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                                                                   EXHIBIT 10.18
                               AMENDMENT NO. 1 TO
                           SECURITIES ESCROW AGREEMENT

     THIS AMENDMENT NO. 1 (this "AMENDMENT") to the SECURITIES ESCROW AGREEMENT
(the "ORIGINAL AGREEMENT"), dated as of April 17, 2007, by and among TAILWIND
FINANCIAL INC., a Delaware corporation (the "COMPANY"), the holders of
securities of the Company set forth on EXHIBIT A to the Original Agreement
(the "INITIAL HOLDERS") and AMERICAN STOCK TRANSFER & TRUST COMPANY, a New
York corporation (the "ESCROW AGENT") is entered into as of this 15th day of
May, 2007 by and among the Company and the other signatories hereto.

     1. DEFINITIONS. All capitalized terms used herein without definition shall
have the meanings assigned to such terms in the Original Agreement.

     2. AMENDMENT OF SECTION 4.3. Section 4.3 of the Original Agreement shall be
deleted in its entirety and replaced with the following:

     "4.3 RESTRICTIONS ON TRANSFER. During the Escrow Share Period, no sale,
transfer or other disposition (a "TRANSFER") may be made of any or all of the
Escrow Shares, and during the Escrow Warrant Period, no Transfer may be made of
any or all of the Escrow Warrants, in each case by an Initial Holder or
permitted transferee thereof except (i) to a Holder, (ii) by gift to a member of
a Holder's immediate family for estate planning purposes or to a trust, the
beneficiary of which is a Holder and/or a member of a Holder's immediate family,
(iii) to one or more corporations, charitable foundations, or other entities
controlled by a Holder and/or one or more of such Holder's immediate family
members, (iv) by virtue of the laws of descent and distribution upon death of a
Holder, or (v) pursuant to a qualified domestic relations order; PROVIDED,
HOWEVER, that such permitted Transfers may be implemented only upon the
respective transferee's written agreement to be bound by the terms and
conditions of this Agreement and of the Insider Letter signed by the Initial
Holder transferring the Escrow Securities. During: (A) the Escrow Share Period,
no Common Holder shall pledge or grant a security interest in his or its
Escrow Shares or grant a security interest in his or its rights under this
Agreement; and (B) the Escrow Warrant Period, no Warrant Holder shall pledge
or grant a security interest in his or its Escrow Warrants or grant a
security interest in his or its rights under this Agreement. As used in this
Section 4.3, the term "Holder" shall mean and include (1) each Initial
Holder, (2) Gordon A. McMillan, (3) Andrew A. McKay, and (4) JovFunds
Management Inc."

     3. FULL FORCE AND EFFECT. Except as expressly amended hereby, the Original
Agreement shall continue in full force and effect in accordance with the
provisions thereof.

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     4. GOVERNING LAW. This Amendment shall be governed by and construed in
accordance with the laws of the State of Delaware without giving effect to its
conflicts of laws provisions.

     5. COUNTERPARTS. This Amendment may be executed in counterparts, each of
which shall constitute an original and all of which, when taken together, shall
constitute one agreement.

     6. HEADINGS. All section titles and captions contained in this Amendment
are for convenience only and shall not be deemed a part of this Amendment.

     7. SEVERABILITY. In case any provision of this Agreement shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions of this Agreement shall not in any way be affected or
impaired thereby.

                  [Remainder of Page Intentionally Left Blank]

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     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the date and year first above written.

                                           TAILWIND FINANCIAL INC.

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

                                           INITIAL HOLDERS:

                                           TFC HOLDINGS LTD.

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

                                           PARKWOOD HOLDINGS LTD.

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

                                           ESCROW AGENT:
                                           AMERICAN STOCK TRANSFER
                                           & TRUST COMPANY

                                           By: /s/ Herbert J. Lemmer
                                               ------------------------------
                                           Name:  Herbert J. Lemmer
                                           Title: Vice President

AGREED TO AND ACKNOWLEDGED:

DEUTSCHE BANK SECURITIES INC.

By: /s/ Neil Abromavage
    -------------------------
Name:  Neil Abromavage
Title: Director<Page>

                                                                   EXHIBIT 10.19

                              INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("AGREEMENT") is entered into as of the __
day of _____ 2007 by and between Tailwind Financial Inc., a StateplaceDelaware
corporation (the "COMPANY"), and [DIRECTOR OR OFFICER NAME] ("INDEMNITEE").

                                    RECITALS

     A. The Company and Indemnitee each recognize the difficulty for the Company
in maintaining adequate liability insurance for its directors, officers,
employees, agents and fiduciaries, and the general reductions in the coverage of
such insurance.

     B. The Company and Indemnitee further recognize the substantial increase in
corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been limited.

     C. The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to provide services to the Company, wishes to provide
for the indemnification and advancing of expenses to Indemnitee to the maximum
extent permitted by law.

     D. In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1.   INDEMNIFICATION.

          (a) INDEMNIFICATION OF EXPENSES. The Company shall indemnify
Indemnitee to the fullest extent permitted by law if Indemnitee was or is or
becomes a party to or witness or other participant in, or is threatened to be
made a party to or witness or other participant in, any threatened, pending or
completed action, suit, proceeding or alternative dispute resolution mechanism,
or any hearing, inquiry or investigation that Indemnitee in good faith believes
might lead to the institution of any such action, suit, proceeding or
alternative dispute resolution mechanism, whether civil, criminal,
administrative, investigative or other (hereinafter a "CLAIM") by reason of (or
arising in part out of) any event or occurrence related to the fact that
Indemnitee is or was a director, officer, employee, agent or fiduciary of the
Company, or any subsidiary of the Company, or is or was serving at the request
of the Company as a director, officer, employee, agent or fiduciary of another
corporation, partnership, joint venture, trust or other enterprise, or by reason
of any action or inaction on the part of Indemnitee while serving in such
capacity (hereinafter an "INDEMNIFIABLE EVENT") against any and all expenses
(including reasonable attorneys' fees and all other reasonable costs, expenses
and obligations incurred in connection with investigating, defending, being a
witness in or participating in (including on appeal), or preparing to defend, be
a witness in or participate in, any such action, suit,

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proceeding, alternative dispute resolution mechanism, hearing, inquiry or
investigation), judgments, fines, penalties and amounts paid in settlement (if
such settlement is approved in advance by the Company, which approval shall not
be unreasonably withheld) of such Claim and any federal, state, local or foreign
taxes imposed on Indemnitee as a result of the actual or deemed receipt of any
payments under this Agreement (collectively, hereinafter "EXPENSES"), including
all interest, assessments and other charges paid or payable in connection with
or in respect of such Expenses. Such payment of Expenses shall be made by the
Company as soon as practicable but in any event no later than twenty (20) days
after written demand by Indemnitee therefor is presented to the Company.

          (b) REVIEWING PARTY. Notwithstanding the foregoing, (i) the
obligations of the Company under Section 1(a) shall be subject to the condition
that the Reviewing Party (as described in Section 10(e) hereof) shall not have
determined (in a written opinion, in any case in which the Independent Legal
Counsel referred to in Section 1(c) hereof is involved) that Indemnitee would
not be permitted to be indemnified under applicable law, and (ii) the obligation
of the Company to make an advance payment of Expenses to Indemnitee pursuant to
Section 2(a) (an "EXPENSE ADVANCE") shall be subject to the condition that, if,
when and to the extent that the Reviewing Party determines that Indemnitee would
not be permitted to be so indemnified under applicable law, the Company shall be
entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the
Company) for all such amounts theretofore paid; PROVIDED, HOWEVER, that if
Indemnitee has commenced or thereafter commences legal proceedings in a court of
competent jurisdiction to secure a determination that Indemnitee should be
indemnified under applicable law, any determination made by the Reviewing Party
that Indemnitee would not be permitted to be indemnified under applicable law
shall not be binding and Indemnitee shall not be required to reimburse the
Company for any Expense Advance until a final judicial determination is made
with respect thereto (as to which all rights of appeal therefrom have been
exhausted or lapsed). Indemnitees' obligation to reimburse the Company for any
Expense Advance shall be unsecured and no interest shall be charged thereon. If
there has not been a Board Majority Change (as defined in Section 10(c) hereof),
the Reviewing Party shall be selected by the Company's Board of Directors (the
"BOARD OF DIRECTORS"), and if there has been such a Board Majority Change, the
Reviewing Party shall be the Independent Legal Counsel referred to in Section
2(c) hereof. If there has been no determination by the Reviewing Party or if the
Reviewing Party determines that Indemnitee substantively would not be permitted
to be indemnified in whole or in part under applicable law, Indemnitee shall
have the right to commence litigation seeking an initial determination by the
court or challenging any such determination by the Reviewing Party or any aspect
thereof, including the legal or factual bases therefor, and the Company hereby
consents to service of process and to appear in any such proceeding. Any
determination by the Reviewing Party otherwise shall be conclusive and binding
on the Company and Indemnitee.

          (c) BOARD MAJORITY CHANGE. The Company agrees that if there is a Board
Majority Change of the Company then, with respect to all matters thereafter
arising concerning the rights of Indemnitees to payments of Expenses and Expense
Advances under this Agreement or any other agreement or under the Company's
Amended and Restated Certificate of Incorporation or Bylaws, as now or hereafter
in effect, Independent Legal Counsel (as defined in Section 10(d) hereof) shall
be selected by the Company and approved by the Indemnitee (which approval shall
not be unreasonably withheld). Such counsel, among other things, shall render
its written opinion to the Company and Indemnitee as to whether and to what
extent Indemnitee would be permitted to be

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indemnified under applicable law and the Company agrees to abide by such
opinion. The Company agrees to pay the reasonable fees of the Independent Legal
Counsel referred to above and to fully indemnify such counsel against any and
all expenses (including reasonable attorneys' fees), claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant
hereto.

          (d) MANDATORY PAYMENT OF EXPENSES. Notwithstanding any other provision
of this Agreement other than Section 9 hereof, to the extent that Indemnitee has
been successful on the merits or otherwise, including, without limitation, the
dismissal of an action without prejudice, in defense of any action, suit,
proceeding, inquiry or investigation referred to in Section (1)(a) hereof or in
the defense of any claim, issue or matter therein, Indemnitee shall be
indemnified against all Expenses incurred by Indemnitee in connection therewith.

     2.   EXPENSES; INDEMNIFICATION PROCEDURE.

          (a) ADVANCEMENT OF EXPENSES. The Company shall advance all Expenses
incurred by Indemnitee. The advances to be made hereunder shall be paid by the
Company to Indemnitee as soon as practicable but in any event no later than
twenty (20) days after written demand by Indemnitee therefor to the Company.

          (b) NOTICE/COOPERATION BY INDEMNITEE. Indemnitee shall, as a condition
precedent to Indemnitees' right to be indemnified under this Agreement, give the
Company notice in writing as soon as practicable of any Claim made against
Indemnitee for which indemnification will or could be sought under this
Agreement. Notice to the Company shall be directed to the Chief Executive
Officer of the Company at the address shown on the signature page of this
Agreement (or such other address as the Company shall designate in writing to
Indemnitee). In addition, Indemnitee shall give the Company such information and
cooperation as it may reasonably require and as shall be within Indemnitees'
power.

          (c) NO PRESUMPTIONS; BURDEN OF PROOF. For purposes of this Agreement,
the termination of any Claim by judgment, order, settlement (whether with or
without court approval) or conviction, or upon a plea of NOLO CONTENDERE, or its
equivalent, shall not create a presumption that Indemnitee did not meet any
particular standard of conduct or have any particular belief or that a court has
determined that indemnification is not permitted by applicable law. In addition,
neither the failure of the Reviewing Party to have made a determination as to
whether Indemnitee has met any particular standard of conduct or had any
particular belief, nor an actual determination by the Reviewing Party that
Indemnitee has not met such standard of conduct or did not have such belief,
prior to the commencement of legal proceedings by Indemnitee to secure a
judicial determination that Indemnitee should be indemnified under applicable
law, shall be a defense to Indemnitee's claim or create a presumption that
Indemnitee has not met any particular standard of conduct or did not have any
particular belief. In connection with any determination by the Reviewing Party
or otherwise as to whether Indemnitee is entitled to be indemnified hereunder,
the burden of proof shall be on the Company to establish that Indemnitee is not
so entitled.

          (d) NOTICE TO INSURERS. If, at the time of the receipt by the Company
of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
liability insurance in effect which may

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cover such Claim, the Company shall give prompt notice of the commencement of
such Claim to its insurers in accordance with the procedures set forth in the
respective policies. The Company shall thereafter take all necessary or
desirable action to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such action, suit, proceeding, inquiry or
investigation in accordance with the terms of such policies.

          (e) SELECTION OF COUNSEL. In the event the Company shall be obligated
hereunder to pay the Expenses of any Claim, the Company shall be entitled to
assume the defense of such Claim with counsel approved by Indemnitee, which
approval shall not be unreasonably withheld, upon the delivery to Indemnitee of
written notice of its election so to do. After delivery of such notice, approval
of such counsel by Indemnitee and the retention of such counsel by the Company,
the Company will not be liable to Indemnitee under this Agreement for any fees
of counsel subsequently incurred by Indemnitee with respect to the same Claim;
PROVIDED that, (i) Indemnitee shall have the right to employ its own counsel in
any such Claim at Indemnitee's expense and (ii) if (A) the employment of counsel
by Indemnitee has been previously authorized by the Company, (B) Indemnitee
shall have reasonably concluded, based on a written opinion of counsel, that
there is a conflict of interest between the Company and Indemnitee in the
conduct of any such defense, and (C) the Company shall not continue to retain
such counsel to defend such Claim, then the reasonable fees and expenses of
Indemnitee counsel shall be at the expense of the Company. The Company shall
have the right to conduct such defense as it sees fit in its sole discretion,
including the right to settle any claim against Indemnitee without the consent
of Indemnitee.

     3.   ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

          (a) SCOPE. The Company hereby agrees to indemnify Indemnitee to the
fullest extent permitted by law, notwithstanding that such indemnification is
not specifically authorized by the other provisions of this Agreement, the
Company's Amended and Restated Certificate of Incorporation, the Company's
Bylaws or by statute. In the event of any change after the date of this
Agreement in any applicable law, statute or rule which expands the right of a
Delaware corporation to indemnify a member (or former member) of its board of
directors or an officer, employee, agent or fiduciary, it is the intent of the
parties hereto that Indemnitee shall enjoy by this Agreement the greater
benefits afforded by such change. In the event of any change in any applicable
law, statute or rule which narrows the right of a Delaware corporation to
indemnify a member (or former member) of its board of directors or an officer,
employee, agent or fiduciary, such change, to the extent not otherwise required
by such law, statute or rule to be applied to this Agreement, shall have no
effect on this Agreement or on the parties' rights and obligations hereunder
except as set forth in Section 8(a) hereof.

          (b) NONEXCLUSIVITY. The indemnification provided by this Agreement
shall be in addition to any rights to which Indemnitee may be entitled under the
Company's Amended and Restated Certificate of Incorporation, its Bylaws, any
agreement, any vote of stockholders or disinterested directors, the Delaware
General Corporation Law ("DGCL"), or otherwise. The indemnification provided
under this Agreement shall continue as to Indemnitee for any action Indemnitee
took or did not take while serving in an indemnified capacity even though
Indemnitee may have ceased to serve in such capacity.

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     4.   NO DUPLICATION OF PAYMENTS. The Company shall not be liable under
this Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, the Company's Amended and Restated Certificate
of Incorporation, the Company's Bylaws or otherwise) of the amounts otherwise
indemnifiable hereunder.

     5.   PARTIAL INDEMNIFICATION. If Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for some or a
portion of Expenses incurred in connection with any Claim, but not, however,
for all of the total amount thereof, the Company shall nevertheless indemnify
Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

     6.   MUTUAL ACKNOWLEDGEMENT. Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may
prohibit the Company from indemnifying its directors, officers, employees,
agents or fiduciaries under this Agreement or otherwise. Indemnitee
understands and acknowledges that the Company has undertaken or may be
required in the future to undertake with the Securities and Exchange
Commission the question of indemnification in a court in certain
circumstances for a determination of the Company's right under public policy
to indemnify Indemnitee.

     7.   LIABILITY INSURANCE.

          (a) Except as provided in (b) below, the Company hereby agrees to use
its best efforts to obtain and maintain directors and officers liability
insurance for the Indemnitee for so long as the Indemnitee shall continue to
serve as a director and/or officer and thereafter so long as the Indemnitee
shall be subject to any possible Claim (as defined below) by reason of the fact
that the Indemnitee was a director and/or officer.

          (b) The Company shall have no obligation hereunder to obtain or
maintain directors and officers liability insurance if, in the reasonable
business judgment of the Board of Directors of the Company, such insurance is
not reasonably available, the premium costs for such insurance are
disproportionate to the amount of coverage provided, or the coverage provided by
such insurance is limited, by exclusions or otherwise, so as to provide an
insufficient benefit.

          (c) In all policies of directors and officers liability insurance, the
Indemnitee shall be covered as an insured party in such a manner as to provide
the Indemnitee the same rights and benefits, subject to the same limitations, as
are accorded to the Company's executive officer or director most favourably
insured by such policies.

          (d) The Company shall give prompt written notice to the Indemnitee of
any material amendment or other change or modification, or any proposed
amendment, change or modification, to any policy of directors and officers
liability insurance maintained by the Company and covering the Indemnitee which
affects the amount of coverage with respect to Indemnitee.

     8.   EXCEPTIONS. Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement:

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          (a) EXCLUDED ACTION OR OMISSIONS. To indemnify Indemnitee for
Indemnitee's acts, omissions or transactions from which Indemnitee may not be
relieved of liability under applicable law;

          (b) CLAIMS INITIATED BY INDEMNITEE. To indemnify or advance expenses
to Indemnitee with respect to Claims initiated or brought voluntarily by
Indemnitee and not by way of defense, except (i) with respect to actions or
proceedings brought to establish or enforce a right to indemnification under
this Agreement or any other agreement or insurance policy of the Company or
under the Company's Amended and Restated Certificate of Incorporation or Bylaws
now or hereafter in effect relating to Claims for Indemnifiable Events, (ii) in
specific cases if the Board of Directors has approved the initiation or bringing
of such Claim, or (iii) as otherwise required under Section 145 of the DGCL,
regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advance expense payment or insurance recovery, as the case may
be;

          (c) LACK OF GOOD FAITH. To indemnify Indemnitee for any expenses
incurred by Indemnitee with respect to any proceeding instituted by Indemnitee
to enforce or interpret this Agreement, if a court of competent jurisdiction
determines that each of the material assertions made by Indemnitee in such
proceeding was not made in good faith or was frivolous; or

          (d) CLAIMS UNDER SECTION 16(b). To indemnify Indemnitee for expenses
and the payment of profits arising from the purchase and sale by Indemnitee of
securities in violation of Section 16(b) of the Securities Exchange Act of 1934,
as amended (the "EXCHANGE ACT"), or any similar successor statute.

     9.   PERIOD OF LIMITATIONS. No legal action shall be brought and no
cause of action shall be asserted by or in the right of the Company against
Indemnitee, Indemnitee's estate, spouse, heirs, executors or personal or
legal representatives after the expiration of two (2) years from the date of
accrual of such cause of action, and any claim or cause of action of the
Company shall be extinguished and deemed released unless asserted by the
timely filing of a legal action within such two-year period; PROVIDED,
HOWEVER, that if any shorter period of limitations is otherwise applicable to
any such cause of action, such shorter period shall govern.

     10.  CONSTRUCTION OF CERTAIN PHRASES.

          (a) For purposes of this Agreement, references to the "COMPANY" shall
include, in addition to the resulting corporation, any constituent corporation
or legal entity (including any constituent of a constituent) absorbed in a
consolidation or merger which, if its separate existence had continued, would
have had power and authority to indemnify its directors, officers, employees,
agents or fiduciaries, so that if Indemnitee is or was a director, officer,
employee, agent or fiduciary of such constituent corporation or legal entity, or
is or was serving at the request of such constituent corporation or legal entity
as a director, officer, employee, agent or fiduciary of another corporation,
partnership, joint venture, employee benefit plan, trust or other enterprise or
legal entity, Indemnitee shall stand in the same position under the provisions
of this Agreement with respect to the resulting or surviving corporation or
legal entity as Indemnitee would have with respect to such constituent
corporation or legal entity if its separate existence had continued.

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          (b) For purposes of this Agreement, references to an "OTHER
ENTERPRISE" shall include an employee benefit plan; references to "FINES" shall
include any excise taxes assessed on Indemnitee with respect to an employee
benefit plan; and references to "SERVING AT THE REQUEST OF THE COMPANY" shall
include any service as a director, officer, employee, agent or fiduciary of the
Company which imposes duties on, or involves services by, such director,
officer, employee, agent or fiduciary with respect to an employee benefit plan,
its participants or its beneficiaries.

          (c) For purposes of this Agreement, "BOARD MAJORITY CHANGE" shall mean
the board members in office on the date hereof shall no longer constitute a
majority of the Board of Directors of the Company.

          (d) For purposes of this Agreement, "INDEPENDENT LEGAL COUNSEL" shall
mean an attorney or firm of attorneys, selected in accordance with the
provisions of Section 1(c) hereof, who shall not have otherwise performed
services for the Company or Indemnitee within the last three (3) years (other
than with respect to matters concerning the rights of Indemnitee under this
Agreement, or of other indemnitees under similar indemnity agreements).

          (e) For purposes of this Agreement, a "REVIEWING PARTY" shall mean any
appropriate person or body consisting of a member or members of the Board of
Directors or any other person or body appointed by the Board of Directors who is
not a party to the particular Claim for which Indemnitee is seeking
indemnification, or Independent Legal Counsel.

          (f) For purposes of this Agreement, "VOTING SECURITIES" shall mean any
securities of the Company that vote generally in the election of directors.

     11.  COUNTERPARTS. This Agreement may be executed by facsimile and in
one or more counterparts, all of which taken together shall constitute one
document.

     12.  BINDING EFFECT; SUCCESSORS AND ASSIGNS. This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses,
heirs, and personal and legal representatives. The Company shall require and
cause any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all, or a substantial part,
of the business and/or assets of the Company, by written agreement in form
and substance satisfactory to Indemnitee, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place.
This Agreement shall continue in effect with respect to Claims relating to
Indemnifiable Events regardless of whether Indemnitee continues to serve as a
director, officer, employee, agent or fiduciary of the Company or of any
other enterprise at the Company's request.

     13.  ATTORNEYS' FEES. In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the
advancement of Expenses with respect to such action,

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unless, as a part of such action, a court of competent jurisdiction over such
action determines that each of the material assertions made by Indemnitee as a
basis for such action was not made in good faith or was frivolous. In the event
of an action instituted by or in the name of the Company under this Agreement to
enforce or interpret any of the terms of this Agreement, Indemnitee shall be
entitled to be paid all Expenses incurred by Indemnitee in defense of such
action (including costs and expenses incurred with respect to Indemnitee
counterclaims and cross-claims made in such action), and shall be entitled to
the advancement of Expenses with respect to such action, unless, as a part of
such action, a court having jurisdiction over such action determines that each
of Indemnitee's material defenses to such action was made in bad faith or was
frivolous.

     14.  NOTICE. All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in
any event be deemed to be given (a) five (5) days after deposit with the
United States Postal Service or other applicable postal service, if delivered
by first class mail, postage prepaid, (b) upon delivery, if delivered by
hand, (c) one business day after the business day of deposit with Federal
Express or similar overnight courier, freight prepaid, or (d) one day after
the business day of delivery by facsimile transmission, if delivered by
facsimile transmission, with copy by first class mail, postage prepaid, and
shall be addressed if to Indemnitee, at the Indemnitee address as set forth
beneath Indemnitee's signature to this Agreement and if to the Company at the
address of its principal corporate offices (attention: Chief Executive
Officer) or at such other address as such party may designate by advance
written notice to the other party hereto.

     15.  CONSENT TO JURISDICTION. The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of
Delaware for all purposes in connection with any action or proceeding which
arises out of or relates to this Agreement and agree that any action
instituted under this Agreement shall be commenced, prosecuted and continued
only in the Court of Chancery of the State of Delaware in and for New Castle
County, which shall be the exclusive and only proper forum for adjudicating
such a claim.

     16.  SEVERABILITY. The provisions of this Agreement shall be severable
in the event that any of the provisions hereof (including any provision
within a single section, paragraph or sentence) are held by a court of
competent jurisdiction to be invalid, void or otherwise unenforceable, and
the remaining provisions shall remain enforceable to the fullest extent
permitted by law. Furthermore, to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of this
Agreement containing any provision held to be invalid, void or otherwise
unenforceable, that is not itself invalid, void or unenforceable) shall be
construed so as to give effect to the intent manifested by the provision held
invalid, illegal or unenforceable.

     17.  CHOICE OF LAW. This Agreement shall be governed by and its
provisions construed and enforced in accordance with the laws of the State of
StateDelaware, as applied to contracts between StateDelaware residents,
entered into and to be performed entirely within the State of
placeStateDelaware, without regard to the conflict of laws principles thereof.

     18.  SUBROGATION. In the event of payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee who shall execute all documents required and
shall do all acts that may be necessary to secure such rights and to enable
the Company effectively to bring suit to enforce such rights.

                                       8

<Page>

     19.  AMENDMENT AND TERMINATION. No amendment, modification, termination
or cancellation of this Agreement shall be effective unless it is in writing
signed by both the parties hereto. No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver.

     20.  INTEGRATION AND ENTIRE AGREEMENT. Subject to Section 3(b), this
Agreement sets forth the entire understanding between the parties hereto and
supersedes and merges all previous written and oral negotiations,
commitments, understandings and agreements relating to the subject matter
hereof between the parties hereto.

     21.  NO CONSTRUCTION AS EMPLOYMENT AGREEMENT. Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

                            [SIGNATURE PAGES FOLLOW]

                                       9

<Page>

     IN WITNESS WHEREOF, the parties hereto have executed this Indemnification
Agreement as of the date first above written.

                                TAILWIND FINANCIAL INC.

                                By:
                                   -------------------------------------------

                                Title:
                                       ---------------------------------------

                                Address: BCE PLACE, 181 BAY STREET, SUITE 2040
                                         TORONTO, ONTARIO, CANADA M5J 2T3

AGREED TO AND ACCEPTED BY:

Signature:
          -------------------------------------
Printed Name:
              ---------------------------------
Address:
         --------------------------------------

         --------------------------------------

         --------------------------------------

                                       10

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