Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 15

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 15
---
 and us. Award agreements
set forth time and/or performance vesting schedules and other appropriate terms and/or restrictions with respect to awards, including
rights to dividends and voting rights.

The Compensation Committee has been delegated responsibility
by the Board to administer the Incentive Plan in accordance with an exemptive order granted by the SEC and applicable rules of the NYSE.
The Compensation Committee has also been delegated the authority to approve stock-based awards or other equity incentives permitted under
the Incentive Plan to our officers and employees. The Compensation Committee is comprised of three independent directors who are independent
pursuant to the requirements of the NYSE. The Board may revest its authority to administer or approve awards under the Incentive Plan
at any time. At the time of each award granted to each NEO, the Compensation Committee determines the terms of the award, including the
performance period (or periods) and the performance objectives, if any, relating to the award.

| 11 |

Grants of Plan-Based Awards

The Compensation Committee meets from time to time
throughout the year to consider, among other matters, compensation to our Chief Executive Officer and other compensation matters, including
the administration of the Incentive Plan. On March 17, 2017, the Compensation Committee approved the grant of an aggregate of 750,000
shares of restricted stock to our NEOs under the Incentive Plan. Specific performance factors that the Compensation Committee considered
in determining the granting of restricted included the achievement of financial and operational goals in previous years and individual
employee performance during these years in such areas as work ethic, proficiency and overall contribution to the Company. In the case
of Mr. Hardy, such considerations also included his waiver of approximately $2.2 million in bonus payments related to portfolio dispositions
in prior years as described under Executive Compensation Agreements below. No award of restricted stock or other equity incentives
was made to our NEOs prior to the awards granted in March 2017, and no further grants or awards of restricted stock or other equity incentives
were made to our NEOs during the years 2018 through 2024. Restricted stock awards allow the Company to account for our Incentive Plan
based on the price of our common stock, fixed at the grant date of such award, resulting in a known maximum cost of such award under our
Incentive Plan at the time of grant.

Outstanding Equity Awards at Fiscal Year-End

Because all of the awards granted under the Incent