December 18, 2008 Michael R. Tuttle 32 Andrews Avenue South Burlington, Vermont 05403 Re: Employment Agreement Dear Mike:Merchants Bancshares Inc • December 24th, 2008 • State commercial banks
We, as the Chairs of the Boards of Directors of Merchants Bank, a Vermont chartered bank, and Merchants Bancshares, Inc., a Delaware corporation (collectively "the Corporations"), are pleased to provide you with the following letter agreement to confirm the terms of your employment with the Corporations. We have been authorized by the Corporations' Boards of Directors to negotiate and execute this letter agreement.
