DZS (DZSI) Form 4 DZS / Barbara Carbone ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Carbone Barbara

(Last) (First) (Middle)

C/O DZS INC.

5700 TENNYSON PARKWAY, 4TH FLOOR

(Street)

PLANO TX 75024

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DZS INC. [ DZSI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2022

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/31/2022		M		973	A	$0.00(1)	8,712	D
Common Stock	12/31/2022		M		547	A	$0.00(2)	9,259	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	12/31/2022		M			973	(1)	(1)	Common Stock	973	(1)	0	D
Restricted Stock Units	(2)	12/31/2022		M			547	(2)	(2)	Common Stock	547	(2)	0	D
Restricted Stock Units	(3)	01/03/2023		M		7,806		(3)	(3)	Common Stock	7,806	(3)	7,806	D

Explanation of Responses:

1. This represents the fourth vesting on December 31, 2022 in the amount of 973 units for a total amount vested of 3,889 of the restricted stock units issued on January 3, 2022. Each restricted stock unit represents the right to receive one share of the issuer's common stock upon vesting.

2. This represents the second vesting on December 31, 2022 in the amount of 547 units for a total amount vested of 1,095 of the restricted stock units issued on July 1, 2022. Each restricted stock unit represents the right to receive one share of the issuer's common stock upon vesting.

3. These restricted stock units were granted pursuant to the issuer's 2017 Incentive Award Plan and will vest in four equal installments on March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, 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.

Remarks:

	/s/Laura Larsen-Misunas as Power of Attorney	01/04/2023
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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