Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 23

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 23
---
 transactions and relationships between each director or any member of his immediate family and the
Company. The Board also examined transactions and relationships between directors or their affiliates and members of the Company’s
senior management or their affiliates. The purpose of this review was to determine whether any such relationships or transactions were
inconsistent with a determination that the director is independent.

As a result of this review, the Board affirmatively
determined that all of the directors nominated for election at the Meeting are independent of the Company and its management with the
exception of John A. Hardy and Kenneth I. Denos. Mr. Hardy is an interested director because he serves as the Company’s Chief Executive
Officer, and Mr. Denos is an interested director because he serves as the Company’s Secretary and Chief Compliance Officer.

How often did the Board meet during 2024?

During 2024, the Board met eight times. Each director
attended all meetings held by the Board or the committees of the Board on which he served, and all directors attended, either in person
or via telephone, the Company’s annual meeting of stockholders held on June 20, 2024. The Company does not have a policy about directors’
attendance at the annual meeting of stockholders.

How are directors compensated?

As compensation for services to the Fund, each Independent
Director receives an annual fee of $40,000 paid quarterly in arrears, a fee of $2,000 for each meeting of the Board or committee thereof
attended in person, a fee of $1,000 for participation in each telephonic meeting of the Board or committee thereof, and reimbursement
of all out-of-pocket expenses relating to attendance at such meetings. The chair of each of our standing committees (audit, compensation,
and nominating and governance) also receives an annual fee of $50,000, payable quarterly in arrears. We may also pay other one-time or
recurring fees to members of our Board in special circumstances.

Interested directors who are not executive officers
of the Company do not receive annual fees for their service on the Board but may receive director fees for each director meeting attended.
Interested directors may serve as directors of portfolio companies and in such capacities may receive and retain directors’ fees
and other compensation directly from the portfolio companies.

In respect of services provided to the Company by
members of the Board not in connection with their roles and duties as directors, the Company pays a rate of $300 per hour for services
rendered.

|