Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 24

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 24
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 services
rendered.

| 18 |

Independent/non-officer directors were paid an aggregate
of $296,500 and $315,000 as cash compensation for their services for the years ended December 31, 2024 and 2023. The following table
set forth the cash and other forms of compensation that the Company paid to, or was otherwise earned by, each person who served as a director
during 2024:

<div align='center'>2024 Director Compensation Table</div>

| Name                  | Fees Earned or Paid in Cash 
                        ($)* | Stock Awards 
 ($)          | Option Awards 
 ($)           | All Other Compensation 
 ($)                    |   Total 
     ($) |
| Independent Directors |                             |              |               |                        |         |
| Fraser Atkinson       |                     108,000 | —            | —             | —                      | 108,000 |
| Henry W. Hankinson    |                     108,000 | —            | —             | —                      | 108,000 |
| Robert L. Knauss      |                      79,500 | —            | —             | —                      |  79,500 |
| John J. May           |                       1,000 | —            | —             | —                      |   1,000 |
| Interested Directors  |                             |              |               |                        |         |
| Kenneth I. Denos      |                      10,000 | —            | —             | —                      |  10,000 |
| John A. Hardy         |                      10,000 | —            | —             | —                      |  10,000 |

* Includes an aggregate of $62,000 in accrued
but unpaid fees.

| 19 |

Who are the executive officers of the Company?

The name, address and age of each executive officer,
their position, term of office and length of time served with the Company, along with certain business information, are set forth in the
table below.

| Name, Address  and Age | Position(s)                            
 Held with                              
 Company                                | Term of Office and                                              
 Length of Time                                                  
 Served                                                          | Principal Occupation(s)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
 During Past 5 Years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| John A. Hardy          
 700 Louisiana Street   
 41st Floor             
 Houston, Texas 77002   
 Age: 73                | Chief Executive  Officer               | Indefinite term; Chief Executive Officer since 2011