Company: SRV
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0001398344-25-005333
Chunk: 28

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 28
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 of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful
misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its duties or from reckless disregard by the
Adviser of its duties under the New Advisory Agreement. These provisions of each Fund’s New Advisory Agreement are identical to
provisions of such Fund’s prior investment advisory agreement.

Board Considerations

The following is a discussion
of the material factors and the conclusions with respect thereto that formed the basis for the Board’s recommendation that shareholders
approve each Fund’s New Advisory Agreement.

In determining whether to approve
the New Advisory Agreements at a meeting of the Board held on March 4, 2025 (the “”) the
Independent Trustees considered that, as part of the Independent Trustees’ 2025 annual contract review process (“”), the Independent Trustees requested and received extensive information and presentations that supported the Independent
Trustees’ decision to renew each Fund’s current investment advisory agreement with the Adviser. The Independent Trustees also
considered the information the Independent Trustees had previously received regarding the Adviser Ownership Plan over a series of meetings
in 2024 and 2025. In connection with the March 2025 Board Meeting, counsel to the Independent Trustees (“l”)
submitted to the Adviser requests for additional and updating information in connection with the Adviser Ownership Plan. In connection
with the March 2025 Board Meeting, the Adviser provided the Independent Trustees with a presentation regarding the Adviser Ownership Plan
and the New Advisory Agreements, which supplemented the information previously provided by the Adviser regarding the Adviser Ownership
Plan at prior meetings of the Board. The Independent Trustees also reviewed and discussed the information provided by the Adviser regarding
the Adviser Ownership Plan and the New Advisory Agreements in response to the informational requests submitted by Independent Legal Counsel.
The Independent Trustees’ consideration of the information provided by the Adviser regarding the Adviser Ownership Plan at prior
meetings and in connection with the March 2025 Board Meeting and the information provided in response to requests submitted by Independent
Legal Counsel regarding the Adviser Ownership Plan and the New Advisory Agreements is referred to herein as the “.”

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The Independent Trustees considered
the information received as a part of the Contract Review and the Transaction Diligence, as well as its accumulated experience in governing
the Funds. The Independent Trustees reviewed and analyzed various factors it deemed relevant, including the following factors