FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). |
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
MERCHANTS BANCSHARES INC [ mbvt ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 08/03/2007 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
Code | V | Amount | (A) or (D) | Price | ||||||
Common Stock | 08/03/2007 | S | 36,640 | D | $23.08 | 0 | I | By Family Estate | ||
Common Stock | 08/03/2007 | S | 6,779.84 | D | $23.08 | 595 | I | By Trust | ||
Common Stock | 20,549 | D | ||||||||
Common Stock | 5,658.36(2) | I | By Custodian for Child | |||||||
Common Stock | 484.51(1) | I | By Minor Child | |||||||
Common Stock | 1,260 | I | By Spouse |
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares |
Explanation of Responses: |
1. Mr. Davis's indirect ownership of Merchants' stock by minor child includes dividends acquired through a dividend reinvestment plan, which provides for the regular reinvestment of dividends, broad-based participation and operates on substantially the same terms for all plan participants. |
2. Mr. Davis's indirect ownership of Merchants' stock by custodian for child includes dividends acquired through a dividend reinvestment plan, which provides for the regular reinvestment of dividends, broad-based participation and operates on substantially the same terms for all plan participants. |
Remarks: |
This Form 4 is filed to disclose the sale to Merchants Bancshares, Inc. (the "Company") of an aggregate 43,419.84 shares of Company stock owned by the Estate of Dudley Hale Davis, the 1994 Dudley H. Davis Irrevocable Trust and the 1987 Dudley H. Davis Irrevocable Trust, of which Mr. Davis is executor and trustee. The per share sale price for this transaction of $23.08 represents an average of the previous five days' market close prices of the Company's stock. This transaction and its terms were approved by the Company's Board of Directors prior to execution. |
Lisa A. Razo, P.O.A. for Jeffrey L. Davis | 08/06/2007 | |
** Signature of Reporting Person | Date | |
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. |