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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, DC 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registration Statement</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Under the Securities Act of 1933</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in Its
Charter)</P>

<P STYLE="font: 12pt/50% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; line-height: 80%">Delaware</FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; line-height: 80%">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; line-height: 80%">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; line-height: 80%">76-0345915</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(State or other Jurisdiction of &nbsp;Incorporation or Organization)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 80%">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 80%">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 68%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">700 Louisiana St., 48<SUP>th</SUP> Floor</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Houston, Texas</P></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">77002</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 4pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices)</P>
        <P STYLE="font: 10pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 4pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">(Zip Code)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 11pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Equus Total Return, Inc. 2016 Equity
        Incentive Plan </B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 4pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">(Full Title of the Plan)</P>
        <P STYLE="font: 10pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Kenneth I. Denos, Secretary and Chief Compliance
        Officer</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">700 Louisiana St. 48<SUP>th</SUP> Floor, Houston,
        Texas 77002</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 4pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and Address of Agent For Service)</P>
        <P STYLE="font: 10pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 11pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">(713) 529-0900</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 4pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">(Telephone Number, Including Area Code,
        of Agent For Service)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Large accelerated filer&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accelerated filer&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-accelerated filer </FONT><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Smaller reporting company </FONT><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">(do not check if a smaller reporting company)</P>

<P STYLE="font: 12pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-top: black 2.25pt solid; border-bottom: black 1pt solid; padding-right: 6.95pt; padding-left: 6.95pt">
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 6.7pt 0 0; text-align: center"><B>Title of Securities</B></P>
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to be</B></P>
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 0 0 0.95pt; text-align: center"><B>Registered</B></P></TD>
    <TD STYLE="width: 19%; border-top: black 2.25pt solid; border-bottom: black 1pt solid; padding-right: 6.95pt; padding-left: 6.95pt">
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 6.7pt 0 0; text-align: center"><B>Amount</B></P>
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to be</B></P>
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 0 0 0.95pt; text-align: center"><B>Registered</B></P></TD>
    <TD STYLE="width: 21%; border-top: black 2.25pt solid; border-bottom: black 1pt solid; padding-right: 6.95pt; padding-left: 6.95pt">
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 6.7pt 0 0; text-align: center"><B>Proposed Maximum</B></P>
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Offering Price</B></P>
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 0 0 0.95pt; text-align: center"><B>Per Share(1)</B></P></TD>
    <TD STYLE="width: 20%; border-top: black 2.25pt solid; border-bottom: black 1pt solid; padding-right: 6.95pt; padding-left: 6.95pt">
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 6.7pt 0 0; text-align: center"><B>Proposed Maximum</B></P>
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Aggregate</B></P>
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 0 0 0.95pt; text-align: center"><B>Offering Price(2)</B></P></TD>
    <TD STYLE="width: 20%; border-top: black 2.25pt solid; border-bottom: black 1pt solid; padding-right: 6.95pt; padding-left: 6.95pt">
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 6.7pt 0 0; text-align: center"><B>Amount of</B></P>
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registration</B></P>
        <P STYLE="font: 8pt/80% Times New Roman, Times, Serif; margin: 0 0 0.95pt; text-align: center"><B>Fee(3)</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.7pt; padding-bottom: 0.95pt; text-align: center">Common Stock</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.7pt; padding-bottom: 0.95pt; text-align: center">2,534,728</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.7pt; padding-bottom: 0.95pt; text-align: center">$2.24</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.7pt; padding-bottom: 0.95pt; text-align: center">$5,677,791</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.7pt; padding-bottom: 0.95pt; text-align: center">$658.06</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(1) The maximum offering price per share of the securities is calculated
based on Rule 457(c). The maximum offering price of $2.24 is based upon the closing trading price on the New York Stock Exchange
on March 13, 2017.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(2) The maximum aggregate offering price equal to 2,534,728 shares
multiplied by the offering price of $2.24, equaling $5,677,791.&#9;&#9;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(3) The amount of the Registration Fee equals $658.06. This amount
is arrived at pursuant to the fee calculations set forth in Section 6(b) of the Securities Act of 1933.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Note: The document(s) containing the information
specified in this Part I will be sent or given to eligible &ldquo;Participants&rdquo; (as defined below) in the Plan as specified
by Rule 428(b)(1). Such documents need not be filed with the Commission either as part of this registration statement or as prospectuses
or prospectus supplements pursuant to Rule 424. These documents and the documents incorporated by reference in the registration
statement in Item 3 of Part II of this Form S-8, taken together, constitute a prospectus that meets the requirements of Section
10(a) of the Securities Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.&#9;&#9;Plan Information.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.2in"><B>(a)</B></TD><TD><B>General Plan Information</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.7in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Equus Total Return, Inc., (hereafter, the &ldquo;Registrant&rdquo;
or the &ldquo;Company&rdquo;) has adopted its 2016 Equity Incentive Plan (hereinafter referred to as the &ldquo;Plan&rdquo;), the
nature and purpose of which is to compensate the Company&rsquo;s officers, directors, and employees (hereafter, collectively, &ldquo;Participants&rdquo;
or individually a &ldquo;Participants&rdquo;) for services rendered to the Company and to generate an increased incentive to contribute
to the progress of the Company. The Plan is attached as an exhibit to the Registrant&rsquo;s Proxy Statement filed with the Securities
and Exchange Commission on May 5, 2016 and provides for the issuance of an aggregate of 2,534,728 shares of the Registrant&rsquo;s
common stock in connection with common stock purchase options granted under the Plan, or grants of common stock under the Plan
(grants of common stock purchase options or shares of common stock are hereafter generically referred to as &ldquo;Awards.&rdquo;
Awards under the Plan may be made at any time up until ten years from the date the Plan was approved by the Company&rsquo;s shareholders,
or June 13, 2026 (the &ldquo;Plan Expiration Date&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Compensation Committee of the Company&rsquo;s
Board of Directors (hereafter, the &ldquo;Committee&rdquo; or the &ldquo;Administrator&rdquo;) is the Administrator of the Plan.
Members of the Committee serve for one-year terms or until such time as they resign, are unable to perform their duties as Committee
members, or are dismissed from the Committee by the Board of Directors or dismissed as directors by the Company&rsquo;s shareholders.
Members of the Committee, as directors of the Company, are also eligible as Participants to receive Awards under the Plan. The
Board may amend the Plan at any time and may also amend any Award granted thereunder without the consent of the Participant in
receipt of such Award, unless any such amendment would have a material adverse effect in respect to the Award so granted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Plan is not subject to any of the provisions
of the Employee Retirement Income Security Act of 1974.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The name, address, and telephone number of the
Registrant are as set forth on the facing page of this Registration Statement. Additional information about the Plan may be obtained
from the Registrant by any Participant.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees Who
May Participate in the Plans</B></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.7in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Registrant intends to issue shares of its
common stock, par value $0.001 per share, the amounts of which are set forth above in subsection (a) of this Item 1.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees
Who May Participate in the Plans</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any Employee, including any officer or director
of the Company, shall be eligible to be designated a Participant in the Plan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.7in">&nbsp;</P>


<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase
of Securities Pursuant to the Plans and Payment for Securities Offered</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The Participants may be issued common stock purchase options or grants of common stock for services rendered to the Registrant.
The number of shares of common stock (whether as common stock purchase options or grants of common stock) underlying any Award
under the Plan shall be set by the Administrator. The aggregate number of shares of common stock underlying all Awards granted
under the Plan shall not exceed the amount set forth in Item 1(a). Awards may be granted under the Plan until the Plan Expiration
Date.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Payment for the securities constituting an Award consists of services rendered to the Registrant. In the case of common stock
purchase options, payment of the exercise price of any such options shall be made in cash unless otherwise determined by the Administrator.
The exercise price of common stock purchase options is set by the Plan Administrator in accordance with the requirements of the
Plan.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>No contributions are required by a Participant under the Plan.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>No contributions by the Registrant other than the issuance of Awards is applicable.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Reports to the Participant as to the amount and status of the Participant&rsquo;s account under the Plan will not be made.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>The Awards issued pursuant to the Plan will consist of (i) newly-issued shares of the Registrant, or (ii) options to acquire
newly-issued shares of the Registrant.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>No fees or commissions will be paid or issued in connection with any Awards granted under the Plan.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resale
Restrictions</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Awards of common stock purchase options may
not be resold until the same are exercised pursuant to the terms of such Award, following which no resale restrictions shall apply.
There are no resale restrictions in respect of the vested portion of Awards constituting shares of common stock.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax
Effects on Plan Participation</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Plan is not qualified under Section 401(a)
of the Internal Revenue Code. To the extent a Participant receives an Award of common stock purchase options with an exercise price
below the fair value of the underlying common stock, such Participant may recognize ordinary income with respect to the difference
between the exercise price and fair value in respect of any vested options. To the extent that a Participant receives an Award
of common stock, the Participant will recognize ordinary income equal to the aggregate fair market value of any such shares that
become vested and not subject to forfeiture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
of Funds</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawal
from Plan; Assignment of Interest</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Withdrawal from Plan - Not applicable.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Assignment - Except by the laws of descent and distribution, a Participant may not assign his interests in the Plan without
the written consent of the Company.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forfeitures
and Penalties</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Absent a contrary provision in a Participant&rsquo;s
written agreement that embodies an Award under the Plan (each, an &ldquo;Award Agreement&rdquo;), the termination of a Participant&rsquo;s
directorship, employment, consulting relationship may result in the forfeiture of any unvested portion of an Award granted under
the Plan. Moreover, except as may otherwise be set forth in an Award Agreement, any Award of common stock purchase options must
be exercised within three (3) months of the cessation of a Participant&rsquo;s directorship, employment, or consulting relationship
with the Company, as applicable. In the case of a Participant&rsquo;s death, such exercise period is one year from the Participant&rsquo;s
date of death. In the case of a Participant&rsquo;s termination or removal for &ldquo;cause&rdquo; as defined in the Plan, any
unvested portion of an Award of common stock purchase options or other securities shall be immediately forfeited to the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charges
and Deductions, and Liens Therefor</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There are no charges or deductions that may
be made against the Participant&rsquo;s interest in the Plan.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 2.&#9;&#9;Registration Information and Employee Plan Annual
Information.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Registrant shall provide to the Participant,
without charge, upon oral or written request, the documents incorporated by reference in Item 3 of Part II of this Registration
Statement. The Registrant shall also provide to the Participant, without charge, upon oral or written request, all of the documents
required to be delivered to the Participant pursuant to Rule 428(b). Any and all such requests shall be directed to the Registrant
at the address set forth on the cover page hereof. Its telephone number is (713) 529-0900.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 3.&#9;&#9;Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following documents are hereby incorporated
by reference in the Registration Statement:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>the Registrant&rsquo;s Annual Report on Form 10-K (including amendments thereto) for the fiscal year ended December 31, 2016,
as filed with the SEC; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>all other reports filed with the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the &quot;Exchange
Act&quot;) since December 31, 2016.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to the above, all documents subsequently
filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14, and 15(d) of the Exchange Act, prior to the filing of a post-effective
amendment, which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference in the Registration Statement and to be a part thereof from the date of filing
of such documents.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any statement contained herein or in a document
incorporated or deemed incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not
be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 4.&#9;&#9;Description of Securities</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Not Applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 5.&#9;&#9;Interests of Named Experts and Counsel</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 6.&#9;&#9;Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the Company&rsquo;s Certificate
of Incorporation and, under the General Corporation Law of Delaware, the Company&rsquo;s directors are not liable to the Registrant
or its stockholders for monetary damages for breach of fiduciary duty, except for liability in connection with a breach of duty
of loyalty, for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, for
authorization of illegal dividend payments or stock redemptions under Delaware law or any transaction from which a director has
derived an improper personal benefit. The Company&rsquo;s charter provides that the Registrant is authorized to provide indemnification
of (and advancement of expenses) to directors, officers, employees and agents of the Company (and any other persons to which applicable
law permits the Company to provide indemnification) through Bylaws provisions, agreements with such persons, vote of stockholders
or disinterested directors, or otherwise, to the fullest extent permitted by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has previously entered into indemnification
agreements with each of its current directors and officers. The indemnification agreement indemnifies the indemnitee to the fullest
extent permitted by law, including against third-party claims and claims by or in right of the Company or any subsidiary or majority-owned
partnership of the Company by reason of that person (including the advancement of expenses subject to certain conditions) (a) being
a director, officer employee or agent of the Company, or of any subsidiary or majority-owned partnership of the Company or (b)
serving at the request of the Company as a director, officer, employee or agent of another entity. If appropriate, the Company
is entitled to assume the defense of the claim with counsel selected by the Company and approved by the indemnitee (which approval
may not be unreasonably withheld). Separate counsel employed by the indemnitee will be at his or her own expense unless (1) the
employment of separate counsel has been previously authorized by the Company, (2) the indemnitee reasonably concludes there may
be a conflict of interest, or (3) the Company has not, in fact, employed counsel to assume the defense of such claim.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Regarding indemnification for liabilities arising
under the Securities Act of 1933 (&ldquo;Securities Act&rdquo;), which may be permitted to directors or officers under Delaware
law, the Company has been informed that, in the opinion of the Securities and Exchange Commission, indemnification is against public
policy, as expressed in the Securities Act and is, therefore, unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 7.&#9;&#9;Exemption from Registration Claimed</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Not Applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 8.&#9;&#9;Exhibits.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">The following documents are filed as exhibits
to this Form S-8:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>Exhibit Number</U>&#9;<U>Description</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.9in">5.1</TD><TD><A HREF="ex5_1opinion.htm">Opinion of Jenner &amp; Block LP regarding the legality of the securities being registered hereunder.</A></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.9in">10.1</TD><TD><A HREF="ex10_1equityincentiveplan.htm">Equus Total Return, Inc. 2016 Equity Incentive Plan.</A></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.9in">23.1</TD><TD>Consent of Jenner &amp; Block LP (contained in Exhibit 5.1 above).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.9in">23.2</TD><TD><A HREF="ex23_2consent.htm">Consent of Independent Registered Public Accounting Firm, BDO USA, LLP.</A></TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.7in; text-indent: -1.2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.&#9;Undertakings.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The Registrant hereby undertakes to do the following:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement
to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.7in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that
is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities
offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act, as amended, may be permitted to directors, officers, and controlling
persons of the registrant pursuant to any provisions or otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding)
is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by a controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>The Registrant</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, the Company certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form S-8
and&nbsp;has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the city of Houston, State of Texas, on March 14, 2017. This Form S-8 has been signed below on behalf of the Company and by
the following persons, which include the principal executive officer, principal financial officer, and at least a majority of the
board of directors, in the following capacities and on the dates indicated:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-indent: 22.5pt"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 220.5pt">By: <U>&#9;/s/ John A. Hardy</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 238.5pt">John A. Hardy</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 220.5pt; text-indent: 0.25in">Chief Executive Officer</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 220.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 220.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 220.5pt">By: <U>&#9;/s/ L&rsquo;Sheryl D. Hudson</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 220.5pt; text-indent: 0.25in">L&rsquo;Sheryl D. Hudson</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 220.5pt; text-indent: 0.25in">Chief Financial Officer</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 220.5pt; text-indent: -220.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated on the
14<SUP>th</SUP> day of March, 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Robert L. Knauss</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chairman</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 14, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Robert L. Knauss</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Fraser Atkinson</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 14, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fraser Atkinson</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Richard F. Bergner</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 14, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Richard F. Bergner</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Kenneth I. Denos</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 14, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Kenneth I. Denos</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Henry W. Hankinson</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 14, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Henry W. Hankinson</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ John A. Hardy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 14, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John A. Hardy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Bertrand des Pallieres</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 14, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Bertrand des Pallieres</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>The Plan</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, the trustees (or other persons who administer the Plan) have duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the city of Houston, State of Texas, on March 14, 2017:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-indent: 22.5pt"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-indent: -2.75in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 220.5pt">By: <U>/s/
Henry W. Hankinson</U>&#9;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 238.5pt">Henry W. Hankinson</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 238.5pt">Chairman of the Compensation Committee</P>

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[{"type": "S-8", "sequence": "1", "filename": "s8_equus31417.htm", "description": "FORM S-8", "secsgml_size_bytes": 71523}]
{"company-data": {"conformed-name": "EQUUS TOTAL RETURN, INC.", "cik": "0000878932", "irs-number": "760345915", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-216676", "film-number": "17687992"}, "business-address": {"street1": "EIGHT GREENWAY PLAZA", "street2": "SUITE 930", "city": "HOUSTON", "state": "TX", "zip": "77046", "phone": "7135290900"}, "mail-address": {"street1": "EIGHT GREENWAY PLAZA", "street2": "SUITE 930", "city": "HOUSTON", "state": "TX", "zip": "77046"}, "former-company": {"former-conformed-name": "EQUUS II INC", "date-changed": "19970422"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM S-8
Registration Statement
Under the Securities Act of 1933
EQUUS TOTAL RETURN, INC.
(Exact Name of Registrant as Specified in Its
Charter)
Delaware
76-0345915
(State or other Jurisdiction of  Incorporation or Organization)
(IRS Employer
Identification No.)
700 Louisiana St., 48
th
Floor
Houston, Texas
77002
(Address of Principal Executive Offices)
(Zip Code)
Equus Total Return, Inc. 2016 Equity
        Incentive Plan
(Full Title of the Plan)
Kenneth I. Denos, Secretary and Chief Compliance
        Officer
700 Louisiana St. 48
th
Floor, Houston,
        Texas 77002
(Name and Address of Agent For Service)
(713) 529-0900
(Telephone Number, Including Area Code,
        of Agent For Service)
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
x
Smaller reporting company
o
(do not check if a smaller reporting company)
CALCULATION OF REGISTRATION FEE
Title of Securities
to be
Registered
Amount
to be
Registered
Proposed Maximum
Offering Price
Per Share(1)
Proposed Maximum
Aggregate
Offering Price(2)
Amount of
Registration
Fee(3)
Common Stock
2,534,728
$2.24
$5,677,791
$658.06
(1) The maximum offering price per share of the securities is calculated
based on Rule 457(c). The maximum offering price of $2.24 is based upon the closing trading price on the New York Stock Exchange
on March 13, 2017.
(2) The maximum aggregate offering price equal to 2,534,728 shares
multiplied by the offering price of $2.24, equaling $5,677,791.
(3) The amount of the Registration Fee equals $658.06. This amount
is arrived at pursuant to the fee calculations set forth in Section 6(b) of the Securities Act of 1933.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
Note: The document(s) containing the information
specified in this Part I will be sent or given to eligible "Participants" (as defined below) in the Plan as specified
by Rule 428(b)(1). Such documents need not be filed with the Commission either as part of this registration statement or as prospectuses
or prospectus supplements pursuant to Rule 424. These documents and the documents incorporated by reference in the registration
statement in Item 3 of Part II of this Form S-8, taken together, constitute a prospectus that meets the requirements of Section
10(a) of the Securities Act.
Item 1.		Plan Information.
(a)
General Plan Information
Equus Total Return, Inc., (hereafter, the "Registrant"
or the "Company") has adopted its 2016 Equity Incentive Plan (hereinafter referred to as the "Plan"), the
nature and purpose of which is to compensate the Company's officers, directors, and employees (hereafter, collectively, "Participants"
or individually a "Participants") for services rendered to the Company and to generate an increased incentive to contribute
to the progress of the Company. The Plan is attached as an exhibit to the Registrant's Proxy Statement filed with the Securities
and Exchange Commission on May 5, 2016 and provides for the issuance of an aggregate of 2,534,728 shares of the Registrant's
common stock in connection with common stock purchase options granted under the Plan, or grants of common stock under the Plan
(grants of common stock purchase options or shares of common stock are hereafter generically referred to as "Awards."
Awards under the Plan may be made at any time up until ten years from the date the Plan was approved by the Company's shareholders,
or June 13, 2026 (the "Plan Expiration Date").
The Compensation Committee of the Company's
Board of Directors (hereafter, the "Committee" or the "Administrator") is the Administrator of the Plan.
Members of the Committee serve for one-year terms or until such time as they resign, are unable to perform their duties as Committee
members, or are dismissed from the Committee by the Board of Directors or dismissed as directors by the Company's shareholders.
Members of the Committee, as directors of the Company, are also eligible as Participants to receive Awards under the Plan. The
Board may amend the Plan at any time and may also amend any Award granted thereunder without the consent of the Participant in
receipt of such Award, unless any such amendment would have a material adverse effect in respect to the Award so granted.
The Plan is not subject to any of the provisions
of the Employee Retirement Income Security Act of 1974.
The name, address, and telephone number of the
Registrant are as set forth on the facing page of this Registration Statement. Additional information about the Plan may be obtained
from the Registrant by any Participant.
2
(b)       Employees Who
May Participate in the Plans
The Registrant intends to issue shares of its
common stock, par value $0.001 per share, the amounts of which are set forth above in subsection (a) of this Item 1.
(c)       Employees
Who May Participate in the Plans
Any Employee, including any officer or director
of the Company, shall be eligible to be designated a Participant in the Plan.
(d)       Purchase
of Securities Pursuant to the Plans and Payment for Securities Offered
(1)
The Participants may be issued common stock purchase options or grants of common stock for services rendered to the Registrant.
The number of shares of common stock (whether as common stock purchase options or grants of common stock) underlying any Award
under the Plan shall be set by the Administrator. The aggregate number of shares of common stock underlying all Awards granted
under the Plan shall not exceed the amount set forth in Item 1(a). Awards may be granted under the Plan until the Plan Expiration
Date.
(2)
Payment for the securities constituting an Award consists of services rendered to the Registrant. In the case of common stock
purchase options, payment of the exercise price of any such options shall be made in cash unless otherwise determined by the Administrator.
The exercise price of common stock purchase options is set by the Plan Administrator in accordance with the requirements of the
Plan.
(3)
No contributions are required by a Participant under the Plan.
(4)
No contributions by the Registrant other than the issuance of Awards is applicable.
(5)
Reports to the Participant as to the amount and status of the Participant's account under the Plan will not be made.
(6)
The Awards issued pursuant to the Plan will consist of (i) newly-issued shares of the Registrant, or (ii) options to acquire
newly-issued shares of the Registrant.
(7)
No fees or commissions will be paid or issued in connection with any Awards granted under the Plan.
(e)       Resale
Restrictions
Awards of common stock purchase options may
not be resold until the same are exercised pursuant to the terms of such Award, following which no resale restrictions shall apply.
There are no resale restrictions in respect of the vested portion of Awards constituting shares of common stock.
3
(f)       Tax
Effects on Plan Participation
The Plan is not qualified under Section 401(a)
of the Internal Revenue Code. To the extent a Participant receives an Award of common stock purchase options with an exercise price
below the fair value of the underlying common stock, such Participant may recognize ordinary income with respect to the difference
between the exercise price and fair value in respect of any vested options. To the extent that a Participant receives an Award
of common stock, the Participant will recognize ordinary income equal to the aggregate fair market value of any such shares that
become vested and not subject to forfeiture.
(g)       Investment
of Funds
Not applicable.
(g)       Withdrawal
from Plan; Assignment of Interest
(1)
Withdrawal from Plan - Not applicable.
(2)
Assignment - Except by the laws of descent and distribution, a Participant may not assign his interests in the Plan without
the written consent of the Company.
(i)       Forfeitures
and Penalties
Absent a contrary provision in a Participant's
written agreement that embodies an Award under the Plan (each, an "Award Agreement"), the termination of a Participant's
directorship, employment, consulting relationship may result in the forfeiture of any unvested portion of an Award granted under
the Plan. Moreover, except as may otherwise be set forth in an Award Agreement, any Award of common stock purchase options must
be exercised within three (3) months of the cessation of a Participant's directorship, employment, or consulting relationship
with the Company, as applicable. In the case of a Participant's death, such exercise period is one year from the Participant's
date of death. In the case of a Participant's termination or removal for "cause" as defined in the Plan, any
unvested portion of an Award of common stock purchase options or other securities shall be immediately forfeited to the Company.
(j)       Charges
and Deductions, and Liens Therefor
There are no charges or deductions that may
be made against the Participant's interest in the Plan.
4
Item 2.		Registration Information and Employee Plan Annual
Information.
Registrant shall provide to the Participant,
without charge, upon oral or written request, the documents incorporated by reference in Item 3 of Part II of this Registration
Statement. The Registrant shall also provide to the Participant, without charge, upon oral or written request, all of the documents
required to be delivered to the Participant pursuant to Rule 428(b). Any and all such requests shall be directed to the Registrant
at the address set forth on the cover page hereof. Its telephone number is (713) 529-0900.
PART II
INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT
Item 3.		Incorporation of Documents by Reference.
The following documents are hereby incorporated
by reference in the Registration Statement:
(a)
the Registrant's Annual Report on Form 10-K (including amendments thereto) for the fiscal year ended December 31, 2016,
as filed with the SEC; and
(b)
all other reports filed with the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the "Exchange
Act") since December 31, 2016.
In addition to the above, all documents subsequently
filed by the Registrant pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act, prior to the filing of a post-effective
amendment, which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference in the Registration Statement and to be a part thereof from the date of filing
of such documents.
Any statement contained herein or in a document
incorporated or deemed incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not
be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4.		Description of Securities
Not Applicable.
Item 5.		Interests of Named Experts and Counsel
None.
5
Item 6.		Indemnification of Directors and Officers.
Pursuant to the Company's Certificate
of Incorporation and, under the General Corporation Law of Delaware, the Company's directors are not liable to the Registrant
or its stockholders for monetary damages for breach of fiduciary duty, except for liability in connection with a breach of duty
of loyalty, for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, for
authorization of illegal dividend payments or stock redemptions under Delaware law or any transaction from which a director has
derived an improper personal benefit. The Company's charter provides that the Registrant is authorized to provide indemnification
of (and advancement of expenses) to directors, officers, employees and agents of the Company (and any other persons to which applicable
law permits the Company to provide indemnification) through Bylaws provisions, agreements with such persons, vote of stockholders
or disinterested directors, or otherwise, to the fullest extent permitted by applicable law.
The Company has previously entered into indemnification
agreements with each of its current directors and officers. The indemnification agreement indemnifies the indemnitee to the fullest
extent permitted by law, including against third-party claims and claims by or in right of the Company or any subsidiary or majority-owned
partnership of the Company by reason of that person (including the advancement of expenses subject to certain conditions) (a) being
a director, officer employee or agent of the Company, or of any subsidiary or majority-owned partnership of the Company or (b)
serving at the request of the Company as a director, officer, employee or agent of another entity. If appropriate, the Company
is entitled to assume the defense of the claim with counsel selected by the Company and approved by the indemnitee (which approval
may not be unreasonably withheld). Separate counsel employed by the indemnitee will be at his or her own expense unless (1) the
employment of separate counsel has been previously authorized by the Company, (2) the indemnitee reasonably concludes there may
be a conflict of interest, or (3) the Company has not, in fact, employed counsel to assume the defense of such claim.
Regarding indemnification for liabilities arising
under the Securities Act of 1933 ("Securities Act"), which may be permitted to directors or officers under Delaware
law, the Company has been informed that, in the opinion of the Securities and Exchange Commission, indemnification is against public
policy, as expressed in the Securities Act and is, therefore, unenforceable.
Item 7.		Exemption from Registration Claimed
Not Applicable.
6
Item 8.		Exhibits.
The following documents are filed as exhibits
to this Form S-8:
Exhibit Number
Description
5.1
Opinion of Jenner & Block LP regarding the legality of the securities being registered hereunder.
10.1
Equus Total Return, Inc. 2016 Equity Incentive Plan.
23.1
Consent of Jenner & Block LP (contained in Exhibit 5.1 above).
23.2
Consent of Independent Registered Public Accounting Firm, BDO USA, LLP.
7
Item 9.	Undertakings.
(a)
The Registrant hereby undertakes to do the following:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement
to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;
(2)
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof; and
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.
(b)       The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that
is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities
offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)       Insofar
as indemnification for liabilities arising under the Securities Act, as amended, may be permitted to directors, officers, and controlling
persons of the registrant pursuant to any provisions or otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding)
is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by a controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.
8
SIGNATURES
The Registrant
Pursuant to the requirements of the Securities
Act, the Company certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the city of Houston, State of Texas, on March 14, 2017. This Form S-8 has been signed below on behalf of the Company and by
the following persons, which include the principal executive officer, principal financial officer, and at least a majority of the
board of directors, in the following capacities and on the dates indicated:
EQUUS TOTAL RETURN, INC.
By:
/s/ John A. Hardy
John A. Hardy
Chief Executive Officer
By:
/s/ L'Sheryl D. Hudson
L'Sheryl D. Hudson
Chief Financial Officer
Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated on the
14
th
day of March, 2017.
Signature
Title
Date
/s/ Robert L. Knauss
Chairman
March 14, 2017
Robert L. Knauss
/s/ Fraser Atkinson
Director
March 14, 2017
Fraser Atkinson
/s/ Richard F. Bergner
Director
March 14, 2017
Richard F. Bergner
/s/ Kenneth I. Denos
Director
March 14, 2017
Kenneth I. Denos
/s/ Henry W. Hankinson
Director
March 14, 2017
Henry W. Hankinson
/s/ John A. Hardy
Director
March 14, 2017
John A. Hardy
/s/ Bertrand des Pallieres
Director
March 14, 2017
Bertrand des Pallieres
9
The Plan
Pursuant to the requirements of the Securities
Act, the trustees (or other persons who administer the Plan) have duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the city of Houston, State of Texas, on March 14, 2017:
EQUUS TOTAL RETURN, INC.
By:
/s/
Henry W. Hankinson
Henry W. Hankinson
Chairman of the Compensation Committee
10