On Holding (NYSE: ONON) CEO exercises options and lifts stake to 1.38M shares

Rhea-AI Filing Summary

On Holding AG CEO Martin Hoffmann exercised stock options and acquired additional shares. He exercised options for 25,000 Class A Shares at an exercise price of $7.73 per share, with the exercise price paid in cash, and received 25,000 Class A Shares reported at $37.44 per share.

Following the transactions, he directly holds 1,382,020 Class A Shares and no remaining derivative position from these options. The options were granted under the company’s Long Term Incentive Plan 2020, fully vested in connection with the company’s initial public offering, and are exercisable until seven years after grant. The filing notes that it was made late due to an administrative error during the initial implementation of Section 16(a) reporting obligations for foreign private issuers.

Insider Trade Summary

25,000 shares exercised/converted

Mixed 2 txns

Insider Hoffmann Martin

Role CEO

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	25,000	$0.00	--
Exercise	Class A Shares	25,000	$37.44	$936K

Holdings After Transaction: Stock Option (Right to Buy) — 11,329 shares (Direct); Class A Shares — 1,382,020 shares (Direct)

Footnotes (1)

1. Options exercised on March 20, 2026. Shares settled on March 23, 2026. Exercise price paid in cash. The late filing resulted from an administrative error during the initial implementation of Section 16(a) reporting obligations for foreign private issuers. Shares acquired upon exercise of stock options described in Table II. Stock Option granted under the Issuer's Long Term Incentive Plan 2020 (the "LTIP 2020"). All options granted under the LTIP 2020 met their full vesting requirements in connection with the Issuer's initial public offering in September 2021, which constituted an exit event. Outstanding awards under the LTIP 2020 are fully vested and exercisable. Vested options may be exercised until the seventh anniversary of the contractual granting date.

Key Figures

Options exercised: 25,000 shares Exercise price: $7.73 per share Share price reported: $37.44 per share +3 more

6 metrics

Options exercised 25,000 shares Stock Option (Right to Buy) exercised on March 20, 2026

Exercise price $7.73 per share Exercise price for stock options under LTIP 2020

Share price reported $37.44 per share Price per Class A Share for acquired 25,000 shares

Shares acquired 25,000 Class A Shares Shares received upon option exercise on March 20, 2026

Post-transaction holdings 1,382,020 Class A Shares Direct ownership after transactions on March 20, 2026

Option expiration November 29, 2028 Expiration date for the exercised stock options

Key Terms

Section 16(a) reporting obligations, foreign private issuers, Long Term Incentive Plan 2020, initial public offering, +1 more

5 terms

Section 16(a) reporting obligations regulatory

"initial implementation of Section 16(a) reporting obligations for foreign private issuers"

foreign private issuers regulatory

"implementation of Section 16(a) reporting obligations for foreign private issuers"

Long Term Incentive Plan 2020 financial

"Stock Option granted under the Issuer's Long Term Incentive Plan 2020 (the "LTIP 2020")"

initial public offering financial

"met their full vesting requirements in connection with the Issuer's initial public offering in September 2021"

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

stock option financial

"Stock Option granted under the Issuer's Long Term Incentive Plan 2020"

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hoffmann Martin

(Last) (First) (Middle)

C/O ON HOLDING AG

FORRLIBUCKSTRASSE 190

(Street)

ZURICH 8005

(City) (State) (Zip)

SWITZERLAND

(Country)

2. Issuer Name and Ticker or Trading Symbol
On Holding AG [ ONON ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/20/2026

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

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

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

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
Class A Shares	03/20/2026(1)(2)		M(3)		25,000	A	$37.44	1,382,020	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
Stock Option (Right to Buy)	$7.73	03/20/2026(1)(2)		M			25,000	11/29/2021(4)	11/29/2028	Class A Shares	25,000	$0	11,329	D

Explanation of Responses:

1. Options exercised on March 20, 2026. Shares settled on March 23, 2026. Exercise price paid in cash.

2. The late filing resulted from an administrative error during the initial implementation of Section 16(a) reporting obligations for foreign private issuers.

3. Shares acquired upon exercise of stock options described in Table II.

4. Stock Option granted under the Issuer's Long Term Incentive Plan 2020 (the "LTIP 2020"). All options granted under the LTIP 2020 met their full vesting requirements in connection with the Issuer's initial public offering in September 2021, which constituted an exit event. Outstanding awards under the LTIP 2020 are fully vested and exercisable. Vested options may be exercised until the seventh anniversary of the contractual granting date.

	/s/ Zlatina Iliev, Attorney-in-Fact	03/31/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did On Holding (ONON) report for CEO Martin Hoffmann?

On Holding reported that CEO Martin Hoffmann exercised stock options for 25,000 Class A Shares and acquired 25,000 Class A Shares. These shares came from options granted under the Long Term Incentive Plan 2020 and are fully vested and exercisable according to plan terms.

At what price did the On Holding (ONON) CEO exercise his stock options?

Martin Hoffmann exercised stock options at an exercise price of $7.73 per share. The filing states that the exercise price was paid in cash, and the options were originally granted under On Holding’s Long Term Incentive Plan 2020, which fully vested at the company’s initial public offering.

How many On Holding (ONON) shares does the CEO hold after this Form 4 transaction?

After the reported transactions, CEO Martin Hoffmann directly holds 1,382,020 Class A Shares. This share count reflects his position following the exercise of 25,000 stock options and the related acquisition of 25,000 Class A Shares reported in the Form 4 filing.

Were the On Holding (ONON) CEO’s stock options fully vested at exercise?

Yes. The stock options were granted under On Holding’s Long Term Incentive Plan 2020 and fully vested in connection with the company’s initial public offering in September 2021. The filing notes that outstanding awards under this plan are fully vested and exercisable until seven years after grant.

Why was this On Holding (ONON) Form 4 filing submitted late?

The filing states it was late due to an administrative error during the initial implementation of Section 16(a) reporting obligations for foreign private issuers. This explanation appears in the footnotes and describes the reason for the delayed submission of the Form 4 transaction report.

What plan governed the On Holding (ONON) stock options exercised by the CEO?

The exercised stock options were granted under On Holding’s Long Term Incentive Plan 2020 (LTIP 2020). According to the filing, all options under this plan met full vesting requirements at the company’s initial public offering and remain exercisable until the seventh anniversary of the contractual grant date.