Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 5

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 5
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 further solicitation
of proxies. The persons named as proxies will vote proxies held by them for such adjournment, unless marked to be voted against any proposal
for which an adjournment is sought, to permit the further solicitation of proxies.

What are the Board’s recommendations?

The Board, including all of its independent directors,
recommends a vote “For” the election of the nominated slate of directors (see Proposal 1), “For”
the ratification of the appointment of BDO USA, P.C. (“BDO”) as the Company’s independent registered public accountant
(see Proposal 2), “For” the approval, on a non-binding advisory basis, of compensation paid to the Company’s
named executive officers in 2024 (see Proposal 3), “For” the approval of the Company to issue its shares of common
stock below NAV (see Proposal 4), “For” the approval of the Company to issue shares of common stock in excess of 19.99%
of shares outstanding (see Proposal 5), and “For” providing the Board the discretion to authorize in the future, for
a period not exceeding one year, the Reverse Stock Split (see Proposal 6). Unless you give other instructions in your proxy, the persons
named as proxy holders on the proxy card will vote in accordance with the recommendations of the Board. With respect to any other matter
that properly comes before the Meeting, the proxy holders will vote as recommended by the Board or, if no recommendation is given, in
their own discretion.

What vote is required to approve the proposals?

Election of Directors. A plurality of votes
cast at the Meeting at which a quorum is present is required to elect a director. 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.

Ratification of Independent Registered Public Accountant.
The affirmative vote of a majority of all of the votes cast at the Meeting at which a quorum is present is required to ratify the selection
of the independent registered public accountant. Abstentions will not be counted as votes cast and will have no effect on this proposal.
Brokers may vote uninstructed shares held in street name for this proposal, and their votes will count as present for quorum purposes.

Non-Binding Advisory Vote Approving Executive Compensation in 2024. The affirmative vote of a majority of