From Wikipedia:
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Selection eligibility
Players are eligible for selection in the Rule 5 draft who are not on their major league organization's 40-man roster and:
were 18 or younger on the June 5 preceding their signing and this is the fifth Rule 5 draft upcoming; or
were 19 or older on the June 5 preceding their signing and this is the fourth Rule 5 draft upcoming.
These exemption periods (one year longer than those in effect previously) went into effect as part of a new Collective Bargaining Agreement in October 2006. The change took effect immediately, exempting many players from the 2006 Rule 5 draft even though they had been signed in some cases more than four years before the new agreement came into effect. Prior to the rule change, players were exempt from the first two or three Rule 5 drafts held after their signing (regardless of the year they were drafted), rather than from the first three or four Rule 5 drafts after their signing.
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From BBRef Bullpen:
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The Rule 5 Draft is held annually during baseball's Winter Meetings. Teams must file a 40-man roster with the league office by November 20th. Any player who fits all of the criteria below is eligible for the Rule 5 Draft:
Player is not on the 40-man roster
Player has been in the minor leagues for at least 4 years if he was signed after age 19 (was 3 years before the 2006 CBA).
Player has been in the minor leagues for at least 5 years if he was signed before age 19 (was 4 years before the 2006 CBA).
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So, in this scenario, Vlad is at the end of third year (entering his third Rule 5 Draft) opportunity.
So, again, why is he Rule 5 eligible? What am I missing?