<SEC-DOCUMENT>0001213900-19-010666.txt : 20190613
<SEC-HEADER>0001213900-19-010666.hdr.sgml : 20190613
<ACCEPTANCE-DATETIME>20190613164655
ACCESSION NUMBER:		0001213900-19-010666
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190613
ITEM INFORMATION:		Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190613
DATE AS OF CHANGE:		20190613

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:		19896590

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k061319_oneliberty.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION </B></FONT></P>

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D.C. 20549</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
8-K</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CURRENT
REPORT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Section 13 or 15(d) of the</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
Exchange Act of 1934</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Date
of Report (Date of earliest event reported): June 13, 2019</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>ONE
LIBERTY PROPERTIES, INC.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of Registrant as specified in charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="padding: 0; width: 32%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland</FONT></TD>
    <TD STYLE="width: 2%; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; width: 32%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-09279</FONT></TD>
    <TD STYLE="width: 2%; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; width: 32%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13-3147497</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or other jurisdiction<BR>
of incorporation)</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission
    file No.)</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS
    Employer I.D. No.)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>60
Cutter Mill Road, Suite 303, Great Neck, New York 11021</U></FONT></P>

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of principal executive offices) (Zip code)</FONT></P>

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516-466-3100 </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&rsquo;s
telephone number, including area code</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Securities
registered pursuant to Section 12(b) of the Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 33%; text-align: center; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</FONT></TD><TD STYLE="width: 1%; text-align: center; padding-bottom: 0; padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; text-align: center; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    Symbol(s)</FONT></TD><TD STYLE="width: 1%; text-align: center; padding-bottom: 0; padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Stock</FONT></TD><TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OLP</FONT></TD><TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    York Stock Exchange</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b2 of this chapter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;&#9;Emerging
growth company</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section
5 &ndash; Corporate Governance and Management</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 10%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                                         5.05</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment
                                         to Code of Ethics, or Waiver of a Provision of the Code of Ethics.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2019, our Board adopted amendments to our Code of Business Conduct and Ethics, among other things, to clarify and/or amend
provisions relating to conflicts of interest, use of our assets, the receipt and/or provision of loans, gifts and entertainment,
insider trading and related party transactions. This summary of the amendments to the code is qualified in its entirety by reference
to the full text of the code, which, as amended and restated (the &ldquo;Code&rdquo;), is filed as Exhibit 14.1 to this report.
A copy of the Code is also available within the &ldquo;Corporate Governance&rdquo; section of our website at <U>www.1liberty.com</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 10%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                                         5.07</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Submission
                                         of Matters to a Vote of Security Holders.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
our annual meeting of stockholders held on June 13, 2019, proposals 1, 2 and 3 presented to stockholders were approved. The proposals
are described in detail in our definitive proxy statement dated April 18, 2019. Set forth below is a summary of the proposals
and the voting results with respect thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Proposal
1 &ndash; Election of Directors</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
elect the directors named below for a three-year term (with the votes as indicated):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">For</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Against</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Abstain</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Broker<BR> Non-Votes</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Jeffrey A. Gould</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">13,437,195</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">711,931</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">45,220</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">4,504,904</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Matthew J. Gould</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,383,662</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">768,561</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,123</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,504,904</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">J. Robert Lovejoy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,418,373</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,731,141</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,832</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,504,904</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Proposal
2 &ndash; Incentive Plan</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
approve the 2019 Incentive Plan (with the votes as indicated):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">For</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">Against</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">Abstain</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Votes</FONT></P></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 27%; text-align: center">11,537,563</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; text-align: center">2,559,118</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; text-align: center">97,664</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; text-align: center">4,504,904</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Proposal
3 &ndash; Ratification of the Selection of Independent Registered Public Accounting Firm</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
ratify the appointment of Ernst &amp; Young LLP as our independent registered public accounting firm for the year ended December
31, 2019 (with the vote as indicated):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">For</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">Against</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">Abstain</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; text-align: center">18,470,291</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 31%; text-align: center">141,504</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center">87,454</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section
9 &ndash; Financial Statements and Exhibits</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 10%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                                         9.01</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
                                         statements and exhibits</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Exhibits</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; font-size: 10pt; text-indent: 0; width: 9%">Exhibit No.</TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; font-size: 10pt; text-indent: 0; width: 90%">Title of Exhibit</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; font-size: 10pt; text-indent: 0">&nbsp;&nbsp;4.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; font-size: 10pt; text-indent: 0"><A HREF="f8k061319ex4-1_oneliberty.htm">Registrant&rsquo;s 2019 Incentive Plan</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">14.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><A HREF="f8k061319ex14-1_oneliberty.htm">Registrant&rsquo;s Amended and Restated Code of Business Conduct and Ethics dated June 13, 2019</A></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ONE
    LIBERTY PROPERTIES, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    June 13, 2019</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
David W. Kalish</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    W. Kalish</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
Vice President <I>&ndash;</I> Finance</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>f8k061319ex4-1_oneliberty.htm
<DESCRIPTION>REGISTRANT'S 2019 INCENTIVE PLAN
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 4.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ONE LIBERTY PROPERTIES, INC.</B><BR>
<B>2019 INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECTION 1</B><BR>
<B>EFFECTIVE DATE AND PURPOSE</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">1.1 <I>Effective Date</I>. This Plan (as defined)
shall become effective upon approval by the stockholders of the Company (as defined), as and to the extent required by the listing
requirements of the New York Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">1.2 <I>Purpose of the Plan</I>. The Plan is designed
to motivate, retain and attract Participants (as defined) of experience and ability and to further the financial success of the
Company by aligning the interests of Participants through the ownership of Shares (as defined) with the interests of the Company&rsquo;s
stockholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>SECTION 2</B><BR>
<B>DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">The following terms shall have the following meanings
(whether used in the singular or plural) unless a different meaning is plainly required by the context:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>1934 Act</I>&rdquo; means the Securities
Exchange Act of 1934, as amended. Reference to a specific section of the 1934 Act or a regulation thereunder shall include any
regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing
or superseding such section or regulation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Affiliate</I>&rdquo; or &ldquo;<I>Affiliates</I>&rdquo;
has the meaning ascribed to such term by Rule 501 promulgated under the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Award</I>&rdquo; means, individually
or collectively, a grant under the Plan of Nonqualified Stock Options, Incentive Stock Options, Restricted Stock, Restricted Stock
Units, Dividend Equivalent Rights and Performance Share Awards.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Award Agreement</I>&rdquo; means either
(1) the written agreement setting forth the terms and provisions applicable to each Award granted under the Plan or (2) a statement
(including an electronic communication) issued by the Company to a Participant describing the terms and provisions of such Award.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Board</I>&rdquo; or &ldquo;<I>Board of
Directors</I>&rdquo; means the Board of Directors of the Company, or any analogous governing body of any successor to the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Code</I>&rdquo; means the Internal Revenue
Code of 1986, as amended from time to time, and the regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Committee</I>&rdquo; means the Compensation
Committee of the Board or the committee of the Board appointed to administer the Plan.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Company</I>&rdquo; means One Liberty
Properties, Inc., a Maryland corporation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Company Voting Stock</I>&rdquo; has the
meaning ascribed to such terms by Section 12.1(a).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Dividend Equivalent Right</I>&rdquo;
means an Award granted pursuant to Section 9, entitling the Participant to receive an amount of cash equal to the cash distributions
that would have been paid on the Shares specified in the Award to which such Dividend Equivalent Right relates, as if such Shares
had been issued to and held by the Participant holding such Dividend Equivalent Right during the period beginning with the grant
date (or if otherwise determined by the Committee, the beginning of the Performance Cycle) of the Award to which the Dividend Equivalent
Right relates through the vesting date of such award (or if otherwise determined by the Committee, the conclusion of such Performance
Cycle).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Disability</I>&rdquo; or &ldquo;<I>Disabled</I>&rdquo;
means the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than
12 months.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Exercise Price</I>&rdquo; means the price
at which a Share may be purchased by a Participant pursuant to the exercise of an Option.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Fair Market Value</I>&rdquo; means, as
of any given date: (i) the closing sales price of the Shares on any national securities exchange on which the Shares are listed;
(ii) the closing sales price if the Shares are listed on the OTCBB or other over the counter market; or (iii) if there is no regular
public trading market for such Shares, the fair market value of the Shares as determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Grant Date</I>&rdquo; means, with respect
to an Award, the effective date that such Award is granted to a Participant.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Incentive Stock Option</I>&rdquo; means
an Option to purchase Shares which is designated as an Incentive Stock Option and is intended to meet the requirements of Section
422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Incumbent Board</I>&rdquo; has the meaning
ascribed to such term by Section 12.1(b).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Non-management director</I>&rdquo; means
a director who, in the applicable calendar year, was not compensated, directly or indirectly, by the Company, any Subsidiary or
any of their Affiliates, other than compensation for service as a director or as a member of any committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Non-qualified Stock Option</I>&rdquo;
means an Option to purchase Shares which is not an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Option</I>&rdquo; means an Incentive
Stock Option or a Nonqualified Stock Option.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Participant</I>&rdquo; means an officer,
employee, director or consultant of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Performance Criteria</I>&rdquo; shall
mean any, a combination of, or all of the following: (i) pre-tax income, (ii) after-tax income, (iii) net income (meaning net income
as reflected in the Company&rsquo;s financial reports for the applicable period), (iv) operating income (including net operating
income), (v) cash flow, cash flow from operations, free cash flow and any one or more of the foregoing, (vi) return on any one
or more of equity, capital, invested capital and assets, (vii) funds available for distribution, (viii) occupancy rate at any one
or more of the Company&rsquo;s or its Subsidiaries&rsquo; properties, (ix) total stockholder return, (x) funds from operations
(&ldquo;FFO&rdquo;), as computed in accordance with standards established by the National Association of Real Estate Investment
Trusts, Inc. (&ldquo;NAREIT&rdquo;), (xi) adjusted FFO (<I>i.e</I>., adjusting FFO to give effect to any one or more of the following:
straight-line rent, amortization of lease intangibles, lease termination fee income, amortization of restricted stock or other
non-cash compensation expense, amortization and/or write-off of deferred financing costs, deferred mortgage costs and debt prepayment
costs),(xii) stock appreciation (meaning an increase in the price or value of the Shares after the date of grant of an award and
during the applicable period), (xiii) revenues, (xiv) assets, (xv) earnings before any one or more of the following items: interest,
taxes, impairment charges, depreciation or amortization for the applicable period, as reflected in the Company&rsquo;s financial
reports for the applicable period, (xvi) reduction in expense levels, (xvii) operating cost management and employee productivity,
(xviii) strategic business criteria consisting of one or more objectives based on meeting specified revenue, market share, market
penetration, geographic business expansion goals, objectively identified project milestones, cost targets and goals relating to
acquisition or divestitures; (xix) achievement of business or operational goals such as market share and/or business development,
and (xx) such other metrics or criteria as the Committee may establish or select. Performance Criteria need not be the same with
respect to all Participants and may be established on an aggregate or per share basis (diluted or undiluted), may be based on performance
compared to performance by businesses or indices specified by the Committee, may be compared to any prior period, may be based
on a company-wide basis or in respect of any one or more business units, may be measured on an absolute or relative basis, may
be adjusted for non-controlling interests, and any one or more of the foregoing. All calculations and financial accounting matters
relevant to this Plan shall be determined in accordance with GAAP, except as otherwise directed by the Committee.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Performance-Based Award</I>&rdquo; means
an Award granted pursuant to Section 8 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Performance Cycle</I>&rdquo; means one
or more periods of time which may be of varying and overlapping durations, as the Committee may select, over which the attainment
of one or more Performance Goals will be measured for the purpose of determining a Participants right to and the payment of a Restricted
Stock Award, Restricted Stock Unit, Option or Performance Share Award.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Performance Goals</I>&rdquo; means for
a Performance Cycle, the applicable Performance Criteria.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Period of Restriction</I>&rdquo; means
the period during which an Award granted hereunder is subject to a substantial risk of forfeiture. Such restrictions may be based
on the passage of time, the achievement of Performance Goals or the occurrence of other events as determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Plan</I>&rdquo; means the One Liberty
Properties, Inc. 2019 Incentive Plan, as set forth in this instrument, and as hereafter amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Restricted Stock</I>&rdquo; means an
Award of Shares, the grant, issuance, retention and/or vesting of which is subject to such conditions as are expressed in the Award
Agreement and as contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Restricted Stock Unit</I>&rdquo; or &ldquo;<I>RSU</I>&rdquo;
means an Award of a right to receive one Share, the grant, issuance, retention and/or vesting of which is subject to such conditions
as are expressed in the Award Agreement and as contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Retirement</I>&rdquo; means (i) a director
who has attained the age of 65 years who resigns or retires from the Board or does not stand for re-election to the Board and has
served continuously as a director of the Company for not less than six consecutive years, and (ii) an officer or employee of, or
consultant to, the Company or one of its Subsidiaries who has attained the age of 65 years who resigns or retires from the Company
or one of its Subsidiaries and has served in any such capacity with the Company or one of its Subsidiaries for not less than ten
consecutive years at the time of retirement or resignation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Shares</I>&rdquo; means the shares of
common stock, $1.00 par value, of the Company, or any other security of the Company determined by the Committee pursuant to Section
5.3.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<I>Subsidiary</I>&rdquo; means (i) a corporation,
association or other business entity of which 50% or more of the total combined voting power of all classes of capital stock is
owned, directly or indirectly, by the Company or by one or more Subsidiaries of the Company or by the Company and one or more Subsidiaries
of the Company, (ii) any partnership or limited liability company of which 50% or more of the capital and profit interests is owned,
directly or indirectly, by the Company or by one or more Subsidiaries of the Company or by the Company and one or more Subsidiaries
of the Company, or (iii) any other entity not described in clauses (i) or (ii) above of which 50% or more of the ownership and
the power, pursuant to a written contract or agreement, to direct the policies and management or the financial and the other affairs
thereof, are owned or controlled by the Company or by one or more Subsidiaries of the Company or by the Company and one or more
Subsidiaries of the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>SECTION 3</B><BR>
<B>ELIGIBILITY</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">3.1 <I>Participants</I>. Awards may be granted
in the discretion of the Committee to officers, employees, directors and consultants of the Company or its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">3.2 <I>Non-Uniformity</I>. Awards granted hereunder
need not be uniform among eligible Participants and may reflect distinctions based on title, compensation, responsibility or any
other factor the Committee deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>SECTION 4</B><BR>
<B>ADMINISTRATION</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">4.1 <I>The Committee</I>. The Plan will be administered
by the Committee, which, to the extent deemed necessary by the Board, will consist of two or more persons who satisfy the requirements
for a &ldquo;non-employee director&rdquo; under Rule 16b-3 promulgated under the 1934 Act. The members of the Committee shall be
appointed from time to time by, and shall serve at the pleasure of, the Board of Directors. In the absence of such appointment,
the Board of Directors shall serve as the Committee and shall have all of the responsibilities, duties, and authority of the Committee
set forth herein.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">4.2 <I>Authority of the Committee</I>. Subject
to applicable law, the Committee shall have the exclusive authority to administer and construe the Plan in accordance with its
provisions. The Committee&rsquo;s authority shall include, without limitation, the power to (a) determine persons eligible for
Awards, (b) prescribe the terms and conditions of the Awards, (c) construe and interpret the Plan, the Awards and any Award Agreement,
(d) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith and (e) establish,
interpret, amend or revoke any such rules. The Committee, in its sole discretion and on such terms and conditions as it may provide,
may delegate all or any part of its authority and powers under the Plan to one or more officers of the Company to the extent permitted
by law.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">4.3 <I>Decisions Binding</I>. All determinations
and decisions made by the Committee and any of its delegatees pursuant to Section 4.2 shall be final, conclusive and binding on
all persons, and shall be given the maximum deference permitted by law.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">4.4 <I>Limitation on Awards Granted to Non-management
directors</I>. The maximum number of Shares issuable pursuant to Awards that may be granted to a Non-management director in any
calendar year shall not exceed 10,000 Shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>SECTION 5</B><BR>
<B>SHARES SUBJECT TO THE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">5.1 <I>Number of Shares</I>. Subject to adjustment
as provided in Section 5.3, the total number of Shares available for grant under the Plan shall not exceed 750,000 Shares. The
Shares available for issuance under the Plan shall be authorized but unissued Shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">5.2 <I>Lapsed Awards</I>. Unless determined otherwise
by the Committee, Shares related to Awards that are forfeited, cancelled, terminated or expire unexercised, shall be available
for grant under the Plan. Shares that are tendered by a Participant to the Company in connection with the exercise of an Award,
withheld from issuance in connection with a Participant&rsquo;s payment of tax withholding liability, or settled in such other
manner so that a portion or all of the Shares included in an Award are not issued to a Participant shall not be available for grant
under the Plan.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">5.3 <I>Adjustments in Awards and Authorized Shares</I>.
In the event of a stock dividend or stock split, the number of Shares subject to the Plan, outstanding Awards and the numerical
amounts set forth in Sections 5, 6, 7 and 8 shall automatically be adjusted proportionally to prevent the dilution or diminution
of such Awards, except to the extent directed otherwise by the Committee. In the event of a merger, reorganization, consolidation,
recapitalization, separation, liquidation, combination or other similar change in the structure of the Company affecting the Shares,
the Committee shall adjust the number and class of Shares which may be delivered under the Plan, the number, class and price of
Shares subject to outstanding Awards, and the numerical limits of Sections 5, 6, 7 and 8 in such manner as the Committee shall
determine to be advisable or appropriate to prevent the dilution or diminution of such Awards. Any such numerical limitations shall
be subject to adjustment under this Section only to the extent such adjustment will not affect the ability to grant or the qualification
of Incentive Stock Options under the Plan or subject the Participant to taxes, penalties and interest imposed under section 409A(a)(1)
of the Code.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">5.4 <I>Restrictions on Transferability</I>. The
Committee may impose such restrictions on any Award, Award of Shares or Shares acquired pursuant to an Award as it deems advisable
or appropriate, including, but not limited to, restrictions related to applicable Federal securities laws, the requirements of
any national securities exchange or system upon which Shares are then listed or traded, and any blue sky or state securities laws.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in"></P>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>SECTION 6</B><BR>
<B>STOCK OPTIONS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">6.1 <I>Grant of Options</I>. Subject to the terms
and provisions of the Plan, Options may be granted to Participants at any time and from time to time as determined by the Committee.
The Committee shall determine the number of Shares subject to each Option. The Committee may grant Incentive Stock Options, Nonqualified
Stock Options, or any combination thereof. The maximum aggregate number of Shares underlying Options granted in any one calendar
year to an individual Participant is 50,000.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">6.2 <I>Award Agreement</I>. Each Option shall be
evidenced by an Award Agreement that shall specify the Exercise Price, the expiration date of the Option, the number of Shares
to which the Option pertains, whether the Option is intended to be an Incentive Stock Option or a Nonqualified Stock Option, any
conditions on exercise of the Option and such other terms and conditions as the Committee shall determine, including terms regarding
forfeiture of Awards or continued exercisability of Awards in the event of termination of employment by the Participant.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">6.3 <I>Exercise Price</I>. The Exercise Price for
each Option shall be determined by the Committee and shall be provided in each Award Agreement; <I>provided</I>, <I>however</I>,
the Exercise Price for each Option may not be less than one hundred percent (100%) of the Fair Market Value of a Share on the Grant
Date. In the case of an Incentive Stock Option, the Exercise Price shall be not less than one hundred ten percent (110%) of the
Fair Market Value of a Share if the Participant (together with persons whose stock ownership is attributed to the Participant pursuant
to section 424(d) of the Code) owns on the Grant Date stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">6.4 <I>Expiration of Options</I>. Except as provided
in Section 6.7(c) regarding Incentive Stock Options, each Option shall terminate upon the earliest to occur of (i) the date(s)
for termination of the Option set forth in the Award Agreement or (ii) the expiration of ten (10) years from the Grant Date. Subject
to such limits, the Committee shall provide in each Award Agreement when each Option expires and becomes un-exercisable. Except
as set forth in an Award Agreement or as provided by the Committee, upon Retirement of a Participant, an Option may be exercised
by such Participant to the extent it was exercisable on the effective date of the Retirement and shall be exercisable for a period
of six months from the effective date of such Retirement, but not later than the expiration of the maximum term such Option. The
Committee may not, after an Option is granted, extend the maximum term of the Option.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">6.5 <I>Exercisability of Options</I>. Options granted
under the Plan shall be exercisable, in whole or in part, at such times and be subject to such restrictions and conditions as the
Committee shall determine. After an Option is granted, the Committee may accelerate or waive any condition constituting a substantial
risk of forfeiture applicable to the Option.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">6.6 <I>Payment</I>. Options shall be exercised
by a Participant&rsquo;s delivery of a written notice of exercise to the Secretary of the Company (or his or her designee), setting
forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares. Upon
the exercise of an Option, the Exercise Price shall be payable to the Company in full in cash or its equivalent. The Committee
may permit exercise (a) by the Participant tendering previously acquired Shares having an aggregate Fair Market Value at the time
of exercise equal to the total Exercise Price, (b) the Participant tendering a combination of cash and previously acquired Shares
equal to total Exercise Price (the Shares tendered being valued at Fair Market Value at the time of exercise), or (c) by any other
means which the Committee determines to provide legal consideration for the Shares, and to be consistent with the purposes of the
Plan. As soon as practicable after receipt of a written notification of exercise and full payment for the Shares purchased, the
Company shall deliver, or cause to be delivered, to the Participant, evidence of such Participant&rsquo;s ownership of such Shares.
No right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares as to which the
Option has been exercised until the records of the Company or its transfer agent reflect the issuance of such Shares. No adjustment
will be made for a dividend or other rights for which a record date is established prior to the date the records of the Company
or its transfer agent reflect the issuance of the Shares upon exercise of the Options.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">6.7 <I>Certain Additional Provisions for Incentive
Stock Options</I>.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(a) <I>Exercisability</I>. The aggregate
Fair Market Value (determined on the Grant Date(s)) of the Shares with respect to which Incentive Stock Options are exercisable
for the first time by any Participant during any calendar year (under all plans of the Company, any parent and its Subsidiaries)
shall not exceed $100,000. The portion of the Option which is in excess of the $100,000 limitation shall be treated as a Non-Qualified
Option pursuant to Section 422(d)(1) of the Code.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(b) <I>Company and Subsidiaries Only</I>.
Incentive Stock Options may be granted only to Participants who are officers or employees of the Company or a Subsidiary on the
Grant Date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(c) <I>Expiration</I>. No Incentive
Stock Option may be exercised after the expiration of ten (10) years from the Grant Date. In the case of an Incentive Stock Option
that is granted to a Participant who (together with persons whose stock ownership is attributed to the Participant pursuant to
Section 424(d) of the Code) owns on the Grant Date stock possessing more than 10% of the total combined voting power of all classes
of stock of the Company or any of its Subsidiaries, the term of such Incentive Stock Option shall be no more than five years from
the Grant Date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">6.8 <I>Restriction on Transfer</I>. Except as otherwise
determined by the Committee or as set forth in the Award Agreement, no Option may be transferred, gifted, pledged, assigned, or
otherwise alienated or hypothecated, voluntarily or involuntarily. Upon the death or Disability of a Participant, an Option may
be exercised by the duly appointed personal representative of the deceased Participant or in the event of a Disability by the Participant
or the duly appointed attorney-in-fact, guardian or custodian of the Disabled Participant to the extent the Option was exercisable
on the date of death or the date of Disability and shall be exercisable for a period of six months from the date of death or the
date of Disability.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">6.9 <I>Repricing of Options</I>. Without stockholder
approval, (i) the Company will not reprice, replace or regrant an outstanding Option either in connection with the cancellation
of such Option or by amending an Award Agreement to lower the exercise price of such Option, and (ii) the Company will not cancel
outstanding Options in exchange for cash or other Awards.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">6.10 <I>Voting Rights</I>. A Participant shall
have no voting rights with respect to any Options granted hereunder.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>SECTION 7</B><BR>
<B>RESTRICTED STOCK AND RESTRICTED STOCK UNITS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">7.1 <I>Grant of Restricted Stock and Restricted
Stock Units</I>. Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Shares
of Restricted Stock and/or RSUs to Participants in such amounts as the Committee shall determine. The Committee shall determine
the number of Shares of Restricted Stock and/or RSUs to be granted to each Participant and the time when each Award shall be granted.
No more than 100,000 Shares of each of Restricted Stock and Shares underlying RSUs may be granted to any individual Participant
in any one calendar year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">7.2 <I>Restricted Stock and RSU Agreements</I>.
Each Award of Restricted Stock and RSUs shall be evidenced by an Award Agreement that shall specify the Period of Restriction,
the number of Shares of Restricted Stock granted, the number of Shares subject to an RSU, any applicable Performance Goals and
Performance Cycle, and such other terms and conditions as the Committee shall determine, including terms regarding forfeiture of
Awards in the event of termination of employment by the Participant or termination of the Participant&rsquo;s relationship with
the Company as a director, officer or consultant.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">7.3 <I>Transferability</I>. Except as otherwise
determined by the Committee or as set forth in the Award Agreement, Shares of Restricted Stock and RSUs (including Shares underlying
RSUs) may not be sold, transferred, gifted, bequeathed, pledged, assigned, or otherwise alienated or hypothecated, voluntarily
or involuntarily, until the end of the applicable Period of Restriction and the satisfaction, in whole or in part, of any applicable
Performance Goals within the applicable Performance Cycle. Except as otherwise determined by the Committee or as set forth in the
Award Agreement, in the event of the death, Disability or Retirement of a Participant, all unvested Restricted Stock and unvested
RSUs shall not vest on the date of death or Disability or the effective date of Retirement. Without stockholder approval, the Company
will not, except as otherwise provided for in the Plan, repurchase outstanding unvested Restricted Stock or unvested RSUs in exchange
for cash or accelerate the vesting of outstanding unvested Shares of Restricted Stock or RSUs.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">7.4 <I>Other Restrictions</I>. The Committee may
impose such other restrictions on Shares of Restricted Stock and RSUs (including Shares underlying RSUs) as it may deem advisable
or appropriate in accordance with this Section 7.4.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(a) <I>General Restrictions</I>. The
Committee may set one or more restrictions based upon (a) the achievement of specific Performance Goals, (b) applicable Federal
or state securities laws, (c) time-based restrictions, or (d) any other restrictions determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(b) <I>Methods of Implementing Restrictions</I>.
The Committee may take such action as it, in its sole discretion, deems appropriate to give notice to the Participant of, and implement,
the restrictions imposed pursuant to Section 7.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">7.5 <I>Removal of Restrictions</I>. After the end
of the Period of Restriction, the Shares(including the Shares underlying the RSUs) shall be freely transferable by the Participant,
subject to any other restrictions on transfer (including without limitation, limitations imposed pursuant to the Company&rsquo;s
organizational documents) which may apply to such Shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">7.6 <I>Voting Rights</I>. Except as otherwise determined
by the Committee and set forth in the Award Agreement, Participants holding (a) Shares of Restricted Stock shall have voting rights
during the Period of Restriction and (b) RSUs shall not have voting rights during the Period of Restriction.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">7.7 <I>Dividends and Other Distributions</I>. Except
as otherwise determined by the Committee and set forth in the Award Agreement, Participants holding (a) Shares of Restricted Stock
shall be entitled to receive all dividends and other distributions paid with respect to the Shares during the Period of Restriction
and (b) except to the extent a Dividend Equivalent Right is granted in tandem with an RSU, RSUs shall not be entitled to receive
any dividends or other distributions paid with respect to the underlying Shares during the Period of Restriction.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>SECTION 8</B><BR>
<B>PERFORMANCE-BASED AWARDS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">8.1 <I>Performance-Based Awards.</I> Participants
selected by the Committee may be granted one or more Performance Awards in the form of Options, Restricted Stock, Restricted Stock
Units, Dividend Equivalent Rights or Performance Share Awards payable upon the attainment of Performance Goals that are established
by the Committee and related to one or more of the Performance Criteria, in each case on a specified date or dates or over a Performance
Cycle as determined by the Committee. The Committee shall define the manner of calculating the Performance Criteria it selects
to use for any Performance Cycle. Depending on the Performance Criteria used to establish such Performance Goals, the Performance
Goals may be expressed in terms of overall Company performance or the performance of an individual. The Committee, in its discretion,
may adjust or modify the calculation of Performance Goals for such Performance Cycle in order to prevent the dilution or enlargement
of the rights of an individual (i) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction,
event or development, (ii) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company,
or the financial statements of the Company, or (iii) in response to, or in anticipation of, changes in applicable laws, regulations,
accounting principles, or business conditions; <I>provided, however</I>, that the Committee may not exercise such discretion in
a manner that would increase the Performance-Based Award granted to a Participant. Each Performance-Based Award shall comply with
the provisions set forth below. Performance Awards, other than Dividend Equivalent Rights, shall be paid in Shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">8.2 <I>Grant of Performance-Based Awards</I>. With
respect to each Performance-Based Award granted to a Participant, the Committee shall select, within the first 180 days of the
beginning of a Performance Cycle, the Performance Criteria for such grant, and the Performance Goals with respect to each Performance
Criterion (including, if applicable, a threshold level of performance below which no amount will become payable with respect to
such Award). Each Performance-Based Award will specify the amount payable, or the formula for determining the amount payable, upon
achievement of the various applicable performance targets. The Performance Criteria established by the Committee may be (but need
not be) different for each Performance Cycle and different Performance Goals may be applicable to Performance-Based Awards to different
Participants.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">8.3 <I>Payment of Performance-Based Awards</I>.
Following the completion of a Performance Cycle, the Committee shall meet to review and certify in writing whether, and to what
extent, the Performance Goals for the Performance Cycle have been achieved and, if so, to calculate and certify in writing the
amount of the Performance-Based Awards earned for the Performance Cycle.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">8.4 <I>Maximum Award Payable</I>. The maximum Performance-Based
Award payable to any one Participant under the Plan for a Performance Cycle is 100,000 Shares (subject to adjustment as provided
in Section 5.3 hereof).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>SECTION 9</B><BR>
<B>DIVIDEND EQUIVALENT RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">9.1 <I>Dividend Equivalent-Rights. </I>A Dividend
Equivalent Right may be granted hereunder to any Participant only in tandem with an Award of RSUs or a Performance Based Award
(other than an Award of Restricted Stock or Options). The terms and conditions of Dividend Equivalent Rights shall be specified
in the Award Agreement which shall provide that such Dividend Equivalent Right, except to the extent otherwise provided in the
related Award Agreement, shall (i) not be sold, transferred, gifted, bequeathed, pledged, assigned, or otherwise alienated or hypothecated,
voluntarily or involuntarily, until the end of the applicable Period of Restriction and the satisfaction, in whole or in part,
of any applicable Performance Goals within the applicable Performance Cycle, and (ii) be settled upon settlement or payment of,
or lapse of restrictions on, the Award to which it relates, and such Dividend Equivalent Right shall expire or be forfeited or
annulled under the same conditions as such Award.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>SECTION 10</B><BR>
<B>AMENDMENT, TERMINATION, AND DURATION</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">10.1 <I>Amendment, Suspension, or Termination</I>.
The Board, in its sole discretion, may amend, suspend or terminate the Plan, or any part thereof, at any time and for any reason;
<I>provided</I>, <I>however</I>, that if and to the extent required by law or to maintain the Plan&rsquo;s compliance with the
Code, the rules of any national securities exchange (if applicable), or any other applicable law, any such amendment shall be subject
to stockholder approval. The amendment, suspension or termination of the Plan shall not, without the consent of the Participant,
alter or impair any rights or obligations under any Award theretofore granted to such Participant. No Award may be granted during
any period of suspension or after termination of the Plan.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">10.2 <I>Duration of the Plan</I>. The Plan shall
become effective in accordance with Section 1.1, and subject to Section 10.1, shall remain in effect until the tenth anniversary
of the effective date of the Plan.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>SECTION 11</B><BR>
<B>TAX WITHHOLDING</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">11.1 <I>Withholding Requirements</I>. Prior to
the delivery of any Shares pursuant to an Award (or the exercise thereof), the Company shall have the power and the right to deduct
or withhold from any amounts due to the Participant from the Company, or require a Participant to remit to the Company, an amount
sufficient to satisfy Federal, state and local taxes (including the Participant&rsquo;s FICA obligation) required or appropriate
to be withheld with respect to such Award (or the exercise or vesting thereof).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">11.2 <I>Withholding Arrangements</I>. The Company,
pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation,
in whole or in part, by (a) electing to have the Company withhold otherwise deliverable Shares, or (b) delivering to the Company,
Shares then owned by the Participant. The amount of the withholding requirement shall be deemed to include any amount that the
Company agrees may be withheld at the time any such election is made, not to exceed the amount determined by using the maximum
federal, state and local marginal income tax rates applicable to the Participant with respect to the Award on the date that the
amount of tax to be withheld is to be determined. The Fair Market Value of the Shares to be withheld or delivered shall be determined
as of the date that the taxes are required to be withheld.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>SECTION 12</B><BR>
<B>CHANGE IN CONTROL</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">12.1 <I>Change in Control</I>. For purposes of
the Plan, a Change in Control means any of the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(a) the acquisition (other than from
the Company) in one or more transactions by any person (as such term is used in Section 13(d) of the 1934 Act) of the beneficial
ownership (within the meaning of Rule 13d-3 under the 1934 Act) of 25% or more of (i) the then outstanding Shares or (ii) the combined
voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors (the <I>&ldquo;Company
Voting Stock&rdquo;</I>); <I>provided, however,</I> the provision of this Section 12.1(a) is not applicable to acquisitions made
individually, or as a group, by Fredric H. Gould, Matthew J. Gould and Jeffrey A. Gould, and their respective spouses, lineal descendants
and Affiliates;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(b) individuals who, as of the date of
the Award, constitute the Board of Directors (the <I>&ldquo;Incumbent Board&rdquo;</I>) cease for any reason to constitute at least
a majority of the Board; <I>provided</I>, <I>however</I>, that any individual becoming a director subsequent to the date of such
Award whose election, or nomination for election by the Company&rsquo;s stockholders, was approved by a vote of at least a majority
of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an
actual or threatened election contest (as such terms are used in Regulation 14A promulgated under the 1934 Act) or other actual
or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(c) the closing of a sale or other conveyance
of all or substantially all of the assets of the Company; or</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(d) the effective time of any merger,
share exchange, consolidation, or other business combination involving the Company if immediately after such transaction persons
who hold a majority of the outstanding voting securities entitled to vote generally in the election of directors of the surviving
entity (or the entity owning 100% of such surviving entity) are not persons who, immediately prior to such transaction, held the
Company&rsquo;s voting Shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">12.2 <I>Effect of Change of Control</I>. On the
effective date of any Change in Control, unless the applicable Award Agreement provides otherwise: (i) in the case of an Option,
each such outstanding Option shall become exercisable in full in respect of the aggregate number of Shares covered thereby; and
(ii) in the case of Restricted Stock, Restricted Stock Units, Dividend Equivalent Rights and Performance Share Awards, the Period
of Restriction applicable to each such Award shall be deemed to have expired. Notwithstanding the foregoing, unless otherwise provided
in the applicable Award Agreement, the Committee may, in its discretion, determine that any or all outstanding Awards of any or
all types granted pursuant to the Plan will not become exercisable on an accelerated basis nor will the Restriction Period expire
in connection with a Change of Control if effective provision has been made for the taking of such action which, in the opinion
of the Committee, is equitable and appropriate to substitute a new Award for such Award or for the assumption of such Award and
to make such new or assumed Award, as nearly as may be practicable, equivalent to the old Award (before giving effect to any acceleration
of the exercisability or the expiration of the Restriction Period), taking into account, to the extent applicable, the kind and
amount of securities, cash, or other assets into or for which the Shares may be changed, converted, or exchanged in connection
with such Change of Control.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>SECTION 13</B><BR>
<B>MISCELLANEOUS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">13.1 <I>Deferrals</I>. To the extent consistent
with the requirements of section 409A of the Code, the Committee may provide in an Award Agreement or another document that a Participant
is permitted or required to defer receipt of the delivery of Shares that would otherwise be due to such Participant under an Award,
other than an Option, any such deferral shall be subject to such rules and procedures as shall be determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">13.2 <I>Termination for Cause</I>. If a Participant&rsquo;s
employment or relationship with the Company or a Subsidiary shall be terminated for cause by the Company or such Subsidiary during
the Restriction Period or prior to the exercise of any Option (for these purposes, cause shall have the meaning ascribed thereto
in any employment agreement or Award Agreement to which such Participant is a party or, in the absence thereof, shall include,
but not be limited to, insubordination, dishonesty, incompetence, moral turpitude, the refusal to perform his duties and responsibilities
for any reason (other than illness or incapacity) and other misconduct of any kind, as determined by the Committee), then, (i)
all Options (whether or not then vested and exercisable) shall immediately terminate and (ii) such Participant&rsquo;s rights to
all Restricted Stock, RSUs, Dividend Equivalent Rights and Performance Share Awards shall be forfeited immediately.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">13.3 <I>No Effect on Employment or Service</I>.
Nothing in the Plan, any Award or any Award Agreement, and no action of the Committee, shall confer or be construed to confer on
any Participant any right to continue in the employ or service of the Company or any Subsidiary or shall interfere with or limit
in any way the right of the Company or any Subsidiary to terminate any Participant&rsquo;s employment or service at any time, with
or without cause. Employment with the Company or any Subsidiary is on an at-will basis only, unless otherwise provided by an applicable
employment or service agreement between the Participant and the Company or any Subsidiary, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">13.4 <I>Successors</I>. All obligations of the
Company under the Plan, with respect to Awards granted hereunder, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect merger, consolidation or otherwise, or the purchase of all or
substantially all of the business or assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">13.5 <I>No Rights as Stockholder</I>. Except to
the limited extent provided in Sections 7.6 and 7.7, no Participant (nor any beneficiary thereof) shall have any of the rights
or privileges of a stockholder of the Company with respect to any Shares issuable pursuant to an Award (or the exercise or vesting
thereof), unless and until the issuance of such Shares shall have been recorded on the records of the Company or its transfer agents
or registrars.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">13.6 <I>Uncertificated Shares</I>. Notwithstanding
any provision of the Plan to the contrary, the ownership of Shares issued under the Plan may be evidenced in such a manner as the
Committee, in its sole discretion, deems appropriate, including by book-entry or direct registration (including transaction advices)
or the issuance of one or more share certificates, and to the extent that the Plan, applicable law or the Company&rsquo;s organizational
documents, require or contemplate the imposition of a legend or other notation on one or more certificates evidencing Shares or
an Award, the Committee shall have the sole discretion to determine the manner in which such legend or notation is implemented.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">13.7 <I>Fractional Shares</I>. No fractional Shares
shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, or Awards, or other
property shall be issued or paid in lieu of fractional Shares or whether such fractional Shares or any rights thereto shall be
forfeited or otherwise eliminated.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">13.8 <I>Severability</I>. In the event any provision
of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts
of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">13.9 <I>Requirements of Law; Claw-Back Policies</I>.
The grant of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules and regulations, and
to such approvals by any governmental agencies or national securities exchanges as may be required from time to time, and shall
be subject to the applicable provisions of any claw-back policy implemented by the Company, whether implemented prior to or after
the grant of such Award, including without limitation, any claw-back policy adopted to comply with the requirements of applicable
law (including the requirements of a national securities exchange).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">13.10 <I>Securities Law Compliance</I>. To the
extent any provision of the Plan, Award Agreement or action by the Committee fails to comply with any applicable federal or state
securities law, it shall be deemed null and void, to the extent permitted by law and deemed advisable or appropriate by the Committee.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">13.11 <I>Real Estate Investment Trust</I>. No Award
shall be granted or awarded and, with respect to any Award granted under the Plan, such Award shall not vest, be exercisable or
be settled, to the extent that the grant, vesting, exercise or settlement of such Award could cause the Participant or any other
person to be in violation of any restrictions on ownership and transfer of the Company&rsquo;s securities set forth in its articles
of incorporation or other governing instrument or organizational documents, as amended, and in effect from time to time, or if,
in the discretion of the Committee, the grant, vesting, exercise or settlement of such award could otherwise impair the Company&rsquo;s
status as a real estate investment trust under the Code.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">13.12 <I>Governing Law</I>. The Plan and all Award
Agreements shall be construed in accordance with and governed by the laws of the State of Maryland.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: Black">13.13 <I>Captions</I>.
Captions are provided herein for convenience of reference only, and shall not serve as a basis for interpretation or construction
of the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"></P>

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<DOCUMENT>
<TYPE>EX-14.1
<SEQUENCE>3
<FILENAME>f8k061319ex14-1_oneliberty.htm
<DESCRIPTION>REGISTRANT'S AMENDED AND RESTATED CODE OF BUSINESS CONDUCT AND ETHICS DATED JUNE 13, 2019
<TEXT>
<HTML>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 14.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ONE
LIBERTY PROPERTIES, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CODE
OF BUSINESS CONDUCT AND ETHICS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDED
AND RESTATED AS OF JUNE 13, 2019</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PURPOSE</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>What
is the purpose of this Code of Business Conduct and Ethics?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Code of Business Conduct and Ethics (the &ldquo;Code&rdquo;) contains general guidelines for conducting the business of One Liberty
Properties, Inc. (the &ldquo;Company&rdquo;), consistent with the highest standards of business ethics. The purpose of the Code
is to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">promote
                                         honest and ethical conduct, including fair dealing and the ethical handling of conflicts
                                         of interest;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">promote
                                         full, fair, accurate, timely and understandable disclosure;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">promote
                                         compliance with applicable laws and governmental rules and regulations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ensure
                                         the protection of the Company&rsquo;s legitimate business interests, including corporate
                                         opportunities, assets and confidential information; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deter
                                         wrongdoing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>To
whom does this Code apply?</I><BR>
<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Code applies to all the officers, directors and employees of the Company, Gould Investors L.P., BRT Apartments Corp., Majestic
Property Management Corp., their respective subsidiaries, and any one or more of the foregoing. All of the individuals to whom
this Code applies are referred to as &ldquo;Associates&rdquo; and all these entities are referred to collectively as &ldquo;Affiliated
Entities.&rdquo; Unless otherwise indicated or the context otherwise requires, references to the Company include the Affiliated
Entities and their respective subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Is
compliance with the Code important?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes.
Compliance is required because it is important that we act with, and maintain our reputation for, honesty and integrity. Furthermore,
if you violate the law or this Code, you may be exposed personally to substantial civil damages, criminal fines and imprisonment,
and we may face substantial fines and penalties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>In
addition to complying with the Code, must we also comply with federal, state and local laws?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes.
You must comply with federal law and the laws of the cities and states in which we operate. Although you are not expected to know
the details of all of these laws, it is important to know enough to determine when to seek advice from executives or other appropriate
personnel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Does
the Code take priority over obligations imposed by law?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.
This Code is a minimum standard. If a law, rule or regulation conflicts with this Code you must comply with the law, rule or regulation;
however, if a local custom or policy conflicts with this Code, you must comply with the Code. If this Code requires a higher standard
than is required by local custom or policy or applicable law, rules and regulations, you are required to adhere to these higher
standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONFLICTS
OF INTEREST</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>What
are conflicts of interest?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
conflict of interest occurs when you are in a position to influence a decision that may result in personal gain for you or your
relatives (as defined in the following question) as a result of your or their business dealings with us or our Affiliated Entities.
Personal gain results in cases where you or your relative (i) has a significant financial interest in, or is employed by, a company
with which we or an Affiliated Entity does business, or (ii) receives any loan, kickback, bribe, referral, brokerage or finder&rsquo;s
fee, substantial gift or special consideration as a result of, or in connection with, any transaction or business dealings involving
us or an Affiliated Entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Who
are my &ldquo;relatives&rdquo; for the purpose of this Code?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
relatives, including those related to you by adoption, are your children, stepchildren, grandchildren, great-grandchildren, parents,
stepparents, grandparents, spouse or spousal equivalent, siblings, cousins (not more remote than first cousin), mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>What
is a &ldquo;substantial gift&rdquo; for the purposes of the Code?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
&ldquo;substantial gift&rdquo; is cash or any physical item having a market value in excess of $1,000. Meals, tickets to sporting
or other events, golf or other similar outings, within the New York City metropolitan area, are not subject to this $1,000 limit;
nonetheless, such activities or gifts are prohibited if they are excessive in nature. Gifts amongst relatives are not limited
by this Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>May
my relatives work for the Company or its Affiliated Entities?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is not a conflict of interest for you or your relatives to work for us or one or more of the Affiliated Entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Are
transactions between the Company and its Affiliated Entities conflicts of interest?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and the Affiliated Entities have entered into transactions and other arrangements from time-to-time pursuant to which the Company
or an Affiliated Entity provides services on behalf of the other. The Company and the Affiliated Entities may enter into such
transactions, provided that any such transaction is approved or ratified as required by applicable law, including the Maryland
General Corporation Law and the listing standards of the New York Stock Exchange. Such transactions do not constitute a conflict
of interest for the purposes of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>What
additional actions must I take to avoid a conflict of interest?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
furtherance of our goal to prevent conflicts of interest:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         you are an executive officer, upon the Committee&rsquo;s (as described at page 9) written
                                         request you will provide it with copies of your federal income tax returns and such other
                                         information relating to your financial dealings as the Committee may reasonably request.
                                         For purposes of the Code, you are an &ldquo;executive officer&rdquo; if you file reports
                                         with respect to the Company or an Affiliated Entity pursuant to Section 16(a) of the
                                         Securities and Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
                                         may not make (or receive) a loan (in excess of $2,500) to (from) another Associate, who
                                         is not your relative, without the prior written consent of the Committee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
                                         must promptly notify the Committee of any loan (and the material terms thereof) in excess
                                         of $2,500 you receive from the Company or any Affiliated Entity.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
                                         agree that the Committee may obtain (at the Company&rsquo;s expense on a periodic basis
                                         as determined by the Committee), a credit report, criminal background report or other
                                         report of verification with respect to you as the Committee deems appropriate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
                                         we enter, other than in the ordinary course of business, into an arrangement or transaction
                                         with another person or entity (a &ldquo;counterparty&rdquo;), you must notify the Committee
                                         in writing of any direct or indirect ownership, employment or fee or profit participation
                                         or similar interest that you or your relative may have (or had within the prior three
                                         years) with such counterparty. (If you are not an executive officer or director of ours,
                                         you are only required to notify the Committee of such transaction or arrangement as soon
                                         as you become aware of same). You are not required to disclose arrangements or transactions
                                         involving a counterparty that is a public company or an affiliate thereof (<I>i.e</I>.,
                                         a company, other than the Company or BRT Apartments Corp., subject to the reporting requirements
                                         of Sections 12, 13 or 15 of the Exchange Act)) in which you or your relative has an interest,
                                         unless you or your relative is an executive officer or director of such public counterparty
                                         or you or your relative beneficially own more than 5% of the voting power of such public
                                         counterparty.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         you learn that any executive officer has failed to fulfill a material financial obligation
                                         to us or any Affiliated Entity for more than 30 days or that a check from any executive
                                         officer to the Company or any Affiliated Entity did not clear and the executive officer
                                         did not replace the check with good funds within 30 days, then you must promptly disclose
                                         same to the Committee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>III.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CORPORATE
OPPORTUNITIES</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>What
is a &ldquo;corporate opportunity&rdquo;?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
are obligated to advance our business interests when the opportunity to do so arises. If you are presented with, or becomes aware
of, a business opportunity that is in our line of business (an &ldquo;OLP Opportunity&rdquo;), you must obtain our permission
to pursue such opportunity before you may pursue same in your individual capacity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you are an independent director (as determined from time-to-time by our board of directors) and identify an OLP Opportunity through
the use of our information or as a result your position with us, you must obtain our permission to pursue such opportunity before
you may pursue same in your individual capacity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>What
steps must I take if I desire to pursue, in my personal capacity, an OLP Opportunity?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
must fully disclose to the Committee the terms and conditions of such opportunity. If there is any ambiguity as to whether or
not an opportunity is an OLP Opportunity, the ambiguity shall be construed in our favor and the opportunity shall be deemed to
be an OLP Opportunity. You are encouraged to seek our consent if there is any question, ambiguity or issue as to whether or not
a specific business opportunity is an OLP Opportunity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Who
decides whether I may pursue, in my personal capacity, an OLP Opportunity?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Committee, the Affiliated Entities or other appropriate management personnel will determine whether you may pursue an OLP Opportunity
and you will be notified of such determination by an executive officer. If you are a director or executive officer of the Company,
such determination will be made by our audit committee or other committee comprised solely of independent directors (such committees
are referred to in the Code as an &ldquo;independent committees&rdquo;) who will notify you of such determination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you are permitted to pursue an OLP Opportunity in your individual capacity, you may only pursue such opportunity on substantially
the same terms and conditions as such opportunity was offered to us. Authorizing you to pursue an OLP Opportunity does not constitute
a waiver of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IV.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONFIDENTIAL
INFORMATION; PUBLIC COMMUNICATIONS</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>What
is confidential information?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
carrying out our business, you may learn confidential or proprietary information about us, our tenants, suppliers, partners or
others with whom we do business. Confidential or proprietary information of the Company and those with whom we do business, includes
any non-public information that would be harmful to the relevant company or useful or helpful to competitors, if disclosed. You
must maintain the confidentiality of such information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Are
there circumstances under which I may disclose confidential information?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may share confidential information with other Associates if you believe they should be aware of such information in furtherance
of their duties. In addition, you should disclose such information if you are required to do so by law or if instructed to do
so by your supervisor or our senior management. The obligation to preserve the confidentiality of such information continues even
after your relationship with us ends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
that nothing in this Code prohibits you from reporting possible violations of federal law or regulation to any governmental agency
or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission (the &ldquo;SEC&rdquo;),
or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. You do not need
the prior authorization of the Committee or our legal department to make any such reports or disclosures and you are not required
to notify us that you have made such reports or disclosures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>I
received a telephone call asking for information about the Company. May I disclose the requested information?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, you may respond to routine requests from our vendors, partners and tenants for information about us that is already publicly
available (<I>e.g.</I>, our address, the names of our officers, other information that is available on our website), amounts owed
to/by such vendor or tenant or that is otherwise customarily shared on a regular day-to-day-basis. <B>You may not, however, disclose
material non-public information about us - such information is referred to as &ldquo;inside information&rdquo;</B>. Disclosing
inside information may, under certain circumstances, violate federal criminal laws and may subject you and us to criminal penalties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
management and/or our legal department have designated the individuals authorized to respond to non-routine requests for information
or requests for information from journalists or securities markets professionals. If you receive a request for non-routine information,
or from a journalist or securities market professional, or if you are unsure as to whether you should respond to a request, contact
our legal department immediately.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>V.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BUYING
OR SELLING COMPANY STOCK</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>May
I buy or sell Company stock?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes,
but only if you have received permission from our legal department. In determining whether you may buy or sell, our legal department
will take into consideration a variety of factors, including whether you are in possession of inside information (described in
Section IV). Buying or selling our stock while in possession of insider information is a serious violation of federal law punishable
by prison-time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>May
my relatives or others with whom I am associated buy or sell Company stock without the approval of the Company&rsquo;s legal department?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.
The approval of our legal department must be obtained before any of the following buy or sell our stock:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">your
                                         spouse,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">your
                                         relatives (as described in Section II) who live with you,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         corporation or other entity that you may directly or indirectly control, and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         fiduciary account (where you are director, executor, custodian, etc.) with respect to
                                         which you make investment decisions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">And
even if you, your relatives or other associates are given permission by our legal department to buy or sell our stock, doing so
while in possession of inside information is a federal crime punishable by imprisonment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>May
I participate in the Company&rsquo;s dividend reinvestment plan?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes.
Participation in, or withdrawal from, such plan, is permitted subject to approval by the legal department.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VI.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FAIR
DEALING</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>May
we engage in aggressive business practices?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a history of succeeding through honest business competition. We do not seek competitive advantages through unethical or illegal
business practices. You should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information,
misrepresentation of material facts, or any other unfair business practices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>VII.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PROTECTION
OF COMPANY ASSETS; PERSONAL OR INAPPROPRIATE USE</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OF
COMPANY RESOURCES</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>May
I use Company resources for my personal benefit?</I></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should protect our assets and ensure their efficient use. Generally, all of our assets should only be used for legitimate business
purposes. While you may use our computers, communications systems and other equipment and materials for incidental personal activities,
this personal use should be kept to a minimum. Excessive personal use of the Company resources can adversely affect your performance,
increase our costs, and reduce availability of the resources for our business needs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Though
our assets may be used for incidental personal activities, you may not use our resources for any unlawful or improper purpose,
including the use of our resources to create, display, disseminate, store or transmit threatening, sexually explicit or harassing
materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Is
the Company entitled to examine or monitor my communications or work space?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have the right to monitor and inspect your use of our and our Affiliated Entities&rsquo;&nbsp;assets, including your communications
(including electronic or telephonic communications), through the use of such assets. We do not consider any such uses of these
assets to be private. Therefore, you should not place or keep any personal items, messages or information that you consider private
anywhere in our and our Affiliated Entities&rsquo; workplace, such as, telephone, office, or email systems, electronic files,
computers, smartphones and other personal communication devices, desks, or offices. If you choose to do so, you should understand
that we may at any time and for any purpose, monitor, recover through technical or other means, and review your communications,
including emails from personal email accounts, records, files, and other items that we or our Affiliated Entities finds through
or in our or their systems, assets and facilities. In addition, in order to protect you, these assets, and our business interests,
we may share anything we find with others, including our outside legal or other advisors or with law enforcement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIII.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPANY
RECORDS AND FINANCIAL REPORTING</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>What
are my duties and responsibilities with respect to the Company&rsquo;s records and financial reporting activities?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
records (<I>e.g.</I>, payroll, travel and expense reports, emails, accounting and financial data, measurement and performance
records, electronic data files) and all other records maintained in the ordinary course of our business must be complete, accurate
and reliable in all material respects. There is never a reason to make false or misleading entries. In addition, undisclosed or
unrecorded funds, payments or receipts are strictly prohibited. You are responsible for understanding and complying with our recordkeeping
policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you are involved in our public disclosure process, you must be familiar and comply with, to the extent applicable to you, our
internal controls over financial reporting and other procedures we implement from time-to-time, so that our public reports and
documents filed with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition,
if you have direct or supervisory authority regarding these SEC filings or our other public communications concerning our general
business, results, financial condition and prospects you should, to the extent appropriate within your area of responsibility,
consult with other Associates and take other appropriate steps regarding these disclosures with the goal of making full, fair,
accurate, and timely disclosure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may not make any materially false, misleading, or incomplete statement to an attorney or accountant in connection with an audit
or any filing with the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you believe the Company has engaged in any type of questionable activity, including accounting or auditing activity, you should
report such concerns in the manner described by Section X of this Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IX.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPLIANCE
PROCEDURES</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must all work to ensure prompt and consistent action against violations of this Code. However, in some situations it is difficult
to know right from wrong. Since we cannot anticipate every situation that will arise, it is important that we have a way to approach
a new question or problem. These are the steps to keep in mind:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make
                                         sure you have all the facts. In order to reach the right solutions, we must be as fully
                                         informed as possible.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ask
                                         yourself: What specifically am I being asked to do? Does it seem unethical or improper?
                                         This will enable you to focus on the specific question you are faced with, and the alternatives
                                         you have. Use your judgment and common sense; if something seems unethical or improper,
                                         it probably is.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clarify
                                         your responsibility and role. In most situations, there is shared responsibility. Are
                                         your colleagues informed? It may help to get others involved and discuss the problem.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discuss
                                         the problem with an executive officer. This is the basic guidance for all situations.
                                         In many cases, an executive officer will be more knowledgeable about the question. Remember
                                         that it is an executive officer&rsquo;s responsibility to help solve problems.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Always
                                         ask first, act later: If you are unsure of what to do in any situation, seek guidance
                                         from a member of the Committee, an executive, or our legal department, before you act.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REPORTING
CODE VIOLATIONS; CONSEQUENCES OF CODE VIOLATIONS; CONFIDENTIALITY FOR THOSE REPORTING CODE VIOLATIONS; RETALIATION PROHIBITED;
WAIVERS OF CODE VIOLATIONS</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>What
are the consequences for violating the Code?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you violate the Code, you may be subject to appropriate discipline, including termination of your relationship with us. The Committee,
based upon the facts and circumstances of each particular situation, will determine the discipline to be imposed. If you are a
member of the Committee, the consequences for violating the Code will be determined by an independent committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Am
I required to report violations of the Code?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes.
You are obligated to report any known or suspected violation of this Code, including any violation of laws, rules, regulations
or policies that apply to us or our Affiliated Entities. Reporting a known or suspected violation of this Code by others is not
an act of disloyalty &ndash; to the contrary, it is an action to safeguard the reputation and integrity of the Company and its
Associates. If you do not report known or suspected violations of the Code by another Associate, you may be subject to discipline.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>To
whom should I report violations of the Code?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you know of, or reasonably suspect, a violation of this Code, promptly (i) report the concern to a member of the Committee, (ii)
call our anonymous whistleblower hotline or (iii) contact the chairperson of our audit committee. The term &ldquo;Committee&rdquo;
refers to a committee consisting of individuals selected from time-to-time to serve in such capacity by the Board of Directors.
We will notify you on an annual basis as to the identity of the members of the Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>May
I violate the Code if instructed to do so by my supervisor or other senior management personnel?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.
Conduct that violates the law or this Code cannot be justified by claiming that it was ordered by someone in higher management.
If you are asked by a supervisor to engage in conduct that you are concerned is illegal or violates the code, you should seek
guidance from a member of the Committee, an executive or our legal department. If you engage in conduct prohibited by the law
or this Code, you will be deemed to have acted outside the scope of your relationship with us and you will be subject to disciplinary
action, including possible termination of your relationship with us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Will
my report of a Code violation be kept confidential? </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
questions and reports of known or suspected violations of the law or the Code will be treated with sensitivity and discretion.
We and the Committee will protect the anonymity of persons reporting such violations to the extent possible consistent with law
and our need to investigate the violation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Will
I be punished for reporting violations of the Code?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not retaliate against you if, in good faith, you seek help or report known or suspected violations of the Code, and anyone
who retaliates against you because of your actions in such regard will be subject to disciplinary action, including termination
of their relationship with us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>May
requirements of the Code be waived?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waivers
of a provision or requirement of the Code will be granted on a case-by-case basis. Waivers of a Code requirement with respect
to (i) Associates will be determined only by the Committee and (ii) for our directors or executive officers, may be made only
by an independent committee and will be disclosed as required by the SEC or NYSE. Approvals of conflicts of interest or other
determinations made by the Board, an independent committee, or the Committee, made in accordance with the provisions of this Code,
will not be deemed a waiver of the provisions of this Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>XI.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GENERAL</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>With
whom should I speak if I have questions regarding the Code?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you have any questions about the Code, please contact a member of the Committee or our legal department.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Who
is responsible for interpreting this Code? </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Committee or an independent committee has the authority to interpret the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Does
compliance with this Code ensure that I will continue to be employed by, or otherwise maintain a relationship with, the Company?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.
This Code is not a contract of employment with you nor a guarantee or other assurance that your employment or other relationship
with us will continue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>May
this Code be amended?</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
reserve the right to amend, supplement or discontinue this Code and the matters addressed herein, without prior notice, at any
time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">10</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

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