Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 6

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 6
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 will count as present for quorum purposes.

Non-Binding Advisory Vote Approving Executive Compensation in 2024. The affirmative vote of a majority of all of the votes cast at the Meeting at which a quorum is present is required to approve,
on a non-binding advisory basis, compensation paid to the Company’s named executive officers in 2024. Abstentions and broker non-votes
will not be counted as votes cast and will have no effect on this proposal. Brokers may not vote uninstructed shares held in street name
for this proposal.

Issuance of Shares Below NAV. The affirmative
vote of holders of at least a “majority,” as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), of (1) the outstanding shares of the Company’s common stock and (2) the outstanding shares of the Company’s
common stock held by persons that are not affiliated persons of the Company, is required to approve Proposal 4. Under the 1940 Act, the
vote of holders of a “majority” means the vote of the holders of the lesser of (a) 67% or more of the outstanding shares of
the Company’s common stock present or represented by proxy at the Meeting if the holders of more than 50% of the shares of the Company’s
common stock are present or represented by proxy or (b) more than 50% of the outstanding shares of the Company’s common stock. Abstentions
will have the effect of a vote “against” Proposal 4.

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Issuance of Common Stock in Excess of 19.99% of Outstanding Shares. The affirmative vote of a majority of all of the votes cast at the Meeting at which a quorum is present
is required to provide the Board the discretion to authorize in the future, for a period not exceeding one year, the authorization
of the Company to issue shares of common stock in excess of 19.99% of its outstanding shares. Abstentions and broker non-votes will
not be counted as votes cast and will have no effect on this proposal. Brokers may not vote uninstructed shares held in street name
for this proposal.

Reverse Stock Split. The affirmative vote
of a majority of all of the votes cast at the Meeting at which a quorum is present is required to provide the Board the discretion
to authorize in the future, for a period not exceeding one year, the Reverse Stock Split