X0202 4 2006-02-01 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 2006-02-01 4 F 0 3099 24.15 D 76078.27 D Common Stock 2006-02-01 4 M 0 7490 15 A 83568.98 D Common Stock 26104.98 I By 401K Common Stock 14700 I By Family Foundation March 1999 Option Grant 15 2006-02-01 4 M 0 7490 15 D 2001-03-18 2006-03-18 Common Stock 7490 0 D Aug 1997 Option Grant 18.5 1999-08-28 2007-08-28 Common Stock 5825 5825 D August 1998 Option Grant 20.33 2000-08-20 2008-08-20 Common Stock 5263 5263 D August 1999 Option Grant 17.5 2001-08-19 2009-08-19 Common Stock 8686 8686 D Lisa Razo POA 2006-02-03 Joseph L. Boutin 2006-02-03