Document:

Exhibit 4.8

    

    

    DESCRIPTION OF CAPITAL STOCK

    

    

    The following is a summary of the material terms of our securities
      registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of October 31, 2019, and provisions of our charter, as amended and supplemented, and our bylaws, as amended and restated.  The summary is subject
      to and qualified in its entirely by reference to the charter, as amended and supplemented, and bylaws, as amended and restated, each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this exhibit is a
      part.  It also summarizes some relevant provisions of Maryland General Corporation Law, which we refer to as MGCL, and is subject to and qualified in its entirely by reference to the MGCL.

    General

    Under our charter, as amended and supplemented, we may issue up to
      30,000,000 shares of common stock, 100,000,000 shares of Class A common stock, 50,000,000 shares of preferred stock and 20,000,000 shares of excess stock. The shares of preferred stock may be issued from time to time in one or more series, without
      stockholder approval, with such designations, powers, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption, in each case, if
      any, as are permitted by Maryland law and as our board of directors may determine by approving a supplement to our charter without any further vote or action by our stockholders. In addition, our board of directors may amend our charter without
      action by our stockholders to increase or decrease the number of shares of stock of any class that we are authorized to issue.

    As of October 31, 2019, we had 9,963,751 shares of common stock, par value
      $0.01 per share (“common stock”) outstanding, 29,893,241 shares of Class A common stock, par value $0.01 per share (“Class A common stock”), outstanding, 4,400,000 shares of Series K Cumulative Redeemable Preferred Stock, par value $0.01 per share
      (“Series K Preferred Stock”), outstanding, 4,600,000 shares of Series H Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series H Preferred Stock”), outstanding, and 3,000,000 shares of Series G Cumulative Redeemable Preferred
      Stock, par value $0.01 per share (“Series G Preferred Stock”), outstanding.   On November 1, 2019, all outstanding shares of Series G Preferred Stock were redeemed and are no longer outstanding.  We also have reserved 150,000 Series I Participating
      Preferred Shares, par value $0.01 per share (“Series I Preferred Stock”), and 450,000 Series J Participating Preferred Shares, par value $0.01 per share (“Series J Preferred Stock”), for issuance pursuant to a stockholder rights plan between us and
      Computershare Inc., as rights agent. In the event that the rights become exercisable, the shares of Series I Preferred Stock and the Series J Preferred Stock that are issuable upon the exercise of such rights will rank junior to the Series K
      Preferred Stock and Series H Preferred Stock as to dividends and amounts distributed upon liquidation.

    Description of Common Stock and Class A Common Stock

    Voting

    Under our charter, holders of our common stock are entitled to one vote per
      share on all matters submitted to the common stockholders for vote at all meetings of stockholders. Holders of our Class A common stock are entitled to 1/20th of one vote per share on all matters submitted to the common stockholders for vote at all
      meetings of stockholders. Except as otherwise required by law or as to certain matters as to which separate class voting rights may be granted in the future to holders of one or more other classes or series of our capital stock, holders of common
      stock and Class A common stock vote together as a single class, and not as separate classes, on all matters voted upon by our stockholders.

    Dividends and Distributions

    Subject to the requirements with respect to preferential dividends on any of
      our preferred stock, dividends and distributions are declared and paid to the holders of common stock and Class A common stock in cash, property or our other securities (including shares of any class or series whether or not shares of such class or
      series are already outstanding) out of funds legally available therefor. Each share of common stock and each share of Class A common stock has identical rights with respect to dividends and distributions, subject to the following:

    	
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            with respect to regular quarterly dividends, each share of Class A common stock entitles the holder thereof to receive not
              less than 110% of amounts paid on each share of common stock, the precise amount of such dividends on the Class A common stock being subject to the discretion of our board of directors;

               

          
	
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            a stock dividend on the common stock may be paid in shares of common stock or shares of Class A common stock; and

               

          
	
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            a stock dividend on shares of Class A common stock may be paid only in shares of Class A common stock.

          

    If we pay a stock dividend on the common stock in shares of common stock, we
      are required to pay a stock dividend on the Class A common stock in a proportionate number of shares of Class A common stock. The dividend provisions of the common stock and Class A common stock provide our board of directors with the flexibility to
      determine appropriate dividend levels, if any, under the circumstances from time to time.

    Mergers and Consolidations

    In the event we merge, consolidate or combine with another entity (whether
      or not we are the surviving entity), holders of shares of Class A common stock will be entitled to receive the same per share consideration as the per share consideration, if any, received by holders of common stock in that transaction.

    Liquidation Rights

    Holders of common stock and Class A common stock have the same rights with
      respect to distributions in connection with a partial or complete liquidation of our Company.

    Restrictions on Ownership and Transfer

    We have the right to refuse transfers of stock that could jeopardize our
      status as a REIT and to redeem any shares of stock in excess of 7.5% of the value of our outstanding stock beneficially owned by any person (other than an Exempted Person). See “—Restrictions on Ownership and Transfer.”

    Transferability

    The common stock and Class A common stock are freely transferable, and
      except for the ownership limit and federal and state securities laws restrictions on our directors, officers and other affiliates and on persons holding “restricted” stock, our stockholders are not restricted in their ability to sell or transfer
      shares of the common stock or Class A common stock.

    Sinking Fund, Preemptive, Subscription and Redemption Rights

    Neither the common stock nor the Class A common stock carries any sinking
      fund, preemptive, subscription or redemption rights enabling a holder to subscribe for or receive shares of any class of our stock or any other securities convertible into shares of any class of our stock.

    Listing

    The common stock is listed on the New York Stock Exchange, which we refer to
      as NYSE, under the symbol “UBP.”  The Class A common stock is listed on the NYSE under the symbol “UBA.”

    Transfer Agent and Registrar

    The transfer agent and registrar for the common stock and Class A common stock
      is Computershare Inc.

    Description of Series K Preferred Stock

    Maturity

    The holders of Series K Preferred Stock have no preemptive rights with
      respect to any shares of our stock. The Series K Preferred Stock will not be subject to any sinking fund, and we have no obligation to redeem or retire the Series K Preferred Stock. Unless redeemed or repurchased by us or converted by the holders in
      connection with a Change of Control, the Series K Preferred Stock will have perpetual terms, with no maturity.

    Our charter and the MGCL permit us to further “reopen” this series, without
      the consent of the holders of the Series K Preferred Stock, in order to issue additional shares of Series K Preferred Stock. Thus, we may in the future issue additional shares of Series K Preferred Stock without the consent of existing holders. Any
      additional shares of Series K Preferred Stock will have the same terms as the shares of Series K Preferred Stock already outstanding.  Any additional shares of Series K Preferred Stock will, together with the Series K Preferred Stock already
      outstanding, constitute a single series of our preferred stock.

    Ranking

    The Series K Preferred Stock ranks, with respect to dividend rights and
      rights upon our liquidation, dissolution or winding up:

    	
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            senior to our common stock and Class A common stock and to all other equity securities we issue ranking junior to the Series K
              Preferred Stock with respect to dividend rights or rights upon our liquidation, dissolution or winding up, including the Series I Preferred Stock, if and when issued, and Series J Preferred Stock, if and when issued;

          
	
             

          	
             

          
	
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            on a parity with the Series H Preferred Stock, and with all other equity securities we issue the terms of which specifically
              provide that such equity securities rank on a parity with the Series K Preferred Stock with respect to dividend rights or rights upon our liquidation, dissolution or winding up; and

          
	
             

          	
             

          
	
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            junior to all of our existing and future indebtedness and to any equity securities that we may issue in the future the terms
              of which specifically provide that such equity securities rank senior to the Series K Preferred Stock with respect to dividend rights or rights upon our liquidation, dissolution or winding up.

          

    Until it was redeemed on November 1, 2019, the Series K Preferred Stock was also on parity with
      the Series G Preferred Stock.

    Dividends

    Holders of shares of the Series K Preferred Stock are entitled to receive,
      when and as authorized by our board of directors and declared by us, out of our funds legally available for the payment of dividends, preferential cumulative dividends payable in cash at the rate per annum of $1.4688 per share of the Series K
      Preferred Stock (the “Annual Dividend Rate”), which is equivalent to a rate of 5.875% per annum of the $25.00 per share liquidation preference. These dividends are cumulative from, and including, the date of original issue of the Series K Preferred
      Stock, which is October 1, 2019, and are payable in arrears for each quarterly period ending January 31, April 30, July 31 and October 31 on January 31, April 30, July 31 and October 31 of each year, respectively, or, if any such date is not a
      business day, no later than the next succeeding business day. The first dividend on the Series K Preferred Stock is payable on January 31, 2020, with respect to the period commencing on, and including, the date of original issue of the Series K
      Preferred Stock to, but excluding, January 31, 2020, in the amount of $0.4896 per share. Thereafter, the amount of dividends payable on each dividend payment date for the Series K Preferred Stock will be computed by dividing the Annual Dividend Rate
      by four. The amount of any dividend payable on the Series K Preferred Stock with respect to any other period (that is shorter or longer than one full quarterly period), including, without limitation, the dividend for the first dividend period which
      is payable on January 31, 2020, will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends are payable to holders of record as they appear in our stockholder records at the close of business on the applicable record
      date determined each quarter by our board of directors, which shall not be more than 30 days preceding the applicable dividend payment date.

    We will not declare dividends on outstanding shares of the Series K
      Preferred Stock or pay or set apart for payment dividends on the Series K Preferred Stock at any time if the terms and provisions of any agreement of our company, including any agreement relating to our indebtedness, prohibits the declaration,
      payment or setting apart for payment or provides that the declaration, payment or setting apart for payment would constitute a breach or a default under the agreement, or if the declaration, payment or setting apart is restricted or prohibited by
      law.

    Notwithstanding the foregoing, dividends on the Series K Preferred Stock
      accrue whether or not we have earnings, whether or not there are funds legally available for the payment of those dividends and whether or not those dividends are authorized or declared. Accrued but unpaid dividends on the Series K Preferred Stock do
      not bear interest and holders of the Series K Preferred Stock are not entitled to any distributions in excess of full cumulative distributions described above.

    Except as described in the next sentence, no dividends will be authorized,
      declared and paid or authorized, declared and set apart for payment on any of our capital stock ranking, as to dividends, on a parity with the Series K Preferred Stock (other than a dividend in shares of common stock or Class A common stock or in
      shares of any other class of stock ranking junior to the Series K Preferred Stock as to dividends and upon liquidation) for any period unless full cumulative dividends have been or contemporaneously are authorized, declared and paid or authorized,
      declared and a sum sufficient for the payment thereof is set apart for such payment on outstanding shares of the Series K Preferred Stock for all past dividend periods. When dividends are not paid in full (or a sum sufficient for such full payment is
      not so set apart) upon the Series K Preferred Stock and the shares of any other series of preferred stock ranking on a parity as to dividends with the Series K Preferred Stock, all dividends authorized and declared upon the Series K Preferred Stock
      and any other series of preferred stock ranking on a parity as to dividends with the Series K Preferred Stock will be authorized and declared ratably so that the amount of dividends authorized and declared per share of Series K Preferred Stock and
      such other series of preferred stock will in all cases bear to each other the same ratio that accrued dividends per share on the Series K Preferred Stock and such other series of preferred stock (which will not include any accrual in respect of
      unpaid dividends for prior dividend periods if such preferred stock does not have a cumulative dividend) bear to each other.

    Except
        as described in the immediately preceding paragraph, unless full cumulative dividends on outstanding shares of the Series K Preferred Stock have been or contemporaneously are authorized, declared and paid or authorized, declared and a sum
        sufficient for the payment thereof is set apart for payment for all past dividend periods, we will not declare or pay or set aside for payment dividends (other than in shares of our common stock or Class A common stock or other shares of capital stock ranking junior to the Series K Preferred Stock as to dividends and upon liquidation), declare or make any other distribution on our common stock or Class A
        common stock, or any other capital stock ranking junior to or on a parity with the Series K Preferred Stock as to dividends or upon liquidation, or redeem, purchase or otherwise acquire for any consideration, or pay or make available any monies for
        a sinking fund for the redemption of, any of our shares of common stock or Class A common stock or any other shares of our capital stock ranking junior to or on a parity with the Series K Preferred Stock as to dividends or upon liquidation (except
        by conversion into or exchange for our other capital stock ranking junior to the Series K Preferred Stock as to dividends and upon liquidation or redemption for the purpose of preserving our qualification as a REIT).

    Holders of shares of the Series K Preferred Stock are not entitled to any
      dividend, whether payable in cash, property or stock, in excess of full cumulative dividends on the Series K Preferred Stock, as described above. Any dividend payment made on shares of the Series K Preferred Stock is first credited against the
      earliest accrued but unpaid dividend due with respect to those shares which remains payable. So long as no dividends are in arrears, we are entitled at any time and from time to time to repurchase shares of Series K Preferred Stock in open-market
      transactions duly authorized by our board of directors and effected in compliance with applicable laws.

    Liquidation Preference

    Upon any voluntary or involuntary liquidation, dissolution or winding up of
      our affairs, the holders of shares of Series K Preferred Stock are entitled to be paid out of our assets legally available for distribution to our stockholders a $25.00 per share liquidation preference, plus an amount equal to any accrued and unpaid
      dividends to, but excluding, the date of payment (whether or not declared), but without interest, before any distribution of assets may be made to holders of our common stock or Class A common stock or any other class or series of our capital stock
      ranking junior to the Series K Preferred Stock as to liquidation rights. However, the holders of the shares of Series K Preferred Stock are not entitled to receive the liquidating distribution described above until the liquidation preference of any
      other series or class of our capital stock hereafter issued ranking senior as to liquidation rights to the Series K Preferred Stock has been paid in full. The holders of Series K Preferred Stock and all series or classes of our capital stock ranking
      on a parity as to liquidation rights with the Series K Preferred Stock are entitled to share ratably, in accordance with the respective preferential amounts payable on such capital stock, in any distribution (after payment of the liquidation
      preference of any of our capital stock ranking senior to the Series K Preferred Stock as to liquidation rights) which is not sufficient to pay in full the aggregate of the amounts of the liquidating distributions to which they would otherwise be
      respectively entitled. Holders of Series K Preferred Stock are entitled to written notice of any liquidation. After payment of the full amount of the liquidating distributions to which they are entitled, the holders of Series K Preferred Stock have
      no right or claim to any of our remaining assets. Our consolidation or merger with or into any other corporation, trust or entity or of any other corporation with or into our company, or the sale, lease or conveyance of all or substantially all of
      our property or business, is not deemed to constitute our liquidation, dissolution or winding up.

    In determining whether a distribution to holders of Series K Preferred Stock
      (other than upon voluntary or involuntary liquidation) by dividend, redemption or other acquisition of shares of our stock or otherwise is permitted under the MGCL, no effect will be given to amounts that would be needed, if we were to be dissolved
      at the time of the distribution, to satisfy the preferential rights upon distribution of holders of shares of our stock whose preferential rights upon dissolution are superior to those receiving the distribution.

    Optional Redemption

    The Series K Preferred Stock is not redeemable by us prior to October 1,
      2024, except under circumstances where it is necessary to preserve our status as a REIT for U.S. federal income tax purposes and except as described below upon the occurrence of a Change of Control. On and after October 1, 2024, we may, at our
      option, upon not less than 30 nor more than 90 days’ written notice, redeem shares of the Series K Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid
      dividends to, but excluding, the date fixed for redemption.

    If the redemption date is after the record date set for the payment of a
      dividend on the Series K Preferred Stock and prior to the corresponding dividend payment date, the amount of such accrued and unpaid dividend will not be included in the redemption price. The holder of the Series K Preferred Stock at the close of
      business on the applicable dividend record date will be entitled to the dividend payment on such shares on the corresponding dividend payment date, notwithstanding the redemption of such shares prior the dividend payment date.

    In order to ensure that we remain qualified as a REIT under the Code, we
      will have the right to purchase from a holder of shares of Series K Preferred Stock at any time any shares of Series K Preferred Stock held by such holder in excess of 7.5% of the value of our outstanding capital stock in accordance with the
      provisions of our charter. See “—Restrictions on Ownership and Transfer” for additional information about ownership limitations with respect to our Series K Preferred Stock.

    Special Optional Redemption

    Upon the occurrence of a Change of Control, regardless of whether the Change
      of Control occurs prior to or after October 1, 2024, we will have the option to redeem the Series K Preferred Stock, in whole or in part and within 120 days after the first date on which such Change of Control occurred, for a cash redemption price
      per share equal to $25.00 plus all accrued and unpaid dividends thereon (whether or not declared) to, but not including, the redemption date (unless the redemption date is after a record date set for the payment of a dividend on the Series K
      Preferred Stock and on or prior to the corresponding dividend payment date, in which case the amount of such accrued and unpaid dividend will not be included in the redemption price), upon the giving of notice, as provided below.

    A “Change of Control” occurs when, after the Series K Preferred Stock issue
      date, the following have occurred and are continuing:

    	
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            the acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d) (3) of the
              Exchange Act, other than Exempted Persons (as defined below), of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions, of
              shares of our common stock and Class A common stock entitling that person to exercise more than 50% of the total voting power of all outstanding shares of our common stock and Class A common stock entitled to vote generally in the election of
              directors (and such person will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent
              condition); and

               

          
	
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            following the closing of any transaction referred to in the bullet point above, neither we nor the acquiring or surviving
              entity has a class of common securities (or ADRs representing such securities) listed or quoted on the NYSE, the NYSE American or the NASDAQ, or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE
              American or the NASDAQ.

          

    If, prior to the date fixed for conversion of Series K Preferred Stock in
      connection with a Change of Control, as described more fully below, we provide notice of redemption of shares of Series K Preferred Stock (whether pursuant to our optional redemption right or our special optional redemption rights), holders of such
      shares of Series K Preferred Stock will not be entitled to convert their shares as described below under “—Conversion Rights.”

    “Exempted Person” means (i) Charles J. Urstadt; (ii) Willing L. Biddle;
      (iii) any Urstadt Family Member or any Biddle Family Member (each, as hereinafter defined); (iv) any executor, administrator, trustee or personal representative who succeeds to the estate of Charles J. Urstadt, Willing L. Biddle, an Urstadt Family
      Member or a Biddle Family Member as a result of the death of such individual, acting in their capacity as an executor, administrator, trustee or personal representative with respect to any such estate; (v) a trustee, guardian or custodian holding
      property for the primary benefit of Charles J. Urstadt, Willing L. Biddle, any Urstadt Family Member or any Biddle Family Member; (vi) any corporation, partnership, limited liability company or other business organization that is directly or
      indirectly controlled by one or more persons or entities described in clauses (i) through (v) hereof and is not controlled by any other person or entity; and (vii) any charitable foundation, trust or other not-for-profit organization for which one or
      more persons or entities described in clauses (i) through (vi) hereof controls the investment and voting decisions in respect of any interest in our company held by such organization. For sake of clarity with respect to clause (vi) above, “control”
      includes the power to control the investment and voting decisions of any such corporation, partnership, limited liability company or other business organization.

    The term “Urstadt Family Member” means and includes the spouse of Charles J.
      Urstadt, the descendants of the parents of Charles J. Urstadt, the descendants of the parents of the spouse of Charles J. Urstadt, the spouses of any such descendant and the descendants of the parents of any spouse of a child of Charles J. Urstadt.
      For this purpose, an individual’s “spouse” includes the widow or widower of such individual, and an individual’s “descendants” includes biological descendants and persons deriving their status as descendants by adoption.

    The term “Biddle Family Member” means and includes the spouse of Willing L.
      Biddle, the descendants of the parents of Willing L. Biddle, the descendants of the parents of the spouse of Willing L. Biddle, the spouses of any such descendant and the descendants of the parents of any spouse of a child of Willing L. Biddle. For
      this purpose, an individual’s “spouse” includes the widow or widower of such individual, and an individual’s “descendants” includes biological descendants and persons deriving their status as descendants by adoption.

    Redemption Procedures

    We will give notice of redemption by mail, postage prepaid, not less than 30
      nor more than 90 days prior to the redemption date, addressed to the respective holders of record of the Series K Preferred Stock to be redeemed at their respective addresses as they appear on our stock transfer records. No failure to give such
      notice or any defect in the notice or in the mailing of the notice will affect the validity of the proceedings for the redemption of any shares of Series K Preferred Stock except as to a holder to whom notice was defective or not given. Each notice
      will state:

    	
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            the redemption date;

               

          
	
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            the redemption price;

               

          
	
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            the number of shares of Series K Preferred Stock to be redeemed;

               

          
	
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            the place or places where the Series K Preferred Stock is to be surrendered for payment of the redemption price;

               

          
	
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            that dividends on the shares to be redeemed will cease to accrue on such redemption date; and

               

          
	
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            if such redemption is being made in connection with a Change of Control, holders of Series K Preferred Stock being so called for
              redemption will not be able to tender such shares of Series K Preferred Stock for conversion in connection with the Change of Control and that each share of Series K Preferred Stock tendered for conversion that is called, prior to the Change
              of Control conversion date, for redemption will be redeemed on the related redemption date instead of converted on the Change of Control conversion date.

          

    Notwithstanding the foregoing, no notice of redemption will be required
      where we elect to redeem Series K Preferred Stock to preserve our REIT qualification.

    If we redeem less than all of the Series K Preferred Stock held by any
      holder, the notice mailed to such holder will also specify the number of shares of Series K Preferred Stock held by such holder to be redeemed. If fewer than all of the outstanding shares of Series K Preferred Stock are to be redeemed, the shares to
      be redeemed will be selected by lot or pro rata.

    In any redemption of Series K Preferred Stock, the redemption price will
      include any accumulated and unpaid dividends to, but excluding, the redemption date, unless a redemption date falls after a dividend record date with respect to the Series K Preferred Stock and prior to the corresponding dividend payment date, in
      which case each holder of Series K Preferred Stock at the close of business on the applicable dividend record date is entitled to the dividend payable on such shares on the corresponding dividend payment date notwithstanding the redemption of such
      shares before the dividend payment date.

    If we have given notice of redemption of any shares of Series K Preferred
      Stock and have set apart for payment the funds necessary for the redemption for the benefit of the holders of any shares of Series K Preferred Stock called for redemption, then from and after the redemption date dividends will cease to accrue on such
      shares of Series K Preferred Stock, the shares of Series K Preferred Stock will no longer be deemed outstanding and all rights of the holders of the shares will terminate, except the right to receive the redemption price.

    If full cumulative dividends on the Series K Preferred Stock have not been
      paid or declared and set apart for payment for all prior dividend periods, we may not redeem any Series K Preferred Stock unless we simultaneously redeem all outstanding shares of Series K Preferred Stock, and we will not purchase or otherwise
      acquire directly or indirectly any shares of Series K Preferred Stock (except by exchange for shares of our capital stock ranking junior to the Series K Preferred Stock as to dividends and upon liquidation). Notwithstanding the foregoing, we may
      purchase excess stock in order to ensure that we continue to meet the requirements for qualification as a REIT or any purchase or exchange offer made on the same terms to holders of all outstanding shares of Series K Preferred Stock. So long as no
      dividends are in arrears, we are entitled at any time and from time to time to repurchase shares of Series K Preferred Stock in open-market transactions duly authorized by our board of directors and effected in compliance with applicable law.

    Voting Rights

    Holders of the Series K Preferred Stock do not have any voting rights, except
      as described below.

    Whenever dividends on any shares of Series K Preferred Stock are in arrears
      for six or more consecutive or nonconsecutive quarterly periods, the number of directors then constituting our board of directors will be increased by two (if not already increased by reason of a similar arrearage with respect to any parity preferred
      (as defined below)), and the holders of the shares of Series K Preferred Stock will be entitled to vote separately as a class with all other series of preferred stock ranking on a parity with the Series K Preferred Stock as to dividends or upon
      liquidation and upon which like voting rights have been conferred and are exercisable, including, in that instance, the Series G Preferred Stock and the Series H Preferred Stock (“parity preferred”), in order to fill the newly created vacancies, for
      the election of a total of two additional directors of our company (the “preferred stock directors”) at an annual meeting of stockholders or a special meeting of the Series K Preferred Stock and called by us at the request of holders of record of at
      least 10% of the Series K Preferred Stock or the holders of record of at least 10% of any series of parity preferred so in arrears (unless such request is received less than 90 days before the date fixed for the next annual meeting of stockholders),
      and at each subsequent annual meeting until (or, if the directors are divided into classes, at the conclusion of the terms of each preferred stock director) all dividends accrued on the shares of Series K Preferred Stock and parity preferred for the
      past dividend periods and the dividend for the then current dividend period are fully paid. In the event our directors are divided into classes, each vacancy will be apportioned among the classes of directors to prevent stacking in any one class and
      to ensure that the number of directors in each of the classes of directors are as nearly equal as possible.

    Each preferred stock director, as a qualification for election (and
      regardless of how elected), will submit to our board of directors a duly executed, valid, binding and enforceable letter of resignation from the board of directors, to be effective upon the date upon which all dividends accrued on the shares of
      Series K Preferred Stock and parity preferred for the past dividend periods and the dividend for the then current dividend period are fully paid, at which time the terms of office of all persons elected as preferred stock directors by the holders of
      the Series K Preferred Stock and any parity preferred will, upon the effectiveness of their respective letters of resignation, terminate, and the number of directors then constituting the board of directors will be reduced accordingly. A quorum for
      any meeting will exist if at least a majority of the outstanding shares of Series K Preferred Stock and shares of parity preferred upon which like voting rights have been conferred and are exercisable are represented in person or by proxy at the
      meeting.

    The preferred stock directors will be elected upon the affirmative vote of a
      plurality of the shares of Series K Preferred Stock and parity preferred (regardless of liquidation preference) present and voting in person or by proxy at a duly called and held meeting at which a quorum is present. If and when all accrued dividends
      and the dividends for the then current dividend period on the Series K Preferred Stock are paid in full, the holders of Series K Preferred Stock will be divested of the foregoing voting rights (subject to revesting each and every time dividends on
      the Series K Preferred Stock are in arrears for six or more consecutive or non-consecutive quarterly periods).

    Any preferred stock director may be removed at any time with or without
      cause by, and will not be removed otherwise than by the vote of, the holders of record of a majority of the outstanding shares of Series K Preferred Stock when they have the voting rights described above (voting separately as a class with all series
      of parity preferred upon which like voting rights have been conferred and are exercisable). So long as dividends on the Series K Preferred Stock continue to be in arrears, any vacancy in the office of a preferred stock director may be filled by
      written consent of the preferred stock director remaining in office, or if none remains in office, by a vote of the holders of record of a majority of the outstanding shares of Series K Preferred Stock when they have the voting rights described above
      (voting separately as a class with all series of parity preferred upon which like voting rights have been conferred and are exercisable). The preferred stock directors will each be entitled to one vote per director on any matter properly coming
      before our board of directors.

    Notwithstanding the foregoing, in no event will the holders of Series K
      Preferred Stock be entitled to elect a director that would cause us to fail to satisfy a requirement relating to director independence of any securities exchange on which any class or series of our stock is listed.

    So long as any shares of Series K Preferred Stock are outstanding, we will
      not, without the affirmative vote or consent of the holders of at least two-thirds of the votes entitled to be cast by the holders of Series K Preferred Stock outstanding at the time, voting separately as a class, given in person or by proxy, either
      in writing without a meeting or by vote at any meeting:

    	
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            voluntarily terminate or revoke our status as a REIT;

               

          
	
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            amend, alter or repeal any of the provisions of our charter or the articles supplementary (whether by merger, consolidation or
              otherwise (an “Event”)) so as to materially and adversely affect any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption of the Series K
              Preferred Stock or the holders thereof; or

               

          
	
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            authorize, create or increase the authorized number of shares of any class or series or any security convertible into shares
              of any class or series of our stock ranking senior to the Series K Preferred Stock as to distribution on any liquidation, dissolution or winding up or as to the payment of dividends;

          

    provided, however, that, in the case of each of the subparagraphs above, no such vote of the
      holders of Series K Preferred Stock shall be required if, at or prior to the time when such amendment, alteration or repeal is to take effect, or when the issuance of any such prior shares or convertible security is to be made, as the case may be,
      all outstanding shares of Series K Preferred Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been deposited in trust to effect such redemption or, in the case of an Event, regardless of the
      date of the transaction, the holders of the Series K Preferred Stock receive in the transaction their liquidation preference plus accrued and unpaid dividends.

    With respect to the occurrence of any Event described above, so long as the
      Series K Preferred Stock (or any equivalent class or series of stock issued by the surviving corporation in any merger or consolidation to which we became a party) remains outstanding with the terms thereof materially unchanged, the occurrence of any
      such Event will not be deemed to materially and adversely affect any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption of holders of the Series K
      Preferred Stock. Any increase in the amount of the authorized preferred stock or the creation or issuance of any other series of preferred stock, or any increase in the amount of the authorized shares of such series, in each case ranking on a parity
      with or junior to the Series K Preferred Stock with respect to payment of dividends or the distribution of assets upon our liquidation, dissolution or winding up, or the issuance of additional shares of Series K Preferred Stock or Series H Preferred
      Stock, will not be deemed to materially and adversely affect any preferences, conversion and other rights, voting power, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption of holders of the Series K
      Preferred Stock.

    Conversion Rights

    Upon the occurrence of a Change of Control, unless, prior to the date fixed
      for such conversion, we provide notice of redemption of such shares of Series K Preferred Stock as described above under “—Optional Redemption” or “—Special Optional Redemption,” then, unless holders of the Series K Preferred Stock will receive the
      Alternative Form Consideration as described below, each holder of Series K Preferred Stock will have the right to convert all or part of the Series K Preferred Stock held by such holder into a number of shares of Class A common stock per share of
      Series K Preferred Stock to be so converted, or the Class A Common Share Conversion Consideration, equal to the lesser of:

    	
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            the quotient obtained, which we refer to as the Conversion Rate, by dividing (i) the sum of $25.00 plus the amount of any
              accrued and unpaid dividends thereon (whether or not declared) to, but not including, the applicable date fixed for conversion (unless the applicable conversion date is after a record date set for the payment of a dividend on the Series K
              Preferred Stock and on or prior to the corresponding dividend payment date, in which case the amount of such accrued and unpaid dividend will not be included in this sum), by (ii) the Class A Common Share Price (as defined below); and

               

          
	
            ●

          	
            2.1035, or the Share Cap, subject to certain adjustments described below.

          

    The “Class A Common Share Price” for any Change of Control will be (i) the
      amount of cash consideration per share of Class A common stock, if the consideration to be received in the Change of Control by holders of shares of Class A common stock is solely cash, and (ii) the average of the closing price per share of Class A
      common stock on the NYSE, the NYSE American or the NASDAQ for the 10 consecutive trading days immediately preceding, but not including, the effective date of the Change of Control, if the consideration to be received in the Change of Control by
      holders of shares of Class A common stock is other than solely cash (including if such holders do not receive consideration).

    The Share Cap will be subject to pro rata adjustments for any stock splits
      (including those effected pursuant to a Class A common stock dividend), subdivisions or combinations (in each case, a “Share Split”) with respect to our Class A common stock as follows: the adjusted Share Cap as the result of a Share Split will be
      the number of shares of Class A common stock that is equivalent to the product of (i) the Share Cap in effect immediately prior to such Share Split multiplied by (ii) a fraction, the numerator of which is the number of shares of Class A common stock
      outstanding after giving effect to such Share Split and the denominator of which is the number of shares of Class A common stock outstanding immediately prior to such Share Split.

    For the avoidance of doubt, subject to the immediately succeeding sentence,
      the aggregate number of shares of Class A common stock (or equivalent Alternative Conversion Consideration (as defined below), as applicable) issuable in connection with the exercise of conversion rights in connection with a Change of Control and in
      respect of the Series K Preferred Stock initially offered hereby will not exceed 9,676,100 shares of Class A common stock (or equivalent Alternative Conversion Consideration, as applicable), subject to increase on a pro rata basis if the number of
      authorized shares of Series K Preferred Stock increases after the first date on which any shares of the Series K Preferred Stock are issued, or the Exchange Cap. The Exchange Cap is subject to pro rata adjustments for any Share Splits on the same
      basis as the corresponding adjustment to the Share Cap.

    In the case of a Change of Control pursuant to which, or in connection with
      which, shares of Class A common stock will be converted into cash, securities or other property or assets, including any combination thereof, or the Alternative Form Consideration, a holder of shares of Series K Preferred Stock will receive upon
      conversion of a share of Series K Preferred Stock the kind and amount of Alternative Form Consideration which such holder would have owned or been entitled to receive had such holder held a number of shares of Class A common stock equal to the Class
      A Common Share Conversion Consideration immediately prior to the effective time of the Change of Control, or the Alternative Conversion Consideration.

    If the holders of shares of Class A common stock have the opportunity to
      elect the form of consideration to be received in connection with the Change of Control, the form of consideration that holders of the Series K Preferred Stock will receive will be in the form of consideration elected by the holders of a plurality of
      the shares of Class A common stock held by stockholders who participate in the election and will be subject to any limitations to which all holders of shares of Class A common stock are subject, including, without limitation, pro rata reductions
      applicable to any portion of the consideration payable in connection with the Change of Control.

    We will not issue fractional Class A common shares upon the conversion of
      the Series K Preferred Stock. Instead, we will pay the cash value of any such fractional shares based on the Class A Common Share Price.

    If a conversion date falls after a dividend record date and on or prior to
      the corresponding dividend payment date, each holder of shares of Series K Preferred Stock at the close of business on such record date will be entitled to receive the dividend payable on such shares on the corresponding payment date, notwithstanding
      the conversion of such shares on or prior to such payment date, but the Conversion Rate shall not be calculated to include such accrued and unpaid dividends.

    Within 15 days following the occurrence of a Change of Control, we will
      provide to holders of record of outstanding shares of Series K Preferred Stock, at the addresses for such holders shown on our stock transfer records, a notice of the occurrence of the Change of Control. This notice will state the following:

    	
            ●

          	
            the events constituting the Change of Control;

               

          
	
            ●

          	
            the date of the Change of Control;

               

          
	
            ●

          	
            the last date on which the holders of shares of Series K Preferred Stock may exercise their conversion rights in connection with
              the Change of Control;

          

    

    

    	
            ●

          	
            the method and period for calculating the Class A Common Share Price;

               

          
	
            ●

          	
            the date fixed for conversion in connection with the Change of Control, or the conversion date, which will be a business day
              fixed by our board of directors that is not fewer than 20 and not more than 35 days following the date of the notice;

               

          
	
            ●

          	
            that if, prior to the applicable conversion date, we provide notice of our election to redeem all or any portion of the shares of
              Series K Preferred Stock, holders of the Series K Preferred Stock will not be able to convert the shares of Series K Preferred Stock so called for redemption, and such shares of Series K Preferred Stock will be redeemed on the related
              redemption date, even if they have already been tendered for conversion in connection with the Change of Control;

               

          
	
            ●

          	
            if applicable, the type and amount of Alternative Conversion Consideration entitled to be received per share of Series K
              Preferred Stock converted;

               

          
	
            ●

          	
            the name and address of the paying agent and the conversion agent; and

               

          
	
            ●

          	
            the procedures that the holders of shares of Series K Preferred Stock must follow to exercise their conversion rights in
              connection with the Change of Control.

          

    A failure to give such notice or any defect in the notice or in its mailing
      will not affect the sufficiency of the notice or validity of the proceedings for conversion of shares of Series K Preferred Stock in connection with a Change of Control, except as to the holder to whom notice was defective or not given. A notice that
      has been mailed in the manner provided herein will be presumed to be given on the date it is mailed whether or not the stockholder receives such notice.

    We will issue a press release for publication on the Dow Jones &
      Company, Inc., Business Wire, PR Newswire or Bloomberg Business News (or, if these organizations are not in existence at the time of issuance of the press release, such other news or press organization as is reasonably calculated to broadly
      disseminate the relevant information to the public) containing the information stated in such a notice, and post such a notice on our website, in any event prior to the opening of business on the first business day following any date on which we
      provide the notice described above to the holders of record of Series K Preferred Stock.

    To exercise conversion rights in connection with a Change of Control, a
      holder of record of Series K Preferred Stock will be required to deliver, on or before the close of business on the applicable conversion date, the certificates, if any, representing any certificated shares of Series K Preferred Stock to be
      converted, duly endorsed for transfer, together with a completed written conversion notice and any other documents we reasonably require in connection with such conversion, to our conversion agent. The conversion notice must state the number of
      shares of Series K Preferred Stock to be converted.

    A holder of Series K Preferred Stock may withdraw any notice of exercise of
      such holder’s conversion rights in connection with a Change of Control (in whole or in part) by a written notice of withdrawal delivered to our conversion agent prior to the close of business on the business day prior to the applicable conversion
      date. The notice of withdrawal must state:

    	
            ●

          	
            the number of withdrawn shares of Series K Preferred Stock;

               

          
	
            ●

          	
            if certificated shares of Series K Preferred Stock have been tendered for conversion and withdrawn, the certificate numbers of
              the withdrawn certificated shares of Series K Preferred Stock; and

               

          
	
            ●

          	
            the number of shares of Series K Preferred Stock, if any, which remain subject to the conversion notice.

          

    Notwithstanding the foregoing, if the Series K Preferred Stock is held in
      global form, the conversion notice and/or the notice of withdrawal, as applicable, must comply with applicable procedures of DTC.

    Shares of Series K Preferred Stock as to which the holder’s conversion right
      has been properly exercised and for which the conversion notice has not been properly withdrawn will be converted into the applicable form of consideration on the applicable conversion date unless, prior to the applicable conversion date, we provide
      notice of our election to redeem such shares of Series K Preferred Stock, whether pursuant to our optional redemption right or our special optional redemption right. If we elect to redeem shares of Series K Preferred Stock that would otherwise be
      converted into the applicable form of consideration on a conversion date, such shares of Series K Preferred Stock will not be so converted and the holders of such shares will be entitled to receive on the applicable redemption date the redemption
      price for such shares.

    We will deliver amounts owing upon conversion no later than the third
      business day following the applicable conversion date.

    In connection with the exercise of conversion rights in connection with any
      Change of Control, we will comply with all U.S. federal and state securities laws and stock exchange rules in connection with any conversion of shares of Series K Preferred Stock into shares of Class A common stock. Notwithstanding any other
      provision of the terms of the Series K Preferred Stock, no holder of the Series K Preferred Stock will be entitled to convert such Series K Preferred Stock into shares of Class A common stock to the extent that receipt of such shares of Class A
      common stock would cause such holder (or any other person) to violate the restrictions on ownership and transfer of our stock contained in our charter. See “—Restrictions on Ownership and Transfer.”

    The conversion and redemption features of the Series K Preferred Stock may
      make it more difficult for or discourage a party from taking over our company.

    Except as provided above in connection with a Change of Control, the Series
      K Preferred Stock is not convertible into or exchangeable for any other property or securities, except that the Series K Preferred Stock may be exchanged for shares of our excess stock pursuant to the provisions of our charter relating to
      restrictions on ownership and transfer of our stock. For further information regarding the restrictions on ownership and transfer of our stock and excess stock, see “—Restrictions on Ownership and Transfer.”

    Information Right

    During any period during which we are not subject to the reporting
      requirements of Section 13 or 15(d) of the Exchange Act and any shares of Series K Preferred Stock are outstanding, we will (i) transmit by mail (or other permissible means under the Exchange Act) to all holders of Series K Preferred Stock, as their
      names and addresses appear in our record books and without cost to such holders, copies of the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that we would have been required to file with the SEC pursuant
      to Section 13 or 15(d) of the Exchange Act if we were subject thereto (other than any exhibits that would have been required) within 15 days after the respective dates by which we would have been required to file such reports with the SEC if we were
      subject to Section 13 or 15(d) of the Exchange Act (in each case, based on the dates on which we would be required to file such periodic reports if we were an “accelerated filer” within the meaning of the Exchange Act), and (ii) within 15 days
      following written request, supply copies of such reports to any prospective holder of the Series K Preferred Stock.

    Listing

    The Series K Preferred Stock is listed on the NYSE under the symbol
      “UBPPRK.”

    Transfer Agent and Registrar

    The transfer agent and registrar for the Series K Preferred Stock is
      Computershare.

    Series H Preferred Stock

    The terms of the Series H Preferred Stock are substantially similar to the
      terms of the Series K Preferred Stock, other than as follows:

    Dividends

    Holders of shares of Series H Preferred Stock are entitled to receive, when
      and as declared by our board of directors, out of our funds legally available for the payment of dividends, preferential cumulative dividends payable in cash at the rate per annum of $1.5625 per share, which is equivalent to a rate of 6.25% per annum
      of the $25.00 per share liquidation preference. Dividends on shares of Series H Preferred Stock are payable quarterly in arrears.

    Optional Redemption

    The Series H Preferred Stock is not redeemable by us prior to September 18,
      2022, except under circumstances where it is necessary to preserve our status as a REIT for U.S. federal income tax purposes and except as described below upon the occurrence of certain Changes of Control of our Company. On and after September 18,
      2022, we may, at our option, upon not less than 30 nor more than 90 days’ written notice, redeem shares of the Series H Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus
      all accrued and unpaid dividends to, but excluding, the redemption date (unless the redemption date is after a record date set for the payment of a dividend on the Series H Preferred Stock and on or prior to the corresponding dividend payment date,
      in which case the amount of such accrued and unpaid dividend will not be included in the redemption price).

    Special Optional Redemption

    Upon the occurrence of certain Changes of Control of our Company, regardless
      of whether such Change of Control occurs prior to or after September 18, 2022, we will have the option to redeem the Series H Preferred Stock, in whole or in part and within 120 days after the first date on which such Change of Control occurred, for
      a cash redemption price per share equal to $25.00 plus all accrued and unpaid dividends thereon (whether or not declared) to, but not including, the redemption date (unless the redemption date is after a record date set for the payment of a dividend
      on the Series H Preferred Stock and on or prior to the corresponding dividend payment date, in which case the amount of such accrued and unpaid dividend will not be included in the redemption price), upon the giving of notice.

    “Change of Control” is defined the same as it is for the Series K Preferred
      Stock.

    Listing

    The Series H Preferred Stock is listed on the NYSE under the symbol
      “UBPPRH.”

    Series G Preferred Stock

    On November 1, 2019, all outstanding shares of Series G Preferred Stock
      were redeemed and are no longer outstanding.   As of October 31, 2019, when such shares were outstanding, the terms of the Series H Preferred Stock are substantially similar to the terms of the Series H Preferred Stock, other than as follows:

    Dividends

    Holders of shares of our Series G Preferred Stock are entitled to receive,
      when and as declared by our board of directors, out of our funds legally available for the payment of dividends, preferential cumulative cash dividends at the rate per annum of $1.6875 per share, which is equivalent to a rate of 6.75% per annum of
      the $25 per share liquidation preference. Dividends on shares of our Series G Preferred Stock are cumulative from the date such shares were originally issued, and are payable quarterly in arrears on January 31, April 30, July 31 and October 31 of
      each year, or, if not a business day, the next succeeding business day, for the quarterly periods ended January 31, April 30, July 31 and October 31, as applicable. A dividend payable on our Series G Preferred Stock for any partial dividend period is
      computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends are payable to holders of record as they appear in our stockholder records at the close of business on the applicable record date determined each quarter by our
      board of directors, as provided by the MGCL, which shall not be more than 30 days preceding the applicable dividend payment date.

    Redemption

    On and after October 28, 2019, we may, at our option, upon not less than 30
      nor more than 90 days’ written notice, redeem shares of the Series G Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends to, but excluding,
      the date fixed for redemption. Prior to that date, we may, at our option, upon not less than 30 nor more than 90 days’ written notice, redeem shares of the Series G Preferred Stock in whole, or in part, at any time or from time to time, for cash at
      the Make-Whole Redemption Price (as defined below). If the redemption date is after the record date set for the payment of a dividend on the Series G Preferred Stock and on or prior to the corresponding dividend payment date, the amount of such
      accrued and unpaid dividend will not be included in the redemption price or the Make-Whole Redemption Price. The holder of the Series G Preferred Stock at the close of business on the applicable dividend record date will be entitled to the dividend
      payment on such shares on the corresponding dividend payment date, notwithstanding the redemption of such shares prior the dividend payment date. If such redemption is being made in connection with a Change of Control, as described below under
      “—Special Optional Redemption,” holders of Series G Preferred Stock being so called for redemption will not be able to tender such shares of Series G Preferred Stock for conversion in connection with the Change of Control and each share of Series G
      Preferred Stock tendered for conversion that is called, prior to the conversion date, for redemption will be redeemed on the related redemption date instead of converted on the conversion date.

    Holders of Series G Preferred Stock to be redeemed will be required to
      surrender our preferred stock at the place designated in such notice and will be entitled to the redemption price and any accrued and unpaid dividends payable upon the redemption or the Make-Whole Redemption Price, as applicable, following surrender
      of the preferred stock. If we have given notice of redemption of any shares of Series G Preferred Stock and if we have set aside the funds necessary for the redemption in trust for the benefit of the holders of any shares of the series so called for
      redemption, then from and after the redemption date dividends will cease to accrue on such shares of the series, the shares will no longer be deemed outstanding and all rights of the holders of the shares will terminate, except the right to receive
      the redemption price or the Make-Whole Redemption Price, as applicable. If less than all of the outstanding shares of Series G Preferred Stock is to be redeemed, the stock to be redeemed will be selected proportionately (as nearly as may be
      practicable without creating fractional shares) or by any other equitable method we determine.

    Unless we have declared and paid, we are contemporaneously declaring and
      paying, or we have declared and set aside a sum sufficient for the payment of the full cumulative dividends on all shares of Series G Preferred Stock, as applicable, for all past dividend periods and the then current dividend period, we may not
      redeem any shares of that series unless we simultaneously redeem all outstanding shares of that series and we will not purchase or otherwise acquire directly or indirectly any shares of that series (except by exchange for shares of our stock ranking
      junior to that series of preferred stock as to dividends and upon liquidation). Notwithstanding the foregoing, we may make any purchase or exchange offer made on the same terms to holders of all outstanding shares of our Series G Preferred Stock, as
      applicable, and we may in the case of our Series G Preferred Stock, redeem stock in order to ensure that we continue to meet the requirements for status as a REIT. So long as no dividends on the series are in arrears, we are entitled at any time and
      from time to time to repurchase shares of Series G Preferred Stock in open-market transactions duly authorized by our board of directors and effected in compliance with applicable laws.

    Immediately prior to any redemption of Series G Preferred Stock, we will
      pay, in cash, any accumulated and unpaid dividends through the redemption date, unless a redemption date falls after the applicable dividend record date and prior to the corresponding dividend payment date, in which case each holder of shares of the
      series to be redeemed, at the close of business on the applicable dividend record date, is entitled to the dividend payable on such shares on the corresponding dividend payment date notwithstanding the redemption of such shares before the dividend
      payment date.

    “Make-Whole Redemption Price” means, for any shares of Series G Preferred
      Stock at any date of redemption, the sum of (i) $25.00 per share, (ii) all accrued and unpaid dividends thereon to, but excluding, such date of redemption, and (iii) the present value as of the date of redemption of all remaining scheduled dividend
      payments for such shares of Series G Preferred Stock until the fifth anniversary date, calculated using a discount rate equal to the Treasury Rate (determined on the date of the notice of redemption) plus 50 basis points.

    Special Optional Redemption

    In the event we experience a Change of Control, we will have the option to
      redeem the Series G Preferred Stock, in whole or in part and within 120 days after the first date on which such Change of Control occurred, for a cash redemption price per share equal to $25.00 plus any accumulated and unpaid dividends thereon
      (whether or not declared) to, but not including, the redemption date (unless the redemption date is after a record date set for the payment of a dividend on the Series G Preferred Stock and on or prior to the corresponding dividend payment date, in
      which case the amount of such accrued and unpaid dividend will not be included in the redemption price). If, prior to the date fixed for conversion of Series G Preferred Stock in connection with a Change of Control, as described more fully below, we
      provide notice of redemption of shares of Series G Preferred Stock as described above under “—Redemption,” holders of such shares of Series G Preferred Stock will not be entitled to convert their shares as described below under “—Conversion.”

    “Change of Control,” means the following have occurred and are continuing:
      (a) the acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Exchange Act, other than Exempted Persons (as defined hereinafter), of beneficial ownership, directly or indirectly, through a
      purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions, of shares of our common stock and Class A common stock entitling that person to exercise more than 50% of the total voting power of
      all outstanding shares of our common stock and Class A common stock entitled to vote generally in the election of directors (and such a person will be deemed to have beneficial ownership of all securities that such person has the right to acquire,
      whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and (b) following the closing of any transaction referred to in the bullet point above, neither we nor the acquiring or surviving
      entity has a class of common securities (or ADRs representing such securities) listed on the NYSE, the NYSE MKT or the NASDAQ, or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE MKT or the NASDAQ.

    “Class A Common Share Price,” for any Change of Control will be (i) if the
      consideration to be received in the Change of Control by holders of shares of Class A common stock is solely cash, the amount of cash consideration per share of Class A common stock, and (ii) if the consideration to be received in the Change of
      Control by holders of shares of Class A common stock is other than solely cash (including if such holders do not receive consideration), the average of the closing price per share of Class A common stock on the NYSE, NYSE MKT and NASDAQ for the 10
      consecutive trading days immediately preceding, but not including, the effective date of the Change of Control.

    “Exempted Person” means, (i) Charles J. Urstadt; (ii) any Urstadt Family
      Member (as hereinafter defined); (iii) any executor, administrator, trustee or personal representative who succeeds to the estate of Charles J. Urstadt or an Urstadt Family Member as a result of the death of such individual, acting in their capacity
      as an executor, administrator, trustee or personal representative with respect to any such estate; (iv) a trustee, guardian or custodian holding property for the primary benefit of Charles J. Urstadt or any Urstadt Family Member, (v) any corporation,
      partnership, limited liability company or other business organization that is directly or indirectly controlled by one or more persons or entities described in clauses (i) through (iv) hereof and is not controlled by any other person or entity; and
      (vi) any charitable foundation, trust or other not-for-profit organization for which one or more persons or entities described in clauses (i) through (v) hereof controls the investment and voting decisions in respect of any interest in the company
      held by such organization. For the sake of clarity with respect to clause (v) above, “control” includes the power to control the investment and voting decisions of any such corporation, partnership, limited liability company or other business
      organization. For purposes of this definition, the term “Urstadt Family Member” shall mean and include the spouse of Charles J. Urstadt, the descendants of the parents of Charles J. Urstadt, the descendants of the parents of the spouse of Charles J.
      Urstadt, the spouses of any such descendant and the descendants of the parents of any spouse of a child of Charles J. Urstadt. For this purpose, an individual’s “spouse” includes the widow or widower of such individual, and an individual’s
      “descendants” includes biological descendants and persons deriving their status as descendants by adoption.

    “Urstadt Family Member” shall mean and include the spouse of Charles J.
      Urstadt, the descendants of the parents of Charles J. Urstadt, the descendants of the parents of the spouse of Charles J. Urstadt, the spouses of any such descendant and the descendants of the parents of any spouse of a child of Charles J. Urstadt.
      For this purpose, an individual’s “spouse” includes the widow or widower of such individual, and an individual’s “descendants” includes biological descendants and persons deriving their status as descendants by adoption.

    Conversion

    Except as provided below in connection with a Change of Control, the Series
      G Preferred Stock is not convertible into or exchangeable for any other property or securities, except that the Series G Preferred Stock may be exchanged for shares of our excess stock pursuant to the provisions of our charter relating to
      restrictions on ownership and transfer of our stock. For further information regarding the restrictions on ownership and transfer of our stock and excess stock, see “—Restrictions on Ownership and Transfer.”

    Upon the occurrence of a Change of Control, with respect to Series G
      Preferred Stock, unless, prior to the date fixed for such conversion, we provide notice of redemption of such shares of Series G Preferred Stock as described above under “—Redemption” or “— Special Optional Redemption,” then, unless holders of the
      Series G Preferred Stock will receive the Alternative Form Consideration as described below, each holder of Series G Preferred Stock will have the right to convert all or part of the Series G Preferred Stock held by such holder into a number of
      shares of Class A common stock per share of Series G Preferred Stock to be so converted, or the Class A Common Share Conversion Consideration, equal to the lesser of:

    	
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            the quotient obtained, which we refer to as the Conversion Rate, by dividing (i) the sum of $25.00 plus the amount of any
              accumulated and unpaid dividends thereon (whether or not declared) to, but not including, the applicable date fixed for conversion (unless the applicable conversion date is after a record date set for the payment of a dividend on the Series G
              Preferred Stock and on or prior to the corresponding dividend payment date, in which case the amount of such accrued and unpaid dividend will not be included in this sum), by (ii) the Class A Common Share Price (as defined below); and

               

          
	
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            with respect to Series G Preferred Stock, 2.3159 (the “Series G Share Cap”), subject to certain adjustments described below.

          

    With respect to Series G Preferred Stock, the Series G Share Cap will be
      subject to pro rata adjustments for any stock splits (including those effected pursuant to a common stock dividend), subdivisions or combinations with respect to our Class A common stock as follows: the adjusted Series G Share Cap as the result of
      such an event will be the number of shares of Class A common stock that is equivalent to the product of (i) the Series G Share Cap in effect immediately prior to such event multiplied by (ii) a fraction, the numerator of which is the number of shares
      of Class A common stock outstanding after giving effect to such event and the denominator of which is the number of shares of Class A common stock outstanding immediately prior to such event.

    For the avoidance of doubt, subject to the immediately succeeding sentence, the
      aggregate number of shares of Class A common stock (or equivalent Alternative Conversion Consideration, as applicable) issuable in connection with the exercise of conversion rights in connection with a Change of Control by holders of Series G
      Preferred Stock will not exceed 6,947,700 shares of Class A common stock (or equivalent Alternative Conversion Consideration, as applicable) (the “Series G Exchange Cap”). The Series G Exchange Cap is subject to pro rata adjustments for any share
      splits on the same basis as the corresponding adjustment to the Series G Share Cap and is subject to increase in the event that additional shares of Series G Preferred Stock are issued in the future.

    In the case of a Change of Control pursuant to which, or in connection with
      which, shares of Class A common stock will be converted into cash, securities or other property or assets (including any combination thereof), or the Alternative Form Consideration, a holder of shares of Series G Preferred Stock will receive upon
      conversion of a share of Series G Preferred Stock, as applicable, the kind and amount of Alternative Form Consideration which such holder would have owned or been entitled to receive had such holder held a number of shares of Class A common stock
      equal to the Class A Common Share Conversion Consideration immediately prior to the effective time of the Change of Control.

    If the holders of shares of Class A common stock have the opportunity to
      elect the form of consideration to be received in connection with the Change of Control, the form of consideration that holders of the Series G Preferred Stock will receive will be in the form of consideration elected by the holders of a plurality of
      the shares of Class A common stock held by stockholders who participate in the election and will be subject to any limitations to which all holders of shares of Class A common stock are subject, including, without limitation, pro rata reductions
      applicable to any portion of the consideration payable in connection with the Change of Control.

    We will not issue fractional common shares upon the conversion of the Series
      G Preferred Stock. Instead, we will pay the cash value of any such fractional shares based on the Class A Common Share Price.

    If a conversion date falls after a dividend record date and on or prior to
      the corresponding dividend payment date, each holder of shares of Series G Preferred Stock at the close of business on such record date shall be entitled to receive the dividend payable on such shares on the corresponding payment date,
      notwithstanding the conversion of such shares on or prior to such payment date, but the Conversion Rate shall not be calculated to include such accrued and unpaid dividends.

    Within 15 days following the occurrence of a Change of Control, we will
      provide to holders of record of outstanding shares of Series G Preferred Stock, at the addresses for such holders shown on our share transfer books, a notice of the occurrence of the Change of Control. This notice will state the following:

    	
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            the events constituting the Change of Control;

               

          
	
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            the date of the Change of Control;

               

          
	
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            the last date on which the holders of shares of Series G Preferred Stock may exercise their conversion rights in connection with
              Change of Control;

               

          
	
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            the method and period for calculating the Class A Common Share Price;

               

          
	
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            the date fixed for conversion in connection with the Change of Control, or the conversion date, which will be a business day
              fixed by our board of directors that is not fewer than 20 and not more than 35 days following the date of the notice;

               

          
	
            ●

          	
            that if, prior to the applicable conversion date, we provide notice of our election to redeem all or any portion of the shares of
              Series G Preferred Stock, holders of the Series G Preferred Stock will not be able to convert the shares of Series G Preferred Stock so called for redemption, and such shares of Series G Preferred Stock will be redeemed on the related
              redemption date, even if they have already been tendered for conversion in connection with the Change of Control;

               

          
	
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            if applicable, the type and amount of Alternative Conversion Consideration entitled to be received per share of Series G
              Preferred Stock converted;

               

          
	
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            the name and address of the paying agent and the conversion agent; and

               

          
	
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            the procedures that the holders of shares of Series G Preferred Stock must follow to exercise their conversion rights in
              connection with the Change of Control.

          

    A failure to give such notice or any defect in the notice or in its mailing
      will not affect the sufficiency of the notice or validity of the proceedings for conversion of shares of Series G Preferred Stock in connection with a Change of Control, except as to the holder to whom notice was defective or not given. A notice that
      has been mailed in the manner provided herein will be presumed to be given on the date it is mailed whether or not the stockholder receives such notice.

    We will issue a press release for publication on the Dow Jones &
      Company, Inc., Business Wire, PR Newswire or Bloomberg Business News (or, if these organizations are not in existence at the time of issuance of the press release, such other news or press organization as is reasonably calculated to broadly
      disseminate the relevant information to the public) containing the information stated in such a notice, and post such a notice on our website, in any event prior to the opening of business on the first business day following any date on which we
      provide the notice described above to the holders of record of Series G Preferred Stock.

    To exercise conversion rights in connection with a Change of Control, a
      holder of record of Series G Preferred Stock will be required to deliver, on or before the close of business on the applicable conversion date, the certificates, if any, representing any certificated shares of Series G Preferred Stock to be
      converted, duly endorsed for transfer, together with a completed written conversion notice and any other documents we reasonably require in connection with such conversion, to our conversion agent. The conversion notice must state:

    	
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            the relevant conversion date; and

               

          
	
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            the number of shares of Series G Preferred Stock to be converted.

          

    A holder of Series G Preferred Stock may withdraw any notice of exercise of
      such holder’s conversion rights in connection with a Change of Control, in whole or in part, by a written notice of withdrawal delivered to our conversion agent prior to the close of business on the business day prior to the applicable conversion
      date. The notice of withdrawal must state:

    	
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            the number of withdrawn shares of Series G Preferred Stock;

               

          
	
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            if certificated shares of Series G Preferred Stock have been tendered for conversion and withdrawn, the certificate numbers of
              the withdrawn certificated shares of Series G Preferred Stock; and

               

          
	
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            the number of shares of Series G Preferred Stock, if any, which remain subject to the conversion notice.

          

    Notwithstanding the foregoing, if the Series G Preferred Stock is held in
      global form, the conversion notice and/or the notice of withdrawal, as applicable, must comply with applicable procedures of DTC.

    Shares of Series G Preferred Stock as to which the holder’s conversion right
      has been properly exercised and for which the conversion notice has not been properly withdrawn will be converted into the applicable form of consideration on the applicable conversion date unless, prior to the applicable conversion date, we provide
      notice of our election to redeem such shares of Series G Preferred Stock, whether pursuant to our optional redemption right or our special optional redemption right. If we elect to redeem shares of Series G Preferred Stock that would otherwise be
      converted into the applicable form of consideration on a conversion date, such shares of Series G Preferred Stock will not be so converted and the holders of such shares will be entitled to receive on the applicable redemption date the redemption
      price for such shares. We will deliver amounts owing upon conversion no later than the third business day following the applicable conversion date.

    In connection with the exercise of conversion rights in connection with any
      Change of Control, we will comply with all U.S. federal and state securities laws and stock exchange rules in connection with any conversion of shares of Series G Preferred Stock into shares of Class A common stock. Notwithstanding any other
      provision of the terms of the Series G Preferred Stock, no holder of the Series G Preferred Stock will be entitled to convert such Series G Preferred Stock into shares of Class A common stock to the extent that receipt of such shares of Class A
      common stock would cause such holder (or any other person) to violate the restrictions on ownership and transfer of our stock contained in our charter. See “—Restrictions on Ownership and Transfer.”

    The conversion and redemption features of the Series G Preferred Stock may
      make it more difficult for or discourage a party from taking over our company.

    Listing

    As of October 31, 2019, the Series G Preferred Stock was listed on the NYSE
      under the symbol “UBPPRG.”  On November 1, 2019, all outstanding shares of Series G Preferred Stock were redeemed and are no longer outstanding or listed.

    Description of the Stockholder Rights Plan and Related Series of Preferred
      Stock

    In connection with the expiration of the Rights Agreement dated as of July
      18, 2008 between us and The Bank of New York, as rights agent, we entered into a new Rights Agreement with Computershare Inc., as rights agent, on August 13, 2018 (the “stockholder rights plan”). The stockholder rights plan became effective on
      November 12, 2018. Pursuant to the stockholder rights plan, each holder of common stock received a common stock right and each holder of Class A common stock received a Class A common stock right. The rights are not exercisable until the distribution
      date (as described below) and will expire on November 11, 2028, unless earlier redeemed by us. If the rights become exercisable, generally, each holder of a common stock right will be entitled to purchase from our company one one-hundredth of a share
      of Series I Preferred Stock, and each holder of a Class A common stock right will be entitled to purchase from our company one one-hundredth of a share of Series J Preferred Stock, in each case, at a price of $85, subject to adjustment.

    The distribution date will be the earlier to occur of the close of business
      on the tenth business day following: (a) a public announcement that an acquiring person has acquired beneficial ownership of 10% or more of the total combined voting power of the outstanding common stock and Class A common stock, or (b) the
      commencement of a tender offer or exchange offer that would result in the beneficial ownership by any person of 30% or more of the combined voting power of the outstanding common stock and Class A common stock or the number of outstanding common
      stock, or the number of outstanding Class A common stock. The stockholder rights plan exempts acquisitions of common stock and Class A common stock by Charles J. Urstadt, Willing L. Biddle, members of their families and certain of their affiliates.

    Until a right is exercised, the holder thereof, will have no rights as a
      shareholder of the company. In the event that the rights become exercisable, the Series I Preferred Stock and the Series J Preferred Stock will rank junior to our Series G Preferred Stock, Series H Preferred Stock and Series K Preferred Stock as to
      dividends and amounts distributed upon liquidation.

    Subject
        to the rights of the holders of any series of preferred stock ranking senior to the Series I Preferred Stock with respect to dividends, including the Series G and H Preferred Stock and the Series K Preferred Stock, the holders of Series I Preferred
        Stock, if issued, will be entitled to receive, when, as and if declared by the board of directors quarterly dividends payable in cash in an amount per share equal to the greater of (a) $0.25 or (b) subject to adjustment, 100 times the aggregate per
        share amount of all cash dividends, and 100 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions declared on the
        common stock, other than a dividend payable in shares of common stock. Each share of Series I Preferred Stock is entitled to 100 votes on all matters submitted to a vote of our company’s stockholders, voting together with the common stock as a
        single class.

    Subject to the rights of the holders of any series of preferred stock
      ranking senior to the Series J Preferred Stock with respect to dividends, including the Series G and H Preferred Stock and the Series K Preferred Stock, the holders of Series J Preferred Stock, if issued, will be entitled to receive, when, as and if
      declared by the board of directors quarterly dividends payable in cash in an amount per share equal to the greater of (a) $0.25 or (b) subject to adjustment, 100 times the aggregate per share amount of all cash dividends, and 100 times the aggregate
      per share amount (payable in kind) of all non-cash dividends or other distributions declared on the Class A common stock, other than a dividend payable in Class A common stock. Each share of Series J Preferred Stock is entitled to five votes on all
      matters submitted to a vote of our stockholders, voting together with the Class A common stock as a single class.

    Restrictions on Ownership and Transfer

    To maintain our qualification as a REIT under the Code, we must meet several
      requirements regarding the number of our stockholders and concentration of ownership of our shares. Our charter contains provisions that restrict the ownership and transfer of our shares to assist us in complying with these Code requirements. We
      refer to these restrictions as the “ownership limit.”

    The ownership limit provides that, in general, no person may own more than 7.5%
      of the aggregate value of all outstanding stock of our company. It also provides that:

    	
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            a transfer that violates the limitation is void;

               

          
	
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            a transferee gets no rights to the shares that violate the limitation;

               

          
	
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            shares transferred to a stockholder in excess of the ownership limit are automatically converted, by operation of law, into
              shares of “excess stock”; and

               

          
	
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            the excess stock will be held by us as trustee of a trust for the exclusive benefit of future transferees to whom the shares of
              capital stock will ultimately be transferred without violating the ownership limit.

          

    Pursuant to authority under our charter, our board of directors has
      determined that the ownership limit does not apply to any shares of our stock beneficially owned by Mr. Charles J. Urstadt, our Chairman Emeritus and Director, or Mr. Willing L. Biddle, our President, Chief Executive Officer and Director, for
      holdings which, in aggregate value, are not in excess of 27% of the aggregate value of all of our outstanding securities.

    Ownership of our stock is subject to attribution rules under the Code, which
      may result in a person being deemed to own stock held by other persons. Our board of directors may waive the ownership limit if it determines that the waiver will not jeopardize our status as a REIT. As a condition of such a waiver, our board of
      directors may require an opinion of counsel satisfactory to it or undertakings or representations from the applicant with respect to preserving our REIT status. We required no such waiver with respect to Mr. Urstadt’s ownership rights, which are
      established as part of our charter.

    Any person who acquires our stock must, on our demand, immediately provide
      us with any information we may request in order to determine the effect of the acquisition on our status as a REIT. If our board of directors determines that it is no longer in our best interests to qualify as a REIT, the ownership limitation will
      not be relevant. Otherwise, the ownership limit may be changed only by an amendment to our charter by a vote of a majority of the voting power of our common equity securities.

    Our charter provides that any purported transfer which results in a direct
      or indirect ownership of shares of capital stock in excess of the ownership limit or that would result in the disqualification of our company as a REIT will be null and void, and the intended transferee will acquire no rights to the shares of capital
      stock. The foregoing restrictions on transferability and ownership will not apply if our board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT. Our board of directors may,
      in its sole discretion, waive the ownership limit if evidence satisfactory to our board of directors and our tax counsel is presented that the changes in ownership will not then or in the future jeopardize our REIT status and our board of directors
      otherwise decides that such action is in our best interests.

    Shares of stock owned, or deemed to be owned, or transferred to a
      stockholder in excess of the ownership limit will automatically be converted into shares of “excess stock” that will be transferred, by operation of law, to us as trustee of a trust for the exclusive benefit of the transferees to whom such shares of
      capital stock may be ultimately transferred without violating the ownership limit. While the excess stock is held in trust, it will not be entitled to vote, it will not be considered for purposes of any stockholder vote or the determination of a
      quorum for such vote, and except upon liquidation it will not be entitled to participate in dividends or other distributions. Any distribution paid to a proposed transferee of excess stock prior to the discovery by us that stock has been transferred
      in violation of the provision of our charter is required to be repaid to us upon demand. The excess stock is not treasury stock, but rather constitutes a separate class of our issued and outstanding stock. The original transferee-stockholder may, at
      any time the excess stock is held by us in trust, transfer the interest in the trust representing the excess stock to any person whose ownership of shares of capital stock exchanged for such excess stock would be permitted under the ownership limit,
      at a price not in excess of (a) the price paid by the original transferee-stockholder for shares of stock that were exchanged into excess stock, or (b) if the original transferee-stockholder did not give value for such shares (e.g., the shares were
      received through a gift, devise or other transaction), the average closing price for the class of stock for the ten days immediately preceding such sale, gift or other transaction if such class of stock is then listed on a national securities
      exchange, and if such class of stock is not then listed on a national securities exchange, its redemption price, as applicable. Immediately upon the transfer to the permitted transferee, the excess stock will automatically be converted back into
      shares of stock. If the foregoing transfer restrictions are determined to be void or invalid by virtue of any legal decision, statute, rule or regulation, then the intended transferee of any shares of excess stock may be deemed, at our option, to
      have acted as an agent on behalf of us in acquiring the excess stock and to hold the excess stock on behalf of us.

    In addition, we will have the right, for a period of 90 days during the time
      any shares of excess stock are held by us in trust, to purchase all or any portion of the excess stock from the original transferee-stockholder at the lesser of (a) the price initially paid for such shares by the original transferee-stockholder, or
      if the original transferee-stockholder did not give value for such shares (e.g., the shares were received through a gift, devise or other transaction), the average closing price for the class of stock for the ten days immediately preceding such sale,
      gift or other transaction, and (b) the average closing price for the class of stock for the ten trading days immediately preceding the date we elect to purchase such shares, or in each case if the class of stock is not then listed on a national
      securities exchange, its redemption price, as applicable. The 90-day period begins on the date notice is received of the violative transfer if the original transferee-stockholder gives notice to us of the transfer, or, if no such notice is given, the
      date our board of directors determines that a violative transfer has been made.

    Certain Provisions of Our Charter and Bylaws, Maryland Law and Change of
      Control Agreements

    Provisions of Our Charter and Bylaws

    Classification of Board, Vacancies and Removal of Directors

    Our charter provides that our board of directors is divided into three
      classes. Directors of each class serve for staggered terms of three years each, with the terms of each class beginning in different years. We currently have nine directors.  At each annual meeting of our stockholders, successors of the directors
      whose terms expire at that meeting will be elected for a three-year term and the directors in the other two classes will continue in office. A classified board may delay, defer or prevent a change in control or other transaction that might involve a
      premium over the then-prevailing market price for our common stock and Class A common stock or other attributes that our stockholders may consider desirable. In addition, a classified board could prevent stockholders who do not agree with the
      policies of our board of directors from replacing a majority of the board of directors for two years, except in the event of removal for cause.

    Our charter provides that, subject to the rights of holders of our preferred
      stock, any director may be removed (a) only for cause and (b) only by the affirmative vote of holders of not less than two-thirds of the common equities then outstanding and entitled to vote for the election of directors. Our charter additionally
      provides that any vacancy occurring on our board of directors (other than as a result of the removal of a director) will be filled only by a majority of the remaining directors except that a vacancy resulting from an increase in the number of
      directors will be filled by a majority of the entire board of directors. A vacancy resulting from the removal of a director may be filled by the affirmative vote of a majority of all the votes cast at a meeting of the stockholders called for that
      purpose.

    The provisions of our charter relating to the removal of directors and the
      filling of vacancies on our board of directors could preclude a third party from removing incumbent directors without cause and simultaneously gaining control of our board of directors by filling, with its own nominees, the vacancies created by such
      removal. The provisions also limit the power of stockholders generally, and those with a majority interest, to remove incumbent directors and to fill vacancies on our board of directors without the support of incumbent directors.

    Stockholder Action by Written Consent

    Our charter provides that any action required or permitted to be taken by
      our stockholders may be effected by a consent in writing signed by the holders of all of our outstanding shares of common equity securities entitled to vote on the matter. This requirement could deter a change of control because it could delay or
      deter the stockholders’ ability to take action with respect to us without convening a meeting.

    Meetings of Stockholders

    Our bylaws provide for annual stockholder meetings to elect directors.
      Special stockholder meetings may be called by our Chairman, President or a majority of the board of directors and shall be called by our Secretary at the written request of stockholders entitled to cast at least a majority of all votes entitled to be
      cast at the meeting. This requirement could deter a change of control because it could delay or deter the stockholders’ ability to take action with respect to us.

    Stockholder Proposals and Director Nominations

    Under our bylaws, in order to have a stockholder proposal or director
      nomination considered at an annual meeting of stockholders, stockholders are generally required to deliver to us certain information concerning themselves and their stockholder proposal or director nomination not less than 75 days nor more than 120
      days prior to the anniversary date of the immediately preceding annual meeting (the “annual meeting anniversary date”); provided, however, that, if the annual meeting is scheduled to be held on a date more than 30 days before or more than 60 days
      after the annual meeting anniversary date, notice must be delivered to us not later than the close of business on the later of:

    	
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            the 75th day prior to the scheduled date of such annual meeting or

               

          
	
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            the 15th day after public disclosure of the date of such meeting.

          

    Failure to comply with such timing and informational requirements will
      result in such proposal or director nomination not being considered at the annual meeting. The purpose of requiring stockholders to give us advance notice of nominations and other business, and certain related information is to ensure that we and our
      stockholders have sufficient time and information to consider any matters that are proposed to be voted on at an annual meeting, thus promoting orderly and informed stockholder voting. Such Bylaw provisions could have the effect of precluding a
      contest for the election of our directors or the making of stockholder proposals if the proper procedures are not followed, and of delaying or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to
      have its own proposals approved.

    Authorization of Consolidations, Mergers and Sales of Assets

    Our charter provides that any consolidation, merger, share exchange or
      transfer of all or substantially all of our assets must first be approved by the affirmative vote of a majority of our board of directors (including a majority of the Continuing Directors, as defined in our charter) and thereafter must be approved by
      a vote of at least a majority of all the votes entitled to be cast on such matter.

    Amendment of our Charter and Bylaws

    Our charter may be amended with the approval of a majority of the board of
      directors (including a majority of the Continuing Directors) and the affirmative vote of a majority of the votes entitled to be cast by our stockholders on the matter. Our bylaws may be amended only by the board of directors. In addition, our board
      of directors may amend our charter without action by our stockholders to increase or decrease the number of shares of stock of any class that we are authorized to issue.

    Indemnification; Limitation of Directors’ and Officers’ Liability

    Our charter provides that we have the power, by our bylaws or by resolution
      of the board of directors, to indemnify directors, officers, employees and agents, provided that indemnification is consistent with applicable law. Our bylaws provide that we will indemnify, to the fullest extent permitted from time to time by
      applicable law, our directors, officers, employees and agents and any person serving at our request as a director, officer or employee of another corporation or entity, who by reason of that status or service is or is threatened to be made a party
      to, or is otherwise involved in, any action, suit or proceeding. According to our bylaws, indemnification will be against all liability and loss suffered and expenses, including attorneys’ fees, judgments, fines, penalties and amounts paid in
      settlement, reasonably incurred by the indemnified person in connection with the proceeding. Our bylaws provide, however, that we will not be required to indemnify a person in connection with an action, suit or proceeding initiated by that person
      unless it was authorized by the board of directors. Our bylaws provide that we will pay or reimburse reasonable expenses in advance of final disposition of a proceeding and without requiring a preliminary determination of the ultimate entitlement to
      indemnification, provided that the individual seeking payment provides (a) a written affirmation of the individual’s good faith belief that the individual meets the standard of conduct necessary for indemnification under the laws of the State of
      Maryland, and (b) a written undertaking to repay the amount advanced if it is ultimately determined that the applicable standard of conduct has not been met. Our charter limits the liability of our officers and directors to us and our stockholders
      for money damages to the maximum extent permitted by Maryland law.

    The MGCL permits a corporation to indemnify its directors, officers and
      certain other parties against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their service to the corporation or at the
      corporation’s request, unless it is established that (i) the act or omission of the person 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, or (ii)
      the person actually received an improper personal benefit in money, property or services, or (iii) in the case of any criminal proceeding, the person had reasonable cause to believe that the act or omission was unlawful. The MGCL does not permit
      indemnification in respect of any proceeding in which the person seeking indemnification is adjudged to be liable to the corporation. Further, a person may not be indemnified for a proceeding brought by that person against the corporation, except (i)
      for a proceeding brought to enforce indemnification or (ii) if the corporation’s charter or bylaws, a resolution of the board of directors or an agreement approved by the board of directors to which the corporation is a party expressly provides
      otherwise. Under the MGCL, reasonable expenses incurred by a director or officer who is a party to a proceeding may be paid or reimbursed by the corporation in advance of final disposition of the proceeding upon receipt by the corporation of (i) a
      written affirmation by the person of his or her good faith belief that the standard of conduct necessary for indemnification has been met and (ii) a written undertaking by or on behalf of the person to repay the amount if it shall ultimately be
      determined that the standard of conduct has not been met. The MGCL also requires a corporation (unless limited by the corporation’s charter) to indemnify a director or officer who is successful, on the merits or otherwise, in the defense of any
      proceeding against reasonable expenses incurred by the director in connection with the proceeding in which the director or officer has been successful. Our charter contains no such limitation. The MGCL permits a corporation to limit the liability of
      its officers and directors to the corporation or its stockholders for money damages, but may not include any provision that restricts or limits the liability of directors or officers to the corporation and its stockholders to the extent that (i) it
      is proved that the person actually received an improper benefit or profit in money, property or services; or (ii) a final judgment adverse to the person is entered based on a finding that the person’s act or omission was the result of active or
      deliberate dishonesty and was material to the cause of action adjudicated.

    Insofar as indemnification for liabilities arising under the Securities Act
      may be permitted to directors, officers or persons controlling our company pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and
      is therefore unenforceable.

    Provisions of Maryland Law

    Business Combinations

    Under Maryland law, certain “business combinations” between us and any
      person who beneficially owns, directly or indirectly, 10% or more of the voting power of our stock, an affiliate of ours who, at any time within the previous two years was the beneficial owner of 10% or more of the voting power of our stock (who the
      statute terms an “interested stockholder”), or an affiliate of an interested stockholder, are prohibited for five years after the most recent date on which the person became an interested stockholder. The business combinations that are subject to
      this law include mergers, consolidations, share exchanges or, in certain circumstances, asset transfers or issuances or reclassifications of equity securities. After the five-year period has elapsed, a proposed business combination with any such
      party must be recommended by the board of directors and approved by the affirmative vote of at least:

    	
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            80% of the votes entitled to be cast by holders of our outstanding voting stock; and

               

          
	
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            two-thirds of the votes entitled to be cast by holders of the outstanding voting stock, excluding shares held by the interested
              stockholder,

          

    unless, among other conditions, the stockholders receive a fair price, as defined by Maryland
      law, for their shares and the consideration is received in cash or in the same form as previously paid by the interested stockholder for its shares.

    These provisions do not apply, however, to business combinations that the
      board of directors approves or exempts before the time that the interested stockholder becomes an interested stockholder. Our charter provides that these provisions do not apply to transactions between us and any person who owned 20% of the common
      stock of a predecessor to the Company as of December 31, 1996, or such person’s affiliates. As of that date, only Mr. Charles J. Urstadt, Chairman and Chief Executive Office of the Company, owned that percentage of our common stock.

    Our board of directors has from time to time authorized issuances of our
      stock to Mr. Willing L. Biddle, with the effect that he is not an interested stockholder and these provisions do not apply to transactions between us and Mr. Biddle or his affiliates. In addition, our board of directors has, by resolution, determined
      that the Maryland law provisions restricting business combinations will not be applicable to spouses, children and other descendants of Mr. Urstadt or Mr. Biddle and certain trusts created for their benefit, and any of their affiliates.

    Control Share Acquisitions

    Maryland law provides that “control shares” acquired in a “control share
      acquisition” have no voting rights unless approved by the affirmative vote of two-thirds of all votes entitled to be cast on the matter, excluding shares owned by the acquiror or by officers of ours or employees of ours who are also directors.
      “Control shares” are voting shares which, if aggregated with all other shares previously acquired by the acquiring person, or in respect of which the acquiring person is able to exercise or direct the exercise of voting power, other than by revocable
      proxy, would entitle the acquiring person to exercise voting power in electing directors within one of the following ranges of voting power:

    	
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            one-tenth or more but less than one-third;

               

          
	
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            one-third or more but less than a majority; or

               

          
	
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            a majority of all voting power.

          

    Control shares do not include shares the acquiring person is then entitled
      to vote as a result of having previously obtained stockholder approval. A “control share acquisition” means the acquisition of ownership of, or the power to direct the voting power of control shares, subject to certain exceptions.

    A person who has made or proposes to make a control share acquisition, upon
      satisfaction of certain conditions, including an undertaking to pay expenses, may compel our board of directors to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. If no request
      for a meeting is made, we may present the question at any stockholders’ meeting.

    If voting rights are not approved at the stockholders’ meeting or if the
      acquiring person does not deliver the statement required by Maryland law, then, subject to certain conditions and limitations, we may redeem any or all of the control shares, except those for which voting rights have previously been approved, for
      fair value. Fair value is determined without regard to the absence of voting rights for the control shares and as of the date of the last control share acquisition or of any meeting of stockholders at which the voting rights of the shares were
      considered and not approved. If voting rights for control shares are approved at a stockholders’ meeting and the acquiror is then entitled to direct the exercise of a majority of all voting power, then all other stockholders may exercise appraisal
      rights. The fair value of the shares for purposes of these appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition. The control share acquisition statute does not apply to shares
      acquired in a merger, consolidation or share exchange if we are a party to the transaction, nor does it apply to acquisitions of our stock approved or exempted by our charter or bylaws.

    Our bylaws exempt from the Maryland control share statute any and all
      acquisitions of our common stock or preferred stock by any person. The board of directors has the right, however to withdraw this exemption at any time in the future.

    Dissolution Requirements

    Maryland law generally permits the dissolution of a corporation if approved
      (a) first by the affirmative vote of a majority of the entire board of directors declaring such dissolution to be advisable and directing that the proposed dissolution be submitted for consideration at an annual or special meeting of stockholders,
      and (b) upon proper notice being given as to the purpose of the meeting, then by the stockholders of the corporation by the affirmative vote of two-thirds of all the votes entitled to be cast on the matter. Our charter reduces the required vote (as
      permitted by Maryland law) to a majority of the votes entitled to be cast on the matter.

    Additional Provisions of Maryland Law

    Maryland law also provides that Maryland corporations that are subject to
      the Exchange Act and have at least three outside directors can elect by resolution of the board of directors to be subject to some corporate governance provisions that may be inconsistent with the corporation’s charter and bylaws. Under the
      applicable statute, a board of directors may classify itself without the vote of stockholders. A board of directors classified in that manner cannot be altered by amendment to the charter of the corporation. Further, the board of directors may, by
      electing into applicable statutory provisions and notwithstanding the charter or bylaws:

    	
            ●

          	
            provide that a special meeting of stockholders will be called only at the request of stockholders, entitled to cast at least a
              majority of the votes entitled to be cast at the meeting;

               

          
	
            ●

          	
            reserve for itself the right to fix the number of directors;

               

          
	
            ●

          	
            provide that a director may be removed only by the vote of the holders of two-thirds of the stock entitled to vote;

               

          
	
            ●

          	
            retain for itself sole authority to fill vacancies created by the death, removal or resignation of a director; and

               

          
	
            ●

          	
            provide that all vacancies on the board of directors may be filled only by the affirmative vote of a majority of the remaining
              directors, in office, even if the remaining directors do not constitute a quorum.

          

    In addition, a director elected to fill a vacancy under this provision will
      serve for the balance of the unexpired term and until a successor is elected and qualifies instead of until the next annual meeting of stockholders. A board of directors may implement all or any of these provisions without amending the charter or
      bylaws and without stockholder approval. A corporation may be prohibited by its charter or by resolution of its board of directors from electing any of the provisions of the statute. We are not prohibited from implementing any or all of the statute.

    While certain of these provisions are already contemplated by our charter
      and bylaws, the law would permit our board of directors to override further changes to the charter or bylaws. If implemented, these provisions could discourage offers to acquire our common stock or Class A common stock and could increase the
      difficulty of completing an offer.

    Under Maryland law, our board of directors may amend our charter without
      stockholder action to effect a reverse stock split with respect to any class of shares, provided the Board does not cause a combination of more than 10 shares of stock into one share in any 12-month period. According to the terms of our Series F and
      G preferred stock, no such amendment may materially and adversely affect the provision of such series without the consent of the holders thereof.

    Under Maryland law, dissenting stockholders may have, subject to satisfying
      certain procedures, the right to demand and receive payment of the fair value of their shares of stock in connection with certain transactions (often referred to as appraisal rights). Under Maryland law, however, stockholders may not demand fair
      value of stock if the shares are listed on a national securities exchange. Holders of shares of any class of our stock that is listed on a national securities exchange, such as our common stock, Class A common stock and our Series F and G preferred
      stock, would be precluded from exercising appraisal rights and dissenting from extraordinary transactions, such as the merger of our company with or into another company or the sale of all or substantially all our assets.

    Change of Control Agreements

    We have entered into change of control agreements with certain of our senior
      executives providing for the payment of money to these executives upon the termination of employment following the occurrence of a change of control of our Company as defined in these agreements. If, within 18 months following a change of control, we
      terminate the executive’s employment other than for cause, or if the executive elects to terminate his or her employment with us for reasons specified in the agreement, we will pay the executive an amount equal to twelve months of the executive’s
      base salary in effect at the date of the change of control and will: (a) continue in effect for a period of twelve months, for the benefit of the executive and his family, life and health insurance, disability, medical and other benefit programs in
      which the executive participates, provided that the executive’s continued participation is possible, or (b) if such continued participation is not possible, arrange to provide for the executive and his family similar benefits for the same period. In
      addition, our Compensation Committee has the discretion under our restricted stock plan to accelerate the vesting of outstanding restricted stock awards in the event of a change of control. These provisions may deter changes of control of our Company
      because of the increased cost for a third party to acquire control of our Company.

    Possible Anti-Takeover Effect of Certain Provisions of Our
      Charter and Bylaws, Maryland Law, Stockholder Rights Plan and Change of Control Agreements

    Certain provisions of our charter and bylaws, certain provisions of Maryland
      law, our stockholder rights plan and our change of control agreements with our officers could have the effect of delaying or preventing a transaction or a change in of control that might involve a premium price for stockholders or that they otherwise
      may believe is desirable.EXHIBIT 10.12

    

    

    CHANGE IN CONTROL AGREEMENT

    

    

    

    

    This Agreement is dated as of January 9, 2020 between Urstadt Biddle Properties Inc. (“Company”) and Charles D. Urstadt ("Employee").

    

    

    The Employee is currently employed by the Company and the Employee's services are valued by the Company.

    

    

    The Company recognizes that the possibility of a Change in Control (as defined in Appendix A hereto) of the Company may result in the
      departure or distraction of the Employee, to the detriment of the Company and its shareholders.

    

    

    The Company wishes to assure the Employee of fair severance should his employment terminate in certain specified circumstances
      following a Change in Control.

    

    

    In consideration of the Employee's continued employment by the Company, and for other good and valuable consideration, the parties
      hereto hereby agree as follows:

    

    

    

    

    	
            1.

          	
            Termination Benefits.
              If the employment of the Employee is terminated by the Employee for Good Reason or by the Company for any reason other than for Cause, within 18 months following a Change in Control,

             

          
	
            (a)

          	
             the Company shall pay Employee an amount equal to 12 months of Employee's rate of base salary (exclusive
              of any bonus or other benefit) in effect at the date of the Change in Control.  Such amount shall be payable in cash in a lump sum within 45 days after such termination; and

             

          
	
            (b)

          	
            the Company shall continue in force and effect for 12 months after termination (the "Continuation of
              Benefits Period") and at the same level and for the benefit of the Employee's family, where applicable, all life insurance, disability, medical and other benefit programs or arrangements in which the Employee is participating or to which the
              Employee is entitled at the date of the Change in Control, provided that the Employee's continued participation is possible under such programs and arrangements. In the event that such continued participation is not possible, the Company
              shall arrange to provide the Employee with benefits similar to those which Employee would be entitled to receive under such programs and arrangements or, if the Company determines that it is impracticable to provide such similar benefits for
              tax or other reasons, the Company shall provide the Employee with a lump sum cash payment within 45 days of such termination in an amount equal to the cost to the Employee to purchase such benefits on his own, as determined by the Company.
              Without limiting the foregoing, the benefits continuation shall include a lump sum cash payment to the Employee within 45 days of such termination in lieu of Company contributions on behalf of the Employee under the Urstadt Biddle Properties
              Inc. Profit Sharing and Savings Plan. The amount of such payment shall be the product of (i) the number of months in the Continuation of Benefits Period and (ii) 1/12 of 5% (or such other percentage reflected in the Company's most recent
              annual contribution determined prior to the Change in Control) times the Employee's annual salary rate in effect immediately prior to the termination date or, if greater, the Employee's annual salary rate in effect immediately prior to the
              Change in Control.

          

    

    

    Payments under this Section 1 shall be reduced to the extent, but only to the extent, necessary to provide that no "payment in the
      nature of compensation" to (or for the benefit of) the Employee which is "contingent" on the Change in Control would fail to be deductible for federal income tax purposes by reason of section 280G of the Internal Revenue Code of 1986, as amended (the
      "Code").  As used in this Section, the words "payment in the nature of compensation" and "contingent" shall be construed and applied in a manner consistent with the meaning of those words under section 280G of the Code and regulations thereunder. The
      determination as to whether and to what extent a reduction in payments under this Section 1 is necessary to avoid the non-deductibility of any payment under section 280G of the Code shall be made at the Company's expense by PKF O'Connor Davies,
      certified public accountants ("PKF"), or by such other certified public accounting firm as the Compensation Committee of the Directors may designate prior to a Change in Control.  In the event of any underpayment or overpayment under this Section 1,
      as determined by PKF (or such other firm as may have been designated in accordance with the preceding sentence), the amount of such underpayment or overpayment shall forthwith be paid to the Employee or refunded to the Company, as the case may be,
      with interest at the applicable federal rate provided for in section 7872(f)(2) of the Code.

    

    

    	
            2.

          	
            Definitions. The
              definitions in Appendix A are hereby incorporated in this Agreement.

             

          
	
            3.

          	
            No Duty to Mitigate Damages.
              The Employee's benefits under this Agreement shall be considered severance pay in consideration of his past service and his continued service from the date of this Agreement, and his entitlement thereto shall neither be governed by any duty
              to mitigate his damages by seeking further employment nor offset by any compensation which she may receive from future employment.

             

          
	
            4.

          	
            Withholding.
              Anything herein to the contrary notwithstanding, all payments required to be made by the Company hereunder to the Employee shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the
              Company may reasonably determine it should withhold pursuant to any applicable law or regulation.  Provisions with respect to the potential applicability of Section 409A are set forth in Appendix B hereto.

             

          
	
            5.

          	
            Legal Fees and Expenses;
                  Interest. The Company shall pay all reasonable legal fees and expenses incurred by the Employee in successfully obtaining any right or benefit to which the Employee is entitled under this Agreement.  Any amount payable under
              this Agreement that is not paid when due shall accrue interest at the prime rate as from time to time in effect at The Bank of New York Mellon, until paid in full.

             

          
	
            6.

          	
            Arbitration. Any
              dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in New York City in accordance with the rules of the American Arbitration Association then in effect. The parties shall
              attempt to select a mutually agreeable arbitrator who shall promptly convene a hearing to resolve submitted disputes.  If the parties are unable to agree upon such an arbitrator within 20 days from initial contact, the American Arbitration
              Association shall be requested by either party to submit a list of at least seven arbitrators from which the parties shall attempt to select one by agreement.  In the event they do not so agree, they shall alternately strike names from this
              list beginning with the Employee, until a single name remains. The remaining person shall be appointed to hear and decide the parties' disputes, drawing his authority and the bases for decision from this Agreement.  The arbitrator will
              resolve all submitted matters in a written decision with expedition.  Judgment may be entered on the arbitrator's award in any court having jurisdiction.

             

          	 
	
            7.

          	
            Notices. All
              notices shall be in writing and shall be deemed given five days after mailing in the continental United States by certified mail, or upon personal receipt after delivery, facsimile or telegram, to the party entitled thereto at the address
              stated below or to such changed address as the addressee may have given by a similar notice:

             

          	 	 

    To the Company:

    

    

    Urstadt Biddle Properties Inc.

    321 Railroad Avenue

    Greenwich, CT 06830

    

    

    To the Employee:

    

    

    At his home address,

    as last shown on the

    records of the Company

    

    

    	
            8.

          	
            Severability. In
              the event that any provision of this Agreement shall be determined to be invalid or unenforceable, such provision shall be enforceable in any other jurisdiction in which valid and enforceable and in any event the remaining provisions hereof
              shall remain in full force and effect to the fullest extent permitted by law.

             

          
	
            9.

          	
            Binding Agreement.
              This Agreement shall be binding upon and inure to the benefit of the parties and be enforceable by the Employee's personal or legal representatives or successors.  If the Employee dies while any amounts would still be payable to him
              hereunder, such amounts shall be paid to the Employee's estate. This Agreement shall not otherwise be assignable by the Employee.

             

          
	
            10.

          	
            Successors. This
              Agreement shall inure to and be binding upon the Company's successors. The Company will require any successor to all or substantially all of the businesses and/or assets of the Company by sale, merger (where the Company is not the surviving
              entity), lease or otherwise, to assume expressly this Agreement.  If the Company shall not obtain such agreement prior to the effectiveness of any such succession, the Employee shall have all rights resulting from termination of the
              Employee's employment under this Agreement. This Agreement shall not otherwise be assignable by the Company.

             

          
	
            11.

          	
            Amendment or Modification;
                  Waiver. This Agreement may not be amended unless agreed to in writing by the Employee and the Company.  No waiver by either party of any breach of this Agreement shall be deemed a waiver of a subsequent breach.

             

          
	
            12.

          	
            Continued Employment.
              This Agreement shall not confer upon the Employee any right of continued or future employment by the Company or any right to compensation or benefits from the Company except the right specifically stated herein to certain severance benefits,
              and shall not limit the right of the Company to terminate the Employee's employment at any time, except as may be otherwise provided in a written employment agreement between the Company and the Employee.

             

          
	
            13.

          	
            Governing Law.
              The validity, interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of New York notwithstanding that the Company's principal offices are in the State of Connecticut.

             

          
	
            14.

          	
            Liability of Shareholders.
              This Agreement is executed by or on behalf of the Directors of the Company solely in their capacity as such Directors, and shall not constitute their personal obligation either jointly or severally in their individual capacities.  The
              shareholders, Directors, officers or agents of the Company shall not be personally liable for any obligations of the Company under this Agreement and all parties hereto shall look solely to the property of the Company for the payment of any
              claim hereunder.

             

          
	
            15.

          	
            Entire Agreement.
              This Agreement, including the attached Appendices, represents the entire agreement between the parties concerning the subject matter of payment of severance upon the Employee's termination of employment following a Change in Control of the
              Company and supersedes and incorporates any and all prior agreements, both written or oral.

             

          

    

    

    IN WITNESS WHEREOF the parties have duly executed the Agreement as of the above date.

    

    

    EMPLOYEE: COMPANY:

    Urstadt Biddle Properties Inc.

    

    

    /s/ Charles D. Urstadt__________ By: /s/ Willing L. Biddle_________

    Charles D. Urstadt                  Willing L. Biddle

                             President

    

    

    
      
        

    

             

    

    APPENDIX A TO CHANGE IN CONTROL AGREEMENT

    

    

    "Change in Control" shall mean the occurrence of any one of the following events:

    

    

    	
            (a)

          	
            any Person other than an "Exempted Person" becomes the owner of Common Shares which represent more than 20%
              of the combined voting power of the Common Shares outstanding and thereafter individuals who were not Directors of the Company prior to the date such Person became a 20% owner are elected as Directors pursuant to an arrangement or
              understanding with, or upon the request of or nomination by, such Person and constitute at least two of the Directors; or

             

          	 
	
            (b)

          	
            there occurs a change in control of the Company of a nature that would be required to be reported in
              response to Item 5.01 of Form 8-K pursuant to Section 13 or 15 under the Securities Exchange Act of 1934 ("Exchange Act"), or in any other filing by the Company with the Securities and Exchange Commission (the "Commission"); or

             

          	 
	
            (c)

          	
            there occurs any solicitation of proxies by or on behalf of any Person other than the Directors of the
              Company and thereafter individuals who were not Directors prior to the commencement of such solicitation are elected as Directors pursuant to an arrangement or understanding with, or upon the request of or nomination by, such Person and
              constitute at least two of the Directors.

             

          	 
	
            (d)

          	
            the Company executes an agreement of acquisition, merger or consolidation which contemplates that (i) after
              the effective date provided for in the agreement, all or substantially all of the business and/or assets of the Company shall be owned, leased or otherwise controlled by another corporation or other entity and (ii) individuals who are
              Directors of the Company when such agreement is executed shall not constitute a majority of the Board of Directors of the survivor or successor entity immediately after the effective date provided for in such agreement; provided, however, for
              purposes of this paragraph (d) that if such agreement requires as a condition precedent approval by the Company's shareholders of the agreement or transaction, a Change in Control shall not be deemed to have taken place unless and until such
              approval is secured.

             

          

    "Common Shares" shall mean all shares of the then outstanding Common stock and Class A Common
      stock of the Company plus, for purposes of determining the ownership of any Person, the number of unissued Common Shares which such Person has the right to acquire (whether such right is exercisable immediately or only after the passage of time) upon
      the exercise of conversion rights, exchange rights, warrants or options or otherwise.

    

    

    "Exempted Person" shall mean: (i) Charles J. Urstadt; (ii) any Urstadt Family Member (as
      hereinafter defined); (iii) any executor, administrator, trustee or personal representative who succeeds to the estate of Charles J. Urstadt or an Urstadt Family Member as a result of the death of such individual, acting in their capacity as an
      executor, administrator, trustee or personal representative with respect to any such estate; (iv) a trustee, guardian or custodian holding property for the primary benefit of Charles J. Urstadt or an Urstadt Family Member; (v) any corporation,
      partnership, limited liability company or other business organization that is directly or indirectly controlled by one or more persons or entities described in clauses (i) through (iv) hereof and is not controlled by any other person or entity; and
      (vi) any charitable foundation, trust or other not-for-profit organization for which one or more persons or entities described in clauses (i) through (v) hereof controls the investment and voting decisions in respect of any interest in the Company
      held by such organization.   For sake of clarity with respect to clause (v) above, "control" includes the power to control the investment and voting decisions of any such corporation, partnership, limited liability company or other business
      organization.

    

    

    For purposes of this definition, the term "Urstadt Family Member" shall mean and include the
      spouse of Charles J. Urstadt, the descendants of the parents of Charles J. Urstadt, the descendants of the parents of the spouse of Charles J. Urstadt, the spouses of any such descendant and the descendants of the parents of any spouse of a child of
      Charles J. Urstadt.  For this purpose, an individual's "spouse" includes the widow or widower of such individual, and an individual's "descendants" includes biological descendants and persons deriving their status as descendants by adoption.

    

    

    "Person" shall have the meaning used in Section 13(d) of the Exchange Act, as in effect on
      October 31, 2015.  A Person shall be deemed to be the "owner" of any Common Shares:

    

    

    	
            (a)

          	
            of which such Person would be the "beneficial owner", as such term is defined in Rule 13d-3 promulgated by
              the Commission under the Exchange Act, as in effect on October 31, 2015; or

             

          
	
            (b)

          	
            of which such Person would be the "beneficial owner", as such term is defined under Section 16 of the
              Exchange Act and the rules of the Commission promulgated thereunder, as in effect on October 31, 2015; or

             

          
	
            (c)

          	
             which such Person or any of its Affiliates or Associates (as such terms are defined in Rule 12b-2
              promulgated by the Commission under the Exchange Act, as in effect on October 31, 2015), has the right to acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or
              understanding or upon the exercise of conversion rights, exchange rights, warrants or options or otherwise.

             

          

    Termination for "Cause" shall mean termination of the Employee's employment by the Company
      because of dishonesty, conviction of a felony, gross neglect of duties (other than as a result of disability or death), or conflict of interest (other than any conflict of interest which has been fully disclosed to the Directors and has been
      determined by them not to be material), which, in the case of gross neglect or conflict, shall continue for 30 days after the Company gives written notice to the Employee requesting the cessation of such gross neglect or conflict, as the case may be.

    

    

    Termination for "Good Reason" shall have the following meanings:

    

    

    Termination for "Good Reason" shall mean the voluntary termination by the Employee of his
      employment within 180 days following the occurrence of any of the events listed below by written notice (setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination for Good Reason) given within ninety
      (90) days after the occurrence, without the Employee's express consent, of any one of such events unless they are fully corrected within 30 days after receipt of notice thereof:

    

    

    	
            (a)

          	
            a change in the Employee's authority, duties or responsibilities which represent a material diminution in
              his authority, duties or responsibilities immediately prior to a Change in Control; or a change in the authority, duties or responsibilities of the person to whom the Employee reports (including, if applicable, requiring the Employee to
              report to an officer or employee instead of the Board of Directors) which represents a material diminution of such person's authority, duties or responsibilities immediately prior to a Change in Control;

          

    

    

    	
            (b)

          	
            a material reduction in the Employee's base salary for any fiscal year below the level of Employee's base
              salary in the completed fiscal year immediately preceding the Change in Control;

             

          	 
	
            (c)

          	
            any relocation of the Employee outside a 50 mile radius of the Employee's work site on the date hereof; or

             

          
	
            (d)

          	
            any other material breach by the Company of any provision of this Agreement.

          

    

    

    
      
        

    

     

    

    APPENDIX B TO CHANGE IN CONTROL AGREEMENT:  SECTION 409A

    

    

    
      

      

      Anything in this Change in Control Agreement to the contrary notwithstanding:

    

    
      

      

      

      

      

      

    

    (A)            The parties intend
      that all payments and benefits under this Agreement shall be exempt from, or comply with, Section 409A of the Code and the regulations promulgated thereunder (collectively "Section 409A") and, accordingly, to the maximum extent permitted by law, this
      Agreement shall be interpreted in a manner that achieves such intention.  Although the Company intends to administer this Agreement so that it will be exempt from, or comply with, the requirements of Code Section 409A, the Company does not represent
      or warrant that this Agreement will be exempt from, or otherwise comply with, Code Section 409A or any other provision of applicable law.

    
      

      

      (B)            No amount of
        nonqualified deferred compensation under Section 409A shall be payable to Employee upon a termination of his employment unless such termination constitutes a "separation from service" with the Company under Section 409A.  To the maximum extent
        permitted by applicable law, amounts payable to Employee shall be made in reliance upon the exception for certain involuntary terminations under a separation pay plan or as a short-term deferral under Section 409A.  For purposes of Section 409A,
        Employee's right to receive installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.  Whenever a payment under this Agreement specifies a payment period with reference to a
        number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

      (C)            If any payment,
        compensation or other benefit provided to the Employee in connection with his employment termination (other than termination on account of Employee's death) is determined, in whole or in part, to constitute "nonqualified deferred compensation"
        within the meaning of Section 409A and the Employee is a "specified employee" as defined in Section 409A(2)(B)(i) thereof, no part of such payments shall be paid before the day that is six (6) months plus one (1) day after the date of termination
        (the "New Payment Date").  The aggregate of any payments that otherwise would have been paid to the Employee during the period between the date of termination and the New Payment Date shall be paid to the Employee in a lump sum on such New Payment
        Date.  Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement.

      (D)            To the extent
        that reimbursements or other in-kind benefits under this Agreement constitute nonqualified deferred compensation, (i) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable
        year in which such expenses were incurred by you, (ii) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (ii) no such reimbursement, expenses eligible for reimbursement, or
        in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

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