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                                                                   EXHIBIT 10.15

                               _____________, 2007

Tailwind Financial Inc.
BCE Place, 181 Bay Street, Suite 2040
Toronto, Ontario, Canada M5J 2T3

     Re: INITIAL PUBLIC OFFERING

Ladies and Gentlemen:

     This letter is being delivered to you in accordance with the Underwriting
Agreement (the "UNDERWRITING AGREEMENT") entered into by and between Tailwind
Financial Inc., a Delaware corporation (the "COMPANY"), and Deutsche Bank
Securities Inc. (the "UNDERWRITER"), relating to an underwritten initial public
offering (the "IPO") of the Company's units (the "UNITS"), each Unit comprised
of one share of the Company's common stock, par value $0.001 per share (the
"COMMON STOCK"), and one warrant, which is exercisable for one share of Common
Stock. Certain capitalized terms used herein are defined in paragraph 11 hereof.

     In order to induce the Company and the Underwriter to enter into the
Underwriting Agreement and to proceed with the IPO, and in recognition of the
benefit that such IPO will confer upon the undersigned as a stockholder of the
Company, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the undersigned hereby agrees with
the Company and the Underwriter as follows:

1.   If the Company solicits approval of its stockholders of a Business
Combination, the undersigned will vote all Insider Shares owned by him in
accordance with the majority of the votes cast by the holders of the IPO Shares.

2.   In the event that the Company fails to consummate a Business Combination
within eighteen (18) months from the effective date (the "EFFECTIVE DATE") of
the Registration Statement (or twenty-four (24) months from the Effective Date
under the circumstances described in the Registration Statement), the
undersigned will take all reasonable actions within the undersigned's power to
(i) cause the Trust Account to be liquidated and distributed to the holders of
IPO Shares in accordance with that Investment Management Trust Agreement to be
entered into by and among the Company, Deutsche Bank Securities Inc. and
American Stock Transfer & Trust Company, as Trustee; and (ii) cause the Company
to liquidate as soon as reasonably practicable. The undersigned hereby waives
any and all right, title, interest or claim of any kind in or to (x) any
distribution of the Trust Account with respect to the undersigned's Insider
Shares

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and Common Stock underlying the Private Placement Warrants in connection with a
liquidation and (y) any remaining net assets of the Company after such
liquidation.

3.   Except as disclosed in the Registration Statement, none of the undersigned,
any member of the family of the undersigned, nor any Affiliate of the
undersigned will be entitled to receive and will not accept any compensation for
services rendered to the Company prior to or in connection with the consummation
of the Business Combination; PROVIDED THAT the undersigned shall be entitled to
reimbursement from the Company for the undersigned's out-of-pocket expenses
incurred in connection with seeking and consummating a Business Combination.

4.   None of the undersigned, any member of the family of the undersigned, nor
any Affiliate of the undersigned will be entitled to receive or accept from the
Company a finder's fee or any other compensation in the event the undersigned,
any member of the family of the undersigned or any Affiliate of the undersigned
originates a Business Combination.

5.   The undersigned shall escrow (i) the undersigned's Insider Shares (if any)
until the first anniversary of the consummation of the Business Combination and
(ii) the undersigned's Private Placement Warrants (if any) and any shares of
Common Stock issued upon exercise thereof until ninety (90) days after
consummation of a Business Combination, in each case subject to the terms of a
Securities Escrow Agreement which the Company will enter into with the
undersigned and American Stock Transfer & Trust Company, as escrow agent, in
form and substance acceptable to the Company.

6.   The undersigned agrees to be a director of the Company and currently
intends to serve until the earlier of the consummation by the Company of a
Business Combination or the liquidation of the Company. The undersigned's
Questionnaire for Directors, Officers and Principal Stockholders furnished to
the Company and attached hereto as EXHIBIT A and the biographical information in
the Registration Statement is true and accurate in all respects and does not
omit any material information with respect to the undersigned's background. The
undersigned's NASD Questionnaire furnished to Deutsche Bank Securities Inc. and
annexed as EXHIBIT B hereto is true and accurate in all respects. The
undersigned represents and warrants that:

     6.1     the undersigned is not subject to, or a respondent in, any legal
action for, any injunction, cease-and-desist order or order or stipulation to
desist or refrain from any act or practice relating to the offering of
securities in any jurisdiction;

     6.2     the undersigned has never been convicted of or pleaded guilty to
any crime (i) involving any fraud or (ii) relating to any financial transaction
or handling of funds of another person, or (iii) pertaining to any dealings in
any securities and he is not currently a defendant in any such criminal
proceeding;

     6.3     the undersigned has never been suspended or expelled from
membership in any securities or commodities exchange or association or had a
securities or commodities license or registration denied, suspended or revoked;

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     6.4     a petition under any federal bankruptcy laws or any state,
territorial or provincial insolvency law was not filed by or against, nor was a
receiver, fiscal agent or similar officer appointed by a court for the business
or property of the undersigned, or for any partnership in which the undersigned
was a general partner within the past two years, or for any corporation or
business association of which the undersigned was an executive officer within
the past two years;

     6.5     the undersigned has not been subject to any order prohibiting and
is not subject to any legal proceeding seeking to prohibit him or her from
engaging in any type of business practice;

     6.6     the undersigned has not been found by a court of competent
jurisdiction in a civil action by the Securities and Exchange Commission or by
any other federal, state, territorial or provincial administrative or regulatory
authority to have violated any federal, state, territorial or provincial
securities law; and

     6.7     the undersigned has not been found by a court of competent
jurisdiction in a civil action by the Commodity Futures Trading Commission or by
any other federal, state, territorial or provincial administrative or regulatory
authority to have violated any federal, state, territorial or provincial
commodities law.

7.   The undersigned agrees that until the earlier of (i) the consummation of a
Business Combination or the liquidation of the Company or (ii) such time as the
undersigned ceases to be an officer or director of the Company, (X) the
undersigned shall present to the Company for its consideration, prior to
presentation to any other entity, any business opportunity which may reasonably
be deemed appropriate for the Company based on the description in the
Registration Statement of the Company's proposed business or which is required
to be presented to the Company under Delaware law subject to any pre-existing
fiduciary or contractual obligations the undersigned has and (Y) the undersigned
shall not assist or participate with any other person or entity in the pursuit
of or negotiation with respect to such business opportunity unless and until it
receives written notice from the Company that the Company has determined not to
pursue such business opportunity.

8.   The undersigned authorizes any employer, financial institution, or consumer
credit reporting agency to release to the Company and its legal representatives
or agents (including any investigative search firm retained by the Company) any
information he or it may have about the undersigned's background and finances
("INFORMATION"), provided that the Information is used solely to determine the
truth and accuracy of the undersigned's representations hereunder and the
disclosure in the Registration Statement and for no other purpose; provided
further that the Company shall use all reasonable efforts to keep the
Information confidential and shall not disclose the Information to any other
person or entity without the prior written consent of the undersigned, unless
such disclosure (i) is required by law or regulation or requested in connection
with a judicial proceeding or governmental investigation or (ii) was disclosed
in the Registration Statement. Neither the Company nor its agents shall be
violating the undersigned's right of privacy in any manner in requesting and
obtaining the Information and the

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undersigned hereby releases them from liability for any damage whatsoever in
that connection.

9.   This letter agreement shall be binding on the Company and the undersigned
and the undersigned's respective successors, heirs, personal representatives and
assigns. This letter agreement shall terminate on the earlier of (i) the date
upon which the Business Combination is consummated and (ii) the date upon which
the liquidation and distribution of the Trust Account is completed, provided
that the following Sections shall survive such termination: 3, 4, 5, 9, 10,
11, and 12.

10.  This letter agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New York, without giving effect to
conflicts of law principles that would result in the application of the
substantive laws of another jurisdiction. Each of the Company and the
undersigned hereby (i) agrees that any action, proceeding or claim against him
or it arising out of or relating in any way to this letter agreement shall be
brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive, and (ii) waives any
objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum.

11.  As used herein:

     11.1    "AFFILIATE" shall have the meaning ascribed to it in Rule 12b-2 of
the General Rules and Regulations under the Securities Exchange Act of 1934, as
amended.

     11.2    "BUSINESS COMBINATION" shall mean the Company's initial acquisition
of one or more assets or operating businesses through a merger, capital stock
exchange, asset or stock acquisition, exchangeable share transaction or other
similar business combination.

     11.3    "INSIDERS" shall mean all officers and directors of the Company
immediately prior to the IPO and each of the following:

     Gordon A. McMillan
     Andrew A. McKay
     Robert Penteliuk
     Robert C. Hain
     Stephen T. Moore
     TFC Holdings Ltd.
     Parkwood Holdings Ltd.
     JovFunds Management Inc.

     11.4    "INSIDER SHARES" shall mean all of the shares of Common Stock of
the Company owned by an Insider prior to the IPO.

     11.5    "IPO SHARES" shall mean the shares of Common Stock comprising the
Units issued in the Company's IPO.

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     11.6    "PRIVATE PLACEMENT WARRANT" shall mean up to 4,700,000 warrants of
the Company purchased in a private placement prior to and subject to
consummation of the IPO.

     11.7    "REGISTRATION STATEMENT" shall mean the registration statement
filed by the Company on Form S-1 (No. 333-135790) with the Securities and
Exchange Commission on July 14, 2006, and any amendment or supplement thereto,
in connection with the IPO.

     11.8    "TRUST ACCOUNT" shall mean the trust account established with
American Stock Transfer & Trust Company, the amounts therein to be released
only in the event of either the consummation of a Business Combination or a
liquidation of the Company except for up to $1,600,000 of interest earned
(net of taxes) which will be released to the Company to fund a portion of
their working capital expenses.

12.  No term or provision of this letter agreement may be amended, changed,
waived, altered or modified except by written instrument executed and delivered
by the undersigned and the Company.

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                                           Sincerely,

                                           ----------------------------------
                                           Name: Philip Armstrong

Accepted and agreed:

TAILWIND FINANCIAL INC.

By:
    ---------------------------
Name:  Andrew A. McKay
Title: President and Chief Executive Officer

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   EXHIBIT A: QUESTIONNAIRE FOR DIRECTORS, OFFICERS AND PRINCIPAL STOCKHOLDERS

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                          EXHIBIT B: NASD QUESTIONNAIRE<Page>

Exhibit 10.16

                                PROMISSORY NOTE

$300,000                                               As of February 2, 2007

     Tailwind Financial Inc. (the "MAKER") promises to pay to the order of
Parkwood Holdings Ltd. (the "PAYEE") the principal sum of Three Hundred Thousand
Dollars and No Cents ($300,000.00) in lawful money of the United States of
America, on the terms and conditions described below.

     1.  PRINCIPAL. The principal balance of this Note shall be repayable on the
earlier of (i) March 31, 2007 or (ii) the date on which Maker consummates an
initial public offering of its securities.

     2.  APPLICATION OF PAYMENTS. All payments shall be applied first to payment
in full of any costs incurred in the collection of any sum due under this Note,
including (without limitation) reasonable attorney's fees, then to the payment
in full of any late charges and finally to the reduction of the unpaid principal
balance of this Note.

     3.  EVENTS OF DEFAULT. The following shall constitute Events of Default:

          (a)  Failure to Make Required Payments. Failure by Maker to pay the
     principal of this Note within five (5) business days following the date
     when due.

          (b)  VOLUNTARY BANKRUPTCY, ETC. The commencement by Maker of a
     voluntary case under the Federal Bankruptcy Code, as now constituted or
     hereafter amended, or any other applicable federal or state bankruptcy,
     insolvency, reorganization, rehabilitation or other similar law, or the
     consent by it to the appointment of or taking possession by a receiver,
     liquidator, assignee, trustee, custodian, sequestrator (or other similar
     official) of Maker or for any substantial part of its property, or the
     making by it of any assignment for the benefit of creditors, or the failure
     of Maker generally to pay its debts as such debts become due, or the taking
     of corporate action by Maker in furtherance of any of the foregoing.

          (c)  INVOLUNTARY BANKRUPTCY, ETC. The entry of a decree or order for
     relief by a court having jurisdiction in the premises in respect of Maker
     in an involuntary case under the Federal Bankruptcy Code, as now or
     hereafter constituted, or any other applicable federal or state bankruptcy,
     insolvency or other similar law, or appointing a receiver, liquidator,
     assignee, custodian, trustee, sequestrator (or similar official) of maker
     or for any substantial part of its property, or ordering the winding-up or
     liquidation of its affairs, and the continuance of any such decree or order
     unstayed and in effect for a period of sixty (60) consecutive days.

     4. REMEDIES.

          (a)  Upon the occurrence of an Event of Default specified in
     Section 3(a), Payee may, by written notice to Maker, declare this Note to
     be due and payable, whereupon the principal amount of this Note, and all
     other amounts payable thereunder,

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     shall become immediately due and payable without presentment, demand,
     protest or other notice of any kind, all of which are hereby expressly
     waived, anything contained herein or in the documents evidencing the
     same to the contrary notwithstanding.

          (b)  Upon the occurrence of an Event of Default specified in either
     Section 3(b) or 3(c), the unpaid principal balance of, and all other sums
     payable with regard to, this Note shall automatically and immediately
     become due and payable, in all cases without any action on the part of
     Payee.

     5.  WAIVERS. Maker and all endorsers and guarantors of, and sureties for,
this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and
imperfections in any proceedings instituted by Payee under the terms of this
Note, and all benefits that might accrue to Maker by virtue of any present or
future laws exempting any property, real or personal, or any part of the
proceeds arising from any sale of any such property, from attachment, levy or
sale under execution, or providing for any stay of execution, exemption from
civil process, or extension of time for payment; and Maker agrees that any real
estate that may be levied upon pursuant to a judgment obtained by virtue hereof,
on any writ of execution issued hereon, may be sold upon any such writ in whole
or in part in any order desired by Payee.

     6.  UNCONDITIONAL LIABILITY. Maker hereby waives all notices in connection
with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees that its liability shall be unconditional,
without regard to the liability of any other party, and shall not be affected in
any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of
time, renewals, waivers, or modifications that may be granted by Payee with
respect to the payment or other provisions of this Note, and agree that
additional makers, endorsers, guarantors, or sureties may become parties hereto
without notice to them or affecting their liability hereunder.

     7.  NOTICES. Any notice called for hereunder shall be deemed properly given
if (i) sent by certified mail, return receipt requested, (ii) personally
delivered, (iii) dispatched by any form of private or governmental express mail
or delivery service providing receipted delivery or (iv) sent by telefacsimile
or (v) to the following addresses or to such other address as either party may
designate by notice in accordance with this Section:

     If to Maker:

          Tailwind Financial Inc.
          Attn: Andrew A. McKay
          BCE Place
          181 Bay Street, Suite 4400
          Toronto, Ontario, Canada M5J 2T3
          Fax: 416-601-2423

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     If to Payee:

          Parkwood Holdings Ltd.
          Attn: Andrew A. McKay
          BCE Place
          181 Bay Street, Suite 4400
          Toronto, Ontario, Canada M5J 2T3
          Fax: 416-601-2423

     Notice shall be deemed given on the earlier of (i) actual receipt by the
receiving party, (ii) the date shown on a telefacsimile transmission
confirmation, (iii) the date reflected on a signed delivery receipt, or (iv) two
(2) Business Days following tender of delivery or dispatch by express mail or
delivery service.

     8.  CONSTRUCTION. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH THE DOMESTIC, INTERNAL LAW, BUT NOT THE LAW OF CONFLICT OF LAWS, OF THE
STATE OF placeStateDELAWARE.

     9.  SEVERABILITY. Any provision contained in this Note which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused
this Note to be duly executed by its Chief Executive Officer the day and year
first above written.

                                        TAILWIND FINANCIAL INC.

                                        /s/ Andrew A. McKay
                                        -------------------
                                        Name: Andrew A. McKay
                                        Title: Chief Executive Officer

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