Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 16

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 16
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ive
Plan have fully vested, there are no awards outstanding to our NEOs for which forfeiture provision have not lapsed or remain unvested
and outstanding at December 31, 2024.

Equity Awards Vested in 2024

Inasmuch as all previous awards made under the Incentive
Plan had fully vested before January 1, 2024, there were no equity awards that vested during 2024.

Potential Payments upon Termination or Change of Control

This section describes and quantifies the estimated
compensation payments and other benefits to which our NEOs would be entitled upon the occurrence of a change of control or certain termination
conditions described in each such NEO’s individual agreement with the Company, or Incentive Plan award agreement, as the case may
be.

John A. Hardy – Chief Executive Officer.

L’Sheryl D. Hudson – Chief Financial Officer.

| · | In the event that Ms. Hudson’s employment agreement                                                                              
 with the Company is terminated without cause as defined therein, she will be entitled to a severance payment equal to one year’s 
 base salary then in effect.                                                                                                      |

Kenneth I. Denos – Secretary and Chief Compliance Officer.

| 12 |

The following table summarizes these potential payments
to our NEOs upon termination:

| Name                       | Severance/Termination Payment | Vesting of Stock Awards |          Total |
| John A. Hardy—             
 Chief Executive Officer(2) |               $     1,368,130 | ―                       |  $   1,368,130 |
| L’Sheryl D. Hudson—        
 Chief Financial Officer(2) |              $        295,968 | ―                       | $      295,968 |
| Kenneth I. Denos—          
 Secretary and CCO(2)       |              $        871,900 | ―                       | $      871,900 |

| (1) | Assumes, for purposes of this table, that termination occurred on December 31, 2024.                                                                                 |
| (2) | Excludes accrued vacation pay, sick days, or holidays, or any health insurance contributions pursuant to the Consolidated Omnibus Budget Reconciliation Act (COBRA). |

Report of the Compensation Committee

As part of our responsibilities, we have reviewed
and discussed with management the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K, which begins on
page 9 of this proxy statement. Based on such review