X0203 3 2009-06-18 0 0000726517 MERCHANTS BANCSHARES INC MBVT 0001467598 Danaher Karen J C/O MERCHANTS BANCSHARES, INC. 275 KENNEDY DRIVE SOUTH BURLINGTON VT 05403 0 0 0 1 Director, Merchants Bank Common Stock 101.3 D /s/ Lisa A. Razo, P.O.A. for Karen J. Danaher 2009-07-02