Creature - Insect 3/1, 2B (3) Vanishing 3 (This permanent enters the battlefield with three time counters on it. At the beginning of your upkeep, remove a time counter from it. When the last is removed, sacrifice it.)
When Deadly Grub is put into a graveyard from the battlefield, if it had no time counters on it, put a 6/1 green Insect creature token with shroud onto the battlefield. (It can't be the target of spells or abilities.)1
Illus. E. M. Gist
2/1/2007: The ability checks to see if Deadly Grub had no time counters on it at the time it was put into a graveyard from the battlefield. This doesn't necessarily mean it must have been sacrificed due to vanishing; it could have been put into the graveyard some other way (say, while the sacrifice ability of vanishing is on the stack).