X0306 4 2015-05-14 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 2015-05-14 4 A 0 9766 0 A 23704 D COMMON STOCK 1189000 I By Lane Five Capital Management, LP 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. Shares directly owned by Lane Five Capital Management LP. The Reporting Person, as the Managing Member of the General Partner of the Investment Manager may be deemed to beneficially own the shares of Common Stock. The Reporting Person disclaims beneficial ownership of such shares of Common Stock except to the extent of her pecuniary interest therein. /s/ Lisa O'Dell Rapuano 2015-05-27