X0202 3 2007-05-02 0 0001162315 AMBASSADORS GROUP INC EPAX 0001397818 VALENCIA RICARDO 12641 S 35TH PL PHOENIX AZ 85044 1 0 0 0 Common Stock 361 D Stock Option 34.65 2017-05-02 Common Stock 737 D Pursuant to a Restricted Stock Agreement with the Company dated May 2, 2007, this stock grant will vest on the annual stockholders meeting date in 2008. Pursuant to an agreement with the Company dated May 2, 2007, this stock option will vest in equal installments on the annual stockholders meeting date in 2008, 2009, 2010 and 2011. Ricardo Valencia 2007-05-02