Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 65

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 65
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 time, conduct, and voting, at a meeting of stockholders are governed by the Company’s certificate
of incorporation and by-laws, the provisions of the DGCL, the provisions of the 1940 Act and NYSE rules. The Company has adopted a code
of business conduct and ethics applicable to our Directors, officers (including our principal executive officer, principal financial officer
and controller) and employees. Our code of business conduct and ethics meets NYSE listing standard requirements and the requirements of
Section 406 of the Sarbanes-Oxley Act of 2002. A copy of our certificate of incorporation and by-laws, corporate governance guidelines,
and the charters of the Audit, Compensation, and Nominating and Corporate Governance Committees may be obtained by writing to the Secretary,
Equus Total Return Inc., 700 Louisiana Street, 41 Floor, Houston, TX 77002. Our code of business conduct and ethics, corporate
governance guidelines and committee charters are also available by accessing the Company’s website at www.equuscap.com. (Information
contained on the Company’s website is not incorporated into this proxy statement.) In the event that the Company amends or waives
any provisions of our code of business conduct and ethics applicable to our principal executive officer, principal financial officer or
controller, we intend to disclose the same on the Company’s website at www.equuscap.com.

Proxy Solicitation Costs. The proxies being
solicited hereby are being solicited by Georgeson LLC on behalf of the Board of Directors of the Company. The cost of soliciting proxies
in the enclosed form will be paid by the Company and is estimated to cost $25,000. Officers and regular employees of the Company may,
but without compensation other than their regular compensation, solicit proxies by further mailing or personal conversations, or by telephone,
telex, facsimile, or electronic means. Copies of solicitation material will be furnished to brokerage houses, fiduciaries and custodians
to forward to beneficial owners of stock held in the name of such nominees. We will, upon request, reimburse brokerage firms and others
for their responsible expenses in forwarding solicitation material to the beneficial owners of stock.

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<div align='center'>APPENDIX A

CERTIFICATE OF AMENDMENT

TO THIRD RESTATED CERTIFICATE OF INCORPORATION

OF EQUUS TOTAL RETURN, INC.</div>

Equus Total Return, Inc. (the “Corporation”),
a corporation