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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): November 24, 2008</B>

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<P align="center" style="font-size: 24pt"><B>Ambassadors International, Inc.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

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    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>0-26420</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>91-1688605</B></TD>
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<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>1071 Camelback Street<BR>Newport Beach, CA <BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>92660</B></TD>
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    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(949) 759-5900</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement</B>


<P align="left" style="font-size: 10pt">In connection with Blake T. Barnett&#146;s resignation (described in Item&nbsp;5.02 below), Ambassadors International, Inc. (the
&#147;Company&#148;) and Mr.&nbsp;Barnett entered into an Amendment No.&nbsp;1 to Change in Control Agreement on November&nbsp;24, 2008 (the
&#147;Amendment&#148;). The Amendment amends certain provisions of the Change in Control Agreement dated January&nbsp;14, 2008
between Mr.&nbsp;Barnett and the Company. A copy of the Amendment is attached as Exhibit&nbsp;10.1 to this Current Report on
Form 8-K. The Amendment provides that in the event of a Change in Control of the Company (as the term is defined in
the Amendment) prior to February&nbsp;15, 2009, all of Mr.&nbsp;Barnett&#146;s unvested stock options and stock grants shall fully
vest and remain exercisable for a period of three months from the date of the Change in Control.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.</B>


<P align="left" style="font-size: 10pt">On November&nbsp;24, 2008, Blake T. Barnett, chief financial officer, treasurer, and secretary of Ambassadors International,
Inc., notified the Company that he was resigning from his current positions as an executive officer and as an officer
and director of the Company&#146;s subsidiaries upon which he serves. Mr.&nbsp;Barnett&#146;s resignation shall be effective on
December&nbsp;15, 2008, and he will assist the Company during the transition period.


<P align="left" style="font-size: 10pt">Laura L. Tuthill, the Company&#146;s vice president and chief accounting officer, will assume the position of chief
financial officer upon Mr.&nbsp;Barnett&#146;s resignation on December&nbsp;15, 2008. Ms.&nbsp;Tuthill has been with the Company since 2002
and has served in several executive and senior financial capacities, including chief accounting officer, corporate
controller and controller of various subsidiaries of the Company.


<P align="left" style="font-size: 10pt">On November&nbsp;24, 2008, the Company issued a press release announcing Mr.&nbsp;Barnett&#146;s resignation and Ms.&nbsp;Tuthill&#146;s
appointment, a copy of which is included as Exhibit&nbsp;99.1 with this Current Report on Form 8-K.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01 Exhibits.</B>


<P align="left" style="font-size: 10pt; text-indent: 2%">(d)&nbsp;Exhibits


<P align="left" style="font-size: 10pt; text-indent: 2%">10.1 Amendment No.&nbsp;1 to Change in Control Agreement between Blake T. Barnett and the Registrant


<P align="left" style="font-size: 10pt; text-indent: 2%">99.1 Press Release dated November&nbsp;24, 2008 of the Registrant.


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<P align="center" style="font-size: 10pt; display: none">2
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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.

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    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">AMBASSADORS INTERNATIONAL, INC.</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: December&nbsp;1, 2008
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joseph J. Ueberroth</TD>
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&nbsp;</DIV></TD>
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    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
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&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joseph J. Ueberroth</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer</TD>
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<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>



<P align="left" style="font-size: 10pt; text-indent: 2%">10.1 Amendment No.&nbsp;1 to Change in Control Agreement between Blake T. Barnett and the Registrant


<P align="left" style="font-size: 10pt; text-indent: 2%">99.1 Press Release dated November&nbsp;24, 2008 of the Registrant.

<P align="center" style="font-size: 10pt; text-indent: 2%">&nbsp;

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{"company-data": {"conformed-name": "AMBASSADORS INTERNATIONAL INC", "cik": "0000946842", "assigned-sic": "4700", "irs-number": "911688605", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26420", "film-number": "081222865"}, "business-address": {"street1": "1071 CAMELBACK", "street2": "STREET", "city": "NEWPORT BEACH", "state": "CA", "zip": "92660", "phone": "949.759.5900"}, "mail-address": {"street1": "1071 CAMELBACK", "street2": "STREET", "city": "NEWPORT BEACH", "state": "CA", "zip": "92660"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 24, 2008
Ambassadors International, Inc.
(Exact name of registrant as specified in its charter)
Delaware
0-26420
91-1688605
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1071 Camelback Street
Newport Beach, CA
92660
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(949) 759-5900
N/A
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
In connection with Blake T. Barnett's resignation (described in Item 5.02 below), Ambassadors International, Inc. (the
"Company") and Mr. Barnett entered into an Amendment No. 1 to Change in Control Agreement on November 24, 2008 (the
"Amendment"). The Amendment amends certain provisions of the Change in Control Agreement dated January 14, 2008
between Mr. Barnett and the Company. A copy of the Amendment is attached as Exhibit 10.1 to this Current Report on
Form 8-K. The Amendment provides that in the event of a Change in Control of the Company (as the term is defined in
the Amendment) prior to February 15, 2009, all of Mr. Barnett's unvested stock options and stock grants shall fully
vest and remain exercisable for a period of three months from the date of the Change in Control.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
On November 24, 2008, Blake T. Barnett, chief financial officer, treasurer, and secretary of Ambassadors International,
Inc., notified the Company that he was resigning from his current positions as an executive officer and as an officer
and director of the Company's subsidiaries upon which he serves. Mr. Barnett's resignation shall be effective on
December 15, 2008, and he will assist the Company during the transition period.
Laura L. Tuthill, the Company's vice president and chief accounting officer, will assume the position of chief
financial officer upon Mr. Barnett's resignation on December 15, 2008. Ms. Tuthill has been with the Company since 2002
and has served in several executive and senior financial capacities, including chief accounting officer, corporate
controller and controller of various subsidiaries of the Company.
On November 24, 2008, the Company issued a press release announcing Mr. Barnett's resignation and Ms. Tuthill's
appointment, a copy of which is included as Exhibit 99.1 with this Current Report on Form 8-K.
Item 9.01 Exhibits.
(d) Exhibits
10.1 Amendment No. 1 to Change in Control Agreement between Blake T. Barnett and the Registrant
99.1 Press Release dated November 24, 2008 of the Registrant.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMBASSADORS INTERNATIONAL, INC.
Date: December 1, 2008
By:
/s/ Joseph J. Ueberroth
Joseph J. Ueberroth
President and Chief Executive Officer
3
EXHIBIT INDEX
10.1 Amendment No. 1 to Change in Control Agreement between Blake T. Barnett and the Registrant
99.1 Press Release dated November 24, 2008 of the Registrant.