X0202 3 2006-05-04 0 0001162315 AMBASSADORS GROUP INC EPAX 0001258557 KALUSTIAN JAMES M 215 WACHUSETT AVENUE ARLINGTON MA 02476 1 0 0 0 Common Stock 448 D Stock Option 27.89 2016-05-04 Common Stock 979 D Pursuant to an agreement with the company dated May 4, 2006, this stock option will vest in equal installments on the annual shareowner meeting date in 2007, 2008, 2009, and 2010. Pursuant to a Restricted Stock Agreement with the company dated May 4, 2006, this stock grant will vest on the annual shareowner meeting date in 2007. James M. Kalustian 2006-05-15