X0202 4 2006-02-22 0 0000726517 MERCHANTS BANCSHARES INC mbvt 0001220453 HAVERS THOMAS R 275 KENNEDY DRIVE SOUTH BURLINGTON VT 05403 0 1 0 0 Senior Vice President Common Stock 2006-02-22 4 S 0 2500 24.06 D 39700.36 I By 401(k) Common Stock 8558.504 I By Family Foundation August 1997 Option Grant 18.5 1999-08-28 2007-08-28 Common Stock 11655 11655 D August 1998 Option Grant 20.33 2000-08-20 2008-08-20 Common Stock 10213 10213 D August 1999 Option Grant 17.5 2001-08-19 2009-08-19 Common Stock 10871 10871 D August 2000 Option Grant 15.5 2002-08-17 2010-08-17 Common Stock 6816 6816 D This reporting person's beneficial holdings include shares acquired through Merchants Bank's 401(k) ESOP through 2005. Lisa Razo, P.O.A. 2006-02-24 Tom Havers 2006-02-24