Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 22

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 22
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 candidate. This
initial determination is based on whatever information is provided to the Committee with the recommendation of the prospective candidate,
as well as the Committee’s own knowledge of the prospective candidate, which may be supplemented by inquiries to the person making
the recommendation or others. The preliminary determination is based primarily on the need for additional Board members to fill vacancies
or expand the size of the Board and the likelihood that the prospective nominee can satisfy the evaluation factors considered by the Committee.
If the Committee determines, in consultation with the other Board members as appropriate, that additional consideration is warranted,
it may gather additional information about the prospective nominee’s background and experience. A Committee member will interview
a qualified candidate, and a qualified candidate may meet other directors. The Committee then determines, based on the background information
and information obtained in interviews, whether to recommend to the Board that a candidate be nominated to the Board.

The Governance and Nominating Committee believes a
prospective nominee for director should, at a minimum, satisfy the following standards and qualifications and evaluates prospective nominees
accordingly:

| • | The ability of the prospective nominee to represent the interests of the stockholders of the Company; |

| • | The prospective nominee’s standards of integrity, commitment, and independence of thought and judgment; |

| • | The prospective nominee’s ability to dedicate sufficient time, energy, and attention to the diligent performance of his or her duties, including the prospective nominee’s service on other public company boards; and |

| • | The extent to which the prospective nominee contributes to the range of talent, skill, and expertise appropriate for the Board. |

The Committee also considers such other relevant factors
as it deems appropriate, including the current composition of the Board, the balance of management and independent directors, diversity,
and the need for Audit Committee expertise.

In considering diversity, the Committee considers
diversity of background and experience as well as gender, ethnic and other forms of diversity. The Committee does not, however, have any
formal policy regarding diversity in identifying nominees for a directorship, but rather, considers it among the various factors relevant
to any particular nominee. After completing the evaluation and interview, the Committee makes a recommendation to the full Board as to
the persons who should be nominated by the Board, and the Board determines the nominees after considering the recommendation and report
of the Committee.

| 17 |

How does the Board determine which directors are considered independent?

When the Board undertook its annual review of director
independence, the Board considered