Company: SRV
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0001398344-25-005333
Chunk: 27

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 27
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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 stock 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.

The Investment Adviser has contractually
agreed to waive a portion of the management fee for each Fund in the amount equal to 0.25% of the Fund’s Managed Assets through
February 1, 2026.

SRV and NXG paid the Adviser investment
advisory fees of $1,684,554 and $1,731,740, respectively, during the fiscal year ended November 30, 2024. During the fiscal year
ended November 30, 2024, the Adviser waived $423,639 in advisory fees payable by SRV and $432,935 in advisory fees payable by NXG
pursuant to contractual fee waivers.

Duration and Termination.
Assuming approval by shareholders, each Fund’s New Advisory Agreement shall continue for an initial term of one year. Thereafter,
teach Fund’s New Advisory Agreement shall continue in effect from year to year if approved annually (i) by the Board or the holders
of a majority of the outstanding voting securities of the applicable Fund and (ii) by a majority of the trustees who are not “interested
persons” of the applicable Fund or the Adviser, by vote cast in-person at a meeting called for the purpose of voting on such approval.
Each Fund’s New Advisory Agreement may be terminated (i) by the Fund or the Adviser at any time, without the payment of any penalty,
upon giving the other party 60 days’ written notice, or (ii) by the Adviser on 60 days’ written notice to the Fund. Each Fund’s
New Advisory Agreement will also immediately terminate in the event of its assignment, as defined in the 1940 Act. These provisions of
each Fund’s New Advisory Agreement are identical to provisions of each Fund’s prior investment advisory agreement.

Limitation of Liability.
Each Fund’s New Advisory Agreement provides that the Adviser will not be liable for any error of judgment or mistake of law or for
any loss suffered by the Adviser or by the applicable Fund in connection with the performance of the New Advisory Agreement, except a
loss resulting from a breach