TUCOWS INC /PA/ — Director's Dealing 2014

Dec 10, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TUCOWS INC /PA/ (TCX)
CIK: 0000909494
Period of Report: 2014-12-05

Reporting Person: Ralls Rawleigh Hazen IV (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-05	Common Stock	J	695167	$0.00	Disposed	154833	Indirect
2014-12-05	Common Stock	J	384361	$0.00	Acquired	395611	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	56250	Indirect
Common Stock	6250	Indirect

Footnotes

F1: Represents a pro-rata in-kind distribution without the receipt of consideration of Common Stock of the Issuer by Lacuna Hedge Fund LLLP ("Lacuna Hedge") to its partners in accordance with the terms of its Partnership Agreement.

F2: These shares are held by 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.

F3: Represents shares acquired in connection with the pro rata distribution by Lacuna Hedge.