Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 27

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 27
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 5.0%, or (ii) the U.S. Consumer Price
Index for the twelve-month period ending on each anniversary date of the agreement. The agreement also provides for various annual and
periodic bonuses based upon achievement of certain criteria, such as acquisitions made by the Company, and a percentage of the amount
received in connection with the disposition of the Company’s existing portfolio investments, as well as a percentage of the net
amount received in connection with the disposition of future portfolio investments. The agreement also entitles Mr. Denos to receive restricted
stock awards equal to 2.5% of the Company’s issued and outstanding shares as of the date of the agreement. The annual bonuses are
subject to an annual cap equal to Mr. Denos’s base annual compensation, and any of the annual bonuses earned that exceed the cap
will be carried over into subsequent fiscal years. If the agreement is terminated without cause or the Company experiences a change of
control, as defined therein, Mr. Denos will be entitled to receive two year’s base compensation, together with all bonuses earned
during the two-year period up to the date of termination.

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Compensation Recoupment Policy

Effective December 1, 2023, the Company adopted a
Compensation Recoupment Policy in accordance with the requirements of the NYSE. Under the policy, the Board may recover “Incentive-Based
Compensation” from any of our executive officers for up to a 3-year period for intentional misconduct, fraud in the course of employment
with the Company, failure to supervise other personnel who cause material financial damage to the Company, or if the Company is required
to restate its financial statements due to material noncompliance with relevant financial reporting requirements of the U.S. Securities
and Exchange Commission during such period.

Grants of Plan-Based Awards

On March 17, 2017, the Company granted awards of restricted
stock under the Incentive Plan to certain of its directors and executive officers in the aggregate amount of 844,500 shares. The awards
were each subject to a vesting requirement over a 3-year period and have now fully vested.

Outstanding Equity Awards

Other than the awards of restricted stock under the
Incentive Plan made in 2017 as described under Grants of Plan-Based Awards above, the Company had no other equity awards outstanding
in the years 2018 through 2024.

Options Exercised and Stock Vested

There were no stock