Document:

Exhibit 4.1

 

THIS
PROMISSORY NOTE (THIS “NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION
OR RESALE, AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROTEA
BIOSCIENCES GROUP, INC.

PROMISSORY
NOTE

DUE
 _________, 2015

 

	$____________	 	Issue Date: ____________,
    2014  

 

Protea
Biosciences Group, Inc., a Delaware corporation (the “Company”), for value received hereby
promises to pay to                         ,
or its registered assigns (the “Holder”), the sum of
$                                ,
or such other lesser amount as shall then equal the outstanding principal amount hereof (the “Loan
Amount”) plus all accrued unpaid interest, as set forth below, on the earlier to occur of (i)            , 2015 (the “Maturity
Date”), or (ii) when declared due and payable by the Holder upon the occurrence of an Event of Default (as
defined below). This Note is issued as of the Issue Date set forth above, pursuant to the terms of that certain Note and
Warrant Purchase Agreement dated as of           , 2014 (the
“Agreement”) by and between the Company and Holder.

 

The
following is a statement of the rights of the Holder of this Note and the conditions to which this Note is subject, and to which
the Holder hereof, by the acceptance of this Note, agrees:

 

1.          Definitions.
Any capitalized term not otherwise defined herein shall have the meaning set forth in the Agreement. As used in this Note, the
following terms, unless the context otherwise requires, shall have the following meanings:

 

(i)          “Company”
includes any corporation that, to the extent permitted by this Note, shall succeed to or assume the obligations of the Company
under this Note.

 

(ii)         “Holder”,
when the context refers to a holder of this Note, shall mean any person who shall at the time be the registered holder of this
Note.

 

2.          Payments.
All payments for amounts due under this Note shall be made by wire transfer of immediately available funds, in lawful tender
of the United States, to an account designated in writing by the Holder, and all payments shall be applied first to the Interest
Amount (as defined below) and thereafter to the Loan Amount, subject to any such further conditions as set forth in Section 11
hereto.

 

3.          Interest.
Simple Interest on the unpaid principal balance of this Note shall accrue from the Issue Date at the rate of ten percent (10%)
per annum (the “Interest Rate”). All accrued unpaid interest (the “Interest Amount”)
shall be due and payable to the Holder beginning on the Maturity Date or at such earlier date as declared due and payable by the
Holder upon the occurrence of an Event of Default. Interest payments shall be payable at the option of the Holder (a) in cash,
or (b) in such number of restricted shares of the Company’s common stock (“Restricted Shares”)
equal to the Interest Amount multiplied by $0.50. 

 

    	 

    	 

    

 

4.          Events
of Default. If any of the events specified in this Section 4 shall occur (herein individually referred to as an “Event
of Default”), the Holder of the Note may, provided such condition exists, declare the entire Loan Amount and Interest
Amount hereon immediately due and payable, by written notice to the Company:

 

(i)          Any
failure by the Company to pay any of the Loan Amount of or Interest Amount on this Note when due hereunder, and such failure continues
for ten (10) days after written notice to the Company thereof; or

 

(ii)         The
institution by the Company of proceedings to adjudicate the Company as bankrupt or insolvent, or the consent by the Company to
the institution of such proceedings; the filing by the Company of a petition, answer or consent seeking reorganization or release
under the federal Bankruptcy Act or any other applicable federal or state law, or the consent by the Company to the filing of
any such petition; the appointment of a receiver, liquidator, assignee, trustee or other similar official of the Company, or of
any substantial part of its property; or the making of an assignment by the Company for the benefit of creditors, or the taking
of any corporate action by the Company in furtherance of any such action; or

 

(iii)        The
commencement of an action against the Company seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or
similar relief under any present or future statute, law or regulation; unless, (a) within sixty (60) days after such commencement,
the action has been resolved in favor of the Company, or all orders or proceedings thereunder affecting the operations or the
business of the Company have been stayed; provided, however, that the stay of any such order or proceeding has not thereafter
been set aside, or (b) within sixty (60) days after the appointment of any trustee, receiver or liquidator of the Company or of
all or any substantial part of the properties of the Company, without the consent or acquiescence of the Company thereto, such
appointment is vacated.

 

5.          Prepayment.
This Note may be prepaid by the Company at any time without penalty or premium; provided, that prior to making any such
prepayments, the Company obtains the express written consent of the Holder, which consent shall not be unreasonably withheld or
delayed. 

 

6.          Assignment.
Subject to the restrictions on transfer described in Section 8 below, the rights and obligations of the Company and the Holder
of this Note shall be binding upon, and benefit the successors and assigns of, the parties.

 

7.          Waiver
and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of both the Company
and the Holder.

 

8.          Transfer
of This Note or Securities Issuable Hereunder. With respect to any offer, sale or other disposition of this Note, the Holder
shall give written notice to the Company prior thereto, describing briefly the manner thereof, together with a written opinion
of such Holder’s counsel, to the effect that such offer, sale or other disposition may be effected without registration
or qualification (under any federal or state law then in effect). Upon receiving such written notice and opinion, if so requested,
the Company, as soon as practicable, shall notify such Holder that such Holder may sell or otherwise dispose of this Note, all
in accordance with the terms of the notice delivered to the Company. Any Note thus transferred shall bear a legend as to the applicable
restrictions on transferability in order to ensure compliance with the Act unless, in the opinion of counsel for the Company,
such legend is not required. 

 

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The
Company may issue stop-transfer instructions to the Company’s transfer agent in connection with any such restrictions. Notwithstanding
the foregoing, the Holder shall not offer, sell or otherwise dispose of any Restricted Shares issued pursuant to Section 3 of
this Note.

 

9.          Notices.
Any notice, request or other communication required or permitted hereunder shall be in writing and shall conclusively be deemed
to have been duly given if personally delivered or if faxed with confirmation of receipt by telephone or if mailed by registered
or certified mail, postage prepaid, at the respective addresses of the parties set forth below, and shall be deemed to have been
received when delivered. Any party hereto may, by notice thereof, change its address for any such future notices as may be required
or permitted hereunder.

 

Holder:

 

 

	Borrower:	Protea Biosciences Group, Inc.
	 	955 Hartman Run Road
	 	Morgantown, WV 26507
	 	Attn: Stephen Turner
	 	Fax:  304-292-7101

 

with
a copy (which shall not constitute notice) to:

 

	 	Richardson & Patel LLP
	 	The Chrysler Building
	 	405 Lexington Avenue, 49th
    Floor
	 	New York, NY 10174
	 	Attn: David N. Feldman
	 	Fax: 917-677-8165

 

10.         No
Stockholder Rights. Nothing contained in this Note shall be construed as conferring upon the Holder or any other person the
right to vote or consent or to receive notice as a stockholder in respect of any meeting of stockholders for the election of directors
of the Company or any other matters or rights whatsoever as a stockholder of the Company, and no dividends or interest shall be
payable or accrued in respect of this Note or the interests represented hereby or the Restricted Shares obtainable hereunder until.

 

11.         Usury.
This Note is hereby expressly limited so that in no event whatsoever, whether by reason of acceleration of maturity of the
loan evidenced hereby or otherwise, shall the amount paid or agreed to be paid to the Holder hereunder for the loan, use, forbearance
or detention of money exceed that which is permissible under applicable law. If at any time the performance of any provision of
this Note or of any other agreement or instrument entered into in connection with this Note involves a payment exceeding the limit
of the interest that may be validly charged for the loan, use, forbearance or detention of money under applicable law, then automatically
and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the specific intent of
the Company and the Holder that all payments under this Note are to be credited first toward the payment of interest, but not
in excess of the lesser of (i) the agreed upon Interest Rate as set forth herein or (ii) that which is permitted by law; and payments
shall thereafter be credited toward the reduction of the outstanding Loan Amount. 

 

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The
provisions of this Section 11 shall under no circumstances be superseded or waived and shall control every other provision of
this Note and all other agreements and instruments entered into between the Company and the Holder in connection with this Note.

 

12.         Governing
Law. In all respects, including all matters of construction, validity and performance, this Agreement shall be governed by,
and construed and enforced in accordance with, the laws of the State of Delaware, without regard to principles thereof relating
to conflicts or choice of law.

 

13.         Heading;
References. All headings used herein are used for convenience only and shall not be used to construe or interpret this Note.
Except where otherwise indicated, all references herein to Sections refer to Sections hereof.

 

14.         Waiver.
The Company hereby waives default, demand for payment, notice, presentment, protest and notice of nonpayment or dishonor and
all other notices or demands relating to this instrument.

 

[Signature
Page Follows]

 

    	4

    	 

    

  

IN
WITNESS WHEREOF, the Company has caused this Note to be issued this                
day of                   ,
2014.

 

	 	PROTEA BIOSCIENCES GROUP, INC.
	 	a Delaware corporation
	 	 
	 	By: 	 
	 	Name: Stephen Turner
	 	Title: Chief Executive Officer

 

	Signature of Holder: 	 	 
	 	 	 
	Name of Holder: 	 	 

	 	 	 
	Address:Exhibit 4.2

 

THIS WARRANT AND THE SECURITIES UNDERLYING
THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM
UNDER SUCH SECURITIES ACT, ANY APPLICABLE STATE SECURITIES LAWS AND THE RULES AND REGULATIONS THEREUNDER. 

 

PROTEA BIOSCIENCES GROUP, INC.

 

WARRANT

 

TO PURCHASE COMMON STOCK OF THE COMPANY

 

	Warrant No. _______	Issue Date: ___________, 2014

 

FOR VALUE RECEIVED,
PROTEA BIOSCIENCES GROUP, INC., a Delaware corporation (the “Company”), grants the following rights
to                         
and its permitted assigns, heirs, executors and administrators (individually and collectively, the “Holder”),
as of the          day of                 ,
2014 (the “Issue Date”). This warrant (the “Warrant”) has been issued by the
Company in connection with that certain Note and Warrant Purchase Agreement by and between the Company and Holder dated as of the
Issue Date (the “Agreement”).

 

Section 1.             Grant.

 

The Holder is hereby
granted the right (collectively, the “Purchase Rights”), in accordance with the terms and conditions
of this Warrant, from the date hereof until the expiration of the Exercise Period (as defined in Section 3.1 hereof), to purchase
from the Company that number of fully paid and non-assessable shares of the common stock, par value $0.0001 per share (the “Common
Stock”) of the Company, set forth in Section 2 hereof, at the Exercise Price (as defined in Section 5 hereof), upon
delivery to the Company of this Warrant along with the Notice of Exercise form attached as Exhibit 1 hereto, duly executed,
and upon tender of the Exercise Price for the shares of Common Stock to be purchased, which Payment shall be made in cash, wire
transfer or bank cashier’s check.

 

Section 2.             Number
of Shares of Common Stock Purchasable.

 

2.1           Subject
to the other provisions of this Section 2, this Warrant entitles the Holder to purchase up to an aggregate of One Hundred Fifty
Thousand (150,000) shares of the Company’s Common Stock (the “Warrant Shares”) for each One Hundred
Fifty Thousand Dollars ($150,000) borrowed by the Company pursuant to the Agreement (or a pro rata portion thereof in the case
of a Loan Amount under the Agreement of less than $150,000), but not to exceed 1,500,000 shares in total.

 

2.2           In
case prior to the expiration of the Purchase Rights by exercise or by the terms of this Warrant, the Company shall undertake any
reclassification, stock split, reverse stock split, stock dividend or any similar proportionately-applied change (collectively,
a “Reclassification”) of outstanding shares of Common Stock (other than a change solely in, of, or from
par value), the Holder shall thereafter be entitled, upon exercise of this Warrant for the same total consideration as presently
required, to purchase the kind and amount of shares of stock and other securities and property receivable upon such Reclassification
by a holder of the number of shares of Common Stock which this Warrant entitles the Holder hereof to purchase immediately prior
to such Reclassification. Notice of any such Reclassification shall be given to the Holder pursuant to Section 11 hereof.

 

    	 

    	 

    

 

2.3           In
case prior to the expiration of the Purchase Rights by exercise or by the terms of this Warrant, the Company shall determine to
consolidate or merge with, or convey all, or substantially all, of its property or assets to, any other corporation or corporations,
or to dissolve, liquidate or wind up, then, as a condition precedent to such consolidation, merger, conveyance, dissolution, liquidation
or winding up, notice shall be given to the Holder pursuant to Section 11 hereof and lawful and adequate provision shall be made
whereby the Holder shall thereafter have the right to receive from the Company or from the Company’s successors or assigns,
as the case may be, upon the basis and upon the terms and conditions specified in this Warrant, in lieu of the shares of Common
Stock of the Company theretofore purchasable upon the exercise of the Purchase Rights, such shares of stock, securities, or assets
as may be issued or payable with respect to, or in exchange for, the number of shares of Common Stock of the Company theretofore
purchasable upon the exercise of the Purchase Rights had such consolidation, merger, conveyance, dissolution, liquidation or winding-up
not taken place; and in any such event the rights of the Holder to an adjustment of the number of shares of Common Stock purchasable
upon the exercise of the Purchase Rights as herein provided, shall continue and be preserved in respect of any stock or securities
which the Holder becomes entitled to purchase.

 

Section 3.             Exercise
Period; Registration Statement Notice.

 

3.1           The
Purchase Rights represented hereby shall be exercisable in whole or in part from time to time, subject to the terms and conditions
set forth herein, after the Issue Date of this Warrant until the earlier of (i) a Qualified Public Offering or (ii) 5:00 p.m. Eastern
time on the fifth anniversary of the Issue Date hereof (the “Exercise Period”). For purposes of this
Warrant, the term “Qualified Public Offering” shall mean the closing of a firm underwritten offering
commitment pursuant to an effective registration statement under the Act covering the offer and sale of Common Stock for the account
of the Company in which the net cash proceeds to the Company (after deduction of underwriting discounts and commissions) are at
least $10,000,000.

 

3.2           The
Company shall give the Holder written notice of any Qualified Public Offering, at the address of the Holder set forth on the Company’s
books, at least twenty (20) days prior to the closing of such Qualified Public Offering.

 

Section 4.             Exercise.

 

4.1           The
Purchase Rights represented by this Warrant are exercisable at the option of the Holder in whole or in part from time to time,
subject to the terms and conditions set forth herein, but not for less than 100 shares at a time, at any time and from time to
time during the Exercise Period upon the delivery of the Notice of Exercise form to the Company with such notice duly executed
and upon tender of the Exercise Price for the shares of Common Stock to be purchased, which Payment shall be made in cash, wire
transfer or bank cashier’s check. The Purchase Rights shall be deemed to have been exercised, and the Holder shall be deemed
to have become a stockholder of record of the Company for the purposes of receiving dividends and for all other purposes whatsoever
with respect to the shares of Common Stock so purchased, as of the date of delivery of such properly executed notice accompanied
by proper tender of the Exercise Price at the principal office of the Company. As promptly as practicable on or after such date,
and in any event within three (3) business days thereafter, the Company at its expense shall issue and deliver, or cause to be
issued and delivered, to the person or persons entitled to receive the same, a certificate or certificates for the number of shares
issuable upon such exercise. In the event that this Warrant is exercised in part, the Company at its expense shall execute and
deliver a new warrant of like tenor exercisable for the number of shares for which this Warrant may then be exercised.

 

4.2           In
lieu of the payment methods set forth in Section 4.1 above, in the event the Warrant Shares have not been registered under an effective
registration statement filed pursuant to the Act prior to the earlier of: (i) one (1) year from the Issue Date of this Warrant;
or

 

    	 

    	 

    

 

(ii) the closing of the Qualified Public
Offering, the Holder may elect to exchange all or some of this Warrant for shares of Common Stock equal to the value of the amount
of the Warrant being exchanged on the date of exchange.  If the Holder elects to exchange this Warrant as provided in
this Section 4.2, the Holder shall tender to the Company the Warrant for the amount being exchanged, along with written notice
of the Holder’s election to exchange some or all of the Warrant, as the case may be, and the Company shall issue to the Holder
the number of shares of the Common Stock computed using the following formula:

 

	X =	Y (A-B)
	 	A

 

	Where:	X =	the number of shares of Common Stock to be issued to the Holder.
	 	Y =	the number of shares of Common Stock purchasable under the amount of the Warrant being exchanged (as adjusted to the date of such calculation).
	 	A =	the Fair Market Value of one share of the Common Stock on the date that the notice of exercise is received by the Company.
	 	B =	Exercise Price (as adjusted to the date of such calculation).

 

The fair market value (“Fair
Market Value”) of one share of Common Stock as of a particular date shall mean: (i) if traded on a national securities
exchange, the average volume weighted average price (“VWAP”) of the Company’s Common Stock on such exchange as
reported by Bloomberg LP over the five (5) trading days ending immediately prior to the applicable date of valuation; (ii) if quoted
on the OTC Bulletin Board or an over the counter market operated by OTC Markets Group, Inc. or its successor, the average VWAP
over the thirty (30) trading days ending immediately prior to the applicable date of valuation; (iii) if determined in connection
with a Qualified Public Offering, the offering price of the Common Stock in the Qualified Public Offering; and (iv) except as set
forth in (iii), if neither (i) nor (ii) applies, the Fair Market Value shall be such value as agreed upon by both the Company and
the Holder; provided, however, that if the Company and the Holder cannot agree on such a value, such value shall be determined
by an independent valuation firm, jointly selected in good faith by the Company and the Holder, with experience in valuing businesses
such as the Company, and the fees and expenses of such valuation firm shall be paid for by the Company.

 

Section 5.             Exercise
Price.

 

The exercise price for
each share of Common Stock issuable to the Holder hereunder shall be $0.80 per share subject to adjustment hereunder (the “Exercise
Price”).

 

Section 6.            Company’s
Warranties and Covenants as to Capital Stock.

 

The Company has taken
all action necessary and appropriate to properly authorize, reserve and issue those shares of Common Stock issuable to the Holder
pursuant to this Warrant including an authorization of issuance and setting of the Exercise Price. The Common Stock deliverable
on the exercise of the Purchase Rights represented hereby shall, when issued, be duly and validly issued, fully paid and non-assessable.
The Company shall at all times reserve and hold available sufficient shares of Common Stock to satisfy all Purchase Rights hereby
granted.

 

    	 

    	 

    

 

Section 7.            Transfer;
Compliance with Securities Laws

 

The Purchase Rights shall
be registered on the books of the Company, which shall be kept by it at its principal office for that purpose. This Warrant and
the Common Stock issuable upon exercise of the Purchase Rights, may not be transferred or assigned in whole or in part without
compliance with all applicable federal and state securities laws by the transferor and the transferee, including, if requested
by the Company, an opinion of counsel satisfactory to the Company to the effect that the transfer or assignment is in compliance
with applicable federal and state securities laws. Subject to such compliance, the Purchase Rights shall be transferable on said
books, in whole or in part, by the Holder in person or by duly authorized attorney upon surrender of this Warrant properly endorsed
by the Holder executing the Permitted Transfer or Assignment Form attached hereto and made a part hereof as Exhibit 2. All
reasonable and documented costs associated with any transfer or assignment, including, without limitation, the reasonable fees
of counsel to the Company shall be borne by the transferor or assignor. The Company agrees that, while the Purchase Rights remain
valid and outstanding, its stock transfer books shall not be closed for any purpose whatsoever except under arrangements which
shall insure to persons exercising warrants or applying for transfer of stock, all rights and privileges which they might have
had or received if the stock transfer books had not been closed and they had exercised their Purchase Rights at any time during
which such transfer book shall have been closed.

 

Section 8.            Charges,
Taxes and Expenses.

 

Issuance of certificates
for shares of Common Stock issuable upon the exercise of this Warrant or any portion thereof (and issuance of a replacement warrant
certificate in the event of partial exercise) shall be made without charge to the Holder hereof for any issue taxes or any other
incidental expenses in respect of the issuance of such certificates to and in the name of the registered Holder of this Warrant,
all of which taxes and expenses shall be paid by the Company. Certificates may be issued in a name other than that of the Holder
upon the request of and payment by the Holder of any applicable transfer taxes and compliance with all applicable federal and state
securities laws and with all applicable provisions of this Warrant, including but not limited to Section 7 hereof.

 

Section 9.            Exchange
for Other Denominations.

 

This Warrant is exchangeable
for new certificates of like tenor and date representing in the aggregate the right to purchase the number of shares purchasable
hereunder in denominations designated by the Holder at the time of surrender. In the event of the purchase, at any time prior to
the expiration of the Exercise Period, of less than all of the shares of Common Stock purchasable hereunder, the Company shall
cancel this Warrant upon surrender thereof, and shall promptly execute and deliver to the Holder hereof a new warrant of like tenor
and date for the balance of the shares purchasable hereunder.

 

Section 10.           Loss,
Theft, Destruction or Mutilation of Warrant.

 

Upon receipt by the Company
of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon reimbursement to the Company of
all reasonable and documented expenses incidental thereto, and upon surrender of this Warrant, if mutilated, the Company shall
promptly make and deliver a new warrant of like tenor and date, in lieu of this Warrant and shall cancel this Warrant.

 

Section 11.          Notices
Including Certificate of Company in Event of Adjustment.

 

(a)          Whenever
the number of shares of Common Stock purchasable hereunder shall be adjusted pursuant to Sections 2 hereof, the Company shall issue
a certificate signed by its Chief Financial Officer or its President or by such other appropriate officer, setting forth, in reasonable
detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and
the number of shares purchasable hereunder after giving effect to such adjustment, and shall cause a copy of such certificate to
be mailed (by first-class mail, postage prepaid) to the Holder of this Warrant.

 

    	 

    	 

    

 

(b)          In
case:

 

(i)          the
Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive any dividend or other
distribution, or any right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive
any other right; or

 

(ii)         of
any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation or merger
of the Company with or into another corporation, or any conveyance of all or substantially all of the assets of the Company to
another entity; or

 

(iii)        of
any voluntary dissolution, liquidation or winding-up of the Company;

 

then, and in each such case under subclauses
(i) through (iii), the Company shall mail or deliver, or cause to be mailed or delivered, to the Holder a notice specifying, as
the case may be, (A) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating
the amount and character of such dividend, distribution or right; or (B) the date on which such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed,
at which the holders of record of Common Stock shall be entitled to exchange their shares of Common Stock for securities, assets
or other property of the Company deliverable upon such reorganization, reclassification, consolidation, merger, conveyance, dissolution,
liquidation or winding-up. Such notice shall be mailed or delivered at least fifteen (15) business days prior to the date therein
specified.

 

(c)          All
notices, requests, consents and demands required by this Warrant shall be in writing and shall be personally delivered or mailed,
postage prepaid, to the principal office of the Company at:

 

PROTEA BIOSCIENCES GROUP, INC.

955 Hartman Run Road

Morgantown, WV 26507

Attn: President

Fax: 304-292-7101

 

with a copy (which shall not constitute
notice) to:

 

Richardson & Patel LLP

The Chrysler Building

405 Lexington Avenue, 49th Floor

New York, New York 10174

Attn: David Feldman, Esq.

Fax: (917) 677-8165

 

and to the Holder at the address of such
Holder as set forth in the Agreement executed by the original Holder of this Warrant in connection with the purchase of the Common
Stock. Any notice, request or other communication required or permitted hereunder shall be in writing and shall conclusively be
deemed to have been duly given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed facsimile if
sent during the normal business hours of the recipient, if not, then on the next business day, (iii) five (5) days after having
been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit with a
nationally recognized overnight courier, specifying next day delivery with written verification of receipt.

 

    	 

    	 

    

 

Section 12.          Miscellaneous

 

(a)          No
Stockholder Rights. Nothing contained in this Warrant shall be construed as conferring upon the Holder or any other person
the right to vote, consent or receive notice as a stockholder in respect of any meeting of stockholders for the election of directors
of the Company or any other matters, or any other rights whatsoever of a stockholder of the Company.

 

(b)          Successors
and Assigns. Subject to the restrictions on transfer described in Section 7 hereof, the rights and obligations of the Company
and the Holder of this Warrant shall be binding upon, and benefit the successors and assigns of, the parties hereto.

 

(c)          Governing
Law. In all respects, including all matters of construction, validity and performance, this Warrant shall be governed by, and
construed and enforced in accordance with, the laws of the State of Delaware, without regard to principles thereof relating to
conflicts or choice of law.

 

(d)          Waiver
and Amendment. This Warrant may be changed, waived, discharged or terminated only by a statement in writing signed by the party
against which enforcement of such change, waiver, discharge or termination is sought. In case any provision of this Warrant shall
be, in whole or in part, invalid, illegal or unenforceable, such provision shall be enforced to the extent, if any, that it may
legally be enforced and the validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

 

(e)          Headings;
References. All headings used herein are used for convenience only and shall not be used to construe or interpret this Warrant.
Except where otherwise indicated, all references herein to Sections refer to Sections hereof.

 

[Signatures appear on following page.]

 

    	 

    	 

    

  

IN WITNESS WHEREOF, the
Company has caused this Warrant to be duly executed, under seal and delivered on its behalf as of the Issue Date set forth above.

 

	 	PROTEA BIOSCIENCES GROUP,
    INC.
	 	 
	 	By:	 
	 		Stephen Turner
	 		President

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