Document:

<PAGE>   1
                                                                     EXHIBIT 4.2

                                                                  EXECUTION COPY

                          REGISTRATION RIGHTS AGREEMENT

                  This Registration Rights Agreement ("AGREEMENT") is entered
into as of July 17, 2000, between PLATO LEARNING, INC., a Delaware corporation
(the "COMPANY"), ELLIOTT ASSOCIATES, L.P., a Delaware limited partnership
("ELLIOTT"), and WESTGATE INTERNATIONAL, L.P., a Cayman Islands limited
partnership ("WESTGATE"). Each of Elliott and Westgate are referred to
hereinafter individually as an "INVESTOR" and collectively as the "INVESTORS".

                              W I T N E S S E T H:

                  WHEREAS, pursuant to that certain Common Stock Investment
Agreement, dated the date hereof, among the Company and the Investors (the
"INVESTMENT AGREEMENT"), the Company has agreed to sell and issue to the
Investors, and the Investors have agreed to purchase from the Company, inter
alia, an aggregate of 356,125 shares (the "INITIAL SHARES") of the Company's
common stock, $.01 par value ("COMMON STOCK"), and certain warrants, all as more
fully specified and subject to the terms and conditions set forth in the
Investment Agreement.

                  NOW, THEREFORE, in consideration of the mutual promises,
representations, warranties, covenants and conditions set forth in the
Investment Agreement and this Agreement, the Company and the Investors agree as
follows:

                  1. Certain Definitions. Capitalized terms used herein and not
otherwise defined shall have the meaning ascribed thereto in the Investment
Agreement and the Common Stock Adjustment Warrant (the "Adjustment Warrant"). As
used in this Agreement, the following terms shall have the following respective
meanings:

                  "ACCELERATION NUMBER" shall mean the number of Initial Shares
an Investor elects to make subject to the Mandated Acceleration Shares
calculation, but shall never exceed the aggregate number of Initial Shares
received by such Investor, less the number of Initial Shares in respect of which
an Adjustment Period has been completed (if and only if the Adjustment Shares
issuable with respect thereto, if any, have been delivered to the Investors).

                  "ACCELERATION PRICE" shall mean, with respect to a particular
Interfering Event, 70% of the lowest CBP from the start of that Interfering
Event through and including the Trading Day which is two Trading Days before the
delivery to the Investor of the applicable Mandated Acceleration Shares.

                  "CLOSING" and "CLOSING DATE" shall have the meanings ascribed
to such terms in the Investment Agreement.
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                  "COMMISSION" or "SEC" shall mean the Securities and Exchange
Commission or any other federal agency at the time administering the Securities
Act.

                  "HOLDER" and "HOLDERS" shall include the Investors and any
transferee or transferees of the Purchased Shares or Registrable Securities
which have not been sold to the public to whom the registration rights conferred
by this Agreement have been transferred in compliance with this Agreement and
the Investment Agreement.

                  "MANDATED ACCELERATION SHARES" means, with respect to a
particular Interfering Event, the number of shares of Common Stock resulting
from the following calculation:
<TABLE>
<S><C>
# of Mandated Acceleration Shares = Acceleration Number x (Adjusted Share Price - Acceleration Price)
                                                           ------------------------------------------
                                                                        Acceleration Price
</TABLE>

                  The terms "REGISTER," "REGISTERED" and "REGISTRATION" shall
refer to a registration effected by preparing and filing a registration
statement in compliance with the Securities Act and applicable rules and
regulations thereunder, and the declaration or ordering of the effectiveness of
such registration statement.

                  "PURCHASED SHARES" means the Initial Shares, Warrant Shares
and the Adjustment Shares issued or issuable.

                  "REGISTRABLE SECURITIES" shall mean: (i) the Initial Shares;
(ii) the Warrant Shares; (iii) the Adjustment Shares; (iv) the Mandated
Acceleration Shares, (v) the Delay Shares, (vi) securities issued or issuable
upon any stock split, stock dividend, recapitalization or similar event with
respect to the foregoing; and (vii) any other security issued as a dividend or
other distribution with respect to, in exchange for or in replacement of the
securities referred to in the preceding clauses; provided such securities will
cease to be Registrable Securities for purposes of this Agreement if and to the
extent they become freely saleable by the Holders pursuant to Rule 144, assuming
a cashless exercise of a Warrant by the Holder thereof.

                  "REGISTRATION EXPENSES" shall mean all expenses to be incurred
by the Company in connection with each Holder's registration rights under this
Agreement, including, without limitation, all registration and filing fees,
printing expenses, fees and disbursements of counsel for the Company, blue sky
fees and expenses, reasonable fees and disbursements of counsel to Holders
(using a single counsel selected by a majority in interest of the Holders) for a
"due diligence" examination of the Company and review of the Registration
Statement and related documents, and the expense of any special audits incident
to or required by any such registration (but excluding the compensation of
regular employees of the Company, which shall be paid in any event by the
Company).

                  "REGISTRATION STATEMENT" shall have the meaning set forth in
Section 2(a)(i) herein.

                  "REGULATION D" shall mean Regulation D as promulgated pursuant
to the Securities Act, and as subsequently amended.

                  "SECURITIES ACT" or "ACT" shall mean the Securities Act of
1933, as amended.

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                  "SELLING EXPENSES" shall mean all underwriting discounts and
selling commissions applicable to the sale of Registrable Securities and all
fees and disbursements of counsel for Holders not included within "Registration
Expenses".

                  2. Registration Requirements. The Company shall use its best
efforts to effect the registration of the Registrable Securities (including,
without limitation, the execution of an undertaking to file post-effective
amendments, appropriate qualification under applicable blue sky or other state
securities laws and appropriate compliance with applicable regulations issued
under the Securities Act) as would permit or facilitate the sale or distribution
of all the Registrable Securities in the manner (including manner of sale) and
in all states reasonably requested by any Holder. Such best efforts by the
Company shall include, without limitation, the following:

                  (a) The Company shall, as expeditiously as possible after the
Closing Date:

         (i) But in any event within forty-five (45) calendar days after the
         Closing, prepare and file a registration statement with the Commission
         pursuant to Rule 415 under the Securities Act on Form S-3 under the
         Securities Act (or in the event that the Company is ineligible to use
         such form, such other form as the Company is eligible to use under the
         Securities Act) covering resales by the Holders of the Registrable
         Securities ("REGISTRATION STATEMENT"). Thereafter the Company shall use
         its best efforts to cause such Registration Statement and other filings
         to be declared effective as soon as possible, and in any event prior to
         ninety (90) days following the Closing Date; provided that if the SEC
         reviews and gives comments on the Registration Statement requiring
         changes and amendments thereto before it will declare the Registration
         Statement effective, then the Company shall use its best efforts to
         have the Registration Statement and other filings declared effective no
         later than 120 days following the Closing Date. Without limiting the
         foregoing, the Company will promptly respond to all SEC comments,
         inquiries and requests, and shall request acceleration of effectiveness
         at the earliest possible date.

         (ii) Prepare and file with the SEC such amendments and supplements to
         such Registration Statement and the prospectus used in connection with
         such Registration Statement as may be necessary to comply with the
         provisions of the Act with respect to the disposition of all securities
         covered by such Registration Statement and promptly notify the Holders
         of the filing and effectiveness of such Registration Statement and any
         amendments or supplements.

         (iii) Furnish to each Holder such numbers of copies of a current
         prospectus conforming with the requirements of the Act, copies of the
         Registration Statement, any amendment or supplement thereto and any
         documents incorporated by reference therein and such other documents as
         such Holder may reasonably require in order to facilitate the
         disposition of Registrable Securities owned by such Holder.

         (iv) Register and qualify the securities covered by such Registration
         Statement under the securities or "Blue Sky" laws of all domestic
         jurisdictions.

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<PAGE>   4

         (v) Notify each Holder immediately of the happening of any event (but
         not the substance or details of any such events unless specifically
         requested by a Holder) as a result of which the prospectus (including
         any supplements thereto or thereof) included in such Registration
         Statement, as then in effect, includes an untrue statement of material
         fact or omits to state a material fact required to be stated therein or
         necessary to make the statements therein not misleading in light of the
         circumstances then existing, and use its best efforts to promptly
         update and/or correct such prospectus.

         (vi) Notify each Holder immediately of the issuance by the Commission
         or any state securities commission or agency of any stop order
         suspending the effectiveness of the Registration Statement or the
         threat or initiation of any proceedings for that purpose. The Company
         shall use its best efforts to prevent the issuance of any stop order
         and, if any stop order is issued, to obtain the lifting thereof at the
         earliest possible time.

         (vii) Permit counsel to the Holders to review and comment upon the
         Registration Statement and all amendments and supplements thereto
         within a reasonable period of time (but not less than five (5) full
         trading days) prior to each filing, and shall not file any document in
         a form to which such counsel reasonably objects and will not request
         acceleration of the Registration Statement without prior notice to such
         counsel.

         (viii) List the Registrable Securities covered by such Registration
         Statement with all securities exchange(s) and/or markets on which the
         Common Stock is then listed and prepare and file any required filings
         with the Nasdaq National Market System or any exchange or market where
         the Common Stock is traded.

         (ix) Take all steps necessary to enable Holders to avail themselves of
         the prospectus delivery mechanism set forth in Rule 153 (or successor
         thereto) under the Act.

                  (b) Set forth below in this Section 2(b) are (I) events that
may arise that the parties consider will interfere with the full enjoyment by
the Investors of their rights under this Agreement and the Investment Agreement
(the "INTERFERING EVENTS"), and (II) certain remedies applicable in each of
these events.

                  Paragraphs (i) through (iv) of this Section 2(b) describe the
Interfering Events, provide a non-exclusive remedy to the Investors if an
Interfering Event occurs and provide that the Investors may require that the
Company issue additional shares of Common Stock.

                  Paragraph (v) provides, inter alia, that if default
adjustments required as the remedy in the case of certain of the Interfering
Events are not provided when due, the Company may be required by the Investors
issue additional shares of Common Stock.

                  Paragraph (vi) provides, inter alia, that the Investors have
the right to specific performance.

                  The preceding paragraphs in this Section 2(b) are meant to
serve only as an introduction to this Section 2(b), are for convenience only,
and are not to be considered in applying, construing or interpreting this
Section 2(b).

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         (i) Delay in Effectiveness of Registration Statement.

                  (A) In the event that such Registration Statement has not been
         declared effective within the periods specified in Section 2(a)(i),
         then the Company shall pay each Holder a Monthly Delay Payment (as
         defined below) for each 30 day period (or portion thereof) that
         effectiveness of the Registration Statement is delayed. In addition to
         the foregoing, if for any reason the Registration Statement has not
         been declared effective within 180 days after the Closing Date, then
         each Holder shall have the right but not the obligation to receive from
         the Company (for no additional consideration), and the Company shall
         have the obligation to deliver to such Holder upon Holder's demand, at
         any time after the 180th day after the Closing Date, the Mandated
         Acceleration Shares.

                  (B) As used in this Agreement, a "MONTHLY DELAY PAYMENT" shall
         be a payment in immediately available funds equal to .5% of the Share
         Purchase Price of the Purchased Shares held by a Holder for the initial
         30 day period (or portion thereof) that the specified condition in this
         Section 2(b) has not been fulfilled or the specified deficiency has not
         been remedied, and an additional .5% of the Share Purchase Price of the
         Purchased Shares held by a Holder for each subsequent such 30 day
         period (or portion thereof), up to a maximum of 2% per 30 day period
         (or portion thereof). If the aggregate amount of Monthly Delay Payments
         payable in cash by the Company pursuant to any section of this
         Agreement is capped (which cap shall never be less than $250,000 in the
         aggregate) by the Company's secured credit arrangements existing as of
         the date hereof, then all Monthly Delay Payments in excess of such cap
         limit shall be paid to the Holders in shares of Common Stock. The
         number of shares of Common Stock so payable by the Company to the
         Holder (the "DELAY SHARES") shall be calculated by dividing the portion
         of the Monthly Delay Payment not payable in cash by a number equal to
         70% of the lowest CBP during the period from and including the
         commencement of the relevant Interfering Event until the end of that
         Interfering Event. Payment of the Monthly Delay Payments and delivery
         of the Mandated Acceleration Shares and the Delay Shares shall be due
         and payable from the Company to such Holder within five (5) business
         days of demand therefor. Without limiting the foregoing, if delivery of
         the Mandated Acceleration Shares and the Delay Shares is not made
         within such 5 business day period, the Holder may revoke and withdraw
         in whole or in part its election to cause the Company to deliver such
         Mandated Acceleration Shares and Delay Shares at any time prior to its
         receipt of those Mandated Acceleration Shares and Delay Shares, without
         prejudice to its ability to elect to receive those or other Mandated
         Acceleration Shares and Delay Shares in the future.

         (ii) No Listing; Mandated Acceleration Shares for Delisting of Class of
         Shares.

                  (A) In the event that the Company fails, refuses or for any
         other reason is unable to cause the Registrable Securities covered by
         the Registration Statement to be listed with Nasdaq National Market
         System or another Approved Market at all times during the period
         ("LISTING PERIOD") from the 90th day

                                      -5-
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         following the Closing Date until the third (3rd) anniversary of the
         Closing Date, then the Company shall provide to each Holder a Monthly
         Delay Payment (or Delay Shares, if applicable) in respect of each
         Purchased Share or Warrant not so repurchased, for each 30-day period
         or portion thereof during which such listing is not in effect. The
         provisions of Section 2(b)(i)(B) shall apply to this Section
         2(b)(ii)(A).

                  (B) In the event that shares of Common Stock of the Company
         are not listed on any of the Approved Markets at all times following
         the Closing Date, or are otherwise suspended from trading and remain
         unlisted or suspended for three (3) consecutive days, or if the
         Registrable Securities are not listed for three (3) consecutive days
         following the Closing, then at the option of each Holder and to the
         extent such Holder so elects, each Holder shall have the right but not
         the obligation to receive (for no additional consideration) from the
         Company and the Company shall have the obligation to deliver to such
         Holder upon Holder's demand the applicable number of Mandated
         Acceleration Shares on the terms set forth in Section 2(b)(i)(B) above.

         (iii) Blackout Periods. In the event any Holder's ability to sell
         Registrable Securities under the Registration Statement is suspended
         for more than (i) five (5) consecutive days or (ii) an aggregate of ten
         (10) days in any calendar year ("SUSPENSION GRACE PERIOD"), including
         without limitation by reason of any suspension or stop order with
         respect to the Registration Statement or the fact that an event has
         occurred as a result of which the prospectus (including any supplements
         thereto) included in such Registration Statement then in effect
         includes an untrue statement of material fact or omits to state a
         material fact required to be stated therein or necessary to make the
         statements therein not misleading in light of the circumstances then
         existing (a "BLACKOUT"), then the Company shall provide to each Holder
         a Monthly Delay Payment (or Delay Shares, if applicable) for each 30
         day period or portion thereof from and after the expiration of the
         Suspension Grace Period, on the terms set forth in Section 2(b)(i)(B)
         above. In addition, if at any time following the expiration of the
         Suspension Grace Period the Blackout continues for more than five (5)
         additional consecutive days, a Holder shall have the right but not the
         obligation to receive (for no additional consideration) from the
         Company, and the Company shall have the obligation to deliver to the
         Holder upon Holder's demand, the Mandated Acceleration Shares, on the
         terms set forth in Section 2(b)(i)(B) above.

         (iv) Exercise Deficiency. In the event that the Company does not have a
         sufficient number of shares of Common Stock available to satisfy the
         Company's obligations to any Holder upon receipt of a notice of
         exercise of a Warrant from an Investor, or is otherwise unable or
         unwilling for any reason to issue Common Stock as required by the
         Warrants or the Investment Agreement (each, an "EXERCISE DEFICIENCY"),
         then:

                  (A) The Company shall provide to each Holder a Monthly Delay
         Payment (or Delay Shares, if applicable) for each 30 day period or
         portion thereof following the Exercise Deficiency, on the terms set
         forth in Section 2(b)(i)(B) above.

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<PAGE>   7

                  (B) At any time five (5) days after the commencement of the
         running of the first 30-day period described above in clause (A) of
         this paragraph (iv), at the request of any Holder, the Company promptly
         shall deliver (for no additional consideration) to such Holder upon
         Holder's demand the Mandated Acceleration Shares on the terms set forth
         in Section 2(b)(i)(B) above.

         (v) Mandated Acceleration Shares for Defaults.

                  (A) The Company acknowledges that any failure, refusal or
         inability by the Company to perform the obligations described in the
         foregoing paragraphs (i) through (iv) will cause the Holders to suffer
         significant damages in an amount that will be difficult to ascertain,
         including without limitation damages resulting from the loss of
         liquidity in the Registrable Securities and the additional investment
         risk in holding the Registrable Securities. Accordingly, the parties
         agree, after consulting with counsel, that it is appropriate to include
         in this Agreement the foregoing provisions for Monthly Delay Payments,
         Delay Shares and Mandated Acceleration Shares in order to compensate
         the Holders for such damages. The parties acknowledge and agree that
         the Monthly Delay Payments, Delay Shares and Mandated Acceleration
         Shares set forth above represent the parties' good faith effort to
         quantify such damages and, as such, agree that the form and amount of
         such payments and the number of Delay Shares and Mandated Acceleration
         Shares are reasonable and will not constitute a penalty.

                  (B) In the event that the Company fails to pay any Monthly
         Delay Payment (or deliver Delay Shares, if applicable) within 5
         business days of demand therefor, each Holder shall have the right but
         not the obligation to receive (for no additional consideration), and
         the Company shall have the obligation to deliver to the Holder upon
         Holder's demand, the Mandated Acceleration Shares on the terms set
         forth in Section 2(b)(i)(B) above.

         (vi) Cumulative Remedies. The Monthly Delay Payments, the Delay Shares
         and the Mandated Acceleration Shares provided for above are in addition
         to and not in lieu or limitation of any other rights the Holders may
         have at law, in equity or under the terms of the Investment Agreement,
         the Warrants and this Agreement, including without limitation the right
         to monetary contract damages and specific performance. Notwithstanding
         the foregoing, the Holders may not receive Mandated Acceleration
         Shares, pursuant to one or more subsections of this Section 2(b), in
         respect of more than the maximum Acceleration Number. Each Holder shall
         be entitled to specific performance of any and all obligations of the
         Company in connection with the registration rights of the Holders
         hereunder without the necessity of posting a bond or surety.

                  (c) If the Holder(s) intend to distribute the Registrable
Securities by means of an underwriting, the Holder(s) shall so advise the
Company. Any such underwriting may only be administered by nationally or
regionally recognized investment bankers reasonably satisfactory to the Company.

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                  (d) The Company shall enter into such customary agreements for
secondary offerings (including a customary underwriting agreement with the
underwriter or underwriters, if any) and take all such other reasonable actions
reasonably requested by the Holders in connection therewith in order to expedite
or facilitate the disposition of such Registrable Securities and in such
connection, whether or not an underwriting agreement is entered into and whether
or not the Registrable Securities are to be sold in an underwritten offering:

         (i) make such representations and warranties to the Holders and the
         underwriter or underwriters, if any, in form, substance and scope as
         are customarily made by issuers to underwriters in secondary offerings;

         (ii) cause to be delivered to the sellers of Registrable Securities and
         the underwriter or underwriters, if any, opinions of independent
         outside counsel to the Company, on and dated as of the effective day
         (or in the case of an underwritten offering, dated the date of delivery
         of any Registrable Securities sold pursuant thereto) of the
         Registration Statement, and within ninety (90) days following the end
         of each fiscal year thereafter, which counsel and opinions (in form,
         scope and substance) shall be reasonably satisfactory to the Holders
         and the underwriter(s), if any, and their counsel and covering, without
         limitation, such matters as the due authorization and issuance of the
         securities being registered and compliance with securities laws by the
         Company in connection with the authorization, issuance and registration
         thereof and other matters that are customarily given to underwriters in
         underwritten offerings, addressed to the Holders and each underwriter,
         if any;

         (iii) cause to be delivered, immediately prior to the effectiveness of
         the Registration Statement (and, in the case of an underwritten
         offering, at the time of delivery of any Registrable Securities sold
         pursuant thereto), and at the beginning of each fiscal year following a
         year during which the Company's independent certified public
         accountants shall have reviewed any of the Company's books or records,
         a "comfort" letter from the Company's independent certified public
         accountants addressed to the Holders and each underwriter, if any,
         stating that such accountants are independent public accountants within
         the meaning of the Securities Act and the applicable published rules
         and regulations thereunder, and otherwise in customary form and
         covering such financial and accounting matters as are customarily
         covered by letters of the independent certified public accountants
         delivered in connection with secondary offerings; such accountants
         shall have undertaken in each such letter to update the same during
         each such fiscal year in which such books or records are being reviewed
         so that each such letter shall remain current, correct and complete
         throughout such fiscal year; and each such letter and update thereof,
         if any, shall be reasonably satisfactory to the Holders;

         (iv) if an underwriting agreement is entered into, the same shall
         include customary indemnification and contribution provisions to and
         from the underwriters and procedures for secondary underwritten
         offerings; and

         (v) deliver such documents and certificates as may be reasonably
         requested by the Holders of the Registrable Securities being sold or by
         the managing underwriter or

                                      -8-
<PAGE>   9

         underwriters, if any, to evidence compliance with clause (i) above and
         with any customary conditions contained in the underwriting agreement,
         if any.

                  (e) The Company shall make available for inspection by the
Holders, representative(s) of all the Holders together, any underwriter
participating in any disposition pursuant to a Registration Statement, and any
attorney or accountant retained by any Holder or underwriter, all financial and
other records customary for purposes of the Holders' due diligence examination
of the Company and review of any Registration Statement, all SEC Documents (as
defined in the Investment Agreement) filed subsequent to the Closing, pertinent
corporate documents and properties of the Company, and cause the Company's
officers, directors and employees to supply all information reasonably requested
by any such representative, underwriter, attorney or accountant in connection
with such Registration Statement, provided that such parties agree to keep such
information confidential.

                  (f) Subject to Section 2(b) above, the Company may suspend the
use of any prospectus used in connection with the Registration Statement only in
the event, and for such period of time as, such a suspension is required by the
rules and regulations of the Commission. The Company will use its best efforts
to cause such suspension to terminate at the earliest possible date.

                  (g) The Company shall file a Registration Statement with
respect to any newly authorized and/or reserved Registrable Securities within
five (5) business days of any stockholders or directors meeting formally
authorizing same and shall use its best efforts to cause such Registration
Statement to become effective within thirty (30) days of such stockholders
meeting. If the Holders receive any Registrable Securities that were not already
included in a Registration Statement, subsequent to the date such Registration
Statement is declared effective, and the Company is unable under the securities
laws to add such securities to the then effective Registration Statement, the
Company shall promptly file, in accordance with the procedures set forth herein,
an additional Registration Statement with respect to such newly Registrable
Securities. The Company shall use its best efforts to (i) cause any such
additional Registration Statement, when filed, to become effective under the
Securities Act, and (ii) keep such additional Registration Statement effective
during the period described in Section 5 below and cause such Registration
Statement to become effective within 30 days of that date that the need to file
the Registration Statement arose. All of the registration rights and remedies
under this Agreement shall apply to the registration of such newly reserved
shares and such new Registrable Securities, including without limitation the
provisions providing for default payments and mandatory redemptions contained
herein.

                  3. Expenses of Registration. All Registration Expenses in
connection with any registration, qualification or compliance with registration
pursuant to this Agreement shall be borne by the Company, and all Selling
Expenses of a Holder shall be borne by such Holder.

                  4. Registration on Form S-3. The Company shall use its best
efforts to remain qualified for registration on Form S-3 or any comparable or
successor form or forms, or in the event that the Company is ineligible to use
such form, such form as the Company is eligible to use under the Securities Act.

                                      -9-
<PAGE>   10

                  5. Registration Period. In the case of the registration
effected by the Company pursuant to this Agreement, the Company will use its
best efforts to keep such registration effective until the earlier of the third
(3rd) anniversary of the Closing Date or the date upon which such Registrable
Securities including Warrant Shares, assuming a cashless exercise by the Holders
thereof, may be sold freely and without limitation by the Holders under Rule
144(k) (provided that the Company's transfer agent has accepted an irrevocable
instruction from the Company to such effect, a copy of which shall have been
given and be reasonably acceptable to the Holders and their counsel). As long as
any Registrable Securities are outstanding, the Company shall do all things
necessary to make Rule 144 available to the Holders.

                  6. Indemnification.

                  (a) Company Indemnity. The Company will indemnify each Holder,
each of its officers, directors, agents and partners, and each person
controlling each of the foregoing, within the meaning of Section 15 of the
Securities Act and the rules and regulations thereunder with respect to which
registration, qualification or compliance has been effected pursuant to this
Agreement, and each underwriter, if any, and each person who controls, within
the meaning of Section 15 of the Securities Act and the rules and regulations
thereunder, any underwriter, against all claims, losses, damages, expenses
(including the costs of enforcing this provision) and liabilities (or actions in
respect thereof) arising out of or based on any untrue statement (or alleged
untrue statement) of a material fact contained in any prospectus, offering
circular or other document (including any related registration statement,
notification or the like) incident to any such registration, qualification or
compliance, or based on any omission (or alleged omission) to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances under which they were made,
or any violation by the Company of the Securities Act or any state securities
law or in either case, any rule or regulation thereunder applicable to the
Company and relating to action or inaction required of the Company in connection
with any such registration, qualification or compliance, and will reimburse each
Holder, each of its officers, directors, agents and partners, and each person
controlling each of the foregoing, each such underwriter and each person who
controls any such underwriter, for any legal and any other expenses reasonably
incurred in connection with investigating and defending any such claim, loss,
damage, liability or action, provided that the Company will not be liable in any
such case to a Holder to the extent that any such claim, loss, damage, liability
or expense arises out of or is based on any untrue statement or omission based
upon written information furnished to the Company by such Holder or the
underwriter (if any) therefor and stated to be specifically for use therein. The
indemnity agreement contained in this Section 6(a) shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Company (which consent will
not be unreasonably withheld).

                  (b) Holder Indemnity. Each Holder will, severally and not
jointly, if Registrable Securities held by it are included in the securities as
to which such registration, qualification or compliance is being effected,
indemnify the Company, each of its directors, officers, agents and partners, and
each underwriter, if any, of the Company's securities covered by such a
registration statement, each person who controls the Company or such underwriter
within the meaning of Section 15 of the Securities Act and the rules and
regulations thereunder, each other Holder (if any), and each of their officers,
directors and partners, and each person

                                      -10-
<PAGE>   11

controlling such other Holder(s) against all claims, losses, damages and
liabilities (or actions in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any such registration statement, prospectus, offering circular or other
document, or any omission (or alleged omission) to state therein a material fact
required to be stated therein or necessary to make the statement therein not
misleading in light of the circumstances under which they were made, and will
reimburse the Company and such other Holder(s) and their directors, officers and
partners, underwriters or control persons for any legal or any other expenses
reasonably incurred in connection with investigating and defending any such
claim, loss, damage, liability or action, in each case to the extent, but only
to the extent, that such untrue statement (or alleged untrue statement) or
omission (or alleged omission) is made in such registration statement,
prospectus, offering circular or other document in reliance upon and in
conformity with written information furnished to the Company by such Holder and
stated to be specifically for use therein, and provided that the maximum amount
for which such Holder shall be liable under this indemnity shall not exceed the
net proceeds received by such Holder from the sale of the Registrable Securities
pursuant to the registration statement in question. The indemnity agreement
contained in this Section 6(b) shall not apply to amounts paid in settlement of
any such claims, losses, damages or liabilities if such settlement is effected
without the consent of such Holder (which consent shall not be unreasonably
withheld).

                  (c) Procedure. Each party entitled to indemnification under
this Section 6 (the "INDEMNIFIED PARTY") shall give notice to the party required
to provide indemnification (the "INDEMNIFYING PARTY") promptly after such
Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to assume the defense of any
such claim in any litigation resulting therefrom, provided that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or any
litigation resulting therefrom, shall be approved by the Indemnified Party
(whose approval shall not be unreasonably withheld), and the Indemnified Party
may participate in such defense at its own expense, and provided further that
the failure of any Indemnified Party to give notice as provided herein shall not
relieve the Indemnifying Party of its obligations under this Section 6 except to
the extent that the Indemnifying Party is materially and adversely affected by
such failure to provide notice. No Indemnifying Party, in the defense of any
such claim or litigation, shall, except with the consent of each Indemnified
Party, consent to entry of any judgment or enter into any settlement which 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. Each Indemnified Party shall furnish such
non-privileged information regarding itself or the claim in question as an
Indemnifying Party may reasonably request in writing and as shall be reasonably
required in connection with the defense of such claim and litigation resulting
therefrom.

                  7. Contribution. If the indemnification provided for in
Section 6 herein is unavailable to the Indemnified Parties in respect of any
losses, claims, damages or liabilities referred to herein (other than by reason
of the exceptions provided therein), then each such Indemnifying Party, in lieu
of indemnifying such Indemnified Party, shall contribute to the amount paid or
payable by such Indemnified Party as a result of such losses, claims, damages or
liabilities as between the Company on the one hand and any Holder on the other,
in such proportion as is appropriate to reflect the relative fault of the
Company and of such Holder in connection with the statements or omissions which
resulted in such losses, claims, damages or

                                     -11-
<PAGE>   12

liabilities, as well as any other relevant equitable considerations. The
relative fault of the Company on the one hand and of any Holder on the other
shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or omission or alleged omission to
state a material fact relates to information supplied by the Company or by such
Holder.

                  In no event shall the obligation of any Indemnifying Party to
contribute under this Section 7 exceed the amount that such Indemnifying Party
would have been obligated to pay by way of indemnification if the
indemnification provided for under Section 6(a) or 6(b) hereof had been
available under the circumstances.

                  The Company and the Holders agree that it would not be just
and equitable if contribution pursuant to this Section 7 were determined by pro
rata allocation (even if the Holders or the underwriters were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to in the immediately
preceding paragraphs. The amount paid or payable by an Indemnified Party as a
result of the losses, claims, damages and liabilities referred to in the
immediately preceding paragraphs shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by
such Indemnified Party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this section, no Holder or
underwriter shall be required to contribute any amount in excess of the amount
by which (i) in the case of any Holder, the net proceeds received by such Holder
from the sale of Registrable Securities pursuant to the registration statement
in question or (ii) in the case of an underwriter, the total price at which the
Registrable Securities purchased by it and distributed to the public were
offered to the public exceeds, in any such case, the amount of any damages that
such Holder or underwriter has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.

                  8. Survival. The indemnity and contribution agreements
contained in Sections 6 and 7 and the representations and warranties of the
Company referred to in Section 2(d)(i) shall remain operative and in full force
and effect regardless of (i) any termination of this Agreement or the Investment
Agreement or any underwriting agreement, (ii) any investigation made by or on
behalf of any Indemnified Party or by or on behalf of the Company, and (iii) the
consummation of the sale or successive resales of the Registrable Securities.

                  9. Information by Holders. Each Holder shall furnish to the
Company such information regarding such Holder and the distribution and/or sale
proposed by such Holder as the Company may reasonably request in writing and as
shall be reasonably required in connection with any registration, qualification
or compliance referred to in this Agreement. The intended method or methods of
disposition and/or sale (Plan of Distribution) of such securities as so provided
by such Investor shall be included without alteration in the Registration
Statement covering the Registrable Securities and shall not be changed without
written consent of such Holder.

                                      -12-
<PAGE>   13

                  10. Replacement Certificates. The certificate(s) representing
the shares Common Stock held by any Investor (or then Holder) may be exchanged
by such Investor (or such Holder) at any time and from time to time for
certificates with different denominations representing an equal aggregate number
of shares or Common Stock, as reasonably requested by such Investor (or such
Holder) upon surrendering the same. No service charge will be made for such
registration or transfer or exchange.

                  11. Transfer or Assignment. Except as otherwise provided
herein, this Agreement shall be binding upon and inure to the benefit of the
parties and their successors and permitted assigns. The rights granted to the
Investors by the Company under this Agreement to cause the Company to register
Registrable Securities may be transferred or assigned (in whole or in part) to a
permitted transferee or assignee of Registrable Securities or Warrants, and all
other rights granted to the Investors by the Company hereunder may be
transferred or assigned to any such transferee or assignee; provided in each
case that the Company must be given written notice by the such Investor at the
time of or within a reasonable time after said transfer or assignment, stating
the name and address of said transferee or assignee and identifying the
securities with respect to which such registration rights are being transferred
or assigned; and provided further that the transferee or assignee of such rights
agrees in writing to be bound by the registration provisions of this Agreement.

                  12. Miscellaneous.

                  (a) Remedies. The Company and the Investors acknowledge and
agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached. It is accordingly agreed that the
parties shall be entitled to an injunction or injunctions to prevent or cure
breaches of the provisions of this Agreement and to enforce specifically the
terms and provisions hereof without the necessity of posting a bond or surety,
this being in addition to any other remedy to which any of them may be entitled
by law or equity.

                  (b) Jurisdiction. EACH OF THE COMPANY AND EACH OF THE
INVESTORS (I) HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE
UNITED STATES DISTRICT COURT, THE NEW YORK STATE COURTS AND OTHER COURTS OF THE
UNITED STATES SITTING IN NEW YORK COUNTY, NEW YORK FOR THE PURPOSES OF ANY SUIT,
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND (II)
HEREBY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUCH SUIT, ACTION OR PROCEEDING,
ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURT,
THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT
THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER. THE COMPANY AND THE
INVESTORS CONSENT TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
BY MAILING A COPY THEREOF TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO
IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND
SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING IN THIS PARAGRAPH
SHALL AFFECT OR LIMIT ANY RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW.

                                      -13-
<PAGE>   14

                  (c) Notices. Any notice or other communication required or
permitted to be given hereunder shall be in writing by facsimile, mail or
personal delivery and shall be effective upon actual receipt of such notice. The
addresses for such communications shall be:

                  to the Company:

                           Plato Learning, Inc.
                           1801 Nesbitt Avenue South
                           Bloomington, Minnesota  55439
                           Telephone:       (952) 832-1000
                           Facsimile:       (952) 832-1200
                           Attention:       Mr. John Murray

                  with a copy to:

                           Winston & Strawn
                           35 W. Wacker Drive
                           Chicago, IL  60610
                           Telephone:       (312) 558-5600
                           Facsimile:       (312) 558-5700
                           Attention:       Leland E. Hutchinson,Esq.

                  to the Investors:

                           Elliott Associates L.P.
                           712 Fifth Avenue, 36th Floor
                           New York, New York  10019
                           Telephone:       (212) 974-6000
                           Facsimile:       (212) 586-9457
                           Attention:       Mr. Brett Cohen

                           Westgate International, L.P.
                           c/o Elliott Management Corporation
                           712 Fifth Avenue, 36th Floor
                           New York, New York  10019
                           Telephone:       (212) 506-2999
                           Facsimile:       (212) 586-9467
                           Attention:       Mr. Brett Cohen

                  with copies to:

                           Kleinberg, Kaplan, Wolff & Cohen, P.C.
                           551 Fifth Avenue
                           New York, New York 10176
                           Telephone:       (212) 986-6000
                           Facsimile:       (212) 986-8866
                           Attention:       Christopher P. Davis, Esq.

                                     -14-
<PAGE>   15

Any party hereto may from time to time change its address for notices by giving
at least five days' written notice of such changed address to the other parties
hereto.

                  (d) Indemnity. Each party shall indemnify each other party
against any loss, cost or damages (including reasonable attorney's fees)
incurred as a result of such parties' breach of any representation, warranty,
covenant or agreement in this Agreement.

                  (e) Waivers. No waiver by any party of any default with
respect to any provision, condition or requirement of this Agreement shall be
deemed to be a continuing waiver in the future or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission of
any party to exercise any right hereunder in any manner impair the exercise of
any such right accruing to it thereafter. The representations and warranties and
the agreements and covenants of the Company and each Investor contained herein
shall survive the Closing.

                  (f) Execution in Counterpart. This Agreement may be executed
in two or more counterparts, all of which shall be considered one and the same
agreement, it being understood that all parties need not sign the same
counterpart.

                  (g) Publicity. The Company agrees that it will not disclose,
and will not include in any public announcement, the name of the Investors
without their consent, unless and until such disclosure is required by law or
applicable regulation, and then only to the extent of such requirement. The
Company agrees to submit for reasonable review and comment a copy of any public
announcement regarding the matters covered by this Agreement or any agreement or
document executed herewith to the Investors and any public announcement
including the name of the Investors to the Investors, prior to the publication
of such announcements.

                  (h) Entire Agreement; Amendment. This Agreement, together with
the Investment Agreement, the Warrants and the agreements and documents
contemplated hereby and thereby, contains the entire understanding and agreement
of the parties, and may not be amended, modified or terminated except by a
written agreement signed by the Company plus the Holders of two-thirds (2/3) of
the Registrable Securities (as if all are Warrants were exercised).

                  (i) Governing Law. THIS AGREEMENT AND THE VALIDITY AND
PERFORMANCE OF THE TERMS HEREOF SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED AND TO
BE PERFORMED ENTIRELY WITHIN SUCH STATE, EXCEPT TO THE EXTENT THAT THE LAW OF
THE STATE OF DELAWARE REGULATES THE COMPANY'S ISSUANCE OF SECURITIES.

                  (j) Titles. The titles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this
Agreement.

                  (k) Unconditional Obligation. The obligations of the Company
hereunder are unconditional and no alleged claim against the Investors shall
excuse the Company from its obligations hereunder (without prejudice to the
Company's right to commence an action against the Investors to assert any such
claims).

                                      -15-
<PAGE>   16

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

                PLATO LEARNING, INC.

                By:
                   -------------------------------------------------
                    Name:
                    Title:

       INVESTORS:

                ELLIOTT ASSOCIATES, L.P.
                By:  Elliott Capital Advisor
                     By:  Braxton Associates, Inc., as General Partners

                By:
                   -------------------------------------------------
                    Name:
                    Title:

                WESTGATE INTERNATIONAL, L.P.
                By:  ELLIOTT INTERNATIONAL CAPITAL
                      ADVISORS INC.
                      Attorney-in-Fact

                By:
                   -------------------------------------------------
                    Name:
                    Title:

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

                                      -16-<PAGE>   1

                                                                     EXHIBIT 4.3

                                                                  EXECUTION COPY

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER REGULATION D PROMULGATED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT") OR OTHERWISE. THIS WARRANT SHALL NOT
CONSTITUTE AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES
IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. THE
SECURITIES ARE "RESTRICTED" AND MAY NOT BE RESOLD OR TRANSFERRED EXCEPT AS
PERMITTED UNDER THE ACT PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

                          COMMON STOCK PURCHASE WARRANT

No. W1

              To Purchase Shares of $.01 Par Value Common Stock of

                              PLATO LEARNING, INC.

                  THIS CERTIFIES that, for value received, ELLIOTT ASSOCIATES,
L.P. (the "INVESTOR") is entitled, upon the terms and subject to the conditions
hereinafter set forth, at any time on or after the date hereof and on or prior
to 5:00 p.m. New York City Time on July16, 2003 (the "TERMINATION DATE"), but
not thereafter, to subscribe for and purchase from PLATO LEARNING, INC., a
Delaware corporation (the "COMPANY"), 26,710 shares of Common Stock of the
Company (the "WARRANT SHARES"). The "EXERCISE PRICE" is $16.72. The Exercise
Price and the number of shares for which the Warrant is exercisable shall be
subject to adjustment as provided herein. This Warrant is being issued in
connection with the Common Stock Investment Agreement dated July17, 2000 (the
"AGREEMENT") entered into between the Company and the Investor.

                  1. Title of Warrant. Prior to the expiration hereof and
subject to compliance with applicable laws, this Warrant and all rights
hereunder are transferable, in whole or in respect of the right to purchase any
part of the Warrant Shares, at the office or agency of the Company by the holder
hereof in person or by duly authorized attorney, upon surrender of this Warrant
together with (a) the Assignment Form annexed hereto properly endorsed, and (b)
any other documentation reasonably necessary to satisfy the Company that such
transfer is in compliance with all applicable securities laws.

                  2. Authorization of Shares. The Company covenants that all
shares of Common Stock which may be issued upon the exercise of rights
represented by this Warrant will, upon exercise of the rights represented by
this Warrant and payment of the Exercise Price as set forth herein will be duly
authorized, validly issued, fully paid and nonassessable and free

<PAGE>   2

from all taxes, liens and charges in respect of the issue thereof (other than
taxes in respect of any transfer occurring contemporaneously with such issue or
otherwise specified herein).

                  3. Exercise of Warrant.

                  (a) Exercise of the purchase rights represented by this
Warrant may be made at any time or times, in whole or in part before the close
of business on the Termination Date, or such earlier date on which this Warrant
may terminate as provided in paragraph 11 below, by the surrender on any
business day of this Warrant and the Notice of Exercise annexed hereto duly
completed and executed, at the principal office of the Company (or such other
office or agency of the Company as it may designate by notice in writing to the
registered holder hereof at the address of such holder appearing on the books of
the Company), together with delivery to the Company by such holder of all
certifications or documentation reasonably necessary to establish, to the
satisfaction of the Company, that any such exercise has been undertaken in
compliance with all applicable federal and state securities laws, and upon
payment of the full Exercise Price of the shares thereby purchased; whereupon
the holder of this Warrant shall be entitled to receive a certificate for the
number of shares of Common Stock so purchased. Certificates for shares purchased
hereunder shall be delivered to the holder hereof within three (3) Trading Days
after the date on which this Warrant shall have been exercised as aforesaid.
Payment of the Exercise Price of the shares shall be by certified check or
cashier's check or by wire transfer (of same day funds) to an account designated
by the Company in an amount equal to the Exercise Price multiplied by the number
of shares being purchased.

                  (b) Alternatively, the Warrant holder may exercise this
Warrant, in whole or in part in a "cashless" or "net-issue" exercise by
delivering to the offices of the Company or any transfer agent for the Common
Stock this Warrant, together with a Notice of Exercise specifying the number of
Warrant Shares to be delivered to such Warrant holder ("DELIVERABLE SHARES") and
the number of Warrant Shares with respect to which this Warrant is being
surrendered in payment of the aggregate Exercise Price for the Deliverable
Shares ("SURRENDERED SHARES").

                  The number of Deliverable Shares shall be calculated as
follows:

<TABLE>
<S>                       <C>                        <C>
# of Deliverable Shares = # of Surrendered Shares x  (Fair Market Value of Common Stock less Exercise Price)
                                                      ------------------------------------------------------
                                                                  (Fair Market Value of Common Stock)
</TABLE>

                  "FAIR MARKET VALUE" shall have the meaning specified in
Section 12(c)

                  In the event that the Warrant is not exercised in full, the
number of Warrant Shares shall be reduced by the number of such Warrant Shares
for which this Warrant is exercised and/or surrendered, and the Company, at its
expense, shall within three (3) Trading Days issue and deliver to or upon the
order of the Warrant holder a new Warrant of like tenor in the name of Warrant
holder or as Warrant holder (upon payment by Warrant holder of any applicable
transfer taxes) may request, reflecting such adjusted Warrant Shares.

                  All exercises will be deemed to occur as of the date of the
Notice of Exercise, and certificates for shares of Common Stock purchased
hereunder shall be delivered to the holder hereof within three (3) Trading Days
after the date on which this Warrant shall have been exercised as aforesaid. The
Warrant holder may withdraw its Notice of Exercise under Section

                                      -2-
<PAGE>   3

3(a) or 3(b) at any time thereafter if the Company fails to timely deliver the
applicable certificates to the Warrant holder as provided in this Agreement.

                  (c) In lieu of delivering physical certificates representing
the Common Stock issuable upon exercise, provided the Company's transfer agent
is participating in the Depository Trust Company ("DTC") Fast Automated
Securities Transfer ("FAST") program, upon request of the Warrant Holder, the
Company shall use its best efforts to cause its transfer agent to electronically
transmit the Common Stock issuable upon exercise to the Warrant Holder by
crediting the account of Warrant Holder's prime broker with DTC through its
Deposit Withdrawal Agent Commission ("DWAC") system. The time periods for
delivery described in the immediately preceding paragraph shall apply to the
electronic transmittals described herein.

                  The term "TRADING DAY" means (x) if the Common Stock is listed
on the New York Stock Exchange or the American Stock Exchange, a day on which
there is trading on such stock exchange, or (y) if the Common Stock is not
listed on either of such stock exchanges but sale prices of the Common Stock are
reported on an automated quotation system, a day on which trading is reported on
the principal automated quotation system on which sales of the Common Stock are
reported, or (z) if the foregoing provisions are inapplicable, a day on which
quotations are reported by National Quotation Bureau Incorporated.

                  4. No Fractional Shares or Scrip. No fractional shares or
scrip representing fractional shares shall be issued upon the exercise of this
Warrant.

                  5. Charges, Taxes and Expenses. Issuance of certificates for
shares of Common Stock upon the exercise of this Warrant shall be made without
charge to the holder hereof for any issue or transfer tax or other incidental
expense in respect of the issuance of such certificate, all of which taxes and
expenses shall be paid by the Company, and such certificates shall be issued in
the name of the holder of this Warrant or in such name or names as may be
directed by the holder of this Warrant; provided, however, that in the event
certificates for shares of Common Stock are to be issued in a name other than
the name of the holder of this Warrant, this Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the holder hereof; and provided further, that the Company shall not
be required to pay any tax or taxes which may be payable in respect of any
transfer involved in the issuance of any Warrant certificates or any
certificates for the Warrant Shares other than the issuance of a Warrant
Certificate to the Investor in connection with the Investor's surrender of a
Warrant Certificate upon the exercise of less than all of the Warrants evidenced
thereby, and the Company shall not be required to issue or deliver such
certificates unless or until the person or persons requesting the issuance
thereof shall have paid to the Company the amount of such tax or shall have
established to the satisfaction of the Company that such tax has been paid.

                  6. Closing of Books.  The Company  will at no time close its
shareholder books or records in any manner which interferes with the timely
exercise of this Warrant.

                  7. No Rights as Shareholder until Exercise. Subject to Section
12 of this Warrant and the provisions of any other written agreement between the
Company and the Investor, the Investor shall not be entitled to vote or receive
dividends or be deemed the holder of Warrant Shares or any other securities of
the Company that may at any time be issuable on the

                                      -3-
<PAGE>   4

exercise hereof for any purpose, nor shall anything contained herein be
construed to confer upon the Investor, as such, any of the rights of a
stockholder of the Company or any right to vote for the election of directors or
upon any matter submitted to stockholders at any meeting thereof, or to give or
withhold consent to any corporate action (whether upon any recapitalization,
issuance of stock, reclassification of stock, change of par value, or change of
stock to no par value, consolidation, merger, conveyance or otherwise) or to
receive notice of meetings, or to receive dividends or subscription rights or
otherwise until the Warrant shall have been exercised as provided herein.
However, at the time of the exercise of this Warrant pursuant to Section 3
hereof, the Warrant Shares so purchased hereunder shall be deemed to be issued
to such holder as the record owner of such shares as of the close of business on
the date on which this Warrant shall have been exercised.

                  8. Assignment and Transfer of Warrant. This Warrant may be
assigned in whole or in part by the surrender of this Warrant and the Assignment
Form annexed hereto duly executed at the office of the Company (or such other
office or agency of the Company as it may designate by notice in writing to the
registered holder hereof at the address of such holder appearing on the books of
the Company); provided, however, that this Warrant may not be resold or
otherwise transferred except (i) in a transaction registered under the
Securities Act of 1933, as amended (the "ACT"), or (ii) in a transaction
pursuant to an exemption, if available, from registration under the Act and
whereby, if requested by the Company, an opinion of counsel reasonably
satisfactory to the Company is obtained by the holder of this Warrant to the
effect that the transaction is so exempt.

                  9. Loss, Theft, Destruction or Mutilation of Warrant. Upon
receipt by the Company of evidence reasonably satisfactory to it of the loss,
theft, destruction or mutilation of any Warrant or stock certificate
representing the Warrant Shares, and in case of loss, theft or destruction, of
indemnity reasonably satisfactory to it, and upon reimbursement to the Company
of all reasonable expenses incidental thereto. Upon surrender and cancellation
of such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of this Warrant or stock certificate.

                  10. Saturdays, Sundays, Holidays, etc. If the last or
appointed day for the taking of any action or the expiration of any right
required or granted herein shall be a Saturday, Sunday or a legal holiday, then
such action may be taken or such right may be exercised on the next succeeding
day not a legal holiday.

                  11. Effect of Certain Events. If at any time while this
Warrant or any portion thereof is outstanding and unexpired there shall be (i) a
sale or conveyance of all or substantially all of the Company's assets or (ii) a
transaction (by merger or otherwise) in which more than 50% of the voting power
of the Company is disposed of (collectively, a "SALE OR MERGER TRANSACTION"), in
which the consideration to be received by the Company or its shareholders
consists solely of cash, and in case the Company shall at any time effect a Sale
or Merger Transaction in which the consideration to be received by the Company
or its shareholders consists in part of consideration other than cash, the
holder of this Warrant shall have the right thereafter to purchase, by exercise
of this Warrant and payment of the aggregate Exercise Price in effect
immediately prior to such action, the kind and amount of shares and other
securities and

                                      -4-

<PAGE>   5

property which it would have owned or have been entitled to receive after the
happening of such transaction had this Warrant been exercised immediately prior
thereto, subject to further adjustment as provided in Section 12.
Notwithstanding the above, a Sale or Merger Transaction shall not be deemed to
occur in the event the Company is the acquiring entity in connection with an
acquisition by the Company.

                  12. Adjustments of Exercise Price and Number of Warrant
Shares.

                  The number of and kind of securities purchasable upon exercise
of this Warrant and the Exercise Price shall be subject to adjustment from time
to time as follows:

                  (a) Subdivisions, Combinations and other Issuances. If the
Company shall at any time after the date hereof but prior to the expiration of
this Warrant subdivide its outstanding securities as to which purchase rights
under this Warrant exist, by split-up, spin-off, or otherwise, or combine its
outstanding securities as to which purchase rights under this Warrant exist, the
number of Warrant Shares as to which this Warrant is exercisable as of the date
of such subdivision, split-up, spin-off or combination shall forthwith be
proportionately increased in the case of a subdivision, or proportionately
decreased in the case of a combination. Appropriate proportional adjustments
(decrease in the case of subdivision, increase in the case of combination) shall
also be made to the Exercise Price payable per share, so that the aggregate
Exercise Price payable for the total number of Warrant Shares purchasable under
this Warrant as of such date shall remain the same as it would have been before
such subdivision or combination.

                  (b) Stock Dividend. If at any time after the date hereof the
Company declares a dividend or other distribution on Common Stock payable in
Common Stock or other securities or rights convertible into Common Stock
("COMMON STOCK EQUIVALENTS") without payment of any consideration by holders of
Common Stock for the additional shares of Common Stock or the Common Stock
Equivalents (including the additional shares of Common Stock issuable upon
exercise or conversion thereof), then the number of shares of Common Stock for
which this Warrant may be exercised shall be increased as of the record date (or
the date of such dividend distribution if no record date is set) for determining
which holders of Common Stock shall be entitled to receive such dividends, in
proportion to the increase in the number of outstanding shares (and shares of
Common Stock issuable upon conversion of all such securities convertible into
Common Stock) of Common Stock as a result of such dividend, and the Exercise
Price shall be proportionately reduced so that the aggregate Exercise Price for
all the Warrant Shares issuable hereunder immediately after the record date (or
on the date of such distribution, if applicable), for such dividend shall equal
the aggregate Exercise Price so payable immediately before such record date (or
on the date of such distribution, if applicable).

                  (c) Other Distributions. If at any time after the date hereof
the Company distributes to holders of its Common Stock, other than as part of
its dissolution, liquidation or the winding up of its affairs, any shares of its
capital stock, any evidence of indebtedness or any of its assets (other than
Common Stock), then the number of Warrant Shares for which this Warrant is
exercisable shall be increased to equal: (i) the number of Warrant Shares for
which this Warrant is exercisable immediately prior to such event, (ii)
multiplied by a fraction, (A) the numerator of which shall be the Fair Market
Value (as defined below) per share of Common

                                      -5-
<PAGE>   6

Stock on the record date for the dividend or distribution, and (B) the
denominator of which shall be the Fair Market Value price per share of Common
Stock on the record date for the dividend or distribution minus the amount
allocable to one share of Common Stock of the value (as jointly determined in
good faith by the Board of Directors of the Company and the Warrant holder) of
any and all such evidences of indebtedness, shares of capital stock, other
securities or property, so distributed. For purposes of this Warrant, "FAIR
MARKET VALUE" shall equal the 10 Trading Day average closing trading price of
the Common Stock on the Principal Market for the 10 Trading Days preceding the
date of determination or, if the Common Stock is not listed or admitted to
trading on any Principal Market, the average of the closing bid and asked prices
on the over-the-counter market as furnished by any New York Stock Exchange
member firm reasonably selected from time to time by the Company for that
purpose and reasonably acceptable to the Holder, or, if the Common Stock is not
listed or admitted to trading on the Principal Market or traded over-the-counter
and the average price cannot be determined as contemplated above, the Fair
Market Value of the Common Stock shall be as reasonably determined in good faith
by the Company's Board of Directors with the concurrence of the Holder. The
Exercise Price shall be reduced to equal: (i) the Exercise Price in effect
immediately before the occurrence of any event (ii) multiplied by a fraction,
(A) the numerator of which is the number of Warrant Shares for which this
Warrant is exercisable immediately before the adjustment, and (B) the
denominator of which is the number of Warrant Shares for which this Warrant is
exercisable immediately after the adjustment.

                  (d) Merger, etc. If at any time after the date hereof there
shall be a merger or consolidation of the Company with or into or a transfer of
all or substantially all of the assets of the Company to another entity, then
the Warrant Holder shall be entitled to receive upon or after such transfer,
merger or consolidation becoming effective, and upon payment of the Exercise
Price then in effect, the number of shares or other securities or property of
the Company or of the successor corporation resulting from such merger or
consolidation, which would have been received by Warrant Holder for the shares
of stock subject to this Warrant had this Warrant been exercised just prior to
such transfer, merger or consolidation becoming effective or to the applicable
record date thereof, as the case may be. The Company will not merge or
consolidate with or into any other corporation, or sell or otherwise transfer
its property, assets and business substantially as an entirety to another
corporation, unless the corporation resulting from such merger or consolidation
(if not the Company), or such transferee corporation, as the case may be, shall
expressly assume in writing the due and punctual performance and observance of
each and every covenant and condition of this Warrant to be performed and
observed by the Company.

                  (e) Reclassification, etc. If at any time after the date
hereof there shall be a reorganization or reclassification of the securities as
to which purchase rights under this Warrant exist into the same or a different
number of securities of any other class or classes, then the Warrant Holder
shall thereafter be entitled to receive upon exercise of this Warrant, during
the period specified herein and upon payment of the Exercise Price then in
effect, the number of shares or other securities or property resulting from such
reorganization or reclassification, which would have been received by the
Warrant Holder for the shares of stock subject to this Warrant had this Warrant
at such time been exercised.

                  (f) Exercise Price Adjustment. In the event that the Company
issues or sells any Common Stock or securities which are convertible into or
exchangeable for its Common

                                      -6-
<PAGE>   7

Stock or any convertible securities, or any warrants or other rights to
subscribe for or to purchase or any options for the purchase of its Common Stock
or any such convertible securities (other than shares or options issued or which
may be issued pursuant to (i) the Company's current or future employee, director
or bona fide consultant option plans or shares issued upon exercise of options,
warrants or rights outstanding on the date of the Agreement and listed in the
Company's most recent periodic report filed under the Exchange Act (ii)
strategic corporate alliances not undertaken principally for financing purposes,
(iii) arrangements with the Investor, or (iv) acquisitions of other entities by
the Company) at an effective consideration or exercise price per share which is
less than the Exercise Price then in effect, then the Exercise Price in effect
immediately prior to such issue or sale shall be reduced effective concurrently
with such issue or sale to an amount determined by multiplying the Exercise
Price then in effect by a fraction, (x) the numerator of which shall be the sum
of (1) the number of shares of Common Stock outstanding immediately prior to
such issue or sale, plus (2) the number of shares of Common Stock which the
aggregate consideration received by the Company for such additional shares would
purchase at such Exercise Price, then in effect; and (y) the denominator of
which shall be the number of shares of Common Stock of the Company outstanding
immediately after such issue or sale.

                  For the purposes of the foregoing adjustment, in the case of
the issuance of any convertible securities, warrants, options or other rights to
subscribe for or to purchase or exchange for, shares of Common Stock
("CONVERTIBLE SECURITIES"), the maximum number of shares of Common Stock
issuable upon exercise, exchange or conversion of such Convertible Securities
shall be deemed to be outstanding, provided that no further adjustment shall be
made upon the actual issuance of Common Stock upon exercise, exchange or
conversion of such Convertible Securities.

                  The number of shares which may be purchased hereunder shall be
increased proportionately to any reduction in Exercise Price pursuant to this
paragraph 12(f), so that after such adjustments the aggregate Exercise Price
payable hereunder for the increased number of shares shall be the same as the
aggregate Exercise Price in effect just prior to such adjustments.

                  In no event shall the Exercise Price be adjusted to a number
smaller than the par value per share of the Company's Common Stock as it exists
today.

                  13. Voluntary Adjustment by the Company. The Company may at
its option, at any time during the term of this Warrant, reduce but not increase
the then current Exercise Price to any amount and for any period of time deemed
appropriate by the Board of Directors of the Company.

                  14. Notice of Adjustment. Whenever the number of Warrant
Shares or number or kind of securities or other property purchasable upon the
exercise of this Warrant or the Exercise Price is adjusted, the Company shall
promptly mail to the holder of this Warrant a notice setting forth the number of
Warrant Shares (and other securities or property) purchasable upon the exercise
of this Warrant and the Exercise Price of such Warrant Shares after such
adjustment and setting forth a brief statement of the facts requiring such
adjustment.

                                      -7-

<PAGE>   8

                  15. Authorized Shares. The Company covenants that during the
period the Warrant is outstanding and exercisable, it will reserve from its
authorized and unissued Common Stock a sufficient number of shares to provide
for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this
Warrant shall constitute full authority to its officers who are charged with the
duty of executing stock certificates to execute and issue the necessary
certificates for the Warrant Shares upon the exercise of the purchase rights
under this Warrant. The Company will take all such reasonable action as may be
necessary to assure that such Warrant Shares may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of
the American Stock Exchange or any domestic securities exchange upon which the
Common Stock may be listed.

                  16. 9.99% Limitation. Notwithstanding anything to the contrary
contained herein, the number of shares of Common Stock that may be acquired by
the Investor upon exercise pursuant to the terms hereof shall not exceed a
number that, when added to the total number of shares of Common Stock deemed
beneficially owned by such holder (other than by virtue of the ownership of
securities or rights to acquire securities (including the Warrant) that have
limitations on the Investor's right to convert, exercise or purchase similar to
the limitation set forth herein), together with all shares of Common Stock
deemed beneficially owned (other than by virtue of the ownership of securities
or rights to acquire securities that have limitations on the right to convert,
exercise or purchase similar to the limitation set forth herein) by the holder's
"affiliates" (as defined Rule 144 of the Act) ("Aggregation Parties") that would
be aggregated for purposes of determining whether a group under Section 13(d) of
the Securities Exchange Act of 1934, as amended, exists, would exceed 9.99% of
the total issued and outstanding shares of the Company's Common Stock (the
"Restricted Ownership Percentage"). Each Holder shall have the right (w) at any
time and from time to time to reduce its Restricted Ownership Percentage
immediately upon notice to the Company and (x) at any time and from time to
time, to increase its Restricted Ownership Percentage immediately in the event
of the announcement as pending or planned of a Major Transaction (as such term
is defined in the Investment Agreement).

                  (a) The Investor covenants at all times on each day (each such
day being referred to as a "Covenant Day") as follows: During the balance of
such Covenant Day and the succeeding sixty-one (61) days (the balance of such
Covenant Day and the succeeding 61 days being referred to as the "Covenant
Period") such Investor will not acquire shares of Common Stock pursuant to any
right (including the exercise of the Warrant) existing at the commencement of
the Covenant Period to the extent the number of shares so acquired by such
holder and its Aggregation Parties (ignoring all dispositions) would exceed:

         (x)      the Restricted Ownership Percentage of the total number of
                  shares of Common Stock outstanding at the commencement of the
                  Covenant Period,
         minus

         (y)      the number of shares of Common Stock owned by such holder and
                  its Aggregation Parties at the commencement of the Covenant
                  Period.

                                      -8-
<PAGE>   9

                  A new and independent covenant will be deemed to be given by
the holder as of each moment of each Covenant Day. No covenant will terminate,
diminish or modify any other covenant. The holder agrees to comply with each
such covenant. This Section 16 controls in the case of any conflict with any
other provision of the Transaction Documents.

                  The Company's obligation to issue Shares of Common Stock which
would exceed such limits referred to in this Section 16 shall be suspended to
the extent necessary until such time, if any, as shares of Common Stock may be
issued in compliance with such restrictions.

                  17. Compliance with Securities Laws. (a) The holder hereof
acknowledges that the Warrant Shares acquired upon the exercise of this Warrant,
if not registered (or if no exemption from registration exists), will have
restrictions upon resale imposed by state and federal securities laws. Each
certificate representing the Warrant Shares issued to the Holder upon exercise
(if not registered or if no exemption from registration exists) will bear the
following legend:

                  THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY,
MAY NOT BE OFFERED, TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS, BASED ON AN OPINION LETTER OF COUNSEL
SATISFACTORY TO THE COMPANY OR A NO-ACTION LETTER FROM THE SECURITIES AND
EXCHANGE COMMISSION.

                  (b) Without limiting the Investor's right to transfer, assign
or otherwise convey the Warrant or Warrant Shares in compliance with all
applicable securities laws, the Investor of this Warrant, by acceptance hereof,
acknowledges that this Warrant and the Warrant Shares to be issued upon exercise
hereof are being acquired solely for the Investor's own account and not as a
nominee for any other party, and that the Investor will not offer, sell or
otherwise dispose of this Warrant or any Warrant Shares to be issued upon
exercise hereof except under circumstances that will not result in a violation
of applicable federal and state securities laws. Upon exercise of this Warrant,
the Investor shall, if requested by the Company, confirm in writing, in a form
satisfactory to the Company, that the Warrant Shares of Common Stock so
purchased are being acquired solely for the Investor's own account and not as a
nominee for any other party, for investment, and not with a view toward
distribution or resale.

                  (c) Neither this Warrant nor any Share of Common Stock issued
upon exercise of this Warrant may be offered for sale or sold, or otherwise
transferred or sold in any transaction which would constitute a sale thereof
within the meaning of the Act, unless (i) such security has been registered for
sale under the Act and registered or qualified under applicable state securities
laws relating to the offer an sale of securities, or (ii) exemptions from the
registration requirements of the Act and the registration or qualification
requirements of all such

                                      -9-
<PAGE>   10

state securities laws are available and the Company shall have received an
opinion of counsel that the proposed sale or other disposition of such
securities may be effected without registration under the Act, such counsel and
such opinion to be satisfactory to the Company.

                  (d) Investor recognizes that investing in the Warrant and the
Warrant Shares involves a high degree of risk, and Investor is in a financial
position to hold the Warrant and the Warrant Shares indefinitely and is able to
bear the economic risk and withstand a complete loss of its investment in the
Warrant and the Warrant Shares. The Investor is a sophisticated investor and is
capable of evaluating the merits and risks of investing in the Company. The
Investor has had an opportunity to discuss the Company's business, management
and financial affairs with the Company's management, has been given full and
complete access to information concerning the Company, and has utilized such
access to its satisfaction for the purpose of obtaining information or verifying
information and have had the opportunity to inspect the Company's operation.
Investor has had the opportunity to ask questions of, and receive answers from,
the management of the Company (and any person acting on its behalf) concerning
the Warrant and the Warrant Shares and the agreements and transactions
contemplated hereby, and to obtain any additional information as Investor may
have requested in making its investment decision. The initial Investor in this
Warrant is an "accredited investor", as defined by Regulation D promulgated
under the Act.

                  18. Miscellaneous.

                  (a) Issue Date; Choice Of Law; Venue; Jurisdiction. The
provisions of this Warrant shall be construed and shall be given effect in all
respects as if it had been issued and delivered by the Company on the date
hereof. This Warrant shall be binding upon any successors or assigns of the
Company. This Warrant will be construed and enforced in accordance with and
governed by the laws of the State of New York, except for matters arising under
the Act, without reference to principles of conflicts of law. Each of the
parties consents to the exclusive jurisdiction of the U.S. District Court
sitting in the State of City of New York in the State of New York in connection
with any dispute arising under this Warrant and hereby waives, to the maximum
extent permitted by law, any objection, including any objection based on forum
non conveniens, to the bringing of any such proceeding in such jurisdiction.
Each party hereby agrees that if the other party to this Warrant obtains a
judgment against it in such a proceeding, the party which obtained such judgment
may enforce same by summary judgment in the courts of any country having
jurisdiction over the party against whom such judgment was obtained, and each
party hereby waives any defenses available to it under local law and agrees to
the enforcement of such a judgment. Each party to this Warrant irrevocably
consents to the service of process in any such proceeding by the mailing of
copies thereof by registered or certified mail, postage prepaid, to such party
at its address in accordance with Section 18(c). Nothing herein shall affect the
right of any party to serve process in any other manner permitted by law. Each
party waives its right to a trial by jury.

                  (b) Modification and Waiver. This Warrant and any provisions
hereof may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of the same is sought. Any
amendment effected in accordance with this paragraph shall be binding upon the
Investor, each future holder of this Warrant and the Company. No waivers of, or
exceptions to, any term, condition or provision of this Warrant, in

                                      -10-
<PAGE>   11

any one or more instances, shall be deemed to be, or construed as, a further or
continuing waiver of any such term, condition or provision.

                  (c) Notices. Any notice, request or other document required or
permitted to be given or delivered to the Investor or future holders hereof or
the Company shall be personally delivered or shall be sent by certified or
registered mail, postage prepaid, to the Investor or each such holder at its
address as shown on the books of the Company or to the Company at the address
set forth in the Agreement. All notices under this Warrant shall be deemed to
have been given when received.

                  A party may from time to time change the address to which
notices to it are to be delivered or mailed hereunder by notice in accordance
with the provisions of this Section 18(c).

                  (d) Severability. Whenever possible, each provision of this
Warrant shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
the validity, legality or enforceability of any other provision of this Warrant
in such jurisdiction or affect the validity, legality or enforceability of any
provision in any other jurisdiction, but this Warrant shall be reformed,
construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein.

                  (e) No Impairment. The Company will not, by amendment of its
Certificate of Incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Warrant Holder
against impairment. Without limiting the generality of the foregoing, the
Company (a) will not increase the par value of any Warrant Shares above the
amount payable therefor on such exercise, and (b) will take all such action as
may be reasonably necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable Warrant Shares on the exercise of
this Warrant.

                                      -11-
<PAGE>   12

                  IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed by its officers thereunto duly authorized.

Dated: July17, 2000

                                              PLATO LEARNING, INC.
                                              By:
                                                  ------------------------------
                                                   Name:
                                                   Title:

Agreed and Accepted
this 17th  day of July, 2000

ELLIOTT ASSOCIATES, L.P.
By:  Elliott Capital Advisors, L.P., as General Partner
By:  Braxton Associates, Inc., as General Partner

By:
   --------------------------------------------------
   Name:  Elliot Greenberg
   Title: Vice President

                                      -12-
<PAGE>   13

                               NOTICE OF EXERCISE

To:      PLATO LEARNING, INC.

(1) The undersigned hereby elects:

         (A) to purchase          shares of Common Stock of PLATO LEARNING, INC.
pursuant to the terms of the attached Warrant, and tenders herewith payment of
the Exercise Price in full, together with all applicable transfer taxes, if any.

         (B) in a "cashless" or "net-issue exercise" for, and to purchase
thereunder,        shares of Common Stock, and herewith makes payment therefor
with         Surrendered Shares.

(2) Please issue a certificate or certificates representing said shares of
Common Stock in the name of the undersigned or in such other name as is
specified below:

                           -------------------------------
                           (Name)
                           -------------------------------
                           (Address)
                           -------------------------------

(3) Please issue a new Warrant for the unexercised portion of the attached
Warrant in the name of the undersigned or in such other name as is specified
below:

                           Other Name:
                                       --------------------

                                           -------------------------------------
                                           (Name)

--------------------                       -------------------------------------
(Date)                                     (Signature)

                                           -------------------------------------
                                           (Address)

                                      -13-
<PAGE>   14

                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)

                  FOR  VALUE  RECEIVED,  the  foregoing  Warrant  of Plato
Learning, Inc., Inc. and all rights evidenced thereby are hereby assigned to

                                       whose address is
---------------------------------------

---------------------------------------------------------------.

---------------------------------------------------------------

                                         Dated:                ,
                                                 --------------

                    Holder's Signature:
                                        -----------------------------
                    Holder's Address:
                                        -----------------------------

                                        -----------------------------

Signature Guaranteed:
                       -------------------------------------------

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in an fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing
Warrant.

                                      -14-

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