Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 35

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 35
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 AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTANT

FOR FISCAL YEAR 2025</div>

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<div align='center'>PROPOSAL 3—ADVISORY VOTE

ON EXECUTIVE COMPENSATION</div>

The Compensation Discussion and Analysis beginning
on page 9 of this proxy statement describes the Company’s executive compensation policies and the compensation decisions that the
Compensation Committee, Board, and our Chief Executive Officer made in 2024 with respect to the compensation of the Company’s named
executive officers. The Board is asking shareholders to cast a non-binding, advisory vote FOR the following resolution:

RESOLVED, that the compensation paid to
the Company’s named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion
and Analysis, compensation tables and narrative discussion included in this proxy statement, is hereby APPROVED.

This proposal, which is sometimes referred to as a
“say-on-pay vote,” is provided as required pursuant to Section 14A of the Exchange Act.

As described in the Compensation Discussion and Analysis,
the Company’s executive compensation policies embodies a pay-for-performance philosophy that supports the Company’s business
strategy and aligns the interests of its executives with those of its shareholders, with the objective of attracting, retaining and motivating
the best possible executive talent and avoiding risks that would be reasonably likely to have a material adverse effect on the Company.
For these reasons, the Board is asking shareholders to support this proposal. Although the vote the Board is asking you to cast is non-binding,
the Compensation Committee and the Board value the views of shareholders and will consider the outcome of the vote when determining future
compensation arrangements for the Company’s named executive officers.

The affirmative vote of a majority of all of the votes
cast at the Meeting at which a quorum is present is required to approve this proposal. Abstentions 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.

<div align='center'>THE BOARD RECOMMENDS A VOTE

“FOR”

THE ADVISORY PROPOSAL TO APPROVE

THE COMPENSATION PAID TO THE COMPANY’S NAMED EXECUTIVE OFFICERS</div>

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<div align='center'>PROPOSAL 4—AUTHORIZATION OF THE COMPANY

TO SELL OR OTHERWISE ISSUE SHARES OF ITS COMMON STOCK

AT A PRICE BELOW ITS THEN