Deok Yeon Won - Feb 20, 2023 Form 3 Insider Report for DZS INC. (DZSI)

Role: Chief Customer Officer, Asia
Signature: /s/Laura Larsen-Misunas as Power of Attorney
Stock symbol: DZSI
Transactions as of: Feb 20, 2023
Transactions value $: $0
Form type: 3
Date filed: 3/2/2023, 03:17 PM
Next filing: Jul 5, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	DZSI	Common Stock						3.75K	Feb 20, 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	DZSI	Stock Options (Right to Buy)							Feb 20, 2023	Common Stock	1.25K	$4.75	Direct	F1
holding	DZSI	Stock Options (Right to Buy)							Feb 20, 2023	Common Stock	16.7K	$9.63	Direct	F1
holding	DZSI	Restricted Stock Units							Feb 20, 2023	Common Stock	11.3K		Direct	F2
holding	DZSI	Restricted Stock Units							Feb 20, 2023	Common Stock	30K		Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These stock options were granted pursuant to the issuer's 2017 Incentive Award Plan and have fully vested.
F2	These restricted stock units were granted pursuant to the issuer's 2017 Incentive Award Plan and will vest in three equal installments on July 1, 2023, 2024, and 2025, subject to the reporting person's continued employment with the issuer on each vesting date. Each restricted stock unit represents the right to receive one share of the issuer's common stock upon vesting.