Hoffmann Martin 4

What Happened

• Martin Hoffmann, CEO of On Holding AG, converted option awards on March 24, 2026. A total of 3,162,500 options to purchase Class B ordinary shares were converted into 316,250 options to purchase Class A ordinary shares (two conversions: 1,051,966 → 105,197 and 2,110,534 → 211,053). In connection with the conversions the exercise price was adjusted from $0.773 to $7.73 per share. These entries are reported as derivative transactions (code J) and reflect a reclassification of option rights rather than a cash sale or market purchase.

Key Details

• Transaction date: March 24, 2026; Form 4 filed March 25, 2026 (timely, not marked late).
• Transactions reported as "Other acquisition or disposition (J)" and affect options (derivatives), not open-market stock trades.
• Converted totals: 3,162,500 Class B options → 316,250 Class A options; exercise price changed from $0.773 to $7.73.
• Shares/options owned after the transaction: not disclosed in the excerpt provided.
• Notable footnotes: conversions effected by board resolution (F1, F4); LTIP 2020 options are fully vested and exercisable and generally can be exercised until the seventh anniversary of grant (F2); Class B shares/options are subject to transfer restrictions and a 10-for-1 conversion mechanic into Class A shares under the shareholders' agreement (F3).

Context

• This filing documents a structural conversion of option awards (a derivative reclassification) rather than an exercise-for-cash, sale, or open-market purchase. Such conversions are typically administrative—adjusting the class and count of underlying securities and aligning exercise price to the new share class—so they do not by themselves signal a buy or sell decision. The underlying options remain vested and exercisable under the LTIP 2020 terms.