FORM OF REPLACEMENT 2013 WARRANT CERTIFICATEMerchants Bancshares Inc • August 13th, 2015 • State commercial banks
This Replacement 2013 Warrant Certificate certifies that _____________, or registered assigns, is the registered holder of warrants to purchase the number of fully-paid and non-assessable shares of common stock, $0.01 par value of Merchants Bancshares, Inc. (“Shares”) set forth above, at the exercise price of $20.69 per share (“Exercise Price”), subject to further adjustment in certain events in accordance with the terms of the Warrant Agreement (“Warrants”).
