Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 126

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 126
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 or
corporation, if such recommendation will have been selected with due care and in good faith, except loss resulting from willful misfeasance,
bad faith or gross negligence on the part of the Investment Adviser in performance of its obligations and duties, or by reason of its
reckless disregard of its obligations and duties under the Investment Management Agreement.

Pursuant to the Investment Management
Agreement, the Investment Adviser is responsible for managing the portfolio of the Fund in accordance with its stated investment objective
and policies, makes investment decisions for the Fund, placing orders to purchase and sell securities on behalf of the Fund and managing
the other business and affairs of the Fund, all subject to the supervision and direction of the Fund’s Board of Trustees. Although
the Investment Adviser intends to devote such time and effort to the business of the Fund as is reasonably necessary to perform its duties
to the Fund, the services of the Investment Adviser are not exclusive, and the Investment Adviser provides similar services to other clients
and may engage in other activities.

Pursuant to the Investment
Management Agreement, the Fund has agreed to pay the Investment Adviser a fee, payable at the end of each calendar month, at an annual
rate equal to 1.25% of the average weekly value of the Fund’s Managed Assets during such month (the “Management Fee”)
for the services and facilities provided by the Investment Adviser to the Fund. For purposes of the Management Fee, “Managed Assets”
means the total assets of the Fund, minus all accrued expenses incurred in the normal course of operations other than liabilities or
obligations attributable to investment leverage, including, without limitation, investment leverage obtained through (i) indebtedness
of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance
of preferred shares or other similar preference securities and/or (iii) the reinvestment of collateral received for securities loaned
in accordance with the Fund’s investment objective and policies.

<div align='center'>S-15</div>

Pursuant to a fee waiver
agreement by and between the Fund and the Investment Adviser, effective June 1, 2025, the Investment Adviser has contractually agreed
to waive a portion of the management fee in an amount equal to 0.25% of the Fund’s Managed Assets through the later of June 1,
2026 or 12 months after the date of effectiveness of the Registration Statement