Exhibit 4.1

		Page
ARTICLE I
DEFINITIONS
Section 1.01	Definitions	3
Section 1.02	Other Definitions	9
Section 1.03	Rules of Construction	10
ARTICLE II
FORM OF WARRANT; BENEFICIAL INTERESTS
Section 2.01	Issuance and Registration	10
Section 2.02	Warrant Certificates	12
Section 2.03	Warrant Register	13
Section 2.04	Transfer and Exchange	13
Section 2.05	Definitive Warrants	15
Section 2.06	Replacement Certificates	16
Section 2.07	Outstanding Warrants	17
Section 2.08	Cancellation	17
Section 2.09	CUSIP Numbers	17
ARTICLE III
EXERCISE TERMS
Section 3.01	Exercise	17
Section 3.02	Exercise Period	19
Section 3.03	Expiration	21
Section 3.04	Manner of Exercise	21
Section 3.05	Issuance of Warrant Shares	22
Section 3.06	Fractional Warrant Shares	23
Section 3.07	Reservation of Warrant Shares	23
Section 3.08	Net Exercise	24
Section 3.09	Adjustments of Prices	25
ARTICLE IV
ADJUSTMENT AND NOTICE PROVISIONS
Section 4.01	Adjustments	26
Section 4.02	Calculation of Adjustments; Timing of Issuance of Additional Warrant Shares Upon Certain Adjustments; Adjustment Rules	32
Section 4.03	Effect of Share Exchange Event	32
Section 4.04	Notice of Adjustments	34

Section 4.05	Adjustment to Warrant Certificate	35
Section 4.06	Amendments.	35
ARTICLE V
REGISTRATION OF WARRANT SHARES
Section 5.01	Effectiveness of Registration Statement	37
Section 5.02	Suspension	37
Section 5.03	Expenses	38
ARTICLE VI
RESERVED
ARTICLE VII
WARRANT AGENT
Section 7.01	Appointment of Warrant Agent	38
Section 7.02	Rights and Duties of Warrant Agent	38
Section 7.03	Individual Rights of Warrant Agent	40
Section 7.04	Warrant Agent’s Disclaimer	40
Section 7.05	Compensation and Indemnity	40
Section 7.06	Successor Warrant Agent	41
Section 7.07	Bank Accounts	43
Section 7.08	Delivery of Warrant Exercise Price	43
Section 7.09	Further Assurances	43
Section 7.10	Force Majeure	43
Section 7.11	Confidentiality	44
ARTICLE VIII
MISCELLANEOUS
Section 8.01	Persons Benefiting	44
Section 8.02	Rights of Holders	44
Section 8.03	Notices	44
Section 8.04	Governing Law	46
Section 8.05	Successors	46
Section 8.06	Counterparts	46
Section 8.07	Severability	46
Section 8.08	Withholding Rights	47
Section 8.09	Calculations; Calculation Agent	47
Section 8.10	Limited Responsibility of Calculation Agent and Independent Advisor	47
Section 8.11	Entire Agreement	47

Term		Defined in Section
Additional Alternate Expiration Date Conditions		3.02(e)
Agent Members		2.01(c)(ii)
Agreement		Preamble
Alternate Expiration Date		3.02(d)
Alternate Expiration Date Annulment		3.02(f)
Common Stock		Recitals
Common Stock Shelf Registration Statement		5.01
Company		Preamble
Distribution Record Date		Recitals
Early Expiration Date		3.02(b)
Early Expiration Price Condition Notice		3.02(c)
Excluded Distribution		4.01(c)(i)
Exercise Date		3.04(a)
Exercise Notice		3.04(a)(ii)
Exercise Period		3.02(g)
Exercise Suspension Period		5.01
Expiration Date		3.02(b)
Funds		7.07
Global Warrant		2.01(a)(iii)
Holders		Recitals
Initial Warrants		2.01(a)(i)
Issue Date		Recitals
Moody’s		7.07
PDF		2.02
Reference Property		4.03

Series A Warrant Exercise Price		3.01(a)
Series K Warrant Exercise Price		3.01(a)
Series Z Warrant Exercise Price		3.01(a)
Scheduled Expiration Date		3.02(b)
Share Exchange Event		4.03
S&P		7.07
Spin-Off		4.01(c)(ii)
Stock Transfer Agent		3.05(a)
Unit of Reference Property		4.03
Valuation Period		4.01(c)(ii)
Valuation Trading Day		4.01(c)(ii)
Warrant Distribution		Recitals
Warrant Register		2.03
Warrants		Recitals

WS	=	the number of Warrant Shares issuable for such exercise;
NW	=	the number of Warrants of such Series exercised;
WER	=	the Warrant Exercise Rate for such Series of Warrants in effect immediately prior to the Close of Business on the relevant Exercise Date;

VWAP	=	the Daily VWAP for the VWAP Trading Day immediately preceding the relevant Exercise Date, subject to the final paragraph of this Section 3.08(b); and
SP	=	the Warrant Exercise Price for such Series of Warrants divided by the Warrant Exercise Rate for such Series of Warrants, in each case in effect immediately prior to the Close of Business on the relevant Exercise Date.

WER1	=	the applicable Warrant Exercise Rate in effect at the open of business on the Ex-Date for such dividend or distribution, or at the open of business on the effective date of such subdivision, combination, consolidation or reclassification, as applicable;
WER0	=	the applicable Warrant Exercise Rate in effect immediately prior to the open of business on the Ex-Date for such dividend or distribution, or immediately prior to open of business on the effective date of such subdivision, combination, consolidation or reclassification, as applicable;
OS1	=	the number of shares of Common Stock outstanding immediately after, and solely as a result of giving effect to, such dividend, distribution, subdivision, combination, consolidation or reclassification, as applicable;
OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on the Ex-Date for such dividend or distribution or immediately prior to the open of business on the effective date of such subdivision, combination, consolidation or reclassification, as applicable (before giving effect to any such dividend, distribution, or subdivision, consolidation, combination or reclassification, as applicable).

WER1	=	the applicable Warrant Exercise Rate in effect at the open of business on the Ex-Date for such issuance;
WER0	=	the applicable Warrant Exercise Rate in effect immediately prior to the open of business on the Ex-Date for such issuance;
OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on the Ex-Date for such issuance;
X	=	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
Y	=	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the arithmetic average of the Last Reported Sale Prices of the Common Stock on each Trading Day comprised in the period of 10 consecutive Trading Days immediately preceding the date of announcement of the issuance of such rights, options or warrants.

WER1	=	the applicable Warrant Exercise Rate in effect at the open of business on the Ex-Date for such distribution;
WER0	=	the applicable Warrant Exercise Rate in effect immediately prior to the open of business on the Ex-Date for such distribution;
SP0	=	the arithmetic average of the Last Reported Sale Prices of the Common Stock on each Trading Day comprised in the period of 10 consecutive Trading Days immediately preceding the Ex-Date for such distribution; and
FMV	=	the Fair Market Value, as of the open of business on the Ex-Date for such distribution, of the shares of Capital Stock, evidences of indebtedness, assets or property of the Company, cash, rights or warrants distributed with respect to each outstanding share of Common Stock.

	OPENDOOR TECHNOLOGIES INC.
	By:	/s/ Christy Schwartz
		Name:	Christy Schwartz
		Title:	Interim Chief Financial Officer

	EQUINITI TRUST COMPANY, LLC
	as Warrant Agent
	By:	/s/ Susan R. Hogan
		Name:	Susan R. Hogan
		Title:	Senior Vice President

	OPENDOOR TECHNOLOGIES INC
	By:
		Name:
		Title:

By:

	Name:
	Title:

Date:
			(Name of Owner)
			(Signature of Owner)2
			(Street Address)
			(City) (State) (Zip Code)

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1	To be omitted if Net Exercise Period is in effect.

Date:
			(Signature of Owner)3
			(Street Address)
			(City) (State) (Zip Code)
			Medallion Guarantee by:

Name in which new Series [K] [A] [Z] Warrant(s) should be registered:
(Name)
(Street Address)
(City) (State) (Zip Code)
(social security or identifying number)

Date of Exercise or Exchange	Decrease in number of Series [K] [A] [Z] Warrants in this Global Warrant Certificate	Increase in number of Series [K] [A][Z] Warrants in this Global Warrant Certificate	Number of Series [K] [A] [Z] Warrants in this Global Warrant Certificate following such change	Signature of authorized officer of Warrant Agent

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4	To be included only if Warrants are in global form.

●

Eligibility: To be eligible to receive warrants, an investor must have been a shareholder of record as of the November 18, 2025 Record Date. Investors should contact their brokers with any questions regarding their holder status as of the Record Date.

●

Distribution Ratio: For each thirty (30) shares of common stock held as of the Record Date, a shareholder of record as of the Record Date received one (1) Series K warrant, one (1) Series A warrant, and one (1) Series Z warrant (rounded down to the nearest whole number). No fractional warrants were issued.

●

Exercise Prices: $9.00 per Series K warrant; $13.00 per Series A warrant; $17.00 per Series Z warrant.

●

Exercise Method: Cash exercise; however, the Company may, in its sole discretion, implement a net exercise provision for any series of warrants as provided in the warrant agreement.

●

Expiration: Each series will expire at 5:00 p.m. New York City time on November 20, 2026, unless the Early Expiration Price Condition (described below) is met for such series, in which case the expiration will be automatically accelerated as specified in the warrant agreement (with the Company able to elect a later expiration date).

●

Early Expiration Price Condition: The “Early Expiration Price Condition” will be satisfied if, within any period of thirty (30) consecutive trading days, there are at least twenty (20) trading days (whether or not consecutive) after the Distribution Date on which the daily volume-weighted average price (“VWAP”) of the Company’s common stock equals or exceeds the applicable Early Expiration Trigger Price for a respective series of warrants. In the event that the Early Expiration Price Condition is satisfied for a particular series, that series will expire at 5:00 p.m. New York City time on the first scheduled trading day (or if net exercise is applicable to such series, the second scheduled trading day) following such twentieth (20th) trading day (unless the Company sets a later expiration date pursuant to the warrant agreement). The Company will announce any early expiration by press release, specifying which series is subject to early expiry. The “Early Expiration Trigger Price” for each series is initially equal to the following and will be subject to adjustment in accordance with the warrant agreement.

o

Series K warrants: Trigger Price of $10.80 (120% of $9.00 Series K exercise price)

o

Series A warrants: Trigger Price of $15.60 (120% of $13.00 Series A exercise price)

o

Series Z warrants: Trigger Price of $20.40 (120% of $17.00 Series Z exercise price)

●

Exercisability: The warrants are exercisable at any time through the Expiration Date.

●

Convertible Noteholders: In lieu of an adjustment to the conversion rate, holders of the Company’s 7.000% Convertible Senior Notes due 2030 (the “2030 Convertible Notes”) as of the Record Date also received warrants at the same time and on the same terms as holders of Common Stock without having to convert such holder’s 2030 Convertible Notes, as if such holder held a number of shares of Common Stock, equal to the product of (i) the conversion rate applicable to the 2030 Convertible Notes in effect on the Record Date and (ii) the aggregate principal amount (expressed in thousands) of 2030 Convertible Notes held by such holder on the Record Date.

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Listing: The Series K, Series A, and Series Z warrants are expected to commence trading on The Nasdaq Stock Market under the tickers OPENW (Series K), OPENL (Series A), and OPENZ (Series Z).