Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 17

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 17
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 statement. Based on such review and discussions, we have recommended to the Board of Directors the inclusion of the
Compensation Discussion and Analysis in this proxy statement.

Henry W. Hankinson

Fraser Atkinson

John J. May

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<div align='center'>GOVERNANCE OF THE COMPANY</div>

How is the Company’s management structured?

The Board of Directors changed the Company’s
operations to an internalized management structure on July 1, 2009. This means that, unlike many closed-end funds and business development
companies, the Company directly employs its management team and incurs the costs and expenses associated with Company operations. There
is no outside investment advisory organization providing services to the Company under a fee-based advisory agreement, or an administrative
organization charging the Company for services rendered.

What are the duties of the Board of Directors?

Leadership Structure. The Board provides overall
guidance and supervision with respect to the operations of the Company and performs the various duties specified for directors of business
development companies under the 1940 Act. Among other things, the Board supervises Company management, the custodial arrangements for
portfolio securities, the selection of accountants, fidelity bonding, and transactions with affiliates.

The Board meets in regularly scheduled meetings each
year. All Board actions are taken by majority vote unless a higher percentage is required by law or the Company’s certificate of
incorporation or by-laws require that the actions be approved by a majority of the directors who are not “interested persons”
(as defined in the 1940 Act) of the Company—referred to as “independent directors.”

The 1940 Act requires that a majority of the Company’s
directors be independent directors. The Board is currently composed of 5 directors, including 3 independent directors. As discussed below,
the Board has established 4 Committees to assist the Board in performing its oversight responsibilities.

The Board has appointed John A. Hardy to serve as
the Company’s Chief Executive Officer. In addition to being the principal executive officer of the Company, one of the Chief Executive
Officer’s roles is to set the agenda of the Board and determine what information is provided to the Board with respect to matters
to be acted upon by the Board.

The Board has also appointed Fraser Atkinson as its
Chairman. The Chairman presides at all meetings of the Board and leads the Board through its various tasks. The Chairman also acts as
a liaison with the Company’s principal executive officer in carrying out his