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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>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):
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>
</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; 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>

<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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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>
<TR STYLE="vertical-align: top">
    <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>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))&nbsp;</P></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01 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"><B><U>West Virginia High Technology Consortium Foundation</U></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"><B>Secured Convertible Note and Investment 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; text-align: justify; text-indent: 0.25in">On May 24, 2012, Protea
Biosciences Group, Inc. (the &quot;Company&quot;), issued a Secured Convertible Note and Investment Agreement (the &quot;WVHTCF
Note&quot;) with a principal amount of $200,000 to West Virginia High Technology Consortium Foundation, a West Virginia non-profit
corporation (&ldquo;WVHTCF&rdquo;). The WVHTCF Note accrues interest at a rate of eight percent (8%) per annum and has a maturity
date of December 1, 2014 (the &ldquo;WVHTCF Maturity Date&rdquo;). WVHTCF may, in its sole discretion, at any time during the term
of the WVHTCF Note, elect to convert all or any portion of the unpaid principal and accrued interest due and payable under the
WVHTCF Note, into shares of common stock at a conversion price of $2.00 per share (the &ldquo;Conversion Price&rdquo;) subject
to certain adjustments in the event of stock splits or dividend issuances. In addition, if the Company issues any shares of common
stock for a per share purchase price that is less than the Conversion Price then in effect (the &ldquo;Original Conversion Price&rdquo;),
then the Original Conversion Price shall be reduced concurrently with such issue to a price determined by multiplying such Original
Conversion Price by a fraction (x) the numerator of which shall be the number of shares of common stock outstanding immediately
prior to such issue plus the number of shares of common stock which the aggregate consideration received by the Company for the
total number of additional shares of common stock so issued would purchase at such Original Conversion Price, and (y) the denominator
of which shall be the number of shares of common stock outstanding immediately prior to such issue plus the number of such additional
shares of common stock so issued; provided, that, all shares of common stock issuable upon conversion of convertible securities
shall be deemed to be outstanding. The WFVHTCF Note is secured by a first lien interest, shared with the West Virginia Economic
Development Authority (&ldquo;WVEDA&rdquo;), in all of the Company&rsquo;s right, title and interest in and to the equipment referred
to as the Waters Synapt G2 Mass Spectrometer (Serial Number UEB072 01) (the &ldquo;Mass Spectrometer&rdquo;), including all attachments,
accessories, tools, parts, manuals, software, parts, records and data, all cash and non-cash proceeds from the sale, destruction,
loss or other disposition of the Mass Spectrometer (the &ldquo;Collateral&rdquo;) pursuant to the terms and conditions of a Security
Agreement, dated May 24, 2012 by and between the Company and WVHTCF. The obligations of the Company under the WVHTCF Note are guaranteed
by the Company&rsquo;s wholly owned subsidiary, Protea Biosciences, Inc. (the &ldquo;Subsidiary&rdquo;) pursuant to the terms and
conditions of a Guaranty of Payment, dated May 22, 2012 (the &ldquo;WVHTCF Guaranty&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The foregoing description
of the WVHTCF Note is intended to be a summary only and is qualified in its entirety by reference to the WVHTCF Note, which is
filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As security for the
timely payment and satisfaction of the obligations of the Company under the WVHTCF Note, the Company granted a first security interest
and lien on the Collateral to the WVHTCF in connection with the terms and conditions of the Security Agreement, dated May 24, 2012
(the &ldquo;WVHTCF Security Agreement&quot;). Ten days following receipt of notice (&ldquo;Cure Period&rdquo;) by the Company from
WVHTCF with regard to the occurrence of any one of the following events (&ldquo;WVHTCF Event of Default&rdquo;), which WVHTCF Event
of Default has not been cured within such Cure Period, to the satisfaction of WVHTCF, WVHTCF is entitled to (1) declare any or
all of the obligations set forth under the WBHTCF Note, to be immediately due and payable without further demand or notice of any
kind and proceed to collect the same; (2) take possession of the Collateral; (3) render the Collateral unusable; (iv) use, operate,
manage, control, maintain, repair, alter or dispose of the Collateral; (v) require the Company to assemble the Collateral and make
it available to WVHTCF; (vi) notify account debtors and (vii) notify the United States Postal Service to send the Company&rsquo;s
mail to WVHTCF.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Security Agreement is not intended to be complete and is qualified in its entirety by reference to the Security Agreement,
which is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 11, 2012, the
Company entered into a loan agreement (the &ldquo;Loan Agreement&rdquo;) pursuant to which the West Virginia Economic Development
Authority agreed to lend an aggregate principal amount of $200,000.00 to the Company at a fixed interest rate of two percent (2%)
per annum for a term of ten (10) years pursuant to the terms of promissory note. The occurrence of any of the following events
shall constitute an event of default under the Loan Agreement (each, a &ldquo;WVEDA Event of Default&rdquo;): (i) failure by the
Company to pay any amounts required to be paid under the Loan Agreement at the times specified in the Loan Agreement, which failure
shall continue for a period of ten (10) days; (ii) failure by the Company to observe and perform any covenant, condition or agreement
to be observed or performed by it under the Loan Agreement for a period of 30 days after written notice of such failure requesting
that it be remedied, has been given to the Company by WVEDA, unless WVEDA agrees in writing to an extension of such time prior
to its expiration; (iii) the dissolution or liquidation of the Company or its wholly owned subsidiary ; (iv) the commencement by
or against the Company or its subsidiary of proceedings under the United States Bankruptcy Code, as amended, provided; however,
that any such petition filed against the Company or subsidiary that is dismissed or stayed within thirty (30) days of such filing
shall not constitute a WVEDA Event of Default so long as the Company gives written notice of such filing to the WVEDA; (v) any
representation, warranty or other statement set forth in the Loan Agreement is false or misleading in any way; or (vi) the occurrence
of any event of default under the WVHTCF Note or the WVEDA Security Agreement (defined below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the occurrence
of a WVEDA Event of Default, the WVEDA may (i) declare the entire amount due and payable under the WVEDA Note defined below; (ii)
take any action specified in the WVEDA Security Agreement; (iii) proceed against the Subsidiary pursuant to the terms of the WVEDA
Guaranty (defined below); or (iv) take any other action necessary or desirable to collect the amounts due under the WVEDA Note.</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 foregoing description
of the WVEDA Note is intended to be a summary only and is qualified in its entirety by reference to the WVEDA Note, which is filed
as Exhibit 10.3 to this Current Report on Form 8-K and is incorporated herein by reference.</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"><B>Promissory Note</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with
the terms of the Loan Agreement, the Company issued a promissory note, dated June 11, 2012, in an aggregate principal amount of
$200,000.00 (the (&ldquo;WVEDA Note&rdquo;). The WVEDA Note accrues interest at a rate of two percent (2%) per annum and has a
ten year term, with the final payment with respect to the WVEDA Note due June 11, 2022. Pursuant to the terms of the WVEDA Note,
if an event of default under the WVEDA Loan Agreement has occurred then the entire principal amount and accrued interest shall
become due and payable. The obligations of the Company under the WVEDA Note are guaranteed by the Company&rsquo;s wholly owned
subsidiary, Protea Biosciences, Inc. (the &ldquo;Subsidiary&rdquo;) pursuant to the terms and conditions of a Guaranty of Payment,
dated June 6, 2012 (the &ldquo;WVEDA Guaranty&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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the WVEDA Note is intended to be a summary only and is qualified in its entirety by reference to the WVEDA Note, which is filed
as Exhibit 10.4 to this Current Report on Form 8-K and is incorporated herein by reference.</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"><B>WVEDA Security 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; text-align: justify; text-indent: 0.5in">As security for the
timely payment and satisfaction of the obligations of the Company under the WVEDA Note, the Subsidiary granted a first security
interest and lien, shares with the WVHTCF, on the Collateral to WVEDA in connection with the terms and conditions of the Security
Agreement, dated June 11, 2012 (the &ldquo;WVEDA Security Agreement&rdquo;). Pursuant to the terms of the WVEDA Security Agreement,
if an event of default under the WVEDA Loan Agreement or the WVEDA Note has occurred then a default under the WVEDA Security Agreement
has occurred. Upon the occurrence of an event of default under the WVEDA Security Agreement, WVEDA may exercise its right of enforcement
under the Uniform Commercial Code of West Virginia and enter the Subsidiary&rsquo;s premises to take possession or control of the
Collateral.</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 foregoing description
of the WVEDA Security Agreement is intended to be a summary only and is qualified in its entirety by reference to the WVEDA Security
Agreement, which is filed as Exhibit 10.5 to this Current Report on Form 8-K and is incorporated herein by reference.</P>

<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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="color: black"><B>Item 2.03.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black"><B>Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance &#9; Sheet Arrangement of a Registrant.</B></FONT></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; text-align: justify; text-indent: 0.5in">The information set
forth in Item 1.01 of this Current Report on Form 8-K that relates to the creation of a direct financial obligation of the Company
is incorporated by reference into this Item 2.03.</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: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 3.02</B></TD><TD STYLE="text-align: justify"><B>Recent Sales of Unregistered Securities.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information disclosed
in Item&nbsp;1.01 of this Current Report on Form 8-K with respect to the WVHTCF Note is incorporated herein by reference. The sale
and issuance of the WVHTCF Note was issued in connection with the exemption from registration under the Securities Act of 1933,
in reliance on Section&nbsp;4(2) promulgated thereunder as a transaction by an issuer not involving a public offering, in which
the investors are accredited and have acquired the securities for investment purposes only and not with a view to or for sale in
connection with any distribution thereof.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 9.01.</B></TD><TD STYLE="text-align: justify"><B>Exhibits and Financial Statements</B></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; text-indent: 22.5pt">(d) &#9;Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">10.1</TD><TD STYLE="text-align: justify">Secured Convertible Note and Investment Agreement, dated
May 24, 2012, between Protea Biosciences Group, Inc. and West Virginia High Technology Consortium Foundation.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">10.2</TD><TD STYLE="text-align: justify">Security Agreement, dated May 24, 2012, between Protea
Biosciences Group, Inc. and West Virginia High Technology Consortium Foundation.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">10.3</TD><TD STYLE="text-align: justify">Loan Agreement, dated June 11, 2012, between Protea Biosciences
Group, Inc. and West Virginia Economic Development Authority.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">10.4</TD><TD STYLE="text-align: justify">Promissory Note, dated June 11, 2012 between Protea Biosciences
Group, Inc. and West Virginia Economic Development Authority.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">10.5</TD><TD STYLE="text-align: justify">Security Agreement, dated June 11, 2012 between Protea
Biosciences, Inc. and West Virginia Economic Development Authority.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -53.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">10.6</TD><TD STYLE="text-align: justify">Guaranty, dated May 22, 2012, between Protea Biosciences,
Inc. and West Virginia High Technology Consortium Foundation.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">10.7</TD><TD STYLE="text-align: justify">Guaranty, dated June 6, 2012, between Protea Biosciences,
Inc. and West Virginia Economic Development Authority.</TD>
</TR></TABLE>

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

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<TR STYLE="vertical-align: top">
    <TD>Dated: June15, 2012</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">PROTEA BIOSCIENCES GROUP, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="text-decoration: underline">/s/ Stephen Turner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Stephen Turner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer</TD></TR>
</TABLE>


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[{"type": "8-K", "sequence": "1", "filename": "v316236_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 32045}]
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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):
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
West Virginia High Technology Consortium Foundation
Secured Convertible Note and Investment Agreement
On May 24, 2012, Protea
Biosciences Group, Inc. (the "Company"), issued a Secured Convertible Note and Investment Agreement (the "WVHTCF
Note") with a principal amount of $200,000 to West Virginia High Technology Consortium Foundation, a West Virginia non-profit
corporation ("WVHTCF"). The WVHTCF Note accrues interest at a rate of eight percent (8%) per annum and has a maturity
date of December 1, 2014 (the "WVHTCF Maturity Date"). WVHTCF may, in its sole discretion, at any time during the term
of the WVHTCF Note, elect to convert all or any portion of the unpaid principal and accrued interest due and payable under the
WVHTCF Note, into shares of common stock at a conversion price of $2.00 per share (the "Conversion Price") subject
to certain adjustments in the event of stock splits or dividend issuances. In addition, if the Company issues any shares of common
stock for a per share purchase price that is less than the Conversion Price then in effect (the "Original Conversion Price"),
then the Original Conversion Price shall be reduced concurrently with such issue to a price determined by multiplying such Original
Conversion Price by a fraction (x) the numerator of which shall be the number of shares of common stock outstanding immediately
prior to such issue plus the number of shares of common stock which the aggregate consideration received by the Company for the
total number of additional shares of common stock so issued would purchase at such Original Conversion Price, and (y) the denominator
of which shall be the number of shares of common stock outstanding immediately prior to such issue plus the number of such additional
shares of common stock so issued; provided, that, all shares of common stock issuable upon conversion of convertible securities
shall be deemed to be outstanding. The WFVHTCF Note is secured by a first lien interest, shared with the West Virginia Economic
Development Authority ("WVEDA"), in all of the Company's right, title and interest in and to the equipment referred
to as the Waters Synapt G2 Mass Spectrometer (Serial Number UEB072 01) (the "Mass Spectrometer"), including all attachments,
accessories, tools, parts, manuals, software, parts, records and data, all cash and non-cash proceeds from the sale, destruction,
loss or other disposition of the Mass Spectrometer (the "Collateral") pursuant to the terms and conditions of a Security
Agreement, dated May 24, 2012 by and between the Company and WVHTCF. The obligations of the Company under the WVHTCF Note are guaranteed
by the Company's wholly owned subsidiary, Protea Biosciences, Inc. (the "Subsidiary") pursuant to the terms and
conditions of a Guaranty of Payment, dated May 22, 2012 (the "WVHTCF Guaranty").
The foregoing description
of the WVHTCF Note is intended to be a summary only and is qualified in its entirety by reference to the WVHTCF Note, which is
filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Security Agreement
As security for the
timely payment and satisfaction of the obligations of the Company under the WVHTCF Note, the Company granted a first security interest
and lien on the Collateral to the WVHTCF in connection with the terms and conditions of the Security Agreement, dated May 24, 2012
(the "WVHTCF Security Agreement"). Ten days following receipt of notice ("Cure Period") by the Company from
WVHTCF with regard to the occurrence of any one of the following events ("WVHTCF Event of Default"), which WVHTCF Event
of Default has not been cured within such Cure Period, to the satisfaction of WVHTCF, WVHTCF is entitled to (1) declare any or
all of the obligations set forth under the WBHTCF Note, to be immediately due and payable without further demand or notice of any
kind and proceed to collect the same; (2) take possession of the Collateral; (3) render the Collateral unusable; (iv) use, operate,
manage, control, maintain, repair, alter or dispose of the Collateral; (v) require the Company to assemble the Collateral and make
it available to WVHTCF; (vi) notify account debtors and (vii) notify the United States Postal Service to send the Company's
mail to WVHTCF.
The foregoing description
of the Security Agreement is not intended to be complete and is qualified in its entirety by reference to the Security Agreement,
which is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference.
West Virginia Economic Development
Authority
Loan Agreement
On June 11, 2012, the
Company entered into a loan agreement (the "Loan Agreement") pursuant to which the West Virginia Economic Development
Authority agreed to lend an aggregate principal amount of $200,000.00 to the Company at a fixed interest rate of two percent (2%)
per annum for a term of ten (10) years pursuant to the terms of promissory note. The occurrence of any of the following events
shall constitute an event of default under the Loan Agreement (each, a "WVEDA Event of Default"): (i) failure by the
Company to pay any amounts required to be paid under the Loan Agreement at the times specified in the Loan Agreement, which failure
shall continue for a period of ten (10) days; (ii) failure by the Company to observe and perform any covenant, condition or agreement
to be observed or performed by it under the Loan Agreement for a period of 30 days after written notice of such failure requesting
that it be remedied, has been given to the Company by WVEDA, unless WVEDA agrees in writing to an extension of such time prior
to its expiration; (iii) the dissolution or liquidation of the Company or its wholly owned subsidiary ; (iv) the commencement by
or against the Company or its subsidiary of proceedings under the United States Bankruptcy Code, as amended, provided; however,
that any such petition filed against the Company or subsidiary that is dismissed or stayed within thirty (30) days of such filing
shall not constitute a WVEDA Event of Default so long as the Company gives written notice of such filing to the WVEDA; (v) any
representation, warranty or other statement set forth in the Loan Agreement is false or misleading in any way; or (vi) the occurrence
of any event of default under the WVHTCF Note or the WVEDA Security Agreement (defined below).
Upon the occurrence
of a WVEDA Event of Default, the WVEDA may (i) declare the entire amount due and payable under the WVEDA Note defined below; (ii)
take any action specified in the WVEDA Security Agreement; (iii) proceed against the Subsidiary pursuant to the terms of the WVEDA
Guaranty (defined below); or (iv) take any other action necessary or desirable to collect the amounts due under the WVEDA Note.
The foregoing description
of the WVEDA Note is intended to be a summary only and is qualified in its entirety by reference to the WVEDA Note, which is filed
as Exhibit 10.3 to this Current Report on Form 8-K and is incorporated herein by reference.
Promissory Note
In accordance with
the terms of the Loan Agreement, the Company issued a promissory note, dated June 11, 2012, in an aggregate principal amount of
$200,000.00 (the ("WVEDA Note"). The WVEDA Note accrues interest at a rate of two percent (2%) per annum and has a
ten year term, with the final payment with respect to the WVEDA Note due June 11, 2022. Pursuant to the terms of the WVEDA Note,
if an event of default under the WVEDA Loan Agreement has occurred then the entire principal amount and accrued interest shall
become due and payable. The obligations of the Company under the WVEDA Note are guaranteed by the Company's wholly owned
subsidiary, Protea Biosciences, Inc. (the "Subsidiary") pursuant to the terms and conditions of a Guaranty of Payment,
dated June 6, 2012 (the "WVEDA Guaranty").
The foregoing description
of the WVEDA Note is intended to be a summary only and is qualified in its entirety by reference to the WVEDA Note, which is filed
as Exhibit 10.4 to this Current Report on Form 8-K and is incorporated herein by reference.
WVEDA Security Agreement
As security for the
timely payment and satisfaction of the obligations of the Company under the WVEDA Note, the Subsidiary granted a first security
interest and lien, shares with the WVHTCF, on the Collateral to WVEDA in connection with the terms and conditions of the Security
Agreement, dated June 11, 2012 (the "WVEDA Security Agreement"). Pursuant to the terms of the WVEDA Security Agreement,
if an event of default under the WVEDA Loan Agreement or the WVEDA Note has occurred then a default under the WVEDA Security Agreement
has occurred. Upon the occurrence of an event of default under the WVEDA Security Agreement, WVEDA may exercise its right of enforcement
under the Uniform Commercial Code of West Virginia and enter the Subsidiary's premises to take possession or control of the
Collateral.
The foregoing description
of the WVEDA Security Agreement is intended to be a summary only and is qualified in its entirety by reference to the WVEDA Security
Agreement, which is filed as Exhibit 10.5 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 2.03.
Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance 	 Sheet Arrangement of a Registrant.
The information set
forth in Item 1.01 of this Current Report on Form 8-K that relates to the creation of a direct financial obligation of the Company
is incorporated by reference into this Item 2.03.
Item 3.02
Recent Sales of Unregistered Securities.
The information disclosed
in Item 1.01 of this Current Report on Form 8-K with respect to the WVHTCF Note is incorporated herein by reference. The sale
and issuance of the WVHTCF Note was issued in connection with the exemption from registration under the Securities Act of 1933,
in reliance on Section 4(2) promulgated thereunder as a transaction by an issuer not involving a public offering, in which
the investors are accredited and have acquired the securities for investment purposes only and not with a view to or for sale in
connection with any distribution thereof.
Item 9.01.
Exhibits and Financial Statements
(d) 	Exhibits
10.1
Secured Convertible Note and Investment Agreement, dated
May 24, 2012, between Protea Biosciences Group, Inc. and West Virginia High Technology Consortium Foundation.
10.2
Security Agreement, dated May 24, 2012, between Protea
Biosciences Group, Inc. and West Virginia High Technology Consortium Foundation.
10.3
Loan Agreement, dated June 11, 2012, between Protea Biosciences
Group, Inc. and West Virginia Economic Development Authority.
10.4
Promissory Note, dated June 11, 2012 between Protea Biosciences
Group, Inc. and West Virginia Economic Development Authority.
10.5
Security Agreement, dated June 11, 2012 between Protea
Biosciences, Inc. and West Virginia Economic Development Authority.
10.6
Guaranty, dated May 22, 2012, between Protea Biosciences,
Inc. and West Virginia High Technology Consortium Foundation.
10.7
Guaranty, dated June 6, 2012, between Protea Biosciences,
Inc. and West Virginia Economic Development Authority.
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: June15, 2012
PROTEA BIOSCIENCES GROUP, INC.
By:
/s/ Stephen Turner
Stephen Turner
Chief Executive Officer