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Exhibit 10.34  

 
 

NINTH AMENDMENT TO
  GAS SALES AGREEMENT    
    

        This Ninth Amendment to Gas Sales Agreement ("Amendment") is executed as of December 31, 2004, by Tipperary Oil & Gas (Australia) Pty Ltd
(ACN 077 536 871) of GPO Box 1100, Brisbane, Queensland, Australia 4001 ("Seller"), and QUEENSLAND FERTILISER ASSETS LIMITED (ACN 011 062 294) of 76 Arthur Street, Roma, Queensland, Australia
("Buyer"). 

WITNESSETH:  

        A.    The
Seller and Buyer have previously delivered Gas Sales Agreement dated September 28, 2001, as amended by Amendment to Gas Sales Agreement dated as of
May 30, 2002, Second Amendment to Gas Sale Agreement dated as of September 1, 2002, Third Amendment to Gas Sale Agreement dated as of January 1, 2003, Fourth Amendment to Gas Sale
Agreement dated as of March 31, 2003, Fifth Amendment to Gas Sale Agreement dated as of June 30, 2003, Sixth Amendment to Gas Sale Contract dated as of December 31, 2003, Seventh
Amendment to Gas Sale Contract dated as of March 31, 2004 and Eighth Contract Amendment dated as of September 30, 2004 (collectively, the "Original Agreement") governing the sale and
supply of Gas to Buyer subject to the terms and conditions set forth therein including, without limitation, the Seller and the Buyer obtaining necessary financing commitments, under terms reasonably
acceptable to each of them, by December 30, 2004 for (1) Buyer to construct and commission the Plant and the Pipeline between December 31, 2004 and the Commencement Date and
(2) Seller to drill and complete the number of wells, and install laterals and compressors, as Seller reasonably deems necessary between December 31, 2004 and the Commencement Date to
deliver the ACQ to the Delivery Point and meet Pipeline Pressure requirements; and 

        B.    The
Seller and Buyer have agreed, subject to the terms and conditions set forth below, to amend the Original Agreement to (1) extend the date for Seller and Buyer
to obtain their respective financing commitments to March 31, 2005 and (2) otherwise modify the Original Agreement as set forth herein. 

        NOW,
THEREFORE, for a sufficient consideration received by each, the Seller and Buyer agree to amend the Original Agreement as follows. 

        1.     Definitions. The definition of Commencement Date in the Original Agreement is hereby amended and replaced in its entirety
as set forth below. 

        "Commencement
Date" means the later of: 

        (a)   1
October 2007; or 

        (b)   the
date after 1 October 2007 on which the Buyer takes the first delivery of Gas from the Seller under this Agreement pursuant to the notice given under  Clause 2.4; 

provided that, if Buyer has not previously taken the first delivery of Gas from the Seller under Subparagraph (b) above, the Commencement Date
shall be deemed to occur on 1 March 2008." 

        2.     Sale and Purchase. Section 2.1, the preamble of  Section 2.2 and Section 2.4 of the Original Agreement, each stating conditions precedent
to Seller's and Buyer's obligations under the Original Agreement, are hereby amended and replaced in their entirety as set forth below. 

"2.1
The obligations of the Parties under the Agreement, other than their obligations under Clauses 17, 20 and 24, are subject to and do not become
binding unless: 

        (a)   Buyer:
(i) establishes and maintains its creditworthiness to the reasonable satisfaction of the Seller, and (ii) the Buyer has in place the necessary
financing commitments, under 

 

terms
reasonably acceptable to Buyer and Seller, that will foreseeably allow Buyer to construct and commission the Plant and the Pipeline between March 31, 2005 and the Commencement Date. If
these conditions precedent are not satisfied by March 31, 2005, then this Agreement will terminate (except for Clauses 17, 20 and 24 and the
enforcement of any right or claim which arises thereunder), unless the Seller agrees in writing to extend the time required to meet these conditions. 

        (b)   Seller
has in place the necessary financing commitments, under terms reasonably acceptable to Buyer and Seller, that will foreseeably allow Seller to drill and complete
the number of wells, to install laterals and compressors, as Seller reasonably deems necessary between March 31, 2005 and the Commencement Date to deliver the ACQ to the Delivery Point and meet
Pipeline Pressure requirements. If these conditions precedent are not satisfied by March 31, 2005, then this Agreement will terminate (except for Clauses 17, 20 and
24 and the enforcement of any right of claim which arises thereunder), unless Buyer agrees in writing to extend the time required to meet this condition." 

"2.2
In addition to the conditions in Clause 2.1, Buyer shall begin actual construction of the Plant by June 1, 2005, and diligently
prosecute actual construction of the Plant and the Pipeline thereafter in an orderly and prudent manner through and until the Commencement Date." 

"2.4
The Buyer must deliver written notice to the Seller not less that forty-five (45) Business Days' before the Day on which the Buyer intends to take the first delivery of Gas
from the Seller under this Agreement; provided that Seller shall have no obligation to supply Gas to Buyer before 1 July 2007." 

        3.     Authority, Effect and Governing Law. Section 20.1 (a),containing a
representation and warranty regarding Seller's and Buyer's corporate proceedings with respect to the Original Agreement, is hereby amended and replaced in its entirety as set forth below. 

"20.1
Each Party represents and warrants to the other Party now and at all times during the Term: 

        (a)   It
is a company duly incorporated under the laws of Queensland and has the power and authority to enter into this Agreement and will have undertaken and complied with
the necessary corporate proceedings to ensure this Agreement is enforceable and binding on it or before March 31, 2005 (unless otherwise terminated on or before that date);" 

        4.     Capitalized Terms. All capitalized terms shall have the meaning assigned to them in the Original Agreement, except as
added, amended or otherwise restated herein or unless the context clearly requires otherwise. In addition: references in the Original Agreement to the "Agreement," "hereof", "herein" and words of
similar import shall be deemed to be references to the Original Agreement as amended hereby. 

        5.     Representations. The Seller and Buyer respectively represent and warrant that all of the representations and warranties
contained in the Original Agreement (and any certificates and documents executed pursuant thereto or contemplated thereby) are true and correct in all material respects on and as of the effective date
of this Amendment. 

        6.     Conflicts and Continuation. In the event that this Amendment conflicts or is inconsistent with the Original Agreement,
this Amendment shall control. Except as specifically amended herein, all of the terms and conditions of the Original Agreement (and any certificates and documents executed pursuant thereto or
contemplated thereby) shall remain in full force and effect in accordance with their respective terms. 

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        7.     Severability. In the event any one or more provisions contained in the Original Agreement or this Amendment should be held
to be invalid, illegal or unenforceable in any respect, the validity, enforceability and legality of the remaining provisions contained herein and therein shall not be affected in any way or impaired
thereby and shall be enforceable in accordance with their respective terms. 

        8.     Acknowledgment. The Seller and Buyer respectively ratify and confirm that the Original Agreement (and any certificates and
documents executed pursuant thereto or contemplated thereby) remain in full force and effect in accordance with their respective terms, except as amended hereby. The representatives of the Seller and
Buyer executing this Amendment each represent and warrant to the others that they are duly appointed agents or officers of the party to the Original Agreement as designated in the signature lines
below, they have full power and authority to execute and deliver this Amendment on behalf of the party to the Original Agreement as designated below, they have obtained all corporate or other
authorizations as may be applicable to each of them. 

EXECUTED
as an agreement. 

	THE COMMON SEAL of TIPPERARY OIL & GAS (Australia)	 	)
	Pty LTD (ACN 077 536 871 was duly affixed to this document in	 	)
	accordance with its articles of association in the presence of:	 	)

	
/s/  RICHARD A. BARBER      
 Signature of Secretary	
 	

/s/  NEAL J. AMBROSE      
 Signature of Director
	

Richard A. Barber
 Name of Secretary—please print	
 	

Neal J. Ambrose
 Name of Director—please print

[Remainder
of this page intentionally left blank] 

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	THE COMMON SEAL OF QUEENSLAND	 	)
	FERTILIZER ASSETS LIMITED (ACN 011 062 294)	 	)
	was duly affixed to this document in accordance	 	)
	with its Articles of Association in the presence of:	 	)

	
/s/  ANTHONY DARREL HAINES      
 Signature of Secretary	
 	

/s/  IAN P. KENNEDY      
 Signature of Director
	

Anthony Darrel Haines
 Name of Secretary—please print	
 	

Ian P. Kennedy
 Name of Director—please print

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Exhibit 10.6  

 
 

EMPLOYMENT AGREEMENT    
    

        THIS EMPLOYMENT AGREEMENT (this "Agreement"), dated as of March 11, 2003, by and between Tucows.com Co., a Nova Scotia corporation (the
"Corporation"), and Graham Morris (the "Executive"). 

        WHEREAS,
the Executive is employed by the Corporation as Chief Operating Officer; and 

        WHEREAS,
the terms and conditions of the Executive's employment are currently set forth in that certain Executive Compensation Agreement between the Executive and Tucows International
Corporation, a former subsidiary of the Corporation, dated as of September 5th 2000, that was assumed by the Corporation (the "Predecessor Agreement"); and 

        WHEREAS,
the Corporation and the Executive have agreed upon revised terms and conditions for the Employee's continued employment with the Corporation, which revised terms and conditions
are set forth in this Agreement and are intended to supersede and replace the Predecessor Agreement. 

        NOW,
THEREFORE, in consideration of the premises and mutual covenants set forth herein and for other good and valuable consideration, the parties agree as follows: 

        1.
TERM 

        The
Corporation shall employ the Executive for an indefinite term subject to any termination provisions that form part of this Agreement. 

        2.
DUTIES 

        The
Executive shall serve the Corporation in the capacity of Chief Operating Officer ("COO"). He will report to the Chief Executive Officer of the Corporation, as appointed by the Board
of Directors, and shall perform such duties and exercise such powers of the position of COO. 

        Without
limitation of the foregoing, the Executive shall: 

        (a)   devote
his best efforts during normal business hours to the business and affairs of the Corporation and Tucows Inc., a Pennsylvania corporation and the ultimate
parent corporation of the Corporation ("Tucows") and Tucows' subsidiaries (collectively with Tucows and the Corporation, the "Tucows Companies"); 

        (b)   perform
those duties that may reasonably be assigned to the Executive diligently and faithfully to the best of the Executive's abilities and in the best interests of the
Tucows Companies; and 

        (c)   use
his best efforts to promote the interests and goodwill of the Tucows Companies. 

        The
Executive acknowledges that these duties supersede any previous duties or responsibilities of the Executive under any previous contracts, including the Predecessor Agreement. 

        3.
REMUNERATION 

        The
intent of this Agreement is to entitle the Executive to an annual compensation package for his services considering the role and performance of the Executive and the size and stage
of development of the Tucows Companies, which is equal to the higher of (a) fair market value or (b) to the extent compensation levels for comparable senior executives of the Corporation
exceed fair market value, the compensation levels of such comparable senior executives. Such fair market compensation is to be comprised of a base salary, annual bonuses, options and other perquisites
of office, and is to be exclusive and not considerate of share dividends and other corporate benefits which executives receive in their capacity as shareholders. 

 

        (a)
Base Salary

        The
annual base salary payable to the Executive for his services hereunder shall initially be at a rate of Cdn$187,500 commencing on January 1, 2003 which amount shall be
exclusive of bonuses, options, share dividends, benefits and other compensation. The base salary shall be paid on the normal payroll cycle of the Corporation. 

        (b)
Compensation Review

        The
Executive's compensation shall be reviewed annually by the Compensation Committee of the Board of Directors of Tucows within three months of the Corporation's year-end
and any adjustment resulting from such review will be effective from the year end date. 

        (c)  Bonus Structure

        The
Executive will be entitled to participate as appropriate in any bonus plan for senior executive employees that the Corporation may institute from time to time. 

        (d)
Employee Benefits

        The
Executive shall be entitled to participate in all of the Corporation's benefit plans made generally available to its senior executive employees from time to time in accordance with
the terms thereof at the Corporation's expense. The Corporation will pay the benefit premiums, excluding long term disability. 

        (e)
Car Allowance and Parking Space

        The
Corporation shall pay to the Executive a monthly car allowance of Cdn$500 plus taxes. The Corporation shall also provide the Executive with a parking space at the Corporation's
office in which the Executive is primarily working, at its expense. 

        (f)
Vacation

        During
the term of this Agreement, the Executive shall be entitled to four weeks vacation annually. Such vacation shall be taken at a time or times acceptable to the Corporation having
regard to its operations. 

        (g)
Change in Control Benefits

        (1)
As used herein the following words and phrases shall have the following respective meanings unless the context indicates otherwise: 

	(a)
	Board. The Board of Directors of Tucows.

	(b)
	Cause. "Cause" shall be determined by the Board in the exercise of good faith and reasonable judgment, and shall mean the occurrence of
any one or more of the following:

	(1)
	The
Executive's conviction (or plea of guilty or nolo contendere) for committing an act of fraud, embezzlement, theft or other act constituting a felony; or

	(2)
	The
Executive's willful failure or refusal to perform the duties and responsibilities of his position, which failure or refusal is not cured within 30 days of receiving a
written notice thereof from the Board.

	(c)
	Change in Control. "Change in Control" shall mean:

	(1)
	The
acquisition, other than from Tucows, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act")) (other than (i) Tucows, a Subsidiary or any of their respective benefit plans or affiliates (within the meaning of Rule 144 under the Securities 

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Act
of 1933, as amended), or (ii) STI Ventures N.V. or any entity controlled by, or under common control with, STI Ventures N.V.) of beneficial ownership (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (i) the then outstanding shares of common stock of Tucows (the "Outstanding Company Common Stock") or
(ii) the combined voting power of the then outstanding voting securities of Tucows entitled to vote generally in the election of directors of Tucows (the "Company Voting Securities"); or 

	(2)
	Individuals
who, as of the date of this Agreement, constitute the Board (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board, provided that any
individual becoming a director subsequent to the date of this Agreement whose election or nomination for election by the Tucows' shareholders was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial
assumption of office is in connection with an actual or threatened election contest relating to the election of the directors of Tucows; or

	(3)
	Approval
by the shareholders of Tucows of a reorganization, merger or consolidation or similar form of corporate transaction, involving Tucows or any of its Subsidiaries (a "Business
Combination"), in each case, with respect to which all or substantially all of the individuals and entities who were the respective beneficial owners of the Outstanding Company Common Stock and
Company Voting Securities immediately prior to such Business Combination do not, immediately following such Business Combination, beneficially own, directly or indirectly, more than 50% of,
respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case
may be, of the company resulting from such Business Combination in substantially the same proportion as their ownership immediately prior to such Business Combination of the Outstanding Company Common
Stock and Company Voting Securities, as the case may be; or

	(4)
	(A)
Approval by the shareholders of Tucows of a complete liquidation or dissolution of Tucows or (B) sale or other disposition of all or substantially all of the assets of
Tucows other than to a company with respect to which, following such sale or disposition, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of
the then outstanding voting securities entitled to vote generally in the election of directors is then owned beneficially, directly or indirectly, by all or substantially all of the individuals and
entities who were the beneficial owners, respectively, of the outstanding Company Common Stock and Company Voting Securities immediately prior to such sale or disposition in substantially the same
proportion as their ownership of the outstanding Company Common Stock and Company Voting Securities, as the case may be, immediately prior to such sale or disposition.

	(d)
	Date of Termination. The effective date of the Executive's termination of employment with the Corporation.

	(e)
	Good Reason. Without the Executive's express written consent, the occurrence of any one or more of the following after a Change in
Control:

	(1)
	The
Executive's position, management responsibilities or working conditions are diminished from those in effect immediately prior to the Change in Control, or the Executive is
assigned duties inconsistent with his position; 

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	(2)
	The
Corporation or any Successor requires the Executive to be based at a location in excess of 30 miles from the Executive's principal job location or office immediately prior to the
Change in Control, except for required travel on the Corporation's or Successor's business to an extent substantially consistent with the Executive's business travel obligations immediately prior to
the Change in Control;

	(3)
	The
Corporation or any Successor reduces the Executive's base compensation, or materially reduces the Executive's compensation and benefits taken as a whole, from those in effect
immediately prior to the Change in Control; or

	(4)
	The
Corporation fails to obtain a satisfactory agreement from any Successor to assume and agree to perform the Corporation's obligations to the Executive under this Agreement, as
contemplated in Section 3(g)(5) herein. 

The
Executive's right to terminate employment for Good Reason shall not be affected by the Executive's (A) incapacity due to physical or mental illness or (B) continued employment for
less than 90 days following the occurrence of (or, if later, the Executive's gaining knowledge of) any event constituting Good Reason herein. 

	(g)
	Subsidiary. Any corporation or other entity (other than Tucows) in any unbroken chain of corporations or other entities, beginning with
Tucows, if each of the corporations or entities (other than the last corporation or entity in the unbroken chain) owns stock or other interests possessing 50% or more of the economic interest or the
total combined voting power of all classes of stock or other interests in one of the other corporations or entities in the chain.

	(h)
	Successor. Another corporation or unincorporated entity or group of corporations or unincorporated entities which acquires ownership,
directly or indirectly, through merger, consolidation, purchase or otherwise, of all or substantially all of the assets of Tucows. 

        (2)
In the event a Change in Control occurs and (1) if within 18 months thereafter, the Executive's employment with the Corporation or a Subsidiary or any Successor shall
terminate either (a) by action of the Corporation or a Subsidiary or any Successor without Cause or (b) by reason of the Executive's resignation from such employment for Good Reason or
(2) the Executive tenders his resignation from such employment with or without Good Reason within the 30-day period immediately following the date that is six months after the
effective date of the Change in Control, the Executive shall be entitled to the following benefits (in addition to any benefits that would otherwise be payable under Section 5): 

	(a)
	a
lump sum payment in immediately available funds payable on the Date of Termination or as soon as practical after the Date of Termination (the "Change in Control Bonus Payment"). The
Change in Control Bonus Payment will be based upon the fair market value of Tucows on the effective date of the Change in Control as determined by the Board in the exercise of good faith and
reasonable judgment taking into account, among other things, the nature of the Change in Control and the amount and type of consideration, if any, paid in connection with the Change in Control.
Appendix 1 to this Agreement provides the Change in Control Bonus Payment for the Executive.

	(b)
	any
and all stock options and stock-based rights held by the Executive on the Date of Termination shall be immediately and fully vested and exercisable as of the Date of Termination.
All stock options and stock-based rights held by the Executive on the Date of Termination shall be administered in accordance with the terms of the applicable plans and agreements; provided, that the
foregoing provision for accelerated vesting shall, while this Agreement continues in effect, be deemed part of any grant agreement or grant instrument governing any stock options or stock-based rights
granted to the Executive, with any such grant agreement or grant instrument entered into before the date of this Agreement being deemed to have been amended as of the date of this Agreement to provide
therefor. 

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        (3)
The benefits described in Section 3(g)(2) above shall be provided in addition to, and not in lieu of, all other accrued or vested or earned but deferred compensation, rights,
options or other benefits which may be owed to the Executive following termination, including but not limited to accrued vacation or sick pay amounts or benefits payable under any bonus or other
compensation plans, stock option plan, stock ownership plan, stock purchase plan, life insurance plan, health plan, disability plan or similar or successor plan. 

        (4)
Upon a Change in Control, the Corporation's obligations to provide the benefits described in Section 3(g)(2) above shall be absolute and unconditional and shall not be
affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Corporation, Tucows or any of its Subsidiaries may
have against the Executive. 

        (5)
The change in control benefits described in this Agreement shall bind any Successor (whether direct or indirect, by purchase, merger, consolidation or otherwise), in the same manner
and to the same extent that the Corporation would be obligated under the Agreement if no succession had taken place. In the case of any transaction in which a Successor would not by the foregoing
provision or by operation of law be bound by the Agreement, the Corporation or Tucows shall require such Successor expressly and unconditionally to assume and agree to perform the Corporation's
obligations under this Agreement, in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. 

        (h)
D&O insurance and Indemnity

        The
Executive will be an "officer" of the Corporation who will be covered under the Corporation's or Tucows' D&O insurance policy. To the extent that the corporation lacks sufficient
insurance to fully indemnify the Executive (e.g., does not have D&O insurance), the Corporation agrees that it shall indemnify the Executive with regard to legal defense costs and liability costs. For
greater certainty, the
Corporation will pay the legal fees when presented with an invoice rather than requiring Executive to pay same and claim reimbursement. The Corporation shall have the right to choose whether or not to
defend or settle and to appoint counsel of its choice. 

        4.
EXPENSES 

        The
Executive shall be reimbursed for all reasonable travel and other out-of-pocket expenses actually and properly incurred by the Executive from time to time in
connection with carrying out his duties hereunder. For all such expenses the Executive shall furnish to the Corporation originals of all invoices or statements in respect of which the Executive seeks
reimbursement. 

        5.
TERMINATION 

        (a)
Death or Disability

        In
the event of permanent disability or death of the Executive, this Agreement may be terminated by the Corporation by notice to the Executive. The Executive is deemed to have become
permanently disabled if in any year during the employment period, because of ill health, physical or mental disability, or for other causes beyond the control of the Executive, the Executive has been
continuously unable or unwilling or has failed to perform the Executive's duties for nine consecutive months. The term "any year of the employment period" means any period of 12 consecutive months
during the employment period. 

        (b)
For Cause

        The
Corporation may terminate the employment of the Executive at any time for Cause without payment of any compensation either by way of anticipated earnings or damages of any kind or
payment in lieu of notice. In the event that the Corporation wishes to terminate the Executive's employment for 

5

 

Cause,
the Corporation will provide the Executive with written notice of the circumstances that entitle the Corporation to so terminate the Executive. 

        (c)
Without Cause

        The
Corporation may terminate the employment of the Executive without Cause at any time upon 30 days' prior written notice to the Executive. In the event of such termination, the
Executive shall be entitled to payment of: (i) all compensation due through the Date of Termination (including a pro rata payment of bonuses earned) and (ii) a termination sum in the
amount of six months compensation plus one month's compensation for each year of service. For this purpose, compensation is defined as including, but not limited to, base salary, vacation pay, and car
allowance, and options which vest during the severance in lieu of notice period. The Corporation shall not be entitled to provide notice in lieu of the termination compensation. Furthermore, the
termination compensation sum is payable forthwith after termination, whether or not the Executive seeks or finds alternative employment within any set time period after termination. Termination
compensation will be payable in equal installments over six months if Executive is satisfied, in his discretion, acting reasonably, that there is adequate security to ensure that the compensation will
in fact be paid in full. The Corporation will also continue to provide medical and dental coverage under all applicable plans for the Executive and all entitled beneficiaries for the same period. 

        (d)
By Executive

        The
Executive may terminate this Agreement upon providing the Corporation with three months notice in writing of his intention to do so. 

        6.
INTELLECTUAL PROPERTY RIGHTS 

        The
Corporation shall be the owner of all work products created by the Executive or in which the Executive assisted in the creation during the course of his employment with the
Corporation. All intellectual property rights in such work products, including all patents, trademarks, copyrights, trade secrets and industrial designs, shall be the exclusive property of the
Corporation. 

        In
the event that the Executive acquires any rights or interests in the work products or in any intellectual property rights relating to the work products, the Executive hereby assign
all such right and interests to the Corporation. The Corporation shall have the exclusive right to obtain copyright registrations, letters patent, industrial design registrations, trademark
registrations, or any other protection in respect of the work products and the intellectual property rights in the work products anywhere in the world. At the expense and request of the Corporation,
the Executive shall both during and after his employment with the Corporation, execute all documents and do all other acts necessary to enable the Corporation to protect its rights in such work
products and the intellectual property rights in the work products. 

        7.
NON-COMPETITION 

        During
the term of this Agreement and for a period of 12 months from the Date of Termination of this Agreement, the Executive hereby covenants and agrees that: 

	(a)
	he
shall not (without the prior written consent of the Corporation) either directly or indirectly, in any manner whatsoever, including, without limitation, either individually or in
partnership or jointly, or in conjunction with any other person as principal, agent, shareholder, employee or in any other manner whatsoever, carry on or be engaged in the principal business carried
on by the Tucows Companies as of the date of this Agreement (a "Competitive Business"), or be concerned with or interested in or lend money to, guarantee the debts or obligations of or permit his or
its name or any part thereof to be used by any person engaged or concerned with or interested in a Competitive Business within Canada or the United States; and 

6

 

	(b)
	that
he will not (without the prior written consent of the Corporation), (i) divulge to any person the name of any customer or client of the Tucows Companies;
(ii) knowingly solicit, interfere with or endeavor to entice away from the Tucows Companies any customer, client or any person in the habit of dealing with the Tucows Companies; and
(iii) interfere with or knowingly entice away or otherwise attempt to obtain the withdrawal of any employee of the Tucows Companies. 

        The
Corporation may apply for or have an injunction restraining breach or threatened breach of the covenants herein contained. 

        8.
CONFIDENTIALITY 

        The
Executive acknowledges and agrees that: 

	(a)
	in
the course of performing his duties and responsibilities as an officer and employee of the Corporation, he has had and will continue to have access to, and has been and will be
entrusted with, detailed confidential information and trade secrets (printed or otherwise) concerning past, present, future and contemplated products, services, operations and marketing techniques and
procedures of the Tucows Companies, including, without limitation, information relating to addresses, preferences, needs and requirements of past, present and prospective clients, customers, suppliers
(collectively, "Confidential Information"), the disclosure of any of which to competitors of the Tucows Companies or to the general public, or the use of same by the Executive or any competitor of the
Tucows Companies would be highly detrimental to the Tucows Companies' interests;

	(b)
	in
the course of performing his duties and responsibilities for the Corporation, the Executive has been and will continue in the future to be a representative of the Corporation to
its customers, clients, and suppliers, and as such, has had and will continue in the future to have significant responsibility for maintaining and enhancing the goodwill of the Corporation with such
customers, clients and suppliers and would not have, except by virtue of his employment with the Corporation, developed a close and direct relationship with the customers, clients and suppliers of the
Corporation;

	(c)
	the
Executive, as an officer of the Corporation, owes fiduciary duties to the Corporation, including the duty to act in the best interests of the Corporation, and to disclose any
conflicts of interest or potential conflicts of interest in writing to the Corporation; and

	(d)
	the
Corporation is entitled to protect, by way of injunction or otherwise, its right to (i) maintain the confidentiality of its Confidential Information, (ii) preserve
the goodwill of the Corporation, and (iii) the benefit of any relationships that have been developed between the Executive and the customers, clients and suppliers of the Corporation by virtue
of the Executive's employment with the Corporation, all of which constitute proprietary rights exclusive to the Corporation. 

        9.
NO ASSIGNMENT 

        The
Executive may not assign, pledge or encumber the Executive's interest in this Agreement nor assign any of the rights or duties of the Executive under this Agreement without the prior
written consent of the Corporation. 

        10.
SEVERABILITY 

        If
any provision of this agreement, including the breadth or scope of such provision, shall be held by any court of competent jurisdiction to be invalid or unenforceable, in whole or in
part, such invalidity or unenforceability shall not affect the validity or enforceability of the remaining provisions of this Agreement and such remaining provisions, or part thereof, shall remain
enforceable and binding. 

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        11.
GOVERNING LAW 

        This
Agreement shall be governed in accordance with the laws of the Province of Ontario. 

        12.
SUCCESSORS 

        This
Agreement shall be binding on and inure to be benefit of the successors and assigns of the Corporation and the heirs, executors, personal legal representatives and permitted assigns
of the Executive. 

        13.
NOTICES 

        Any
notice or other communication required or permitted to be given hereunder shall be in writing and either delivered by hand or mailed by prepaid registered mail. At any time other
than during a general discontinuance of postal service due to strike, lock-out or otherwise, a notice so mailed shall be deemed to have been received three business days after the
postmarked date thereof or, if delivered by hand, shall be deemed to have been received at the time it is delivered. If there is a general discontinuance of postal service due to strike,
lock-out or otherwise, a notice sent by prepaid registered mail shall be deemed to have been received three business days after the resumption of postal service. Notices shall be addressed
as follows: 

	 	 	If to the Corporation:
	

 	
 	

Tucows.com Co.

96 Mowat Avenue

Toronto, Ontario M6K 3M1

Canada
	

 	
 	

If to the Executive:
	

 	
 	

Mr. Graham Morris

9 Tudor Gate

Toronto, Ontario, M2L 1N3

        14. LEGAL FEES FOR DRAFTING 

        All
legal fees, including any of the Executive's legal fees pertaining to the drafting or interpretation, while the Executive is employed by the Corporation, of this agreement will be at
the Corporation's cost. 

        15.
LEGAL ADVICE 

        The
Executive hereby represents and warrants to the Corporation and acknowledges and agrees that he had the opportunity to seek, and was not prevented nor discouraged by the Corporation
from seeking independent legal advice, prior to the execution and delivery of this Agreement and that, in the event that he did not avail himself of that opportunity prior to signing this Agreement,
he did so voluntarily without any undue pressure agrees that his failure to obtain independent legal advice shall not be used by him as a defense to the enforcement of his obligations under this
Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

8

 

        IN
WITNESS WHEREOF this Agreement has been executed by the parties hereto as of the date first
above written. 

	 	 	TUCOWS.COM CO.
	

 	
 	

Per:	
 	

/s/ Elliot Noss
 Elliot Noss — Chief Executive Officer
	

 	
 	

 	
 	

/s/ Graham Morris
 Graham Morris

9

Appendix 1  

Tucows Group

Change-in-Control Bonus

Graham Morris  

	 
	 	Market Capitalization
	 	Bonus $US

	Below	 	29,999,999	 	—
	 	 	30,000,000	 	187,500
	 	 	31,000,000	 	193,750
	 	 	32,000,000	 	200,000
	 	 	33,000,000	 	206,250
	 	 	34,000,000	 	212,500
	 	 	35,000,000	 	218,750
	 	 	36,000,000	 	225,000
	 	 	37,000,000	 	231,250
	 	 	38,000,000	 	237,500
	 	 	39,000,000	 	243,750
	 	 	40,000,000	 	250,000
	 	 	41,000,000	 	260,000
	 	 	42,000,000	 	270,000
	 	 	43,000,000	 	280,000
	 	 	44,000,000	 	290,000
	 	 	45,000,000	 	300,000
	 	 	46,000,000	 	310,000
	 	 	47,000,000	 	320,000
	 	 	48,000,000	 	330,000
	 	 	49,000,000	 	340,000
	 	 	50,000,000	 	350,000
	 	 	51,000,000	 	360,000
	 	 	52,000,000	 	370,000
	 	 	53,000,000	 	380,000
	 	 	54,000,000	 	390,000
	 	 	55,000,000	 	400,000
	 	 	56,000,000	 	410,000
	 	 	57,000,000	 	420,000
	 	 	58,000,000	 	430,000
	 	 	59,000,000	 	440,000
	 	 	60,000,000	 	450,000
	 	 	61,000,000	 	460,000
	 	 	62,000,000	 	470,000
	 	 	63,000,000	 	480,000
	 	 	64,000,000	 	490,000
	 	 	65,000,000	 	500,000
	 	 	66,000,000	 	533,333
	 	 	67,000,000	 	566,667
	 	 	68,000,000	 	600,000
	 	 	69,000,000	 	633,333
	 	 	70,000,000	 	666,667
	 	 	71,000,000	 	700,000
	 	 	72,000,000	 	733,333
	 	 	73,000,000	 	766,667
	 	 	74,000,000	 	800,000
	 	 	 	 	 

	 	 	75,000,000	 	833,333
	 	 	76,000,000	 	866,667
	 	 	77,000,000	 	900,000
	 	 	78,000,000	 	933,333
	 	 	79,000,000	 	966,667
	 	 	80,000,000	 	1,000,000

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EMPLOYMENT AGREEMENT

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