0000950142-03-001287 Sample Contracts

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EXHIBIT 4 --------- REGISTRATION RIGHTS AGREEMENT by and between INVEMED CATALYST FUND, L.P.
Registration Rights Agreement • July 30th, 2003 • Invemed Catalyst Fund Lp • Services-educational services • New York
Ambassadors Group, Inc. 110 South Ferrall Street Spokane, WA 99202 July 29, 2003
Invemed Catalyst Fund Lp • July 30th, 2003 • Services-educational services

This letter agreement grants certain rights to Invemed Catalyst Fund, L.P. (the "Fund") in connection with the Fund's purchase and/or holding of Ambassadors Group, Inc. (the "Company") common stock, par value $0.01 (the "Common Stock") pursuant to that certain Stock Purchase Agreement, dated July 23, 2003, by and among the Fund, John A. Ueberroth and Peter V. Ueberroth (the "Purchase Agreement").

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