Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 62

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 62
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 Houston, TX 77002, Attention: Secretary. Submission of a stockholder proposal does not guarantee inclusion in the Company’s
proxy statement or form of proxy because certain SEC rules must be met.

In addition, under our by-laws no business may be
brought before a stockholder meeting unless it is specified in the notice of the meeting or is otherwise properly brought before the meeting
by or at the direction of the Board or by a stockholder entitled to vote who has delivered an appropriate notice to the Company’s
Secretary. To be properly brought before such a meeting a stockholder must deliver a written notice to the Company at the address set
forth in the following paragraph of the stockholder’s intention to present a proposal (containing certain information specified
in the by-laws about the stockholder and the proposed action) not less than 60 nor more than 90 days’ prior to the meeting. However,
in the event less than 70 days’ notice or prior public disclosure of the date of the meeting is given to stockholders, such notice
to be timely must be received not later than the close of business on the fifth day following the day on which such notice is mailed or
such public disclosure was made.

Stockholder proposals with respect to Director nominations
require written notice of your intent to make such a nomination either by personal delivery or by U.S. mail, postage prepaid, to Kenneth
I. Denos, Secretary, Equus Total Return, Inc., 700 Louisiana Street, 41 Floor, Houston, TX 77002, within the time limits
described above for delivering a stockholder proposal notice and comply with the information requirements in our by-laws relating to Director
nominations by stockholders. These requirements are separate from and in addition to the SEC’s requirements that a stockholder must
meet in order to have a stockholder proposal included in the Company’s proxy statement.

The proxy solicited by the Board of Directors for
the 2026 annual meeting will confer discretionary authority to vote on any stockholder proposal presented at that meeting, unless the
Company is provided with notice of such proposal no later than December 31, 2025.

A copy of the full text of the by-law provisions discussed
above may be obtained by writing to the Corporate Secretary, 700 Louisiana Street, 41 Floor, Houston, TX 77002 and is included
as an exhibit to the Company’s annual report on Form 10-K for the year ended December 31, 202