<PAGE>

                                                                     EXHIBIT 4.2

(Front Side of Subscription Certificate)

Control Number ____________

Subscription Certificate for _______ Shares

Subscription Price: U.S. $5.00 per Share

CUSIP Number ____________

M-TRON INDUSTRIES, INC.
SUBSCRIPTION CERTIFICATE REPRESENTING RIGHTS TO PURCHASE SHARES OF CLASS A
COMMON STOCK, $0.01 PAR VALUE (COMMON STOCK), OF M-TRON INDUSTRIES, INC. (THE
"COMPANY"). VOID IF NOT EXERCISED BEFORE 5:00 P.M. EASTERN STANDARD TIME ON
____________, 2000, UNLESS EXTENDED.

THIS SUBSCRIPTION CERTIFICATE IS TRANSFERABLE AND MAY BE COMBINED OR DIVIDED
AT THE OFFICE OF THE SUBSCRIPTION AGENT.

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE
COMPANY'S PROSPECTUS DATED _________, 2000 (THE "PROSPECTUS") AND ARE
INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON
REQUEST FROM AMERICAN STOCK TRANSFER & TRUST COMPANY, THE SUBSCRIPTION AGENT.

REGISTERED OWNER:_________________

The registered owner whose name is inscribed hereon, or assigns, is entitled
to subscribe for shares of Common Stock upon the terms and subject to the
conditions set forth in the Prospectus and instructions relating hereto. The
Rights represented by this Subscription Certificate may be exercised by duly
completing Form 1; may be transferred, assigned, exercised or sold through a
bank or broker by completing Form 2; and special delivery instructions may be
specified by completing Form 3. THE RIGHTS EVIDENCED BY THIS SUBSCRIPTION
CERTIFICATE MAY NOT BE EXERCISED, TRANSFERRED, ASSIGNED OR SOLD UNLESS THE
REVERSE SIDE HEREOF IS SIGNED, WITH A SIGNATURE GUARANTEED, IF APPLICABLE,
AND THE APPROPRIATE FORM IS COMPLETED. ANY SIGNATURE GUARANTEE MUST BE IN
ACCORDANCE WITH THE MEDALLION SIGNATURE GUARANTEE PROGRAM.

Date:__________________

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M-tron Industries, Inc.

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

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

Countersigned:

American Stock Transfer & Trust Company
(New York, NY)
Subscription Agent

-----------------------
Authorized Signature


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                      (Reverse Side of Subscription Certificate)


                             M-TRON INDUSTRIES, INC.

RIGHTS HOLDERS SHOULD BE AWARE THAT IF THEY CHOOSE TO EXERCISE OR TRANSFER
LESS THAN ALL OF THE RIGHTS EVIDENCED HEREBY, THEY MAY NOT RECEIVE A NEW
SUBSCRIPTION CERTIFICATE IN SUFFICIENT TIME TO EXERCISE THE REMAINING RIGHTS
EVIDENCED THEREBY.

         FORM 1 - EXERCISE AND SUBSCRIPTION: The undersigned hereby
irrevocably exercises one or more Rights to subscribe for shares of Common
Stock as indicated below, on the terms and subject to the conditions
specified in the Prospectus, receipt of which is hereby acknowledged.

     (a)          Number of shares subscribed for pursuant to the basic
                  subscription privilege (one and one-half Rights needed to
                  subscribe for each full share): ________________

     (b)          Number of shares subscribed for pursuant to the
                  over-subscription privilege: _____________

     (c)          Total subscription price (total number of shares subscribed
                  for pursuant to both the basic subscription privilege and the
                  over-subscription privilege - times the subscription price of
                  $5.00): $_________(1)

METHOD OF PAYING (CHECK ONE)

     / / CHECK, BANK DRAFT OR MONEY ORDER PAYABLE TO AMERICAN STOCK TRANSFER &
         TRUST COMPANY.

     / / WIRE TRANSFER DIRECTED TO AMERICAN STOCK TRANSFER & TRUST COMPANY AT
         ITS ACCOUNT MAINTAINE D AT _____________________________________,
         ACCOUNT NO. ____________________, ABA No.___________________.

(1)If the amount enclosed or transmitted is not sufficient to pay the
subscription price for all shares that are stated to be subscribed for, or if
the number of shares being subscribed for is not specified, the number of
shares subscribed for will be assumed to be the maximum number that could be
subscribed for upon payment of such amount. If the number of shares to be
subscribed for pursuant to the over-subscription privilege is not specified
and the amount enclosed or transmitted exceeds the subscription price for all
shares represented by this Subscription Certificate (the "Subscription
Excess"), the person subscribing pursuant hereto shall be deemed to have
exercised the over-subscription privilege to purchase, to the extent
available, that number of whole shares of Common Stock equal to the quotient
obtained by dividing the Subscription Excess by $5.00. Any amount remaining
after such division shall be returned to the subscriber without interest or
deduction.

     (d)          If the number of Rights being exercised pursuant to the basic
                  subscription privilege is less than all of the Rights
                  represented by this Subscription Certificate (check only one):
                  / /      DELIVER TO ME A NEW SUBSCRIPTION CERTIFICATE
                           EVIDENCING THE REMAINING RIGHTS TO WHICH I AM
                           ENTITLED.
                 / /       DELIVER A NEW SUBSCRIPTION CERTIFICATE EVIDENCING THE
                           REMAINING RIGHTS IN ACCORDANCE WITH MY FORM 2
                           INSTRUCTIONS (which include any required signature
                           guarantees).

     / /          CHECK HERE IF RIGHTS ARE BEING EXERCISED PURSUANT TO A NOTICE
                  OF GUARANTEED DELIVERY DELIVERED TO THE SUBSCRIPTION AGENT
                  PRIOR TO THE DATE HEREOF AND COMPLETE THE FOLLOWING:
                  Name(s) of Registered Owner(s)................................
                  Window Ticket Number (if any).................................
                  Date of Execution of Notice of Guaranteed Delivery............
                  Name of Institution which Guaranteed Delivery.................

         FORM 2 - TO TRANSFER YOUR SUBSCRIPTION CERTIFICATE OR SOME OR ALL OF
YOUR RIGHTS TO EXERCISE OR SELL RIGHTS THROUGH YOUR BANK OR BROKER: For value
received ___ Rights represented by this Subscription Certificate are hereby
assigned to (please print name and address and Social Security No. or
Taxpayer ID No. of transferee in full):

Name:...........................................................................

Address:........................................................................

 ................................................................................

 ................................................................................

 ................................................................................
                    Social Security No. or Taxpayer ID No.

-------------------------------------
       PROVIDE GUARANTEE
        OF SIGNATURE(S)
             BELOW
-------------------------------------

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         FORM 3 - DELIVERY INSTRUCTIONS: Name and/or address for mailing any
stock, new Subscription certificate or cash payment if other than shown on
the reverse hereof:
Name:...........................................................................

Address:........................................................................

 ................................................................................

 ................................................................................

 ................................................................................
                    (Including Zip Code)

-------------------------------------
       PROVIDE GUARANTEE
        OF SIGNATURE(S)
             BELOW
-------------------------------------


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                    IMPORTANT
            RIGHTS HOLDERS SIGN HERE
       AND, IF RIGHTS ARE BEING EXERCISED,
          COMPLETE SUBSTITUTE FORM W-9

 .....................................................

 ...................................................
           (Signature(s) of Holder(s)

Date:..............................................
(Must be signed by the registered holder(s)
exactly as name(s) appear(s) on this
Subscription Certificate. If signature is by
trustee(s), executor(s),  administrator(s),
guardian(s), attorney(s)-in-fact, agent(s),
officer(s) of a corporation or another acting in
a fiduciary or representative capacity, please
provide the following information. See
instructions).

Name(s)............................................

 ...................................................
                 (Please Print)

Capacity...........................................

Address............................................

 ...................................................
              (Including Zip Code)


Area Code and
Telephone
Number.............................................
                            (Home)

 ....................................................
                          (Business)

Tax Identification or
Social Security No..................................
                      (Complete Substitute Form W-9)

          GUARANTEE OF SIGNATURE(S)
   Note: See paragraph 5(c) of Instructions

Authorized Signature:..............................

Name................................................

Name of Firm........................................

Address.............................................

Area Code and
Telephone Number....................................

Date................................................