<PAGE>   1

                                                                    EXHIBIT 4.15

NONE OF THE WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF
THIS WARRANT (HEREIN THE WARRANTS AND COMMON STOCK ARE REFERRED TO COLLECTIVELY
AS THE "SECURITIES") REPRESENTED BY THIS CERTIFICATE HAVE BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE "ACT") OR UNDER THE SECURITIES LAW OF ANY STATE
(THE "STATE ACTS") AND ARE RESTRICTED SECURITIES. THE RESTRICTED SECURITIES HAVE
BEEN ACQUIRED FOR THE HOLDER'S OWN ACCOUNT AND NOT WITH A VIEW TO DISTRIBUTE
THEM TO THE PUBLIC. RESTRICTED SECURITIES MUST BE HELD INDEFINITELY UNLESS THEY
ARE SUBSEQUENTLY REGISTERED UNDER THE ACT AND THE STATE ACTS OR AN EXEMPTION
FROM SUCH REGISTRATION IS AVAILABLE.

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


                             STOCK PURCHASE WARRANT

For the purchase of 484,600 Shares of Common Stock,

                                 $0.01 Par Value

                                       of

                                 SHELDAHL, INC.
                            (A Minnesota Corporation)

     THIS CERTIFIES THAT, for value received Dublind Investments, LLC (the
"Holder"), as registered owner of this Warrant, is entitled to at any time or
from time to time at or before the earlier of (a) 5:00 p.m. Eastern Standard
Time on August 1, 2002, or (b) the closing of a public offering ("Public
Offering") pursuant to an effective registration statement under the Act
covering the offer and sale of securities of SHELDAHL, INC., a Minnesota
corporation (the ("Company"), to the public, but not thereafter, to subscribe
for, purchase and receive 484,600 but not fewer than 484,600 fully paid and
nonassessable shares of Common Stock, $0.25 par value (the "Common Stock"), of
the Company, at the price of $1.670896 per share (the "Exercise Price"), upon
presentation and surrender of this Warrant and upon payment of the Exercise
Price for such of the shares of Common Stock to the Company at the principal
office of the Company; provided, however, that upon the occurrence of any of the
events specified in the Statement of Rights of Warrant Holders, a copy of which
is attached as Annex I hereto and by this reference made a part hereof, the
rights granted by this Warrant shall be adjusted as therein specified. Upon
exercise of this Warrant, the form of election hereinafter provided for must be
duly executed and the instructions for registration of the Common Stock acquired
by such exercise must be completed. If the subscription rights represented
hereby shall not be exercised at or before the earlier of (a) August 1, 2002 or
(b) the closing of a Public Offering covering the offer and sale of securities
of the Company pursuant to an effective registration statement under the Act,
this Warrant shall become and be void without further force or effect, and all
rights



<PAGE>   2


represented hereby shall cease and expire.

     This Warrant may be exercised only as to all of the Common Stock
purchasable hereunder, by execution by the Holder of the form of exercise
hereinafter provided for.

     In no event shall this Warrant (or the shares of Common Stock issuable upon
the exercise hereof) be offered or sold except in conformity with the Act and
applicable State Acts.

     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its
duly authorized officers this 28 day of December, 2000.

                                            SHELDAHL, INC.
                                            a Minnesota corporation


                                            By  /s/ Jill D. Burchill
                                               ---------------------------------
                                                Name: Jill D. Burchill
                                                Title: Vice President and Chief
                                                       Financial Officer



                                        2

<PAGE>   3



                       Form to be used to exercise warrant

                                 SHELDAHL, INC.





                                                                           Date:

     The Undersigned hereby elects irrevocably to exercise the within Warrant
and to purchase            shares of Common Stock of the Company called for
hereby, and hereby makes payment of $            (at the rate of [         ($ )]
per share of Common Stock) in payment of the Exercise Price pursuant thereto.
Please issue the shares of Common Stock as to which this Warrant is exercised in
accordance with the instructions given below.

                                                              Signature:


                                                           Signature Guaranteed:



                     INSTRUCTIONS FOR REGISTRATION OF STOCK


Name
     --------------------------------------------------------------------------
                            (Print in Block Letters)

Address
        ------------------------------------------------------------------------




                                        3

<PAGE>   4



                                     ANNEX I
                                   TO WARRANT

                                 SHELDAHL, INC.

                      STATEMENT OF RIGHTS OF WARRANT HOLDER

     1. Exchange of Warrants. This Warrant, at any time prior to the exercise
hereof, upon presentation and surrender to the Company, may be exchanged, alone
or with other warrants of like tenor registered in the name of the same owner,
for another Warrant or other Warrants of like tenor in the name of such owner or
permissible assignee, exercisable for the same aggregate number of shares of
Common Stock (hereinafter "Warrant Shares") as the Warrant or Warrants
surrendered.

     2. Purchase and Exercise of Warrant.

     (a) This Warrant or any part thereof may be sold, transferred, exercised,
assigned, hypothecated or allotted only as provided herein. In case the owner
shall desire to exercise the purchase right evidenced by this Warrant, the owner
shall surrender this Warrant with the form of subscription attached hereto duly
executed by the owner to the Company at the principal office of the Company,
1150 Sheldahl Road, Northfield, Minnesota 55057, attention of the President,
accompanied by the payment of the total Exercise Price (hereinafter defined).
This Warrant may be exercised only in whole. Each certificate for Warrant Shares
issued hereunder shall bear the following legends:

     THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
     THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
     STATE, AND MAY NOT BE DISTRIBUTED, SOLD, TRANSFERRED, ASSIGNED,
     HYPOTHECATED OR OFFERED UNLESS THERE IS IN EFFECT A REGISTRATION STATEMENT
     UNDER SUCH ACT AND LAWS COVERING SUCH SECURITIES OR THE ISSUER RECEIVES AN
     OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER OR A NO-ACTION
     LETTER FROM THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION STATING
     THAT SUCH DISTRIBUTION, SALE, TRANSFER, ASSIGNMENT, HYPOTHECATION OR OFFER
     IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF
     SUCH ACT AND LAWS.

     THE CORPORATION WILL FURNISH TO ANY SHAREHOLDER UPON REQUEST AND WITHOUT
     CHARGE, A FULL STATEMENT OF THE DESIGNATIONS, PREFERENCES, LIMITATIONS AND
     RELATIVE RIGHTS OF THE SHARES OF EACH CLASS OR SERIES OF CAPITAL STOCK




                                        4

<PAGE>   5



     AUTHORIZED TO BE ISSUED, SO FAR AS THEY HAVE BEEN DETERMINED, AND THE
     AUTHORITY OF THE BOARD TO DETERMINE THE RELATIVE RIGHTS AND PREFERENCES
     OF THE SUBSEQUENT CLASSES OR SERIES.

     THE SHARES OF COMMON STOCK OF SHELDAHL, INC. INTO WHICH THE SECURITIES
     REPRESENTED BY THIS CERTIFICATE ARE CONVERTIBLE ENTITLE THE HOLDER THEREOF
     TO CERTAIN RIGHTS AS SET FORTH IN THE RIGHTS AGREEMENT BETWEEN SHELDAHL,
     INC. AND WELLS FARGO BANK, N.A., DATED AS OF JUNE 16, 1996 AND AMENDED ON
     JULY 25, 1998 AND NOVEMBER 10, 2000 (THE "RIGHTS AGREEMENT"), A COPY OF
     WHICH IS ON FILE AT THE PRINCIPAL OFFICES OF SHELDAHL, INC. UNDER CERTAIN
     CIRCUMSTANCES, SUCH RIGHTS ISSUED TO OR HELD BY AN ACQUIRING PERSON, OR
     AFFILIATE OR ASSOCIATE THEREOF (AS DEFINED IN THE RIGHTS AGREEMENT), AND
     ANY SUBSEQUENT HOLDER OF SUCH RIGHTS, MAY BECOME NULL AND VOID.


     (b) The exercise price (the "Exercise Price") per share of the Warrant
Shares shall be $1.670896.

         3.       Disposition of Warrants or Warrant Shares.

     No disposition of this Warrant or Warrant Shares shall be made unless and
until the Company has received an opinion from counsel for the owner(s) of the
Warrant or Warrant Shares stating that no registration under the Act or any
State Acts is required with respect to such disposition or this Warrant or
Warrant Shares have been registered pursuant to an effective registration
statement.

     4. Dividends, Reclassification, Reorganization, Antidilution Provisions,
Etc.

     (a) If, prior to the expiration of this Warrant by exercise or by its
terms, the Company shall issue any of its shares of Common Stock as a share
dividend or subdivide the number of outstanding shares of Common Stock into a
greater number of shares, then, in either of such cases, the Exercise Price per
share of the shares of Common Stock purchasable pursuant to this Warrant in
effect at the time of such action shall be proportionately reduced and the
number of Warrant Shares at the time purchasable pursuant to this Warrant shall
be proportionately increased; and conversely, if the Company shall contract the
number of outstanding shares of Common Stock by combining such shares into a
smaller number of shares, then, in such case, the Exercise Price per share of
the Warrant Shares purchasable pursuant to this Warrant shall be proportionately
decreased. If the Company shall, at any time during the life of this Warrant,
declare a dividend payable in cash on its shares of Common Stock and shall at





                                        5

<PAGE>   6



substantially the same time offer to its holders of Common Stock a right to
purchase new shares of Common Stock from the proceeds of such dividend or for an
amount substantially equal to the dividend, all shares of Common Stock so issued
shall, for the purpose of this Warrant, be deemed to have been issued as a share
dividend. Any dividend paid or distributed upon the shares of Common Stock in
shares of any other class of securities convertible into shares of Common Stock
shall be treated as a dividend paid in shares of Common Stock to the extent that
shares of Common Stock are issuable upon the conversion thereof.

     (b) If, prior to the expiration of this Warrant by exercise or by its
terms, the Company shall be recapitalized by reclassifying its Common Stock into
shares with a different par value, or the Company or successor corporation shall
consolidate or merge with or convey all or substantially all of its or of any
successor corporation's property and assets to any other corporation or
corporations (any such corporation being included within the meaning of the term
"successor corporation" used above in the event of any consolidation or merger
of any such corporation with, or the sale of all or substantially all of the
property of any such corporation to another corporation or corporations), the
holder of this Warrant shall thereafter have the right to purchase, upon the
basis and on the terms and conditions and during the time specified in this
Warrant, in lieu of the shares of Common Stock of the Company theretofore
purchasable upon the exercise of this Warrant, such shares, securities, or
assets as may be issued or payable with respect to, or in exchange for, the
number of shares of Common Stock of the Company theretofore purchasable upon the
exercise of this Warrant and conversion of the Common Stock had such
recapitalization, consolidation, merger or conveyance not taken place, and in
any such event, the rights of the holder of this Warrant to an adjustment in the
number of shares of Common Stock purchasable upon the exercise of this Warrant
as herein provided shall continue and be preserved in respect of any shares,
securities, or assets which the holder of this Warrant becomes entitled to
purchase.

     (c) If: (i) the Company shall take a record of the holders of its shares of
Common Stock for the purpose of entitling them to receive a dividend payable
otherwise than in cash, or any other distribution in respect to the shares of
Common Stock (including cash), pursuant to, without limitation, any spin-off,
split-off, or distribution of the Company's assets; or (ii) the Company shall
take a record of the holders of its shares of Common Stock for the purpose of
entitling them to subscribe for or purchase any shares of any class or to
receive any other rights; or (iii) in the event of any classification,
reclassification, or other reorganization of the shares which the Company is
authorized to issue, consolidation or merger of the Company with or into another
corporation, or conveyance of all or substantially all of the assets of the
Company; or (iv) in the event of the voluntary or involuntary dissolution,
liquidation or winding up of the Company; then, and in any such case, the
Company shall mail to the holder of this Warrant at least 30 days prior thereto,
a notice stating the date or expected date on which a record is to be taken for
the purpose of such dividend, distribution or rights, or the date on which such
classification, reclassification, reorganization, consolidation, merger,
conveyance, dissolution, liquidation, or winding up is to take place, as the
case may be. Such notice shall also specify the date or expected date, if any is
to be fixed, as for which holders of shares of Common Stock of record shall be



                                        6

<PAGE>   7


entitled to participate in such dividend, distribution, or rights, or shall be
entitled to exchange their shares of Common Stock for securities or other
property deliverable upon such classification, reclassification, reorganization,
consolidation, merger, conveyance, dissolution, liquidation, or winding up, as
the case may be.

     (d) If the Company, at any time while this Warrant shall remain unexpired
and unexercised, shall sell all or substantially all of its property, dissolve,
liquidate, or wind up its affairs, the holder of this Warrant may thereafter
receive upon exercise hereof, in lieu of each share of Common Stock of the
Company which it would have been entitled to receive, the same kind and amount
of any securities or assets as may be issuable, distributable, or payable upon
any such sale, dissolution, liquidation, or winding up with respect to each
share of Common Stock of the Company.

     (e) If the Company intends to make a Public Offering, then the Company
shall mail to the holder of this Warrant at least 30 days prior to the expected
closing date of such Public Offering, a notice stating the expected closing date
of such Public Offering. On or after the closing date of such Public Offering as
specified in such notice, each holder of Warrants shall surrender his
certificate or certificates representing such Warrants. Notwithstanding that any
certificate representing the Warrants shall not have been surrendered, such
Warrants shall upon the closing of such Public Offering be treated for all
purposes as expired.

     5. Reservations of Shares Issuable on Exercise of Warrants.

     Subject to shareholder approval to increase the authorized shares to cover
the following reservations, the Company will, at all times, reserve and keep
available out of its authorized shares, solely for issuance upon the exercise of
this Warrant and other similar Warrants, such number of shares of Common Stock
and Common Stock and other shares as from time to time shall be issuable upon
the exercise of this Warrant and all other similar Warrants at the time
outstanding.

     6. Loss, Theft, Destruction or Mutilation.

     Upon receipt of the Company of evidence satisfactory to it (in the exercise
of its reasonable discretion) of the ownership of and the loss, theft,
destruction, or mutilation of this Warrant, the Company will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

     7. Warrant Holder Not a Stockholder.

     Any holder of this Warrant, as such, shall not be entitled by reason of
this Warrant to any rights whatsoever of a stockholder of the Company.


                                       7



<PAGE>   8

     8. Mailing of Notice.

     All notices and other communications from the Company to the holder of this
Warrant shall be mailed by first class, certified mail, postage prepaid, to the
address of the Holder of this Warrant as set forth below or to such other
address as the Warrant Holder shall designate by written notice given in
conformity with this Section 8.

     DATED this 28 day of December, 2000.


                                     SHELDAHL, INC.
                                     a Minnesota corporation


                                      By: /s/ Jill D. Burchill
                                          --------------------------------------
                                          Name: Jill D. Burchill
                                          Title: Vice President and Chief
                                                 Financial Officer


                                        8