Miguel Alonso - Jul 1, 2023 Form 4 Insider Report for DZS INC. (DZSI)

Role: Chief Product Officer
Signature: /s/Laura Larsen-Misunas as Power of Attorney
Stock symbol: DZSI
Transactions as of: Jul 1, 2023
Transactions value $: -$23,078
Form type: 4
Date filed: 7/5/2023, 07:52 PM
Previous filing: Jun 13, 2023
Next filing: Oct 3, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	DZSI	Common Stock	Options Exercise		+2.5K	+14.71%		19.5K	Jul 1, 2023	Direct	F1
transaction	DZSI	Common Stock	Tax liability	-$3.33K	-839	-4.3%	$3.97	18.7K	Jul 1, 2023	Direct	F2
transaction	DZSI	Common Stock	Options Exercise		+13.3K	+71.46%		32K	Jul 1, 2023	Direct	F3
transaction	DZSI	Common Stock	Tax liability	-$17.5K	-4.42K	-13.8%	$3.97	27.6K	Jul 1, 2023	Direct	F2
transaction	DZSI	Common Stock	Options Exercise		+1.67K	+6.04%		29.2K	Jul 1, 2023	Direct	F4
transaction	DZSI	Common Stock	Tax liability	-$2.22K	-559	-1.91%	$3.97	28.7K	Jul 1, 2023	Direct	F2

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
transaction	DZSI	Restricted Stock Units	Options Exercise		-2.5K	-33.33%		5K	Jul 1, 2023	Common Stock	2.5K		Direct	F1
transaction	DZSI	Restricted Stock Units	Options Exercise		-13.3K	-33.33%		26.7K	Jul 1, 2023	Common Stock	13.3K		Direct	F3
transaction	DZSI	Restricted Stock Units	Options Exercise		-1.67K	-33.32%		3.33K	Jul 1, 2023	Common Stock	1.67K		Direct	F4

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

Explanation of Responses:

Id	Content
F1	This represents the second vesting on July 1, 2023 in the amount of 2,500 units for a total amount vested of 5,000 of the restricted stock units issued on July 1, 2021. The remaining vesting will occur on July 1, 2024 and 2025, subject to the reporting person's continued employment with the issuer on each such vesting date. Each restricted stock unit represents the right to receive one share of the issuer's common stock upon vesting.
F2	Shares withheld by DZS to satisfy tax withholding requirements on vesting of restricted stock.
F3	This represents the first vesting on July 1, 2023 in the amount of 13,333 units for a total amount vested of 13,333 of the restricted stock units issued on July 1, 2022. The remaining vesting will occur on July 1, 2024 and 2025, subject to the reporting person's continued employment with the issuer on each such vesting date. Each restricted stock unit represents the right to receive one share of the issuer's common stock upon vesting.
F4	This represents the first vesting on July 1, 2023 in the amount of 1,666 units for a total amount vested of 1,666 of the restricted stock units issued on July 1, 2022. The remaining vesting will occur on July 1, 2024 and 2025 subject to the reporting person's continued employment with the issuer on each such vesting date. Each restricted stock unit represents the right to receive one share of the issuer's common stock upon vesting.