EX-4.0



 Exhibit 4.0 

MSB FINANCIAL CORP. 
  

			
	COMMON STOCK		COMMON STOCK
	CERTIFICATE NO.     		    SHARES

 INCORPORATED UNDER THE 

LAWS OF THE STATE OF MARYLAND 
 SEE
REVERSE FOR 
 CERTAIN DEFINITIONS 
 THIS
CERTIFIES THAT 
 IS THE OWNER OF: 
 FULLY PAID
AND NONASSESSABLE SHARES OF COMMON STOCK, 
 $0.01 PAR VALUE PER SHARE, OF 

MSB Financial Corp. 
 The
shares represented by this certificate are transferable only on the stock transfer books of the Corporation by the holder of record hereof in person, or by his duly authorized attorney or legal representative, upon the surrender of this certificate
properly endorsed. This certificate and the shares represented hereby are issued and shall be held subject to all the provisions contained in the Corporation’s charter documents filed with the Maryland Department of Assessments and Taxation and
its Bylaws (copies of which are on file at the Corporation’s main office), to all of the provisions the holder by acceptance hereof, assents. 

This Certificate is not valid unless countersigned and registered by the Corporation’s transfer agent and registrar. 

THIS SECURITY IS NOT A DEPOSIT OR ACCOUNT AND IS NOT 

FEDERALLY INSURED OR GUARANTEED. 

In Witness Whereof, MSB Financial Corp. has caused this certificate to be executed by its duly authorized officers and has caused its
corporate seal to be hereunto affixed. 
 DATED: 
  

							
	  
				  

	PRESIDENT AND CHIEF EXECUTIVE OFFICER				SECRETARY

 SEAL 

Incorporated 2014 







 MSB Financial Corp. 

The Board of Directors of the Corporation is authorized by resolution(s), from time to time adopted, to provide for the issuance of preferred
stock in series and to fix and state the voting powers, designations, preferences, and relative, participating, optional, or other special rights of the shares of each such series and the qualifications, limitations, and restrictions thereof. The
Corporation will furnish to any shareholder upon request and without charge a full description of each class of stock and any series thereof. 

The shares represented by the certificate are subject to a limitation contained in the Charter to the effect that in no event shall any record
owner of any outstanding common stock which is beneficially owned, directly or indirectly, by a person who beneficially owns in excess of 10% of the outstanding shares of common stock (the “Limit”) be entitled or permitted to any vote in
respect of shares held in excess of the Limit. 
 The shares represented by this certificate may not be cumulatively voted in the election
of directors of the Corporation. The affirmative vote of holders of 75% of the outstanding shares of capital stock of the Corporation entitled to vote is required to amend these and certain other provisions of the Charter. 

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 -
  

TEN ENT -
		 as tenants in common
  

as tenants by the entireties
		UNIF TRANS MIN ACT -        		  
		Custodian		  

					(Cust)				(Minor)
					under Uniform Transfers to Minors Act
					
							  
		
							(State)		
	JT TEN -		as joint tenants with right of survivorship and not as tenants in common						

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

FOR VALUE RECEIVED
                                         hereby
sell, assign and transfer 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 shares on the books of the within named corporation with full power of substitution in the premises. 
  

											
	Dated		  
				X		  
		
						
							X		  
		

 NOTICE: The signatures 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) SHOULD 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-15.
			
	Countersigned and Registered:				
			
					Transfer Agent and Registrar
				
					By:		  

							Authorized Signature