Woong Gee Choi - Sep 30, 2024 Form 4/A - Amendment Insider Report for DZS INC. (DZSI)

Role: Director, 10%+ Owner
Signature: /s/ Woong Ji Choi
Stock symbol: DZSI
Transactions as of: Sep 30, 2024
Transactions value $: $0
Form type: 4/A - Amendment
Date filed: 10/8/2024, 12:45 PM
Date Of Original Report: Oct 2, 2024
Previous filing: Sep 10, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	DZSI	Common Stock	Options Exercise		+25K	+50%		75K	Sep 30, 2024	Direct	F1
holding	DZSI	Common Stock						5.43M	Sep 30, 2024	By IV Global Fund No. 4	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		-25K	-50%		25K	Sep 30, 2024	Comon Stock	25K		Direct	F1

* 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 September 30, 2024, in the amount of 25,000 units for a total amount vested of 75,000 of the restricted stock units issued on September 6, 2024. Each restricted stock unit represents the right to receive one share of the issuer's common stock upon vesting.
F2	Represents shares of the issuer's common stock directly owned by IV Global Fund No. 4 ("IV Global"), whose general partner is Invites Ventures Co., Ltd. ("Invites Ventures"). Woong Ji Choi (the "Reporting Person"), in his capacity as the Chief Executive Officer of Invites Ventures, may be deemed to beneficially own the shares of the issuer's common stock directly owned by IV Global. The Reporting Person disclaims beneficial ownership of the shares directly owned by IV Global except to the extent of his pecuniary interest therein, and the inclusion of such shares in this Form 4 shall not be deemed an admission by the Reporting Person of beneficial ownership of such shares for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Content

This represents the second vesting on September 30, 2024, in the amount of 25,000 units for a total amount vested of 75,000 of the restricted stock units issued on September 6, 2024. Each restricted stock unit represents the right to receive one share of the issuer's common stock upon vesting.

Represents shares of the issuer's common stock directly owned by IV Global Fund No. 4 ("IV Global"), whose general partner is Invites Ventures Co., Ltd. ("Invites Ventures"). Woong Ji Choi (the "Reporting Person"), in his capacity as the Chief Executive Officer of Invites Ventures, may be deemed to beneficially own the shares of the issuer's common stock directly owned by IV Global. The Reporting Person disclaims beneficial ownership of the shares directly owned by IV Global except to the extent of his pecuniary interest therein, and the inclusion of such shares in this Form 4 shall not be deemed an admission by the Reporting Person of beneficial ownership of such shares for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Remarks:

The original Form 4 filed on October 2, 2024 is amended by this Form 4 amendment (i) to add a row in Table I disclosing the Reporting Person's indirect ownership of shares of the issuer's common stock directly owned by IV Global, (ii) to indicate the Reporting Person's relationship to the issuer as a 10% Owner in addition to as a Director and (iii) to revise the spelling of the Reporting Person's name from "Woong Gee Choi" to "Woong Ji Choi".