# EDGAR Filing Document

**Accession Number:** 0001858985
**File Stem:** 0001860218-26-000006
**Filing Date:** 2026-3
**Character Count:** 8186
**Document Hash:** 81e114ff59855526b8b43f8cf49ba50e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001860218-26-000006.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001860218-26-000006

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260324

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Hoffmann Martin
- **CENTRAL INDEX KEY:** 0001860218

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40795
- **FILM NUMBER:** 26788376

**MAIL ADDRESS:**
- **STREET 1:** ON AG
- **STREET 2:** PFINGSTWEIDSTRASSE 106
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** 8005
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** On Holding AG
- **CENTRAL INDEX KEY:** 0001858985
- **STANDARD INDUSTRIAL CLASSIFICATION:** RUBBER & PLASTICS FOOTWEAR [3021]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** FORRLIBUCKSTRASSE 190
- **CITY:** 8005 ZURICH
- **STATE:** V8
- **ZIP:** 00000
- **BUSINESS PHONE:** 41 44 225 15 55

**MAIL ADDRESS:**
- **STREET 1:** FORRLIBUCKSTRASSE 190
- **CITY:** 8005 ZURICH
- **STATE:** V8
- **ZIP:** 00000

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>Hoffmann Martin<br><sub>(Last) (First) (Middle)</sub><br>C/O ON HOLDING AG<br>FORRLIBUCKSTRASSE 190<br><sub>(Street)</sub><br>ZURICH, SWITZERLAND 8005<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-03-24 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_CEO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>On Holding AG [ ONON ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Non-Qualified Stock Option (Right to Buy) | $0.773 | 2026-03-24 |  | J<sup>(1)</sup> |  |  | 1051966 | 2022-12-06<sup>(2)</sup> | 2029-12-06 | Class B Shares<sup>(3)</sup> | 1051966 | <sup>(1)</sup> | 0 | D |  |
| Non-Qualified Stock Option (Right to Buy) | $0.773 | 2026-03-24 |  | J<sup>(4)</sup> |  |  | 2110534 | 2021-11-29<sup>(2)</sup> | 2028-11-29 | Class B Shares<sup>(3)</sup> | 2110534 | <sup>(4)</sup> | 0 | D |  |
| Non-Qualified Stock Option (Right to Buy) | $7.73 | 2026-03-24 |  | J<sup>(1)</sup> |  | 105197 |  | 2022-12-06<sup>(2)</sup> | 2029-12-06 | Class A Shares | 105197 | <sup>(1)</sup> | 105197 | D |  |
| Non-Qualified Stock Option (Right to Buy) | $7.73 | 2026-03-24 |  | J<sup>(4)</sup> |  | 211053 |  | 2021-11-29<sup>(2)</sup> | 2028-11-29 | Class A Shares | 211053 | <sup>(4)</sup> | 211053 | D |  |

---

### Footnotes:

(1) Effective as of March 24, 2026, 1,051,966 options to purchase Class B ordinary shares held by the Reporting Person were converted based on a board resolution into 105,197 options to purchase Class A ordinary shares. In connection with the conversion, the exercise price was adjusted from 0.773 to 7.73 per share. Except for the change in the class and number of underlying securities and the corresponding exercise price adjustment, the terms of such options remained unchanged.

(2) 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.

(3) The Class B Shares are subject to transfer restrictions and rights of first refusal in favor of the other members of the Issuer's extended founder team pursuant to a shareholders' agreement. Upon the occurrence of certain individual or general sunset events specified in theshareholders' agreement, the Class B Shares are subject to mandatory conversion into Class A Shares within a specified timeframe. Conversion of Class B Shares into Class A Shares results in ten (10) Class B Shares being converted into one (1) Class A Share

(4) Effective as of March 24, 2026, 2,110,534 options to purchase Class B ordinary shares held by the Reporting Person were converted based on a board resolution into 211,053 options to purchase Class A ordinary shares. In connection with the conversion, the exercise price was adjusted from 0.773 to 7.73 per share. Except for the change in the class and number of underlying securities and the corresponding exercise price adjustment, the terms of such options remained unchanged.

**Signature:** /s/ Zlatina Iliev, Attorney-in-Fact  
**Date:** 2026-03-25

### Remarks:

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.**