TUCOWS INC /PA/ — Director's Dealing 2011

Mar 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TUCOWS INC /PA/ (TCX)
CIK: 0000909494
Period of Report: 2011-03-01

Reporting Person: Ralls Rawleigh Hazen IV (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-01	Common Stock	P	41230	$.806	Acquired	123400	Indirect
2011-03-02	Common Stock	P	16827	$.81	Acquired	140227	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	125000	Direct
Common Stock	8150000	Indirect

Footnotes

F1: All of the shares purchased were within a $1.00 price range between $0.79 to $0.83 per share, with a weighted average price per share of $0.806. Upon request, the Reporting Person will provide full information regarding the number of shares purchased at each separate price.

F2: All of the shares purchased were within a $1.00 price range between $0.79 to $0.82 per share, with a weighted average price per share of $0.81. Upon request, the Reporting Person will provide full information regarding the number of shares purchased at each separate price.

F3: These shares are held by Lacuna Hedge Fund LLLP ("Lacuna Hedge") and are indirectly owned by Lacuna, LLC ("Lacuna LLC") and Lacuna Hedge GP LLLP ("Lacuna Hedge GP"). Lacuna LLC serves as the sole general partner of Lacuna Hedge GP, which serves as the sole general partner of Lacuna Hedge. Neither Lacuna LLC nor Lacuna Hedge GP directly owns any securities of the Issuer. Each of Lacuna LLC and Lacuna Hedge GP disclaims beneficial ownership of the securities held by Lacuna Hedge, except to the extent of its pecuniary interest therein. Mr. Ralls is a member of Lacuna LLC. Mr. Ralls disclaims beneficial ownership of the securities held by Lacuna Hedge, except to the extent of his pecuniary interest therein.