X0306 4 2013-06-05 0 0001162315 AMBASSADORS GROUP INC EPAX 0001397818 VALENCIA RICARDO 12641 S. 35TH PLACE PHOENIX AZ 85044 1 0 0 0 Common Stock 2013-06-05 4 A 0 3512 0 A 10420 D Stock Option 3.56 2013-06-05 4 A 0 7764 0 A 2023-06-05 Common Stock 7764 25336 D Pursuant to a Restricted Stock Award Agreement with the Company dated June 5, 2013, this stock grant will vest on the first anniversary of the date of the award, or the occurrence of the Company's annual stockholders' meeting next following the date of the award, whichever shall occur first. Pursuant to a Stock Option Agreement with the Company dated June 5, 2013, this stock option will vest in equal installments on June 5, in 2014, 2015, 2016 and 2017. Of the 25,336 options held by Mr. Valencia as of June 7, 2013, 10,699 options have vested and 14,637 options remain unexercisable. Ricardo Valencia 2013-06-07