Common use of OPTION TO PURCHASE STOCK Clause in Contracts

OPTION TO PURCHASE STOCK. For the period of time between the date -------------------------- of the 2003 annual meeting of shareholders of Mercer (the "ANNUAL MEETING") and 30 days after the date of the Annual Meeting (the "EXPIRATION DATE"), Optionee shall have the right, but not the obligation, to purchase from Greenlight up to two hundred twenty five thousand (225,000) shares of Common Stock (the "SHARES"); provided, however, if G▇▇ ▇. ▇▇▇▇▇ is not elected to M▇▇▇▇▇'▇ Board of Trustees at the Annual Meeting, Optionee's rights under this Agreement shall terminate. Notwithstanding the foregoing, if the Expiration Date has not occurred prior to October 15, 2003, this Agreement shall terminate and be of no further effect on October 15, 2003.

OPTION TO PURCHASE STOCK. For the period of time between the date -------------------------- of the 2003 annual meeting of shareholders of Mercer (the "ANNUAL MEETING") and 30 days after the date of the Annual Meeting (the "EXPIRATION DATE"), Optionee shall have the right, but not the obligation, to purchase from Greenlight up to two hundred twenty five thousand (225,000) shares of Common Stock (the "SHARES"); provided, however, if G▇▇ ▇. ▇▇▇▇▇ Guy W. Adams is not elected to M▇▇▇▇▇'▇ Mercer's Board of Trustees at the Annual Meeting▇▇▇▇▇▇▇, Optionee▇▇▇ionee's rights under this Agreement unde▇ ▇▇▇▇ ▇greement shall terminate. Notwithstanding the foregoing, if the Expiration Date has not occurred prior to October 15, 2003, this Agreement shall terminate and be of no further effect on October 15, 2003.