[Form 4] Tucows, Inc Insider Trading Activity

Rhea-AI Filing Summary

Alignment Healthcare (ALHC) – Amended Form 4 (Form 4/A)

CEO and Director John E. Kao corrected a prior Form 4 to reflect the accurate number of shares withheld for tax obligations triggered by the vesting of service-based restricted stock units (RSUs). On 08-Mar-2024, 35,801 common shares were automatically withheld at an implied price of $5.39 per share under Transaction Code “F” (tax-withholding, non-discretionary). Following the adjustment, Kao’s direct beneficial ownership stands at 2,310,972 shares.

The filing explicitly states that no investment decision was made; the shares were removed solely to satisfy federal tax liabilities. The amendment rectifies an “administrative error” in the original Form 4 filed on 12-Mar-2024.

• Nature of transaction: Non-open-market, tax-withholding event.
• Impact on insider’s stake: Less than 2% reduction in Kao’s holdings; he retains a substantial ownership position.
• Market significance: Typically viewed as neutral because it is mandatory and does not signal sentiment about ALHC’s prospects.

Insights

Equity Analyst

TL;DR: Routine tax-withholding; neutral to valuation.

The amended Form 4 corrects share count, showing 35,801 shares withheld for taxes on RSU vesting. Such "F" code transactions are non-discretionary and do not reflect the CEO’s outlook. After the adjustment, Kao still controls roughly 2.3 million shares, a sign of continued alignment with shareholders. Equity value impact is negligible; float reduction is immaterial and cash proceeds remain with the company for tax remittance rather than the insider. I view the filing as informational and neutral.

Corporate Governance Specialist

TL;DR: Amendment improves disclosure accuracy; minor governance positive.

Correcting the prior filing underscores ALHC’s attention to compliance under Section 16(a). While the share adjustment is small, prompt remediation reduces regulatory risk and supports transparency. Because the transaction is automatic and non-market, it neither raises red flags nor materially alters insider ownership structures. Governance impact is mildly favorable, but overall market impact remains neutral.

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).

X

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^*

NOSS ELLIOT

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2025

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	07/10/2025		S(1)		400	D	$22.44(2)	446,098	D
Common Stock	07/10/2025		S(1)		1,600	D	$21.73(3)	444,498	D
Common Stock	07/11/2025		S(1)		700	D	$22.86(4)	443,798	D
Common Stock								114,670	I	Per EN RRSP
Common Stock								1,639	I	Per EN TFSA
Common Stock								6,000	I	Per EN US Retirement Savings Account
Common Stock								2,470(5)	I	By spouse

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

Explanation of Responses:

1. The transaction reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 15, 2023, at least ninety days prior to the trading date.

2. These shares were sold in multiple transactions, each at the price of $22.44. The reporting person will provide to the Commission, the Issuer, and any stockholder, upon request, full information regarding the number of shares purchased or sold at each separate price.

3. These shares were sold in multiple transactions, at prices ranging from $21.41 to $22.33. The reporting person will provide to the Commission, the Issuer, and any stockholder, upon request, full information regarding the number of shares purchased or sold at each separate price.

4. These shares were sold in multiple transactions, at prices ranging from $22.65 to $23.38. The reporting person will provide to the Commission, the Issuer, and any stockholder, upon request, full information regarding the number of shares purchased or sold at each separate price.

5. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

	/s/ Katherine Young, attorney-in-fact for Mr. Noss	07/11/2025
	** 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).
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