Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 4

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 4
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, you have the right to provide your broker with instructions on how to vote and are also invited to attend
the Meeting. However, since you are not the stockholder of record, you may not vote these shares in person at the Meeting (unless you
have a signed “legal” proxy from the record holder, as described below). Your broker or nominee has enclosed a voting instruction
form for you to use in directing the broker or nominee regarding how to vote your shares.

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Broker Discretionary Voting. New York Stock
Exchange (“NYSE”) rules permit a broker member to vote on certain “routine” matters without instruction from the
beneficial owners. Absent the inclusion of Proposal 4 (the authorization to issue shares of common stock below NAV), Proposal 5 (the authorization to issue common stock in excess of 19.99% of our outstanding shares), and Proposal 6 (providing the Board
the discretion to authorize in the future, for a period not exceeding one year, the Reverse Stock Split), the first three proposals –
Proposal 1 (the election of directors), Proposal 2 the ratification of independent registered public accountant, and Proposal 3 (the non-binding vote concerning compensation of the Company’s named executive officers in 2024) – would have been considered
routine. However, because of the addition of proposals 4, 5, and 6, allof the proposals in this proxy statement are considered non-routine; therefore, brokers are not permitted to vote in respect of these matters without instructions from the beneficial owners.
If you hold your stock in street name and you do not instruct your broker how to vote on of these proposals, no votes will
be cast on your behalf. Therefore, it is important that you cast your vote if you want it to count in respect of these matters.

What constitutes a quorum?

A quorum must be present at the Meeting for any business
to be conducted. The presence at the Meeting, in person or by proxy, of a majority of the shares of common stock outstanding on the Record
Date, or 6,793,087 shares, will constitute a quorum. As of the Record Date, 13,586,173 shares of the Company’s common stock, representing
the same number of votes, were outstanding.

If there are not enough votes for a quorum or to approve
a proposal at the Meeting, the stockholders who are represented in person or by proxy may adjourn the Meeting to permit the