Document:

Exhibit 10.15

 

Placement
Agency Agreement

 

This
Placement Agency Agreement (the “Agreement”) entered into as of the 9th day of November, 2021 is made by
and among North Haven Private Income Fund LLC (the “Fund”), and Morgan Stanley Distribution Inc., a corporation incorporated
under the laws of the Commonwealth of Pennsylvania (“MSDI”).

 

Whereas,
the Fund is a closed-end management investment company that has elected to be treated as a business development company under the Investment
Company Act of 1940, as amended (the “Company Act”);

 

Whereas,
the offering and sale of units of the Fund (the “Units”) is exempt from registration under the U.S. Securities Act of 1933,
as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and/or certain rules and regulations
promulgated thereunder in Regulation D by the U.S. Securities and Exchange Commission (the “SEC”);

 

WHEREAS,
the MSDI is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”);

 

Whereas,
the Fund wishes to retain MSDI and MSDI wishes to serve as placement agent of the Fund and, accordingly, the Fund and MSDI desire to enter
into this Agreement:

 

Now,
therefore, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and with the intention of being legally bound hereby, MSDI and the Fund hereby agree as follows:

 

1.            Definitions.   All
capitalized terms used in this Agreement which are not separately defined in this Agreement have the respective meanings set forth in
the relevant Governing Document (as defined below) for the Fund.

 

2.            Appointment
of the Placement Agent. The Fund hereby appoints MSDI as its agent to place and to arrange for the placement of the Fund’s Units
(intended to primarily occur through brokers (each a “Sub-Placement Agent” and collectively, the “Sub-Placement Agents”)
with whom MSDI has entered into or will enter into a sub-placement agent agreement related to the distribution of Units (each, a “Sub-Placement
Agent Agreement” or “Broker”), on the terms and for the period set forth in this Agreement, and MSDI hereby accepts
such appointment and agrees to act hereunder. This appointment is non-exclusive, and the Fund may appoint at any time and from time to
time other placement agents in its sole discretion. Subject both to the performance in all material respects by the Fund of its obligations
under this Agreement and to the completeness and accuracy in all material respects of all of the representations and warranties of the
Fund contained in this Agreement, MSDI hereby accepts such agency and agrees on the terms and conditions set forth in this Agreement to
use its best efforts to find qualified subscribers for Units and to enter into Sub-Placement Agent Agreements as may be directed by the
Fund in such forms as may be agreed to between the parties. MSDI will not have any liability to the Fund in the event that any subscriber
fails to consummate the purchase of Units in the Fund for any reason other than MSDI’s willful misconduct or gross negligence.

 

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3.            Fund
Offering.   The Fund issues and sells Units in accordance with the terms of the Fund’s current confidential private
placement memorandum (as it may be amended, restated and/or supplemented from time to time, the “Memorandum”), limited liability
company agreement (as it may be amended and/or restated from time to time, the “LLC Agreement”), and/or other current governing
document (each of the Memorandum, LLC Agreement, and/or other current governing document is referred to herein as a “Governing Document”).

 

(a)          MSDI
the Fund have established the following procedures in connection with the offer and sale of Units and agree that MSDI will not make any
offer or sale of any Units except in compliance with such procedures:

 

(i)            Offers
and sales of Units will be made only in compliance with Section 4(a)(2) of the Units Act, Regulation D thereunder, or pursuant
to another exemption under the Securities Act.

 

(ii)           Sales
of Units will be made only to investors which qualify as “accredited investors,” as defined in Rule 501(a) under
the Securities Act, or as otherwise permitted in accordance with applicable laws.

 

(iii)          No
sale of Units will be for less than the minimum denominations as may be specified in the relevant Governing Documents for the Fund, provided
that the board of directors of the Fund (or their delegates) may, in such capacity and subject to applicable law, vary from time to
time such minimum denominations with respect to any investor.

 

(iv)          No
offer or sale of any Security may be made in any U.S. state or non-U.S. jurisdiction, or to any prospective investor located in any U.S.
state or non-U.S. jurisdiction, where such Units have not been registered or qualified for offer and sale under applicable securities
laws unless such Units are exempt from the registration or qualification requirements of such laws. MSDI will only solicit prospective
investors in any jurisdiction in compliance with the marketing rules and private placement rules of such jurisdiction.

 

(b)          For
purposes of the offering of Units, the Fund has provided to MSDI copies of the Governing Documents and subscription documentation or adoption
agreement, as applicable, to be furnished to prospective investors of the Fund. Additional copies will be provided in such numbers as
MSDI may reasonably request for purposes of the offering. MSDI is authorized to furnish to prospective purchasers only such information
concerning the Fund and the offering of the Fund as may be contained in the Fund’s Governing Documents or other written information
furnished to MSDI by the Fund expressly for use in connection with the placement of its Units (“Offering Materials”), as well
as such other material as MSDI has prepared and the Fund has previously reviewed and approved (each of such materials, a “MSDI Piece”).
MSDI shall keep a record of each prospective investor to which MSDI will have furnished a copy of the Governing Document(s) and promptly
provide the Fund with the relevant records at any time upon the Fund’s request.

 

    2 

     

    

 

(c)          Unless
consented to in writing in advance by the Fund, MSDI will not use any form of “general solicitation” or “general advertising”
(within the meaning of Rule 502(c) of Regulation D under the Securities Act) in making offers of Units, including any advertisement,
article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or
any seminar or meeting whose attendees have been invited by any general solicitation or advertising.

 

(d)          MSDI
represents and warrants that it has policies and procedures reasonably designed to comply with applicable anti-money laundering and anti-terrorist
financing laws, rules and regulations. Additionally, MSDI represents and warrants that it has policies and procedures reasonably
designed to ensure that it does not accept or maintain investments in the Fund, directly or indirectly, from a person, government, organization
or entity (a) who is or becomes the subject of a sanctions programs administered by the U.S. Office of Foreign Assets Control (“OFAC”),
is included in any executive order or is on the list of Specially Designated Nationals and Blocked Persons maintained by OFAC, or (b) whose
name appears on such other lists of prohibited persons and entities as may be mandated by applicable local law or regulation.

 

(e)          MSDI
will obtain the prior written consent of the Fund prior to conducting any solicitation activities with respect to such Fund in any E.U.
country. MSDI will be responsible for ensuring that any activities taken in connection with the sale of Units of the Fund in any jurisdiction
outside of the United States will be conducted in compliance with the private placement or other applicable offering rules of such
jurisdiction; provided, however, that, the Fund agrees to coordinate with MSDI in respect of determining the number of offers
made to prospective investors in any particular jurisdiction and such other relevant information in respect of offerings of Units made
by any party other than Placement Agent, which would reasonably be deemed to affect MSDI’s compliance with applicable offering rules.
MSDI will make no offer or sale of any Units in any foreign jurisdiction, or to any prospective investor located in any foreign jurisdiction,
where there is a prohibition on the sale of securities such as the Units, and no available exemption to such prohibition exists.

 

4.            Subscriptions.

 

(a)          All
subscriptions for Units and payments by subscribers of subscription amounts for Units shall be made pursuant to the terms and conditions
set forth in the relevant Governing Document(s) and subscription documentation or adoption agreement, as applicable. Subscriptions
will be subject to acceptance by the Fund or by a duly appointed agent and attorney-in-fact.

 

(b)          The
Fund shall return to any subscriber whose subscription was rejected by, or on behalf of, the Fund all subscription payments from such
subscriber, without interest (unless interest was in fact accrued on such subscription amount).

 

5.            Suitability
of Investors. In offering Shares, MSDI, in its agreements with Brokers, will require that the Broker comply with the provisions of
all applicable rules and regulations relating to suitability of investors, including, without limitation, the provisions of Exchange
Act Rule 15l-1 (“Regulation Best Interest”) (when applicable) and applicable laws of the jurisdiction of which such investor
is a resident. MSDI, in its agreements with Brokers, will require that the Brokers shall sell Shares only to those persons who are eligible
to purchase such shares as described in the Memorandum and only through those Brokers who are authorized to sell such shares. MSDI, in
its agreements with the Brokers, shall require the Brokers to maintain, for at least six years, a record of the information obtained to
determine that an investor meets the financial qualification and suitability standards imposed on the offer and sale of the Shares.

 

    3 

     

    

 

6.            Representations
and Warranties of the Fund.   The Fund represents and warrants to MSDI that:

 

(a)          It
has been duly formed and is validly existing in good standing under the laws of its formation, in each case with all requisite power and
authority; all necessary authorizations, approvals, orders, licenses, certificates, and permits of and from all governmental regulatory
officials and bodies; and all necessary rights, licenses, and permits from other parties, to conduct its business as described in the
relevant Governing Documents.

 

(b)          Units
to be, or which may be, issued by the Fund have been duly authorized by the Fund for issuance and sale and, when issued and delivered
by the Fund, Units will conform in all material respects to all statements relating thereto contained in the relevant Governing Documents.

 

(c)          The
issuance and sale of Units as described in the relevant Governing Documents and in accordance with this Agreement and the execution, delivery,
and performance of the Fund’s obligations hereunder will not result in the violation of any applicable law.

 

(d)          The
Fund will apply the proceeds from the sale of Units for the purposes set forth in its Governing Documents.

 

(e)          The
Fund’s Governing Documents will not contain an untrue statement of any material fact or omit to state any material fact necessary
in order to make statements in such Governing Documents not misleading in light of the circumstances under which they were made.

 

(f)           This
Agreement has been duly authorized, executed, and delivered by the Fund and, when executed by MSDI, shall constitute a valid and binding
agreement of the Fund.

 

7.            Covenants
of the Fund.   The Fund covenants and agrees with MSDI as follows:

 

(a)          MSDI
will be furnished with such documents as MSDI may reasonably require, from time to time, for the purpose of enabling MSDI to pass upon
the issuance and sale of Units as contemplated in this Agreement and related proceedings or for the purpose of evidencing the accuracy
of any of the representations and warranties, or the fulfillment of any of the conditions, contained in this Agreement; and all proceedings
taken by the Fund in connection with the issuance and sale of Units as contemplated in this Agreement will be satisfactory in form and
substance to MSDI.

 

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(b)          If
at any time an event occurs which in the opinion of counsel to the Fund materially affects the Fund and which should be set forth in an
amendment or supplement to the Fund’s Governing Documents in order to make the statements in such Governing Documents not misleading
in light of the circumstances under which they are made, the Fund shall notify MSDI as promptly as practical of the occurrence of such
event and prepare and furnish to MSDI copies of an amendment or supplement to such Governing Documents, in such reasonable quantities
as MSDI may request in order that such Governing Documents will not contain any untrue statement of any material fact or omit to state
a material fact which in the opinion of such counsel is necessary to make the statements in such Governing Documents not misleading in
light of the circumstances under which they are made.

 

8.            Representations
and Warranties of the Placement Agent.   MSDI represents and warrants that:

 

(a)          MSDI
has been duly formed and is validly existing as a corporation in good standing under the laws of the Commonwealth of Pennsylvania and
is duly authorized to enter into and perform, and has duly executed and delivered, this Agreement.

 

(b)          MSDI,
and any authorized representative of MSDI performing services on its behalf, has maintained and will maintain all licenses and registrations
necessary under applicable law and regulations (including the rules of FINRA) to provide the services required to be provided by
MSDI under this Agreement.

 

(c)          MSDI
has not solicited and will not solicit any offer to buy, or offer to sell, Units in any manner which would be inconsistent with applicable
laws and regulations or with the procedures for solicitations contemplated by the Governing Documents or this Agreement, in any manner
which would constitute a general solicitation or advertising with respect to Units, including without limitation any advertisement, article,
notice, or other communication published in any newspaper, magazine or similar medium or broadcast over television, radio or other means
of electronic communication (unless access to that communication is limited to those persons eligible to purchase Units) or any seminar
or meeting whose attendees have been invited by any such general solicitation or advertising.

 

(d)          MSDI
will furnish to each subscriber of Units, identified either by MSDI or the Fund, a current copy of the Fund’s Governing Documents,
other Offering Materials, and subscription documentation or adoption agreement, as applicable, prior to such person’s admission
as an investor of the Fund or, to the extent applicable in the case of an additional investment by an existing investor, prior to the
issuance of the additional Units for which such existing investor has subscribed.

 

(e)          No
MSDI Piece will contain an untrue statement of any material fact or omit to state any material fact necessary in order to make statements
in such MSDI Piece not misleading in light of the circumstances under which they were made.

 

(f)           MSDI
acknowledges that it understands that the Fund is relying on Section 506 of Regulation D under the Securities Act. In furtherance
of the foregoing, MSDI represents and warrants that neither it, nor any of its general partners or managing members (if any), nor any
MSDI director, executive officer or other officer participating in the offering of the Fund, nor any employee or agent of MSDI that shall
receive remuneration (directly or indirectly) for the provision of services under this Agreement, nor any other person construed as a
 “covered person” pursuant to Rule 506 of Regulation D (each, a “Covered Person”) is the subject of any of
the acts enumerated in Rule 506(d)(i) through (viii) thereof (each, a “Disqualifying Event”). MSDI will immediately
notify the Fund if it becomes aware of any Covered Person who is or becomes the subject of a Disqualifying Event.

 

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(g)          MSDI
represents and warrants that it has policies and procedures reasonably designed to comply with applicable pay to play laws, rules and
regulations.

 

(h)          The
representations and warranties set forth in this Agreement are continuing during the term of this Agreement and MSDI agrees to notify
the Fund promptly in writing if at any time during the term of this Agreement, any such representation or warranty becomes inaccurate
or untrue and of the facts related thereto.

 

(i)           MSDI
acknowledges that the Fund enter into this Agreement in reliance on the representations, warranties and agreements of MSDI contained herein.

 

9.            Compensation
of Placement Agent.

 

(a)          Except
as may otherwise be agreed to by the Fund for the Fund, MSDI will be responsible for the payment of all costs and expenses incurred by
MSDI in connection with the performance of MSDI’s obligations under this Agreement.

 

(b)          Subject
to circumstances described in or otherwise provided in this Agreement and under the caption “Purchase Price and Fees” in the
Memorandum, which may be amended and restated from time to time, the Fund will pay to MSDI an ongoing distribution and service fee (the
 “Distribution and Servicing Fee”) based on the net asset values of each eligible class of units calculated in arrears and
paid monthly. Portions of the Distribution and Servicing Fee allocable for distribution or the provision of services shall be as set forth
in Memorandum and shall only be paid/reallowed in consideration for their respective uses. All or a portion of the Distribution and Servicing
Fee may be reallowed by MSDI to the Sub-Placement Agent who sold the Units to which such Distribution and Servicing Fee are attributable,
as described more fully in the Sub-Placement Agent Agreement entered into with each such Sub-Placement Agent. Any amounts of the Distribution
and Servicing Fee not reallowed by MSDI shall be returned to the Fund unless otherwise agreed by the parties.

 

(c)          Sub-Placement
Agents may charge transaction or other fees, including upfront placement fees or brokerage commissions to their own clients outside of
the Fund as they may determine from time to time.

 

(d)          Following
the receipt of Multiple Share Class relief, MSDI shall cease receiving the Distribution and Servicing Fee with respect to any class
of Units held in an account at the end of the month in which MSDI determines that total transaction or other fees, including upfront placement
fees or brokerage commissions, and Distribution and Servicing Fee paid with respect to the Units held by such account would exceed, in
the aggregate, the limits on compensation set forth in FINRA Rule 2341.

 

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10.          Indemnification.   The
parties agree to indemnify one another as follows:

 

(a)          The
Fund agrees to indemnify and hold harmless MSDI and each person who controls MSDI within the meaning of Section 15 of the Securities
Act or Section 20(a) of the Securities Exchange Act of 1934 (such Act the “Exchange Act” and a person exercising
such control over another person the “controlling person”) against any and all losses, liabilities, claims, damages, and expenses
whatsoever (including without limitation attorneys’ fees and any and all expenses whatsoever incurred in investigating, preparing,
or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any
claim or litigation), joint or several, to which MSDI or any of MSDI’s controlling persons may become subject under the Securities
Act, the Exchange Act, or any other law or statute in any jurisdiction, insofar as such losses, liabilities, claims, damages, or expenses
(or actions in respect of such losses, liabilities, claims, damages, or expenses) arise out of, or are based upon, any untrue statement
or alleged untrue statement of a material fact contained in the Fund’s Governing Documents or other Offering Materials, the Fund’s
subscription documentation or adoption agreement, as applicable, or any amendment or supplement to either, or arise out of, or are based
upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, provided, however, that the Fund shall not be liable in any such case to the extent, but only to the extent,
that any such loss, liability, claim, damage, or expense arises out of, or is based upon, any such untrue statement, alleged untrue statement,
omission, or alleged omission made therein in reliance upon, and conformity with, written information furnished to the Fund by through
MSDI expressly for the use therein, and further provided that this indemnity shall not protect MSDI or any other person who may
otherwise be entitled to indemnity under this Agreement from or against any liability to which MSDI or such other person would be subject
by reason of MSDI’s or such other person’s own willful misfeasance, bad faith, gross negligence, or reckless disregard of
MSDI’s or its duties under this Agreement. This indemnity shall be in addition to any liability which the Fund may otherwise have
incurred under this Agreement.

 

(b)          MSDI
agrees to indemnify and hold harmless the Fund and each controlling person of the Fund against any losses, liabilities, claims, damages,
and expenses whatsoever (including without limitation attorneys’ fees and any and all expenses whatsoever incurred in investigating,
preparing, or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement
of any claim or litigation), joint or several, to which the Fund or any of the Fund’s controlling persons may become subject under
the Securities Act, the Exchange Act, or any other law or statute in any jurisdiction, insofar as such losses, liabilities, claims, damages,
or expenses (or actions in respect of such losses, liabilities, claims, damages, or expenses) arise out of, or are based upon, a breach
by MSDI of any of the covenants, agreements, representations, or warranties contained in this Agreement; any untrue statement or alleged
untrue statement of a material fact made by MSDI; or any omission or alleged omission to state a material fact necessary to make a statement
made by MSDI not misleading, in connection with MSDI’s placement of Units, provided, however, that MSDI will not be liable
to the Fund in any such case to the extent, but only to the extent, that any such loss, liability, claim, damage, or expense arises out
of, or is based upon, a statement by MSDI in reliance on, or conformity with, the Fund’s Governing Documents, subscription documentation
or adoption agreement, as applicable, any amendment or supplement thereto, or other Offering Materials. This indemnity will be in addition
to any liability that MSDI may otherwise have incurred under this Agreement.

 

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(c)          Promptly
after receipt by an indemnified party under Section 10(a) or Section 10(b) above of notice of the commencement of
any action, such indemnified party shall, if a claim in respect of such action is to be made against the indemnifying party under such
subsection, notify the party against whom indemnification is to be sought in writing of the commencement of the action, but the failure
so to notify an indemnifying party shall not relieve the indemnifying party from any other liability which it may have under this Section 10
(except to the extent that it has been prejudiced in any material respect by such failure) or from any liability which it may have otherwise).
In case any such action is brought against any indemnified party and such indemnified party notifies an indemnifying party of the commencement
of such action, the indemnifying party shall be entitled to participate in the action and, to the extent it may elect by written notice
delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense of
the action with counsel satisfactory to such indemnified party, provided, however, that, if, in the reasonable judgment of such
indemnified party, a conflict of interest exists where it is advisable for such indemnified party to be represented by separate counsel,
the indemnified party shall have the right to employ separate counsel in any such action, in which event the fees and expenses of such
separate counsel will be borne by the indemnifying party or parties. After notice from the indemnifying party to such indemnified party
of its election so to assume such defense and the approval by the indemnified party of counsel, the indemnifying party shall not be liable
to such indemnified party under such Section 10(a) or Section 10(b) above for any legal expenses of other counsel
or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense of such action other
than reasonable costs of investigation unless (i) the indemnified party will have employed separate counsel in accordance with the
proviso to the immediately preceding sentence (it being understood, however, that the indemnifying party or parties shall not be liable
for the expenses of more than one such separate counsel representing the indemnified parties under Section 10(a) or Section 10(b) above
who are parties to such action), (ii) the indemnifying party or parties will not have employed counsel satisfactory to the indemnified
party to represent the indemnified party within a reasonable time after notice of commencement of the action, or (iii) the indemnifying
party or parties have authorized the employment of counsel for the indemnified party at the expense of the indemnifying party or parties;
and, if clause (i) or (iii) is applicable, such liability shall be only in respect of the counsel referred to in such clause
(i) or (iii). No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any
pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been
sought under this Agreement by such indemnified party, unless such settlement includes an unconditional release of such indemnified party
from all liability on claims which are the subject matter of such proceeding.

 

11.          Representations
and Indemnities to Survive Delivery.   The agreements, representations, warranties, indemnities, and other statements
of the parties set forth in, or made pursuant to, this Agreement shall remain in full force and effect, regardless of any termination
of this Agreement. The provisions of this Section 11 shall survive the termination or cancellation of this Agreement.

 

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12.          Term
of Agreement.   This Agreement shall remain in effect between MSDI and the Fund unless terminated by MSDI or the Fund
in accordance with this Section 12. This Agreement may be terminated as follows: either MSDI, by written notice to the Fund, by written
notice to MSDI, may terminate this Agreement with respect to the Fund, (i) without cause on not less than thirty (30) days’
prior notice or (ii) at any time, in the event of a material breach of any condition, warranty, representation, or other term of
this Agreement.

 

13.          Delegation
of Powers.   MSDI shall be entitled to delegate all or any of its duties, functions, and powers under this Agreement
to another person or persons as sub-agent or sub-agents subject to the approval of the Fund. MSDI shall be solely responsible, however,
for the acts and omissions of any such sub-agent and for the payment of any remuneration to such sub-agent.

 

14.          Notices.   All
communications under this Agreement shall be given in writing, sent by telecopier or registered mail to the address set forth below or
to such other address as such party will have specified in writing to the other party hereto, and shall be deemed to have been delivered
effective at the earlier of its receipt or within two (2) days after dispatch.

 

If to the Fund:

 

c/o Morgan Stanley

Attn:
MS Capital Partners Adviser, Inc.

Attn: Orit Mizrachi

1585 Broadway, 39th Floor

New York, NY 10036

Tel.: (212)
761-0380

E-mail: Orit.Mizrachi@morganstanley.com

 

If to MSDI:

 

Morgan Stanley Distribution, Inc.

1633 Broadway

New York, NY 10019

Attn: Chief Legal Officer

 

15.          Status
of Parties.   In selling Units of the Fund, MSDI shall be an independent contractor (rather than an employee, agent,
or representative) of the Fund, and MSDI will not have the right, power, or authority to enter into any contract, or to create any obligation,
on behalf of the Fund (or its General Partner or investment adviser) or otherwise to bind the Fund (or its General Partner or investment
adviser) in any way. Nothing in this Agreement shall create any partnership, joint venture, agency, association, syndicate, unincorporated
business, or other similar relationship between the parties or be construed to imply that MSDI is a partner, shareholder, manager, managing
member, or member of the Fund (or its General Partner or investment adviser).

 

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16.          Miscellaneous.

 

(a)          This
Agreement may be executed in two or more counterparts, each of which when so executed and delivered shall constitute one and the same
instrument. This Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors and
assigns, and no other person shall have any right or obligation under this Agreement.

 

(b)          This
Agreement embodies the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings relating to the subject matter of this Agreement, and neither this Agreement nor any of its terms
may be changed, waived, discharged, or terminated except by an instrument in writing signed by the party against whom enforcement of the
change, waiver, discharge, or termination is sought. The headings in this Agreement are for purposes of reference only and shall not limit
or otherwise affect the meaning of this Agreement.

 

(c)          If
any provision of this Agreement is or should become inconsistent with any present or future law, rule, or regulation of any governmental
or regulatory authority having jurisdiction over the subject matter of this Agreement, such provision shall be deemed rescinded or modified
in accordance with any such law, rule, or regulation, and, in all other respects, this Agreement shall continue and remain in full force
and effect.

 

17.          Governing
Law; Venue; Service of Process.

 

(a)          This
Agreement will be governed by, and construed in accordance with, the laws of the New York without regard to the conflict-of-laws provisions
thereof.

 

(b)          Each
of the parties hereto irrevocably submits to the non-exclusive jurisdiction of any state court sitting in the City of New York and of
any federal court sitting in the Southern District of New York over any suit, action, or proceeding arising out of, or relating to, this
Agreement. Each of the parties irrevocably waives (i) trial
by jury, (ii) to the fullest extent permitted by law, any objection which it may now
or hereafter have to the laying of venue in any such suit, action, or proceeding brought in any such court, and (iii) any
claim that any such suit, action, or proceeding has been brought in an inconvenient forum. Each of the parties agrees that a final judgment
in any such suit, action, or proceeding shall be conclusive and binding upon the parties and may be enforced by suit upon such judgment
in any other court to whose jurisdiction a party is or may be subject.

 

(c)          Each
of the parties hereto hereby consents to the service of any and all process which may be served in any suit, action, or proceeding arising
out of, or relating to, this Agreement by means of personal delivery or courier service, addressed to its address provided in accordance
with Section 14 above and to the attention of any secretary, assistant secretary, or other officer, director, managing agent, or
general agent of such party, and each of the parties hereto hereby waives, to the fullest extent permitted by law, any objection it may
now or hereafter have under the law of the New York, any other state of the United States, or any other jurisdiction to service of process
in such manner.

 

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18.          Bound
Parties.   The parties to this Agreement agree that the obligations of the Fund under this Agreement shall not be individually
binding upon any of the investors, officers, employees, or agents of the Fund, whether past, present, or future, but shall be binding
only upon the assets and property of the Fund.

 

[Remainder of page intentionally left blank]

 

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In
witness whereof, each of the parties has executed this Agreement as of the day and year first written above.

 

	North
    Haven PRIVATE INCOME FUND LLC	 
	 	 
	 	 
	By: 	/s/ Orit Mizrachi	 
	 	 
	Name: Orit Mizrachi	 
	 	 
	Title: Chief Operating Officer	 
	 	 
	 	 
	Morgan Stanley DISTRIBUTION
    INC.	 
	 	 
	 	 
	By: 	/s/ Frank Famiglietti	 
	 	 
	Name: Frank Famiglietti	 
	 	 
	Title: Managing Director	 

 

    12Exhibit 10.8

      

      

      Form of Convertible Promissory Note

      

      

      THIS CONVERTIBLE PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (as amended, the
        “Act”), AS AMENDED.  NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE COMPANY THAT SUCH
        REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

      

      

      CONVERTIBLE PROMISSORY NOTE

      

      

      $[●]          February
          ___, 2022

      

      

      For value received SpringBig, Inc., a Delaware
        corporation (the “Company”), promises to pay to [●] (the “Holder”) the principal sum of [●] ($[●]) together with accrued and unpaid interest thereon, each due and payable on the date and in the manner set forth below.

      

      

      1.          Repayment.  All payments of interest and principal on this Convertible Promissory Note (the “Note”), that are not otherwise converted in accordance herewith, shall be in lawful money of the United States of America on the date on which such payment is due by wire
          transfer of immediately available funds to the Holder’s account at a bank specified by Lender in writing to the Company from time to time.  All payments shall be applied first to accrued interest, and thereafter to principal.  Unless converted as
          provided herein, the outstanding principal amount shall be due and payable on September 30, 2022 (the “Maturity Date”).

      

      

      2.          Interest Rate.  The Company promises to pay simple interest
          on the outstanding principal amount hereof from the date hereof until payment in full, which interest shall be payable at the rate of 15% per annum or the maximum rate permissible by law, whichever is less.  Interest shall be due and payable on
          the Maturity Date and shall be calculated on the basis of a 365-day year for the actual number of days elapsed.  Overdue principal and, to the extent permitted by applicable law, overdue interest or any other amounts payable under this Note shall
          bear interest from and including the date due until paid at a rate of 18% per annum or the maximum rate permissible by law, whichever is less.  To the extent that the Company issues any notes or other evidences of indebtedness convertible or
          exchangeable for equity securities or coupled with warrants or other rights to acquire equity securities, in any case with interest rate, conversion or exchange rate or other terms more favorable to the holders thereof than this Note, then the
          interest rate, conversion rate or other applicable terms of this Note shall automatically be adjusted to reflect such better terms.

      

      

      3.          Conversion.

      

      

      (a)          If
          the closing of the merger contemplated by the Agreement and Plan of Merger, dated as of November 8, 2021 (the “Merger Agreement”),
          by and among the Company, Tuatara Capital Acquisition Corp. (“TAC”) and the other parties thereto (the “SPAC Merger”), occurs on or prior to the Maturity Date, then (i) the outstanding principal balance of this Note shall become
          due and payable (and will be satisfied by the issuance to Holder of all shares of common stock of Surviving Pubco (as defined in the Merger Agreement) issuable under the Subscription Agreement dated November 8, 2021 between Holder and TAC (the “Subscription Agreement”), and declaring Holder’s purchase price obligations under the Subscription Agreement to be paid in full); and (ii) all
          accrued and unpaid interest under this Note shall become due and payable and shall be satisfied by deliver of a number of fully paid and non-assessable shares of Surviving Pubco common stock, equal to the quotient (rounded to the nearest whole
          share) obtained by dividing (i) the outstanding unpaid accrued interest of this Note, by (ii) $10.00.

      

      

      
        
          

      

      

      

       

      (b)          If
          the SPAC Merger has not occurred on or prior to the Maturity Date, then, subject to Section 3(c), the outstanding principal balance and any unpaid accrued interest of this Note shall automatically convert, without any further action by the
          Holder, into a number of fully paid and non-assessable shares of Series B Preferred Stock of the Company, equal to the quotient (rounded to the nearest whole share) obtained by dividing (i) the outstanding principal balance and any unpaid accrued
          interest of this Note, by (ii) $2.508067, with such shares of Series B Preferred Stock to be issued pursuant to the Company’s Amended and Restated Certificate of Incorporation and otherwise on the same terms and conditions as given to the
          investors in that certain Series B Stock Purchase Agreement dated as of August 7, 2020, as amended (the “Series B Purchase
            Agreement”) and each of the Ancillary Agreements (as defined in the Series B Purchase Agreement), as applicable, and the Holder shall hereby become a party to the Series B Purchase Agreement and each of such Ancillary Agreements with
          respect to such shares of Series B Preferred Stock.

      

      

      (c)          If
          the Company issues any additional equity securities on or prior to the Maturity Date and conversion of this Note (“Other
            Securities”), then Holder shall have the option, in lieu of conversion pursuant to Section 3(b), to convert the outstanding principal balance and any unpaid accrued interest of this Note into a number of fully paid and non-assessable
          shares of such Other Securities of the Company, equal to the quotient (rounded to the nearest whole share) obtained by dividing (i) the outstanding principal balance and any unpaid accrued interest of this Note, by (ii) the per share price of
          such Other Securities, with such shares of Other Securities to be issued pursuant to the Company’s Amended and Restated Certificate of Incorporation and otherwise on the same terms and conditions as given to the investors in connection with the
          issuance of such Other Securities.

      

      

      4.          Representations and Warranties of the Company.  In connection with the transactions provided for herein, the Company hereby represents and warrants
          to the Holder that:

      

      

      (a)          The
          Company is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted.  The Company is duly qualified
          to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on its business or properties.

      

      

      (b)          All
          corporate action has been taken on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery of this Note.  The Company has taken all corporate action required to make all of the
          obligations of the Company reflected in the provisions of this Note the valid and enforceable obligations they purport to be, and this Note, when executed and delivered by the Company, shall constitute the valid and legally binding obligation of
          the Company, enforceable against the Company in accordance with its terms.

      

      

      (c)          The
          execution, delivery and performance of this Note, and the consummation of the transactions contemplated hereby, will not constitute or result in a default, violation, conflict or breach in any material respect of any provision of the Company’s
          current Certificate of Incorporation or bylaws, or in any material respect of any instrument, judgment, order, writ, decree, or contract to which it is a party or by which it is bound, or, to its knowledge, of any provision of any federal or
          state statute, rule or regulation applicable to the Company.

      

      

      (d)          When
          issued, sold and delivered, any equity securities issued to the Holder pursuant to a conversion under Section 3 of this Note, will be duly authorized and validly issued, fully paid and nonassessable, and, based in part upon the representations
          and warranties of the Holder herein, will be issued in compliance with all applicable federal and state securities laws.

      

      

      5.          Representations and Warranties of the Holder.  In connection with the transactions provided for herein, the Holder hereby represents and warrants
          to the Company that:

      

      

      (a)          The
          Holder acknowledges that this Note is issued to the Holder in reliance upon the Holder’s representation to the Company that the Note will be acquired for investment for the Holder’s own account, not as a nominee or agent, and not with a view to
          the resale or distribution of any part thereof, and that the Holder has no present intention of selling, granting any participation in, or otherwise distributing the same.

      

      

      
        
          

      

      

      

       

      (b)          The
          Holder is an investor in securities of companies and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of
          evaluating the merits and risks of the investment in this Note. The Holder also represents it has not been organized solely for the purpose of acquiring this Note.

      

      

      (c)          The
          Holder is an “accredited investor” within the meaning of Rule 501 of Regulation D, as presently in effect, as promulgated by the Securities and Exchange Commission (the “SEC”) under the Act.

      

      

      (d)          The
          Holder understands that this Note is characterized as a “restricted security” under the federal securities laws inasmuch as it is being acquired from the Company in a transaction not involving a public offering and that under such laws and
          applicable regulations such securities may be resold without registration under the Act, only in certain limited circumstances.

      

      

      6.          Issuance of Equity Securities; Cancellation of Note.  As promptly as practicable after the conversion of this Note, the Company will issue (or, as
          applicable, will cause Surviving Pubco to issue), against delivery by the Holder of an original of this Note for cancellation, to the Holder the applicable equity securities of the Company into which this Note has been converted under Section 3,
          and the Company and the Holder agree to execute and deliver all documents and other instruments necessary or appropriate to reflect the issuance of the equity securities to the Holder and, if not currently a stockholder of the Company (or
          Surviving Pubco as applicable), to admit the Holder as a stockholder of the Company(or Surviving Pubco as applicable).  Upon its conversion into the
          applicable equity securities, this Note shall be canceled, and all obligations of the Company under this Note shall terminate.

      

      

      7.          Execution of Documents.  The Holder, by acceptance of this Note, agrees to execute and deliver such agreements, documents and instruments as may be
          necessary or appropriate in connection with the conversion hereof.

      

      

      8.          Expenses.  In the event of any default hereunder, the Company shall pay all reasonable attorneys’ fees and court costs incurred by the Holder in
          enforcing and collecting this Note.

      

      

      9.          Prepayment.  This Note may be prepaid in whole or in part at any time prior to the Maturity Date without the prior consent of the Holder.

      

      

      10.          Events of Default.  The occurrence and continuance of any of the following shall constitute an “Event of Default” hereunder:

      

      

      (a)          The
          Company fails to observe or perform any covenant, obligation, condition or agreement contained in this Note, and such failure continues uncured for thirty (30) days.

      

      

      (b)          The
          Company pursuant to or within the meaning of any Bankruptcy Law:  (A) commences a voluntary case or proceeding, (B) consents to the entry of an order for relief against it in an involuntary case or proceeding, (C) consents to the appointment of a
          Custodian for the Company or for all or substantially all of the property of the Company, (D) makes a general assignment for the benefit of its creditors or (E) admits in writing its inability to pay its debts as the same become due.

      

      

      (c)          A
          court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (A) is for relief against the Company in an involuntary case, (B) appoints a Custodian for the Company or for all or substantially all of the property of the
          Company or (C) orders the liquidation of the Company, and such order or decree remains unstayed and in effect for sixty (60) days.

      

      

      
        
          

      

      

      

       

      11.          Default.

      

      

      (a)          Upon
          and after the occurrence of an Event of Default, the Holder shall have the right without presentment, notice or demand of any kind, to accelerate this Note and to declare all of the principal and interest immediately due and payable; provided,
          however, that if an Event of Default described in clauses (b)-(c) of Section 11 shall occur, then the principal and interest shall become immediately due and payable without any notice, declaration or other act on the part of the Company.

      

      

      (b)          No
          right or remedy herein conferred upon or reserved to the Holder is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
          remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
          right or remedy.  No delay or omission of Lender to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event
          of Default or an acquiescence therein; and every power and remedy given by this Note or by law may be exercised from time to time, and as often as shall be deemed expedient, by the Holder.

      

      

      12.          Notice.  All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the
          party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail,
          return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.  All communications shall be addressed to the Company
          or the Holder at the street or email address set forth below, or in either instance, to such other address as the Company or the Holder, as applicable, may designate by ten (10) days advance notice to the other party hereto:

      

      

      	

            	If to Company:	
              SpringBig, Inc.

                621 N. 53rd St., Suite 250

                Boca Raton, FL 33487

                Attention:  CFO

                Email: psykes@springbig.com

            

      

      

      	

            	If to Holder:	
              [●]

                ____________________

                ____________________

            

      

      

      13.          Waiver.  The Company hereby waives demand, notice, presentment, protest and notice of dishonor.

      

      

      14.          Governing Law.  This Note shall be governed by and construed under the laws of the State of Delaware, and for all purposes will be construed in
          accordance with the laws of Delaware, without giving effect to conflicts of laws principles.

      

      

      15.          Modification; Waiver. Any term of this Note may be amended or waived with the written consent of the Company and the Holder.

      

      

      16.          Assignment. This Note may be transferred only upon its surrender to the Company for registration of transfer, duly endorsed, or accompanied by a
          duly executed written instrument of transfer in form satisfactory to the Company.  Thereupon, this Note shall be reissued to, and registered in the name of, the transferee, or a new Note for like principal amount and interest shall be issued to,
          and registered in the name of, the transferee.  Interest and principal shall be paid solely to the registered holder of this Note.  Such payment shall constitute full discharge of the Company’s obligation to pay such interest and principal.

      

      

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