Company: SRV
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0001398344-25-005333
Chunk: 23

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 23
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orum (i.e., one-third of the outstanding shares
of each Fund entitled to vote at the Annual Meeting) is present is necessary to approve the Election of the Trustees.

THE BOARD, INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR” THE TRUSTEE NOMINEE(S) NAMED IN THIS PROXY STATEMENT FOR YOUR FUND.

| 12 |

PROPOSAL #2: ELECTION OF TRUSTEES

Background

The Adviser, Cushing Asset Management,
LP, d/b/a NextGen Investment Management, a registered investment adviser under the Investment Advisers Act of 1940, as amended, serves
as each Fund’s investment adviser and is responsible for the management of each Fund.

The Adviser is a Texas limited
partnership, with its principal offices located at One Energy Square, 4925 Greeneville Ave., Suite 1310, Dallas, Texas 75206.

The Adviser operates pursuant
to the Adviser Operating Agreemen among Jerry V. Swank, Swank Capital and NXG Cushing. NXG Cushing is owned by the Management
Group, made up of certain members of senior management of the Adviser. The members of the Management Group are John Musgrave, Chief Executive
Officer of the Adviser, Blake Nelson, Chief Financial Officer of the Adviser, and Todd Sunderland, Chief Risk Officer, Chief Operation
Officer and Portfolio Manager. The principal business address of NXG Cushing and each member of the Management Group is One Energy Square,
4925 Greeneville Ave., Suite 1310, Dallas, Texas 75206.

As of February 28, 2025, Mr. Swank
owns 92% of the Adviser, Swank Capital own 1% of the Adviser and NXG Cushing owns 7% of the Adviser.

The Adviser is managed by its
general partner, Swank Capital. Senior management of the Adviser currently directs the day-to-day operations of the Adviser pursuant to
authority delegated by the General Partner.

The Adviser Ownership Plan

Under the terms of the Adviser
Operating Agreement, the Adviser Ownership Plan provides that in connection with Mr. Swank’s retirement from the Adviser, Mr. Swank
has agreed to reduce the Swank Ownership Interest over time along with a commensurate increase in ownership of the Adviser by NXG Cushing
through increased quarterly revenue