Misty Dawn Kawecki - 01 Jul 2023 Form 4 Insider Report for DZS INC. (DZSIQ)

Role: Chief Financial Officer
Signature: /s/Laura Larsen-Misunas as Power of Attorney
Issuer symbol: DZSIQ
Transactions as of: 01 Jul 2023
Net transactions value: -$52,535
Form type: 4
Filing time: 05 Jul 2023, 19:52:06 UTC
Previous filing: 01 Jun 2023
Next filing: 03 Aug 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	DZSI	Common Stock	Options Exercise		+16,698	+67%		41,591	01 Jul 2023	Direct	F1
transaction	DZSI	Common Stock	Tax liability	$19,655	-4,951	-12%	$3.97	36,640	01 Jul 2023	Direct	F2
transaction	DZSI	Common Stock	Options Exercise		+25,000	+68%		61,640	01 Jul 2023	Direct	F3
transaction	DZSI	Common Stock	Tax liability	$32,880	-8,282	-13%	$3.97	53,358	01 Jul 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		-16,698	-33%		33,396	01 Jul 2023	Common Stock	16,698		Direct	F1
transaction	DZSI	Restricted Stock Units	Options Exercise		-25,000	-50%		25,000	01 Jul 2023	Common Stock	25,000		Direct	F3

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

Explanation of Responses:

Id	Content
F1	This represents the first vesting on July 1, 2023 in the amount of 16,698 units for a total amount vested of 16,698 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.
F2	Shares withheld by DZS to satisfy tax withholding requirements on vesting of restricted stock units.
F3	This represents the first vesting on July 1, 2023 in the amount of 25,000 units for a total amount vested of 25,000 of the restricted stock units issued on July 1, 2022. 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.