X0202 4 2007-01-12 0 0000726517 MERCHANTS BANCSHARES INC mbvt 0001220443 PECOR RAYMOND C JR 275 KENNEDY DRIVE SOUTH BURLINGTON VT 05403 1 0 0 0 Common Stock 2007-01-12 4 J 0 3355 23.06 A 203401.57 D Common Stock 2007-01-12 4 J 0 1260 23.06 A 204661.57 D Common Stock 2007-01-12 4 J 0 769 23.06 A 205430.57 D Common Stock 15000 I By Family Foundation Common Stock 19500 I By Spouse Mr. Pecor's direct holdings are updated to include all shares previously distributed to him from rabbi trusts under the Company's deferred compensation plans, including a distribution of 3,202 shares from a rabbi trust under Merchants Bank's amended and restated deferred compensation plan, which had been inadvertently omitted from the Form 4 Mr. Pecor filed on January 12, 2006. This Form 4 is filed to report distributions received by Mr. Pecor from rabbi trusts under the Company's deferred compensation plans. Mr. Pecor's indirect ownership excludes all shares held by these trusts, over which Mr. Pecor does not have investment control. Lisa A. Razo, P.O.A. for Raymond C. Pecor, Jr. 2007-01-17