Justin K. Ferguson - Jun 30, 2022 Form 4 Insider Report for DZS INC. (DZSI)

Role
Chief Legal Officer
Signature
/s/Laura Larsen-Misunas as Power of Attorney
Stock symbol
DZSI
Transactions as of
Jun 30, 2022
Transactions value $
-$12,920
Form type
4
Date filed
7/5/2022, 05:18 PM
Previous filing
Jun 14, 2022
Next filing
Oct 4, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction DZSI Common Stock Options Exercise $0 +2.5K +14.76% $0.00 19.4K Jul 1, 2022 Direct F1
transaction DZSI Common Stock Tax liability -$12.9K -809 -4.16% $15.97 18.6K Jul 1, 2022 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 Stock Options Disposed to Issuer -10K -100% 0 Jun 30, 2022 Common Stock 10K $20.90 Direct F3, F4
transaction DZSI Restricted Stock Units Award +5K 5K Jul 1, 2022 Common Stock 5K Direct F1, F4, F5
transaction DZSI Restricted Stock Units Award +50.1K 50.1K Jul 1, 2022 Common Stock 50.1K Direct F6
transaction DZSI Restricted Stock Units Options Exercise -2.5K -25% 7.5K Jul 1, 2022 Common Stock 2.5K Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 This is the first vesting of the restricted stock units issued on July 1, 2021. Three remaining equal vesting will occur on July 1, 2023, 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 on share of the issuer's common stock upon vesting.
F2 Shares withheld by DZS to satisfy tax withholding requirements on vesting of restricted stock units.
F3 The options were granted pursuant to the Issuer's 2017 Incentive Award Plan and vest over a four year vesting schedule as follows: 25% of the options will vest on July 1, 2022 and the remainder will vest in 36 equal monthly installments thereafter subject to the Reporting Person's continued employment with the Issuer on each vesting date.
F4 On June 30, 2022, The Issuer and the Reporting Person agreed to exchange certain unvested stock options of the Issuer for restricted stock units of the Issuer, at the ratio of one restricted stock unit for two stock options.
F5 These restricted stock units were granted pursuant to the issuer's 2017 Incentive Award Plan and will vest in two equal installments on June 30, 2023 and 2024, 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.
F6 Represents restricted stock units issued to the reporting person that will vest in three equal installments on July 1, 2023, 2024, 2025, subject to the reporting person's continued service to the issuer on each such vesting date. Each restricted stock unit represents the right to receive one share of the company's common stock upon vesting.