X0306 4 2014-05-12 0 0001162315 AMBASSADORS GROUP INC EPAX 0001552003 Rapuano Lisa O'Dell 1122 KENILWORTH DRIVE, SUITE 313 TOWSON MD 21204 1 0 0 0 Common Stock, par value $0.01 2014-05-12 4 A 0 7979 0 A 13938 D Common Stock, par value $0.01 1189000 I By: Lane Five Partners LP Stock Option (right to buy) 3.76 2014-05-12 4 A 0 20834 0 A 2024-05-12 Common Stock, par value $0.01 20834 20834 D Shares of Restricted Stock. The shares of Restricted Stock will vest on the first anniversary of the date of the award, or the occurrence of the Issuer's annual stockholders' meeting next following the date of the award, whichever shall occur first. Shares directly owned by Lane Five Partners LP. ("LF Fund"). The Reporting Person, as the Managing Member of the General Partner of the Investment Manager of the LF Fund, may be deemed to beneficially own the shares of Common Stock owned directly by the LF Fund. The Reporting Person disclaims beneficial ownership of such shares of Common Stock except to the extent of her pecuniary interest therein. Pursuant to a Stock Option Agreement with the Issuer dated May 12, 2014, this stock option will vest in equal installments on May 12, in 2015, 2016, 2017 and 2018. /s/ Lisa O'Dell Rapuano 2014-05-20