Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 26

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 26
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450,000 per annum which is increased each year by the greater of (i) 5.0%, or (ii) the Canadian Consumer Price Index for the twelve-month
period ending on each anniversary date of the agreement. The agreement also provides for various annual and periodic bonuses based upon
achievement of certain criteria, such as acquisitions made by the Company and a percentage of the amount received in connection with the
disposition of the Company’s existing portfolio investments, as well as a percentage of the net amount received in connection with
the disposition of future portfolio investments. The agreement also entitles Mr. Hardy to receive restricted stock awards equal to 5%
of the Company’s issued and outstanding shares as of the date of the agreement. The annual bonuses are subject to an annual cap
equal to Mr. Hardy’s base compensation, and any of the annual bonuses earned that exceed the cap will be carried over into subsequent
fiscal years. If the agreement is terminated without cause or the Company experiences a change of control, as defined therein, Mr. Hardy
will be entitled to receive two year’s base compensation, together with all bonuses earned during the two-year period up to the
date of termination. Since 2010, Mr. Hardy has voluntarily waived his right to approximately $2.2 million of earned, but unpaid, bonus
since his appointment as the principal executive officer of Equus.

L’Sheryl D. Hudson. Effective April 1,
2017, Equus entered into an employment agreement (“Employment Agreement”) with L’Sheryl D. Hudson, the Company’s
Senior Vice President and Chief Financial Officer. The Employment Agreement is for a two-month term and thereafter on a month-to-month
basis, and provides for base salary equal to $275,000 on an annualized basis and an annual longevity bonus equal to $5,000 plus $250 for
each year employed by or on behalf of the Company. If the Employment Agreement is terminated by the Company without “cause”
or by Ms. Hudson for “good reason”, as defined therein, Ms. Hudson will be entitled to a severance benefit equal to one year’s
base salary as then in effect.

Kenneth I. Denos. Effective November 1, 2020,
Equus entered into an agreement with Kenneth Denos, the Company’s Secretary and Chief Compliance Officer. The agreement provides
for base compensation of $360,000 per annum, which is increased each year by the greater of (i) 5.0%,