X0306 4 2013-06-05 0 0001162315 AMBASSADORS GROUP INC EPAX 0001410352 Lane Five Capital Management, LP 1122 KENILWORTH DRIVE SUITE 313 TOWSON MD 21204 1 0 0 0 0001552003 Rapuano Lisa O'Dell 1122 KENILWORTH DRIVE, SUITE 133 TOWSON MD 21204 1 0 0 0 0001552004 Lane Five Capital Management, LLC 1122 KENILWORTH DRIVE, SUITE 313 TOWSON MD 21204 1 0 0 0 0001552005 Lane Five Partners GP LLC 1122 KENILWORTH DRIVE, SUITE 313 TOWSON MD 21204 1 0 0 0 0001385659 LANE FIVE PARTNERS L P 1122 KENILWORTH DR SUITE 313 TOWSON MD 21204 1 0 0 0 Common Stock 2013-06-05 4 A 0 3512 0 A 1194959 D Stock Option (right to buy) 1.61 2013-06-05 4 A 0 7764 0 A 2023-06-05 Common Stock 7764 7764 I See Lisa O'Dell Rapuano is a member of the Board of Directors of the issuer. As a director, on June 5, 2013, Ms. Rapuano was granted 3,512 restricted shares and 7,764 stock options, which vest and are exercisable on the terms described in this Form 4. These restricted shares and stock options are held for the benefit of Lane Five Partners LP (the "Fund"). Pursuant to a Restricted Stock Agreement with the Company dated as of 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 shareholder meeting following the date of the award, whichever shall occur first. Reflects the securities of the issuer owned by the Fund. The Fund owns 1,189,000 of the shares of common stock directly and 5,959 shares indirectly. The Fund owns 14,275 stock options indirectly, including the 7,764 options granted on June 5, 2013. The Investment Manager acts as the investment manager of the Fund. Lane Five Capital Management, LLC is the general partner of the Investment Manager ("IM GP"). Lane Five Partners GP LLC is the general partner of the Fund (the "Fund General Partner"). Lisa O'Dell Rapuano is the managing member of the IM GP and the Fund General Partner. The Investment Manager, the IM GP, the Fund General Partner and Ms. Rapuano may each be deemed to indirectly beneficially own the shares of common stock held by the Fund. For purposes of this Form 4, the Investment Manager, the IM GP, the Fund General Partner and Ms. Rapuano each disclaims beneficial ownership of the shares of common stock beneficially owned by the Fund, except to the extent of their or her pecuniary interest therein. Pursuant to a Stock Option Agreement with the Company dated as of June 5, 2013, the stock options will vest and become exercisable in equal installments on June 5 in 2014, 2015, 2016 and 2017. Lisa O'Dell Rapuano, for herself, as Managing Member of the IM GP, and as Managing Member of the Fund General Partner (for itself and the Fund) 2013-06-07 Lisa O'Dell Rapuano, as Managing Member of Lane Five Capital Management LP 2013-06-07