Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 30

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 30
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 hypothetical $100.00 investment beginning at market close on the last trading day of 2021, assuming reinvestment of all dividends. |

| 23 |

The following graph reflects the relationship between
compensation actually paid to our PEO and other NEOs in the years 2022-2024 with Net Investment Income and Changes to our Net Asset Value
in such years.

The following graph reflects the relationship between
compensation actually paid to our PEO and other NEOs in the years 2022-2024 with Total Shareholder Return for the Company and the NYSE
Composite Index.

| 24 |

<div align='center'>PROPOSAL 1—ELECTION OF DIRECTORS</div>

The by-laws of the Company provide for a minimum of
three and a maximum of fifteen directors (a majority of whom must be independent directors). There are five director nominees (which include
three independent director nominees). The Board is not recommending any other director nominees.

The current term of office of all of the Company’s
directors expires at the 2025 annual meeting and upon the election and qualification of their successors in office. The Board proposes
that the following nominees be elected for a new term of one year and until their respective successors have been duly elected and qualified
or until they resign, die, or are removed from office. Each of the nominees has consented to serve if elected. The Board knows of no reason
why any nominee for director would be unable to serve as a director. If at the time of the Meeting any nominee is unable or unwilling
to serve as a director of the Company, the persons named as proxies will vote for a substitute nominee designated by the Board.

Based on a review of the experience, qualifications,
attributes and skills of each nominee, including those enumerated in the table below, the Board has determined that each nominee is qualified
to serve as a director of the Company. We invite you to read the summary backgrounds of each of the nominees included in this Proposal
section. These qualifications, as well as other qualifications preceding the five-year reporting period in the table below, support the
conclusion that each individual should serve as a director in light of the Company’s business and structure.

<div align='center'>Nominees for Director</div>

Independent Directors

| Name, Address and Age | Position(s) 
 Held  with  
 Company     | Term of Office 
 and  Length of 
 Time Served    | Principal Occupation(s)                                                                                                                                                                                                                                                                                                                                                
 During Past