Onar Holding Corp Settles Note Dispute, Agrees to $1.5M Payment

What Happened
Onar Holding Corp (through its subsidiary ONAR LLC) announced a settlement resolving a lawsuit filed by the Jeffrey L. Feinberg Personal Trust over a March 18, 2024 senior secured promissory note. The parties executed a Settlement Agreement effective July 13, 2026 (entered July 16, 2026) under which Onar agreed to pay the Trust $1,500,000 in principal plus simple interest at 18% per year from March 18, 2024. The Agreement provides for dismissal of the Delaware court action and mutual releases among the parties, and includes non-disparagement and trading/short-sale limitations by the Trust and Feinberg.

Key Details

• Parties: ONAR LLC (a wholly owned subsidiary), Onar Holding Corp, Jeffrey L. Feinberg Personal Trust, Claude Zdanow (CEO), and Feinberg.
• Amounts & interest: $1,500,000 principal plus 18% simple interest from March 18, 2024 (interest computed on actual days/365; no compounding).
• Payment schedule: $50,000 within one business day of signing; $300,000 by August 30, 2026; then 14 quarterly installments of $75,000; final true-up payment due first business day of February 2030 for any remaining balance.
• Other terms: the lawsuit will be dismissed as to the Company and Trust; mutual release of claims related to the dispute; non-disparagement covenant; Trust/Feinberg agree not to short the Company’s stock and limit single-day sales to no more than 10% of five-day average daily volume.

Why It Matters
This 8-K reports a material definitive agreement that creates a direct financial obligation for Onar: $1.5M of principal plus significant accrued interest (18% annually) and scheduled near-term cash outflows (an immediate $50k, $300k by Aug 30, 2026, then quarterly payments). For investors, the settlement removes litigation uncertainty tied to the note but establishes concrete cash payment obligations that may affect Onar’s liquidity and financial statements going forward. The mutual release and trading limits reduce the risk of further public disputes with the Trust.