Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 64

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 64
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contained on the Company’s website is not incorporated into this proxy statement.) In the event that the Company amends or waives
any provisions of our code of business conduct and ethics applicable to our principal executive officer, principal financial officer or
controller, we intend to disclose the same on the Company’s website at www.equuscap.com.

Proxy Solicitation Costs. The proxies being
solicited hereby are being solicited by Georgeson LLC on behalf of the Board of Directors of the Company. The cost of soliciting proxies
in the enclosed form will be paid by the Company and is estimated to cost $25,000. Officers and regular employees of the Company may,
but without compensation other than their regular compensation, solicit proxies by further mailing or personal conversations, or by telephone,
telex, facsimile, or electronic means. Copies of solicitation material will be furnished to brokerage houses, fiduciaries and custodians
to forward to beneficial owners of stock held in the name of such nominees. We will, upon request, reimburse brokerage firms and others
for their responsible expenses in forwarding solicitation material to the beneficial owners of stock.

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<div align='center'>APPENDIX A

CERTIFICATE OF AMENDMENT

TO THIRD RESTATED CERTIFICATE OF INCORPORATION

OF EQUUS TOTAL RETURN, INC.</div>

Equus Total Return, Inc. (the “Corporation”),
a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State of Delaware (the
“General Corporation Law”), does hereby certify as follows:

1. The
current name of the Corporation is Equus Total Return, Inc., and the Corporation was originally incorporated pursuant to the General Corporation
Law on August 16, 1991.

2. The
Corporation’s Third Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware to become
effective on February ___, 2021 (as amended from time to time, the “Certificate of Incorporation”).

3. The
amendments to the Certificate of Incorporation set forth in this Certificate of Amendment were duly authorized and adopted in accordance
with Section 242 of the General Corporation Law.

4. The
amendment to the existing Certificate of Incorporation being effected hereby is to amend and restate in its entirety the Fifth Article
of the Certificate of Incorporation as follows:

: Effective as of 12:01 a.m.
Eastern Time on (the “