Exhibit 10.3


 


Registration Rights Agreement


 


This Registration Rights
Agreement (this “Agreement”), dated as of October 1, 2021, is made and entered into by and among Akerna Corp,
a Delaware corporation (the “Company”), and the undersigned parties listed as New Holders on the signature
pages hereto (each such party, together with any person or entity deemed a “New Holder” who hereafter becomes a party to
this Agreement pursuant to Section 5.2 of this Agreement, a “New Holder” and collectively the “New
Holders”). Capitalized terms used but not otherwise defined in this Agreement shall have the meaning ascribed to such terms
in the Stock Purchase Agreement (as defined below).


 


RECITALS


 


WHEREAS, the Company
has entered into that certain stock purchase agreement (the “Stock Purchase Agreement”), dated as of September
13, 2021, by and among the Company and the sellers thereunder;


 


WHEREAS, pursuant
to the Stock Purchase Agreement the New Holders will hold shares of the Company’s common stock, par value $0.0001 per share (“Common
Stock”), and if and when the Company issues any Earnout Shares in accordance with the Stock Purchase Agreement and subject
to the terms and conditions set forth therein, the New Holders will hold additional shares of Common Stock, in each case, in such amounts
and subject to such terms and conditions as set forth in the Stock Purchase Agreement; and


 


WHEREAS, the Company
and the New Holders desire to enter into this Agreement in order to provide the New Holders certain registration rights with respect
to certain securities of the Company, as set forth in this Agreement.


 


NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:


 


Article
I

DEFINITIONS


 


1.1 Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:


 


“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive
Officer or Chief Financial Officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in
any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus
and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required
to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for
not making such information public.


 


“Affiliate”
shall mean, with respect to any person or entity, any other person or entity who, directly or indirectly, controls, is controlled by,
or is under direct or indirect common control with, such person or entity, and “control,” when used with respect
to any specified person or entity, shall mean the power to direct or cause the direction of the management and policies of such person
or entity, directly or indirectly, whether through ownership of voting securities or partnership or other ownership interests, by contract
or otherwise.


 






     


     

    

 


“Agreement”
shall have the meaning given in the Preamble.


 


“Board”
shall mean the Board of Directors of the Company.


 


“Commission”
shall mean the Securities and Exchange Commission.


 


“Company”
shall have the meaning given in the Preamble.


 


“Effectiveness
Deadline” shall have the meaning given in subsection 2.1.1.


 


“Exchange Act”
shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.


 


“Form S-1 Shelf”
shall have the meaning given in subsection 2.1.1.


 


“Form S-3 Shelf”
shall have the meaning given in subsection 2.1.1.


 


“Holders”
shall mean the New Holders and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2.


 


“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the light of the circumstances under
which they were made) not misleading.


 


“New Holders”
shall have the meaning given in the Preamble.


 


“Permitted Transferees”
shall mean with respect to a New Holder and its respective Permitted Transferees, to any of such New Holder’s Affiliates or to
any fund or investment account managed by such New Holder or the same management company that manages such New Holder, provided that
such transferee to which a transfer is being made, if not a Holder, enters into a written agreement with the Company agreeing to be bound
by the restrictions herein and receive the rights granted to such Holder herein.


 


“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.


 


“Registrable
Security” shall mean (a) the shares of Common Stock issued as Stock Consideration in accordance with the Stock Purchase
Agreement; (b) the shares of Common Stock issued as Earnout Shares in accordance with the Stock Purchase Agreement, if any; and (c) any
other equity security of the Company issued or issuable with respect to any such share of Common Stock described in the foregoing clause
(a) by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation
or reorganization; provided, however, that, as to any particular Registrable Security, such securities shall cease to be
Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become effective under
the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration
Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting
further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration
under the Securities Act; (C) such securities shall have ceased to be outstanding; or (D) such securities may be sold without registration
pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) (“Rule
144”) (but with no volume or other restrictions or limitations); provided, further, that any security that
ceases to be a Registrable Security pursuant to clause (D) above shall again be treated as a Registrable Security if at any point such
security may no longer be sold without registration pursuant to Rule 144 without any volume or other restrictions or limitations.


 






    2


     

    

 


“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.


 


“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:


 


		(A)	all registration and filing fees (including
                                            fees with respect to filings required to be made with the Financial Industry Regulatory Authority,
                                            Inc.) and any securities exchange on which the Common Stock is then listed;



 


		(B)	fees and expenses of compliance with securities
                                            or blue sky laws;



 


		(C)	printing, messenger, telephone and delivery
                                            expenses;



 


		(D)	reasonable fees and disbursements of counsel
                                            for the Company; and



 


		(E)	reasonable fees and disbursements of all
                                            independent registered public accountants of the Company incurred specifically in connection
                                            with such Registration..



 


“Registration
Statement” shall mean any registration statement that covers the Registrable Securities required to be filed pursuant to
Article II of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective
amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.


 


“Requesting Holder”
shall have the meaning given in subsection 2.2.1.


 


“Rule 144”
shall have the meaning given in the definition of “Registrable Securities.”


 


“Rule 415”
shall have the meaning given in subsection 2.1.1.


 


“Securities Act”
shall mean the Securities Act of 1933, as amended from time to time.


 






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Article
II

REGISTRATIONS


 


2.1 Shelf
Registration.


 


2.1.1 Initial
Registration. The Company shall, as soon as practicable, but in any event within sixty (60) days after the issuance of the Stock
Consideration under the terms of the Stock Purchase Agreement (“Initial Filing Date”), file a Registration
Statement under the Securities Act to permit the public resale of all the Registrable Securities then outstanding and held by the Holders
as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in effect) (“Rule
415”) on the terms and conditions specified in this subsection 2.1.1 and shall use its reasonable best efforts to
cause such Registration Statement to be declared effective as soon as practicable after the filing thereof, but in no event later than
the earlier of (i) sixty (60) days following the filing deadline (or ninety (90) days after the filing deadline if the Registration Statement
is reviewed by, and receives comments from, the Commission) and (ii) five (5) business days after the date the Company is notified (orally
or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not
be subject to further review (such earlier date, the “Effectiveness Deadline”). The Registration Statement
filed with the Commission pursuant to this subsection 2.1.1 shall be a shelf registration statement on Form S-3 (a “Form
S-3 Shelf”) or, if Form S-3 is not then available to the Company, on Form S-1 (a “Form S-1 Shelf”)
or such other form of registration statement as is then available to effect a registration for resale of such Registrable Securities,
covering such Registrable Securities, and shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities
pursuant to Rule 415 at any time beginning on the effective date for such Registration Statement. A Registration Statement filed pursuant
to this subsection 2.1.1 shall provide for the resale pursuant to any method or combination of methods legally available to, and
requested by, the Holders. The Company shall use its reasonable best efforts to cause a Registration Statement filed pursuant to this
subsection 2.1.1 to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration
Statement is available or, if not available, that another Registration Statement is available, for the resale of all the Registrable
Securities held by the Holders from time to time until all such Registrable Securities have ceased to be Registrable Securities. As soon
as practicable following the effective date of a Registration Statement filed pursuant to this subsection 2.1.1, but in any event
within five (5) business days of such date, the Company shall notify the Holders of the effectiveness of such Registration Statement.
When effective, a Registration Statement filed pursuant to this subsection 2.1.1 (including the documents incorporated therein
by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and will not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading (in the case of any Prospectus contained in such Registration Statement, in the light of the circumstances under
which such statement is made).


 


2.1.2 Amended
Registration. The Company shall, as soon as practicable, but in any event within forty-five (45) days after the issuance of any Earnout
Shares under the terms of the Stock Purchase Agreement (“Amended Filing Date”), amend the Registration Statement
then on file or file a new Registration Statement under the Securities Act to permit the public resale of all the Registrable Securities
then outstanding and held by the Holders as permitted by Rule 415 on the terms and conditions specified in this subsection 2.1.2
and shall use its reasonable best efforts to cause such Registration Statement to be declared effective as soon as practicable after
the filing thereof, but in no event later than the earlier of (i) sixty (60) days following the filing deadline (or ninety (90) days
after the filing deadline if the Registration Statement is reviewed by, and receives comments from, the Commission) and (ii) five (5)
business days after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration
Statement will not be “reviewed” or will not be subject to further review (such earlier date, the “Amended Effectiveness
Deadline”). The Registration Statement, or amendment thereto, filed with the Commission pursuant to this subsection
2.1.2 shall be a shelf registration statement on Form S-3 (a “Form S-3 Shelf”) or, if Form S-3 is not then
available to the Company, on Form S-1 (a “Form S-1 Shelf”) or such other form of registration statement as
is then available to effect a registration for resale of such Registrable Securities, covering such Registrable Securities, and shall
contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 at any time beginning
on the effective date for such Registration Statement, or amendment thereto. A Registration Statement filed pursuant to this subsection
2.1.2 shall provide for the resale pursuant to any method or combination of methods legally available to, and requested by, the Holders.
The Company shall use its reasonable best efforts to cause a Registration Statement, or amendment thereto, filed pursuant to this subsection
2.1.2 to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement
is available or, if not available, that another Registration Statement is available, for the resale of all the Registrable Securities
held by the Holders from time to time until all such Registrable Securities have ceased to be Registrable Securities. As soon as practicable
following the effective date of a Registration Statement filed pursuant to this subsection 2.1.2, but in any event within five
(5) business days of such date, the Company shall notify the Holders of the effectiveness of such Registration Statement. When effective,
a Registration Statement filed pursuant to this subsection 2.1.2 (including the documents incorporated therein by reference) will
comply as to form in all material respects with all applicable requirements of the Securities Act and will not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading
(in the case of any Prospectus contained in such Registration Statement, in the light of the circumstances under which such statement
is made).


 






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2.1.3 Form
S-3 Shelf. If the Company files a Form S-1 Shelf and thereafter the Company becomes eligible to use Form S-3 for secondary sales,
the Company shall use its reasonable best efforts to file a Form S-3 Shelf as promptly as practicable to replace the shelf registration
statement that is a Form S-1 Shelf and have the Form S-3 Shelf declared effective as promptly as practicable and to cause such Form S-3
Shelf to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available
or, if not available, that another Registration Statement is available, for the resale of all the Registrable Securities held by the
Holders until all such Registrable Securities have ceased to be Registrable Securities.


 


2.1.4 Holder
Information Required for Participation in Shelf Registration. At least ten (10) business days prior to the first anticipated filing
date of a Registration Statement pursuant to this Article II, the Company shall use reasonable efforts to notify each Holder in
writing (which may be by email) of the information reasonably necessary about the Holder to include such Holder’s Registrable Securities
in such Registration Statement. Notwithstanding anything else in this Agreement, the Company shall not be obligated to include such Holder’s
Registrable Securities to the extent the Company has not received such information, and received any other reasonably requested agreements
or certificates, on or prior to the fifth (5th) business day prior to the first anticipated filing date of a Registration Statement under
this Article II.


 


2.2 Demand
Registration.


 


2.2.1 Request
for Registration. Provided that the Company does not have an effective Registration Statement pursuant to subsection 2.1.1
or subsection 2.1.2 outstanding covering Registrable Securities, the New Holders of at least a majority-in-interest of the then-outstanding
number of Registrable Securities held by the New Holders (the “Demanding Holders”), in each case, may make
a written demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount and
type of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand a “Demand
Registration”). The Company shall, within ten (10) days of the Company’s receipt of the Demand Registration, notify,
in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes
to include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such
Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”)
shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. Upon receipt
by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled
to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon
thereafter as practicable, but not more than sixty (60) days immediately after the Company’s receipt of the Demand Registration,
the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration.
Under no circumstances shall the Company be obligated to effect more than an aggregate of three (3) Registrations pursuant to a Demand
Registration by the New Holders under this subsection 2.2.1 with respect to any or all Registrable Securities held by such New
Holders. Notwithstanding the foregoing, (i) the Company shall not be required to give effect to a Demand Registration from a Demanding
Holder if the Company has registered Registrable Securities pursuant to a Demand Registration from such Demanding Holder in the preceding
one hundred and eighty (180) days, or (ii) the Company’s obligations with respect to any Demand Registration shall be deemed satisfied
so long as the Registration Statement filed pursuant to subsection 2.1.1 or subsection 2.1.2 includes all of such Demanding
Holder’s Registrable Securities and is effective.


 


2.2.2 Effective
Registration. Notwithstanding the provisions of subsection 2.2.1 above or any other part of this Agreement, a Registration
pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission
with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and (ii) the Company has
complied with all of its obligations under this Agreement with respect thereto; provided, further, that if, after such
Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration
is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental agency,
the Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until, (i)
such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders
initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify the Company
in writing, but in no event later than five (5) days, of such election; and provided, further, that the Company shall not
be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with
respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.


 


2.2.3 Demand
Registration Withdrawal. Any of the Demanding Holders initiating a Demand Registration or any of the Requesting Holders (if any),
pursuant to a Registration under subsection 2.2.1, shall have the right to withdraw from a Registration pursuant to such Demand
Registration for any or no reason whatsoever upon written notification to the Company of their intention to withdraw from such Registration
prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable
Securities pursuant to such Demand Registration (or in the case of an underwritten Registration pursuant to Rule 415, at least five (5)
business days prior to the time of pricing of the applicable offering). Notwithstanding anything to the contrary in this Agreement, the
Company shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration
prior to its withdrawal under this subsection 2.2.3.


 






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2.3 Restrictions
on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate
of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company initiated
Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant
to subsection 2.2.1 and it continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration
Statement to become effective; or (B) in the good faith judgment of the Board such Registration would be seriously detrimental to the
Company and the Board concludes as a result that it is essential to defer the filing of such Registration Statement at such time, then
in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith
judgment of the Board it would be seriously detrimental to the Company for such Registration Statement to be filed in the near future
and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall have the right
to defer such filing for a period of not more than sixty (60) days; provided, however, that the Company shall not defer
its obligation in this manner more than once in any twelve (12)-month period.


 


2.4 Effect
of Failure to File and Obtain and Maintain Effectiveness of Registration Statement. If (i) the initial Registration Statement under
subsection 2.1.1 or the amended Registration Statement under subsection 2.1.2 when declared effective fails to register all the
Registrable Securities then outstanding and held by the Holders (a “Registration Failure”), (ii) a Form S-3
Shelf or Form S-1 Shelf covering all of the Registrable Securities required to be covered thereby and required to be filed by the Company
pursuant to subsection 2.1.1 or subsection 2.1.2 of this Agreement is (A) not filed with the SEC on or before the Initial Filing
Deadline or the Amended Filing Deadline, as the case may be (a “Filing Failure”) or (B) not declared effective
by the SEC on or before the applicable Effectiveness Deadline or the Amended Effectiveness Deadline, as the case may be, (an “Effectiveness
Failure”) or (iii) on any day after the applicable effective date, sales of all of the Registrable Securities required
to be included on such Registration Statement cannot be made (other than during a suspension of trading permitted under Section 3.3
hereof) pursuant to such Registration Statement or otherwise (including, without limitation, because of the suspension of trading
or any other limitation imposed by a trading market, a failure to keep such Registration Statement effective, a failure to disclose such
information as is necessary for sales to be made pursuant to such Registration Statement, a failure to register a sufficient number of
Registrable Securities or a failure to maintain the listing of the common stock) (a “Maintenance Failure”)
then, as partial relief for the damages to any holder by reason of any such delay in or reduction of its ability to sell the Registrable
Securities (which remedy shall not be exclusive of any other remedies available at law or in equity, including, without limitation, specific
performance), the Company shall pay to each Holder of Registrable Securities relating to such Registration Statement an amount in cash
equal to 0.1% of the original cash value of the Registrable Securities on the date of issuance of such Registrable Securities, as calculated
pursuant to the terms of the Stock Purchase Agreement, held by such Holder on each of the following dates: (i) the day of a Registration
Failure, (ii) the day of a Filing Failure; (iii) the day of an Effectiveness Failure; (iv) the initial day of a Maintenance Failure;
(v) on the thirtieth day after the date of a Registration Failure and every thirtieth day thereafter (in each case pro rated for periods
totaling less than thirty days) until such Registration Failure is cured; (vi) on the thirtieth day after the date of a Filing Failure
and every thirtieth day thereafter (in each case pro rated for periods totaling less than thirty days) until such Filing Failure is cured;
(vii) on the thirtieth day after the date of an Effectiveness Failure and every thirtieth day thereafter (in each case pro rated for
periods totaling less than thirty days) until such Effectiveness Failure is cured; and (viii) on the thirtieth day after the initial
date of a Maintenance Failure and every thirtieth day thereafter (in each case pro rated for periods totaling less than thirty days)
until such Maintenance Failure is cured but in no case shall the payments to be made under this section to a Holder: (A) be due and payable
to any Holder in relation to any Registrable Securities that are subject to any contractual lock-up period under the Lock-Up Agreement
(as defined in the Stock Purchase Agreement) unless and until such Registration Failure, Filing Failure, Effectiveness Failure and/or
Maintenance Failure is still in effect and ongoing in relation to such Registrable Securities on the date that such Registrable Securities
are no longer subject to such lock-up provisions (and any additional payments for each thirty-day period (or pro rata portion thereof)
following such failures pursuant to subsections (v), (vi), (vii) and (viii) above shall not begin to run until the date that such Registrable
Securities are no longer subject to such lock-up provisions) or (B) exceed in the aggregate a total of 5% of the original cash value
of the Registrable Securities on the date of issuance of such Registrable Securities, as calculated pursuant to the terms of the Stock
Purchase Agreement, held by such Holder and initially required to be registered under the terms of this Agreement. The payments to which
a holder shall be entitled pursuant to this Section 2.4 are referred to herein as “Registration Delay Payments.”
Registration Delay Payments shall be paid on the earlier of (I) the dates set forth above and (II) the third Business Day after the event
or failure giving rise to the Registration Delay Payments is cured. In the event the Company fails to make Registration Delay Payments
in a timely manner, such Registration Delay Payments shall bear interest at the rate of one and one-half percent (1.5%) per month (prorated
for partial months) until paid in full.


 






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Article
III

COMPANY PROCEDURES


 


3.1 General
Procedures. If the Company is required to effect the Registration of Registrable Securities, the Company shall use its reasonable
best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution
thereof, and pursuant thereto the Company shall, as expeditiously as possible:


 


3.1.1 prepare
and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its
reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities
covered by such Registration Statement have been sold;


 


3.1.2 prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the
Prospectus, as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by
the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities
covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement
or supplement to the Prospectus;


 


3.1.3 prior
to any public offering of Registrable Securities, use its reasonable best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States
as any Holder of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may
request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered
with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and
do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such
Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it
is not then otherwise so subject;


 


3.1.4 cause
all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued
by the Company are then listed;


 


3.1.5 provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date
of such Registration Statement;


 


3.1.6 advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any
stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if
such stop order should be issued;


 


3.1.7 notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act,
of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.3 hereof;


 






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3.1.8 make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12)
months beginning with the first (1st) day of the Company’s first full calendar quarter after the effective date of the Registration
Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated
thereafter by the Commission); and


 


3.1.9 otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection
with such Registration.


 


3.2 Registration
Expenses. Except as otherwise provided herein, the Registration Expenses of all Registrations shall be borne by the Company. It is
acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities,
such as underwriters’ commissions and discounts, brokerage fees, other than as set forth in the definition of “Registration
Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.


 


3.3 Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains
a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of
a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and
file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company
that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect
of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration
Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may,
upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such
Registration Statement for the shortest period of time, but in no event more than sixty (60) consecutive days or one hundred-twenty (120)
total days in any twelve (12)-month period, determined in good faith by the Company to be necessary for such purpose; provided,
however, that the Company shall not defer its obligations in this manner more than two times in any twelve (12)-month period.
In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt
of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell
Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its
rights under this Section 3.3.


 


3.4 Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act. The Company
further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to
time to enable such Holder to sell shares of the Common Stock held by such Holder without registration under the Securities Act within
the limitation of the exemptions provided by Rule 144, including providing any legal opinions.


 


Article
IV

INDEMNIFICATION AND CONTRIBUTION


 


4.1 Indemnification.


 


4.1.1 The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and each
person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses
(including without limitation reasonable attorneys’ fees) resulting from any untrue or alleged untrue statement of material fact
contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except
insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use
therein.


 






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4.1.2 In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to
the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each
person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses
(including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the
Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue
statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein;
provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable
Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds
received by such Holder from the sale of Registrable Securities in such offering giving rise to such liability.


 


4.1.3 Any
person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to
which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification
hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense
is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its
consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume
the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (plus local counsel) for all parties
indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict
of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying
party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot
be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such
settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation.


 


4.1.4 The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer
of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s
indemnification is unavailable for any reason.


 


4.1.5 If
the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party,
in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of
such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative
intent, knowledge, access to information and opportunity to correct or prevent such action and the benefits received by the such indemnifying
party or indemnified party; provided, however, that the liability of any Holder under this subsection 4.1.5 shall
be limited to the amount of the net proceeds received by such Holder from the sale of Registrable Securities in such offering giving
rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall
be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal
or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties
hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by any
method of allocation that does not take account of the equitable considerations referred to in this subsection 4.1.5. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
pursuant to this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.


 






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Article
V

MISCELLANEOUS


 


5.1 Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to
the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier
service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile. Each notice or communication
that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received,
in the case of mailed notices, on the third (3rd) business day following the date on which it is mailed and, in the case of notices delivered
by courier service, hand delivery, electronic mail (provided no “bounce back” or notice of non-delivery is received) or facsimile,
at such time as it is delivered to the addressee (except in the case of electronic mail, with the delivery receipt or the affidavit of
messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement
must be addressed, if to the Company, to: Akerna Corp., 1550 Larimer Street, #246, Denver Colorado 80202, Attn: John Fowle, john.fowle@akerna.com,
and, if to any Holder, at such Holder’s address or contact information as set forth in the Company’s books and records. Any
party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change
of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 5.1.


 


5.2 Assignment;
No Third Party Beneficiaries.


 


5.2.1 Subject
to Section 5.2.2, this Agreement and the rights, duties and obligations of the Company and the Holders of Registrable Shares,
as the case may be, hereunder may not be assigned or delegated by the Company or the Holders of Registrable Securities, as the case may
be, in whole or in part.


 


5.2.2 This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and
the permitted assigns of the Holders, which shall include Permitted Transferees.


 


5.2.3 This
Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this
Agreement and Section 5.2 hereof.


 


5.2.4 No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company
unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and (ii)
the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this
Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other
than as provided in this Section 5.2 shall be null and void.


 


5.3 Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original,
and all of which together shall constitute the same instrument, but only one of which need be produced.


 






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5.4 Governing
Law; Venue. All issues and questions concerning the construction, validity, interpretation and enforceability of this Agreement and
the exhibits and schedules hereto will be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving
effect to any choice of Law or conflict of Law rules or provisions (whether of the State of Delaware or any other jurisdiction) that
would cause the application of the Laws of any jurisdiction other than the State of Delaware. Any Legal Proceeding seeking to enforce
any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby
will be brought and determined exclusively in the Delaware Court of Chancery of the State of Delaware; provided that if the Delaware
Court of Chancery does not have jurisdiction, any such Legal Proceeding will be brought exclusively in the United States District Court
for the District of Delaware or any other court of the State of Delaware, and each of the Parties hereby consents to the exclusive jurisdiction
of such courts (and of the appropriate appellate courts therefrom) in any such Legal Proceeding and irrevocably waives, to the fullest
extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such Legal Proceeding in any
such court or that any such Legal Proceeding that is brought in any such court has been brought in an inconvenient forum. Process in
any such Legal Proceeding may be served on any Party anywhere in the world, whether within or without the jurisdiction of any such court.
Without limiting the foregoing, each Party agrees that service of process on such Party will be deemed effective service of process on
such Party.


 


5.5 Amendments
and Modifications. Upon the written consent of the Company and the Holders of at least a majority-in-interest of the Registrable
Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be
waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares
of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the
consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or
delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any
rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party
shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.


 


5.6 Term.
This Agreement shall terminate upon the earlier of (a) the tenth anniversary of the date of this Agreement, (b) the date as of which
all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period
referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission))
or (c) with respect to a particular Holder, the date as of which all Registrable Securities held by such Holder have been sold (x) pursuant
to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and
Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or (y) under Rule 144 or another exemption from
registration under the Securities Act; provided that, for purposes of this Section 5.6, securities constituting Registrable
Securities shall be determined without regard and without giving effect to clause (D) contained in the definition of Registrable Securities.
The provisions of Section 3.4 and Article IV shall survive any termination.


 


[Signature Page Follows]


 




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IN WITNESS WHEREOF,
the undersigned have caused this Agreement to be executed as of the date first written above.


 


	 	COMPANY:
	 	 
	 	Akerna Corp.,
	 	a Delaware corporation
	 	 	 
	 	By: 	                 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	New Holders:
	 	 
	 	 
	 	Matthew Dredge
	 	 
	 	 
	 	Ian Humphries
	 	 
	 	 
	 	Jeff Kiehn
	 	 
	 	 
	 	David Walker
	 	 
	 	Quartermain Investment Holdings Ltd
	 	 	 
	 	By:	                        
	 	Its:	 



 


 


[Signature Page to Registration
Rights Agreement]