Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 18

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 18
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 the Company’s Chief
Compliance Officer. The Chairman may perform such other functions as may be requested by the Board. The designation of Chairman does not
impose on such independent director any duties, obligations or liability that is greater than the duties, obligations or liability imposed
on such person as a member of the Board, generally.

The Company has determined that the Board’s
leadership structure is appropriate given the characteristics and circumstances of the Company, including such items as the business development
company requirements, net assets of the Company, and the committee structure of the Company.

Risk Oversight. Through the Board’s direct
oversight role, and indirectly through its Committees, the Board performs a risk oversight function for the Company consisting, among
other things, of the following activities:

| • | General Oversight. The Board meets with representatives of management and key service providers, including the custodian and the independent audit firm of the Company, to review and discuss the operational activities of the Company and to provide direction with respect thereto. |

| • | Compliance Oversight. The Board reviews and approves, as applicable, the compliance procedures of the Company. The Board is informed how the compliance procedures adhere to the operational requirements through its meeting with, and reports received from, the Chief Compliance Officer. The Board also discusses the adequacy of internal controls and compliance procedures with the Company’s Chief Compliance Officer and independent registered public accountant. |

| • | Investment Oversight. The Board monitors Company performance during the year through regular performance reports from management with references to appropriate performance measurement indices and the performance of similar funds. The Board receives updates on industry developments and portfolio company matters on a regular basis. The Board also monitors the Company’s investment practices and reviews the Company’s investment strategies with management. |

| 14 |

| • | Valuation Oversight. The Board has approved the valuation methodologies used in establishing the fair value of the Company’s assets and monitors the accuracy with which the valuations are carried out. The Board receives regular reports on the use of fair value prices and monitors the effectiveness of the valuation procedures. |

What Committees has the Board established?

The Board has four standing committees: an Audit Committee,
a Governance and Nominating Committee, a Compensation Committee, and a Committee of Independent Directors.

Who are the current Board members and what are their Committee memberships?

The members of the Board of Directors on the date
of this proxy statement and the Board Committees on which they serve are identified in the following table:

| Director                  |     | Audit     
 Committee |     | Compensation