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

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

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

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): December 15, 2008</B>

<P style="font-size: 24pt" align="center"><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 width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
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  <TD width="32%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>0-26420</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>91-1688605</B></TD>
 </TR>
 <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>
 </TR>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>1071 Camelback
Street<BR>
Newport Beach, CA <BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>92660</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(949) 759-5900</B>
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  <TD style="border-bottom: #000000 1px solid" nowrap><B>N/A<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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 style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</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">o</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 style="font-size: 10pt" align="left"><B>Item&nbsp;5.02 Departure of
Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers; Compensatory Arrangements of Principal Officers.</B>

<P style="font-size: 10pt" align="left">On December&nbsp;15, 2008, Joseph J.
Ueberroth, chairman and chief executive officer of Ambassadors International,
Inc., notified the Company that he elected to forego portions of the
compensation he is entitled to under his employment agreement
(&#8220;Agreement&#8221;) dated November&nbsp;2, 2006, that was filed as
Exhibit&nbsp;10.1 to the Company&#8217;s Current Report on Form 8-K filed on
November&nbsp;7, 2006. Pursuant to section 4 of the Agreement,
Mr.&nbsp;Ueberroth was entitled to receive approximately $3&nbsp;million in
cash compensation (up to $6&nbsp;million in certain circumstances) due in
September&nbsp;2009. In addition, he also elected to forego his 2008 long term
compensation in common shares of the Company valued at $750,000 that was due
pursuant to section 3 of the Agreement.

<P style="font-size: 10pt" align="left">Mr.&nbsp;Ueberroth offered to forego
the compensation at a recent meeting of the Company&#8217;s Board of Directors,
and to work in any capacity that the Board decided would be in the best
interest of the Company. At that time, the directors unanimously requested
Mr.&nbsp;Ueberroth to continue in his current capacity as chairman and chief
executive officer. On December&nbsp;15, 2008, the board granted
Mr.&nbsp;Ueberroth 250,000 restricted common shares of the Company, which will
vest on December&nbsp;15, 2009, one year from the date of grant.

<P style="font-size: 10pt" align="left">On December&nbsp;15, 2008, the Company
issued a press release announcing the above events, a copy of which is included
as Exhibit&nbsp;99.1 with this Current Report on Form 8-K.

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

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

<P style="font-size: 10pt; text-indent: 2%" align="left">99.1 Press Release
dated December&nbsp;15, 2008 of the Registrant.

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

<P style="font-size: 10pt" align="center">2

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

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<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">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 valign="top" align="left" colspan="2">AMBASSADORS INTERNATIONAL, INC.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="bottom">
  <TD valign="top" align="left">Date: December&nbsp;17, 2008</TD>
  <TD valign="top" align="left">By:&nbsp;</TD>
  <TD style="border-bottom: 1px solid #000000" valign="top" align="left">/s/ Joseph J. Ueberroth </TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Joseph J. Ueberroth<BR>
President and Chief Executive Officer</TD>
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<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>



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  <TD style="border-bottom: 1px solid #000000" valign="top" align="left"><B>Exhibit<BR>
Number</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: 1px solid #000000" valign="bottom" align="left"><B>Description</B></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="bottom">
  <TD valign="top" align="left">99.1</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release dated December&nbsp;15, 2008 of the Registrant.</TD>
 </TR>
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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": "081256241"}, "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): December 15, 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 5.02 Departure of
Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers; Compensatory Arrangements of Principal Officers.
On December 15, 2008, Joseph J.
Ueberroth, chairman and chief executive officer of Ambassadors International,
Inc., notified the Company that he elected to forego portions of the
compensation he is entitled to under his employment agreement
("Agreement") dated November 2, 2006, that was filed as
Exhibit 10.1 to the Company's Current Report on Form 8-K filed on
November 7, 2006. Pursuant to section 4 of the Agreement,
Mr. Ueberroth was entitled to receive approximately $3 million in
cash compensation (up to $6 million in certain circumstances) due in
September 2009. In addition, he also elected to forego his 2008 long term
compensation in common shares of the Company valued at $750,000 that was due
pursuant to section 3 of the Agreement.
Mr. Ueberroth offered to forego
the compensation at a recent meeting of the Company's Board of Directors,
and to work in any capacity that the Board decided would be in the best
interest of the Company. At that time, the directors unanimously requested
Mr. Ueberroth to continue in his current capacity as chairman and chief
executive officer. On December 15, 2008, the board granted
Mr. Ueberroth 250,000 restricted common shares of the Company, which will
vest on December 15, 2009, one year from the date of grant.
On December 15, 2008, the Company
issued a press release announcing the above events, a copy of which is included
as Exhibit 99.1 with this Current Report on Form 8-K.
Item 9.01 Exhibits.
(d) Exhibits
99.1 Press Release
dated December 15, 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 17, 2008
By:
/s/ Joseph J. Ueberroth
Joseph J. Ueberroth
President and Chief Executive Officer
3
EXHIBIT INDEX
Exhibit
Number
Description
99.1
Press Release dated December 15, 2008 of the Registrant.
4