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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></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; text-align: center"><B>FORM 8-K</B></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; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></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; text-align: center">Date of Report (Date of Earliest Event Reported):
July 16, 2012 (June 15, 2012)</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; text-align: center"><B>PROTEA BIOSCIENCES GROUP, INC.</B></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">&nbsp;</P>

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    <TD STYLE="width: 33%; border-bottom: black 1.5pt solid; text-align: center">Delaware</TD>
    <TD STYLE="width: 34%; border-bottom: black 1.5pt solid; text-align: center">000-51474</TD>
    <TD STYLE="width: 33%; border-bottom: black 1.5pt solid; text-align: center">20-2903252</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of incorporation or organization)</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">(IRS Employer Identification No.)</TD></TR>
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<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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">955 Hartman Run Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Morgantown, West Virginia 26507</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</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; text-align: center">(304) 292-2226</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (<U>see</U> General Instruction A.2. below):</P>

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

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    <TD STYLE="width: 7%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 90%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01&nbsp;&nbsp;&nbsp;&nbsp; Entry Into a Material Definitive
Agreement</B></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"><U>Extension of Maturity Dates of Convertible Promissory Notes
Dated December 20, 2011</U></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; text-align: justify; text-indent: 0.5in">On December 20, 2011
(the &quot;December Issue Date&quot;), Protea Biosciences Group, Inc. (the &quot;Company&quot;), issued certain convertible promissory
notes (the &quot;December Notes&quot;) to Stanley Hostler, a director of the Company and Summit Resources, Inc., an affiliate of
Steve Antoline, a director of the Company (collectively, the &ldquo;December Noteholders&rdquo;), in an aggregate principal amount
equal to $750,000 (the &quot;December Principal Amount&quot;). The Notes accrue simple interest at a rate of 10% per annum and
were due and payable on the earlier to occur of (i) the date that is 180 days from the December Issue Date, or (ii) when declared
due and payable by the holder upon the occurrence of an event of default.&nbsp;&nbsp;&nbsp;At the option of the holders, each $2.00
of outstanding December Principal Amount and accrued unpaid interest is convertible into one share of common stock of the Company.
The December Noteholders each executed an addendum to the December Notes, dated June 15, 2012 (collectively, the &ldquo;December
Note Addendums&rdquo;), to extend the maturity dates of the December Notes by 90 days from June 17, 2012 to September 15, 2012.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The above description
of the December Notes is intended to be a summary only and is qualified in its entirety by the terms of the form of December Notes
filed as Exhibit 10.1 to the Company&rsquo;s Form 8-K filed on December 28, 2011. The description above of the December Note Addendums
are intended to be a summary only and are qualified in their entirety by the terms and conditions of the December Note Addendums
attached hereto as Exhibits 10.1 and 10.2.</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"><U>Extension of Maturity Dates of Convertible Promissory Notes
Dated April 16, 2012</U></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; text-align: justify; text-indent: 0.5in">On April 16, 2012 (the
&ldquo;April Issue Date&rdquo;), the Company, issued convertible promissory notes (the &quot;April Notes&quot;) in an aggregate
principal amount equal to $640,000 to Stanley Hostler, Scott Segal and Leonard Harris, each a director of the Company, Summit Resources,
Inc., an affiliate of Steve Antoline, a director of the Company, Nancy Turner, the spouse of Stephen Turner, our Chief Executive
Officer and a director of the Company and Virginia Child, the wife of Stanley Hostler (collectively, the &ldquo;April Note Holders&rdquo;).
The April Notes accrue simple interest at a rate of 10% per annum and were due and payable on the earlier to occur of (i) the date
that is 90 days from the Issue Date, or (ii) when declared due and payable by the holder upon the occurrence of an event of default.
At the option of the holders, each $2.00 of outstanding principal amount and accrued unpaid interest due under the April Notes
is convertible into one share of common stock of the Company. The April Note Holders each executed a separate addendum to the April
Notes (collectively, the &ldquo;April Note Addendums&rdquo;) to extend the maturity dates of the April Notes to October 13, 2012.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The above description
of the April Notes is intended to be a summary only and is qualified in its entirety by the terms of the form of April Notes filed
as Exhibit 10.1 to the Company&rsquo;s Form 8-K filed on April 20, 2012. The description above of the April Note Addendums are
intended to be a summary only and are qualified in their entirety by the terms and conditions of the April Note Addendums attached
hereto as Exhibits 10.3, 10.4, 10.5, 10.6, 10.7 and 10.8.</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"><U>Extension of Maturity Date of a Convertible Debenture Dated
April 18, 2012</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 18, 2012,
the Company issued a convertible debenture (the &ldquo;Debenture&rdquo;), for an aggregate principal amount of $400,000 (the &ldquo;Debenture
Principal Amount&rdquo;) to the West Virginia Jobs Investment Trust Board (the &ldquo;WVJITB&rdquo;), evidencing a convertible
loan in that amount from the WVJITB. The Debenture accrues interest at a rate of 10% per annum and is convertible into shares of
(1) common stock of the Company, at an initial conversion rate of $2.00 per share, subject to certain adjustments or (2) preferred
stock of the Company, at an initial conversion rate equal to the lowest price paid for such preferred stock by other purchasers,
subject to certain adjustments. The entire Debenture Principal Amount was due on July 17, 2012 (the &ldquo;Debenture Maturity Date&rdquo;).</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; text-align: justify; text-indent: 0.5in">On June 18, 2012, the
WVJITB and the Company entered into a letter agreement to extend the Debenture Maturity Date to October 15, 2012 (&ldquo;Debenture
Extension&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The above description
of the Debenture is intended to be a summary only and is qualified in its entirety by the terms of the Debenture filed as Exhibit
10.2 to the Company&rsquo;s Form 8-K filed on April 20, 2012. The description above of the Debenture Extension is intended to be
a summary only and is qualified in its entirety by the terms and conditions of the Debenture Extension attached hereto as Exhibit
10.9</P>

<P STYLE="font: 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: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits</B></TD>
</TR></TABLE>

<P STYLE="font: 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: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.1</TD><TD STYLE="text-align: justify">Convertible Promissory Note Addendum executed by Summit Resources, Inc., dated June 15, 2012 (with
respect to the December Note by and between the Company and Summit Resources, Inc.)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.2</TD><TD STYLE="text-align: justify">Convertible Promissory Note Addendum executed by Stanley Hostler, dated June 15, 2012(with respect
to the December Note by and between the Company and Stanley Hostler).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.3</TD><TD STYLE="text-align: justify">Convertible Promissory Note Addendum executed by Summit Resources, Inc., dated June 15, 2012 (with
respect to the April Note by and between the Company and Summit Resources, Inc.).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.4</TD><TD STYLE="text-align: justify">Convertible Promissory Note Addendum executed by Scott Segal, dated June 15, 2012 (with respect
to the April Note by and between the Company and Scott Segal).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.5</TD><TD STYLE="text-align: justify">Convertible Promissory Note Addendum executed by Stanley Hostler, dated June 15, 2012 (with respect
to the April Note by and between the Company and Scott Segal).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.6</TD><TD STYLE="text-align: justify">Convertible Promissory Note Addendum executed by Virginia Child, dated June 18, 2012 (with respect
to the April Note by and between the Company and Virginia Child).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.7</TD><TD STYLE="text-align: justify">Convertible Promissory Note Addendum executed by Nancy Turner, dated June 22, 2012 (with respect
to the April Note by and between the Company and Nancy Turner).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.8</TD><TD STYLE="text-align: justify">Convertible Promissory Note Addendum executed by Leonard Harris, dated July 2, 2012 (with respect
to the April Note by and between the Company and Leonard Harris).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.9</TD><TD STYLE="text-align: justify">Letter Agreement by and between the Company and the WVJITB, dated June 18, 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<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; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>&nbsp;</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-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

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

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

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

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<TR>
    <TD STYLE="vertical-align: top">Dated: July 16, 2012</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">PROTEA BIOSCIENCES GROUP, INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 50%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="width: 46%; vertical-align: top">/s/ Stephen Turner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid">Stephen Turner<BR> Chief Executive Officer</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"></P>

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{"company-data": {"conformed-name": "Protea Biosciences Group, Inc.", "cik": "0001335103", "assigned-sic": "2834", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51474", "film-number": "12963770"}, "business-address": {"street1": "955 HARTMAN RUN ROAD", "city": "MORGANTOWN", "state": "WV", "zip": "26507", "phone": "304 292-2226"}, "mail-address": {"street1": "955 HARTMAN RUN ROAD", "city": "MORGANTOWN", "state": "WV", "zip": "26507"}, "former-company": [{"former-conformed-name": "Protea Biosciences Inc.", "date-changed": "20110908"}, {"former-conformed-name": "SRKP 5 INC", "date-changed": "20050803"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
July 16, 2012 (June 15, 2012)
PROTEA BIOSCIENCES GROUP, INC.
(Exact name of registrant as specified in
its charter)
Delaware
000-51474
20-2903252
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(IRS Employer Identification No.)
955 Hartman Run Road
Morgantown, West Virginia 26507
(Address of principal executive offices)
(304) 292-2226
(Registrant's telephone number, including
area code)
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (
see
General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01     Entry Into a Material Definitive
Agreement
Extension of Maturity Dates of Convertible Promissory Notes
Dated December 20, 2011
On December 20, 2011
(the "December Issue Date"), Protea Biosciences Group, Inc. (the "Company"), issued certain convertible promissory
notes (the "December Notes") to Stanley Hostler, a director of the Company and Summit Resources, Inc., an affiliate of
Steve Antoline, a director of the Company (collectively, the "December Noteholders"), in an aggregate principal amount
equal to $750,000 (the "December Principal Amount"). The Notes accrue simple interest at a rate of 10% per annum and
were due and payable on the earlier to occur of (i) the date that is 180 days from the December Issue Date, or (ii) when declared
due and payable by the holder upon the occurrence of an event of default.   At the option of the holders, each $2.00
of outstanding December Principal Amount and accrued unpaid interest is convertible into one share of common stock of the Company.
The December Noteholders each executed an addendum to the December Notes, dated June 15, 2012 (collectively, the "December
Note Addendums"), to extend the maturity dates of the December Notes by 90 days from June 17, 2012 to September 15, 2012.
The above description
of the December Notes is intended to be a summary only and is qualified in its entirety by the terms of the form of December Notes
filed as Exhibit 10.1 to the Company's Form 8-K filed on December 28, 2011. The description above of the December Note Addendums
are intended to be a summary only and are qualified in their entirety by the terms and conditions of the December Note Addendums
attached hereto as Exhibits 10.1 and 10.2.
Extension of Maturity Dates of Convertible Promissory Notes
Dated April 16, 2012
On April 16, 2012 (the
"April Issue Date"), the Company, issued convertible promissory notes (the "April Notes") in an aggregate
principal amount equal to $640,000 to Stanley Hostler, Scott Segal and Leonard Harris, each a director of the Company, Summit Resources,
Inc., an affiliate of Steve Antoline, a director of the Company, Nancy Turner, the spouse of Stephen Turner, our Chief Executive
Officer and a director of the Company and Virginia Child, the wife of Stanley Hostler (collectively, the "April Note Holders").
The April Notes accrue simple interest at a rate of 10% per annum and were due and payable on the earlier to occur of (i) the date
that is 90 days from the Issue Date, or (ii) when declared due and payable by the holder upon the occurrence of an event of default.
At the option of the holders, each $2.00 of outstanding principal amount and accrued unpaid interest due under the April Notes
is convertible into one share of common stock of the Company. The April Note Holders each executed a separate addendum to the April
Notes (collectively, the "April Note Addendums") to extend the maturity dates of the April Notes to October 13, 2012.
The above description
of the April Notes is intended to be a summary only and is qualified in its entirety by the terms of the form of April Notes filed
as Exhibit 10.1 to the Company's Form 8-K filed on April 20, 2012. The description above of the April Note Addendums are
intended to be a summary only and are qualified in their entirety by the terms and conditions of the April Note Addendums attached
hereto as Exhibits 10.3, 10.4, 10.5, 10.6, 10.7 and 10.8.
Extension of Maturity Date of a Convertible Debenture Dated
April 18, 2012
On April 18, 2012,
the Company issued a convertible debenture (the "Debenture"), for an aggregate principal amount of $400,000 (the "Debenture
Principal Amount") to the West Virginia Jobs Investment Trust Board (the "WVJITB"), evidencing a convertible
loan in that amount from the WVJITB. The Debenture accrues interest at a rate of 10% per annum and is convertible into shares of
(1) common stock of the Company, at an initial conversion rate of $2.00 per share, subject to certain adjustments or (2) preferred
stock of the Company, at an initial conversion rate equal to the lowest price paid for such preferred stock by other purchasers,
subject to certain adjustments. The entire Debenture Principal Amount was due on July 17, 2012 (the "Debenture Maturity Date").
On June 18, 2012, the
WVJITB and the Company entered into a letter agreement to extend the Debenture Maturity Date to October 15, 2012 ("Debenture
Extension").
The above description
of the Debenture is intended to be a summary only and is qualified in its entirety by the terms of the Debenture filed as Exhibit
10.2 to the Company's Form 8-K filed on April 20, 2012. The description above of the Debenture Extension is intended to be
a summary only and is qualified in its entirety by the terms and conditions of the Debenture Extension attached hereto as Exhibit
10.9
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits
10.1
Convertible Promissory Note Addendum executed by Summit Resources, Inc., dated June 15, 2012 (with
respect to the December Note by and between the Company and Summit Resources, Inc.)
10.2
Convertible Promissory Note Addendum executed by Stanley Hostler, dated June 15, 2012(with respect
to the December Note by and between the Company and Stanley Hostler).
10.3
Convertible Promissory Note Addendum executed by Summit Resources, Inc., dated June 15, 2012 (with
respect to the April Note by and between the Company and Summit Resources, Inc.).
10.4
Convertible Promissory Note Addendum executed by Scott Segal, dated June 15, 2012 (with respect
to the April Note by and between the Company and Scott Segal).
10.5
Convertible Promissory Note Addendum executed by Stanley Hostler, dated June 15, 2012 (with respect
to the April Note by and between the Company and Scott Segal).
10.6
Convertible Promissory Note Addendum executed by Virginia Child, dated June 18, 2012 (with respect
to the April Note by and between the Company and Virginia Child).
10.7
Convertible Promissory Note Addendum executed by Nancy Turner, dated June 22, 2012 (with respect
to the April Note by and between the Company and Nancy Turner).
10.8
Convertible Promissory Note Addendum executed by Leonard Harris, dated July 2, 2012 (with respect
to the April Note by and between the Company and Leonard Harris).
10.9
Letter Agreement by and between the Company and the WVJITB, dated June 18, 2012.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Dated: July 16, 2012
PROTEA BIOSCIENCES GROUP, INC.
By:
/s/ Stephen Turner
Stephen Turner
Chief Executive Officer