Company: OLP
Filing Date: 2025-06-09
Form Type: S-8
Source: 0001213900-25-052678
Chunk: 3

Company: ONE LIBERTY PROPERTIES INC
Filing Date: 2025-06-09
Form: S-8
Chunk 3
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, fines, settlements, and reasonable
expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party by reason
of their service in those or other capacities unless it is established that:

| ● | the act or omission of the director or officer was material to the matter giving rise to the proceeding and (a) was committed in bad 
 faith or (b) was the result of active and deliberate dishonesty;                                                                     |

| ● | the director or officer actually received an improper personal benefit in money, property, or services; or |

| ● | in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. |

We may not indemnify a director or officer in a
suit (i) by or on our behalf in which the director or officer was adjudged liable to us or (ii) in which the director or officer was adjudged
liable on the basis that personal benefit was improperly received. A court may order indemnification if it determines that the director
or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard
of conduct or was adjudged liable on the basis that personal benefit was improperly received. However, indemnification for an adverse
judgment in a suit by or on our behalf, or for a judgment of liability on the basis that personal benefit was improperly received, is
limited to expenses.

In addition, the MGCL permits us to advance reasonable
expenses to a director or officer upon receipt of:

| ● | a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary 
 for indemnification by us; and                                                                                                            |

| ● | a written undertaking by the director or officer or on the director’s or officer’s behalf to repay the amount paid or 
 reimbursed by us if it is ultimately determined that the director or officer did not meet the standard of conduct.    |

<div align='center'>II-2</div>

Limitation of Liability

The MGCL permits the charter of a Maryland corporation
to include a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages,
except to the extent that (1) it is proved that the person actually received an improper benefit or profit in money, property or services,
or (2) a judgment or other final adjudication is entered in a proceeding based on a finding