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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001144204-10-049522.txt : 20100915
<SEC-HEADER>0001144204-10-049522.hdr.sgml : 20100915
<ACCEPTANCE-DATETIME>20100915163051
ACCESSION NUMBER:		0001144204-10-049522
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100914
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100915
DATE AS OF CHANGE:		20100915

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONE LIBERTY PROPERTIES INC
		CENTRAL INDEX KEY:			0000712770
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				133147497
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09279
		FILM NUMBER:		101074109

	BUSINESS ADDRESS:	
		STREET 1:		60 CUTTER MILL RD
		STREET 2:		SUITE 303
		CITY:			GREAT NECK
		STATE:			NY
		ZIP:			11021-3190
		BUSINESS PHONE:		5164663100

	MAIL ADDRESS:	
		STREET 1:		60 CUTTER MILL ROAD
		STREET 2:		SUITE 303
		CITY:			GREAT NECK
		STATE:			NY
		ZIP:			11021-3190

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ONE LIBERTY FIRESTONE PROPERTIES INC
		DATE OF NAME CHANGE:	19851112
</SEC-HEADER>
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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WASHINGTON,
D.C.&#160;&#160;20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Section 13 or 15(d) of the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Date of Report (Date of
earliest event reported): September 14, 2010</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 20pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">ONE
LIBERTY PROPERTIES, INC.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of Registrant as specified in charter)</font></div>
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      file No.)</font></div>
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            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(IRS
      Employer</font></div>
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          <tr>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">of
      incorporation)</font></div>
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            <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">I.D.
      No.)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">60 Cutter Mill Road, Suite
303, Great Neck, New York 11021</font></font></div>
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of principal executive offices)&#160;&#160;&#160;&#160;&#160; (Zip
code)</font></div>
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</font></font></div>
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telephone number, including area code</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 18pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction
A.2. below):</font></div>
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communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></div>
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material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
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communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></div>
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communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      5.02</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Departure
      of Directors or Certain Officers; Election of Directors; Appointment of
      Certain Officers; Compensatory Arrangements of Certain
      Officers.</font></div>
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          </tr>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
September 14, 2010, the Board of Directors of One Liberty Properties, Inc. (the
&#8220;Company&#8221;) approved a Pay-For-Performance Program (the &#8220;Program&#8221;) pursuant to
the Company&#8217;s 2009 Incentive Plan(the &#8220;Plan&#8221;) and made awards of restricted
stock units (the &#8220;Units&#8221;) to ten of the Company&#8217;s officers, including all of its
named executive officers.&#160;&#160;The Board awarded an aggregate of 200,000
Units.&#160;&#160;Each Unit relates to one share of the Company&#8217;s common stock,
par value $1.00 per share.&#160;&#160;The purpose of the Program is to further
align the interests of senior management with those of the Company&#8217;s
stockholders by instituting a long-term &#8220;pay-for-performance&#8221; structure that
encourages the creation of stockholder value.&#160;&#160;The following summary
of the Program is qualified in its entirety by reference to the form of
Performance Awards Agreement, a copy of which is filed as an exhibit
hereto.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Performance
Cycle</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Units
have a performance cycle of seven years, commencing as of July 1, 2010 and
terminating on June 30, 2017.&#160;&#160;During such seven year period, no
dividends shall be paid on the Units and Units shall not provide the holder with
any voting rights.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In the
event that the performance criteria described below are satisfied in full at
June 30, 2017, the completion of the seven year period, each Unit shall vest and
one share of the Company&#8217;s common stock will be issued for each
Unit.&#160;&#160;In the event that at June 30, 2017, less than the maximum
performance criteria described below are satisfied, but in excess of the minimum
criteria, a pro-rata portion of the Units will vest and one share of the
Company&#8217;s common stock will be issued for each Unit that vests.&#160;&#160;In
the event that the performance criteria described below are not satisfied in
whole or in part at June 30, 2017, the Units will,with specified exceptions,be
forfeited and no shares of the Company&#8217;s common stock will be
issued.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If any
awardee, prior to June 30, 2017, (i) retires (as such term is defined in the
Plan), (ii) dies or (iii) becomes disabled (as such term is defined in the Plan)
then if:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
performance criteria described below are satisfied in full at June 30, 2017,
such awardee, his estate, guardian, or personal representative, as the case may
be, shall be entitled to receive such awardee&#8217;s pro rata share of the Company&#8217;s
common stock to be issued;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;less
than the maximum performance criteria described below are satisfied, but in
excess of the minimum criteria, at June 30, 2017, such awardee, his estate,
guardian or personal representative, as the case may be, shall be entitled to
receive such awardee&#8217;s pro rata share of the Company&#8217;s common stock to be
issued; and</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
minimum performance criteria described below is not satisfied, at June 30, 2017,
such awardee&#8217;s Units shall be forfeited and no shares of the Company&#8217;s common
stock will be issued.</font></div>
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      <div id="FTR">
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        </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As used
in subsections (a), (b) and (c), &#8220;pro-rata&#8221; is determined based upon the time
period commencing on July 1, 2010 through the date of the awardee&#8217;s retirement,
death or disability, as the case may be.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In the
event a &#8220;change of control&#8221; (as such term is defined in the Plan) occurs (i)
after June 30, 2015, all awarded Units shall automatically vest and the
underlying shares of the Company&#8217;s common stock will be issued and (ii) before
June 30, 2015, a pro-rata number of the awarded Units (pro rata to be determined
based upon the time period commencing July 1, 2010 through the date of the
change of control)shall automatically vest and the underlying shares of the
Company&#8217;s common stock shall be issued.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Performance
Criteria</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
number of Units that vest, if any, will be determined by the Compensation
Committee as soon as practicable after the completion of the seven year
performance cycle using the following criteria:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Return on
Capital</font>:&#160;&#160;One-half of the awarded Units, or an aggregate of
100,000 Units, are subject to a return on capital metric averaged for the period
from July 1, 2010 &#8211; June 30, 2017.&#160;&#160;In order for all of these Units to
vest and the underlying 100,000 shares of the Company&#8217;s common stock be issued
with respect to Units which vest, the average annualized return on capital for
the seven year period must be at least 10%.&#160;&#160;In order for a portion of
these Units to vest and underlying shares of the Company&#8217;s common stock be
issued with respect to the Units which vest, the average annualized return on
capital for the period must exceed 8%.&#160;&#160;If the average annualized
return exceeds 8%, but is less than 10% for the seven year period, then a pro
rata number of Units shall vest and the underlying shares of the Company&#8217;s
common stock with respect to the Units which vest will be
issued.&#160;&#160;Return on capital is based upon AFFO.&#160;&#160;AFFO is
defined as funds from operations (FFO) determined in accordance with the
National Association of Real Estate Investment Trusts definition, adjusted for
straight-line rent accruals and amortization of lease
intangibles.&#160;&#160;Capital is defined as stockholders&#8217; equity, plus
depreciation and amortization, adjusted for intangibles.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Total Stockholder
Return</font>:&#160;&#160;One-half of the awarded Units, or an aggregate of
100,000 Units, are subject to the Company&#8217;s total stockholder return averaged
for the period from July 1, 2010 &#8211; June 30, 2017.&#160;&#160;Each year
commencing on July 1<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">st</font> through
the following June 30<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>, total
stockholder return for such year shall be calculated using the following
formula: the closing price per share on the NYSE of the Company&#8217;s common stock
at the end of the measuring period minus the closing price per share on the NYSE
of the Company&#8217;s Common Stock at the start of the measuring period plus all
dividends paid during the measuring period divided by the closing price per
share on the NYSE of the Company&#8217;s Common Stock at the start of the measuring
period shall equal total stockholders return for the measuring
period.&#160;&#160;Once total stockholders return has been calculated for all of
the seven years in the performance cycle, an average of such seven year total
stockholders return shall be calculated.&#160;&#160;In order for all of these
Units to vest and the underlying shares of the Company&#8217;s common stock be issued,
the average annualized total stockholders return for the seven year period must
be 13%, and for a portion of the Units to vest and the underlying shares of the
Company&#8217;s common stock be issued, the average annualized total stockholder
returns for the seven year period must exceed 10.25%.&#160;&#160;If the average
annualized total stockholder return exceeds 10.25%, but is less than 13% for the
seven year period, then a pro rata number of Units shall vest and the requisite
number of underlying shares of the Company&#8217;s common stock shall be
issued.</font></div>
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Period</font></font></div>
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than one-half of the shares of the Company&#8217;s common stock issued to a
Participant pursuant to the Program may be sold within three years of receipt
thereof (i.e., prior to June 30, 2020).&#160;&#160;This holding requirement
shall lapse upon a change of control and shall not apply to any Participant who
(i) retires from the Company, (ii) dies or (iii) becomes disabled.</font></div>
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Provision</font></font></div>
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event that the Company has or is required to file a Current Report on Form 8-K
with respect to a restatement of its financial statements prior to or on the
third anniversary of the vesting date and as a result of such restatement, the
performance criteria set forth above would not have been satisfied, then the
shares of common stock issued which should not have been issued, shall be
redeemed by the Company and the Participant, or his guardian, representative,
estate or beneficiary shall immediately deliver the applicable certificate or
certificates representing such shares to the Company and execute all necessary
documents to transfer such shares back to the Company.</font></div>
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Executive Officers</font></font></div>
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Company&#8217;s Board of Directors approved the following awards to our named
executive officers under the Program:</font></div>
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              <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">14,285</font></div>
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date fair value of the Units awarded, which will be amortized over seven years,
has not been finalized, but is estimated to range between $6.50 and $9.00 per
Unit.</font></div>
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to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v196642_ex10-1.htm
<TEXT>
<html>
  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: vf-->
    <!--Document Created using EDGARizer 4.0.6.1-->
    <!--Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved-->
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
OF</font></div>
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AWARDS AGREEMENT &#8211;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ONE
LIBERTY PROPERTIES, INC. AND</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 67.5pt"></font>THIS AGREEMENT,is made and entered
into on _______, 2010 between One Liberty Properties, Inc., a Maryland
corporation (&#8220;Company&#8221;), and ___________, (&#8220;Participant&#8221;).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 67.5pt"></font>WHEREAS, the Company has established
the One Liberty Properties, Inc. 2009 Incentive Plan (&#8220;Plan&#8221;);</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 67.5pt"></font>WHEREAS, the Compensation Committee
of the Board of Directors (&#8220;Committee&#8221;) and the Board of Directors has
determined to grant,pursuant to Section 8 of the Plan,Performance Awards in the
form of restricted stock units (&#8220;Units&#8221;) to the Participant payable upon the
attainment by the Company during the Performance Cycle of the Performance
Criteria established by the Committee as set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit A</font> hereto and
made part hereof;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 67.5pt"></font>WHEREAS, it is intended that this
award qualify as performance based compensation for the purposes of Section
162(m) of the Code.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 67.5pt"></font>NOW THEREFORE, the parties hereby
agree as follows:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Definitions.</font>Unless
      otherwise defined herein, all terms that are used herein that are defined
      in the Plan shall have the meanings given to such terms in the
      Plan.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Administration</font>.&#160;&#160;The
      Performance Awards shall be administered by the Committee with the powers
      and authority set forth in the
Plan.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Grant
      Date.</font>&#160;&#160;Pursuant to the Plan, the Company on
      ____&#160;&#160;__, 2010 (the &#8220;Grant Date&#8221;) granted to the Participant a
      Performance Based Award in the form of ________ Units, subject to the
      terms and conditions of the Plan and subject to the terms and conditions
      set forth herein.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Accounts.</font>Units
      granted to Participant shall be credited to an account (the &#8220;Account&#8221;)
      established and maintained for Participant by the Company.&#160;&#160;A
      Participant&#8217;s Account shall be the record of Units granted to the
      Participant under the Plan, is solely for accounting purposes and shall
      not require a segregation of any Company
assets.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Terms and
      Conditions</font>.&#160;&#160;Except as otherwise provided herein, the
      Units shall remain non-vested and subject to substantial risk of
      forfeiture. If the Participant&#8217;s employment with the Company terminates
      for any reason during the Performance Cycle (other than as contemplated by
      Section 7), the Units shall be forfeited by the Participant and shall be
      null and void.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Issuance of
      Shares.</font>As soon as practicable after the Units become vested and
      non-forfeitable, the Participant will be entitled to receive one share
      (the &#8220;Share&#8221; or &#8220;Shares&#8221;) of Company common stock for each vested
      Unit.&#160;&#160;In the event that a fraction of a Share would be issued,
      the number of Shares to be issued shall be rounded to the nearest whole
      share.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Vesting.</font>The
      Units awarded to the Participant shall, except as otherwise provided
      herein,become vested and non-forfeitable to the extent, but only to the
      extent, that the applicable Performance Criteria set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit A</font> have
      been satisfied at the end of the Performance Cycle (the &#8220;Vesting
      Date&#8221;).&#160;&#160;&#160;&#160;Notwithstanding the forfeiture provision of
      Section 5 hereof, the interest of the Participant in the Units shall vest
      as follows:</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;a
pro rata number of Units upon termination of the Participant&#8217;s employment due to
death, Disability or Retirement (collectively a &#8220;DDR Event&#8221;) during the
Performance Cycle, but only with respect to Units that would otherwise have
vested at the end of the Performance Cycle.&#160;&#160;For the purposes of this
Section 7(a), the pro rata number of Units that shall vest shall equal the
product obtained by multiplying the total number of Units awarded pursuant to
this Agreement by a fraction, the numerator of which is the number of days
commencing July 1, 2010 and ending on the date of the DDR Event and the
denominator of which is the total number of days in the Performance
Cycle.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All
of the Units shall vest upon a Change of Control if the effective date thereof
is after June 30, 2015.&#160;&#160;If the effective date of the Change of
Control shall occur prior to or on June 30, 2015, a pro rata number of Units
shall vest upon such Change of Control.&#160;&#160;For the purposes of this
Section 7(b), the pro rata number of Units that vest shall equal the product
obtained by multiplying the total number of Units awarded pursuant to this
Agreement by a fraction, the numerator of which is the number of days commencing
on July 1, 2010 and ending on the effective date of the Change of Control and
the denominator of which is the total number of days in the period commencing
July 1, 2010 and ending June 30, 2015.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
a Participant&#8217;s employment terminates due to a DDR Event and subsequent thereto
there is a Change of Control,then notwithstanding anything to the contrary
herein, the pro rata number of Units which shall vest and the number of Shares
which shall be issuable to the Participant, the Participant&#8217;s guardian, personal
representative or Estate on a Change of Control shall be equal to the product
obtained by multiplying the total number of Units which would have vested for
the Participant pursuant to Section 7(b) but for the DDR Event by a fraction,
the numerator of which is the number of days commencing July 1, 2010 and ending
on the date of the DDR Event and the denominator of which is the total number of
days in the period commencing on July 1, 2010 and ending on the effective date
of the Change of Control.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;&#160; <br></div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td style="WIDTH: 36pt">

              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.</font></div>
            </td>
            <td>

              <div align="left">

                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Restrictions.</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      The Units awarded pursuant to this Agreement may not be sold, pledged or
      otherwise transferred and may not be subject to lien, garnishment,
      attachment or other legal
process.</font></div>
              </div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Dividends.</font>&#160;
      Notwithstanding Section 5.3 of the Plan to the contrary, if at any time
      during the period between the date hereof and the date that the Units
      vest, the Company shall pay a dividend in cash,Shares or otherwise,the
      Participant shall not be entitled to receive any such dividend paid with
      respect to the Shares underlying the
Units.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Payment in the Event
      of Disability.</font>&#160; In the event of the Disability of the
      Participant, the Shares underlying Units which have vested and are
      issuable pursuant to this Agreement shall be paid to the Participant if
      Participant is legally competent or to a legally designated guardian or
      representative if the Participant is not legally
  competent.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Death of
      Employee.</font>&#160; In the event of the Participant&#8217;s death, the Shares
      underlying the Units which have vested and are issuable pursuant to this
      Agreement shall be paid to the Participant&#8217;s estate, personal
      representative,or designated
beneficiary.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Taxes.</font>&#160;
      The Participant shall be liable for any and all taxes, including
      withholding taxes, arising out of this grant,the vesting of Units and the
      issuance of Shares hereunder.&#160;&#160;In accordance with Section 10 of
      the Plan, the Participant may elect to satisfy such withholding tax
      obligation by having the Company retain Shares or delivering Shares then
      owned by a Participant having a Fair Market Value equal to the Company&#8217;s
      minimum withholding obligation.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Claw-back.</font>&#160;&#160;In
      the event that the Company has or is required to file a Current Report on
      Form 8-K pursuant to Item 4.02 thereof (or subsequent similar
      requirement)(a &#8220;Restatement 8-K&#8221;) prior to or on the third anniversary of
      the Vesting Date and as a result of the restatement contemplated by the
      Restatement 8-K, one or more of the Performance Criteria set forth herein
      would not have been satisfied, the Non-Entitled Shares (as defined) shall
      be redeemed by the Company for an aggregate consideration of $1.00 and the
      Participant or his guardian, representative, estate or beneficiary shall
      immediately deliver the applicable stock certificate or certificates
      representing the Non-Entitled Shares to the Company and execute any and
      all documents to transfer the Non-Entitled Shares back to the
      Company.&#160;&#160;The term &#8220;Non-Entitled Shares&#8221; means the Shares that,
      after giving effect to the restatement contemplated by the Restatement
      8-K, would not have been issued because the Performance Criteria pursuant
      to which such Shares were issued were not satisfied or were satisfied at a
      different Performance Criteria
threshold.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Post-Vesting
      Restrictions on Transferability</font> - In the event all or some of the
      Units vest and Shares are issued,fifty percent (50%) of the issued Shares
      may not be sold, transferred, pledged, hypothecated or otherwise disposed
      of until the third anniversary of the Vesting Date.The foregoing
      restriction shall not be applicable to, and shall lapse, upon a DDR Event
      or a Change of Control.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Miscellaneous</font></font></div>
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    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All
Units credited to the Participant&#8217;s Account under this Agreement shall continue
for all purposes to be a part of the general assets of the Company.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither
this Agreement nor the granting or vesting of Units shall confer upon the
Participant any right to continue in the employ of the Company or an affiliate,
nor shall it interfere in any way with the right of the Company or an affiliate
to terminate Participant&#8217;s employment at any time.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
parties agree to execute such further documents and instruments and to take such
action as may reasonably be necessary to carry out the intent of this Agreement,
including without limitation the imposition of appropriate legends on the Shares
and the issuance of &#8220;stop transfer&#8221; orders to implement the restrictions imposed
herein, including the limitations imposed pursuant to Sections 13 and 14
hereof.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This
Award shall be governed by the laws of the State of Maryland (without regard to
its choice of law principles) and applicable Federal law.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except
as otherwise provided herein, in any event of any conflict between the
provisions of the Plan as in effect on the Grant Date and the provisions of this
Award, the provisions of the Plan shall govern.&#160;&#160;All references herein
to the Plan shall mean the Plan as in effect on the Grant Date.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ONE
LIBERTY PROPERTIES, INC.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;&#160; </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
_________________________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;&#160; <br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________________________</font></div>
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of Participant</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________________________</font></div>
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Participant</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
A</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PERFORMANCE
CRITERIA</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
number of Restricted Stock Units (&#8220;Units&#8221;) that shall vest, if any, will be
determined by the Compensation Committee as soon as practicable after the
completion of a seven year Performance Cycle, (which shall commence July 1, 2010
and June 30, 2017) using the following Performance Criteria:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Return on
Capital:&#160;&#160;One-half of the awarded Units, or an aggregate of _________
Units, are subject to an average annualized return on capital metric for the
period from July 1, 2010 &#8211; June 30, 2017.&#160;&#160;In order for all of the
Units subject to the return on capital metric to vest and for the underlying
______ shares of the Company&#8217;s common stock be issued to the Participant, the
average annualized return on capital for the seven year Performance Cycle must
be at least 10%.&#160;&#160;In order for a portion of these Units to vest and
for underlying shares of the Company&#8217;s common stock to be issued with respect to
the Units which vest, the average annualized return on capital for the
Performance Cycle must exceed 8%.&#160;&#160;If the average annualized return
exceeds 8%, but is less than 10% for the Performance Cycle, then a pro rata
number of Units shall vest and the underlying shares of the Company&#8217;s common
stock with respect to the Units which vest will be issued.&#160;&#160;Return on
capital will be based upon adjusted funds from operations
(AFFO).&#160;&#160;AFFO is defined as funds from operations (FFO) determined in
accordance with the National Association of Real Estate Investment Trusts
definition, adjusted for straight-line rent accruals and amortization of lease
intangibles.&#160;&#160;Capital is defined as stockholders&#8217; equity, plus
depreciation and amortization, adjusted for intangibles.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
Stockholder Return:&#160;&#160;One-half of the awarded Units, or an aggregate of
_______ Units, are subject to a total stockholder return metric averaged for the
period from July 1, 2010-June 30, 2017.&#160;&#160;Each year (July 1<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">st</font> through
the following June 30<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>) total
stockholder return for such year shall be calculated using the following
formula:&#160;&#160;the closing price per share on the NYSE of the Company&#8217;s
common stock at the end of the measuring period (the applicable June 30<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>) minus
the closing price per share on the NYSE of the Company&#8217;s common stock at the
start of the measuring period (the applicable July 1<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">st</font>) plus
all dividends paid during the measuring period shall be divided by the closing
price per share on the NYSE of the Company&#8217;s common stock at the commencement of
the measuring period (the applicable July 1<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">st</font>).&#160;&#160;Once
total stockholder return has been calculated for each of the seven years in the
performance cycle, an average of such seven year total stockholder return shall
be determined.&#160;&#160;In order for all of these Units to vest and the
underlying shares of the Company&#8217;s common stock to be issued, the average
annualized total stockholder return for the seven year period must be 13%, and
for a portion of the Units to vest and the underlying shares of the Company&#8217;s
common stock be issued, the average annualized total stockholder return for the
seven year period must exceed 10.25%.&#160;&#160;If the average annualized total
shareholder return exceeds 10.25%, but is less than 13% for the seven year
period, then a pro rata number of Units shall vest and the underlying shares of
the Company&#8217;s common stock with respect to the Units which vest shall be
issued.</font></div>
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