Deok Yeon Won - Jul 1, 2023 Form 4 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: Jul 1, 2023
Transactions value $: $0
Form type: 4
Date filed: 7/5/2023, 07:52 PM
Previous filing: Mar 2, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	DZSI	Common Stock	Options Exercise		+3.75K	+100%		7.5K	Jul 1, 2023	Direct	F1
transaction	DZSI	Common Stock	Options Exercise		+10K	+133.33%		17.5K	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		-3.75K	-33.33%		7.5K	Jul 1, 2023	Common Stock	3.75K		Direct	F1
transaction	DZSI	Restricted Stock Units	Options Exercise		-10K	-33.33%		20K	Jul 1, 2023	Common Stock	10K		Direct	F2

* 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 3,750 units for a total amount vested of 7,500 of the restricted stock units issued on July 1, 2021. The remaining vesting will occur on July 1, 2024 subject to the reporting person's continued employment with the issuer on such vesting date. Each restricted stock unit represents the right to receive one share of the issuer's common stock upon vesting.
F2	This represents the first vesting on July 1, 2023 in the amount of 10,000 units for a total amount vested of 10,000 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.

Content

This represents the second vesting on July 1, 2023 in the amount of 3,750 units for a total amount vested of 7,500 of the restricted stock units issued on July 1, 2021. The remaining vesting will occur on July 1, 2024 subject to the reporting person's continued employment with the issuer on such vesting date. Each restricted stock unit represents the right to receive one share of the issuer's common stock upon vesting.

This represents the first vesting on July 1, 2023 in the amount of 10,000 units for a total amount vested of 10,000 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.