Company: OLP
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001140361-25-013961
Chunk: 33

Company: ONE LIBERTY PROPERTIES INC
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 33
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Us, respectively. |

| (4) | Represents the aggregate grant date fair value of shares of the restricted stock granted in 2024 for 2023 performance and the RSUs granted in 2023. Messrs. Callan and Ricketts were granted (i) in 2024, for 2023 performance, 21,750 and 17,100 shares of restricted stock, respectively, and (ii) in 2023, 15,000 and 12,000 RSUs, respectively. |

Base Salary and Bonus In determining 2024 base salaries, the compensation committee determined in late 2023, that increases in base salaries for Messrs. Callan and Ricketts were appropriate in recognition of their performance in 2023 and as a general cost of living increase. In determining cash bonuses for 2024, the compensation committee took into account the factors contemplated to be considered pursuant to our “Performance-based Cash Bonus Program” — it considered funds from operations, adjusted funds from operations, the three properties acquired in 2024 for approximately $44.7 million, the 12 assets sold in 2024 for an aggregate net gain of approximately $18.0 million, and the overall management of our real estate portfolio ( e.g., negotiating lease amendments with tenants and ensuring that we maintain a high occupancy rate). In its consideration of the management of the portfolio, the committee, among other things, took into account Messrs. Callan’s and Ricketts efforts and accomplishments with respect to the negotiation and execution of approximately 27 leases (including amendments, renewals and extensions) with respect to over one million square feet and our physical occupancy rate in excess of 99% in December 2024. Long-term Equity and Equity Incentive Awards We believe that our long-term equity and equity incentive compensation programs, using RSUs that vest after three years subject to satisfaction of market or performance-based conditions, and restricted stock awards with five-year cliff vesting, provide an appropriate incentive for our executive officers and are a beneficial retention tool. In determining the awards to be granted to the named executive officers, the compensation committee took into account our performance in 2024, the responsibilities and performance of each named executive officer and the committee’s desire to continue to emphasize equity-based awards as a significant component of total compensation for our full-time named executive officers while minimizing stockholder dilution.

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TABLE OF CONTENTS We believe the cumulative effect of the restricted stock awards and RSUs is not overly dilutive and