X0303 4 2011-05-12 0 0001162315 AMBASSADORS GROUP INC EPAX 0001258557 KALUSTIAN JAMES M 215 WACHUSETT AVENUE ARLINGTON MA 02476 1 0 0 0 Common Stock 2011-05-12 4 A 0 1250 0 A 4909 D Stock Option 10.00 2011-05-12 4 A 0 2725 0 A 2021-05-12 Common Stock 2725 12040 D Pursuant to a Restricted Stock Agreement with the Company dated May 12, 2011, this stock grant will vest on the first anniversary of the date of the award, or the occurrence of the Company's annual shareowner meeting following the date of the award, whichever shall occur first. Pursuant to a Stock Option Agreement with the Company dated May 12, 2011, this stock option will vest in equal installments on May 12 in 2012, 2013, 2014 and 2015. Of the 12,040 options held by Mr. Kalustian, as of May 16, 2011, 5,347 options have vested and 6,693 options remain unexercisable. James M. Kalustian 2011-05-16