Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 20

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 20
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| • | Review and investigate any matters pertaining to the integrity of management, including conflicts of interest or adherence to standards of business conduct; and |

| • | Establish procedures for handling complaints involving accounting, internal accounting controls, and auditing matters. |

The charter of the Audit Committee is available on
the Company’s website (www.equuscap.com). The Committee schedules its meetings with a view to ensuring that it devotes appropriate
attention to all of its duties. The Committee’s meetings include, whenever appropriate, executive sessions with the Company’s
independent registered public accountant without the presence of management.

Each member of the Audit Committee is an independent
director within the meaning of SEC regulations and the listing standards of the New York Stock Exchange (“NYSE”).
Fraser Atkinson, the chair of the Audit Committee, is qualified as an audit committee financial expert within the meaning of SEC regulations
and the Board has determined that he has accounting and related financial management expertise within the meaning of the listing standards
of the NYSE. The Audit Committee met five times during 2024.

Committee of the Independent Directors

The functions of the Committee of the Independent
Directors are to: recommend to the full Board approval of any management, advisory, or administration agreements; recommend to the full
Board any underwriting or distribution agreements; review the fidelity bond and premium allocation; review any joint insurance policies
and premium allocation; review and monitor the Company’s compliance with procedures adopted pursuant to certain rules promulgated
under the 1940 Act, meet regularly with the Company’s Chief Compliance Officer; and carry out such other duties as the independent
directors shall, from time to time, conclude are necessary in the performance of their duties under the 1940 Act.

The Committee of Independent Directors met at regularly
scheduled Board Meetings in executive sessions without any members of management present. During 2024, each member of this Committee was
considered an independent director within the meaning of SEC regulations and the listing standards of the NYSE.

Compensation Committee

The Compensation Committee is responsible for reviewing
and evaluating the compensation of the Company’s Chief Executive Officer. In addition, the Compensation Committee periodically reviews
independent and interested director compensation and recommends any appropriate changes to the Board. Lastly, the Compensation Committee
produces a report on the Company’s executive compensation practices and policies for inclusion in the Company’s proxy statement
if required by applicable proxy rules and regulations and makes recommendations to the Board on the Company’s executive compensation
practices and policies. The charter