Document:

PROMISSORY NOTE

	
$242,631.00

	
Morgantown, West Virginia

 

August 3, 2009

 

FOR VALUE RECEIVED, the undersigned Protea Biosciences, Inc., a Delaware corporation (the "Company") hereby promises to pay to the order of the West Virginia Economic Development Authority (the "WVEDA") the sum of Two Hundred Forty-Two Thousand Six Hundred Thirty-One Dollars ($242,631.00), with interest on the unpaid principal accruing from the date first above written at an annual rate of interest equal to four percent (4.00%) per annum. The Company shall pay the sum with interest as set forth above, in lawful money of the United States, at the offices of the WVEDA, NorthGate Business Park, 160 Association Drive, Charleston, West Virginia 25311, or at such other place as the owner of this Note shall designate, as follows:

 

1.           On the 3rd day of each calendar month for one hundred twenty (120) successive calendar months beginning on the 3rd day of September, 2009, the Company shall pay the sum of $2,456.83 until August 3, 2019 when the entire unpaid principal balance, together with the interest accrued thereon at the rate aforesaid, shall be paid in full. Said payments shall be applied first to the payment of said interest on the unpaid balance and the balance to the payment of said principal.

 

2.           This Note is the one described in that certain Loan Agreement and that certain Security Agreement, each of even date herewith by and between the WVEDA and the Company. If default shall be made in the payment of any installments of this Note or any part thereof, when due, and if such default shall continue for a period of thirty (30) days after the same has become due, or if there shall be a breach at any time of any covenant, condition, provision, warranty, stipulation or agreement contained in said Loan Agreement or Security Agreement and such breach shall continue for a period of thirty (30) days after notice thereof has been given to the Company, or upon the occurrence of any of the events described in D.l. of the Loan Agreement, then in any such event the entire principal balance hereof, with interest thereon then accrued, shall at once be and become due, payable and demandable, without notice, at the option of the holder hereof. Failure at any time on the part of the holder hereof to exercise such option shall not constitute a waiver of the right to exercise the same in the event of a subsequent similar default.

 

2549016.2

Promissory Note

 

  

  

 

 

3.           The undersigned shall have the right at any time, without notice, premium or penalty, to anticipate payment of all or any part of this Note, but any such partial payment shall not operate to postpone payment as and when due of the regular installments due on this Note.

 

4.           The undersigned expressly waives presentment for and demand of payment and notice of the nonpayment of any installment of principal or interest falling due under this Note, and also waives protest of same upon default in the payment of such installment.

	
PROTEA BIOSCIENCES, INC.

	 
	
By:

	/s/ Stephen Turner
	  	
Its:

	
CEO

 

2549016.2

Promissory Note

 

  

2PROMISSORY NOTE

(Non-Revolving)

	
$242,630.00

	
Charleston, West Virginia

	  	
August 3, 2009

 

FOR VALUE RECEIVED, PROTEA BIOSCIENCES, INC., a Delaware corporation (the “Borrower”), does hereby promise to pay to the order of the WEST VIRGINIA WATER DEVELOPMENT AUTHORITY, on behalf of the WEST VIRGINIA INFRASTRUCTURE AND JOBS DEVELOPMENT COUNCIL (the “Lender”), at its principal place of business at 180 Association Drive, Charleston, West Virginia 25311-1571, the principal sum of $242,630, or such lesser amount as may be advanced by the Lender pursuant to that certain Loan Agreement (the “Loan Agreement”) of even date herewith between Lender and Borrower, together with interest on the unpaid principal balances outstanding from time to time on this Note.

 

1.           Monthly Payments. Subject to the terms of Section 1 of the Loan Agreement, the principal of and interest on this Note shall be payable as follows:

 

(a)           Commencing on the 3rd day of September, 2009, and continuing thereafter on the same day of each of the next succeeding 118 months, the Borrower shall make payments of principal and interest to the Lender on the principal balances outstanding on the loan (the “Loan”) evidenced by this Note sufficient to amortize the Loan over the remainder of its 10-year term, which payments shall be in the amounts set forth on the amortization schedule attached hereto as Exhibit A.

 

(b)           On August 3, 2019, the Borrower shall make a final payment to Lender in an amount equal to the unpaid principal balance on this Note together with all accrued interest thereon.

 

{C1522444.1}

  

 

  

 

2.           Prepayment. The Loan may be prepaid at any time without premium or penalty. Prepayments of the Loan may not be reborrowed. Partial prepayments will be applied to installments due in inverse order of maturity.

 

3.           Interest Rate. The principal balances outstanding on the Loan shall bear interest at a fixed rate of 3.25% per annum.

 

4.           Evidence and Security. This Note is issued and disbursement of Loan proceeds will be made pursuant to the Loan Agreement. Payment of this Note is secured by a Security Agreement of even date herewith executed by Borrower in favor of Lender which, together with the Loan Agreement and all other instruments, documents and agreements securing, evidencing or otherwise pertaining to the Loan are herein collectively referred to as the “Collateral Documents.”

 

5.           Remedies. If an Event of Default (as defined in the Loan Agreement) shall have occurred and be continuing or there shall be a breach of or a default in the performance of any of the terms, conditions, warranties, covenants and agreements of any of the other Collateral Documents, then, upon the expiration of any applicable grace period, the entire unpaid principal balance on this Note, together with all accrued interest hereon, shall, at the option of the holder hereof, without notice, immediately become due and payable for all purposes, and the holder may exercise the rights and remedies provided for in the Collateral Documents and under applicable law.

 

6.           Applicable Law. This Note shall be governed and the rights and obligations of the parties hereto shall be construed under the laws of the State of West Virginia.

 

{C1522444.1}

  

2

  

 

7.           Waiver. Each party to this Note, whether as principal, endorser, guarantor, surety or otherwise, jointly and severally, waives presentment, demand, protest and notice of dishonor and agrees that an extension or extensions of time of payment of this Note or any installment hereof may be made before, at or after maturity by agreement with any one or more of the parties hereto without notice to and without releasing the liability of any other party.

 

	  	
PROTEA BIOSCIENCES, INC.

	  	  	  
	  	
By:

	
/s/ Stephen Turner

	  	  	
Title:

	
CEO

 

{C1522444.1}

  

3PROMISSORY NOTE

	
$900,000.00

	
Morgantown, West Virginia

	  	
October 21, 2010

 

FOR VALUE RECEIVED, the undersigned Protea Biosciences, Inc., a Delaware corporation (the "Company") hereby promises to pay to the order of the West Virginia Economic Development Authority (the "WVEDA") the sum of Nine Hundred Thousand and 00/100 Dollars ($900,000.00), with interest at the rate of three and twenty-six one-hundredths percent (3.26%) per annum. The Company shall pay the sum with interest as set forth above, in lawful money of the United States, at the offices of the WVEDA, NorthGate Business Park, 160 Association Drive, Charleston, West Virginia 25311, or at such other place as the owner of this Note shall designate, as follows:

 

1.           On the 21st day of each calendar month for one hundred twenty (120) successive calendar months beginning on the 21st day of November, 2010, the Company shall pay the sum of $8,801.71 until October 21, 2020, when the entire unpaid principal balance, together with the interest accrued thereon at the rate aforesaid, shall be paid in full. Said payments shall be applied first to the payment of said interest on the unpaid balance and the balance to the payment of said principal.

 

2.           This Note is the one described in that certain Loan Agreement and that certain Security Agreement, each of even date herewith by and between the WVEDA and the Company. If default shall be made in the payment of any installments of this Note or any part thereof, when due, and if such default shall continue for a period of thirty (30) days after the same has become due, or if there shall be a breach at any time of any covenant, condition, provision, warranty, stipulation or agreement contained in said Loan Agreement or Security Agreement and such breach shall continue for a period of thirty (30) days after notice thereof has been given to the Company, or upon the occurrence of any of the events described in D.1. of the Loan Agreement, then in any such event the entire principal balance hereof, with interest thereon then accrued, shall at once be and become due, payable and demandable, without notice, at the option of the holder hereof. Failure at any time on the part of the holder hereof to exercise such option shall not constitute a waiver of the right to exercise the same in the event of a subsequent similar default.

 

3263905.1

Promissory Note - 2010

  

 

  

 

3.            The undersigned shall have the right at any time, without notice, premium or penalty, to anticipate payment of all or any part of this Note, but any such partial payment shall not operate to postpone payment as and when due of the regular installments due on this Note.

 

4.            The undersigned expressly waives presentment for and demand of payment and notice of the nonpayment of any installment of principal or interest falling due under this Note, and also waives protest of same upon default in the payment of such installment.

	  	
PROTEA BIOSCIENCES, INC.

	  	  	  
	  	
By:

	
/s/ Stephen Turner

	  	  	
Its:

	
President

 

3263905.1

Promissory Note - 2010

  

2

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