On October 20, 2017, Protea Biosciences Group, Inc, Protea Biosciences Inc. and Summit Resources Inc. entered into a note and loan agreement that restated and consolidated all prior Summit loans, effective as of October 19, 2017. In connection with the provisions of the restated summit loan agreement, on October 26, 2017, Stephen Turner resigned as the company's Chief Executive Officer and Chairman of the Board. Mr. Turner will continue to serve as a consultant to the company and shall receive compensation equal to up to 50% of his current base salary, together with all medical and related fringe benefits provided under his employment agreement with the company that expires in April of 2018.