Your vested interest is the portion of your Accounts that is non-forfeitable. It is the balance
in your Accounts that you are entitled to have distributed after your employment with
Bayview has terminated. You will become vested in your Accounts if you reach Normal
Retirement Age (the later of age 65 or the fifth anniversary of the date on which you
commenced participation in the ESOP) while employed by Bayview, regardless of whether
or not you retire then, or if you die or become totally and permanently disabled while
employed by Bayview. You are always fully vested in your Safe Harbor Contributions
Accounts.
Under all other circumstances, you will become vested in your Accounts under the ESOP
as follows:
Years of Credited Service Non-Forfeitable Percentage
Less than Two Years 0%
Two Years 20%
Three Years 40%
Four Years 60%
Five Years 80%
Six Years or More 100%
The Board of Directors of Bayview may amend the vesting schedules set forth above on a
prospective basis to comply with applicable law or to adapt to changed circumstances.
For purposes of determining your vested interest under the ESOP, Credited Service is the
number of Plan Years in which you are credited with at least 1,000 Hours of Service. Your
employment prior to April 1, 2006 (the ESOP’s first Plan Year) is not included in computing
vesting under the ESOP.
If your employment with Bayview terminates and you are reemployed, special rules will be
applied to determine your Credited Service. In some circumstances, you may lose credit
for the Credited Service you accumulated prior to your initial termination of employment
with Bayview.