Velarion · Company Intelligence
Compensation Brief
Fiscal year 2022 · Filings through 2026-04-24

DZS (DZSI)

Fiscal year 2022 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,702,529
Charles Vogt total, FY2022
38th
CEO pay percentile vs peers
66:1
CEO-to-median pay ratio
62.92%
Say-on-pay support, latest vote
Companies that benchmark against DZSI
2 companies name DZSI as a compensation peer

Each company listed discloses DZSI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named DZSI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2022

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Charles Vogt$600,000$80,000$3,520,008$0$450,000$0$52,521$4,702,529
President & CEO
Justin Ferguson325,00024,000895,9970121,875033,3321,400,204
CLO & Corporate Secretary
Misty Kawecki300,00018,000872,0020112,500015,0671,317,569
CFO
Norman Foust226,35125,000828,600070,313026,5411,176,805
Senior Vice President of Global Supply Chain
Miguel Alonso235,00018,000710,801088,125022,6701,074,596
Chief Product Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2022 totalFY2021 totalFY2020 totalΔ FY20212022
Charles Vogt$4,702,529
Justin Ferguson1,400,204
Misty Kawecki1,317,569
Norman Foust1,176,805
Miguel Alonso1,074,596

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2022

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Justin FergusonRSU50,094$800,001
Charles VogtRSU200,3763,200,005
Charles VogtRSU18,391320,003
Justin FergusonRSU5,51795,996
Miguel AlonsoRSU40,000638,800
Miguel AlonsoRSU4,13872,001
Misty KaweckiRSU4,13872,001
Misty KaweckiRSU50,094800,001
Norman FoustRSU25,000349,500
Norman FoustRSU30,000479,100
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Justin Ferguson$895,997$0$00.0%
Charles Vogt3,520,008000.0%
Miguel Alonso710,801000.0%
Misty Kawecki872,002000.0%
Norman Foust828,600000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2022

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Norman FoustPSU55,000$697,400
Charles VogtPSU366,9174,652,508
Charles VogtOption403,29610.11
Justin FergusonOption9,3859.52
Misty KaweckiPSU137,5661,744,337
Justin FergusonPSU93,9451,191,223
Miguel AlonsoPSU72,888924,220
Miguel AlonsoOption11,47010.39
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation philosophy is intended to create a high-performance, outcome-driven and principled culture by holding leaders accountable for delivering results. Our executive compensation program is designed to be market competitive, emphasize pay for performance, share risks and rewards with our stockholders, and reflect our principles and values.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantKorn Ferry
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20232023-05-3011,549,4156,806,9691,938,10662.92%Passed
20202020-05-2614,682,21753,67013,12399.64%Passed
20172017-10-3010,875,95528,0277,01499.74%Passed
20162016-09-0811,633,7821,025,390226,54291.9%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20232023-05-3062.92%a
20202020-05-2699.64%b
20172017-10-3099.74%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the vote.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will be counted for the purpose of determining whether a quorum is present, but they will not be counted as votes cast on any matter.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will be counted for the purpose of determining whether a quorum is present, but they will not be counted as votes cast on any matter.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)66 : 1
CEO total compensation$4,702,529
Median employee compensation$71,389
08

Director compensation — fiscal year 2022

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Joon Kyung KimIndependent · Audit (Chair) · Compensation$67,500$82,472$0$0$0$149,972
Barbara CarboneIndependent · Compensation (Chair) · Audit62,50082,472000144,972
David SchoppIndependent · Lead Independent Director · Audit60,00082,472000142,472
Matt W. BrossIndependent · Compensation55,00082,472000137,472
Min Woo NamNot independent · Board Chair42,50082,472000124,972
Choon Yul YooNot independent35,00082,472000117,472
Charles D. VogtEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$35,000
Annual equity retainer$100,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)5,000 / 5,000 / 5,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2022
Cash retainers and fees$322,500
Equity awards (grant-date value)$494,832
All other compensation$0
Total cost of the board$817,332

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2022

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies DZS names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including DZS.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1F5 Networks, Inc.2025François Locoh-Donou$962,000$20,642,852$0$1,398,421$23,039,819
2Ciena Corp.2025Gary Smith1,075,00014,637,53802,805,00018,530,396
3Ribbon Communications, Inc.2025Bruce McClelland750,00016,370,8200225,18817,457,675
4Extreme Networks Inc.2025Edward Meyercord840,00011,116,7240981,16212,958,781
5Juniper Networks Inc2024Rami Rahim1,000,00010,718,7360875,00012,696,193
6Calix, Inc.2025Michael Weening560,00009,227,8291,023,34910,820,080
7Adtran Inc.2025Thomas Stanton1,022,6853,763,04102,884,0007,683,726
8Infinera Corp.2023David Heard729,0005,137,5000791,1636,663,648
9Harmonic Inc.2025Nimrod Ben-Natan609,0004,927,5620570,0006,163,092
10Digi International Inc.2025Ronald Konezny583,8463,454,3240949,1795,002,124
11Applied Optoelectronics Inc.2025Chih-Hsiang (Thompson) Lin828,6572,837,66701,009,0874,769,014
12DZS2022Charles Vogt600,0003,520,0080450,0004,702,529
13Casa Systems, Inc.2022Jerry Guo733,0483,800,652004,542,850
14Aviat Networks, Inc.2025Peter A. Smith650,0003,111,023003,772,051

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
DZS75%not disclosednot disclosedKorn Ferry
Adtran Inc.200%RSU 57 · PSU 43NoPay Governance LLC
Applied Optoelectronics Inc.104.8%PSU 50 · RSU 50Yes — Relative TSR vs. 2025 Peer GroupAon
Aviat Networks, Inc.not disclosedPSU 50 · RSU 50Yes — TSRCompensia
Calix, Inc.108%Options 100NoCompensia
Casa Systems, Inc.0%PSU 60 · RSU 40NoPearl Meyer & Partners, LLC
Ciena Corp.170%RSU 40 · PSU 36 · MSU 24NoCompensia
Digi International Inc.147%RSU 50 · PSU 50Yes — TSR vs Russell 2000 IndexRadford Consulting (AON)
Extreme Networks Inc.89.9%PSU 50 · RSU 50NoCompensia, Inc.
F5 Networks, Inc.111.8%PSU 64 · RSU 36Yes — relative TSRCompensia
Harmonic Inc.95%RSU 50 · PSU 50Yes — Total Stockholder Return (TSR)Exequity
Infinera Corp.83.5%PSU 55 · RSU 45NoCompensia
Juniper Networks Inc100%PSU 50 · RSU 50NoCompensia, Inc.
Ribbon Communications, Inc.30%PSU 50 · RSU 50Yes — Relative TSRFW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Charles VogtDEF 14A2023-04-170001101680-23-000033Section “Summary Compensation Table” · page 25. As printed: 4,702,529. Filing ↗machine: r2 · c51 · span 450017–450026
2Section 01, Justin FergusonDEF 14A2023-04-170001101680-23-000033Section “Summary Compensation Table” · page 25. As printed: 1,400,204. Filing ↗machine: r8 · c51 · span 472576–472585
3Section 01, Misty KaweckiDEF 14A2023-04-170001101680-23-000033Section “Summary Compensation Table” · page 25. As printed: 1,317,569. Filing ↗machine: r5 · c51 · span 461317–461326
4Section 01, Norman FoustDEF 14A2023-04-170001101680-23-000033Section “Summary Compensation Table” · page 25. As printed: 1,176,805. Filing ↗machine: r14 · c51 · span 495123–495132
5Section 01, Miguel AlonsoDEF 14A2023-04-170001101680-23-000033Section “Summary Compensation Table” · page 25. As printed: 1,074,596. Filing ↗machine: r11 · c51 · span 483851–483860
6Section 03, Justin Ferguson RSUDEF 14A2023-04-170001101680-23-000033Section “Grants of Plan-Based Awards in 2022” · grants of plan-based awards table. Filing ↗machine: t18 · r11 · c22 · span 570900–570906
7Section 03, Charles Vogt RSUDEF 14A2023-04-170001101680-23-000033Section “Grants of Plan-Based Awards in 2022” · grants of plan-based awards table. Filing ↗machine: t18 · r5 · c22 · span 542454–542461
8Section 03, Charles Vogt RSUDEF 14A2023-04-170001101680-23-000033Section “Grants of Plan-Based Awards in 2022” · grants of plan-based awards table. Filing ↗machine: t18 · r4 · c22 · span 537719–537725
9Section 03, Justin Ferguson RSUDEF 14A2023-04-170001101680-23-000033Section “Grants of Plan-Based Awards in 2022” · grants of plan-based awards table. Filing ↗machine: t18 · r10 · c22 · span 566167–566172
10Section 03, Miguel Alonso RSUDEF 14A2023-04-170001101680-23-000033Section “Grants of Plan-Based Awards in 2022” · grants of plan-based awards table. Filing ↗machine: t18 · r14 · c22 · span 584979–584985
11Section 03, Miguel Alonso RSUDEF 14A2023-04-170001101680-23-000033Section “Grants of Plan-Based Awards in 2022” · grants of plan-based awards table. Filing ↗machine: t18 · r13 · c22 · span 580246–580251
12Section 03, Misty Kawecki RSUDEF 14A2023-04-170001101680-23-000033Section “Grants of Plan-Based Awards in 2022” · grants of plan-based awards table. Filing ↗machine: t18 · r7 · c22 · span 551803–551808
13Section 03, Misty Kawecki RSUDEF 14A2023-04-170001101680-23-000033Section “Grants of Plan-Based Awards in 2022” · grants of plan-based awards table. Filing ↗machine: t18 · r8 · c22 · span 556536–556542
14Section 03, Norman Foust RSUDEF 14A2023-04-170001101680-23-000033Section “Grants of Plan-Based Awards in 2022” · grants of plan-based awards table. Filing ↗machine: t16 · r14 · c6 · span 492630–492636
15Section 03, Norman Foust RSUDEF 14A2023-04-170001101680-23-000033Section “Grants of Plan-Based Awards in 2022” · grants of plan-based awards table. Filing ↗machine: t18 · r17 · c22 · span 599342–599348
16Section 07, pay ratioDEF 14A2023-04-170001101680-23-000033Section “CEO Pay Ratio”. As printed: 66 : 1. Filing ↗machine: span 657773–657775
17Section 08, Joon Kyung KimDEF 14A2023-04-170001101680-23-000033Section “Director Compensation”. As printed: 149,972. Filing ↗machine: t28 · r5 · c26 · span 822943–822950
18Section 08, Barbara CarboneDEF 14A2023-04-170001101680-23-000033Section “Director Compensation”. As printed: 144,972. Filing ↗machine: t28 · r4 · c26 · span 819164–819171
19Section 08, David SchoppDEF 14A2023-04-170001101680-23-000033Section “Director Compensation”. As printed: 142,472. Filing ↗machine: t28 · r6 · c26 · span 826720–826727
20Section 08, Matt W. BrossDEF 14A2023-04-170001101680-23-000033Section “Director Compensation”. As printed: 137,472. Filing ↗machine: t28 · r3 · c26 · span 815384–815391
21Section 08, Min Woo NamDEF 14A2023-04-170001101680-23-000033Section “Director Compensation”. As printed: 124,972. Filing ↗machine: t28 · r2 · c26 · span 811580–811587
22Section 08, Choon Yul YooDEF 14A2023-04-170001101680-23-000033Section “Director Compensation”. As printed: 117,472. Filing ↗machine: t28 · r7 · c26 · span 830498–830505
23Section 08, Charles D. VogtDEF 14A2023-04-170001101680-23-000033Section “Director Compensation”. As printed: 0. Filing ↗
24Section 06, 2023 voteForm 8-K2023-06-010001101680-23-000058Item 5.07 · say-on-pay result. As reported: 62.92% (votes for as printed: 11,549,415). Filing ↗
25Section 06, 2020 voteForm 8-K2020-05-270001564590-20-027027Item 5.07 · say-on-pay result. As reported: 99.64%. Filing ↗
26Section 06, 2017 voteForm 8-K2017-10-300001101680-17-000075Item 5.07 · say-on-pay result. As reported: 99.74%. Filing ↗
27Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
28Section 09b board cost (computed)ComputedcomputedCash 322,500 + equity 494,832 + all other 0 = 817,332, summed across the director compensation table rows.machine: formula: Σ = 817,332
29F5 Networks, Inc., Section 10b CEO totalDEF 14A2026-01-260001048695-26-000012CEO total compensation as printed in F5 Networks, Inc.'s own proxy. As printed: 23,039,819. Filing ↗machine: r3 · c8 · span 2148428–2148438
30Ciena Corp., Section 10b CEO totalDEF 14A2026-02-120001193125-26-047977CEO total compensation as printed in Ciena Corp.'s own proxy. As printed: 18,530,396. Filing ↗machine: t84 · r2 · c29 · span 2162981–2162991
31Ribbon Communications, Inc., Section 10b CEO totalDEF 14A2026-04-170001104659-26-044643CEO total compensation as printed in Ribbon Communications, Inc.'s own proxy. As printed: 17,457,675. Filing ↗machine: t160 · r1 · c42 · span 1626864–1626874
32Extreme Networks Inc., Section 10b CEO totalDEF 14A2025-09-260001193125-25-220467CEO total compensation as printed in Extreme Networks Inc.'s own proxy. As printed: 12,958,781. Filing ↗machine: r2 · c29 · span 1449934–1449944
33Juniper Networks Inc, Section 10b CEO totalDEF 14A2025-04-160001104659-25-035489CEO total compensation as printed in Juniper Networks Inc's own proxy. As printed: 12,696,193. Filing ↗machine: r1 · c48 · span 1248796–1248806
34Calix, Inc., Section 10b CEO totalDEF 14A2026-03-270001406666-26-000006CEO total compensation as printed in Calix, Inc.'s own proxy. As printed: 10,820,080. Filing ↗machine: r2 · c42 · span 648399–648409
35Adtran Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-127315CEO total compensation as printed in Adtran Inc.'s own proxy. As printed: 7,683,726. Filing ↗machine: t94 · r5 · c30 · span 1321525–1321534
36Infinera Corp., Section 10b CEO totalDEF 14A2024-05-170001138639-24-000128CEO total compensation as printed in Infinera Corp.'s own proxy. As printed: 6,663,648. Filing ↗machine: r2 · c42 · span 746411–746420
37Harmonic Inc., Section 10b CEO totalDEF 14A2026-04-240001140361-26-016701CEO total compensation as printed in Harmonic Inc.'s own proxy. As printed: 6,163,092. Filing ↗machine: t189 · r3 · c19 · span 1385331–1385341
38Digi International Inc., Section 10b CEO totalDEF 14A2025-12-170001104659-25-122033CEO total compensation as printed in Digi International Inc.'s own proxy. As printed: 5,002,124. Filing ↗machine: r1 · c6 · span 312252–312261
39Applied Optoelectronics Inc., Section 10b CEO totalDEF 14A2026-04-240001104659-26-048559CEO total compensation as printed in Applied Optoelectronics Inc.'s own proxy. As printed: 4,769,014. Filing ↗machine: r1 · c19 · span 965927–965936
40DZS (subject), Section 10b CEO totalDEF 14A2023-04-170001101680-23-000033CEO total compensation as printed in DZS's own proxy. As printed: 4,702,529. Filing ↗machine: r2 · c51 · span 450017–450026
41Casa Systems, Inc., Section 10b CEO totalDEF 14A2023-04-060000950170-23-012028CEO total compensation as printed in Casa Systems, Inc.'s own proxy. As printed: 4,542,850. Filing ↗machine: t34 · r2 · c23 · span 808632–808641
42Aviat Networks, Inc., Section 10b CEO totalDEF 14A2025-09-230001140361-25-035861CEO total compensation as printed in Aviat Networks, Inc.'s own proxy. As printed: 3,772,051. Filing ↗machine: t102 · r2 · c21 · span 465516–465525
43Section 10a, Ciena Corp. reciprocityDEF 14A0001193125-26-047977Ciena Corp.'s most recent proxy was read; its disclosed peer group does not include DZS. Filing ↗
44Section 10a, Juniper Networks Inc reciprocityDEF 14A0001104659-25-035489Juniper Networks Inc's most recent proxy was read; its disclosed peer group does not include DZS. Filing ↗
45Section 10a, Aviat Networks, Inc. reciprocityDEF 14A0001140361-25-035861Aviat Networks, Inc.'s most recent proxy was read; its disclosed peer group does not include DZS. Filing ↗
46Section 10a, Calix, Inc. reciprocityDEF 14A0001406666-26-000006Calix, Inc.'s most recent proxy was read; its disclosed peer group does not include DZS. Filing ↗
47Section 10a, Harmonic Inc. reciprocityDEF 14A0001140361-26-016701Harmonic Inc.'s most recent proxy was read; its disclosed peer group does not include DZS. Filing ↗
48Section 10a, Ribbon Communications, Inc. reciprocityDEF 14A0001104659-26-044643Ribbon Communications, Inc.'s most recent proxy was read; its disclosed peer group does not include DZS. Filing ↗
49Section 10a, Applied Optoelectronics Inc. reciprocityDEF 14A0001104659-26-048559Applied Optoelectronics Inc.'s most recent proxy was read; its disclosed peer group does not include DZS. Filing ↗
50Section 10a, Extreme Networks Inc. reciprocityDEF 14A0001193125-25-220467Extreme Networks Inc.'s most recent proxy was read; its disclosed peer group does not include DZS. Filing ↗
51Section 10a, Adtran Inc. reciprocityDEF 14A0001193125-26-127315Adtran Inc.'s most recent proxy was read; its disclosed peer group does not include DZS. Filing ↗
52Section 10a, Casa Systems, Inc. reciprocityDEF 14A0000950170-23-012028Casa Systems, Inc.'s most recent proxy was read; its disclosed peer group does not include DZS. Filing ↗
53Section 10a, Digi International Inc. reciprocityDEF 14A0001104659-25-122033Digi International Inc.'s most recent proxy was read; its disclosed peer group does not include DZS. Filing ↗
54Section 10a, F5 Networks, Inc. reciprocityDEF 14A0001048695-26-000012F5 Networks, Inc.'s most recent proxy was read; its disclosed peer group does not include DZS. Filing ↗
55Section 10a, Infinera Corp. reciprocityDEF 14A0001138639-24-000128Infinera Corp.'s most recent proxy was read; its disclosed peer group does not include DZS. Filing ↗