Separation Agreement and Release (this
“Agreement”) is made and entered into as of March 21, 2007 (the “Effective Date”) by and between O. I. Corporation, an Oklahoma corporation (the “Company”), and William W. Botts
(“Botts”). 
 R E C I T A L S 
 WHEREAS, Mr. Botts is employed by the Company as President and Chief Executive Officer and serves as a member of the Board of Directors (the “Board”) of the Company; 
 WHEREAS, Mr. Botts was placed on paid, administrative leave from his positions with the Company on January 21, 2007; 
 WHEREAS, the Company and Botts have entered into the following agreements in connection with Botts’ employment: (1) Employment Agreement dated
May 1, 1996 (the “Employment Agreement”); (2) Indemnification Agreement dated May 10, 2005 (the “Indemnification Agreement”); (3) Employee Patent and Proprietary Information Agreement (the
“Proprietary Information Agreement”) dated June 13, 2006; and (4) the Option Grants set forth in Section 2(c) of this Agreement; 
 WHEREAS, effective immediately, Mr. Botts desires voluntarily to resign as President and Chief Executive Officer, as a member of the Board and all other positions he may have with the Company or any affiliated
company, and the Company desires to accept such resignations effective immediately; and 
 WHEREAS, in connection with Mr. Botts’
resignation, the parties desire to amend and restate their rights and obligations with respect to each other. 
 A G R E E M E N T

 NOW, THEREFORE, in consideration of the mutual promises made herein, the Company and Botts (collectively referred to as the
“Parties”) hereby agree as follows: 
 1. Resignation. To be effective immediately, Mr. Botts hereby resigns as
President and Chief Executive Officer, as a member of the Board, and from all other positions he may hold with the Company or any affiliated company, and the Company hereby agrees to execute such documents and take such acts as the Company
determines necessary to affect his resignation from all such positions. 
 2. Compensation and Benefits. 
 (a) Accrued Compensation & Benefits. On March 23, 2007, the Company will pay Botts any and all accrued unpaid wages through the
Effective Date, less lawful deductions and withholding and in accordance with the Company’s normal payroll practices. Botts agrees and acknowledges and agrees to verify on March 23, 2007 that such amount included all accrued vacation
(which constitutes of 8 weeks of vacation at Botts current salary), leaves, bonuses, benefits, perquisites, and whatever else of any nature Botts contends, or may contend, are due to Botts from the Company, except for those benefits or compensation
as expressly defined elsewhere in this Agreement. Botts and the Company agree that Botts will not receive any bonus for his service in 2006 or 2007. 

 (b) Reimbursement of Expenses. The Company agrees to reimburse Botts for all reasonable expenses
incurred by Botts on behalf of the Company for which Botts provided documentation acceptable to the Company within fifteen (15) days following the Effective Date, detailing the amount and purpose of each expense. Following this reimbursement,
the Company has no further obligation to reimburse Botts for any expenses. 
 (c) Stock Options. Following is a listing and
description of the option grants Botts received pursuant to the Company’s 1993 Incentive Compensation Plan (as amended through the date hereof, the “1993 Plan”), including a summary of the vesting status for each.
Notwithstanding anything to the contrary contained in the option grants referenced below (including any 1993 Plan documents distributed with such option grants), Botts and the Company agree that, after the Effective Date, Botts will not vest in any
additional shares purchasable under these option grants despite any additional service Botts might provide to the Company following the Effective Date. 
  

	 	•	 	 On January 25, 1999, Botts received an option grant under the 1993 Plan to purchase 30,000 shares of Common Stock, with an exercise price of $5.625 per share
(“Option Grant 1”). As of the Effective Date, Botts had exercised 15,000 shares of Common Stock under Option Grant 1 and was vested in the remaining 15,000 shares of Common Stock under Option Grant 1.

  

	 	•	 	 On February 8, 2000, Botts received an option grant under the 1993 Plan to purchase 30,000 shares of Common Stock, with an exercise price of $3.875 per share
(“Option Grant 2” and, together with Option Grant 1, the “Option Grants”). As of the Effective Date, Botts had exercised 6,000 shares of Common Stock under Option Grant 2 and was vested in the remaining
24,000 shares of Common Stock under Option Grant 2. 

 Pursuant to the terms of the 1993 Plan, Botts will have 90 days
following the Effective Date to exercise any vested options under the Option Grants. The Board has approved the payment of the exercise price of the Option Grants by having shares of the Company’s common stock held by Mr. Botts using the
cashless exercise method provided in Section 5(c)(1) of the 1993 Plan. Mr. Botts will notify the Company’s Chief Financial Officer to exercise the Option Grants and, to the extent Mr. Botts elects to exercise the Option Grants
using the cashless exercise method the shares of Common Stock used by Botts to pay the exercise price shall be based on the closing sales price as reported on the Nasdaq Global Market on the date of such exercise. 
 (d) Continuation of Health Benefits. As partial consideration for signing and not revoking this Agreement, if Botts elects to continue health
coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 or under such other supplemental or substitute group health insurance benefit continuation program as may be provided pursuant to applicable state law (such programs
collectively referred to herein as “COBRA”), the Company will pay Botts’ COBRA premiums in an amount sufficient to maintain the level of health benefits in effect on his last day of employment (hereinafter
“Benefit Continuation”), until the earlier of (i) October 31, 2007 or (ii) the date that Botts is covered under another employer’s health benefit program which provides substantially the same level of 

  

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benefits without exclusion for pre-existing medical conditions. Such Benefit Continuation will be in lieu of any other continued health care coverage to
which Botts or Botts’ dependents would otherwise be entitled at Botts’ own cost under Code Section 4980B by reason of Botts’ termination of employment. 
 3. Proprietary Information. Botts agrees that the Proprietary Information Agreement survives the termination of Botts’ employment and Botts
shall comply with the terms and conditions contained in the Proprietary Information Agreement. Botts shall return all the Company property (except as otherwise provided hereby) and Company proprietary or confidential information in Botts’
possession and/or control to the Company on or before the Effective Date. For a period of five years following the date hereof , the Company will retain a copy of any proprietary or confidential information Botts obtained in his capacity as a
director with a third-party escrow service and will allow that information to be made available to Botts in the event Botts requires access to such information for purposes related to Botts service as a director of the Company. Botts shall not
retain any copies of such confidential and proprietary information. A copy of the Proprietary Information Agreement is attached hereto as Exhibit B. 
 4. Release of Claims. 
 (a) Release by Botts. To the full extent permitted by law, Botts (for
himself and his spouse, executors, heirs, beneficiaries, representatives, and anyone claiming by or through Botts), upon signing this Agreement, do immediately, completely, knowingly, and voluntarily, release and forever discharge, covenant not to
present or to sue, and waive any right to recover from the Company, including its predecessors, successors, affiliates, stockholders, officers, directors, agents, insurers, representatives, attorneys, auditors, assigns, and current employees and
former employees, all individually and in their official capacities, (collectively the “Released Parties”) from any and all claims relating to or arising from Botts’ employment and termination of employment with the Company, Board
service and any act that has occurred as of the date of the execution of this Agreement, whether presently known or unknown; and that this release shall be construed as broadly as possible and shall include without limitation, the following:

 (i) any and all claims relating to or arising from Botts’ employment relationship with the Company and the termination of that
relationship; 
 (ii) any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination;
breach of contract, both express and implied; breach of a covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; negligent or intentional misrepresentation;
negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; and conversion;

 (iii) any and all claims for violation of any federal, state or municipal statute, including, but not limited to, the following:

  

	 	•	 	 The Age Discrimination in Employment Act of 1967; 

  

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	 	•	 	 The Americans with Disabilities Act of 1990; 

  

	 	•	 	 Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; 

  

	 	•	 	 The Consolidated Omnibus Budget Reconciliation Act of 1985; Employee Retirement Income Security Act of 1974; 

  

	 	•	 	 The Fair Labor Standards Act of 1938; 

  

	 	•	 	 The Family and Medical Leave Act of 1933; 

  

	 	•	 	 The Older Workers Benefit Protection Act; the Worker Adjustment and Retraining Notification Act; 

  

	 	•	 	 The Sarbanes-Oxley Act of 2002; 

  

	 	•	 	 The Texas Commission on Human Rights Act, Texas Labor Code §400.001. et seq. (specifically, §21.001, et seq. prohibiting discrimination/exploitation based
upon age, race, sex, religion, national origin, disability); 

  

	 	•	 	 Texas Labor Code §451.001 et seq. (prohibiting discrimination based on application for workers’ compensation benefits); 

  

	 	•	 	 The Texas Payday Act, Texas Labor Code §61.001, et seq.; 

  

	 	•	 	 The Texas Minimum Wage Act, Texas Labor Code §62.002, et seq.; 

  

	 	•	 	 The Texas Unemployment Compensation Act, Texas Labor Code §201.001, et seq.; and 

  

	 	•	 	 Texas Genetic Information and Testing Law; 

 (iv) any and all claims for violation of the federal, or any state, constitution; 
 (v) any and all claims arising out of any
other laws and regulations relating to employment or employment discrimination; 
 (vi) any and all claims for attorneys’ fees and
costs; and 
 (vii) any and unknown claims, in compliance with any statute or ordinance that requires a specific release of unknown claims
or benefits, and expressly waive and relinquish any and all claims, rights or benefits unknown to Botts at the time of the execution of this Agreement. 
 (b) Release by Company. To the full extent permitted by law, the Company, upon signing this Agreement, does immediately, completely, knowingly, and voluntarily, release and forever discharge, covenant not to
present or to sue, and waive any right to recover from Botts from any and all claims relating to or arising from Botts’ employment and termination of employment with the Company, Board service and any act that has occurred as of the date of the
execution of this Agreement, whether presently known or unknown; and that this release shall be construed as broadly as possible. 
  

 4 

 (c) Intention of Release. The Company and Botts agree that the release set forth in this
Section 4 shall be and remain in effect in all respects as a complete general release as to the matters released. This release does not extend to any obligations incurred under this Agreement or those obligations remaining under the
Indemnification Agreement, Proprietary Information Agreement or the 1993 Plan. 
 5. Acceptance of Agreement. Botts acknowledges and
understands that he has up to twenty-one (21) days to consider and sign this Agreement and that he may revoke this Agreement for a period of up to seven (7) days following the day Botts executes this Agreement. Any revocation within this
period must be submitted, in writing, to the Company and state, “I hereby revoke my acceptance of our Agreement.” The revocation must be personally delivered to the Company’s Chief Financial Officer or the Company’s Chief
Financial Officer’s designee, or mailed to the Company’s Chief Financial Officer at 151 Graham Rd., College Station, Texas 77842 and postmarked no later than the seventh day after Botts signs this Agreement. This Agreement shall not become
effective or enforceable until the Company has received from Botts a signed copy of the Agreement and a letter in the form attached hereto as Exhibit A and the revocation period has expired. If the last day of the revocation period is a
Saturday, Sunday, or legal holiday in Texas, then the revocation period shall not expire until the next following day which is not a Saturday, Sunday, or legal holiday. The Agreement will be withdrawn by the Company if not timely returned in the
manner and within the times stated in Paragraph 7. The Company does hereby advise Botts to consult with an attorney prior to signing this Agreement. 
 6. Consideration for Signing and Not Revoking this Agreement. In consideration for signing and not revoking this Agreement and compliance with the promises made herein, and in consideration for the agreements
of Botts contained herein, the Company agrees to (i) pay Botts $10,000 per month for a period of six months beginning April 2007 and ending September 2007, to be paid on the fifth business day of each month; (ii) transfer the title of the
2006 Mercury Montego (the “Automobile”) in the possession of Botts; (iii) retain the IBM Thinkpad notebook computer (if and only if Botts represents to the Company that (a) the Company has in its possession a copy of all
Company data and information currently on such laptop, (b) Botts has completely deleted all Company data, information and software, unless Botts has a valid, personal license for the use of such software, so that the same are irretrievable, and
(c) he has not and will not make any copies (electronic or otherwise) of any data or any other information that was on such laptop); (iv) transfer to Botts his current mobile telephone number; (v) provide a letter to Texas A&M
University for the transfer to Botts of the right to purchase four season tickets for Texas A&M University men’s basketball for seat locations in Section 120; (vi) the continuation of health benefits set forth in Section 2(d)
above; and (vii) enter into the agreements set forth in Section 7 below (collectively, the “Consideration”). The Consideration will not be paid until the Company receives the Agreement bearing Botts’ original
signature no later than twenty-two (22) days after Botts receives the Agreement and a letter signed by Botts in the form attached hereto as Exhibit C, provided that the letter is not signed or dated until eight (8) days after you
sign this Agreement and further provided that the letter is received by the Company not later than ten (10) days after Botts signs the Agreement. The Company shall pay Botts the Consideration within ten days of the Company’s receipt
of the documents and within the time prescribed in this Section 6. 
  

 5 

 Botts agrees that the Consideration constitutes monies and benefits to which he is not entitled under any
policy or custom of the Company and that the Consideration constitutes full and fair payment for the agreements, restrictions, representations, and waivers of rights and claims and the releases stated in this Agreement; that Botts has not assigned
to any other person or entity any of the rights and claims waived and released in this Agreement; and that there are no third party claims or liens to which the Consideration under which this Agreement may be subject. 
 7. Additional Agreements. In addition to the other agreements set forth herein, Botts and the Company hereby agree as follows: (i) when
requested by the Company and at times mutually acceptable to Botts and the Company, Botts agrees to assist the Company in a consultant capacity for a period of up to 18 months and the Company agrees to pay Botts an amount of $150 per hour for any
such consulting services and reimburse Botts for any approved expenses incurred by Botts in connection with such services, (ii) the Company will provide Botts with copies of any public filing to be made with the Securities and Exchange
Commission prior to the time such filing is made and consider any comments Botts makes relating to such filings, the Parties agree that the Company is under no obligation to revise such filings for the comments of Botts; (iii) the
Indemnification Agreement will remain in effect following the date hereof and the Company agrees that it shall indemnify Botts pursuant to the terms of the Indemnification Agreement to the maximum extent permitted by applicable law; (iv) the
Company will discuss with Botts the repurchase of shares of the Company’s common stock held by Botts in connection with the Company’s stock repurchase policy; provided, however, that the Company is under no obligation to repurchase any
such shares from Botts or to continue its stock repurchase policy; and (v) Botts and the Company hereby agree to terminate the Employment Agreement and, following the Effective Date and assuming this agreement is not revoked by Botts, the
Employment Agreement shall hereby be terminated and shall be of no further force or effect. 
 8. No Pending or Future Lawsuits. Botts
represents and warrants that Botts does not presently have on file, and further represents and warrants to the maximum extent allowed by law that Botts will not hereafter file, any lawsuits, claims, charges, grievances or complaints against the
Company and/or the Released Parties in or with any administrative, state, federal or governmental entity, agency, board or court, or before any other tribunal or panel or arbitrators, public or private, based upon any actions or omissions by the
Company and/or the Released Parties occurring prior to the Effective Date of this Agreement, with the exception of claims Botts brings to challenge the validity of this Agreement under the Age Discrimination in Employment Act or the Older Workers
Benefit Protection Act. To the extent that Botts is still entitled to file any administrative charge with any governmental agency, Botts hereby releases any personal entitlement to reinstatement, back pay, or any other types of damages or injunctive
relief in connection with any civil action brought on his behalf after his filing of any administrative charge. The foregoing notwithstanding, nothing herein shall be construed to limit Botts’ cooperation in any government investigation. The
Company represents and warrants that it does not presently have on file, and further represents and warrants to the maximum extent allowed by law that the Company will not hereafter file, any lawsuits, claims, charges, grievances or complaints
against Botts in or with any administrative, state, federal or governmental entity, agency, board or court, or before any other tribunal or panel or arbitrators, public or private, based upon any actions or omissions by Botts occurring prior to the
Effective Date of this Agreement 
  

 6 

 9. Participation in Legal Proceedings. Botts agrees Botts will not counsel or assist any attorneys
or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company and/or any officer, director, employee, agent, representative, stockholder or
attorney of the Company, unless under a subpoena or other court order to do so. 
 10. General. 
 (a) Authority. The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company
and all who may claim through it to the terms and conditions of this Agreement. Botts represents and warrants that Botts has the capacity to act on Botts’ own behalf and on behalf of all who might claim through Botts to bind them to the terms
and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein. 
 (b) No Admission of Liability. The Parties understand and acknowledge that this Agreement constitutes a compromise and settlement of disputed
claims. No action taken by the Parties hereto, or either of them, either previously or in connection with this Agreement shall be deemed or construed to be (a) an admission of the truth or falsity of any claims heretofore made or (b) an
acknowledgment or admission by either Party of any fault or liability whatsoever to the other Party or to any third party. 
 (c) Tax and
Legal Advice. Botts has had an opportunity to consult with his legal counsel and tax and other advisors regarding the preparation of this Agreement and the exercise of his Option Grants. Botts understands and acknowledges that Andrews Kurth LLP
has acted solely as legal counsel for the Company with respect to the preparation of this Agreement and has not acted as legal counsel for Botts. 
 (d) No Representations. Each Party represents that it has had the opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Neither Party has relied upon
any representations or statements made by the other Party hereto which are not specifically set forth in this Agreement. 
 (e) Tax
Obligation. Botts acknowledges and agrees that the Company has made no representations to him concerning the taxable status of (i) the payments and other Consideration made under this Agreement, (ii) his Option Grants or the exercise
of his Option Grants, or (iii) the grant to Botts of the title to the Automobile. Botts acknowledges that he is solely responsible for tax liability, if any, related to items (i) through (iii) above, and agrees to indemnify and defend
the Company in connection with any tax liability relating to items (i) through (iii) above. 
 (f) Voluntary Execution of
Agreement. This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of the Parties hereto, with the full intent of releasing all claims. The Parties acknowledge that: 
 (i) they have read this Agreement; 
  

 7 

 (ii) they have been represented in the preparation, negotiation, and execution of this Agreement by
legal counsel of their own choice or that they have voluntarily declined to seek such counsel; 
 (iii) they understand the terms and
consequences of this Agreement and of the releases it contains; and 
 (iv) they are fully aware of the legal and binding effect of this
Agreement. 
 (g) Governing Law. This Agreement is made and is performable in Texas and shall be interpreted in all respects under the
laws of the State of Texas (excluding its choice of law rules) and jurisdiction and venue shall be solely in the federal or state courts of Harris County, Texas. 
 (h) Entire Agreement. This Agreement, the Proprietary Information Agreement , the Indemnification Agreement and the other agreements referenced herein represent the entire agreement and understanding between
the Company and Botts concerning Botts’ separation from the Company, and, except as set forth herein, supersede and replace any and all prior agreements and understandings concerning Botts’ relationship with the Company and Botts’
compensation by the Company. 
 (i) No Oral Modification. This Agreement may only be amended in writing signed by Botts and the
Company’s Chief Financial Officer. 
 (j) Severability. In the event that any provision hereof becomes or is declared by a court
of competent jurisdiction to be illegal, unenforceable or void and cannot be modified to be enforceable, except to the general release language, this Agreement shall continue in full force and effect without said provision. 
 (k) Arbitration. The Parties agree that any and all disputes arising out of the terms of this Agreement, their interpretation, and any of the
matters herein released, shall be subject to binding arbitration in Austin, Texas before the American Arbitration Association (“AAA”) , or by a judge to be mutually agreed upon. Such arbitration shall comply with and be governed by
the then current Employment Arbitration Rules of the AAA. The Parties agree that the arbitrator shall have the power to award any type of legal (but not equitable) relief that would be available in a court of law. The Parties shall each bear their
own costs, expert fees, attorneys’ fees and other costs and fees incurred in connection with the Arbitration, subject to an award of the arbitrator to the prevailing Party of such costs and fees. Judgment on any award rendered by the arbitrator
in the arbitration may be entered in any court of competent jurisdiction. 
 (l) Jurisdiction. With respect to any suit, action or
other proceeding arising from or relating to this Agreement other than those disputes resolved in arbitration pursuant to Section 12(k) above, the Company and Botts hereby irrevocably agree to the exclusive personal jurisdiction and venue of
the United States District Court for the Southern District of Texas, Houston Division (and any Texas state court within Harris County, Texas). The parties hereby irrevocably waive their respective rights to a trial by jury. 
  

 8 

 (m) Counterparts. This Agreement may be executed in counterparts, and each counterpart shall have
the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
 THE PARTIES HAVE READ AND FULLY CONSIDERED THIS AGREEMENT AND THE GENERAL RELEASE LANGUAGE HEREIN AND DESIRE TO ENTER INTO THIS AGREEMENT. BOTTS HAS BEEN ADVISED THAT HE HAS TWENTY-ONE (21) DAYS TO CONSIDER THIS AGREEMENT AND SEVEN
(7) DAYS FROM THE DATE HE SIGNS THIS AGREEMENT TO REVOKE THIS AGREEMENT. ANY SUCH REVOCATION MUST BE MADE IN WRITING TO THE COMPANY’S CHIEF FINANCIAL OFFICER. BOTTS HAS ALSO BEEN ADVISED HEREIN TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING
THIS AGREEMENT. HAVING ELECTED TO SIGN THIS AGREEMENT AND RECEIVE THE CONSIDERATION DESCRIBED IN SECTION 6 ABOVE, BOTTS FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT INTENDING TO WAIVE, SETTLE, AND RELEASE ALL CLAIMS
BOTTS HAS OR MIGHT HAVE AGAINST THE COMPANY AND THOSE PERSONS AND ENTITIES DESCRIBED IN SECTION 4 ABOVE AS OF THE DATE BOTTS SIGNS THIS AGREEMENT. 
 [Signature page follows] 
  

 9 

 IN WITNESS WHEREOF, the Parties have executed this Separation Agreement and Release on the respective
dates set forth below, to be effective as of the date first set forth above. 
  

					
	 	 	O. I. CORPORATION
			
	Dated: March 21, 2007	 	By:	 	 /s/ Bruce Lancaster

		 	Name:	 	Bruce Lancaster
		 	Title:	 	Vice President and Chief Financial Officer
		
	Dated: March 21, 2007	 	 /s/ William W. Botts

		 	William W. Botts

 EXHIBIT A 
 March 28, 2007 
 Mr. Bruce Lancaster 
 Vice President and Chief Financial Officer 
 O. I. Corporation 
 151 Graham Rd. 
 College Station, Texas 77842 
 Re: Separation Agreement and Release 
 Dear Bruce: 
 On March 21, 2007 I signed a Separation Agreement and Release (“Agreement”) between O. I. Corporation (the “Company”) and me. I
was advised by the Company, in writing, to consult with an attorney or my choosing, prior to signing this Agreement. I understand that I had up to seven days from the date I signed the Agreement in which to revoke the Agreement. 
 I am signing this letter following the expiration of seven (7) days from the date I signed the Agreement. I have at no time revoked my acceptance or
signing of that Agreement. I hereby reaffirm my acceptance of that Agreement. I further state that I have not experienced any unlawful treatment while employed by the Company. 
 Therefore, in accordance with the terms of the Agreement, I hereby request the consideration described in Section 6 of the Agreement. 
  

	
	 Very truly yours,

	

  

 EXHIBIT B 
 Employee Patent and Proprietary Information Agreement

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