X0304 4 2011-08-11 0 0001162315 AMBASSADORS GROUP INC EPAX 0001527751 Merchant Nilofer 359 JOHNSON AVENUE LOS GATOS CA 95030 1 0 0 0 Common Stock 2011-08-11 4 A 0 1781 0 A 1781 D Stock Option 7.02 2011-08-11 4 A 0 2725 0 A 2021-08-11 Common Stock 2725 2725 D Pursuant to a Restricted Stock Agreement with the Company dated August 11, 2011, this stock grant will vest on the first anniversary of the date of the award, or the occurence 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 August 11, 2011, this Stock Option will vest in equal installments on August 11 in 2012, 2013, 2014 and 2015. Of the 2,725 options held by Mrs. Merchant as of August 12, 2011, O options have vested and 2,725 options remain unexercisable. Nilofer Merchant 2011-08-12