Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 4

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 4
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 of record with respect to those shares, has forwarded these proxy materials
to you. As the beneficial owner, you have the right to provide your broker with instructions on how to vote and are also invited to attend
the Meeting. However, since you are not the stockholder of record, you may not vote these shares in person at the Meeting (unless you
have a signed “legal” proxy from the record holder, as described below). Your broker or nominee has enclosed a voting instruction
form for you to use in directing the broker or nominee regarding how to vote your shares.

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Broker Discretionary Voting. New York
Stock Exchange (“NYSE”) rules permit a broker member to vote on certain “routine” matters, including the
ratification of independent registered public accountant, without instructions from the beneficial owner of the shares. The election
of directors, the non-binding vote concerning compensation of the Company’s named executive officers in 2024, the
authorization to issue shares of common stock below NAV, the authorization to issue common stock in excess of 19.99% of our
outstanding shares, and providing the Board the discretion to authorize in the future, for a period not exceeding one year, the
Reverse Stock Split are all considered non-routine; therefore, brokers are not permitted to vote in respect of these matters without
instructions from the beneficial owners. If you hold your stock in street name and you do not instruct your broker how to vote in
the election of directors, the non-binding vote concerning compensation of the Company’s named executive officers in 2024, the
issuance of common stock below NAV, the issuance of common stock in excess of 19.99% of our outstanding shares, and the
authorization of the Board regarding the Reverse Stock Split described in more detail herein, no votes will be cast on your behalf
regarding these proposals. Therefore, it is important that you cast your vote if you want it to count in respect of these matters.

What constitutes a quorum?

A quorum must be present at the Meeting for any business
to be conducted. The presence at the Meeting, in person or by proxy, of a majority of the shares of common stock outstanding on the Record
Date, or 6,793,087 shares, will constitute a quorum. As of the Record Date, 13,586,173 shares of the Company’s common stock, representing
the same number of votes, were outstanding.

If there are not enough votes for a qu