X0303 4 2010-02-24 0000909494 TUCOWS INC /PA/ TCX 0001379931 Lacuna LLC 1100 SPRUCE STREET SUITE 202 BOULDER CO 80302 0 0 1 0 0001379930 Lacuna Venture Fund LLLP 1100 SPRUCE STREET SUITE 202 BOULDER CO 80302 0 0 1 0 0001379928 Lacuna Ventures GP LLLP 1100 SPRUCE STREET SUITE 202 BOULDER CO 80302 0 0 1 0 0001379935 Lacuna Hedge Fund LLLP 1100 SPRUCE STREET SUITE 202 BOULDER CO 80302 0 0 1 0 0001379933 Lacuna Hedge GP LLLP 1100 SPRUCE STREET SUITE 202 BOULDER CO 80302 0 0 1 0 Common Stock 2010-02-24 4 S 0 231925 0.7713 D 3947801 I See Footnote Common Stock 2010-02-25 4 S 0 20390 0.7828 D 3927411 I See Footnote Common Stock 7572109 I See Footnote All of the shares sold were within a $1.00 price range between $0.77 to $0.79 per share, with a weighted average price per share of $0.7713. Upon request, the Reporting Person will provide full information regarding the number of shares sold at each separate price. All of the shares sold were within a $1.00 price range between $0.78 to $0.80 per share, with a weighted average price per share of $0.7828. Upon request, the Reporting Person will provide full information regarding the number of shares sold at each separate price. These shares are held by Lacuna Venture Fund LLLP ("Lacuna Venture") and are indirectly owned by Lacuna LLC ("Lacuna LLC") and Lacuna Ventures GP LLLP ("Lacuna Ventures GP"). Lacuna LLC serves as the sole general partner of Lacuna Ventures GP, which serves as the sole general partner of Lacuna Venture. Neither Lacuna LLC nor Lacuna Ventures GP directly owns any securities of the Issuer. Each of Lacuna LLC and Lacuna Ventures GP disclaims beneficial ownership of the securities held by Lacuna Venture, except to the extent of its pecuniary interest therein. These shares are held by Lacuna Hedge Fund LLLP ("Lacuna Hedge") and are indirectly owned by Lacuna LLC and Lacuna Hedge GP LLLP ("Lacuna Hedge GP"). Lacuna LLC serves as the sole general partner of Lacuna Hedge GP, which serves as the sole general partner of Lacuna Hedge. Neither Lacuna LLC nor Lacuna Hedge GP directly owns any securities of the Issuer. Each of Lacuna LLC and Lacuna Hedge GP disclaims beneficial ownership of the securities held by Lacuna Hedge, except to the extent of its pecuniary interest therein. This Form 4 is filed by Lacuna, LLC ("Lacuna LLC"), Lacuna Venture Fund LLLP ("Lacuna Venture"), Lacuna Hedge Fund LLLP ("Lacuna Hedge"), Lacuna Ventures GP LLLP ("Lacuna Ventures GP"), and Lacuna Hedge GP LLLP ("Lacuna Hedge GP" and, together with Lacuna LLC, Lacuna Venture, Lacuna Hedge and Lacuna Ventures GP, the "Lacuna Entities"). The Lacuna Entities expressly disclaim status as a "group" for purposes of this Form 4. /s/ Laura M. Medina as Attorney in Fact for Lacuna, LLC 2010-02-26 /s/ Laura M. Medina as Attorney in Fact for Lacuna Venture Fund LLLP 2010-02-26 /s/ Laura M. Medina as Attorney in Fact for Lacuna Ventures GP LLLP 2010-02-26 /s/ Laura M. Medina as Attorney in Fact for Lacuna Hedge Fund LLLP 2010-02-26 /s/ Laura M. Medina as Attorney in Fact for Lacuna Hedge GP LLLP 2010-02-26