Hoffmann Martin 4

What Happened
Martin Hoffmann, CEO of On Holding AG (ONON), exercised stock options on March 27, 2026 to acquire a total of 23,829 common shares. The exercise was reported as two transactions: 11,329 shares at $32.68 each (about $370,232) and 12,500 shares at $32.73 each (about $409,063), for a combined cash outlay of roughly $779,295. The filing shows the derivative positions (the options) were converted into the underlying shares (reported as dispositions of the derivative) and the shares were acquired upon exercise.

Key Details

• Transaction date: March 27, 2026; filing date (Form 4): March 31, 2026 (filed within the required two business days).
• Exercise details: 11,329 shares @ $32.68 (≈ $370,232) and 12,500 shares @ $32.73 (≈ $409,063). Transaction code: M (exercise of options).
• Settlement: Shares settled on March 30, 2026; exercise price paid in cash (footnote).
• Shares acquired: 23,829 total. Shares owned after the transaction are not specified in this filing.
• Origin of options: Awards were granted under the Issuer’s Long Term Incentive Plan 2020 (LTIP 2020); these LTIP 2020 options were fully vested at the company’s 2021 IPO and remain exercisable until the seventh anniversary of grant.

Context

• This was an option exercise (not a sale). The filing does not show any immediate sale of the acquired shares — the options were exercised for cash and the underlying shares were issued/settled.
• M-code (derivative exercise) entries often appear as a zero-dollar "disposed" line for the derivative and a separate acquisition line for the shares; that’s what appears here.
• The filing appears timely; there’s no indication of a 10b5-1 plan, tax-withholding disposition, or late filing noted in the report.