X0202 4 2006-02-06 0 0000726517 MERCHANTS BANCSHARES INC mbvt 0001280910 LISMAN BRUCE M C/O MERCHANTS BANK 275 KENNEDY DR S. BURLINGTON VT 05403 1 0 0 0 Common Stock 2006-02-06 4 P 0 1000 24.19 A 4000 D Common Stock 0 I By Rabbi Trust Mr. Lisman's beneficial holdings of Merchants Bancshares, Inc. stock do not include shares over which he has no investment control. Lisa Razo, P.O.A. 2006-02-08 Bruce M. Lisman 2006-02-08