[Form 4] Tucows, Inc Insider Trading Activity

Rhea-AI Filing Summary

Ivan Ivanov, Chief Financial Officer of Tucows Inc. (TCX), was granted 20,000 stock options on 09/08/2025. The options have an exercise price of $17.38 per share, become exercisable in four equal annual installments starting 09/08/2026, and expire on 09/08/2032. Following the grant, Ivanov beneficially owns 20,000 underlying shares from this award, held directly. The filing was signed by an attorney-in-fact on 09/10/2025. This disclosure reports the change in beneficial ownership required under Section 16 and provides the basic terms of the derivative award.

Positive

• 20,000 stock options granted to the reporting person, with full grant details disclosed
• Clear vesting schedule: four equal annual installments beginning 09/08/2026
• Exercise price disclosed at $17.38 and expiration date 09/08/2032

Negative

• None.

Insights

Securities Analyst

TL;DR: A routine executive stock option grant: 20,000 options at $17.38 vesting over four years.

The Form 4 documents a standard equity compensation action for a named executive officer. The grant is time‑based with a typical four‑year vesting schedule, exercisable beginning one year after grant and expiring seven years later. For investors, this is a disclosure of insider compensation and potential future dilution equal to the 20,000 shares if exercised, but the filing contains no information on total outstanding shares, related cash proceeds, or any sale by the reporting person.

Corporate Governance Expert

TL;DR: Governance disclosure of executive option award; standard vesting and exercise terms are reported.

The filing clearly states the instrument, exercise price, vesting commencement and expiration dates, and that ownership is direct. It fulfills Section 16 reporting obligations by identifying the reporting person as the CFO and providing execution and signature details. There are no amendments or progressive transactions reported beyond the single grant on 09/08/2025.

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
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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^*

Ivanov Ivan

(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)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

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

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)	$17.38	09/08/2025		A		20,000		09/08/2026(1)	09/08/2032	Common Stock	20,000	$0	20,000	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 Ivan Ivanov	09/10/2025
	** 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

What did Ivan Ivanov report on Form 4 for TCX?

He reported a grant of 20,000 stock options on 09/08/2025 with an exercise price of $17.38.

When do the options granted to Ivan Ivanov become exercisable?

They vest in four equal installments starting on 09/08/2026 (first anniversary) and thereafter annually.

What is the expiration date of the stock options reported?

The options expire on 09/08/2032.

How many shares does Ivanov beneficially own after the reported transaction?

20,000 shares (underlying the options) are reported as beneficially owned following the transaction.

Who signed the Form 4 filing for Ivan Ivanov?

Katherine Young, attorney-in-fact, signed the Form 4 on 09/10/2025.