# EDGAR Filing Document

**Accession Number:** 0001858985
**File Stem:** 0000950103-26-003152
**Filing Date:** 2026-3
**Character Count:** 63030
**Document Hash:** ffdfe55068aa6e58c8ace657420b7e20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-26-003152.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0000950103-26-003152

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**EFFECTIVENESS DATE**: 20260303

**FILER**: 

**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

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293976
- **FILM NUMBER:** 26716163

**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

**As filed with the Securities and Exchange Commission on March 3, 2026**

**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**<br>(State or other jurisdiction of<br> incorporation or organization) | **3021**<br> (Primary Standard Industrial<br> Classification Code Number) | **Not Applicable**<br> (I.R.S. Employer<br> Identification No.) |
|  | On Holding AG Long Term Incentive Plan 2021 (Full title of the plan) |  |

---

**________________________**

**Förrlibuckstrasse 190**<br> **8005 Zürich**<br> **Switzerland**<br> **+41 44 225 15 55**<br> (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)<br>

**________________________**

---

| | |
|:---|:---|
|  | **Cogency Global Inc.**<br>**122 East 42nd Street, 18th Floor**<br>**New York, NY 10168**<br>**+1 800 221-0102** |
| (Name, address, including zip code, and telephone number, including area code, of agent for service) | (Name, address, including zip code, and telephone number, including area code, of agent for service) |

---

**________________________**

 ****

***Copies to:***

---

| | |
|:---|:---|
| **Yasin Keshvargar<br> Adam Kaminsky<br> Davis Polk & Wardwell LLP<br> 450 Lexington Avenue<br> New York, NY 10017<br> +1 212 450-4000**<br>| **Stephan Erni<br> Patrick Schleiffer<br> Lenz & Staehelin<br> Brandschenkestrasse 24<br> CH-8027 Zürich<br> Switzerland**<br> **+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. ☐**

**REGISTRATION OF ADDITIONAL SECURITIES PURSUANT TO GENERAL INSTRUCTION**

Pursuant to General Instruction E to Form S-8, On Holding AG (the "Registrant") is filing this Registration Statement on Form S-8 (this "Registration Statement") with the U.S. Securities and Exchange Commission (the "Commission") to register an additional 10,000,000 Class A ordinary shares, par value CHF 0.10 each, that were approved for issuance under the On Holding AG Long Term Incentive Plan 2021. This Registration Statement hereby incorporates by reference the contents of the Registrant's registration statements on Form S-8 filed with the Commission on September 14, 2021 (Registration No. 333-259533).

**PART II<br> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annual Report of the Registrant for the year ended December 31, 2025, filed with the Commission on March 3, 2026 (the "Form 20-F"), which contains the Registrant's audited financial statements for the latest fiscal year for which such statements have been filed; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) The description of the Registrant's share capital, contained in the Registrant's Registration Statement on Form 8-A (File No. 001-40795), 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 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** |  |
| [4.1](https://www.sec.gov/Archives/edgar/data/1858985/000185898526000008/exhibit11_onholdingag-ar.htm)<br>| &nbsp;&nbsp;&nbsp;[Amended and Restated Articles of Association of On Holding AG (translated into English) dated as of December 3, 2025 (incorporated by reference to Exhibit 1.1 of the Registrant's Report on Form 20-F, filed with the Commission on March 3, 2026)](https://www.sec.gov/Archives/edgar/data/1858985/000185898526000008/exhibit11_onholdingag-ar.htm) |
| [5.1\*](dp242441_ex0501.htm) | &nbsp;&nbsp;&nbsp;[Opinion of Lenz & Staehelin, Swiss counsel of On Holding AG, as to the validity of the securities being registered](dp242441_ex0501.htm) |
| [23.1\*](dp242441_ex2301.htm) | &nbsp;&nbsp;&nbsp;[Consent of PricewaterhouseCoopers AG](dp242441_ex2301.htm) |
| [23.2\*](dp242441_ex0501.htm) | &nbsp;&nbsp;&nbsp;[Consent of Lenz & Staehelin, Swiss counsel of On Holding AG (included in Exhibit 5.1)](dp242441_ex0501.htm) |
| [24\*](#poa) | &nbsp;&nbsp;&nbsp;[Powers of Attorney (included in the signature pages hereto)](#poa) |
| [99\*](dp242441_ex99.htm) | &nbsp;&nbsp;&nbsp;[On Holding AG Long Term Incentive Plan 2021, as amended](dp242441_ex99.htm) |
| [107\*](dp242441_exfilingfees.htm) | &nbsp;&nbsp;&nbsp;[Filing Fee Table](dp242441_exfilingfees.htm) |

---

\*Filed herewith.

**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 March 3, 2026.

---

| | | |
|:---|:---|:---|
| ON HOLDING AG | ON HOLDING AG | ON HOLDING AG |
| By: | /s/ David Allemann | /s/ David Allemann |
|  | Name: | David Allemann |
|  | Title: | Co- Founder and Executive Co-Chairman |
| By: | /s/ Caspar Coppetti | /s/ Caspar Coppetti |
|  | Name: | Caspar Coppetti |
|  | Title: | Co-Founder and Executive Co-Chairman |
| By: | /s/ Olivier Bernhard | /s/ Olivier Bernhard |
|  | Name: | Olivier Bernhard |
|  | Title: | Co-Founder and Executive Director |
| By: | /s/ Martin Hoffmann | /s/ Martin Hoffmann |
|  | Name: | Martin Hoffmann |
|  | Title: | Chief Executive Officer and Chief Financial Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Martin Hoffmann, David Allemann and Julie Pender 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 March 3, 2026 in the capacities indicated:

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ David Allemann | Co-Founder and Executive Co-Chairman | March 3, 2026 |
| David Allemann |  |  |
| /s/ Caspar Coppetti | &nbsp;&nbsp;Co-Founder and Executive Co-Chairman | &nbsp;&nbsp;March 3, 2026 |
| Caspar Coppetti |  |  |
| /s/ Olivier Bernhard | Co-Founder and Executive Director | March 3, 2026 |
| Olivier Bernhard |  |  |
| /s/ Martin Hoffmann | Chief Executive Officer and Chief Financial Officer |  |
| Martin Hoffmann | (principal executive officer, principal financial officer and principal accounting officer) | March 3, 2026 |
| /s/ Alex Perez | Director | March 3, 2026 |
| Alex Perez |  |  |
| /s/ Laura Miele | Director | March 3, 2026 |
| Laura Miele |  |  |
| /s/ Amy Banse | Director | March 3, 2026 |
| Amy Banse |  |  |
| /s/ Dennis Durkin | Director | March 3, 2026 |
| Dennis Durkin |  |  |
| /s/ Helena Helmersson | Director | March 3, 2026 |
| Helena Helmersson |  |  |

---

**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 March 3, 2026.

---

| | | |
|:---|:---|:---|
| **Cogency Global Inc.,**<br>**Authorized U.S. Representative** | **Cogency Global Inc.,**<br>**Authorized U.S. Representative** | **Cogency Global Inc.,**<br>**Authorized U.S. Representative** |
| By: | /s/ Colleen A. De Vries | /s/ Colleen A. De Vries |
|  | Name: | Colleen A. De Vries |
|  | Title: | <br>Senior Vice President |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | | | |
|:---|:---|:---|:---|
| ![](image_001.jpg) | ZURICH<br>Brandschenkestrasse 24<br>CH-8027 Zurich  | GENEVA<br>Route de Chêne 30<br>CH-1211 Geneva 6  | LAUSANNE<br>Avenue de Rhodanie 40C<br>CH-1007 Lausanne  |

---

**<u>To:</u>**<br> On Holding AG<br> Förrlibuckstrasse 190<br> 8005 Zurich<br> Switzerland

Zurich, March 3, 2026

**On Holding AG – Registration Statement on Form S-8**

Ladies and Gentlemen

We have acted as special Swiss counsel to On Holding AG, a stock corporation incorporated under the laws of Switzerland (the "**Company**") in connection with the filing of a registration statement on Form S-8 (the "**Registration Statement**"), to be filed with the United States Securities and Exchange Commission (the "**SEC**") on the date hereof for the purpose of registering under the United States Securities Act of 1933, as amended (the "**Securities Act**"), 10,000,000 Class A ordinary shares of the Company, each with a par value of CHF 0.10 (such shares, the "**Class A Ordinary Shares**"), that may be issued by the Company under the Company's LTIP 2021 (as defined below).

As such counsel, we have been requested to give our opinion as to certain legal matters of Swiss law.

Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Documents (as defined below).

**1.** **Basis of Opinion** 

This opinion is confined to and given on the basis of the laws of Switzerland in force at the date hereof. Such laws and the interpretation thereof are subject to change. In the absence of explicit statutory law, we base our opinion solely on our independent professional judgment. This opinion is also confined to the matters stated herein and is not to be read as extending, by implication or otherwise, to any document referred to in the Documents (other than listed below) or any other matter.

**PARTNERS**

**ZURICH**: Matthias Oertle · Heini Rüdisühli · Marcel Meinhardt · Patrick Schleiffer · Thierry Calame · Beat Kühni · Lukas Morscher · Tanja Luginbühl · Prof. Jürg Simon · Matthias Wolf · Prof. Pascal Hinny · Harold Frey · Marcel Tranchet · Tino Gaberthüel · Astrid Waser · Stephan Erni · Dominique Müller · Alexander Greter · Peter Ling · Simone Ehrsam · Patrick Schärli · Anja Affolter Marino · Severin Christen · Lukas Aebi · Flavio Delli Colli

**GENEVA**: Shelby R. du Pasquier · Guy Vermeil · François Rayroux · Jean-Blaise Eckert · Daniel Tunik · Olivier Stahler ·Andreas Rötheli · Xavier Favre-Bulle ·  Benoît Merkt · David Ledermann · Jacques Iffland · Daniel Schafer · Miguel Oural · Fedor Poskriakov · Frédéric Neukomm · Cécile Berger Meyer · Floran Ponce · Valérie Menoud · Hikmat Maleh · Roman Graf · Sevan Antreasyan · Ariel Ben Hattar · Rébecca Dorasamy

**LAUSANNE**: Lucien Masmejan · Nathalie Vetsch-Cevallos

Admitted to the Bar

![](image_003.jpg)

![](image_001.jpg)

For purposes of this opinion we have not conducted any due diligence or similar investigation as to factual circumstances, which are or may be referred to in the Documents, and we express no opinion as to the accuracy of representations and warranties of facts set out in the Documents or the factual background assumed therein.

For purposes of this opinion, we have only reviewed originals or copies of the following documents we have deemed necessary or advisable for the purpose of rendering this opinion (collectively, the "**Documents**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An electronic copy of the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of a certified extract from the Commercial Register of the Canton of Zurich (the "**Commercial Register**") dated February 20, 2026 relating to the Company, updated with an uncertified extract retrieved online on March 3,
2026 (the "**Register Extract** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy certified as of February 20, 2026 of the articles of association (*Statuten*) of the Company,
dated December 3, 2025, shown on the Register Extract as being the most recent articles of association filed with the Commercial Register
(the "**Articles of Association** "), providing, among other things, for a capital band for Class A Ordinary Shares between
CHF 28,184,712.40 (lower limit) and CHF 33,184,712.40 (upper limit) within which the board of directors of the Company is authorized
to increase or reduce the share capital once or several times and in any amounts until May 25, 2028 or until an earlier expiry of the
capital band for Class A Ordinary Shares, by issuing up to 25,000,000 Class A Ordinary Shares (being fully paid registered shares with
a par value of CHF 0.10 each) (the "**Capital Band** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an electronic copy of (i) a resolution of the board of directors of the Company, dated September 13,
2021, approving the 2021 LTIP, (ii) a resolution of the board of directors of the Company, dated March 9, 2023 approving the March 2023
amendment and (iii) a resolution of the board of directors of the Company, dated October 30, 2024 approving the March 2025 amendment (the
" **Board Resolutions** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an electronic copy of the On Holding Long Term Incentive Plan 2021, dated September 13, 2021, as
amended on March 15, 2023 and March 15, 2025 (the "**LTIP 2021** ").

No documents have been reviewed by ourselves in connection with this opinion other than those listed above. Accordingly, our opinion is limited to the Documents and their legal implications under Swiss law.

![](image_001.jpg)

**2.** **Assumptions** 

In rendering the opinion below, we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all documents produced to us as originals are authentic and complete, and all documents produced to us
as copies (including, without limitation, electronic copies) conform to the original;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all documents produced to us as originals and the originals of all documents produced to us as copies
were duly executed and certified, as applicable, by the individuals purported to have executed or certified, as the case may be, such
documents, and any electronic or facsimile signatures thereon have been produced and used in accordance with applicable internal rules
and/or procedures and the individual to whom any such electronic or facsimile signatures belongs has consented to the use of his or her
signature for each such document on which it appears;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all documents produced to us in draft form will be executed in the form of the draft submitted to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the extent relevant for purposes of this opinion, any and all information contained in the Documents,
and all material statements made to us in connection with the Documents, are and will be true, complete and accurate at all relevant times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no laws (other than those of Switzerland) affect any of the conclusions stated in this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all signatures appearing on all original documents or copies thereof which we have examined are genuine
and authentic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Registration Statement is within the capacity and power of, and has been validly authorized and executed
by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Registration Statement has been filed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the filing of the Registration Statement with the SEC has been authorized by all necessary actions under
all applicable laws other than Swiss law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Registration Statement is unchanged and correct, complete and up-to-date and in full force and effect
as of the date hereof, and no changes have been made which should have been or should be reflected in the Registration Statement as of
the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Register Extract and the Articles of Association are correct, complete and up-to-date and no changes
have been made or should have been made or should be reflected in the Register Extract or the Articles of Association as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Board Resolutions (i) have been duly resolved in the manner required by Swiss corporate law and the
Articles of Association, (ii) have not been amended and (iii) are in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the LTIP 2021 has not been rescinded or amended and is in full force and effect;

![](image_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any Class A Ordinary Shares issued out of the Capital Band will be listed on the New York Stock Exchange
in accordance with applicable laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) all authorizations, approvals, consents, licenses, exemptions and other requirements for the filing of
the Registration Statement or for any other activities carried on in view of, or in connection with, the performance of the obligations
expressed to be undertaken by the Company in the Registration Statement have been duly obtained or fulfilled in due time and are and will
remain in full force and effect, and any related conditions to which the parties thereto are subject have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) there are no factual circumstances of which we are unaware and there are no provisions of the laws of
any jurisdiction other than Switzerland which would have any implications on the opinions expressed herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the Company will have at the time of issuance of new Class A Ordinary Shares out of the Capital Band according
to article 3b of the Articles of Association or such article replacing article 3b of the Articles of Association sufficient
available Class A Ordinary Shares under the Capital Band to issue the required number of new Class A Ordinary Shares to be delivered to
holders of Performance Stock Units and Restricted Stock Units, and prior to the issuance of the new Class A Ordinary Shares, the board
of directors of the Company will have (1) taken the resolution to implement (*Durchführungsbeschluss*) an increase of the Company's
share capital by issuance of new Class A Ordinary Shares out of the Capital Band and in compliance with the provisions of the authorization
resolution pursuant to art. 653s para. 1 of the Swiss Code of Obligations ()"**CO**") of the Company's annual general
shareholders' meeting of May 25, 2023 (as amended with resolution of May 22, 2025), (2) taken the resolution in the presence of a notary
and in the form of a public deed on the execution of the share capital increase according to article 3b of the Articles of Association
or such article replacing article 3b of the Articles of Association, (3) validly excluded the pre-emptive subscription rights of
the existing shareholders of the Company for the purpose of the issuance of the new Class A Ordinary Shares according to article 3b
of the Articles of Association or such article replacing article 3b of the Articles of Association, (4) issued a capital increase
report with respect to the share capital increase consisting of the new Class A Ordinary Shares, (5) obtained an audit confirmation from
the Company's auditors in accordance with article 652f of the CO confirming that the capital increase report is complete and accurate,
and (6) made the corresponding declarations required for implementing the capital increase and the amendment of the Articles of Association
and all such resolutions will not have been amended and will be in full force and effect until the issuance of all such new Class A Ordinary
Shares, the par value of the new Class A Ordinary Shares will have been paid by or on behalf of the plan participants under the LTIP 2021
to a bank account at a banking institution subject to the Swiss Federal Act on Banks and Savings Banks of November 8, 1934, as amended,
and the plan participant under the LTIP 2021 (or someone acting on his/her behalf) will have signed a subscription form in accordance
with Swiss law for the new Class A Ordinary Shares.

![](image_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Opinions** 

Based on the foregoing, and subject to the assumptions and qualifications contained herein, ware of the opinion that as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company is a stock corporation (*Aktiengesellschaft*) validly existing under the laws of Switzerland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Class A Ordinary Shares that may be issued out of the Capital Band, if and when such Class A Ordinary
Shares are issued and paid for pursuant to the Articles of Association, the LTIP 2021 and Swiss law – in particular such Class A
Ordinary Shares have been validly subscribed for and the issue price for such Class A Ordinary Shares corresponding at least to the par
value of such Class A Ordinary Shares has been paid-in in cash in accordance with the Articles of Association and Swiss law – and,
upon registration of the respective capital increase with the Commercial Register, entered into the Company's book of uncertificated securities,
will be validly issued, fully paid as to their par value, and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Qualifications** 

The opinion is subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) We express no opinion on the matters covered herein with respect to any laws other than the laws of Switzerland
in effect on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In this opinion, Swiss legal concepts are expressed in the English language and not in their original
language. These concepts may not be identical to the concepts described by the same English language terms as they exist under the laws
of other jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The exercise of voting rights and rights related thereto with respect to any Class A Ordinary Shares is
only permissible after registration in the Company's share register as a shareholder with voting rights in accordance with the provisions
of, and subject to the limitations provided in, the Articles of Association.

![](image_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) We have not investigated or verified the truth or accuracy of the information contained in the Registration
Statement, nor have we been responsible for ensuring that no material information has been omitted from it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Capital Band in article 3b of the Articles of Association is valid until May 25, 2028 and, if
an issuance of Class A Ordinary Shares out of the Capital Band is planned to take place after such date, the validity of the Capital Band
would have to be extended by a resolution of the Company shareholders prior to May 25, 2028 or the current article 3b of the Articles
of Association would have to be replaced by a new corresponding article in the Articles of Association authorizing the Company's board
of directors to issue new Class A Ordinary Shares out of a Capital Band.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) We express no opinion as to tax or regulatory matters or as to any commercial, accounting, calculating,
auditing or other non-legal matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) We express no opinion as regards the exclusion of shareholders' pre-emptive subscription rights.

We have issued this opinion as of the date hereof, and we assume no obligation to advise you of any changes in fact or in law that are made or brought to our attention hereafter.

This opinion is addressed to you in connection with the Registration Statement. No other person may rely on this opinion for any purpose. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

This opinion is governed by and construed in accordance with Swiss law and the courts of Zurich, Canton of Zurich, Switzerland shall have exclusive jurisdiction in case of any dispute in respect of this opinion.

Yours sincerely

/s/ Lenz & Staehelin

Lenz & Staehelin

Stephan Erni

## Exhibit 23.1

**Exhibit 23.1** 

C**ONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of On Holding AG, of our report dated March 3, 2026 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in On Holding AG's Annual Report on Form 20-F for the year ended December 31, 2025.

/s/ PricewaterhouseCoopers AG

Zurich, Switzerland

March 3, 2026

## Ex-99

**ON HOLDING AG**

**LONG TERM INCENTIVE PLAN 2021**

Approved by the Board of Directors on 13 September 2021,<br> amended as of 15 March 2023 and 15 March 2025

---

| | |
|:---|:---|
| <u>/s/ David Allemann</u> | <u>/s/ Caspar Coppetti .</u> |
| David Allemann | Caspar Coppetti |
| Co-Chairman of the Board | Co-Chairman of the Board |

---

<u>On Holding AG – LTIP 2021</u> <u>2</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purpose

The purpose of this Long Term Incentive Plan 2021 of On Holding AG is to attract, retain and motivate high quality personnel by providing them with equity ownership opportunities and performance-based incentives to increase their commitments for and in the best interest of the Company and the On Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Definitions

Unless otherwise defined in an Award Agreement, capitalized terms used herein shall have the meaning set forth in this section 2:

---

| | |
|:---|:---|
| **Award** | shall mean a grant of Restricted Stock Units, Performance Stock Units or any or both of them. |

---

---

| | |
|:---|:---|
| **Award Agreement** | shall mean the agreement evidencing and specifying the individual grant of an Award executed by the Company and the Participant. |
| **Bad Leaver** | shall mean a Participant (i) whose employment relationship with the Company or a Subsidiary is terminated for Cause by the Company or the respective Subsidiary or (ii) who is or becomes a Competitor or (iii) whose employment relationship with the Company or a Subsidiary is terminated and who is not qualifying as a Good or Medium Leaver. |
| **Bad Leaver Event** | shall mean the occurrence of an event, matter, fact, circumstance or behavior giving rise to a Participant qualifying immediately or with the lapse of time as Bad Leaver, in each case irrespective of whether such event, matter, fact, circumstance or behavior is actually known at that time by or disclosed to the Company, its Subsidiaries or its or their directors, officers, or employees. |
| **Board** | shall mean the board of directors of the Company. |
| **Cause** | shall mean (i) any material violation of law or (ii) grave misconduct or egregious acts (such as wilful disregard for instructions or company policy, falsifying records, stealing, violence, criminal wrongdoings and similar acts or behaviour) to the extent it would justify a termination of the employment relationship for cause according to art. 337 CO (irrespective of whether the employment relationship is actually governed by Swiss law or not). |

---

<u>On Holding AG – LTIP 2021</u> <u>3</u>

---

| | |
|:---|:---|
| **Change of Control** | shall mean the occurrence of any of the following events in one or a series of related transactions: (i) any person or any group of persons acting in concert (other than the Extended Founder Team) directly or indirectly acquiring or becoming the beneficial owner of voting securities (including by way of subscribing new voting securities in the Company) representing 50 % or more of the combined voting power of all outstanding voting securities of the Company, (ii) the consummation of an agreement or plan to merge or consolidate the Company with or into another company or entity as a result of which less than 50% of the voting power of all outstanding voting securities of the surviving or resulting entity are, or are to be owned by, the former shareholders of the Company, or (iii) the consummation of a sale or other disposal of all or substantially all of the business or assets of the On Group taken as a whole to a person or entity that is not a Subsidiary, provided, however, that none of following events constitute a "Change of Control": (1) a transaction where the result of which is to sell all or substantially all of the assets of the On Group to another corporation (the "**Surviving Corporation**"), provided that such Surviving Corporation is owned directly or indirectly by the same shareholders of the Company immediately following such transaction in substantially the same proportions as their ownership of the Company immediately preceding such transaction, and further provided that the Surviving Corporation expressly assumes this Plan, (2) a General Sunset Event and/or any Individual Sunset Event (as such terms are defined in the shareholders' agreement by and between the Company and the Extended Founder Team dated as of September 6, 2021, as may be amended from time to time), (3) any sale of registered shares (voting rights shares) of the Company with a nominal value of CHF 0.01 (the "**Class B Shares**") among the Extended Founder Team, (4) a conversion of any number of Class B Shares into Shares by any number of members of the Extended Founder Team, and/or (5) the Extended Founder Team holding directly or indirectly or becoming the beneficial owner of voting securities (including by way of subscribing new voting securities in the Company) representing 50 % or more of the combined voting power of all outstanding voting securities of the Company at any point of time. |
| **CO** | shall mean the Swiss Code of Obligations from time to time in effect. |
| **Company** | shall mean On Holding AG with registered seat in Zurich, Switzerland. |

---

---

| | |
|:---|:---|
| **Committee** | shall mean the nomination and compensation committee of the Company as elected by the Company's annual general shareholders' meeting and as instructed by the Board to administrate the Plan and to perform the functions set forth herein. |

---

<u>On Holding AG – LTIP 2021</u> <u>4</u>

---

| | |
|:---|:---|
| **Competitor** | shall mean a Participant who engages with or starts, within 365 days of the Termination Date, any company, entity or activity which competes or would reasonably be expected to compete with the Company and/or the On Group, in particular in the performance/outdoor/running shoe and/or apparel business. |
| **Executive Committee** | shall mean the executive committee of the On Group as set forth in the organizational regulations of the On Group. |
| **Extended Founder Team** | shall mean David Allemann, Olivier Bernhard, Caspar Coppetti, Marc Maurer and Martin Hoffmann. |
| **Fair Market Value** | shall mean, with respect to one Share: the closing sale price (or the closing bid, if no sales were reported) on such date, as quoted on such stock exchange and reported in any source the Committee deems reliable, or if such Share is not listed or admitted for trading, the value established by the Board in good faith. |
| **Good Leaver** | shall mean a Participant whose employment relationship with the Company or a Subsidiary is terminated (i) due to death, (ii) Permanent Disability, (iii) retirement at legal age, (iv) by the Participant for Good Reasons, or who is otherwise considered as a Good Leaver by the Company. |
| **Good Reasons** | shall mean (i) a significant decrease in duties or responsibilities, (ii) a material reduction in compensation or (iii) a material change in the geographic location at which the Participant provides the services; provided that any of the events or conditions described in subsections (i) through (iii) will only constitute Good Reasons if the Company or Subsidiary fails to cure such event or condition (if susceptible to cure by the Company or Subsidiary) within thirty (30) days after the Company has received written notice from the Participant of the event which constitutes Good Reasons; provided, further, that the Participant provides notice of Good Reasons within ninety (90) days of the initial existence of the event or condition constituting Good Reasons specifying the particular events or conditions which constitute Good Reasons and the specific cure requested by the Participant. |
| **Granting Date** | shall mean the date on which an Award has been granted to a Participant pursuant to the Award Agreement. |
| **Medium Leaver** | shall mean a Participant whose employment relationship with the Company or a Subsidiary is terminated (i) by the Company or a Subsidiary without Cause or (ii) by the Participant. |

---

<u>On Holding AG – LTIP 2021</u> <u>5</u>

---

| | |
|:---|:---|
| **Notification Date** | shall mean the date when notice of termination of employment of a Participant is given by the Participant, the Company or a Subsidiary. |
| **On Group** | shall mean On Holding AG and all its Subsidiaries. |
| **Participants** | shall mean the members of the Executive Committee as well as the employees of the On Group that are participating in the Plan (each a "**Participant**"). |

---

---

| | |
|:---|:---|
| **Performance Cycle** | shall mean a two or three year time period, beginning at January 1 of the year (n) in which an Award is granted and ending at December 31 of year (n+1) or (n+2). |
| **Performance Conditions** | shall mean the conditions relevant for the vesting of the Performance Stock Units at the end of a Performance Cycle as set out in (an annex to) the Award Agreement. |
| **Performance Stock Units** | shall mean an unsecured conditional right to receive a number of Shares in the future pursuant to the Performance Conditions, terms and conditions of this Plan and the Award Agreement. Performance Stock Units do not provide the Participant with any shareholder rights such as dividends, voting rights or alike. |
| **Permanent Disability** | shall mean the incapacity to perform a majority of work-related duties during at least six consecutive months and no reasonable expectation to returning to work, as a result of disability and as attested by qualified physician entrusted by the Committee. |
| **Plan** | shall mean this Long Term Incentive Plan 2021, dated as of 13<br> September, 2021 as amended from time to time in accordance with its terms, and all annexes, as applicable, incorporated by reference hereto. |

---

---

| | |
|:---|:---|
| **Restricted Stock Units** | shall mean an unsecured conditional right to receive a number of Shares in the future pursuant to the terms and conditions of this Plan and the Award Agreement. Restricted Stock Units do not provide the Participant with any shareholder rights such as dividends, voting rights or alike. |
| **Share** | shall mean a registered common share of the Company with a nominal value of CHF 0.10 (class A share). |

---

<u>On Holding AG – LTIP 2021</u> <u>6</u>

---

| | |
|:---|:---|
| **Subsidiary** | shall mean any legal entity in which the Company directly or indirectly owns shares representing 50% or more of the total combined voting rights of all classes of shares or securities with voting rights (collectively, the "**Subsidiaries**"). |
| **Tax Withholding** | shall mean any income/payroll taxes and/or social security contributions legally applicable to the Participant, which are due upon vesting or settlement of an Award and for which the Company or a Subsidiary has a withholding and payment obligation under applicable Swiss or foreign laws. |
| **Termination Date** | shall mean the effective date of the termination of employment of a Participant. |
| **Vesting Date** | shall mean the date on which an Award vests in accordance with sections 5.2 and 6.3 of the Plan. |
| **Vesting Factor** | shall mean the percentage of payout as set out in (an annex to) the Award Agreement. It is determined based on the overall target achievement and a straight line interpolation curve within the threshold, target and maximum values and may range between 0% - 200%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Eligibility

Throughout the term of the Plan, the Board shall determine from time to time the conditions to be satisfied by a Participant to be eligible for Awards at its sole discretion, taking into consideration the Participant's role, function, individual performance as well as the best interest and the overall business development of the On Group.

A prerequisite for receiving a grant of an Award under the Plan is an ongoing employment relationship under which no notice of termination has been given by either the Participant or the Company or a Subsidiary on the Granting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Awards

Awards will be granted to Participants in accordance with the terms of the Plan. Any Award to a Participant having his/her residence or work place in Switzerland shall always be deemed a gratuity or special reward (*Gratifikation/Sondervergütung*) within the meaning of art. 332d CO and not an element of salary.

<u>On Holding AG – LTIP 2021</u> <u>7</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Restricted
 Stock Units

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Grant

Each grant of Restricted Stock Units to a Participant shall be valid only if evidenced in an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Vesting

Subject to the Participant's continuous employment and the non-occurrence of a Bad Leaver Event in respect of such Participant, and unless otherwise agreed in the Participant's Award Agreement, 8.33% (1/12) of the Restricted Stock Units (rounded up to the next whole number) granted to such Participant shall vest on the fifth day of the last month of each quarter following the Granting Date, so that on the fifth day of the month of the third anniversary of the Granting Date the last 8.33% (or such lower percentage, as the case may be, to account for any earlier upward rounding) of the Restricted Stock Units shall vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Settlement

The Shares resulting from the vesting of the Restricted Stock Units will be issued/ transferred to the Participant at or as soon as practicable after the Vesting Date, free of charge, subject to Tax Withholding according to section 12.2, into an individual account of the Participant with a bank chosen by the Company. Upon receipt of the Shares, Participants are entitled to shareholder rights, including voting rights and receipt of dividends on their Shares (for the first time for the then current financial year of the Company).

With the participation in the Plan, the Participant grants to the Company, a Subsidiary, or to the responsible Company or Subsidiary representative, respectively, a power of attorney to perform in the name of the Participant all acts and sign all documents required in order to execute the Plan.

With the participation in the Plan, the Participant explicitly consents to be registered in the Company's share register and declares that the Participant acquires and will hold the Shares in the Participants own name and for the Participant's own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Performance
 Stock Units

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. Grant

Each grant of Performance Stock Units to a Participant shall be valid only if evidenced in an Award Agreement.

<u>On Holding AG – LTIP 2021</u> <u>8</u>

Any grant of Performance Stock Units awarded in 2025 shall be split one quarter (25% of the Award) into a two year Performance Cycle and three quarters (75% of the Award) into a three year Performance Cycle.

Any grant of Performance Stock Units awarded as of 2026 shall have a three year Performance Cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. Establishment
 of Performance Conditions and Vesting Factor

For each grant of Performance Stock Units, the Committee shall establish the applicable Performance Conditions (including type and weighting) and Vesting Factor (including threshold, target and maximum values). The Performance Conditions and Vesting Factor shall be established by the Committee. Once established, the Performance Conditions and Vesting Factor shall not be changed during the Performance Cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. Vesting

Subject to the Participant's continuous employment and the non-occurrence of a Bad Leaver Event in respect of such Participant, and unless agreed otherwise in the Participant's Award Agreement, the Performance Stock Units granted to such Participant shall vest in full on the fifth calendar day of the 24<sup>th</sup> month following the Granting Date (for a two year Performance Cycle), fifth calendar day of the 36<sup>th</sup> month following the Granting Date (for a three year Performance Cycle), respectively, subject to the achievement of the Performance Conditions, measured over the relevant Performance Cycle, and the resulting Vesting Factor, as further described in the Participant's Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. Settlement

The Shares resulting from the vesting of the Performance Stock Units will be issued/ transferred to the Participant at or as soon as practicable after the Vesting Date, free of charge, subject to Tax Withholding according to section 12.2, into an individual account of the Participant with a bank chosen by the Company. Upon receipt of the Shares, Participants are entitled to shareholder rights, including voting rights and receipt of dividends on their Shares (for the first time for the then current financial year of the Company).

With the participation in the Plan, the Participant grants to the Company, a Subsidiary, or to the responsible Company or Subsidiary representative, respectively, a power of attorney to perform in the name of the Participant all acts and sign all documents (e.g. subscription form) required in order to execute the Plan.

With the participation in the Plan, the Participant explicitly consents to be registered in the Company's share register and declares that the Participant acquires and will hold the Shares in the Participants own name and for the Participant's own account.

<u>On Holding AG – LTIP 2021</u> <u>9</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Restrictions
 as to transferability of Awards and Shares

No Awards granted under this Plan shall be sold, pledged, assigned, encumbered, transferred, or disposed of in any manner other than by will or inheritance laws.

Shares issued/transferred to Participants under the Plan are subject to customary limitations in terms of transferability, such as a black out period, insider information and other applicable selling restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Effect of Change
 of Control

Upon occurrence of a Change of Control and unless decided otherwise by the Board in its discretion, this Plan shall terminate as of the date of Change of Control and all Awards granted under this Plan shall – in deviation from sections 5.2 and 6.3 - vest as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 next tranche(s) of Restricted Stock Units scheduled to vest after the Change of Control shall
 vest in full as of the date of Change of Control. Any other unvested Restricted
 Stock Units shall forfeit, without any indemnification, as of the Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 target number of Performance Stock Units as set forth in the Participant's Award Agreement
 shall vest on a pro-rated basis as of the date of Change of Control. The pro-ration will
 be calculated based on the number of days of the Participant's participation in the relevant
 Performance Cycle, divided by the total number of days contained in the Performance Cycle.
 Any other unvested Performance Stock Units shall forfeit, without any indemnification, as
 of the date of Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Effect of Termination
 of Employment

In case of termination of employment between a Participant and the Company or a Subsidiary, the following rules shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. Good Leaver

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1. Death of
 a Participant

In case of death of a Participant,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 unvested Restricted Stock Units shall immediately and fully vest as of the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 target number of Performance Stock Units as set forth in the Participant's Award Agreement
 shall vest on a pro-rated basis as of the Termination Date. The pro-ration

<u>On Holding AG – LTIP 2021</u> <u>10</u>

will be calculated based on the number of days of the Participant's participation in the relevant Performance Cycle, divided by the total number of days contained in the Performance Cycle. Any other unvested Performance Stock Units shall forfeit, without any indemnification, as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2. Permanent
 Disability or Retirement at legal age

If the employment relationship is terminated due to Permanent Disability or retirement at legal age,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Participant may keep all unvested Restricted Stock Units which shall continue to vest in
 accordance with the vesting schedule of section 5.2 of the Plan or as agreed otherwise in
 the Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Participant shall benefit from a pro-rated vesting of Performance Stock Units as of the Vesting
 Date. The pro-ration will be calculated based on the number of Performance Stock Units that
 would have become vested if no termination had occurred, multiplied by a percentage equal
 to the number of days of the Participant's employment during the Performance Cycle divided
 by the total number of days contained in the Performance Cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3. Any other
 Good Leaver

A Participant qualifying as Good Leaver for any reasons other than 9.1.1 or 9.1.2 above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shall
 automatically and immediately forfeit all unvested Restricted Stock Units, without any indemnification,
 as of the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Shall
 automatically and immediately forfeit all unvested Performance Stock Units, without any indemnification,
 as of the Termination Date if the Termination Date<br>
 occurs more than 12 months before the end of a Performance Cycle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If
 the Termination Date occurs within twelve months before the end of a Performance Cycle, a
 Participant qualifying as a Good Leaver shall benefit from a pro-rated vesting of Performance
 Stock Units as of the Vesting Date. The pro-ration will be calculated based on the number
 of Performance Stock Units that would have become vested if no termination had occurred,
 multiplied by a percentage equal to the number of days of the Participant's employment during
 the Performance Cycle divided by the total number of days contained in the Performance Cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. Medium Leaver

A Participant qualifying as a Medium Leaver shall automatically and immediately forfeit all unvested Restricted Stock Units and/or Performance Stock Units, without any indemnification, as of the Termination Date.

<u>On Holding AG – LTIP 2021</u> <u>11</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. Bad Leaver

Upon and with effect as per the occurrence of a Bad Leaver Event, a Participant qualifying as a Bad Leaver shall automatically and immediately forfeit all unvested Restricted Stock Units and/or Performance Stock Units, without any indemnification, as of the Notification Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Clawback Provision

If a Participant has engaged in any acts of criminal conduct, fraud, ethical misconduct or other wrongdoing (irrespective of such wrongdoing being intentional or not), which results in material harm to the Company or any Subsidiary or otherwise negatively affects legitimate interests of the Company, the Company has the right, but not the obligation, to revoke granted but unvested Awards and if vested or transferred, demand repayment in cash or retransfer of Shares to the Company of all or any portion of any Awards that have been granted, vested and settled under this Plan during the previous three financial years.

All actions taken under this clawback provision shall be determined and approved by the Board in its sole discretion. This provision shall not preclude any other remedies available to the Company or a Subsidiary, including without limitation disciplinary or legal actions taken in accordance with respective law, company policy and regulations, as well as employment terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Adjustment
 upon Changes in Capital Structure

In the event of a change, other than a share capital increase, relating to the Shares through reclassification, recapitalization, subdivision, stock dividend, stock split-up or otherwise in the Company's corporate structure, the Committee shall, to the extent permissible by law, determine the appropriate adjustments, if any, regarding the terms of this Plan and the Awards then outstanding with respect to the Performance Conditions, the number and class of Shares which are and thereafter will be subject to the Awards to ensure that the Participants receive in respect of each Award, upon vesting, the same value that each Participant would have been entitled to receive without such change.

<u>On Holding AG – LTIP 2021</u> <u>12</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Taxation and
 Social Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. In general

Awards may be subject to income tax and/or social security. In Switzerland, Restricted Stock Units and Performance Stock Units will be subject to Swiss income tax and Swiss social security contributions upon vesting. Social security contributions legally due will be borne by the relevant Subsidiary and the Participant in accordance with applicable law and regulations.

Depending on the Participant's residence, place of work or nationality, Awards may be subject to income tax and/or social security contributions in jurisdictions other than Switzerland. Each Participant is responsible for a proper declaration and payment of his/her personal income taxes, including capital gains taxes, if any, that may arise from participation in the Plan in any relevant jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. Tax Withholding

The Company or relevant Subsidiary may make such arrangements as it considers necessary to satisfy any Tax Withholding, including withholdings of the Participant's salary or the withholding and selling of Shares to meet such requirements. In any case, the Participant is and remains liable for any employee social security contributions and taxes arising from participation in this Plan and shall pay such employee social security contributions and taxes (or accept any corresponding payroll deduction) when due and indemnify the Company or relevant Subsidiary for any liability or expenses incurred by them related to the Tax Withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. No Entitlements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. No Right
 to Future Grants

The participation in this Plan shall not confer any right or entitlement to be granted any Awards in the future or to participate in any future employee participation plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. No Right
 to Continued Employment

This Plan does not constitute an employment agreement. Nothing contained herein shall modify the terms of the Participants' respective employment or restrict the Company's or Subsidiary's right to terminate the employment relationship of any Participant at any time, with or without Cause, or to adjust the compensation of any Participant.

<u>On Holding AG – LTIP 2021</u> <u>13</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Administration

The Plan shall be administrated by the Committee. The Committee is authorized and shall have full power and authority, subject to the provisions of the Plan, to establish such rules and regulations and nominate such persons or bodies as it may deem appropriate for the proper administration and operation of the Plan, and to make such determinations under, and such interpretations of, and to take such steps in connection with, the Plan and the Awards granted thereunder as it may deem necessary or advisable.

The Committee's decisions, determinations and interpretations shall be final and binding on all Participants and any other holders of Awards hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Amendment

The Board may make any amendments to the Plan that may be necessary to comply with or conform to applicable laws. Furthermore, the Board shall have the power to modify the Plan and to amend the terms of any Awards granted under the Plan to the extent such modifications and amendments would not adversely affect the Participant's rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Effective
 Date and Term

This Plan has been approved by the Board on 13 September 2021, amended as of 15 March 2023. The Plan shall be effective as of the initial public offering of the Company and shall remain effective until the later of termination by the Board or all Awards granted under the Plan have been vested, settled or have been forfeited, or otherwise canceled or lapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Governing
 Law

The Plan shall be subject to and governed by substantive Swiss law.

\* \* \*

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**On Holding AG**

**Table 1: Newly Registered Securities**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Class A ordinary shares, par value CHF 0.10 per share | (1) | Other | 10000000 | $45.89 | $458900000.00 | 0.0001381 | $63374.09 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $458900000.00 |  | 63374.09 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $63374.09 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) This Registration Statement on Form S-8 (this "Registration Statement") covers 10,000,000 Class A ordinary shares, par value CHF 0.10 per share ("Class A Ordinary Shares") of On Holding AG (the "Company" or "Registrant") (i) authorized for issuance under the On Holding AG Long Term Incentive Plan 2021 (the "Plan") and (ii) pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), any additional Class A Ordinary Shares that may become issuable under the Plan by reason of any stock dividend, stock split, or other similar transaction. Estimated pursuant to Rule 457(c) and Rule 457(h) under the Securities Act, solely for the purpose of computing the registration fee, based on the average of the high and low prices reported for a Class A Ordinary Share on the New York Stock Exchange on February 27, 2026.