Document:

Third Substitute Promissory Note

Revolving Line of Credit

 

October 4, 2012

 

	Borrowers:	Black Diamond,
Inc., formerly known as Clarus Corporation
	 	Black Diamond Equipment, Ltd.
	 	Black Diamond Retail,
Inc.
	 	Everest/Sapphire Acquisition,
LLC
	 	Gregory Mountain Products,
LLC
	 	POC USA, LLC
	 	Pieps Corporation
	 	BD European Holdings,
LLC
	 	 
	Lender:	Zions First National Bank
	 	 
	Amount:	$35,000,000.00
	 	 
	Maturity Date: July 2, 2013

 

For value received,
Black Diamond, Inc., a Delaware corporation, formerly known as Clarus Corporation, Black Diamond Equipment, Ltd., a Delaware corporation,
Black Diamond Retail, Inc., a Delaware corporation, Everest/Sapphire Acquisition, LLC, a Delaware limited liability company, Gregory
Mountain Products, LLC, a Delaware limited liability company, POC USA, LLC, a Delaware limited liability company, Pieps Corporation,
a California corporation, and BD European Holdings, LLC, a Delaware limited liability company (individually and collectively herein,
“Borrowers”), promise to pay to the order of Zions First National Bank (“Lender”) at its Corporate Banking
Group, One South Main, Suite 200, Salt Lake City, Utah 84133, the sum of thirty-five million dollars ($35,000,000.00) or such other
principal balance as may be outstanding hereunder in lawful money of the United States with interest thereon calculated and payable
as provided herein.

 

Definitions

 

Terms used in the singular
shall have the same meaning when used in the plural and vice versa. As used in this Promissory Note, the term:

 

“Banking Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in the State of Utah are authorized
or required to close.

 

“Default Rate”
means Ninety Day LIBOR Rate plus seven and five-tenths percent (7.5%) per annum.

 

“Dollars”
and the sign “$” mean lawful money of the United States.

 

“EBITDA”
shall have the meaning set forth in the Loan Agreement.

 

    	 

    	 	

    
 

“Loan Agreement”
means the Loan Agreement dated May 28, 2010 between Lender and Borrowers, together with any exhibits, amendments, addenda, and
modifications.

 

“Ninety Day FHLB
Rate” means the rate per annum quoted by Lender as Lender’s Ninety Day Federal Home Loan Bank rate based upon the FHLB
Seattle rate as quoted in Bloomberg, or on the FHLB Seattle internet web site at www.FHLBsea.com, or other comparable service selected
by Lender. The definition of “Ninety Day FHLB Rate” is to be strictly interpreted and is not intended to serve any
purpose other than providing an index to determine the interest rate used herein. It is not necessarily the lowest rate charged
by Lender on its loans. If the Ninety Day FHLB Rate becomes unavailable during the term of this Promissory Note, Lender may designate
a substitute index after notifying Borrowers.

 

“Ninety Day LIBOR
Rate” means the rate per annum quoted by Lender as its Ninety Day LIBOR Rate based upon quotes from the London Interbank
Offered Rate from the British Bankers Association Interest Settlement Rates as quoted for United States Dollars by Bloomberg or
other comparable services selected by Lender. This definition of “Ninety Day LIBOR Rate” is to be strictly interpreted
and is not intended to serve any purpose other than providing an index to determine the interest rate used herein. It is not the
lowest rate at which Lender may make loans to any of its customers, either now or in the future.

 

“Promissory Note”
means this Third Substitute Promissory Note (Revolving Line of Credit).

 

“Senior Net Debt”
shall have the meaning set forth in the Loan Agreement.

 

“Trailing Twelve
Month” shall have the meaning set forth in the Loan Agreement.

 

Interest

 

Interest shall accrue
on the outstanding principal balance hereunder from the date of disbursement until paid, both before and after judgment, at a variable
rate computed on the basis of the Ninety Day LIBOR Rate from time to time in effect, adjusted as of
the date of any change in the Ninety Day LIBOR Rate, and on a three hundred sixty (360) day year as follows: (A)
Ninety Day LIBOR Rate plus three and five-tenths percent (3.5%) per annum at all times that Borrowers’ Senior Net Debt to
Trailing Twelve Month EBITDA ratio is greater than or equal to two and five-tenths (2.5); (B) Ninety Day LIBOR Rate plus two and
seventy-five hundredths percent (2.75%) per annum at all times that Borrowers’ Senior Net Debt to Trailing Twelve Month EBITDA
ratio is less than two and five-tenths (2.5). 

 

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Notwithstanding the
foregoing, if Lender reasonably determines (which determination shall be conclusive) that (i) quotations of interest rates referred
to in the definition of Lender’s Ninety Day LIBOR Rate are not being provided in the relevant amounts or for the relevant
maturities for purposes of Lender determining the Ninety Day LIBOR Rate, (ii) the adoption of any applicable law, rule, or regulation
or any change therein, or any change in the interpretation or administration thereof by any governmental authority, central bank,
or comparable agency charged with the interpretation or administration thereof, or compliance by Lender with any request or directive
(whether or not having the force of law) of any such authority, central bank, or comparable agency shall make it unlawful or impossible
for Lender to offer loans based on the Ninety Day LIBOR Rate, or (iii) the Ninety Day LIBOR Rate does not adequately cover the
cost of Lender making or maintaining advances based on the Ninety Day LIBOR Rate, then Lender shall give notice thereof to Borrowers,
whereupon until Lender notifies Borrowers that the circumstances giving rise to such suspension no longer exist, the interest rate
hereunder shall be converted to a variable rate computed on the basis of the Ninety Day FHLB Rate, adjusted as of the date of any
change in the Ninety Day FHLB Rate, and a three hundred sixty (360) day year as follows: (A) Ninety Day FHLB Rate plus three and
five-tenths percent (3.5%) per annum at all times that Borrowers’ Senior Net Debt to Trailing Twelve Month EBITDA ratio is
greater than or equal to 2.5; (B) Ninety Day FHLB Rate plus two and seventy-five hundredths percent (2.75%) per annum at all times
that Borrowers’ Senior Net Debt to Trailing Twelve Month EBITDA ratio is less than 2.5.

 

The foregoing margins
above the Ninety Day LIBOR Rate or Ninety Day FHLB Rate shall adjust on the first day of each month following the later of the
due date or date of receipt of the quarterly or annual financial statements to be provided by Borrowers pursuant to the Loan Agreement.

 

Notwithstanding the
foregoing, in no case shall interest be less than three and twenty-five hundredths percent (3.25%) per annum, regardless of Borrowers’
Senior Net Debt to Trailing Twelve Month EBITDA ratio and regardless of the Ninety Day LIBOR Rate or Ninety Day FHLB Rate.

 

Revolving
Line of Credit

 

This Promissory Note
shall be a revolving line of credit under which Borrowers may repeatedly draw and repay funds, so long as no Event of Default has
occurred hereunder or under the Loan Agreement which has not been timely cured or waived. All disbursements under this Promissory
Note shall be made in accordance with the Loan Agreement.

 

Principal and interest
shall be payable as follows: Interest accrued is to be paid monthly in arrears commencing June 1, 2010, and on the same day of
each month thereafter. All principal and unpaid interest shall be paid in full on July 2, 2013.

 

All payments shall
be applied first to accrued interest and the remainder, if any, to principal.

 

Prepayment

 

Borrowers may prepay
all or any portion of this Promissory Note at any time without penalty. Any prepayment received by Lender after 2:00 p.m. Mountain
Time shall be deemed received on the following Banking Business Day. Any prepayment may be subject to
fees or charges relating to the breakage of or constitute a termination event under an Interest Rate Management Transaction (as
defined in the Loan Agreement).

 

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General

 

This Promissory Note
is made in accordance with, governed by, and deemed to be a promissory note under, and subject to all terms and conditions of,
the Loan Agreement.

 

If, at any time prior
to the maturity of this Promissory Note, this Promissory Note shall have a zero balance owing, this Promissory Note shall not be
deemed satisfied or terminated by and shall remain in full force and effect for future draws unless terminated upon other grounds.

 

Upon an Event of Default
in payment of any principal or interest when due, whether due at stated maturity, by acceleration, or otherwise, all outstanding
principal shall bear interest at the Default Rate from the date when due until paid, both before and after judgment.

 

If an Event of Default
occurs, time being the essence hereof, then the entire unpaid balance, with interest as aforesaid, shall, at the election of the
holder hereof and without notice of such election, become immediately due and payable in full.

 

If an Event of Default
occurs, Borrowers agree to pay to the holder hereof all collection costs, including reasonable attorney fees and legal expenses,
in addition to all other sums due hereunder.

 

This Promissory Note
shall be governed by and construed in accordance with the laws of the State of Utah.

 

Borrowers acknowledge
that by execution and delivery of this Promissory Note Borrowers have transacted business in the State of Utah and Borrowers voluntarily
submit to, consent to, and waive any defense to the jurisdiction of courts located in the State of Utah as to all matters relating
to or arising from this Promissory Note. EXCEPT AS EXPRESSLY AGREED IN WRITING BY LENDER AND EXCEPT AS PROVIDED IN THE ARBITRATION
PROVISIONS IN THE LOAN AGREEMENT, THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF UTAH SHALL HAVE SOLE AND EXCLUSIVE JURISDICTION
OF ANY AND ALL CLAIMS, DISPUTES, AND CONTROVERSIES, ARISING UNDER OR RELATING TO THIS PROMISSORY NOTE. NO LAWSUIT, PROCEEDING,
OR ANY OTHER ACTION RELATING TO OR ARISING UNDER THIS PROMISSORY NOTE MAY BE COMMENCED OR PROSECUTED IN ANY OTHER FORUM EXCEPT
AS EXPRESSLY AGREED IN WRITING BY LENDER.

 

All obligations of
Borrowers under this Promissory Note shall be joint and several.

 

Borrowers and all endorsers,
sureties and guarantors hereof hereby jointly and severally waive presentment for payment, demand, protest, notice of protest,
notice of protest and of non-payment and of dishonor, and consent to extensions of time, renewal, waivers or modifications without
notice and further consent to the release of any collateral or any part thereof with or without substitution.

 

This Promissory Note
restates, replaces and supersedes in its entirety, but does not extinguish or novate, that certain Second Substitute Promissory
Note dated September 28, 2012, executed by Borrower, and any previous renewals, modifications or amendments thereof (the “Prior
Note”). All interest evidenced by the Prior Note shall continue to be due and payable until paid.

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Third Substitute Promissory Note and it becomes effective as of the day and year first set
forth above.

 

Borrowers:

 

Black Diamond, Inc.

 

 

By: /s/ Robert Peay

Name: Robert Peay

Title: Chief Financial Officer, Secretary

and Treasurer

 

 

 

Black Diamond Equipment, Ltd.

 

 

By: /s/ Robert Peay

Name: Robert Peay

Title: Chief
Financial Officer and Secretary

 

 

Black Diamond Retail, Inc.

 

 

By: /s/ Robert Peay

Name: Robert Peay

Title: Chief Financial Officer and Secretary

 

 

Everest/Sapphire Acquisition, LLC

 

 

By: /s/ Robert Peay

Name: Robert Peay

Title: Secretary and Treasurer

 

 

Gregory Mountain Products, LLC

 

 

By: /s/ Robert Peay

Name: Robert Peay

Title: Treasurer

 

    	 

    	 	

    
  

POC USA, LLC

 

 

By: /s/ Robert Peay

Name: Robert Peay

Title: Secretary and Treasurer

 

 

Pieps Corporation

 

 

By: /s/ Robert Peay

Name: Robert Peay

Title: Secretary and Treasurer

 

BD European Holdings, LLC

 

 

By: /s/ Robert Peay

Name: Robert Peay

Title: Secretary and Treasurer

 

 

Lender:

 

Zions First National Bank

 

 

By:/s/ Michael R. Brough

Name: Michael R. Brough

Title: Senior Vice PresidentTHE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY
NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT THERETO
UNDER SUCH ACT AND APPLICABLE LAWS OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR AN OPINION
OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROTEA BIOSCIENCES GROUP, INC.

10% CONVERTIBLE PROMISSORY NOTE

DUE NOVEMBER [__], 2012

 

	$100,000	Issue Date: September __, 2012

 

 

Protea Biosciences
Group, Inc., a Delaware corporation (the “Company”), the principal office of which is located at 955 Hartman Run Road,
Morgantown, WV 26507 for value received hereby promises to pay to ___________________________, or its registered assigns (“Holder”),
the sum of [___________________________], or such other amount as shall then equal the outstanding principal amount hereof and
all accrued unpaid interest, as set forth below, on the earlier to occur of (i) the date that is 60 days from the Issue Date set
forth above (“Maturity Date”), or (ii) when declared due and payable by the Holder upon the occurrence of an Event
of Default (as defined below). Payment for all amounts due hereunder 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.

 

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.
As used in this Note, the following terms, unless the context otherwise requires, 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.Interest.
Simple interest on the unpaid principal balance of this Note shall accrue from _____________, at the rate of ten percent (10%)
per annum. All accrued unpaid interest shall be due and payable to the Holder on the Maturity Date.

 

3.Events
of Default. If any of the events specified in this Section 3 shall occur (herein individually referred to as an “Event
of Default”), the Holder of the Note may, so long as such condition exists, declare the entire principal and unpaid accrued
interest hereon immediately due and payable, by notice in writing to the Company:

 

    	 

    	 

    
 

(i)Any
failure to pay the principal balance of or accrued interest on this Note when due hereunder.

 

(ii)The
institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to institution of bankruptcy
or insolvency proceedings against it or the filing by it of a petition or answer or consent seeking reorganization or release under
the federal Bankruptcy Act, or any other applicable federal or state law, or the consent by it to the filing of any such petition
or 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 by it of an assignment for the benefit of creditors, or the taking of corporate action by the
Company in furtherance of any such action; or

 

(iii)If,
within sixty (60) days after 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, such action shall not have been
resolved in favor of the Company or all orders or proceedings thereunder affecting the operations or the business of the Company
stayed, or if the stay of any such order or proceeding shall thereafter be set aside, or if, within sixty (60) days after the appointment
without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial
part of the properties of the Company, such appointment shall not have been vacated; or

 

4.Prepayment.
This Note may be prepaid at any time without penalty or premium with the express written consent of the Holder.

 

5.Conversion.

 

5.1Voluntary
Conversion. The Holder of this Note has the right, at the Holder’s option, at any time prior to payment in full of the
principal balance and all accrued interest of this Note, to convert this Note, in accordance with the provisions of Section 5.2
hereof, in whole or in part, into fully paid and nonassessable shares of common stock, par value $0.0001 per share of the Company
(“Common Stock”). The number of shares of Common Stock into which this Note may be converted (“Conversion Shares”)
pursuant to this Section 5.1 shall be equal to one (1) share of Common Stock for each $2.00 of outstanding principal and accrued
unpaid interest due under the Note on the date of conversion (the “Conversion Rate”).

 

5.2Notice of
Conversion. Before the Holder shall be entitled to convert this Note into shares of Common Stock pursuant to Section 5.1, it
shall surrender this Note at the office of the Company and shall give written notice by mail, postage prepaid, to the Company at
its principal corporate office, of the election to convert the same pursuant to Section 5.1, and shall state therein the name or
names in which the certificate or certificates for shares of Common Stock are to be issued. The Company shall, as soon as practicable
thereafter, issue and deliver at such office to the Holder of this Note a certificate or certificates for the number of shares
of Common Stock to which the Holder of this Note shall be entitled as aforesaid. Such conversion shall be deemed to have been made
immediately prior to the close of business on the date of such surrender of this Note, and the person or persons entitled to receive
the shares of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such
shares of Common Stock as of such date.

 

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5.3Mechanics
and Effect of Conversion. No fractional shares of Common Stock shall be issued upon conversion of this Note. In lieu of the
Company issuing any fractional shares to the Holder, upon the conversion of this Note, the number of shares issued upon the conversion
of this Note shall be rounded up to the nearest whole share. At its expense, the Company shall, as soon as practicable after conversion,
issue and deliver to the Holder at its principal office a certificate or certificates for the number of shares of Common Stock
to which the Holder shall be entitled upon such conversion, together with any other securities and property to which the Holder
is entitled upon such conversion under the terms of this Note.

 

6.Conversion
Rate Adjustments.

 

6.1Adjustments
for Stock Splits and Subdivisions. In the event the Company should at any time or from time to time after the date of issuance
hereof fix a record date for the effectuation of a split or subdivision of the outstanding shares of Common Stock or the determination
of holders of Common Stock entitled to receive a dividend or other distribution payable in additional shares of Common Stock or
other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly, additional shares
of Common Stock (hereinafter referred to as “Common Stock Equivalents”) without payment of any consideration by such
holder for the additional shares of Common Stock or the Common Stock Equivalents (including the additional shares of Common Stock
issuable upon conversion or exercise thereof), then, as of such record date (or the date of such dividend distribution, split or
subdivision if no record date is fixed), the Conversion Rate of this Note shall be appropriately decreased so that the number of
shares of Common Stock issuable upon conversion of this Note shall be increased in proportion to such increase of outstanding shares,
unless such adjustment has already been made to the Conversion Rate.

 

6.2Adjustments
for Reverse Stock Splits. If the number of shares of Common Stock outstanding at any time after the date hereof is decreased
by a combination of the outstanding shares of Common Stock, then, following the record date of such combination, the Conversion
Rate for this Note shall be appropriately increased so that the number of shares of Common Stock issuable on conversion hereof
shall be decreased in proportion to such decrease in outstanding shares, unless such adjustment has already been made to the Conversion
Rate.

 

6.3Reservation
of Stock Issuable Upon Conversion. The Company shall at all times reserve and keep available out of its authorized but unissued
shares of Common Stock solely for the purpose of effecting the conversion of this Note such number of its shares of Common Stock
as shall from time to time be sufficient to effect the conversion of the Note; and if at any time the number of authorized but
unissued shares of Common Stock shall not be sufficient to effect the conversion of the entire outstanding principal amount and
accrued interest of this Note, in addition to such other remedies as shall be available to the holder of this Note, the Company
will use its best efforts to take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized
but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes.

 

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7.Assignment.
Subject to the restrictions on transfer described in Section 9 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.

 

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

 

9.Transfer
of This Note or Securities Issuable on Conversion Hereof. With respect to any offer, sale or other disposition of this Note
or securities into which such Note may be converted, the Holder will 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 distribution may be effected without registration or qualification (under any federal or state law then in effect). Promptly
upon receiving such written notice and opinion, if so requested, the Company, as promptly as practicable, shall notify such Holder
that such Holder may sell or otherwise dispose of this Note or such securities, all in accordance with the terms of the notice
delivered to the Company. Each Note thus transferred and each certificate representing the securities 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. The Company may issue stop transfer instructions to its transfer agent
in connection with such restrictions.

 

10.Notices.
Any notice, request or other communication required or permitted hereunder shall be in writing and shall 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. Any party hereto may by notice so given change
its address for future notice hereunder. Notice shall conclusively be deemed to have been given when personally delivered, faxed,
or when deposited in the mail in the manner set forth above and shall be deemed to have been received when delivered.

 

	Holder:      	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Borrower: 	Protea Biosciences Group,
Inc.	 
	 	955 Hartman Run Road	 
	 	Morgantown,
WV 26507

Attn:
Stephen Turner

Fax:
304-292-7101

	 

 

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

 

	 	

Richardson
& Patel LLP

750
Third Avenue, 9th Floor

New
York, NY 10017

Attn:
David N. Feldman

Fax:
917-677-8165

	 

 

11.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 to consent or to receive notice as a stockholder in respect of meetings of stockholders for the election of directors
of the Company or any other matters or any 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 interest represented hereby or the Conversion Shares obtainable hereunder
until, and only to the extent that, this Note shall have been converted pursuant to Section 5.1.

 

12.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 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 to interest as permitted by law, but not in excess
of (i) the agreed rate of interest set forth herein or therein or (ii) that permitted by law, whichever is the lesser,
and the balance toward the reduction of principal. The provisions of this Section 12 shall never be superseded or waived and shall
control every other provision of this Note and all other agreements and instruments between the Company and the Holder entered
into in connection with this Note.

 

13.Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, excluding that
body of law relating to conflict of laws.

 

14.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.

 

15.Waiver.
The Company hereby waives demand, notice, presentment, protest and notice of dishonor.

 

 

[Signature Page to
Convertible Promissory Note Follows]

 

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IN WITNESS WHEREOF, the Company has caused
this Note to be issued this ___th day of September __, 2012.

 

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

 

 

	Signature of Holder: 	 	 	 
	 	 	 	 
	Name of Holder:  	 	 	 
	 	 		 
	Address:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

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NOTICE OF CONVERSION

 

(To Be Signed Only Upon Conversion of Note)

 

TO PROTEA BIOSCIENCES GROUP, INC.

 

The undersigned, the holder of the foregoing
Note, hereby surrenders such Note for conversion into shares of Common Stock of PROTEA BIOSCIENCES GROUP, INC. to the extent of
$__________________ unpaid principal amount and accrued interest of such Note, and requests that the certificates for such shares
be issued in the name of, and delivered to ____________________, whose address is _ ________________________________.

 

Dated: _____________________

 

	 	 	 
	 	 	(Signature must conform in all respects to name of holder as specified on the face of the Note)
	 	 	 
	 	 	 
	 	 	(Address)

 

    	7

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