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: Goldstein Michael (VP Marketing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-11	Common Stock	M	2500	$2.92	Acquired	6663	Direct
2017-05-11	Common Stock	F	762	$57.05	Disposed	5901	Direct
2017-05-11	Common Stock	M	6125	$5.52	Acquired	12026	Direct
2017-05-11	Common Stock	F	2074	$57.05	Disposed	9952	Direct
2017-05-11	Common Stock	M	2343	$8.56	Acquired	12295	Direct
2017-05-11	Common Stock	F	885	$57.05	Disposed	11410	Direct
2017-05-11	Common Stock	M	1600	$15.93	Acquired	13010	Direct
2017-05-11	Common Stock	F	756	$57.05	Disposed	12254	Direct
2017-05-11	Common Stock	M	2500	$19.41	Acquired	14754	Direct
2017-05-11	Common Stock	F	1292	$57.05	Disposed	13462	Direct
2017-05-11	Common Stock	M	1250	$21.10	Acquired	14712	Direct
2017-05-11	Common Stock	F	673	$57.05	Disposed	14039	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-11	Stock Option (Right to Buy)	$2.92	M	2500	Disposed	2018-08-14	Common Stock (2500)	Direct
2017-05-11	Stock Option (Right to Buy)	$5.52	M	6125	Disposed	2019-05-17	Common Stock (6125)	Direct
2017-05-11	Stock Option (Right to Buy)	$8.56	M	2343	Disposed	2020-05-12	Common Stock (2343)	Direct
2017-05-11	Stock Option (Right to Buy)	$15.93	M	1600	Disposed	2021-08-10	Common Stock (1600)	Direct
2017-05-11	Stock Option (Right to Buy)	$19.41	M	2500	Disposed	2021-12-31	Common Stock (2500)	Direct
2017-05-11	Stock Option (Right to Buy)	$21.10	M	1250	Disposed	2022-12-31	Common Stock (1250)	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.

F2: Stock options granted under the 2006 Equity Compensation Plan vest in four (4) equal installments of 25% each beginning on the first anniversary of the grant date.