X0304 4 2012-02-16 0 0001162315 AMBASSADORS GROUP INC EPAX 0001542657 Walsh Timothy Martin 1956 AMBASSADOR WAY SPOKANE WA 99224 1 0 0 0 Common Stock 2012-02-16 4 A 0 2212 0 A 2212 D Stock Option 5.65 2012-02-16 4 A 0 5435 0 A 2022-02-16 Common Stock 5435 5435 D Pursuant to a Restricted Stock agreement with the Company dated February 16, 2012, this stock grant will vest on the first anniversary of the date of the award or the occurance 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 February 16, 2012, this Stock Option will vest in equal installments on February 16, in 2013, 2014, 2015 and 2016. Of the 5,435 options held by Mr. Walsh as of February 21, 2012, O options have vested, and 5,435 options remain unexercisable. Timothy M. Walsh 2012-02-21