X0202 4 2006-01-06 0 0000726517 MERCHANTS BANCSHARES INC mbvt 0001220456 TUTTLE MICHAEL R 275 KENNEDY DRIVE SOUTH BURLINGTON VT 05403 1 1 0 0 President & CEO Merchants Bank Common Stock 2006-01-06 4 M 1 25355 15 A 39929.19 D Common Stock 2006-01-06 4 F 1 14524 23.85 D 25405.19 D Common Stock 5892.7 I By 401(k) March 1999 Option Plan 15 2006-01-06 4 M 1 25355 15 D 2001-03-18 2006-03-18 Common Stock 25355 0 D Aug 1997 Option Plan 18.5 1999-08-28 2007-08-28 Common Stock 15150 15150 D August 1998 20.33 2000-08-20 2008-08-20 Common Stock 13278 13278 D August 1999 Option Plan 17.5 2001-08-19 2009-08-19 Common Stock 14495 14495 D Lisa Razo, POA 2006-01-10 Michael R. Tuttle 2006-01-10