Tucows (TCX) director awarded 3,750 stock options, updates spouse-held shares

Rhea-AI Filing Summary

Tucows Inc. director Laurenz Malte Nienaber reported a new equity compensation award and updated indirect holdings. He received a grant of 3,750 stock options to buy common shares at an exercise price of $14.6600 per share, exercisable from June 2, 2027 and expiring on June 2, 2031. The filing also lists 100 common shares held indirectly by his spouse, with a disclaimer that he does not admit beneficial ownership of those shares.

Insights

Equity compensation analyst

Director received a routine stock option grant with no share sales.

The filing shows Laurenz Malte Nienaber, a director of Tucows Inc., receiving 3,750 stock options at an exercise price of $14.6600, expiring on June 2, 2031. This is characterized as a grant or award, a standard form of director compensation.

There are no reported stock sales or open-market purchases. The 100 common shares are held indirectly by his spouse, and he expressly disclaims beneficial ownership of those shares. Overall, the activity reflects routine equity compensation rather than a directional bet on the stock.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Nienaber Laurenz Malte

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	3,750	$0.00	$0.00
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option (Right to Buy) — 3,750 shares (Direct); Common Stock — 100 shares (Indirect, By spouse.)

Footnotes (1)

1. F1. 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.

Key Figures

Stock options granted: 3,750 options Option exercise price: $14.6600 per share Option exercisable date: June 2, 2027 +2 more

5 metrics

Stock options granted 3,750 options Grant to director on June 2, 2026

Option exercise price $14.6600 per share Exercise price for new options

Option exercisable date June 2, 2027 Options first exercisable

Option expiration date June 2, 2031 Options expire if not exercised

Indirect common shares 100 shares Common stock held by spouse, disclaimed

Key Terms

Stock Option (Right to Buy), indirect, beneficial ownership, Grant, award, or other acquisition

4 terms

Stock Option (Right to Buy) financial

"security_title: "Stock Option (Right to Buy)""

indirect financial

"ownership_type: "indirect" and nature_of_ownership: "By spouse.""

beneficial ownership financial

"The reporting person disclaims beneficial ownership of these securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What insider transactions did Tucows (TCX) director Laurenz Malte Nienaber report?

He reported a grant of 3,750 stock options and updated indirect holdings of 100 common shares held by his spouse. The option grant is classified as a compensation award, and no open-market share purchases or sales are included in this filing.

What are the key terms of Laurenz Malte Nienaber’s new stock options at Tucows (TCX)?

He received 3,750 stock options with an exercise price of $14.6600 per share, exercisable beginning June 2, 2027. The options expire on June 2, 2031, and each option relates to one share of Tucows common stock as the underlying security.

Did Laurenz Malte Nienaber buy or sell any Tucows (TCX) common shares in this Form 4?

The filing does not show any open-market purchases or sales of common shares. It records a stock option grant and an indirect holding entry of 100 shares by his spouse, with a disclaimer that he does not admit beneficial ownership of those shares.

How many Tucows (TCX) shares are covered by Laurenz Malte Nienaber’s new option award?

The stock option award covers 3,750 underlying shares of Tucows common stock. After the grant, the total derivative position reported for this option series is 3,750 options, each giving the right to acquire one share at the stated exercise price.

What does the beneficial ownership disclaimer mean in Laurenz Malte Nienaber’s Tucows (TCX) filing?

The filing states he disclaims beneficial ownership of the 100 common shares held by his spouse. This means he reports the position for transparency under Section 16 but does not concede that he should be treated as the economic or voting owner of those shares.

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^*

Nienaber Laurenz Malte

(Last) (First) (Middle)

96 MOWAT AVENUE

(Street)

TORONTO ONTARIO M6K 3M1

(City) (State) (Zip)

CANADA (FEDERAL LEVEL)

(Country)

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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/02/2026

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

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

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

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								100	I	By spouse.(1)

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)	$14.66	06/02/2026		A		3,750		06/02/2027	06/02/2031	Common Stock	3,750	$0	3,750	D

Explanation of Responses:

1. 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. Neinaber	06/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)