Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Schafer Kenneth Derrick
  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)
EVP Retail
(Last)
(First)
(Middle)
96 MOWAT AVENUE
3. Date of Earliest Transaction (Month/Day/Year)
12/08/2015
(Street)

TORONTO, A6 M6K 3M1
4. If Amendment, Date 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
(City)
(State)
(Zip)
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 12/08/2015   M   32,000 A $ 2.8 32,025 D  
Common Stock 12/08/2015   F   10,791 D $ 23.52 21,234 D  
Common Stock 12/08/2015   M   8,750 A $ 2.92 29,984 D  
Common Stock 12/08/2015   F   2,984 D $ 23.52 27,000 D  
Common Stock 12/08/2015   M   5,625 A $ 5.52 32,625 D  
Common Stock 12/08/2015   F   2,386 D $ 23.52 30,239 D  
Common Stock 12/08/2015   M   3,125 A $ 5.76 33,364 D  
Common Stock 12/08/2015   F   1,350 D $ 23.52 32,014 D  
Common Stock 12/08/2015   M   3,125 A $ 10.16 35,139 D  
Common Stock 12/08/2015   F   1,790 D $ 23.52 33,349 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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 of Derivative Security: 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 common stock) $ 2.8 12/08/2015   M     32,000   (1) 05/16/2017 Common Stock 32,000 $ 0 0 D  
Stock Option (right to buy common stock) $ 2.92 12/08/2015   M     8,750   (2) 08/14/2018 Common Stock 8,750 $ 0 0 D  
Stock Option (right to buy common stock) $ 5.52 12/08/2015   M     5,625   (3) 05/17/2019 Common Stock 5,625 $ 0 0 D  
Stock Option (right to buy common stock) $ 5.76 12/08/2015   M     3,125   (4) 12/31/2019 Common Stock 3,125 $ 0 0 D  
Stock Option (right to buy common stock) $ 10.16 12/08/2015   M     3,125   (5) 11/10/2020 Common Stock 3,125 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Schafer Kenneth Derrick
96 MOWAT AVENUE
TORONTO, A6 M6K 3M1
      EVP Retail  

Signatures

 /s/ Kenneth Schafer   12/10/2015
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Stock options granted under the 2006 Equity Compensation Plan. The options (32,000 in the original grant) vested in four annual installments of 25% each beginning on the first anniversary of the grant date (May 17, 2010).
(2) Stock options granted under the 2006 Equity Compensation Plan. The options (8,750 in the original grant) vested in four annual installments of 25% each beginning on the first anniversary of the grant date (August 15, 2011).
(3) Stock options granted under the 2006 Equity Compensation Plan. The options (7,500 in the original grant) vest in four annual installments of 25% each beginning on the first anniversary of the grant date (May 18, 2012).
(4) Stock options granted under the 2006 Equity Compensation Plan. The options (6,250 in the original grant) vest in four annual installments of 25% each beginning on the first anniversary of the grant date (January 1, 2013).
(5) Stock options granted under the 2006 Equity Compensation Plan. The options (6,250 in the original grant) vest in four annual installments of 25% each beginning on the first anniversary of the grant date (November 11, 2013).

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