Document:

CHANGE IN CONTROL SEVERANCE AGREEMENT

 Exhibit 10.1 
 CHANGE-IN-CONTROL 
 SEVERANCE AGREEMENT 
 THIS AGREEMENT, dated as of March 13, 2006, by and between SeaChange International, Inc., with its principal place of business at 124 Acton Street,
Maynard, Massachusetts 01754 (the “Company”), and Kevin Bisson (the “Executive”). 
 WHEREAS, the Company considers it
essential to the best interests of its stockholders to foster the continuous employment of key management personnel, and recognizes that, as is the case with many publicly held corporations, the possibility of a change in control may exist and that
such possibility, and the uncertainty and questions which it may raise among management, may result in the distraction or departure of management personnel to the detriment of the Company and its stockholders; and 
 WHEREAS, the Board of Directors of the Company has determined that appropriate steps should be taken to reinforce and encourage the Executive’s
continued attention and dedication to the Executive’s assigned duties without distraction in the face of potentially disturbing circumstances arising from the possibility of a change in control of the Company, although no such change is
presently known to be contemplated. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements hereinafter contained and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1 
 DEFINITIONS 
 Except as may otherwise be specified or as the context may otherwise require, the following terms shall have the respective meanings set forth below whenever used herein: 
 “Annual Bonus” shall mean the annual bonus, or if the Executive is paid a bonus on a quarterly basis, the sum of the four quarterly bonus
payments, paid to the Executive for the Company’s fiscal year immediately prior to the fiscal year in which the Date of Termination occurs, or, if greater, the fiscal year immediately preceding such prior fiscal year, as well as the lesser of
(i) the aggregate amount of sales commissions, if any, paid to the Executive for the Company’s fiscal year immediately prior to the fiscal year in which the Date of Termination occurs, or, if greater, the fiscal year immediately preceding
such prior fiscal year, or (ii) the average annual amount of sales commissions, if any, paid to the Executive for the three fiscal years immediately prior to the fiscal year in which the Date of Termination occurs. 
 “Base Salary” shall mean the annual base rate of regular compensation of the Executive immediately before a Covered Termination, or if greater,
the highest annual such rate at any time during the 12-month period immediately preceding the Covered Termination. 

 “Board” shall mean the Board of Directors of the Company. 
 “Cause” shall mean (i) the Executive’s engaging in willful and repeated gross negligence or gross misconduct, (ii) the
Executive’s breaching of a material fiduciary duty to the Employer, or (iii) the Executive’s being convicted of a felony, in either case, to the demonstrable and material injury to the Employer. For purposes hereof, no act, or failure
to act, on the Executive’s part, shall be deemed “willful” unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that any act or omission was in the best interest of the Employer.

 “Change in Control” shall mean the first to occur, after the date hereof, of any of the following: 
 (i) the members of the Board at the beginning of any consecutive 12- calendar-month period (the “Incumbent Directors”) cease for
any reason other than due to death to constitute at least a majority of the members of the Board; provided that any director whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority
of the members of the Board then still in office who were members of the Board at the beginning of such 12- calendar-month period, shall be deemed to be an Incumbent Director; 
 (ii) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger,
would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Securities Exchange Act), directly or indirectly, shares of Stock representing in the aggregate 50% or more of the combined
voting power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any); 
 (iii) there shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated
or arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined
voting power of the voting securities of which are owned by Persons in substantially the same proportion as their ownership of the Company immediately prior to such sale or (B) the approval by stockholders of the Company of any plan or proposal
for the liquidation or dissolution of the Company; or 
 (iv) Any corporation or other legal person, pursuant to a tender
offer, exchange offer, purchase of stock (whether in a market transaction or otherwise) or other transaction or event acquires securities representing 40% or more of the combined voting power of the voting securities of the Company, or there is a
report filed on Schedule 13D or Schedule 14D-1 (or any successor schedule, form or report), each as promulgated pursuant to the U.S. Securities Exchange Act, disclosing that any “person” (as such term is used in
Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act) has become the “beneficial owner” (as such term is used in Rule 13d-3 under the Securities Exchange Act) of securities representing 40% or more of the
combined voting power of the voting securities of the Company. 

 Notwithstanding the foregoing, none of the foregoing event(s) shall constitute a Change in Control unless such event(s)
constitute a “change in the ownership or effective control” or a change “in the ownership of a substantial portion of the assets,” in each case within the meaning of Section 409A(a)(2)(A)(v) of the Code and any regulations and
other guidance in effect from time-to-time thereunder including, without limitation, Notice 2005-I. 
 Upon the occurrence of a Change in Control as provided
above, no subsequent event or condition shall constitute a Change in Control for purposes of this Agreement, with the result that there can be no more than one Change in Control hereunder. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 “Company” shall mean, subject to Section 4.1(a), SeaChange International, Inc., a Delaware corporation. 
 “Covered Termination” shall mean if, within the one-year period immediately following a Change in Control, the Executive (i) is terminated by the Employer without Cause (other than on account of death
or Disability), or (ii) terminates the Executive’s employment with the Employer for Good Reason. The Executive shall not be deemed to have terminated for purposes of this Agreement merely because he or she ceases to be employed by the
Employer and becomes employed by a new employer involved in the Change in Control; provided that such new employer shall be bound by this Agreement as if it were the Employer hereunder with respect to the Executive. It is expressly understood that
no Covered Termination shall be deemed to have occurred merely because, upon the occurrence of a Change in Control, the Executive ceases to be employed by the Employer and does not become employed by a successor to the Employer after the Change in
Control if the successor makes an offer to employ the Executive on terms and conditions which, if imposed by the Employer, would not give the Executive a basis on which to terminate employment for Good Reason. 
 “Date of Termination” shall mean the date on which a Covered Termination occurs. 
 “Disability” shall mean the occurrence after a Change in Control of the incapacity of the Executive due to physical or mental illness, whereby
the Executive shall have been absent from the full-time performance of the Executive’s duties with the Employer for six consecutive months or, in any one year period, for an aggregate of six months. 
 “Employer” shall mean the Company (if and for so long as the Executive is employed thereby) and each Subsidiary which may now or hereafter
employ the Executive or, where the context so requires, the Company and such Subsidiaries collectively. A subsidiary which ceases to be, directly or indirectly, through one or more intermediaries, controlling, controlled by or under common control
with the Company prior to a Change in Control (other than in connection with and as an integral part of a series of transactions resulting in a Change in Control) shall, automatically and without any further action, cease to be (or be part of) the
Employer for purposes hereof. 
 “Good Reason” shall mean, without the express written consent of the Executive, the occurrence
after a Change in Control of any of the following circumstances, unless such circumstances are fully corrected prior to the Date of Termination specified in the Notice of Termination given in respect thereof: 
 (i) the material reduction of the Executive’s title, or the reduction of the Executive’s authority, duties or responsibilities,
or the assignment to the Executive of any duties inconsistent with Executive’s position, authority, duties or responsibilities from those in effect immediately prior to the Change in Control; 

 (ii) a reduction in the Executive’s Base Salary as in effect immediately before the
Change in Control; 
 (iii) a material reduction in the Executive’s aggregate compensation opportunity, comprised only of
the Executive’s (A) Base Salary, and (B) bonus opportunity (taking into account, without limitation, any target, minimum and maximum amounts payable and the attainability and otherwise the reasonableness of any performance hurdles,
goals and other measures), if any; 
 (iv) the Company’s requiring the Executive to be based at any office or location
more than 75 miles from that location at which the Executive performed Executive’s services immediately prior to the occurrence of a Change in Control, except for travel reasonably required in the performance of the Executive’s
responsibilities; 
 (v) the failure of the Company to obtain a reasonable agreement from any successor to assume and agree to
perform this Agreement, as contemplated in Section 4.1(a); 
 (vi) the failure of the Company to pay the Executive any
amounts due hereunder; or 
 (vii) any other material breach by the Company of this Agreement. 
 “Notice of Termination” shall mean a notice given by the Employer or Executive, as applicable, which shall indicate the date of termination and
the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provisions so indicated.

 “Person” shall have the meaning ascribed thereto by Section 3(a)(9) of the Securities Exchange Act, as modified and used in
Sections 13(d) and 14(d) thereof (except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its
Subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportion as
their ownership of stock of the Company, or (v) such Executive or any “group” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act) which includes the Executive). 
 “Securities Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

 “Stock” shall mean the common stock, $.01 par value, of the Company 
 “Subsidiary” shall mean any entity, directly or indirectly, through one or more intermediaries, controlled by the Company. 
 Section 2 
 BENEFITS 
 2.1 If a Change in Control occurs, then: 
 (a) (i) any and all outstanding unvested stock options and stock appreciation rights held by the Executive shall thereupon automatically vest and become immediately exercisable in accordance with their terms, and
(ii) notwithstanding anything to the contrary contained in clause (i), upon a termination of employment (regardless of the party initiating the termination, for any reason or no reason), all stock options and stock appreciation rights held by
the Executive shall be exercisable for the lesser of (A) the remainder of the generally applicable term of the stock options or stock appreciation rights, which is measured from the date of grant thereof, and (B) three years from the date
of such termination; provided that nothing in this Section 2.1(a) shall reduce or otherwise adversely affect the rights under such stock options and stock appreciation rights that the Executive would have without regard to this
Section 2.1(a); and 
 (b) any and all restricted stock and restricted stock rights then held by the Executive shall thereupon fully
vest and become immediately transferable free of restrictions, other than restrictions imposed by applicable law. 
 2.2 If a Covered
Termination occurs, then (subject to the provisions of Section 2.3(b)) the Executive shall be entitled hereunder to the following: 
 (a)
the Company shall pay to the Executive an amount equal to the sum of (i) two times the Executive’s Base Salary and (ii) the Executive’s Annual Bonus, provided, however, that, in the event William Styslinger is or may become
entitled to a payment under Section 2.2(a) of a Change-in-Control Agreement of even date herewith (the “Styslinger Agreement”) with respect to the same Change-in-Control, the aggregate amount paid to the Executive under this
subsection (a)(ii) shall not exceed the amount paid or which may be payable to Mr. Styslinger under subsection 2.2(a) of the Styslinger Agreement (calculated as of the Date of Termination) less the amount paid to the Executive
pursuant to subsection 2.2(a)(i) hereof; 
 (b) for a period of two years after such termination, the Employer shall arrange to make
available to the Executive medical, dental, group life and disability benefits that are at least at a level (and cost to the Executive) that is substantially similar in the aggregate to the level of such benefits which was available to the Executive
immediately prior to the Change in Control; provided that (i) the Employer shall be required to provide group life and disability benefits only to the extent it is able to do so on reasonable terms and at a reasonable cost, (ii) the
Employer shall not be required to provide benefits under this Section 2.2(b) upon and after the Change in Control which are in excess of those provided to a significant number of executives of similar 

 
status who are employed by the Employer from time to time upon and after the Change in Control, and (iii) no type of benefit otherwise to be made
available to the Executive pursuant to this Section 2.2(b) shall be required to be made available to the extent that such type of benefit is made available to the Executive by any subsequent employer of the Executive; 
 (c) the Employer shall provide the Executive with outplacement service through a bona fide outplacement organization reasonably acceptable to the
Executive that agrees to supply the Executive with outplacement counseling, a private office and administrative support including telephone service until the earlier of one year from the Date of Termination or until such time that Executive secures
employment; 
 (d) the Company shall pay for the Executive to receive financial planning services for which the Company pays not more than
$5,000; and 
 (e) the Company shall provide the Executive with a payment for any accrued but unused vacation. 
 2.3 (a) The payments provided for in Section 2.2 shall (except as otherwise expressly provided therein or as provided in Section 2.3(b) or
as otherwise expressly provided hereunder) be made as soon as practicable, but in no event later than 30 days, following the Date of Termination. 
 Notwithstanding any other provision of this Agreement, if the Executive is a “key employee” as defined in Section 416(i) of the Code without regard to paragraph 5 thereof, no payment under this Agreement with respect to separation
from service shall be made before the date which is six months after the date of separation from service (or, if earlier, the date of death of the Executive). 
 (b) Notwithstanding any other provision of this Agreement to the contrary, no payment or benefit otherwise provided for under or by virtue of the foregoing provisions of this Agreement shall be paid or otherwise made
available unless and until the Employer shall have first received from the Executive (no later than 60 days after the Employer has provided to the Executive estimates relating to the payments to be made under this Agreement) a valid, binding and
irrevocable general release, in form and substance reasonably acceptable to the Employer; provided that the Employer shall be permitted to defer any payment or benefit otherwise provided for in this Agreement to the fifth day after the later of its
receipt of such release and the time at which the release has become valid, binding and irrevocable. 
 Section 3 
 PARACHUTE TAX PROVISIONS 
 3.1 If all, or any
portion, of the payments and benefits provided under this Agreement, if any, either alone or together with other payments and benefits which the Executive receives or is entitled to receive from the Company or its affiliates, would constitute an
excess “parachute payment” within the meaning of Section 280G of the Code (whether or not under an existing plan, arrangement or other agreement) (each such parachute payment, a “Parachute Payment”), and would result in the
imposition on the Executive of an excise tax under Section 4999 of the Code, then, in addition to any other benefits to which the Executive is entitled under this Agreement or otherwise, the Executive shall be paid an amount in cash equal to
the sum of the excise taxes payable by the Executive by reason of receiving Parachute Payments plus the amount necessary to place the Executive in the same after-tax position (taking into account any and all applicable federal, state and local
excise, income or other taxes at the highest possible 

 
applicable rates on such Parachute Payments (including, without limitation, any payments under this Section 3.1)) as if no excise taxes had been imposed
with respect to Parachute Payments (the “Parachute Gross-up”). Any Parachute Gross-up otherwise required by this Section 3.1 shall be made not later than the time of the corresponding payment or benefit hereunder giving rise to the
underlying Section 4999 excise tax, even if the payment of the excise tax is not required under the Code until a later time. 
 3.2
Except as may otherwise be agreed to by the Company and the Executive, the amount or amounts (if any) payable under this Section 3 shall be determined, at the sole cost of the Company, by the Company’s independent auditors (who served in
such capacity immediately prior to the Change in Control), whose determination or determinations shall be final and binding on all parties. The Executive hereby agrees to utilize such determination or determinations, as applicable, in filing all of
the Executive’s tax returns with respect to the excise tax imposed by Section 4999 of the Code. If such independent auditors refuse to make the required determinations, then such determinations shall be made by a comparable independent
accounting firm of national reputation reasonably selected by the Company. Notwithstanding any other provision of this Agreement to the contrary, as a condition to receiving any Parachute Gross-up payment, the Executive hereby agrees to be bound by
and comply with the provisions of this Section 3.2. 
 Section 4 
 MISCELLANEOUS 
 4.1 (a) The Company shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform under the terms of this Agreement in the same manner and to the same extent that
the Company and its affiliates would be required to perform it if no such succession had taken place (provided that such a requirement to perform which arises by operation of law shall be deemed to satisfy the requirements for such an express
assumption and agreement), and in such event the Company (as constituted prior to such succession) shall have no further obligation under or with respect to this Agreement. Failure of the Company to obtain such assumption and agreement with respect
to the Executive prior to the effectiveness of any such succession shall be a breach of the terms of this Agreement with respect to the Executive and shall entitle the Executive to compensation from the Employer (as constituted prior to such
succession) in the same amount and on the same terms as the Executive would be entitled to hereunder were the Executive’s employment terminated for Good Reason following a Change in Control, except that for purposes of implementing the
foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business or assets as
aforesaid which assumes and agrees (or is otherwise required) to perform this Agreement. Nothing in this Section 4.1(a) shall be deemed to cause any event or condition which would otherwise constitute a Change in Control not to constitute a
Change in Control. 
 (b) Notwithstanding Section 4.1(a), the Company shall remain liable to the Executive upon a Covered Termination
after a Change in Control if the Executive is not offered continuing employment by a successor to the Employer on a basis which would not constitute a termination for Good Reason. 

 (c) This Agreement, and the Executive’s and the Company’s rights and obligations hereunder, may
not be assigned by the Executive or, except as provided in Section 4.1(a), the Company, respectively; any purported assignment by the Executive or the Company in violation hereof shall be null and void. 
 (d) The terms of this Agreement shall inure to the benefit of and be enforceable by the personal or legal representatives, executors, administrators,
permitted successors, heirs, distributees, devisees and legatees of the Executive. If the Executive shall die while an amount would still be payable to the Executive hereunder if they had continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee or other designee or, if there is no such designee, the Executive’s estate. 
 4.2 Except as expressly provided in Section 2.2, the Executive shall not be required to mitigate damages or the amount of any payment or benefit
provided for under this Agreement by seeking other employment or otherwise, nor will any payments or benefits hereunder be subject to offset in the event the Executive does mitigate. 
 4.3 The Employer shall pay all reasonable legal fees and expenses incurred in a legal proceeding by the Executive in seeking to obtain or enforce any
right or benefit provided by this Agreement. Such payments are to be made within twenty days after the Executive’s request for payment accompanied with such evidence of fees and expenses incurred as the Employer reasonably may require;
provided that if the Executive institutes a proceeding and the judge or other decision-maker presiding over the proceeding affirmatively finds that the Executive has failed to prevail substantially, the Executive shall pay Executive’s own costs
and expenses (and, if applicable, return any amounts theretofore paid on the Executive’s behalf under this Section 4.3). 
 4.4 For
the purposes of this Agreement, notice and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when hand delivered or mailed by United States certified or registered express mail,
return receipt requested, postage prepaid, if to the Executive, addressed to the Executive at his or her respective address on file with the Company; if to the Company, addressed to SeaChange International, Inc., 124 Acton Street, Maynard, MA
01754, and directed to the attention of its Chief Financial Officer; if to the Board, addressed to the Board of Directors, c/o 124 Acton Street, Maynard, MA 01754, and directed to the Company’s Chief Financial Officer; or to such other
address as any party may have furnished to the others in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
 4.5 Unless otherwise determined by the Employer in an applicable plan or arrangement, no amounts payable hereunder upon a Covered Termination shall be deemed salary or compensation for the purpose of computing
benefits under any employee benefit plan or other arrangement of the Employer for the benefit of its employees. 

 4.6 This Agreement is the exclusive arrangement with the Executive applicable to payments and benefits in
connection with a change in control of the Company (whether or not a Change in Control), and supersedes any prior arrangements involving the Company or its predecessors or affiliates relating to changes in control (whether or not Changes in
Control). This Agreement shall not limit any right of the Executive to receive any payments or benefits under an employee benefit or executive compensation plan of the Employer, initially adopted as of or after the date hereof, which are expressly
contingent thereunder upon the occurrence of a change in control (including, but not limited to, the acceleration of any rights or benefits thereunder); provided that in no event shall the Executive be entitled to any payment or benefit under this
Agreement which duplicates a payment or benefit received or receivable by the Executive under any severance or similar plan or policy of the Employer, and in any such case the Executive shall only be entitled to receive the greater of the two
payments. 
 4.7 Any payments hereunder shall be made out of the general assets of the Employer. The Executive shall have the status of
general unsecured creditor of the Employer, and this Agreement constitutes a mere promise by the Employer to make payments under this Agreement in the future as and to the extent provided herein. 
 4.8 Nothing in this Agreement shall confer on the Executive any right to continue in the employ of the Employer or interfere in any way (other than by
virtue of requiring payments or benefits as may expressly be provided herein) with the right of the Employer to terminate the Executive’s employment at any time. 
 4.9 The Employer shall be entitled to withhold from any payments or deemed payments any amount of tax withholding required by law. 
 4.10 Any controversy or claim arising out of or relating to this Agreement or the breach of this Agreement that is not resolved by the Employer and the Executive shall be submitted to arbitration in Boston,
Massachusetts, in accordance with Massachusetts law and the procedures of the American Arbitration Association. The determination of the arbitrator(s) shall be conclusive and binding on the Employer and Executive and judgment may be entered on the
arbitrator(s)’ award in any court having jurisdiction. 
 4.11 This Agreement may be amended, superseded, canceled, renewed or extended,
and the terms hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise
of any other such right, power or privilege. 
 4.12 The invalidity or unenforceability of any provision of this Agreement shall not affect
the validity or enforceability of any other provision of this Agreement which shall remain in full force and effect. 

 4.13 The use of captions in this Agreement is for convenience. The captions are not intended to and do
not provide substantive rights. 
 4.14 THIS AGREEMENT SHALL BE CONSTRUED, ADMINISTERED AND ENFORCED ACCORDING TO THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW, EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW. 
 IN WITNESS
WHEREOF, the parties hereto have signed their names, effective as of the date first above written. 
  

			
	SEACHANGE INTERNATIONAL, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	  
  

	Kevin BissonRestricted Stock Agreement, dated December 27, 2005

 Exhibit 10.29 
 RESTRICTED STOCK AGREEMENT 
 This Restricted Stock Agreement (this
“Agreement”) is entered into by and between Ambassadors International, Inc. (the “Company”) and ORC Investments I, Inc. (“ORC I”), ORC Holdings, Inc. (“ORC Holdings”) and C.G.
Grefenstette, E.C. Johnson and Bruce I. Crocker, Trustees Under a Trust Dated August 28, 1968 for Henry L. Hillman, Jr. (the “Trust”) (together, the “Holders”) as of December 27, 2005. 
 RECITALS 
 WHEREAS, ORC Holdings, ORC
I and the Trust are directly the owners of 48.8%, 27.8% and 23.4%, respectively, of the Class C membership interests of Oregon Rail Holdings, LLC, an Oregon limited liability company (“ORH”) (the foregoing percentages, with respect
to each Holder, are hereinafter referred to as such Holder’s “Percentage Interest”); 
 WHEREAS, ORH, the Company and
Ambassadors Cruise Group, LLC, a Delaware limited liability company (“ACG”) are parties to that certain Membership Interest Purchase Agreement, dated as of December 27, 2005 (the “Purchase Agreement”); and

 WHEREAS, in order to facilitate the closing of the transactions contemplated by the Purchase Agreement, the Holders have agreed to
contribute Four Million Six Hundred Seventy Two Thousand Five Hundred Seventy Four Dollars ($4,672,574), plus the product of One Thousand Six Hundred Forty Four Dollars and Eight Cents ($1,644.08) multiplied by the number of days from and including
January 1, 2006 to and including the Purchase Closing date, towards the KeyBank Settlement, as defined in the Purchase Agreement, in return for the issuance to the Holders of an aggregate of 250,000 shares of the Company’s common stock,
par value $0.01 per share (the “Restricted Shares”), restricted as provided for in this Agreement. 
 ARTICLE I

 GRANT OF RESTRICTED STOCK 
 1.1 Issuance of Restricted Stock. The Company hereby agrees to issue to the Holders each Holder’s Percentage Interest (rounded to the nearest whole share) of the Restricted Shares, concurrently with the Closing under the
Purchase Agreement (the “Purchase Closing”), upon the terms and conditions set forth in this Agreement. 
 1.2
Contribution. At or prior to the Purchase Closing, the Holders shall deliver to ACG, in immediately available funds, Four Million Six Hundred Seventy Two Thousand Five Hundred Seventy Four Dollars ($4,672,574), plus the product of One
Thousand Six Hundred Forty Four Dollars and Eight Cents ($1,644.08) multiplied by the number of days from and including January 1, 2006 to and including the Purchase Closing date (the “Contribution”). Each Holder shall pay its
Percentage Interest of the Contribution, which shall be the several obligation such Holder. The Company will use the Contribution, in addition to such funds as described in Section 2.2(b) of the Purchase Agreement, toward satisfaction of the
KeyBank Settlement (as defined in the Purchase Agreement). 
  

 1 

 1.3 Conditions to Issuance of Stock Certificates. The Restricted Shares, or any portion thereof,
may be either previously authorized but unissued shares or issued shares which have been reacquired by the Company. Such Restricted Shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any Restricted
Shares prior to fulfillment of all of the following conditions: 
 (a) The Purchase Closing; 
 (b) The obtaining of any approval or other clearance from any state or federal governmental agency which the Company shall, in its absolute discretion,
determine to be necessary or advisable; and 
 (c) The receipt by ACG of the Contribution. 
 1.4 Rights as Stockholders. Except as otherwise provided herein, until the release of the Forfeiture Restriction under Section 4.1 below, the
Holders shall not have any of the rights of stockholders with respect to said Restricted Shares, including the right to vote the Restricted Shares and to receive dividends and distributions paid or made with respect to the Restricted Shares.

 1.5 Shares Freely Tradeable. On or prior to the Determination Date under Section 4.1 below, the Company shall prepare and file
with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-3 (a “Registration Statement”) registering the resale of the Restricted Stock, provided that the Company is eligible to use
a Registration Statement on Form S-3 at such time. The Company shall use its reasonable best efforts to meet the qualifications for use on Form S-3 and to have the Registration Statement declared effective under the Securities Act of 1933, as
amended (the “Securities Act”) as promptly as practicable after such filing. The Company shall also take any reasonable action (other than qualifying to do business in any jurisdiction in which it is not now so qualified or to file
a general consent to service of process) required to be taken under any applicable state securities laws in connection with the resale of the Restricted Stock, and the Holders shall furnish all information concerning the Holders as may be reasonably
requested in connection with any such action. The Company will advise the Holders, promptly after it receives notice thereof, of the time when the Registration Statement has been declared effective by the SEC or any supplement or amendment has been
filed, the issuance of any stop order, the suspension of the qualification of the Restricted Stock registered thereon, or any request by the SEC for amendment of the Registration Statement or comments thereon and responses thereto or requests by the
SEC for additional information. The Company shall furnish the Holders with a copy of the prospectus contained in the Registration Statement, as declared effective by the SEC. All registration expenses incurred by the Company in connection with the
registration of the shares of Restricted Stock shall be borne equally by the Company and the Holders. Subject to customary black-out periods, in which case the Company shall provide notice of such black-out periods to the Holders, at which time the
Holders shall not sell Restricted Stock registered pursuant to the Registration Statement, the Company agrees to use commercially reasonable efforts to keep current and effective the Registration Statement until such time as it may be withdrawn
pursuant to the last sentence of this Section 1.5. Upon the expiration of a black-out period, the Company shall provide notice to the Holders, at which time the Holders may dispose of shares of Restricted Stock. Notwithstanding the forgoing,
the Company shall not be obligated to file a Registration Statement if, and shall be entitled to withdraw a Registration Statement when, the shares of Restricted Stock have been sold by the Holders or may be sold by the Holders under
Rule 144(k) under the Securities Act. 
  

 2 

 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES OF THE HOLDERS 
 The Holders represent and warrant to the Company and
ACG that the statements contained in this Article II are correct and complete as of the date of this Agreement and will be correct and complete as of the Purchase Closing date (as though made then and as though the Purchase Closing date were
substituted for the date of this Agreement throughout this Article II). 
 2.1 Organization. The Holders are duly organized, validly
existing, and in good standing under the laws of the jurisdiction of their organization. 
 2.2 Authorization of Transaction. The
Holders have full power and authority to execute and deliver this Agreement and to perform their obligations hereunder. The execution of this Agreement by the Holders and the delivery and performance by the Holders of this Agreement has been duly
authorized. Any and all acts and other proceedings required for the due and valid authorization, execution, delivery and performance by the Holders of this Agreement have been validly and appropriately taken. This Agreement constitutes the valid and
legally binding obligation of the Holders, enforceable in accordance with its terms and conditions. The Holders need not give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental
authority in order to consummate the transactions contemplated by this Agreement. 
 2.3 Noncontravention. Neither the execution and
the delivery of this Agreement, the consummation of the transactions contemplated hereby, nor the performance by the Holders of their obligations under this Agreement, will violate any constitution, statute, regulation, rule, injunction, judgment,
order, decree, ruling, charge, or other restriction of any government, governmental authority, or court to which the Holders are subject. 
 2.4 Investor Representations. 
 (a) The Holders confirm that they have been given sufficient access to information regarding
the Company and in connection with its receipt of the Restricted Shares under this Agreement, including the opportunity to ask questions of, and receive answers from, persons acting on behalf of the Company and concerning the Company’s
financial affairs, prospects and condition. 
 (b) The Holders represent and warrant that (i) they are resident in or otherwise subject
to the securities legislation of the United States, and the issuance of the Restricted Shares to the Holders under this Agreement shall occur only in the United States; (ii) the Holders, by reason of their business or financial expertise, have
the capacity to protect their own interests in connection with its acquisition of the Restricted Shares; and (iii) the Holders are “accredited investors” as defined in Rule 501 of Regulation D of the Securities Act. 
 (c) The Holders represent, warrant and covenant that they shall acquire the Restricted Shares issuable under this Agreement for their own account and not
for the account or on behalf of others, and they are doing so with the intent of retaining such Restricted Shares as an investment and without the current intent to redistribute (other than distributions to the Holders’ stockholders as of the
Purchase Closing) such Restricted Shares. 
 (d) The Holders acknowledge that: (i) no securities commission or similar authority has
reviewed or passed on the merits of the Restricted Shares issuable under this Agreement; (ii) there is no government or other insurance covering such Restricted Shares; and (iii) there are risks associated with the acquisition of the
Restricted Shares, including without limitation those described in the Company’s filings with the Securities and Exchange Commission. 
  

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 (e) The Holders acknowledge that (i) they must and shall bear the economic risk of holding the
Restricted Shares issuable under this Agreement, which may be for an indefinite period of time, because at the time such Restricted Shares are issued they will not have been registered under the Securities Act or any other securities law and,
therefore, cannot be sold unless they are subsequently registered under applicable federal and state securities laws or an exemption from such registration is available; (ii) the Restricted Shares may not be resold or transferred on the
official stock transfer records of the Company without furnishing to the Company an opinion of counsel reasonably acceptable to the Company that such sale or transfer of the Restricted Shares will not violate the registration provisions of
applicable federal and state securities laws; and (iii) certificates representing the Restricted Shares shall have endorsed on them a restrictive legend to this effect. 
 (f) The Holders acknowledge that the Company is relying on the representations, warranties, covenants and acknowledgments in this Section 2.4 to
ensure that any Restricted Shares issued under the terms of this Agreement can be issued in reliance on exemptions from registration requirements under United States federal and state securities laws. 
 ARTICLE III 
 REPRESENTATIONS AND
WARRANTIES OF THE COMPANY 
 The Company represents and warrants to the Holders that the statements contained in this Article III are
correct and complete as of the date of this Agreement and will be correct and complete as of the Purchase Closing date (as though made then and as though the Purchase Closing date were substituted for the date of this Agreement throughout this
Article III). 
 3.1 Organization. The Company is a corporation duly organized, validly existing, and in good standing under the laws
of the State of Delaware. The Company is qualified to do business as a foreign corporation and is in good standing in each jurisdiction where the character of its properties owned or leased or the nature of its activities make such qualification
necessary. 
 3.2 Authorization of Transaction. The Company has full power and authority to execute and deliver this Agreement and to
perform its obligations hereunder. The execution of this Agreement by the Company and the delivery and performance by the Company of this Agreement has been duly authorized. Any and all acts and other proceedings required for the due and valid
authorization, execution, delivery and performance by the Company of this Agreement have been validly and appropriately taken. This Agreement constitutes the valid and legally binding obligation of the Company, enforceable in accordance with its
terms and conditions. The Company need not give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental authority in order to consummate the transactions contemplated by this
Agreement. 
 3.3 Noncontravention. Neither the execution and the delivery of this Agreement, the consummation of the transactions
contemplated hereby, nor the performance by the Company of its obligations under this Agreement, will violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government,
governmental authority, or court to which the Company is subject. 
 3.4 Valid Issuance. The Restricted Shares will be, upon issuance,
duly authorized, validly issued, fully paid, nonassessable, and free of and not issued in violation of preemptive rights. 
  

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 ARTICLE IV 
 RESTRICTIONS ON SHARES 
 4.1 Forfeiture Restriction. If, as determined on the Determination
Date (as defined below), the Net Revenue (as defined below) generated by American West Steamboat Company, LLC (“AWSC”) has not exceeded Forty Three Million Dollars ($43,000,000) in any one of the calendar years 2006 through 2009
(the “Vesting Condition”), the Holders’ interests in the Restricted Shares shall be forfeited and the Restricted Shares shall revert to the Company’s ownership (the “Forfeiture Restriction”). The
“Determination Date” shall be January 10, 2010 if the Vesting Condition has been met in any one of the calendar years 2006 through 2008, and otherwise shall be the tenth business day following delivery of the audit report of
the Company’s financial statements for the year ended December 31, 2009. Upon such forfeiture, the Company shall become the legal and beneficial owner of the Restricted Shares being forfeited and all rights and interests therein or
relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Restricted Shares being forfeited by the Holders. “Net Revenue” means gross revenue, less all discounts reasonably
determined and applied by the Buyer, including, but not limited to early booking discounts and group discounts, credit card fees, commissions and other allowances. The Company agrees not to, and agrees to cause AWSC not to, undertake any action with
the intent of reducing or avoiding Net Revenue solely for the purpose of avoiding the satisfaction of the Vesting Condition. 
 4.2
Release of Restricted Shares from Forfeiture Restriction. If the Vesting Condition is satisfied as of the Determination Date, the Restricted Shares shall be released from the Forfeiture Restriction and the restrictions on transfer under
Section 4.3 below as of the Determination Date. 
 4.3 Restrictions on Transfer. 
 (a) No Restricted Shares or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of the Holders or their
successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law, by judgment, levy,
attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect. 
 (b) The Company shall furnish to the Holders a written report of the Net Revenue of AWSC for such year (each, a “Net Revenue Report”) within ten (10) business days after the delivery of the audit
report of the Company’s annual financial statements for each of the years ended December 31, 2006, 2007, 2008 and 2009; provided, that no Net Revenue Report need be furnished for any year after the first year for which the Vesting
Condition is satisfied. The Holders, at the Holders’ own expense, shall have the right, no earlier than ten (10) days from prior written notice, during regular business hours, to meet with representatives of the Company and the
Company’s independent auditor to inspect and discuss the books and accounts of AWSC. After this inspection, if the Holders disagree with the Net Revenue Report, with reasonable justification for such disagreement, the Holders, at the
Holders’ own expense, shall have the right, upon reasonable prior notice during regular business hours, to appoint independent auditors reasonably acceptable to the Company and have them, during normal business hours, inspect the books and
accounts of AWSC for the purpose of performing an audit of the Net Revenue of AWSC for the year covered by such Net Revenue Report. The Company shall use commercially reasonable efforts to cooperate with such auditors. The auditors performing the
audit shall disclose to the Holders only information relating to the accuracy of the Net Revenue reported in the Net Revenue Report and shall be under a duty to keep confidential any other information obtained from such records. In no event shall
the Holders perform more than one such independent audit with respect to any given Net Revenue Report. If any such audit establishes that the Vesting Condition has been satisfied, such determination shall be binding on the Company and the Company
shall reimburse the Holders for the Holders’ out-of-pocket expense of such audit. 
  

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 ARTICLE V 
 COMPANY POSSESSION OF RESTRICTED SHARES 
 5.1 Company to Hold Restricted Shares. To insure the
availability for delivery of the Holders’ Restricted Shares upon Forfeiture pursuant to the Forfeiture Restriction under Section 4.1 above, the Holders, upon execution of this Agreement, hereby deliver and deposit with the Company any
share certificates representing the Restricted Shares, together with the stock assignment duly endorsed in blank, attached hereto as Exhibit A. Upon release of the Restricted Shares, the Company shall deliver to the Holders the certificate or
certificates representing such Restricted Shares in the Company’s possession belonging to the Holders; provided, however, that the Company shall nevertheless retain such certificate or certificates if so required pursuant to other
restrictions imposed pursuant to this Agreement. If the Restricted Shares are held in book entry form, then such entry will reflect that the Restricted Shares are subject to the restrictions of this Agreement. 
 5.2 Transfer of Forfeited Shares. The Holders hereby authorize and direct the Secretary of the Company, or such other person designated by the
Company, to transfer any Restricted Shares forfeited pursuant to the Forfeiture Restriction from the Holders to the Company. 
 ARTICLE VI

 OTHER PROVISIONS 
 6.1 Adjustment for Stock Split; Change of Control. In the event of any stock dividend, stock split, reverse stock split, recapitalization, combination, reclassification, or similar change in the capital structure of the Company, the
Company shall make appropriate and equitable adjustments in the Restricted Shares subject to the Forfeiture Restriction and the number of Restricted Shares. The provisions of this Agreement shall be appropriately adjusted for any stock dividends,
splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof. In the event of any merger, consolidation, change of control, share exchange or reorganization affecting the Restricted Shares, any new,
substituted or additional securities or other property (including money paid other than as a regular cash dividend) that is by reason of any such transaction received with respect to, in exchange for or in substitution of the Restricted Shares shall
also be subject to the Forfeiture Restriction in Section 4.1 below and the restrictions on transfer in Section 4.3 below until such restrictions on the underlying Restricted Shares lapse or are removed pursuant to this Agreement (or, if
such Restricted Shares are no longer outstanding, until such time as such Restricted Shares would have been released from the Forfeiture Restriction pursuant to this Agreement). 
 6.2 Restrictive Legends and Stop-Transfer Orders. 
 (a) Any share certificate(s) evidencing the Restricted Shares issued hereunder shall be endorsed with the following legend and any other legend required by any applicable federal and state securities laws: 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A FORFEITURE RESTRICTION AND MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A
RESTRICTED STOCK AWARD AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
  

 6 

 (b) The Holders agree that, in order to ensure compliance with the restrictions referred to herein, the
Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 
 (c) The Company shall not be required: (i) to transfer on its books any Restricted Shares that have been sold or otherwise transferred in violation
of any of the provisions of this Agreement, or (ii) to treat as owner of such Restricted Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Restricted Shares shall have been so transferred.

 6.3 Listing. On or prior to the date of the release of the Forfeiture Restriction under Section 4.1 above, the Company shall
use its commercially reasonable best efforts to cause the Restricted Stock to be listed on the National Association of Securities Dealers Automated Quotation National Market (“NASDAQ”) and to obtain all governmental approvals
necessary for such listing. 
 6.4 Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed
to the Company in care of the Secretary of the Company, and any notice to be given to the Holders shall be addressed to the Holders at the address given beneath the Holders’ signatures on the signature page hereof. By a notice given pursuant to
this Section 6.4, any party hereto may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and
deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 
 6.5
Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
 6.6 Governing Law; Severability. This Agreement shall be administered, interpreted and enforced under the laws of the State of Delaware without regard to conflicts of laws thereof. Should any provision of this
Agreement be determined by a court of law to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable. 
 6.7 Conformity to Securities Laws. The Holders acknowledge that the Purchase Agreement and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the
Securities Exchange Act of 1934, as amended, and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the
Purchase Agreement and this Agreement shall be administered, and the Restricted Shares are to be issued, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Purchase Agreement and
this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 
 6.8 Amendments. This
Agreement may not be modified, amended or terminated except by an instrument in writing, signed by the Holders and by a duly authorized representative of the Company. 
  

 7 

 6.9 Successors and Assigns. The Company may assign any of its rights under this Agreement to
single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon the Holders and their heirs,
executors, administrators, successors and assigns. 
 [SIGNATURE PAGE TO FOLLOW] 
  

 8 

 SIGNATURES 
  

			
	AMBASSADORS INTERNATIONAL, INC.
		
	By:	 	 /s/ Joseph J. Ueberroth

	Name:	 	Joseph J. Ueberroth
	Title:	 	President and Chief Executive Officer
		
	Address:	 	        1071 Camelback Street
		 	        Newport Beach, CA 92660
	
	ORC INVESTMENTS I, INC.
		
	By:	 	 /s/ Andrew H. McQuarrie

	Name:	 	Andrew H. McQuarrie
	Title:	 	President
		
	Address:	 	        824 Market Street, Suite 900
		 	        Wilmington, DE 19801
	
	ORC HOLDINGS, INC.
		
	By:	 	 /s/ Russell W. Ayres, III

	Name:	 	Russell W. Ayres, III
	Title:	 	President
		
	Address:	 	        330 Grant Street, Suite 1900
		 	        Pittsburgh, PA 15219
	
	C.G. GREFENSTETTE, E.C. JOHNSON AND BRUCE I. COCKER, TRUSTEES UNDER A TRUST DATED AUGUST 28, 1968 FOR HENRY L. HILLMAN, JR.
		
	By:	 	 /s/ C.G. Grefenstette

	Name:	 	C.G. Grefenstette
	Title:	 	Trustee
		
	Address:	 	        330 Grant Street, Suite 1900
		 	        Pittsburgh, PA 15219

  

 9 

			
	By:	 	 /s/ Bruce I. Crocker

	Name:	 	Bruce I. Crocker
	Title:	 	Trustee
		
	Address:	 	        330 Grant Street, Suite 1900
		 	        Pittsburgh, PA 15219

  

 10 

 EXHIBIT A 
 STOCK ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned,
                                , hereby assigns and transfers unto AMBASSADORS
INTERNATIONAL, INC., a Delaware corporation,                                 
shares of the Common Stock of AMBASSADORS INTERNATIONAL, INC., a Delaware corporation, standing in its name of the books of said corporation represented by Certificate
No.              herewith and does hereby irrevocably constitute and appoint Joseph J. Ueberroth to transfer the said stock on the books of the within named corporation with
full power of substitution in the premises. 
 This Stock Assignment may be used only in accordance with the Restricted Stock Agreement
between AMBASSADORS INTERNATIONAL, INC. and the undersigned dated December 27, 2005. 
 Dated:
                    ,              
  

			
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 INSTRUCTIONS: Please do not fill in the blanks other than the signature line. The purpose of this
assignment is to facilitate exercise of the “Forfeiture Restriction,” as set forth in the Restricted Stock Agreement, without requiring additional signatures on the part of the Holders.

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