TUCOWS INC /PA/ — Director's Dealing 2020

May 6, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TUCOWS INC /PA/ (TCX)
CIK: 0000909494
Period of Report: 2020-05-05

Reporting Person: NOSS ELLIOT (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-05	Common Stock	S	2000	$52.90	Disposed	546161	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	114670	Indirect
Common Stock	1639	Indirect
Common Stock	6000	Indirect
Common Stock	6206	Indirect

Footnotes

F1: These shares were sold by the filers broker under Rule 10b5-1.

F2: These shares were sold on the TSX and the price reported in Column 4 is derived from a weighted average of $74.32 CAD. The exchange rate for May 5, 2020 was 0.71175 giving a USD price of $52.90. These shares were sold in multiple transactions at prices ranging from CAD 73.87 to CAD 74.61. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.