X0202 4 2007-05-09 0 0001162315 AMBASSADORS GROUP INC EPAX 0001168665 THOMAS MARGARET M 110 SOUTH FERRALL STREET SPOKANE WA 99202 0 1 0 0 Executive Vice President Common stock 2007-05-09 4 M 0 13170 8.56 A 186677 D Common stock 2007-05-09 4 S 0 13170 33.95 D 173507 D Stock option 8.56 2007-05-09 4 M 0 13170 0 A 2002-05-15 2008-05-15 Common stock 13170 913594 D Includes 153,221 shares of common stock and restricted common stock owned by Mrs. Thomas' spouse, Jeffrey Thomas. Of the 913,594 options beneficially held by Mr. and Mrs.Thomas, as of May 9, 2007, 693,011 options have vested and 220,583 remain unexercisable. Includes 733,222 options to purchase commmon stock owned by Mr. Thomas, of which 538,176 have vested and 195,046 remain unexercisable. Margaret M. Thomas 2007-05-09