X0303 4 2011-06-10 0 0000726517 MERCHANTS BANCSHARES INC MBVT 0001220453 HAVERS THOMAS R 275 KENNEDY DRIVE SOUTH BURLINGTON VT 05403 0 1 0 0 SVP Operations Common Stock 2011-06-10 4 M 0 319 22.93 A 18910 D Common Stock 24894 I By 401(k) May 2009 Option Grant 22.75 2012-05-21 2019-05-21 Common Stock 5637 5637 D June 2008 Option Grant 22.93 2011-06-10 4 M 0 5363 22.93 D 2011-06-09 2018-06-09 Common Stock 5363 0 D /s/ Lisa A. Razo, P.O.A. for Thomas R. Havers 2011-06-14