X0306 4 2015-05-14 0 0001162315 AMBASSADORS GROUP INC EPAX 0001427290 Gramm Jefferson 50 BROAD STREET, SUITE 1820 NEW YORK NY 10004 1 0 0 0 COMMON STOCK 2015-05-14 4 A 0 9766 0 A 32890 D COMMON STOCK 3051697 I By Bandera Master Fund L.P. Pursuant to a Restricted Stock Award Agreement with the Company dated May 14, 2015, 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. Represents shares owned directly by Bandera Master Fund L.P. ("Bandera Master Fund"). The Reporting Person, solely by virtue of his position as a managing partner, managing director and portfolio manager of Bandera Partners LLC ("Bandera Partners"), the investment manager of Bandera Master Fund, may be deemed to beneficially own the shares owned directly by Bandera Master Fund for purposes of Section 16. The Reporting Person expressly disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. /s/ Jefferson Gramm 2015-05-21