Based on previous experience I know that the software allows you to change the output format of the recording. For that you will have to go to the Settings menu to change it. However, if the software is too old to support MP4, a converter is necessary.
You can easily use Handbrake for that operation. Download it from here: http://handbrake.software.informer.com/
Once downloaded, load the MPEG file and then choose the General Profile for video and leave the settings as they are. Press the Play/Convert option and wait to finish and you'll have an MP4 file.