Company: OLP
Filing Date: 2025-06-09
Form Type: S-8
Source: 0001213900-25-052678
Chunk: 2

Company: ONE LIBERTY PROPERTIES INC
Filing Date: 2025-06-09
Form: S-8
Chunk 2
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 superseded such
statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part
of this Registration Statement.

| Item 4. | Description of Securities. |

Not applicable.

<div align='center'>II-1</div>

| Item 5. | Interests of Named Experts and Counsel. |

Certain legal matters with respect to the validity
of the common stock registered hereby have been passed upon for the by S. Asher Gaffney, Vice President and Corporate Secretary of the
Company. Mr. Gaffney is employed by us, is eligible to participate in the Plan and owns or has rights to acquire less than 0.2% of our
outstanding common stock.

| Item 6. | Indemnification of Directors and Officers. |

Indemnification

Under our Articles of Amendment and Restatement
(the “Charter”), we would be required to indemnify and, without requiring a preliminary determination of the ultimate entitlement
to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to:

| ● | any present or former director or officer who  is made or threatened                                     
 to be made a party to, or witness in, a proceeding by reason of his or her service in such capacity; and |

| ● | any individual who, while a director or officer of ours and at our request,                                                             
 serves or has served as a director, officer, trustee, member, manager, or partner of another corporation, real estate investment trust, 
 limited liability company, partnership, joint venture, trust, employee benefit plan or any other enterprise, and only if he or she is   
 made or threatened to be made a party to, or witness in, a proceeding by reason of his or her service in such capacity.                 |

The Charter allows us, with the approval of our
board of directors, to indemnify our employees, as well as directors and officers of our predecessors, subject to the same limitations
set forth in the immediately preceding paragraph.

Under the Maryland General Corporation Law (the
“MGCL”) and the Charter, we must indemnify a director or officer who has been successful, on the merits or otherwise, in the
defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity. The MGCL permits us to
indemnify our present and former directors and officers, among others, against judgments, penalties