CME

SEC source: 0001156375-17-000002 · edgardoc.xml · nonDerivative · entry 2

Tobin Jack J · CIK 0001638430 · MD Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,495

F1 · price: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

SEC source: 0001156375-17-000002 · edgardoc.xml · nonDerivative · entry 1

Tobin Jack J · CIK 0001638430 · MD Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,020

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001156375-17-000001 · edgardoc.xml · nonDerivative · entry 1

TAYLOR KIMBERLY S · CIK 0001271589 · Pres Clr & Post Trade Srvcs

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 99,607

F1 · shares: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

SEC source: 0001156375-16-000267 · edgardoc.xml · derivative · entry 6

Durkin Bryan T · CIK 0001341363 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock Class A · 12,280 shares

Expires 2021-09-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_date: On September 15, 2015, these options vested with respect to 100% of the granted number of shares covered by the option.

SEC source: 0001156375-16-000267 · edgardoc.xml · derivative · entry 5

Durkin Bryan T · CIK 0001341363 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock Class A · 2,606 shares

Expires 2020-09-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: On September 15, 2014, these options vested with respect to 100% of the granted number of shares covered by the option.

SEC source: 0001156375-16-000267 · edgardoc.xml · nonDerivative · entry 4

Durkin Bryan T · CIK 0001341363 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 53,680

F1 · shares: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

F2 · price: On December 28, 2016, Mr. Durkin sold an aggregate of 14,886 shares of CME Group Class A common stock. For reporting purposes, the sales prices within a $1 range have been aggregated and the weighted average sales price has been reported. The price ranges were: $115.87 to $115.97; $116.00 to $116.87; and $117.09 to $117.18. The Company maintains a record of the transactions and copies will be provided upon request.

SEC source: 0001156375-16-000267 · edgardoc.xml · nonDerivative · entry 3

Durkin Bryan T · CIK 0001341363 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 56,286

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001156375-16-000267 · edgardoc.xml · nonDerivative · entry 2

Durkin Bryan T · CIK 0001341363 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 53,680

F1 · shares: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

F2 · price: On December 28, 2016, Mr. Durkin sold an aggregate of 14,886 shares of CME Group Class A common stock. For reporting purposes, the sales prices within a $1 range have been aggregated and the weighted average sales price has been reported. The price ranges were: $115.87 to $115.97; $116.00 to $116.87; and $117.09 to $117.18. The Company maintains a record of the transactions and copies will be provided upon request.

SEC source: 0001156375-16-000267 · edgardoc.xml · nonDerivative · entry 1

Durkin Bryan T · CIK 0001341363 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 65,960

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001156375-17-000004 · edgardoc.xml · nonDerivative · entry 2

Sammann Derek · CIK 0001475318 · Sr MD Gl Hd Comm &Options Prod

10b5-1 filing: Not disclosed

Ownership: Indirect · by Children

Disclosed balance after: 675

SEC source: 0001156375-17-000004 · edgardoc.xml · nonDerivative · entry 1

Sammann Derek · CIK 0001475318 · Sr MD Gl Hd Comm &Options Prod

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,226

F1 · shares: This transaction involved a gift of securities from the reporting person to his children, who share the reporting person's household. The reporting person disclaims beneficial ownership of the shares held by his children, and this report should not be deemed as an admission that the reporting person is the beneficial owner of his children's shares for purposes of Section 16 or for any other purpose.

SEC source: 0001156375-16-000264 · edgardoc.xml · nonDerivative · entry 1

Pankau Ronald A. · CIK 0001523463 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,000

SEC source: 0001156375-16-000262 · edgardoc.xml · derivative · entry 3

Pietrowicz John W. · CIK 0001485050 · Sr MD Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock Class A · 4,625 shares

Expires 2017-06-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: On June 15, 2012, these options vested with respect to 100% of the granted number of shares covered by the option.

SEC source: 0001156375-16-000262 · edgardoc.xml · nonDerivative · entry 2

Pietrowicz John W. · CIK 0001485050 · Sr MD Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,169

F1 · price: On December 12, 2016, Mr. Pietrowicz sold an aggregate of 4,625 shares of CME Group Class A common stock. For reporting purposes, the sales prices within a $1 range have been aggregated and the weighted average sales price has been reported. The price ranges were: $123.30 to $123.33. The Company maintains a record of the transactions and copies will be provided upon request.

SEC source: 0001156375-16-000262 · edgardoc.xml · nonDerivative · entry 1

Pietrowicz John W. · CIK 0001485050 · Sr MD Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,794

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001156375-16-000261 · edgardoc.xml · nonDerivative · entry 1

Suskind Dennis · CIK 0001361519 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,099

F1 · price: On December 9, 2016, Mr. Suskind sold an aggregate of 1,000 shares of CME Group Class A common stock. For reporting purposes, the sales prices within a $1 range have been aggregated and the weighted average sales price has been reported. The price ranges were: $122.42 to $122.49. The Company maintains a record of the transactions and copies will be provided upon request.

SEC source: 0001156375-16-000263 · edgardoc.xml · nonDerivative · entry 1

GEPSMAN MARTIN J · CIK 0001212813 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,702

F1 · kind: Mr. Gepsman shared joint ownership of 495 shares of Class A common stock and of one share of Class B-4 common stock with two other members of the Chicago Mercantile Exchange Inc. On December 9, 2016, in consideration for receiving the partial ownership interest in the share of Class B-4 common stock from one of the other owners, Mr. Gepsman transferred to such individual 100 out of the 495 shares of Class A common stock that were jointly held.

SEC source: 0001156375-16-000260 · edgardoc.xml · derivative · entry 3

DUFFY TERRENCE A · CIK 0001212809 · Director · Chairman & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock Class A · 27,550 shares

Expires 2017-06-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: On June 15, 2012, these options vested with respect to 100% of the granted number of shares covered by the option.

SEC source: 0001156375-16-000260 · edgardoc.xml · nonDerivative · entry 2

DUFFY TERRENCE A · CIK 0001212809 · Director · Chairman & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 110,364

F1 · price: On December 8, 2016, Mr. Duffy sold an aggregate of 27,550 shares of CME Group Class A common stock. For reporting purposes, the sales prices within a $1 range have been aggregated and the weighted average sales price has been reported. The price ranges were: $120.14 to $120.76. The Company maintains a record of the transactions and copies will be provided upon request.

SEC source: 0001156375-16-000260 · edgardoc.xml · nonDerivative · entry 1

DUFFY TERRENCE A · CIK 0001212809 · Director · Chairman & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 137,914

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001156375-16-000259 · edgardoc.xml · derivative · entry 9

Piell Hilda Harris · CIK 0001409789 · Sr MD & Chief HR Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock Class A · 3,275 shares

Expires 2017-06-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_date: On June 15, 2012, these options vested with respect to 100% of the granted number of shares covered by the option.

SEC source: 0001156375-16-000259 · edgardoc.xml · derivative · entry 8

Piell Hilda Harris · CIK 0001409789 · Sr MD & Chief HR Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock Class A · 2,200 shares

Expires 2017-09-14

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: On September 14, 2012, these options vested with respect to 100% of the granted number of shares covered by the option.

SEC source: 0001156375-16-000259 · edgardoc.xml · derivative · entry 7

Piell Hilda Harris · CIK 0001409789 · Sr MD & Chief HR Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock Class A · 375 shares

Expires 2017-03-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: On March 15, 2012, these options vested with respect to 100% of the granted number of shares covered by the option.

SEC source: 0001156375-16-000259 · edgardoc.xml · nonDerivative · entry 6

Piell Hilda Harris · CIK 0001409789 · Sr MD & Chief HR Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,125

F1 · shares: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

SEC source: 0001156375-16-000259 · edgardoc.xml · nonDerivative · entry 5

Piell Hilda Harris · CIK 0001409789 · Sr MD & Chief HR Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,325

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001156375-16-000259 · edgardoc.xml · nonDerivative · entry 4

Piell Hilda Harris · CIK 0001409789 · Sr MD & Chief HR Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,125

F1 · shares: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

SEC source: 0001156375-16-000259 · edgardoc.xml · nonDerivative · entry 3

Piell Hilda Harris · CIK 0001409789 · Sr MD & Chief HR Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,400

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001156375-16-000259 · edgardoc.xml · nonDerivative · entry 2

Piell Hilda Harris · CIK 0001409789 · Sr MD & Chief HR Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,125

F1 · shares: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

SEC source: 0001156375-16-000259 · edgardoc.xml · nonDerivative · entry 1

Piell Hilda Harris · CIK 0001409789 · Sr MD & Chief HR Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,500

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001156375-16-000258 · edgardoc.xml · nonDerivative · entry 1

TAYLOR KIMBERLY S · CIK 0001271589 · Sr MD Pres Gl Ops Tech & Risk

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 100,958

F1 · shares: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

SEC source: 0001156375-16-000257 · edgardoc.xml · derivative · entry 3

Durkin Bryan T · CIK 0001341363 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,606

Underlying: Common Stock Class A · 15,000 shares

Expires 2020-09-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: On September 15, 2014, these options vested with respect to 100% of the granted number of shares covered by the option.

SEC source: 0001156375-16-000257 · edgardoc.xml · nonDerivative · entry 2

Durkin Bryan T · CIK 0001341363 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 53,680

F1 · shares: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

F2 · price: On November 30, 2016, Mr. Durkin sold an aggregate of 15,000 shares of CME Group Class A common stock. For reporting purposes, the sales prices within a $1 range have been aggregated and the weighted average sales price has been reported. The price ranges were: $112.67 to $112.98 and $113.00 to $113.29. The Company maintains a record of the transactions and copies will be provided upon request.

SEC source: 0001156375-16-000257 · edgardoc.xml · nonDerivative · entry 1

Durkin Bryan T · CIK 0001341363 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 68,680

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001156375-16-000256 · edgardoc.xml · derivative · entry 3

DUFFY TERRENCE A · CIK 0001212809 · Director · Chairman & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock Class A · 17,375 shares

Expires 2016-12-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: As of December 15, 2011, this option vested with respect to 100% of the granted number of shares covered by the option.

SEC source: 0001156375-16-000256 · edgardoc.xml · nonDerivative · entry 2

DUFFY TERRENCE A · CIK 0001212809 · Director · Chairman & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 110,364

F1 · price: On November 25, 2016, Mr. Duffy sold an aggregate of 17,375 shares of CME Group Class A common stock. For reporting purposes, the sales prices within a $1 range have been aggregated and the weighted average sales price has been reported. The price ranges were: $112.55 to $112.61. The Company maintains a record of the transactions and copies will be provided upon request.

SEC source: 0001156375-16-000256 · edgardoc.xml · nonDerivative · entry 1

DUFFY TERRENCE A · CIK 0001212809 · Director · Chairman & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 127,739

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001156375-16-000252 · edgardoc.xml · nonDerivative · entry 2

Suskind Dennis · CIK 0001361519 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,099

SEC source: 0001156375-16-000252 · edgardoc.xml · nonDerivative · entry 1

Suskind Dennis · CIK 0001361519 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,499

SEC source: 0001156375-16-000251 · edgardoc.xml · nonDerivative · entry 1

TAYLOR KIMBERLY S · CIK 0001271589 · Sr MD Pres Gl Ops Tech & Risk

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 103,258

F1 · shares: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

SEC source: 0001156375-16-000250 · edgardoc.xml · derivative · entry 6

Durkin Bryan T · CIK 0001341363 · Sr MD Chief Commercial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock Class A · 10,226 shares

Expires 2019-09-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_date: On September 15, 2013, these options vested with respect to 100% of the granted number of shares covered by the option.

SEC source: 0001156375-16-000250 · edgardoc.xml · derivative · entry 5

Durkin Bryan T · CIK 0001341363 · Sr MD Chief Commercial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,606

Underlying: Common Stock Class A · 4,774 shares

Expires 2020-09-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: On September 15, 2014, these options vested with respect to 100% of the granted number of shares covered by the option.

SEC source: 0001156375-16-000250 · edgardoc.xml · nonDerivative · entry 4

Durkin Bryan T · CIK 0001341363 · Sr MD Chief Commercial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 53,680

F1 · shares: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

F2 · price: On October 31, 2016, Mr. Durkin sold an aggregate of 15,000 shares of CME Group Class A common stock. For reporting purposes, the sales prices within a $1 range have been aggregated and the weighted average sales price has been reported. The price ranges were: $99.59 to $99.99 and $100.00 to $100.25. The Company maintains a record of the transactions and copies will be provided upon request.

SEC source: 0001156375-16-000250 · edgardoc.xml · nonDerivative · entry 3

Durkin Bryan T · CIK 0001341363 · Sr MD Chief Commercial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 63,906

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001156375-16-000250 · edgardoc.xml · nonDerivative · entry 2

Durkin Bryan T · CIK 0001341363 · Sr MD Chief Commercial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 53,680

F1 · shares: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

F2 · price: On October 31, 2016, Mr. Durkin sold an aggregate of 15,000 shares of CME Group Class A common stock. For reporting purposes, the sales prices within a $1 range have been aggregated and the weighted average sales price has been reported. The price ranges were: $99.59 to $99.99 and $100.00 to $100.25. The Company maintains a record of the transactions and copies will be provided upon request.

SEC source: 0001156375-16-000250 · edgardoc.xml · nonDerivative · entry 1

Durkin Bryan T · CIK 0001341363 · Sr MD Chief Commercial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 58,454

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001156375-16-000244 · edgardoc.xml · derivative · entry 3

Tobin Jack J · CIK 0001638430 · MD Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock Class A · 3,750 shares

Expires 2017-01-02

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: As of 7/12/2007, this option vested with respect to 100% of the granted number of shares covered by the option.

SEC source: 0001156375-16-000244 · edgardoc.xml · nonDerivative · entry 2

Tobin Jack J · CIK 0001638430 · MD Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,495

F1 · price: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

SEC source: 0001156375-16-000244 · edgardoc.xml · nonDerivative · entry 1

Tobin Jack J · CIK 0001638430 · MD Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,245

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001156375-16-000243 · edgardoc.xml · nonDerivative · entry 1

TAYLOR KIMBERLY S · CIK 0001271589 · Sr MD Pres Gl Ops Tech & Risk

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 105,558

F1 · shares: This sale was completed pursuant to the terms of a pre-arranged trading plan established in accordance with Rule 10b5-1.

SEC source: 0001156375-16-000242 · edgardoc.xml · derivative · entry 7

Durkin Bryan T · CIK 0001341363 · Sr MD Chief Commercial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock Class A · 11,600 shares

Expires 2018-06-16

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F5 · derivative.exercise_date: These options were granted on June 16, 2008. They vest over a five-year period, with 20% vesting one year after the grant date and 20% vesting on that same date in each of the following three years, subject to acceleration or termination in certain circumstances.