Document:

<PAGE>

COMMON SHARES                                                      COMMON SHARES

PIII-                      [LOGO OF PECO II, INC.]

                                                               -----------------
                                                               CUSIP 705221 10 9
                                                               -----------------
INCORPORATED UNDER THE
LAWS OF THE STATE OF OHIO

THIS CERTIFIES THAT

is the owner of

   the above stated number of fully paid and non-assessable Common Shares,
                             without par value, of

                                 PECO II, Inc.

transferable on the books of the Company by the holder hereof in person or by
duly authorized attorney upon surrender of this certificate properly endorsed.
This certificate is not valid unless countersigned by the Transfer Agent and
Registrar.

     WITNESS the facsimile signature of the duly authorized officer of the
Company.

Dated:

/s/ Sandra C. Frankhouse                   /s/ Matthew P. Smith

       Secretary                    President and Chief Executive Officer

COUNTERSIGNED AND REGISTERED:
                     NATIONAL CITY BANK
                                            TRANSFER AGENT
                                             AND REGISTRAR
BY:
                                         AUTHORIZED SIGNATURE
<PAGE>

                                 PECO II, Inc.

     THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO
REQUESTS WITHIN FIVE DAYS AFTER RECEIPT OF SUCH REQUEST, A STATEMENT OF THE
EXPRESS TERMS OF EACH CLASS AND EACH SERIES OF EACH CLASS OF SHARES WHICH THE
CORPORATION IS AUTHORIZED TO ISSUE. SUCH REQUEST SHOULD BE IN WRITING AND
ADDRESSED TO THE SECRETARY OF THE CORPORATION AT 1376 STATE ROUTE 598, GALION,
OHIO 44833.

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN COM -- as tenant in common
     TEN ENT -- as tenants by the entireties
     JT TEN  -- as joint tenants with right of survivorship and not as tenants
                in common

     UNIF GIFT MIN ACT -- __________ Custodian __________
                            (Cust)              (Minor)
                          under Uniform Gift to Minors
                          Act ___________________________
                                       (State)

     For Value Received, ______________________ HEREBY SELL, ASSIGN AND TRANSFER
UNTO

PLEASE PRINT OR INSERT SOCIAL SECURITY OR OTHER
      IDENTIFYING NUMBER OF ASSIGNEE
--------------------------------------

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

--------------------------------------------------------------------------------
                  PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS

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

                                                                         SHARES
-------------------------------------------------------------------------
REPRESENTED BY THE WITHIN CERTIFICATE, AND DO HEREBY IRREVOCABLY CONSTITUTE AND
APPOINT                                                                ATTORNEY,
       ----------------------------------------------------------------
TO TRANSFER THE SAID SHARES ON THE BOOKS OF THE WITHIN-NAMED CORPORATION WITH
FULL POWER OF SUBSTITUTION IN THE PREMISES.

Dated:                         Signatures(s):
      ----------------------                 -----------------------------------

                        --------------------------------------------------------
                        NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST
                        CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF
                        THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION
                        OR ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed:
                        --------------------------------------------------------
                        THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE
                        GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND
                        LOAN ASSOCIATIONS AND CREDIT UNIONS) WITH MEMBERSHIP BY
                        AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM
                        PURSUANT TO S.E.C. RULE 17AO-15<PAGE>

                                                                   Exhibit 4.2

---------                                                          --------
 NUMBER                             [LOGO]                          SHARES
---------                                                          --------
VLC
                                  ValiCert(R)
                                      ....
                          Securing e-Transactions(TM)

             INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

This certifies that                          SEE REVERSE FOR CERTAIN DEFINITIONS
                                                        CUSIP 91915Q 10 5

is the record holder of

   FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK, $0.001 PAR VALUE OF

     ---------------------------               --------------------------
-------------------------------- ValiCert, Inc.--------------------------------
     ---------------------------               --------------------------

transferable on the books of the Corporation by the holder hereof in person or
by duly authorized attorney upon surrender of this certificate properly
endorsed. This certificate is not valid until countersigned by the Transfer
Agent and registered by the Registrar.

     WITNESS the facsimile seal of the Corporation and the facsimile signatures
of its duly authorized officers.

     Dated:

                                    [SEAL]
/s/ Srinivasan Krishnan                               /s/ Joseph Amram
-----------------------                               -----------------
Chairman and Secretary                                President and Chief
                                                      Executive Officer
COUNTERSIGNED AND REGISTERED:
   CHASEMELLON SHAREHOLDER SERVICES, L.L.C.
      TRANSFER AGENT AND REGISTRAR

                   AUTHORIZED SIGNATURE
<PAGE>

     The Corporation shall furnish without charge to each stockholder who so
requests a statement of the powers, designations, preferences and relative,
participating, optional, or other special rights of each class of stock of the
Corporation or series thereof and the qualifications, limitations or
restrictions of such preferences and/or rights. Such requests shall be made to
the Corporation's Secretary at the principal office of the Corporation.

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                                                                   <C>
     TEN COM  --  as tenants in common                                UNIF GIFT MIN ACT -- ...............Custodian................
     TEN ENT  --  as tenants by no entireties                                                  (Cust)                  (Minor)
     JT TEN   --  as joint tenants with right of                                           under Uniform Gifts to Minors
                  survivorship and not as tenants                                          Act.....................................
                  in common                                                                             (State)
                                                                      UNIF TRF MIN ACT --  ............Custodian (until age ......)
                                                                                              (Cust)
                                                                                           .................under Uniform Transfers
                                                                                               (Minor)
                                                                                           to Minors Act...........................
                                                                                                                  (State)
</TABLE>

    Additional abbreviations may also be used though not in the above list.

     For Value Received, _____________________________________ hereby sell(s),
assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE
--------------------------------------

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

________________________________________________________________________________
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

__________________________________________________________________________Shares
of the common stock represented by the within certificate, and do hereby
irrevocably constitute and appoint

________________________________________________________________________Attorney
to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.

Dated ________________________________

                                       X _______________________________________

                                       X _______________________________________
                                 NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST
                                         CORRESPOND WITH THE NAME AS WRITTEN
                                         UPON THE FACE OF THE CERTIFICATE IN
                                         EVERY PARTICULAR, WITHOUT ALTERATION OR
                                         ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed

By ____________________________________________________
THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS
AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM),
PURSUANT TO S.E.C. RULE 17Ad-18

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