Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 35

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 35
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the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed. A demand
shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee
established to consider the merits of such action, is composed of Trustees who are not “independent trustees” (as that term
is defined in the DSTA). Unless a demand is not required pursuant to the foregoing, shareholders eligible to bring such derivative action
who hold at least 10% of the outstanding shares of the Fund must join in the request for the Board Trustees to commence such action and
the Board of Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of
such claim. The Trustees shall be entitled to retain counsel or other advisers in considering the merits of the request and shall require
an undertaking by the shareholders making such request to reimburse the Trust for the expense of any such advisers in the event that the
Trustees determine not to bring such action. The Fund is aware that it is the view of the Staff of the SEC that such limitations do not
apply to claims under the federal securities laws.

Delaware Control Share Statute

Because the Fund is organized
as a Delaware statutory trust it is subject to the Control Share Statute contained in Subchapter III of the DSTA, which became automatically
applicable to listed closed-end funds, such as the Fund, upon its Effective Date of August 1, 2022.

The Control Share Statute
provides for a series of voting power thresholds above which shares are considered control shares. These thresholds are:

| ● | 10% or more, but less than 15% of all voting power; |

| ● | 15% or more, but less than 20% of all voting power; |

| ● | 20% or more, but less than 25% of all voting power; |

| ● | 25% or more, but less than 30% of all voting power; |

| ● | 30% or more, but less than a majority of all voting power; or |

| ● | a majority or more of all voting power. |

Voting power is defined by
the Control Share Statute as the power to directly or indirectly exercise or direct the exercise of the voting power of Fund shares in
the election of Trustees. Whether a voting power threshold is met is determined by