TUCOWS INC /PA/ — Director's Dealing 2017

May 12, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TUCOWS INC /PA/ (TCX)
CIK: 0000909494
Period of Report: 2017-05-11

Reporting Person: Schwartz Jeffrey Nathan (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-11	Common Stock	M	9375	$5.52	Acquired	40000	Direct
2017-05-11	Common Stock	F	2191	$57.05	Disposed	37809	Direct
2017-05-11	Common Stock	M	3750	$8.92	Acquired	41559	Direct
2017-05-11	Common Stock	F	1066	$57.05	Disposed	40493	Direct
2017-05-11	Common Stock	M	3750	$15.51	Acquired	44243	Direct
2017-05-11	Common Stock	F	1434	$57.05	Disposed	42809	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-11	Stock Option (Right to Buy)	$5.52	M	9375	Disposed	2017-09-10	Common Stock (9375)	Direct
2017-05-11	Stock Option (Right to Buy)	$8.92	M	3750	Disposed	2018-09-10	Common Stock (3750)	Direct
2017-05-11	Stock Option (Right to Buy)	$15.51	M	3750	Disposed	2019-09-08	Common Stock (3750)	Direct

Footnotes

F1: Under the terms of the Issuer's stock incentive plan, these shares were withheld by the Issuer to cover the option exercise price and tax withholding obligations related to the net exercise of the above options.