Blake Nelson

About Blake Nelson

Blake R. Nelson (born 1986) serves as Chief Financial Officer and Treasurer of NXG NextGen Infrastructure Income Fund; he is an officer of the Fund since 2021 and CFO of the Adviser (Cushing Asset Management, LP d/b/a NXG Investment Management). He is a Certified Public Accountant and previously served as Controller of the Adviser (2013–2021) and as a fund accountant at JD Clark & Company (2011–2013) . NXG Cushing, which is owned by the Management Group comprising senior management including Blake Nelson, held 7% of the Adviser as of February 28, 2025, with an Adviser Ownership Plan to increase NXG Cushing’s stake over time . Performance metrics such as TSR or revenue/EBITDA growth are not disclosed for fund officers; the Fund indicates officers receive no compensation from the Funds and therefore fund-level pay-for-performance metrics are not applicable .

Past Roles

External Roles

Fixed Compensation

• Fund officers receive no compensation from the Funds; compensation, if any, is paid by the Adviser and not disclosed in Fund proxy statements .

Performance Compensation

The Fund does not disclose officer incentive metrics (e.g., TSR, revenue growth, EBITDA) or payouts; officers are compensated by the Adviser, a private entity .

Equity Ownership & Alignment

• Officer-level beneficial ownership in Fund shares is not individually detailed; as of December 31, 2024, each Trustee or Trustee nominee and officer and the group collectively owned less than 1% of outstanding shares of each Fund .
• NXG Cushing (owned by the Management Group including Blake Nelson) held 7% of the Adviser as of February 28, 2025, with an Adviser Ownership Plan to increase NXG Cushing’s ownership and eventually reach 100%, implying growing economic alignment of senior management with the Adviser’s economics over time .

• Pledging/hedging: No pledging or hedging disclosures for Blake Nelson were identified in the Fund proxy .
• Stock ownership guidelines: Not disclosed for Fund officers .

Employment Terms

• Officer since 2021; term of office is at the discretion of the Board or until a successor is duly elected and qualified .
• Business address: c/o Cushing Asset Management, LP, One Energy Square, 4925 Greenville Ave., Suite 1310, Dallas, Texas 75206 .
• Non-compete, non-solicit, severance, change-of-control, accelerated vesting, clawbacks, tax gross-ups: Not disclosed for Fund officers (officer employment terms are with the Adviser and not provided in Fund proxy) .
• Section 15 of the 1940 Act: Any “assignment” (including transfer of a controlling block of Adviser voting securities) automatically terminates investment advisory agreements; the Adviser Ownership Plan contemplates increasing NXG Cushing’s stake, potentially constituting change-of-control events requiring shareholder approvals and Board actions under the 1940 Act .

Performance & Track Record

• Executive presence: Blake Nelson is listed as the media/investor contact in multiple Fund distribution press releases (reflecting active senior involvement in Fund communications) .
• Board/committee service: Not a Trustee; committees (Audit; Nominating & Corporate Governance) comprise Independent Trustees; officers receive no compensation from Funds .
• Delinquent Section 16 filings: The DEF 14A identifies delinquent filings for certain individuals (Brad Mead, Andrea Mullins, Jerry V. Swank); Blake Nelson is not listed among those with delinquent filings .

Governance Context (Fund-Level)

Risk Indicators & Red Flags

• Control Share Statute (Delaware Statutory Trust Act): Applies to the Fund; Board has not exempted any acquisitions; potential implications for large accumulations of voting power and shareholder approvals .
• Advisory agreement “assignment” risk: Adviser Ownership Plan may necessitate shareholder approvals if control thresholds are crossed under Section 15 of the 1940 Act .
• Disclosure gaps: No public disclosure of officer compensation structures, severance, change-of-control, or clawback terms at the Adviser level .

Compensation Committee Analysis

• Committee responsible for governance and compensation recommendations limited to Independent Trustees; reviews compensation for CCO and Independent Trustees; Fund officers do not receive Fund compensation .

Say-On-Pay & Shareholder Feedback

• Not applicable; no say-on-pay for Fund officers and trustees’ cash retainers disclosed without advisory vote metrics .

Investment Implications

• Alignment: Growing Management Group ownership (via NXG Cushing) of the Adviser—expected to rise over time—suggests increasing economic alignment of Blake Nelson with the Adviser’s long-term value, a positive for retention and execution stability .
• Compensation opacity: Lack of disclosed salary/bonus/equity terms for Blake Nelson (compensation paid privately by Adviser) limits pay-for-performance analysis and makes insider selling pressure assessment at the Fund level impractical .
• Governance and continuity risks: The Adviser Ownership Plan could trigger “assignment” events under the 1940 Act, requiring re-approval of advisory agreements—an execution and continuity risk to monitor through Board and shareholder actions .
• Trading signals: No officer-level Form 4 activity or pledging/hedging disclosures for Blake Nelson; principal Fund holders include Sit Investment Associates at 6.32%; monitor future Section 16 filings and Adviser ownership changes for potential signals .