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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on December 16, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;<B>Registration No. 333-__________</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>Washington, D.C. 20549</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>THE SECURITIES ACT OF 1933&nbsp;</B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 20pt"><B>On Holding AG
</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of Registrant&rsquo;s name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 35%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Switzerland</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of<BR>
    incorporation or organization)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; width: 30%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Primary Standard Industrial<BR>
    Classification Code Number)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: top; width: 35%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer<BR>
    Identification No.)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt">On Holding AG Tax Recognition
Grants Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(<FONT STYLE="font-size: 10pt">Full title of the plan)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>F&ouml;rrlibuckstrasse 190</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>8005 Z&uuml;rich</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Switzerland </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>+41 44 225 15 55</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, Including Zip Code, and Telephone Number,
Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>Cogency
Global Inc.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>122 East 42nd Street,
18th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>New York, NY 10168</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>+1
800 221-0102&#9;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;(Name, address, including
zip code, and telephone number, including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Deanna L. Kirkpatrick<BR>
    Michael Kaplan<BR>
    Yasin Keshvargar<BR>
    Davis Polk &amp; Wardwell LLP<BR>
    450 Lexington Avenue<BR>
    New York, NY 10017<BR>
    +1 212 450-4000</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Stephan Erni<BR>
    Patrick Schleiffer<BR>
    Lenz &amp; Staehelin<BR>
    Brandschenkestrasse 24<BR>
    CH-8027 Z&uuml;rich<BR>
    Switzerland</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+41 58 450 80 00</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Large accelerated filer </B></FONT>&#9744;</TD>
    <TD STYLE="width: 37%; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Accelerated filer </B></FONT>&#9744;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Non-accelerated filer&nbsp;&nbsp;</B></FONT>&#9744;<FONT STYLE="font-size: 10pt"><B>&nbsp;(Do not check if a smaller reporting company)</B></FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Smaller reporting company </B></FONT>&#9744;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Emerging growth company
</B></FONT>&#9746;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.5pt"></P>
</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.5pt; text-indent: 297pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">The documents
containing the information specified in Item 1 and Item 2 of Part I of Form S-8 will be sent or given to participants as specified
by Rule 428(b)(1) under the Securities Act of 1933, as amended (&ldquo;Securities Act&rdquo;). In accordance with the rules and
regulations of the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;) and the instructions to Form S-8, such
documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus
supplements pursuant to Rule 424 under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. Incorporation of Documents by Reference.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The following documents are incorporated herein by
reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in">(a) <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1858985/000185898522000006/onholdingag-20211231.htm"><FONT STYLE="background-color: white">Annual Report of the Registrant for the year ended December 31, 2021, filed with the Commission on March 18, 2022 </FONT>(the &ldquo;Form 20-F&rdquo;), which contains the Registrant&rsquo;s audited financial statements for the latest fiscal year for which such statements have been filed</A>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in">(b) The Registrant&rsquo;s Reports on Form
6-K filed with the Commission on April 11, 2022 (only with respect to &ldquo;Board of Directors Compensation&mdash;Compensation awarded
to the Board of Directors in 2021&rdquo; and &ldquo;Executive Board Compensation&mdash;Compensation awarded to the EB in 2021&rdquo; in
<A HREF="https://www.sec.gov/Archives/edgar/data/1858985/000095010322006273/dp170864_ex9907.htm">Exhibit 99.7</A> thereto), May 17, 2022 (only with respect to <A HREF="https://www.sec.gov/Archives/edgar/data/1858985/000185898522000016/a22q1-mda.htm">Exhibit 99.2</A> thereto), <A HREF="https://www.sec.gov/Archives/edgar/data/1858985/000095010322009179/dp173852_6k.htm">May 25, 2022</A> (other than with respect to Exhibit 99.2
thereto), August 16, 2022 (only with respect to <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1858985/000185898522000029/onholdingag-20220630.htm">Exhibits 99.1</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1858985/000185898522000020/a22q2-mda.htm">99.2</A> thereto, and as amended by our Report on Form 6-K/A, filed with
the SEC <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001858985/000185898522000029/onholdingag-20220630_d2.htm">on December 16, 2022</A>) and November 16, 2022 (only with respect to <A HREF="https://www.sec.gov/Archives/edgar/data/1858985/000185898522000025/a22q3-mda.htm">Exhibit 99.2</A> thereto); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in">(c) <A HREF="https://www.sec.gov/Archives/edgar/data/1858985/000119312521269882/d210920d8a12b.htm">The description of the Registrant&rsquo;s share capital, contained in the Registrant&rsquo;s Registration Statement on Form 8-A, dated September 10, 2021, including any amendments or supplements thereto</A>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, all documents subsequently filed by the Registrant with
Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the&nbsp;Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, including any Reports of Foreign Private Issuers on Form 6-K submitted
during such period (or portion thereof) that is identified in such form as being incorporated by reference into this Registration Statement,
shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of
such documents. The Registrant is not incorporating by reference any documents or portions thereof, whether specifically listed above
or filed in the future, that are not deemed &ldquo;filed&rdquo; with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent
that a statement contained herein or in any other subsequently filed document which also is incorporated or deemed to be incorporated
by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as
so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4. Description of Securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Interests of Named Experts and Counsel.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Indemnification of Directors and Officers.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Under Swiss corporate law, an indemnification by
the corporation of a director or member of the executive committee in relation to potential personal liability is not effective to the
extent the director or member of the executive committee intentionally or grossly negligently violated his or her corporate duties towards
the corporation. Furthermore, the general meeting of shareholders may discharge (release) the directors and members of the executive committee
from liability for their conduct to the extent the respective facts are known to shareholders. Such discharge is effective only with respect
to claims of the company and of those shareholders who approved the discharge or who have since acquired their shares in full knowledge
of the discharge. Most violations of corporate law are regarded as violations of duties towards the corporation rather than towards the
shareholders. In addition, indemnification of other controlling persons is not permitted under Swiss corporate law, including shareholders
of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Subject to Swiss law, our articles of association
provide for indemnification of the existing and former members of the board of directors and the executive committee and their heirs,
executors and administrators against liabilities arising in connection with the performance of their duties in such capacity, and permit
us to advance the expenses of defending any act, suit or proceeding to our directors and executive officers to the extent not included
in insurance coverage or advanced by third parties. In addition, under general principles of Swiss employment law, an employer may be
required to indemnify an employee against losses and expenses incurred by such employee in the proper execution of his or her duties under
the employment agreement with the employer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We have entered into indemnification agreements with
each of the members of our board of directors and executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant, the Registrant has been advised that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Exemption from Registration Claimed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="width: 90%; font-size: 12pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 10%; font-size: 12pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1858985/000095010322009179/dp173852_ex9901.htm"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="width: 90%; text-indent: 0in; font-size: 12pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1858985/000095010322009179/dp173852_ex9901.htm"><FONT STYLE="font-size: 10pt">Articles of Association of On Holding AG
    (translated into English) (incorporated by reference to Exhibit 99.1 of the Registrant&rsquo;s Report on Form 6-K, filed with the
    Commission on May 25, 2022)</FONT></A></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center; width: 10%"><A HREF="dp185682_ex0501.htm"><FONT STYLE="font-size: 10pt">5.1*</FONT></A></TD>
    <TD STYLE="font-size: 12pt; width: 90%"><A HREF="dp185682_ex0501.htm"><FONT STYLE="font-size: 10pt; background-color: white">Opinion of Lenz &amp; Staehlin, Swiss counsel of On Holding AG, as to the validity of the securities being registered</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="dp185682_ex2301.htm"><FONT STYLE="font-size: 10pt">23.1*</FONT></A></TD>
    <TD STYLE="font-size: 12pt"><A HREF="dp185682_ex2301.htm"><FONT STYLE="font-size: 10pt">Consent of PricewaterhouseCoopers AG</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="dp185682_ex0501.htm"><FONT STYLE="font-size: 10pt">23.2*</FONT></A></TD>
    <TD STYLE="font-size: 12pt"><A HREF="dp185682_ex0501.htm"><FONT STYLE="font-size: 10pt; background-color: white">Consent of Lenz &amp; Staehlin, Swiss counsel of On Holding AG (included in Exhibit 5.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">24.1*</FONT></A></TD>
    <TD><A HREF="#a_001"><FONT STYLE="font-size: 10pt">Powers of Attorney (included in the signature pages hereto)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: center"><A HREF="dp185682_ex9901.htm"><FONT STYLE="font-size: 10pt">99.1*</FONT></A></TD>
    <TD STYLE="font-size: 11pt"><A HREF="dp185682_ex9901.htm"><FONT STYLE="font-size: 10pt">On Holding AG Tax Recognition Grants Plan</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-size: 11pt; text-align: center"><A HREF="dp185682_exfilingfees.htm"><FONT STYLE="font-size: 10pt">107*</FONT></A></TD>
    <TD STYLE="font-size: 11pt"><A HREF="dp185682_exfilingfees.htm"><FONT STYLE="font-size: 10pt">Filing Fee Table</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Undertakings.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD>The undersigned Registrant hereby undertakes:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in">(1)&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in this registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iii)&nbsp;&nbsp;&nbsp;To
include any material information with respect to the Plans not previously disclosed in this Registration Statement or any material change
to such information in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><I>provided</I>, <I>however</I>, that
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of
the Exchange Act that are incorporated by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(2)&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(3)&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of
an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the provisions referenced in Item&nbsp;6 of this Registration Statement, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, on December 16, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">ON HOLDING AG</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ David Allemann</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">David Allemann</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Co- Founder and Executive Co-Chairman</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Caspar Coppetti</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Caspar Coppetti</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Co-Founder and Executive Co-Chairman</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Olivier Bernhard</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Olivier Bernhard</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Co-Founder and Executive Director</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Martin Hoffmann</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Martin Hoffmann</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Co-Chief Executive Officer</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Marc Maurer</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 40%"><FONT STYLE="font-size: 10pt">Marc Maurer</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Co-Chief Executive Officer</FONT></TD>
    </TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that each person
whose signature appears below hereby constitutes and appoints Martin Hoffmann and Roman Bretschger and each of them, individually, as
his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, place and
stead in any and all capacities, in connection with this registration statement, including to sign in the name and on behalf of the undersigned,
this registration statement and any and all amendments thereto, including post-effective amendments and registrations filed pursuant to
Rule 462 under the U.S. Securities Act of 1933, and to file the same, with all exhibits thereto, and other documents in connection therewith,
with the U.S. Securities and Exchange Commission, granting unto such attorneys-in-fact and agents full power and authority to do and perform
each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or her substitute, may
lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons on December 16, 2022 in the capacities indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 40%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name</B>&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 60%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ David Allemann</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Co-Founder and Executive Co-Chairman</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">David Allemann</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(principal executive officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Caspar Coppetti</FONT></TD>
    <TD STYLE="padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">Co-Founder and Executive Co-Chairman</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Caspar Coppetti</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">(principal executive officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Olivier Bernhard</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Co-Founder and Executive Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Olivier Bernhard</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(principal executive officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Martin Hoffmann</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Co-Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Martin Hoffmann</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(principal financial officer and principal accounting officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Marc Maurer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Co-Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Marc Maurer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(principal operating officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Alex Perez</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Alex Perez</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Kenneth A. Fox</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Kenneth A. Fox</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Amy Banse</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Amy Banse</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Dennis Durkin</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Dennis Durkin</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SIGNATURE OF AUTHORIZED
U.S. REPRESENTATIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Under the Securities
Act of 1933, the undersigned, the duly authorized representative in the United States of On Holding AG, has signed this registration statement
or amendment thereto on December 16, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cogency Global Inc.,</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Authorized U.S. Representative</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Colleen A. De Vries</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: <FONT STYLE="background-color: white">Colleen A. De Vries</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title: <FONT STYLE="background-color: white">Senior Vice President</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>

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</HTML>
[{"type": "S-8", "sequence": "1", "filename": "dp185682_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 56947}]
{"company-data": {"conformed-name": "On Holding AG", "cik": "0001858985", "assigned-sic": "3021", "irs-number": "000000000", "state-of-incorporation": "V8", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-268853", "film-number": "221468789"}, "business-address": {"street1": "PFINGSTWEIDSTRASSE 106", "city": "8005 ZURICH", "state": "V8", "zip": "00000", "phone": "41 44 225 15 55"}, "mail-address": {"street1": "PFINGSTWEIDSTRASSE 106", "city": "8005 ZURICH", "state": "V8", "zip": "00000"}}
As filed with the Securities and Exchange Commission
on December 16, 2022
Registration No. 333-__________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
On Holding AG
(Exact Name of Registrant as specified in its charter)
Not Applicable
(Translation of Registrant's name into English)
Switzerland
(State or other jurisdiction of
incorporation or organization)
3021
(Primary Standard Industrial
Classification Code Number)
Not Applicable
(I.R.S. Employer
Identification No.)
On Holding AG Tax Recognition
Grants Plan
(
Full title of the plan)
Förrlibuckstrasse 190
8005 Zürich
Switzerland
+41 44 225 15 55
(Address, Including Zip Code, and Telephone Number,
Including Area Code, of Registrant's Principal Executive Offices)
Cogency
Global Inc.
122 East 42nd Street,
18th Floor
New York, NY 10168
+1
800 221-0102
(Name, address, including
zip code, and telephone number, including area code, of agent for service)
Copies to:
Deanna L. Kirkpatrick
Michael Kaplan
Yasin Keshvargar
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, NY 10017
+1 212 450-4000
Stephan Erni
Patrick Schleiffer
Lenz & Staehelin
Brandschenkestrasse 24
CH-8027 Zürich
Switzerland
+41 58 450 80 00
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☐
(Do not check if a smaller reporting company)
Smaller reporting company
☐
Emerging growth company
☒
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act.
☐
PART I
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
The documents
containing the information specified in Item 1 and Item 2 of Part I of Form S-8 will be sent or given to participants as specified
by Rule 428(b)(1) under the Securities Act of 1933, as amended ("Securities Act"). In accordance with the rules and
regulations of the U.S. Securities and Exchange Commission (the "Commission") and the instructions to Form S-8, such
documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus
supplements pursuant to Rule 424 under the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents are incorporated herein by
reference:
(a)
Annual Report of the Registrant for the year ended December 31, 2021, filed with the Commission on March 18, 2022
(the "Form 20-F"), which contains the Registrant's audited financial statements for the latest fiscal year for which such statements have been filed
;
(b) The Registrant's Reports on Form
6-K filed with the Commission on April 11, 2022 (only with respect to "Board of Directors Compensation—Compensation awarded
to the Board of Directors in 2021" and "Executive Board Compensation—Compensation awarded to the EB in 2021" in
Exhibit 99.7
thereto), May 17, 2022 (only with respect to
Exhibit 99.2
thereto),
May 25, 2022
(other than with respect to Exhibit 99.2
thereto), August 16, 2022 (only with respect to
Exhibits 99.1
and
99.2
thereto, and as amended by our Report on Form 6-K/A, filed with
the SEC
on December 16, 2022
) and November 16, 2022 (only with respect to
Exhibit 99.2
thereto); and
(c)
The description of the Registrant's share capital, contained in the Registrant's Registration Statement on Form 8-A, dated September 10, 2021, including any amendments or supplements thereto
.
In addition, all documents subsequently filed by the Registrant with
Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act of 1934, as amended (the "Exchange Act"),
prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, including any Reports of Foreign Private Issuers on Form 6-K submitted
during such period (or portion thereof) that is identified in such form as being incorporated by reference into this Registration Statement,
shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of
such documents. The Registrant is not incorporating by reference any documents or portions thereof, whether specifically listed above
or filed in the future, that are not deemed "filed" with the Commission.
Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent
that a statement contained herein or in any other subsequently filed document which also is incorporated or deemed to be incorporated
by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as
so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Under Swiss corporate law, an indemnification by
the corporation of a director or member of the executive committee in relation to potential personal liability is not effective to the
extent the director or member of the executive committee intentionally or grossly negligently violated his or her corporate duties towards
the corporation. Furthermore, the general meeting of shareholders may discharge (release) the directors and members of the executive committee
from liability for their conduct to the extent the respective facts are known to shareholders. Such discharge is effective only with respect
to claims of the company and of those shareholders who approved the discharge or who have since acquired their shares in full knowledge
of the discharge. Most violations of corporate law are regarded as violations of duties towards the corporation rather than towards the
shareholders. In addition, indemnification of other controlling persons is not permitted under Swiss corporate law, including shareholders
of the corporation.
Subject to Swiss law, our articles of association
provide for indemnification of the existing and former members of the board of directors and the executive committee and their heirs,
executors and administrators against liabilities arising in connection with the performance of their duties in such capacity, and permit
us to advance the expenses of defending any act, suit or proceeding to our directors and executive officers to the extent not included
in insurance coverage or advanced by third parties. In addition, under general principles of Swiss employment law, an employer may be
required to indemnify an employee against losses and expenses incurred by such employee in the proper execution of his or her duties under
the employment agreement with the employer.
We have entered into indemnification agreements with
each of the members of our board of directors and executive officers.
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant, the Registrant has been advised that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
Exhibit Number
4.1
Articles of Association of On Holding AG
    (translated into English) (incorporated by reference to Exhibit 99.1 of the Registrant's Report on Form 6-K, filed with the
    Commission on May 25, 2022)
5.1*
Opinion of Lenz & Staehlin, Swiss counsel of On Holding AG, as to the validity of the securities being registered
23.1*
Consent of PricewaterhouseCoopers AG
23.2*
Consent of Lenz & Staehlin, Swiss counsel of On Holding AG (included in Exhibit 5.1)
24.1*
Powers of Attorney (included in the signature pages hereto)
99.1*
On Holding AG Tax Recognition Grants Plan
107*
Filing Fee Table
*Filed herewith.
Item 9. Undertakings.
(a)
The undersigned Registrant hereby undertakes:
(1)    To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)    To
include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)    To
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration
Fee" table in this registration statement; and
(iii)   To
include any material information with respect to the Plans not previously disclosed in this Registration Statement or any material change
to such information in this Registration Statement;
provided
,
however
, that
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of
the Exchange Act that are incorporated by reference in this Registration Statement.
(2)   That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial
bona fide
offering thereof.
(3)   To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(b)   The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of
an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c)   Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the provisions referenced in Item 6 of this Registration Statement, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, on December 16, 2022.
ON HOLDING AG
By:
/s/ David Allemann
Name:
David Allemann
Title:
Co- Founder and Executive Co-Chairman
By:
/s/ Caspar Coppetti
Name:
Caspar Coppetti
Title:
Co-Founder and Executive Co-Chairman
By:
/s/ Olivier Bernhard
Name:
Olivier Bernhard
Title:
Co-Founder and Executive Director
By:
/s/ Martin Hoffmann
Name:
Martin Hoffmann
Title:
Chief Financial Officer and Co-Chief Executive Officer
By:
/s/ Marc Maurer
Name:
Marc Maurer
Title:
Co-Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person
whose signature appears below hereby constitutes and appoints Martin Hoffmann and Roman Bretschger and each of them, individually, as
his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, place and
stead in any and all capacities, in connection with this registration statement, including to sign in the name and on behalf of the undersigned,
this registration statement and any and all amendments thereto, including post-effective amendments and registrations filed pursuant to
Rule 462 under the U.S. Securities Act of 1933, and to file the same, with all exhibits thereto, and other documents in connection therewith,
with the U.S. Securities and Exchange Commission, granting unto such attorneys-in-fact and agents full power and authority to do and perform
each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or her substitute, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons on December 16, 2022 in the capacities indicated:
Name
Title
/s/ David Allemann
Co-Founder and Executive Co-Chairman
David Allemann
(principal executive officer)
/s/ Caspar Coppetti
Co-Founder and Executive Co-Chairman
Caspar Coppetti
(principal executive officer)
/s/ Olivier Bernhard
Co-Founder and Executive Director
Olivier Bernhard
(principal executive officer)
/s/ Martin Hoffmann
Chief Financial Officer and Co-Chief Executive Officer
Martin Hoffmann
(principal financial officer and principal accounting officer)
/s/ Marc Maurer
Co-Chief Executive Officer
Marc Maurer
(principal operating officer)
/s/ Alex Perez
Director
Alex Perez
/s/ Kenneth A. Fox
Director
Kenneth A. Fox
/s/ Amy Banse
Director
Amy Banse
/s/ Dennis Durkin
Director
Dennis Durkin
SIGNATURE OF AUTHORIZED
U.S. REPRESENTATIVE
Under the Securities
Act of 1933, the undersigned, the duly authorized representative in the United States of On Holding AG, has signed this registration statement
or amendment thereto on December 16, 2022.
Cogency Global Inc.,
Authorized U.S. Representative
By:
/s/ Colleen A. De Vries
Name:
Colleen A. De Vries
Title:
Senior Vice President