X0306 4 2013-06-05 0 0001162315 AMBASSADORS GROUP INC EPAX 0001527751 Merchant Nilofer 359 JOHNSON AVENUE LOS GATOS CA 95030 1 0 0 0 Common Stock 2013-06-05 4 A 0 3512 0 A 7740 D Stock Option 3.56 2013-06-05 4 A 0 7764 0 A 2023-06-05 Common Stock 7764 17000 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 17,000 options held by Mrs. Merchant as of June 7, 2013, 2,308 options have vested and 14,692 options remain unexercisable. Nilofer Merchant 2013-06-07