AMBASSADORS GROUP, INC. 2009 EQUITY PARTICIPATION PLAN STOCK OPTION AGREEMENT INCENTIVE STOCK OPTION

THIS AGREEMENT made as of ___________, 200_, by and between Ambassadors Group, Inc., a Delaware corporation (the “ Company ”), and ___________________ (the “ Optionee ”).

WHEREAS, the Company has adopted the Ambassadors Group, Inc. 2009 Equity Participation Plan (the “ Plan ”) for the benefit of its employees, nonemployee directors and consultants and the employees, nonemployee directors and consultants of its affiliates, and

WHEREAS, the Committee has authorized the grant to the Optionee of an Option under the Plan, on the terms and conditions set forth in the Plan and as hereinafter provided,

NOW, THEREFORE, in consideration of the premises contained herein, the Company and the Optionee hereby agree as follows:

1.   Definitions .

Terms used in this Agreement which are defined in the Plan shall have the same meaning as set forth in the Plan.

2.   Grant of Option .

The Committee hereby grants to the Optionee an option to purchase [insert # of shares] shares of the Company’s Common Stock (“ Shares ”) for an Option price per Share equal to [insert price] (not less than the Fair Market Value of a Share on the date of the grant of the Option and not less than one hundred ten percent (110%) of the Fair Market Value of a Share if the Optionee is a Ten Percent Stockholder) (the “ Option ”). The Option is intended by the Committee to be an Incentive Stock Option and the provisions hereof shall be interpreted on a basis consistent with such intent.

3.   Option Terms and Exercise Period .

(a)   The Option shall be exercised, and payment by the Optionee of the Option price shall be made, pursuant to the terms of the Plan.

(b)   All or any part of the Option may be exercised by the Optionee no later than ten (10) years (five (5) years if the Optionee is a Ten Percent Stockholder) after the date of this Agreement.

(c)   This Agreement and the Option shall terminate on the earlier of (i) the (10th) anniversary (no later than the tenth anniversary) (the fifth (5th) anniversary if the Optionee is a Ten Percent Stockholder) of the date of this Agreement, or (ii) the date as of which the Option has been fully exercised.

4.   Vesting .

Subject to Section 10, the Option shall vest and become exercisable pursuant to the following schedule:

5.   Termination of Employment .

Sections 6.2 and 6.4 of the Plan shall control.

6.   Restrictions on Transfer of Option .

This Agreement