Document:

EX-10.12

 Exhibit 10.12 

 

					
	On Holding AG – OEPP 2018	 	Amendment 2019	  	

  
  

 
 Amendment 2019 to the OEPP 2018 

In consideration of the current Company valuation of CHF 1,850 million and the envisaged capital round 2019 in which the share capital of the Company
would be increased by up to 14,071 registered shares with a par value of CHF 10 each at an issuance price of CHF 8,884 (“Primary Transaction”), the Compensation Committee states that: 

 

	 	•	 	 an important next step in the Company’s evolvement would be reached; 

 

	 	•	 	 one of the main purposes of the OEPP 2018 would economically be achieved, even though the Primary Transaction
does technically not qualify as Exit Event. 

 In appreciation of this extraordinary achievement, the Compensation Committee proposes and
the Board of Directors of the Company approves the following amendments to the OEPP 2018: 
  

	1.	 Accelerated Vesting 

In case of a successful closing of the Primary Transaction (Vollzug der Kapitalerhöhung von 14’071 Namenaktien zum Ausgabepreis
von je CHF 8’884, total CHF 125’006’764), the following Phantom Shares shall benefit of an accelerated vesting with effect as of the completion of the Primary Transaction (“Accelerated Vesting Date”): 

 

					
	 Category
	  	            	  	Accelerated Vesting
	 Phantom Shares
	  		  	33 1/3% = up to 346 Phantom Shares

 Such accelerated vesting is, however, solely applicable to Participants whose employment with a Subsidiary has
not been terminated as of the Accelerated Vesting Date. 
 For the purposes of the OEPP 2018, where applicable, accelerated vested Phantom
Shares (“Accelerated Vested Phantom Shares”) shall be included in the definition “Vested Phantom Shares” of the OEPP 2018. 

The remaining 2/3 of the Phantom Shares will remain subject to the regular vesting terms of section 5.1 of the OEPP 2018. 

  
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	On Holding AG – OEPP 2018	 	Amendment 2019	  	

  
  

 

	2.	 Settlement 

Each Accelerated Vested Phantom Share will be settled in a cash amount corresponding to CHF 8,884 minus the applicable Tax Withholding. Payment
will be made within 30 days as of the Accelerated Vesting Date. 
 Any other rules of the OEPP 2018 remain unchanged and shall continue to apply. 

* * * 
 New York, 1 November 2019 

 

					
	 /s/ Caspar Coppetti
	 		 	 /s/ David Allemann

	Caspar Coppetti	 		 	David Allemann
	Chairman of the Board of Directors	 		 	Member of the Board of Directors

  
 2EX-10.13

 Exhibit 10.13 

Amendment 2021 to the OEPP 2018 
 In
consideration of the planned initial public offering and listing of the Company’s1 registered shares with a nominal value of CHF 0.10 each (Class A Shares) on the New York Stock Exchange
(“IPO”), Compensation Committee states that 
  

	 	•	 	 such IPO will qualify as a Listing in accordance with the rules of the OEPP 2018; 

 

	 	•	 	 a Listing constitutes an Exit Event and leads to a full vesting of the Phantom Shares granted under the OEPP
2018; 

  

	 	•	 	 the purpose of the OEPP 2018 will be achieved upon completion of the IPO and settlement of the Phantom Shares in
Class A Shares of the Company. 

 Therefore, the Compensation Committee proposes and the Board of Directors of the Company approves
the following decisions based on the rules of the OEPP 2018: 
  

	1.	 Vesting due to Exit 

In case of a successful completion of the IPO, all Phantom Shares granted under the OEPP 2018 (including any rolled-over Phantom Shares 2013)
shall vest no later than 75 days since the first trading day (“Vesting Date”). Such vesting shall, however, solely apply to Participants whose employment with a Subsidiary has not been terminated as of the first trading day
(“IPO Date”). 
  

	2.	 Settlement 

Settlement shall be made in accordance with the amended section 5.3.1. 

 

	3.	 Lock-up 

The Shares shall be subject to the lock-up periods as set forth in section 5.2.3 and, furthermore,
subject to the lock-up/market stand-off provisions as required by and agreed with the underwriter(s)/joint global coordinator(s). 

 

	1 	 Capitalized terms used in this amendment but not defined herein shall have the respective meaning assigned to
such terms in the LTIP 2020. 

 Due to the changes in the capital structure of the Company and the planned initial public offering, the
Compensation Committee proposes and the Board of Directors of the Company approves the following amendments to the OEPP 2018 and the following adjustments to the terms of the Phantom Shares under the OEPP 2018: 

 

	4.	 Amendment to OEPP 2018 

 

	4.1.	 Section 1: Definitions 

 

			
	Share                	  	shall mean a registered common share of the Company with a nominal value of CHF 0.10 (class A share).

  

	4.2.	 Section 5.1: Vesting 

 

			
	  Vesting Date	  	If the Exit Event is a Listing, 100% of the Phantom Shares shall vest a date no later than 75 days
since the IPO Date (date to be set and communicated by the Compensation Committee).

  

	4.3.	 Section 5.3.1: Listing 

In case of a Listing, each Phantom Share shall be settled by way of issuance and transfer of one Share against full payment of the
applicable Tax Withholding. Alternatively, the Participant will be requested to sell the number of Shares necessary to capture the Tax Withholding. Settlement is due upon Vesting. The (net number of) Shares shall be subject to
the lock-up period according to section 5.3.2, if any. 
 Any other rules of the OEPP 2018 remain unchanged and
shall continue to apply. 
  

	5.	 Adjustment of Phantom Shares granted under the OEPP 2018 

The share capital increase by an increase of the nominal value of the Class A Shares of the Company from CHF 10.00 to CHF 125.00 per
share, and the subsequent share split whereby one registered share is split into 1,250 registered shares, i.e. one Class A Share with a nominal value of from CHF 125.00 is split into 1,250 Class A Shares with a nominal value of
CHF 0.10 each, requires an adjustment of the number of Phantom Shares by the factor 1,250. Therefore, the number of Phantom Shares granted but not yet settled under the OEPP 2018 shall be amended as follows: 

 

			
	 1 Phantom Share (granted) =
1,250 Phantom Shares (adjusted)

  
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 Zurich, August 22, 2021 
  

					
	 /s/ David Allemann
	  		  	 /s/ Caspar Coppetti

	David Allemann	  	                    	  	Caspar Coppetti
	Co-Chairman of the Board of Directors	  		  	Co-Chairman of the Board of Directors

  
 3EX-10.15

 Exhibit 10.15 

 
  

ON HOLDING AG 

FOUNDERS’ GRANTS PLAN 
  

 
 Approved by the Board of Directors on

 August 22, 2021 
 Zurich,
August 22, 2021 
  

					
	 /s/ David Allemann
	  	                                	  	 /s/ Caspar Coppetti

	David Allemann	  		  	Caspar Coppetti
	Co-Chairman of the Board of Directors	  		  	Co-Chairman of the Board of Directors

 The Nomination and Compensation Committee has carefully evaluated the wish of the founders of On Holding AG,
Zurich, (the “Company”) to grant all employees of the Company and of its subsidiaries, who are not eligible under one of the current/existing incentive plans, a certain number of free shares in 2021, as a “thank you” for
their contribution to a successful initial public offering (the “IPO”) of the registered shares of the Company with a nominal value of CHF 0.10 on the New York Stock Exchange (the “Founders’ Grants”). 

The Nomination and Compensation Committee proposes to the board of directors of the Company to approve the Founders’ Grants according to the following
terms: 
  

	 	1.	 Eligibility for Founders’ Grants 

All employees of the Company and of its subsidiaries, 
  

	 	(i)	 who are not eligible under one of the Company employees’ participation and incentive plans
(“Equity Plan”) at the first trading day (“IPO Date”) and who are in an ongoing employment relationship with the Company or one of its subsidiaries at the IPO Date and have a seniority of at least six months based
on the current employment relationship or 

  

	 	(ii)	 who have not been part of an Equity Plan in the past for a period of at least six months but may be
participating in an Equity Plan as of the IPO Date and who are in an ongoing employment relationship with the Company or one of its subsidiaries at the IPO Date. 

 

	 	2.	 Founders’ Grants / Number of Shares 

The Founders’ Grants shall consist in a certain number of registered shares of the company with a nominal value of CHF 0.10 (the
“Shares”). The number of Shares shall be determined based on the seniority of the entitled employee and shall be calculated as follows: 
  

	
	 USD 8,000 for each six
months of continued employment during which the employee has not been part of an Equity Plan divided by the Shares’ IPO price

 whereby only the duration of the current and ongoing employment relationship as of the IPO Date shall
considered (e.g. no consideration of earlier but terminated employment relationships) and no pro-ration shall apply. 

In countries where Founders’ Grants are not permitted by local law or would require official filings or approval processes, Founders’
Grants may be made in cash instead of Shares. 
  

	 	3.	 Date of Grant, Vesting and Settlement 

The Founders’ Grants will be communicated at the IPO Date; for administrative and technical reasons, the formal grant shall, however, be
made no later than 75 days since the IPO Date. The Founders’ Grants shall vest upon grant and be settled by the Company out of treasury Shares upon vesting. No Founders’ Grants shall be made to employees who have given or received notice
of termination since the IPO Date. 

  
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	 	4.	 Tax Withholdings 

Upon Share delivery, the employees will be requested to sell the number of Shares necessary to capture the Tax Withholding or, alternatively,
to arrange for payment of the Tax Withholding to the Company/relevant subsidiary. Tax Withholding shall include all income/payroll taxes and/or social security contributions legally applicable to the relevant employee and for which the Company or a
subsidiary has a withholding and payment obligation under applicable Swiss or foreign law. 
  

	 	5.	 Lock-up 

The net number of Shares (after sell-to-cover the Tax
Withholdings) be subject to the lock-up/market stand-off provisions as required by and agreed with the underwriter(s)/joint global coordinator(s). 

 

	 	6.	 Effective Date 

This Founders’ Grants plan shall become effective as of the IPO Date. 

 

	 	7.	 Governing Law 

This Founders’ Grants Plan is governed by Swiss law. 

* * * * * 

  
 3

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