Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 7

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 7
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 · | In the election of directors (Proposal 1), you may                                                                                       
 vote “For” all of the nominees or your vote may be “Withheld” with respect to one or more of the                                         
 nominees. If you execute your proxy or provide broker voting instructions without specifying further your preference as to the nominees, 
 your shares will be voted in accordance with the recommendations of the Board.                                                           |

| · | To ratify the selection of the independent registered public                                   
 accountant (Proposal 2), you may vote “For” the ratification, “Against,” or you may “Abstain.” |

| · | To cast your vote concerning the non-binding approval of                                               
 compensation paid to the Company’s executive officers in 2024 (Proposal 3), you may also vote “For” or 
 “Against” this proposal, or you may “Abstain” from voting in respect of this proposal.                 |

| · | To cast your vote concerning the approval of the Company                                     
 to issue shares of common stock below NAV (Proposal 4), you may also vote “For” or “Against” 
 this proposal, or you may “Abstain” from voting in respect of this proposal.                 |

| · | To cast your vote concerning the approval of the Company                                                        
 to issue shares of common stock in excess of 19.99% of shares outstanding (Proposal 5), you may also vote “For” 
 or “Against” this proposal, or you may “Abstain” from voting in respect of this proposal.                       |

| · | To cast your vote concerning providing the Board the discretion                                                                
 to authorize in the future, for a period not exceeding one year, the Reverse Stock Split (Proposal 6), you may also vote “For” 
 or “Against” this proposal, or you may “Abstain” from voting in respect of this proposal. Please                               
 refer to the preceding section in considering the effect of abstentions and “broker non-votes” for Proposals 3, 4, 5, and      
 6.                                                                                                                             |

Who can attend the Meeting?

All stockholders as of the Record Date, or their duly
appointed proxies, may attend the Meeting. Each stockholder may be asked to present valid identification. Cameras, recording devices,
and other electronic devices will not be permitted at the Meeting.

Please note that if you hold your shares in “street
name” (that is, through a broker, bank, or other