Loan Agreement, dated as of September 22, 2023, by and among Dasan Networks, Inc., as Lender, Dasan Network Solutions, Inc., as Borrower, DZS California, Inc., as Collateral Provider, and DZS Inc. (English translation)

THIS LOAN AGREEMENT (this “Agreement” or the “2nd Loan Agreement”) is made and entered into on this 22nd day of September 2023 by and among:

1.DASAN NETWORKS, INC., a corporation duly incorporated and existing under the laws of Republic of Korea (“Korea”) with its registered office at 10th floor, DASAN Tower, 49, Daewangpangyo-ro 644 beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do, Republic of Korea as lender (the “Lender”);

2.DASAN NETWORK SOLUTIONS, INC., a corporation duly incorporated and existing under the laws of Korea with its registered office at 9th floor DASAN Tower, 49, Daewangpangyo-ro 644 beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea as borrower (the “Borrower”);

3.DZS CALIFORNINA, INC., a corporation duly incorporated and existing under the laws of California USA with its registered head office at 330 N Brand Blvd, Glendale, CA 91203 as collateral provider (the “Collateral Provider”); and

4.DZS INC., a corporation duly incorporated and existing under the laws of Korea with its registered office at 5700 Tennyson Parkway, Suite 400, Plano, Texas 75024 (“DZS”);

(Hereinafter, the Lender, the Borrower, the Collateral Provider and DZS, individually, a “Party” and collectively the “Parties”).

On September 12, 2023, the Lender and the Borrower entered into an agreement which stipulates that the Lender shall advance to the Borrower thirty-two billion six hundred seventy million seven hundred fifty thousand KRW (₩32,670,750,000), the Korean Won equivalent of twenty-four million five hundred thousand USD ($24,500,000) (the “1st Loan”), and the Borrower shall borrow the 1st Loan (the “1st Loan Agreement”, please refer to the Loan Agreement executed on September 12, 2023) and on the same day, the Lender remitted all of the aforementioned loan to the Borrower.

The Lender shall extend an additional loan to the Borrower in an amount equal to six billion nine hundred fifty seven million six hundred fifty thousand KRW(₩6,957,650,000), the Korean Won equivalent of five million two hundred thirty four thousand seventy one USD ($5,234,071) on

September 22, 2023 as the second loan (the “Loan” or the “2nd Loan”), and the Borrower shall borrow the 2nd Loan.

In this Agreement, Section 8 of the 1st Loan Agreement shall be applied mutatis mutandis. Both Parties agree that the maximum secured amount of the collateral provided by the Borrower shall increase from sixty-three billion one hundred twenty-six million nine hundred thousand KRW (₩63,126,900,000) to seventy one billion four hundred seventy six million eighty thousand KRW (₩71,476,080,000).

1.All provisions of the 1st Loan Agreement shall remain in full force and effect in this Agreement, except for the additional or revised provisions introduced in this Agreement.

2.In the event that the 1st Loan Agreement is terminated, this Agreement shall also be immediately terminated, and this shall not affect the claim for damages in accordance with the 1st Loan Agreement and the 2nd Loan Agreement.

Each Party, having thoroughly understood the contents of this Agreement, has signed and affixed its seal as follows, and in order to prove the conclusion of this Agreement, four (4) copies of this Agreement have been prepared, with each party keeping one (1) copy.

Address: DASAN Tower, 49, Daewangpangyo-ro 644 beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do, Republic of Korea

/s/ Nam Min Woo

Title: CEO

Name: Nam Min Woo                    

Address: DASAN Tower, 49, Daewangpangyo-ro 644 beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea

/s/ Won Deok-Yeon

Title: CEO

Name: Won Deok-Yeon                    

DZS CALIFORNIA, INC.,

Address: 5700 Tennyson Parkway, Suite 400, Plano, Texas 75024

/s/ Charlie Vogt    

Title: CEO

Name: Charlie Vogt                        

Address: 5700 Tennyson Parkway, Suite 400, Plano, Texas 75024

/s/ Charlie Vogt    

Title: CEO

Name: Charlie Vogt