<PAGE>

                                                                    EXHIBIT 4.2

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED OR ANY APPLICABLE STATE SECURITIES LAW,
AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 AND AN EXEMPTION
UNDER APPLICABLE STATE LAW OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
THE CORPORATION AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.

                           WARRANT TO PURCHASE STOCK

Corporation:  VERSO TECHNOLOGIES, INC., a Minnesota corporation

Number of Shares: The number of whole shares determined by dividing $250,000 by
the Initial Exercise Price of the shares (308,641)

Class of Stock:  Common Stock

Initial Exercise Price: The closing price of Verso Technologies, Inc. common
stock on the Issue Date. That price is $0.81

Issue Date:  May 15, 2002

Expiration Date: May 15, 2007

         THIS WARRANT CERTIFIES THAT, for the agreed upon value of $1.00 and
for other good and valuable consideration, SILICON VALLEY BANK ("Holder") is
entitled to purchase the number of fully paid and nonassessable shares of the
class of securities (the "Shares") of the corporation (the "Company") at the
initial exercise price per Share (the "Warrant Price") all as set forth above
and as adjusted pursuant to Article 2 of this Warrant, subject to the
provisions and upon the terms and conditions set forth in this Warrant.

ARTICLE 1.        EXERCISE.

                  1.1      Method of Exercise. Holder may exercise this Warrant
by delivering a duly executed Notice of Exercise in substantially the form
attached as Appendix 1 to the principal office of the Company. Unless Holder is
exercising the conversion right set forth in Section 1.2, Holder shall also
deliver to the Company a check for the aggregate Warrant Price for the Shares
being purchased.

                  1.2      Conversion Right. In the event, but only in the
event, that a registration statement under the Securities Act of 1933, as
amended (the "Securities Act"), covering the resale of the Shares has not been
declared effective on or before the date that is one year from original date of
issuance of this Warrant (the "Registration Date"), then in lieu of exercising
this Warrant as specified in Section 1.1, Holder may from time to time on and
after the Registration Date convert this Warrant, in whole or in part, into a
number of Shares determined by dividing (a) the aggregate fair market value of
the Shares or other securities otherwise issuable upon exercise of this Warrant
minus the aggregate Warrant Price of such Shares by (b) the fair market value
of one Share. The fair market value of the Shares shall be determined pursuant
to Section 1.3.

                  1.3      Fair Market Value. If the Shares are traded in a
public market, the fair market value of the Shares shall be the closing price
of the Shares (or the closing price of the Company's stock into which the
Shares are convertible) reported for the business day immediately before Holder
delivers its Notice of Exercise to the Company. If the Shares are not traded in
a public market, the Board of Directors of the Company shall determine fair
market value in its reasonable good faith judgment.


                                       1

<PAGE>

                  1.4      Delivery of Certificate and New Warrant. Promptly
after Holder exercises or converts this Warrant, the Company shall deliver to
Holder certificates for the Shares acquired and, if this Warrant has not been
fully exercised or converted and has not expired, a new Warrant representing
the Shares not so acquired.

                  1.5      Replacement of Warrants. On receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of loss, theft or destruction, on
delivery of an indemnity agreement reasonably satisfactory in form and amount
to the Company or, in the case of mutilation, or surrender and cancellation of
this Warrant, the Company shall execute and deliver, in lieu of this Warrant, a
new warrant of like tenor.

                  1.6      Assumption on Sale, Merger, or Consolidation of the
Company.

                           1.6.1    "Acquisition". For the purpose of this
Warrant, "Acquisition" means any sale, license, or other disposition of all or
substantially all of the assets of the Company, or any reorganization,
consolidation, or merger of the Company where the holders of the Company's
securities before the transaction beneficially own less than 50% of the
outstanding voting securities of the surviving entity after the transaction.

                           1.6.2    Assumption of Warrant. Upon the closing of
any Acquisition, the successor entity shall assume the obligations of this
Warrant, and this Warrant shall be exercisable for the same securities, cash,
and property as would be payable for the Shares issuable upon exercise of the
unexercised portion of this Warrant as if such Shares were outstanding on the
record date for the Acquisition and subsequent closing. The Initial Exercise
Price and/or number of Shares shall be adjusted accordingly.

ARTICLE 2.        ADJUSTMENTS TO THE SHARES.

                  2.1      Stock Dividends, Splits, Etc. If the Company
declares or pays a dividend on its common stock (or the Shares if the Shares
are securities other than common stock) payable in common stock, or other
securities, subdivides the outstanding common stock into a greater amount of
common stock, or, if the Shares are securities other than common stock,
subdivides the Shares in a transaction that increases the amount of common
stock into which the Shares are convertible, then upon exercise of this
Warrant, for each Share acquired, Holder shall receive, without cost to Holder,
the total number and kind of securities to which Holder would have been
entitled had Holder owned the Shares of record as of the date the dividend or
subdivision occurred. If the outstanding shares are combined or consolidated,
by reclassification or otherwise, into a lesser number of shares, the Initial
Exercise Price shall be proportionately increased.

                  2.2      Reclassification, Exchange, Combinations or
Substitution. Upon any reclassification, exchange, substitution, or other event
that results in a change of the number and/or class of the securities issuable
upon exercise or conversion of this Warrant, Holder shall be entitled to
receive, upon exercise or conversion of this Warrant, the number and kind of
securities and property that Holder would have received for the Shares if this
Warrant had been exercised immediately before such reclassification, exchange,
substitution, or other event. The Company or its successor shall promptly issue
to Holder a new Warrant for such new securities or other property. The new
Warrant shall provide for adjustments which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article 2 including,
without limitation, adjustments to the Initial Exercise Price and to the number
of securities or property issuable upon exercise of the new Warrant. The
provisions of this Section 2.2 shall similarly apply to successive
reclassifications, exchanges, substitutions, or other events.

                  2.3      Adjustments for Diluting Issuances. The Warrant
Price and the number of Shares issuable upon exercise of this Warrant shall be
subject to adjustment, from time to


                                       2

<PAGE>

time in the manner set forth in that certain Antidilution Agreement by and
between the Company and Silicon Valley Bank dated as of the date hereof.

                  2.4      No Impairment. The Company shall not, by amendment
of its Articles of Incorporation or through a 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 to be observed or performed under this Warrant by the Company,
but shall at all times in good faith assist in carrying out of all the
provisions of this Article 2 and in taking all such action as may be necessary
or appropriate to protect Holder's rights under this Article against
impairment.

                  2.5      Fractional Shares. No fractional Shares shall be
issuable upon exercise or conversion of the Warrant and the number of Shares to
be issued shall be rounded down to the nearest whole Share. If a fractional
share interest arises upon any exercise or conversion of the Warrant, the
Company shall eliminate such fractional share interest by paying Holder the
amount computed by multiplying the fractional interest by the fair market value
of a full Share.

                  2.6      Certificate as to Adjustments. Upon each adjustment
of the Warrant Price, the Company shall promptly notify Holder in writing, and,
at the Company's expense, promptly compute such adjustment, and furnish Holder
with a certificate of its Chief Financial Officer setting forth such adjustment
and the facts upon which such adjustment is based. The Company shall, upon
written request, furnish Holder a certificate setting forth the Warrant Price
in effect upon the date thereof and the series of adjustments leading to such
Warrant Price.

ARTICLE 3.        REPRESENTATIONS AND COVENANTS OF THE COMPANY.

                  3.1      Representations and Warranties. The Company
represents and warrants to the Holder as follows:

                           (a)      The initial Warrant Price referenced on the
first page of this Warrant is not greater than the fair market value of the
Shares as of the date of this Warrant.

                           (b)      All Shares which may be issued upon the
exercise of the purchase right represented by this Warrant, and all securities,
if any, issuable upon conversion of the Shares, shall, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable, and free of any liens
and encumbrances except for restrictions on transfer provided for herein or
under applicable federal and state securities laws.

                  3.2      Notice of Certain Events. If the Company proposes at
any time (a) to declare any dividend or distribution upon its common stock,
whether in cash, property, stock, or other securities and whether or not a
regular cash dividend; (b) to offer for subscription pro rata to the holders of
any class or series of its stock any additional shares of stock of any class or
series or other rights; (c) to effect any reclassification or recapitalization
of common stock; or (d) to merge or consolidate with or into any other
corporation, or sell, lease, license, or convey all or substantially all of its
assets, or to liquidate, dissolve or wind up; then, in connection with each
such event, the Company shall give Holder (1) at least 10 days prior written
notice of the date on which a record will be taken for such dividend,
distribution, or subscription rights (and specifying the date on which the
holders of common stock will be entitled thereto) or for determining rights to
vote, if any, in respect of the matters referred to in (c) and (d) above; and
(2) in the case of the matters referred to in (c) and (d) above at least 10
days prior written notice of the date when the same will take place (and
specifying the date on which the holders of common stock will be entitled to
exchange their common stock for securities or other property deliverable upon
the occurrence of such event).


                                       3

<PAGE>

                  3.3      Registration Under Securities Act of 1933, as
amended. The Company agrees that the Shares shall be subject to the
registration rights set forth in the Registration Rights Agreement entered into
between the Company and Silicon Valley Bank as of the date hereof.


ARTICLE 4.        REPRESENTATIONS, WARRANTIES OF THE HOLDER. The Holder
represents and warrants to the Company as follows:

                  4.1      Purchase for Own Account. Except for transfers to
Holder's affiliates, this Warrant and the securities to be acquired upon
exercise of this Warrant by the Holder will be acquired for investment for the
Holder's account, not as a nominee or agent, and not with a view to the public
resale or distribution within the meaning of the Securities Act, and the Holder
has no present intention of selling, granting any participation in, or
otherwise distributing the same. If not an individual, the Holder also
represents that the Holder has not been formed for the specific purpose of
acquiring this Warrant or the Shares.

                  4.2      Disclosure of Information. The Holder has received
or has had full access to all the information it considers necessary or
appropriate to make an informed investment decision with respect to the
acquisition of this Warrant and its underlying securities. The Holder further
has had an opportunity to ask questions and receive answers from the Company
regarding the terms and conditions of the offering of this Warrant and its
underlying securities and to obtain additional information (to the extent the
Company possessed such information or could acquire it without unreasonable
effort or expense) necessary to verify any information furnished to the Holder
or to which the Holder has access.

                  4.3      Investment Experience. The Holder understands that
the purchase of this Warrant and its underlying securities involves substantial
risk. The Holder: (i) has experience as an investor in securities of companies
in the development stage and acknowledges that the Holder is able to fend for
itself, can bear the economic risk of such Holder's investment in this Warrant
and its underlying securities and has such knowledge and experience in
financial or business matters that the Holder is capable of evaluating the
merits and risks of its investment in this Warrant and its underlying
securities and/or (ii) has a preexisting personal or business relationship with
the Company and certain of its officers, directors or controlling persons of a
nature and duration that enables the Holder to be aware of the character,
business acumen and financial circumstances of such persons.

                  4.4      Accredited Investor Status. The Holder is an
"accredited investor" within the meaning of Regulation D promulgated under the
1933 Act.

ARTICLE 5.        MISCELLANEOUS.

                  5.1      Term: This Warrant is exercisable in whole or in
part at any time and from time to time on or before the Expiration Date.

                  5.2      Legends. This Warrant and the Shares (and the
securities issuable, directly or indirectly, upon conversion of the Shares, if
any) shall be imprinted with a legend in substantially the following form:

                  THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED OR UNDER ANY
                  APPLICABLE STATE LAWS, AND MAY NOT BE SOLD, PLEDGED
                  OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
                  REGISTRATION THERE OF UNDER SUCH ACT AND AN
                  EXEMPTION UNDER APPLICABLE STATE LAW OR PURSUANT TO
                  RULE 144 OR AN OPINION OF COUNSEL REASONABLY
                  SATISFACTORY TO THE CORPORATION AND ITS COUNSEL
                  THAT SUCH REGISTRATION IS NOT REQUIRED.


                                       4

<PAGE>

                  5.3      Compliance with Securities Laws on Transfer. This
Warrant and the Shares issuable upon exercise of this Warrant (and the
securities issuable, directly or indirectly, upon conversion of the Shares, if
any) may not be transferred or assigned in whole or in part without compliance
with applicable federal and state securities laws by the transferor and the
transferee (including, without limitation, the delivery of investment
representation letters and legal opinions reasonably satisfactory to the
Company, as reasonably requested by the Company). The Company shall not require
Holder to provide an opinion of counsel if the transfer is to an affiliate of
Holder or if there is no material question as to the availability of current
information as referenced in Rule 144(c), Holder represents that it has
complied with Rule 144(d) and (e) in reasonable detail, the selling broker
represents that it has complied with Rule 144(f), and the Company is provided
with a copy of Holder's notice of proposed sale.

                  5.4      Transfer Procedure. Subject to the provisions of
Section 5.3, Holder may transfer all or part of this Warrant or the Shares
issuable upon exercise of this Warrant (or the securities issuable, directly or
indirectly, upon conversion of the Shares, if any) to Silicon Valley
Bancshares, or The Silicon Valley Bank Foundation, or to any affiliate of
Holder at any time without prior notice to Company; provided, however, if
Holder transfers this warrant to any other transferee, Holder will give the
Company notice of the portion of the Warrant being transferred with the name,
address and taxpayer identification number of the transferee and surrendering
this Warrant to the Company for reissuance to the transferee(s) (and Holder if
applicable). The Company may refuse to transfer this Warrant to any person who
directly competes with the Company.

                  5.5      Notices. All notices and other communications from
the Company to the Holder, or vice versa, shall be deemed delivered and
effective when given personally or mailed by first-class registered or
certified mail, postage prepaid, at such address as may have been furnished to
the Company or the Holder, as the case may be, in writing by the Company or
such holder from time to time. All notices to the Holder shall be addressed as
follows:

                           Silicon Valley Bank
                           Attn:  Treasury Department
                           3003 Tasman Drive, HG 110
                           Santa Clara, CA 95054

                  5.6      Waiver. This Warrant and any term hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge
or termination is sought.

                  5.7      Attorney's Fees. In the event of any dispute between
the parties concerning the terms and provisions of this Warrant, the party
prevailing in such dispute shall be entitled to collect from the other party
all costs incurred in such dispute, including reasonable

                  5.8      Automatic Conversion upon Expiration. In the event
that, (i) this Warrant is convertible pursuant to Section 1.2 above, and (ii)
upon the Expiration Date, the fair market value of one Share (or other security
issuable upon the exercise hereof) as determined in accordance with Section 1.3
above is greater than the Exercise Price in effect on such date, then this
Warrant shall automatically be deemed on and as of such date to be converted
pursuant to Section 1.2 above as to all Shares (or such other securities) for
which it shall not previously have been exercised or converted, and the Company
shall promptly deliver a certificate representing the Shares (or such other
securities) issued upon such conversion to the Holder.

                  5.9      Governing Law. This Warrant shall be governed by and
construed in accordance with the laws of the State of California, without
giving effect to its principles regarding conflicts of law.


                                       5

<PAGE>

                                        "COMPANY"
                                        VERSO TECHNOLOGIES, INC.



                                        By: /s/ Steven A. Odom
                                           -------------------------------------
                                                Steven A. Odom


                                        Name: Steven A. Odom
                                             -----------------------------------
                                             (Print)

                                        Title: Chairman of the Board, President
                                               or Vice President



                                        By:



                                        Name: /s/ Juliet M. Reising
                                             -----------------------------------
                                             (Print)

                                        Title: Chief Financial Officer,
                                               Secretary, Assistant Treasurer
                                               or Assistant Secretary



                                        "HOLDER"
                                        Silicon Valley Bank



                                        By: /s/ Peter Bendoris
                                           -------------------------------------



                                        Name: Peter Bendoris
                                             -----------------------------------



                                        Title: Vice President
                                              ----------------------------------


                                       6

<PAGE>

                                   APPENDIX 1

                               NOTICE OF EXERCISE

         1.       Holder elects to purchase             shares of the Common
Stock of VERSO TECHNOLOGIES, INC. pursuant to the terms of the attached
Warrant, and tenders payment of the purchase price of the shares in full.

         1.       Holder elects to convert the attached Warrant into
Shares/cash [strike one] in the manner specified in the Warrant. This
conversion is exercised for                       of the Shares covered by the
Warrant.

         [Strike paragraph that does not apply.]

         2.       Please issue a certificate or certificates representing the
shares in the name specified below:



                           -----------------------------------------------------
                                               Holders Name


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

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

         3.       The undersigned represents it is acquiring the shares solely
for its own account and not as a nominee for any other party and not with a
view toward the resale or distribution except in compliance with applicable
securities laws.



                                    HOLDER:



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


                                    By:
                                       -----------------------------------------

                                    Name:
                                         ---------------------------------------

                                    Title:
                                          --------------------------------------


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