[Form 4] Tucows, Inc Insider Trading Activity

Rhea-AI Filing Summary

On 20 June 2025, Tucows Inc. (TCX) filed a Form 4 disclosing insider activity by David John Woroch, CEO of the company’s Domain Services segment. The filing records a grant of 2,250 non-qualified stock options on 05 June 2025 at an exercise price of $19.57 per share.

Table I – Current share ownership

• Direct holdings: 59,614 common shares
• Indirect – RRSP (self): 54,984 common shares
• Indirect – Spouse RRSP: 10,750 common shares

Total reported equity ownership therefore equals 125,348 shares (direct + indirect), unchanged in this filing.

Table II – Derivative securities

• Instrument: Stock option (right to buy)
• Quantity granted: 2,250 options
• Exercise price: $19.57
• Vesting schedule: 25 % annually over four years, beginning 05 June 2026 (per footnote 1)
• Expiration: 03 June 2032

The option grant was reported as an acquisition (Code "A"), and Woroch now beneficially owns 2,250 derivative securities in addition to his common-stock holdings. No open-market purchases or sales of common shares were reported, and there is no indication the options were issued under a Rule 10b5-1 trading plan.

This routine executive compensation action does not alter Tucows’ share count or create immediate cash flow implications. It does, however, incrementally increase potential future dilution if exercised.

Insights

Corporate Governance Specialist

TL;DR: Routine option grant; aligns incentives, minimal immediate impact.

The Form 4 shows standard equity compensation for a key operating executive. The 2,250-share option block is modest relative to Tucows’ roughly 11 million-share float and vests over four years, encouraging long-term value creation. No common-share transactions occurred, so there is no signal of insider sentiment beyond normal compensation practice. Governance-wise, the use of the long-standing 2006 Equity Compensation Plan and appropriate disclosure suggest compliance with Section 16 reporting obligations. Overall, investors should view the filing as neutral housekeeping rather than a catalyst.

Portfolio Manager

TL;DR: Small, time-vested option grant—neutral for valuation today.

From a portfolio perspective, the incremental dilution, assuming full exercise, is roughly 0.02 % of shares outstanding—immaterial to earnings per share models. The lack of share sales preserves insider ownership at 1.1 % of the float, maintaining alignment. As no purchase or sale price action occurred, the filing does not change our near-term liquidity or sentiment indicators. Absent additional insider buying or large option awards, Form 4 data remain a low-priority driver for TCX positioning.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Woroch David John

(Last) (First) (Middle)

96 MOWAT AVENUE

(Street)

TORONTO A6 M6K 3M1

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TUCOWS INC /PA/ [ TCX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO Tucows Domains Services

3. Date of Earliest Transaction (Month/Day/Year)
06/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								59,614	D
Common Stock								54,984	I	Per David Woroch RRSP
Common Stock								10,750	I	Per S. Dagelman Spouse RRSP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$19.57	06/05/2025		A		2,250		06/05/2026(1)	06/03/2032	Common Stock	2,250	$0	2,250	D

Explanation of Responses:

1. 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.

	/s/ Katherine Young, attorney-in-fact for Mr. Woroch	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many stock options did Tucows (TCX) grant to CEO David Woroch?

The Form 4 reports 2,250 stock options granted on 05 June 2025.

What is the exercise price of the newly granted TCX options?

Each option carries an exercise price of $19.57 per share.

When do the Tucows options granted to Woroch start vesting?

They vest in 25 % annual installments beginning 05 June 2026.

Did the CEO buy or sell any Tucows common shares in this filing?

No. The filing lists only existing holdings; no purchases or sales were reported.

What is David Woroch’s total reported ownership of TCX common shares?

He beneficially owns 125,348 shares (59,614 direct and 65,734 indirect).

Does this option grant materially dilute Tucows shareholders?

The grant equals about 0.02 % of shares outstanding, creating negligible dilution if exercised.