0000950156-11-000037 Sample Contracts

TRUST UNDER AGREEMENT WITH KATHRYN T. BOARDMAN, THOMAS R. HAVERS AND SUSAN D. STRUBLE
Trust Under Agreement • March 15th, 2011 • Merchants Bancshares Inc • State commercial banks

This Trust Agreement is made this 20th day of December, 1995, by and between THE MERCHANTS BANK (the "Company") and THE MERCHANTS TRUST COMPANY (the "Trustee").

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TRUST UNDER THE MERCHANTS BANK AMENDED AND RESTATED DEFERRED COMPENSATION PLAN FOR DIRECTORS
Deferred Compensation Plan for Directors • March 15th, 2011 • Merchants Bancshares Inc • State commercial banks

This Trust Agreement is made this 20th day of December, 1995, by and between THE MERCHANTS BANK (the "Company") and THE MERCHANTS TRUST COMPANY (the "Trustee").

AGREEMENT
Agreement • March 15th, 2011 • Merchants Bancshares Inc • State commercial banks • Vermont

This Agreement is among THE MERCHANTS BANK, a Vermont banking corporation with a principal place of business in Burlington, Vermont (the "Bank") and KATHRYN T. BOARDMAN, THOMAS R. HAVERS and SUSAN D. STRUBLE (individually, a "Participant" and collectively, the "Participants") and is effective as of the date specified on the execution page of this Agreement (the "Effective Date").

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