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

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 25
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 or group acting together, other than the members of the Management Group, gains “control” (as
defined in the 1940 Act) of NXG Cushing or the Adviser; (2) the Board approves the future advisory agreements; and (3) the future advisory
agreements would not be materially different from the new agreements that are described in this Proxy Statement. These future agreements
would be deemed effective upon the closing of any subsequent transaction that constitutes a Change of Control Event.

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Shareholders are being asked to
vote on approval of these future advisory agreements as part of the same vote on the New Advisory Agreement because the changes in interests
in the Adviser taking place as part of the Adviser Ownership Plan and subsequent Change of Control Events will be incremental, related
steps that are part of the same plan and that are anticipated to lead to the full divestiture by Mr. Swank of the Swank Ownership
Interest to NXG Cushing. Under the circumstances described herein, seeking a single shareholder vote for the New Advisory Agreement and
future advisory agreements will allow each Fund to maintain the uninterrupted services of the Adviser without the need for additional
shareholder approval and additional proxy statements, which would describe the same or substantially similar facts as this Proxy Statement.

If there is a change from the
facts described in this Proxy Statement that is material to shareholders of the Funds in the context of a vote on an investment advisory
agreement, any shareholder approval received at the Meeting would no longer be valid to approve future investment advisory agreements
that would otherwise be approved in the event of subsequent Change of Control Events. This judgment will be made by the Adviser and reviewed
by the Board. If a Fund’s investment advisory agreement were to terminate without valid shareholder approval, the Board and shareholders
of the Fund may be asked to approve a new investment advisory agreement to permit the Adviser to continue to provide services to the Fund.

Prior Advisory Agreements

SRV’s current investment
advisory agreement was last approved by shareholders on August 29, 2007. NXG’s current investment advisory agreement was last approved
by shareholders on September 28, 2012. Each Fund’s current investment advisory agreement was last approved for continuance
by the Board on March 4, 2025. Each Fund’s current investment advisory agreement provides for its automatic termination in
the event of an “assignment,” as defined in the 1940 Act.

New Advisory Agreement

It is proposed that the Advis