Sec Form 4 Filing - AUSTIN JOSIAH T @ Protea Biosciences Group, Inc. - 2015-03-31

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5

1. Name and Address of Reporting Person AUSTIN JOSIAH T 2. Issuer Name and Ticker or Trading Symbol Protea Biosciences Group, Inc. [ PRGB] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 1311 PINEVIEW DRIVE, SUITE 501 3. Date of Earliest Transaction (MM/DD/YY) 03/31/2015 (Street) MORGANTOWN, WV26505 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/31/2015 J( 1 ) 5,700,248 A $ 0 12,374,973 I By El Coronado Holdings, LLC ( 2 ) Common Stock 03/31/2015 J( 3 ) 142,504 A $ 0 12,517,477 I By El Coronado Holdings, LLC ( 2 ) Common Stock 04/14/2015 J( 4 ) 1,712,333 A $ 0 14,229,810 I By El Coronado Holdings, LLC ( 2 ) Common Stock 06/30/2015 J( 5 ) 913,945 A $ 0 10,493,254 ( 6 ) D ( 7 ) Common Stock 07/08/2015 J( 8 ) 90,910 A $ 0 4,741,411 ( 9 ) D Common Stock 12/18/2015 A( 10 ) 100,000 A $ 0 4,841,411 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares 10% Convertible Promissory Note $ 0.33 07/08/2015 P 07/08/2015 01/31/2016 Common Stock 606,060 $ 200,000 $ 200,000 D Director Stock Option (right to buy) $ 0.25 12/18/2015 A 66,667 12/01/2016( 11 ) 12/01/2025 Common Stock 66,667 $ 0 66,667 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other AUSTIN JOSIAH T 1311 PINEVIEW DRIVE, SUITE 501 MORGANTOWN, WV26505 X X Signatures Josiah T. Austin 03/16/2016 Signature of Reporting Person Date

Explanation of Responses:

( 1 )El Coronado Holdings, LLC held 712,531 shares of the Issuer's Series A Convertible Stock (the "Preferred Shares") with a stated value equal to $2.00 per share (the "Stated Value"). On March 31, 2015, the Preferred Shares automatically converted into shares of the Issuer's common stock (the "Common Stock") determined by dividing the Stated Value by $0.25 per share, resulting in the issuance of 5,700,248 shares of Common Stock to El Coronado Holdings, LLC. ( 2 )These shares were owned directly by El Coronado Holdings, LLC, a ten percent owner of the Issuer, and indirectly by Josiah Austin, who was the managing member of El Coronado Holdings, LLC and may have been deemed to have voting and investment control over the securities held thereby. Mr. Austin has ceased to be the managing member of El Coronado Holdings, LLC and no longer has voting or investment control over the securities held thereby. ( 3 )The Preferred Shares were entitled to receive stock dividends payable in Common Stock at the rate of 6.0% per annum, which were paid on March 31, 2015. ( 4 )The Issuer issued 1,712,333 shares of its Common Stock to El Coronado Holdings, LLC pursuant to the anti-dilution provisions in those certain Subscription Agreements and Unit Purchase Agreements dated November 1, 2013 and December 30, 2013 entered into by El Coronado Holdings, LLC and the Issuer. ( 5 )The Issuer issued 913,945 shares of its Common Stock to El Coronado Holdings, LLC pursuant to the anti-dilution provisions in those certain Subscription Agreements and Unit Purchase Agreements dated November 1, 2013 and December 30, 2013 entered into by El Coronado Holdings, LLC and the Issuer. ( 6 )As of May 7, 2015, 4,650,501 shares of Common Stock were transferred from El Coronado Holdings, LLC to Josiah Austin pursuant to a domestic relations order. ( 7 )These shares are owned directly by El Coronado Holdings, LLC, a ten percent owner of the Issuer. Josiah Austin is no longer the Managing Member of El Coronado Holdings, LLC or the beneficial owner of these securities. ( 8 )On July 8, 2015, the Issuer and Josiah Austin entered into a 10% Convertible Promissory Note (the "Note") in the amount of $200,000 at a conversion price of $0.33 per share of Common Stock of the Issuer. See Table II of this Statement. The Issuer paid to Josiah Austin a commitment fee equal to $30,000, payable in that number of shares of Common Stock determined by dividing $30,000 by the conversion price of $0.33, or 90,910 shares. ( 9 )Includes 4,650,501 shares of Common Stock previously held by El Coronado Holdings, LLC which were distributed to Josiah Austin on May 7, 2015 pursuant to a domestic relations order, and are now owned directly. ( 10 )Shares received from the Issuer as director compensation. ( 11 )The option vests 100% on December 1, 2016.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.