X0306 4 2014-05-12 0 0001162315 AMBASSADORS GROUP INC EPAX 0001397818 VALENCIA RICARDO 215 WACHUSETT AVENUE ARLINGTON MA 02476 1 0 0 0 Common Stock 2014-05-12 4 A 0 3325 0 A 22532 D Stock Option 3.76 2014-05-12 4 A 0 8681 0 A 2024-05-12 Common Stock 8681 54980 D Pursuant to a Restricted Stock Award Agreement with the Company dated May 12, 2014, 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 May 12, 2014, this stock option will vest in equal installments on May 12, in 2015, 2016, 2017 and 2018. Of the 54,980 options held by Mr. Kalustian as of May 14, 2014, 15,264 options have vested and 39,716 options remain unexercisable. James M. Kalustian 2014-05-14