X0202 5 2005-12-31 0 0 0 0000726517 MERCHANTS BANCSHARES INC mbvt 0001220451 BOUTIN JOSEPH L 275 KENNEDY DRIVE SOUTH BURLINGTON VT 05403 1 1 0 0 President & CEO Common Stock 2005-12-12 5 G 0 8000 24.8 D 81077.27 D Common Stock 2005-12-22 5 G 0 1900 24.25 D 79177.27 D Common Stock 2005-12-12 5 G 0 8000 24.8 A 14700 I By Family Foundation Common Stock 26104.98 I By 401K August 1997 Option Plan 18.5 1999-08-28 2007-08-28 Common Stock 5825 5825 D August 1998 Option Plan 20.33 2000-08-20 2008-08-20 Common Stock 5263 5263 D August 1999 Option Plan 17.5 2001-08-19 2009-08-19 Common Stock 8686 8686 D March 1999 Option Plan 15 2001-03-18 2006-03-18 Common Stock 7490 7490 D Lisa Razo, P.O.A. 2006-02-02 Joseph L. Boutin 2006-02-02