Company: SRV
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0001398344-25-005333
Chunk: 38

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 38
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 with respect to shares acquired in excess of that threshold
(i.e., the “control shares”) unless approved by shareholders or exempted by the Board of Trustees. Approval by shareholders
requires the affirmative vote of two-thirds of all votes entitled to be cast on the matter, excluding shares held by the acquirer and
its associates as well as shares held by certain insiders of a Fund. The Control Share Statute provides procedures for an acquirer to
request a shareholder meeting for the purpose of considering whether voting rights shall be accorded to control shares. Further approval
by a Fund’s shareholders would be required with respect to additional acquisitions of control shares above the next applicable threshold
level.

The Control Share Statute effectively
allows non-interested shareholders to evaluate the intentions and plans of an acquiring person above each threshold level.

Alternatively, the Board of Trustees
is permitted, but not obligated, to exempt specific acquisitions or classes of acquisitions of control shares, either in advance or retroactively.
The Board of Trustees has considered the Control Share Statute. As of the date hereof, the Board of Trustees has not received notice of
the occurrence of a control share acquisition nor has been requested to exempt any acquisition. Therefore, the Board of Trustees has not
determined whether the application of the Control Share Statute to an acquisition of Fund shares is in the best interest of the Fund and
its shareholders and has not exempted, and has no present intention to exempt, any acquisition or class of acquisitions.

If the Board of Trustees receives
a notice of a control share acquisition and/or a request to exempt any acquisition, it will consider whether the application of the Control
Share Statute or the granting of such an exemption would be in the best interest of the Fund and its shareholders. The Fund should not
be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.

The Control Share Statute does
not retroactively apply to acquisitions of shares that occurred prior to the Effective Date. However, such shares will be aggregated with
any shares acquired after the Effective Date for purposes of determining whether a voting power threshold is exceeded, resulting in the
newly acquired shares constituting control shares.

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The Control Share Statute requires
shareholders to disclose to a Fund any control share acquisition within 10 days of such acquisition and, upon request, to provide any
information that the Board of Trustees reasonably believes is necessary or desirable to determine whether a control share acquisition
has occurred.

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