TUCOWS INC /PA/ — Director's Dealing 2014

Mar 18, 2014

SEC Form 4/A — Form 4/A

Issuer: TUCOWS INC /PA/ (TCX)
CIK: 0000909494
Period of Report: 2014-03-13

Reporting Person: Ralls Rawleigh Hazen IV (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-13	Common Stock	S	11360	$14.0169	Disposed	863640	Indirect
2014-03-14	Common Stock	S	13640	$13.829	Disposed	850000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	56250	Indirect
Common Stock	6250	Indirect

Footnotes

F1: This amendment adjusts the number of shares held following the 1-for-4 reverse split of the Issuer's common stock that occurred on December 30, 2013 and does not report any additional acquisitions or dispositions.

F2: 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.

F3: The per share price for such shares sold ranged from $14.00 to $14.04. The Lacuna Entities hereby undertake to provide upon request by the staff of the Securities Exchange Commission full information regarding the number of shares sold at each separate price.

F4: The per share price for such shares sold ranged from $13.55 to $14.00. The Lacuna Entities hereby undertake to provide upon request by the staff of the Securities Exchange Commission full information regarding the number of shares sold at each separate price.