Charles D. Vogt - 01 Jul 2022 Form 4 Insider Report for DZS INC. (DZSIQ)

Role: President & CEO, Director
Signature: /s/Laura Larsen-Misunas as Power of Attorney
Issuer symbol: DZSIQ
Transactions as of: 01 Jul 2022
Net transactions value: -$367,358
Form type: 4
Filing time: 05 Jul 2022, 17:23:17 UTC
Previous filing: 14 Jun 2022
Next filing: 23 Feb 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	$0	+66,666	+333%	$0.000000	86,708	01 Jul 2022	Direct	F1
transaction	DZSI	Common Stock	Tax liability	$367,358	-23,003	-27%	$15.97	63,705	01 Jul 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	Restricted Stock Units	Award		+200,376			200,376	01 Jul 2022	Common Stock	200,376		Direct	F3
transaction	DZSI	Restricted Stock Units	Options Exercise		-66,666	-33%		133,334	01 Jul 2022	Common Stock	66,666		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. Two remaining equal vesting will occur on July 1, 2023 and 2024, 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	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.