CEO David Woroch was paid $785,251 in fiscal year 2025, ↑ up 32.0% from fiscal year 2024 (SEC filing 0001437749-26-013073 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$3,141,452 Elliot Noss total, FY2025 Former President and Chief Executive Officer, Tucows Inc., and Ting — highest-paid officer; CEO David Woroch: $785,251 | — CEO (David Woroch) pay percentile vs peers | 13:1 CEO-to-median pay ratio | 91.56% Say-on-pay support, latest vote |
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| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Elliot Noss | $410,980 | $0 | $0 | $42,300 | $133,008 | $0 | $2,555,164 | $3,141,452 |
| Former President and Chief Executive Officer, Tucows Inc., and Ting | ||||||||
| David Woroch | 322,440 | 0 | 0 | 232,598 | 227,178 | 0 | 3,035 | 785,251 |
| Chief Executive Officer, Tucows Inc. and Tucows Domains | ||||||||
| Ivan Ivanov | 406,000 | 0 | 0 | 169,252 | 177,292 | 0 | 14,600 | 767,144 |
| Chief Financial Officer, and | ||||||||
| Justin Reilly | 560,838 | 0 | 0 | 0 | 83,159 | 0 | 715 | 644,712 |
| Chief Executive Officer, Wavelo | ||||||||
| Bret Fausett | 350,000 | 0 | 0 | 10,566 | 154,362 | 0 | 14,600 | 529,528 |
| Chief Legal Officer, and Vice President, Regulatory Affairs | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Elliot Noss | $3,141,452 | $975,734 | $1,138,720 | ↑ +2,165,718 |
| David Woroch | 785,251 | 594,766 | 523,310 | ↑ +190,485 |
| Ivan Ivanov | 767,144 | 583,424 | — | ↑ +183,720 |
| Justin Reilly | 644,712 | 573,473 | 937,671 | ↑ +71,239 |
| Bret Fausett | 529,528 | 676,997 | 574,273 | ↓ −147,469 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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Each company listed discloses TCX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named TCX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.
| Executive | Role | FY2025 total |
|---|---|---|
| Bret Fausett | General Counsel | $529,528 |
| David Woroch | CEO | $785,251 |
| Elliot Noss | Executive | $3,141,452 |
| Justin Reilly | Executive | $644,712 |
| Ivan Ivanov | CFO | $767,144 |
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| Dr. Matz | Independent Director | — |
| Mr. Matheson | Independent Director | — |
| Mr. Nienaber | Chair of the Board | — |
| Mr. Taylor | Independent Director | — |
| Mr. Tory | Independent Director | — |
| Mr. Uhrenbacher | Independent Director | — |
| Ms. Carl | Independent Director | — |
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| David Woroch | RSU | 2025-11-26 | — | — | 20,000 | — | $211,448 |
| David Woroch | RSU | 2025-06-05 | — | — | 2,250 | — | 21,150 |
| Ivan Ivanov | RSU | 2025-09-08 | — | — | 20,000 | — | 169,252 |
| Elliot Noss | RSU | 2025-06-04 | — | — | 4,500 | — | 42,300 |
| Bret Fausett | RSU | 2025-06-05 | — | — | 1,124 | — | 10,566 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| David Woroch | $232,598 | $0 | $0 | 0.0% |
| Ivan Ivanov | 169,252 | 0 | 0 | 0.0% |
| Elliot Noss | 42,300 | 0 | 0 | 0.0% |
| Bret Fausett | 10,566 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Bret Fausett | Option | 2,675 | 20.59 | — |
| Ivan Ivanov | RSU | 247,200 | — | 247,200 |
| Justin Reilly | RSU | 505,046 | — | 505,046 |
| Ivan Ivanov | Option | 11,072 | 21.88 | — |
| David Woroch | RSU | 22,250 | — | 38,500 |
| Justin Reilly | Option | 1,250 | 41.97 | — |
| Ivan Ivanov | RSU | 412,000 | — | 412,000 |
| Ivan Ivanov | Option | 20,000 | 17.38 | — |
| Bret Fausett | RSU | 653,333 | — | 653,333 |
| Bret Fausett | Option | 625 | 41.97 | — |
| Ivan Ivanov | RSU | 659,200 | — | 659,200 |
| David Woroch | Option | 11,250 | 20.59 | — |
| Bret Fausett | Option | 1,299 | 26.78 | — |
| David Woroch | RSU | 3,652,304 | — | 4,058,268 |
| David Woroch | Option | 2,500 | 26.78 | — |
| Elliot Noss | RSU | 1,000,000 | — | 2,000,000 |
| Justin Reilly | Option | 4,000 | 79.44 | — |
| Bret Fausett | RSU | 408,333 | — | 408,333 |
| Justin Reilly | RSU | 1,347,519 | — | 1,347,519 |
| David Woroch | RSU | 7,850 | — | 7,850 |
| Justin Reilly | RSU | 841,743 | — | 841,743 |
| Bret Fausett | RSU | 75,000 | — | 75,000 |
| Justin Reilly | RSU | 16,750 | — | 16,750 |
| Bret Fausett | RSU | 10,439 | — | 13,173 |
| David Woroch | Option | 2,500 | 41.97 | — |
| Ivan Ivanov | RSU | 15,625 | — | 15,625 |
| Ivan Ivanov | RSU | 8,928 | — | 8,928 |
| Justin Reilly | RSU | 730 | — | 730 |
| Bret Fausett | Option | 1,124 | 19.57 | — |
| David Woroch | Option | 2,250 | 19.57 | — |
| David Woroch | Option | 20,000 | 21.58 | — |
| Bret Fausett | Option | 7,500 | 20.25 | — |
| Bret Fausett | Option | 25,000 | 6 | — |
The Company aims to provide a mix of compensation that motivates executives to achieve short- and long-term performance goals in a market-competitive and fiscally responsible way, with a substantial portion of compensation being performance-based to align executive interests with shareholder value. Compensation is targeted at the 50th percentile of market levels and is determined using balanced scorecards aligned to each executive's area of responsibility.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | false |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-02 | 6,778,876 | 624,527 | 2,320 | 91.56% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-06-02 | 91.56%a |
a. Voting standard not stated in the filing.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | 13 : 1 |
|---|---|
| CEO total compensation | — |
| Median employee compensation | $75,493 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Allen TaylorIndependent · Audit (Chair) · Compensation | $47,250 | $0 | $90,588 | $0 | $0 | $137,838 |
| Stephen UhrenbacherIndependent · Nominating/Governance · Compensation (Chair) | 47,250 | 0 | 80,095 | 0 | 0 | 127,345 |
| Jeffrey ToryIndependent · Audit · Nominating/Governance | 47,250 | 0 | 69,602 | 0 | 0 | 116,852 |
| Lee MathesonIndependent · Nominating/Governance (Chair) | 73,841 | 0 | 32,677 | 0 | 0 | 106,518 |
| Laurenz Malte NienaberIndependent · Board Chair · Compensation · Nominating/Governance | 47,250 | 0 | 59,109 | 0 | 0 | 106,359 |
| Marlene CarlIndependent · Audit | 72,000 | 0 | 32,677 | 0 | 0 | 104,677 |
| Sandra MatzIndependent · Nominating/Governance | 38,045 | 0 | 59,109 | 0 | 0 | 97,154 |
| Robin ChaseIndependent | 45,545 | — | 0 | — | — | 45,545 |
| Jeffrey SchwartzIndependent | 39,750 | — | 0 | — | — | 39,750 |
| Allen KarpIndependent | 38,591 | — | 0 | — | — | 38,591 |
| Erez GissinIndependent | 33,955 | — | 0 | — | — | 33,955 |
| Gigi SohnIndependent | 33,955 | — | 0 | — | — | 33,955 |
| Elliot NossEmployee director · Departed during FY | 8,333 | 0 | 0 | 0 | 0 | 8,333 |
| Annual cash retainer | $50,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 15,000 / 15,000 / 15,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $573,015 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $573,015 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Tucows | 2025 | David Woroch | $322,440 | $0 | $232,598 | $227,178 | $785,251 |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Elliot Noss | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Executive Compensation”. As printed: 3,141,452. Filing ↗machine: r18 · c21 · span 501107–501116 |
| 2 | Section 01, David Woroch | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Executive Compensation”. As printed: 785,251. Filing ↗machine: r2 · c21 · span 449912–449919 |
| 3 | Section 01, Ivan Ivanov | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Executive Compensation”. As printed: 767,144. Filing ↗machine: r6 · c21 · span 462793–462800 |
| 4 | Section 01, Justin Reilly | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Executive Compensation”. As printed: 644,712. Filing ↗machine: r10 · c21 · span 475449–475456 |
| 5 | Section 01, Bret Fausett | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Executive Compensation”. As printed: 529,528. Filing ↗machine: r14 · c21 · span 488223–488230 |
| 6 | Section 03, David Woroch RSU | DEF 14A | 1900-01-01 | 0001437749-26-013073 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 636945–636952 |
| 7 | Section 03, David Woroch RSU | DEF 14A | 1900-01-01 | 0001437749-26-013073 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 633311–633317 |
| 8 | Section 03, Ivan Ivanov RSU | DEF 14A | 1900-01-01 | 0001437749-26-013073 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 644368–644375 |
| 9 | Section 03, Elliot Noss RSU | DEF 14A | 1900-01-01 | 0001437749-26-013073 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 659575–659581 |
| 10 | Section 03, Bret Fausett RSU | DEF 14A | 1900-01-01 | 0001437749-26-013073 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 656017–656023 |
| 11 | Section 07, pay ratio | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “CEO Pay Ratio”. As printed: 13 : 1. Filing ↗ |
| 12 | Section 08, Allen Taylor | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Director Compensation”. As printed: 137,838. Filing ↗machine: span 280518–280525 |
| 13 | Section 08, Stephen Uhrenbacher | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Director Compensation”. As printed: 127,345. Filing ↗machine: span 276570–276577 |
| 14 | Section 08, Jeffrey Tory | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Director Compensation”. As printed: 116,852. Filing ↗machine: span 282487–282494 |
| 15 | Section 08, Lee Matheson | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Director Compensation”. As printed: 106,518. Filing ↗machine: span 288383–288390 |
| 16 | Section 08, Laurenz Malte Nienaber | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Director Compensation”. As printed: 106,359. Filing ↗machine: span 278549–278556 |
| 17 | Section 08, Marlene Carl | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Director Compensation”. As printed: 104,677. Filing ↗machine: span 290352–290359 |
| 18 | Section 08, Sandra Matz | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Director Compensation”. As printed: 97,154. Filing ↗machine: span 284455–284461 |
| 19 | Section 08, Robin Chase | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Director Compensation”. As printed: 45,545. Filing ↗machine: span 300063–300069 |
| 20 | Section 08, Jeffrey Schwartz | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Director Compensation”. As printed: 39,750. Filing ↗machine: span 297778–297784 |
| 21 | Section 08, Allen Karp | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Director Compensation”. As printed: 38,591. Filing ↗machine: span 291352–291358 |
| 22 | Section 08, Erez Gissin | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Director Compensation”. As printed: 33,955. Filing ↗machine: span 293517–293523 |
| 23 | Section 08, Gigi Sohn | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Director Compensation”. As printed: 33,955. Filing ↗machine: span 295644–295650 |
| 24 | Section 08, Elliot Noss | DEF 14A | 2026-04-23 | 0001437749-26-013073 | Section “Director Compensation”. As printed: 8,333. Filing ↗machine: span 285234–285239 |
| 25 | Section 06, 2026 vote | Form 8-K | 2026-06-04 | 0001437749-26-019571 | Item 5.07 · say-on-pay result. As reported: 91.56%. Filing ↗ |
| 26 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 27 | Section 03b vehicle mix (computed) | Computed | — | — | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 28 | Section 09b board cost (computed) | Computed | — | — | Cash 573,015 + equity 0 + all other 0 = 573,015, summed across the director compensation table rows.machine: formula: Σ = 573,015 |
| 29 | Tucows (subject), Section 10b CEO total | DEF 14A | 2026-04-23 | 0001437749-26-013073 | CEO total compensation as printed in Tucows's own proxy. As printed: 785,251. Filing ↗machine: r2 · c21 · span 449912–449919 |