Document:

Exhibit
      10.1

    
       

                              As
        of October 13,
        2006                                                    

      

      Alyst
        Acquisition Corp.

      233
        East
        69th Street, #6J

      New
        York,
        New York 10021

      

      Jesup
        & Lamont Securities Corporation

      650
        Fifth
        Avenue

      New
        York,
        New York 10019

      

      
        	 	 	
                Re:

              	
                Initial
                  Public Offering

              

      

      

      Gentlemen:

       

      
        The
          undersigned stockholder and director of Alyst Acquisition Corp. (“Company”), in
          consideration of Jesup & Lamont Securities Corporation (“J&LSC”)
          entering into a letter of intent (“Letter of Intent”) to underwrite an initial
          public offering of the securities of the Company (“IPO”) and embarking on the
          IPO process, hereby agrees as follows (certain capitalized terms used herein
          are
          defined in paragraph 14 hereof):

      

       

    

    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 24
      months from the effective date (“Effective Date”) of the registration statement
      relating to the IPO, the undersigned will (i) cause the Trust Fund to be
      liquidated and distributed to the holders of IPO Shares and (ii) take all
      reasonable actions within his power to 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 any distribution of the Trust Fund and
      any remaining net assets of the Company as a result of such liquidation with
      respect to his Insider Shares (“Claim”) and hereby waives any Claim the
      undersigned may have in the future as a result of, or arising out of, any
      contracts or agreements with the Company and will not seek recourse against
      the
      Trust Fund for any reason whatsoever. In the event of the liquidation of the
      Trust Fund, the undersigned agrees to indemnify and hold harmless the Company,
      pro rata with Robert A. Schriesheim, Robert H. Davies and Michael E. Weksel
      based on the number of Insider Shares beneficially held by each such
      individuals, against any and all loss, liability, claims, damage and expense
      whatsoever (including, but not limited to, any and all legal or other expenses
      reasonably incurred in investigating, preparing or defending against any
      litigation, whether pending or threatened, or any claim whatsoever) which the
      Company may become subject as a result of any claim by any vendor or other
      person who is owed money by the Company for services rendered or products sold
      or contracted for, or by any target business, but only to the extent necessary
      to ensure that such loss, liability, claim, damage or expense does not reduce
      the amount in the Trust Fund.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      

        Alyst
          Acquisition Corp.

        Jesup
          & Lamont Securities Corporation

        October
          13, 2006

        Page
          2

      

       

    

    3. In
      order
      to minimize potential conflicts of interest which may arise from multiple
      affiliations, the undersigned agrees to present to the Company for its
      consideration, prior to presentation to any other person or entity, any suitable
      opportunity to acquire an operating business, until the earlier of the
      consummation by the Company of a Business Combination, the liquidation of the
      Company or until such time as the undersigned ceases to be a director of the
      Company, subject to any pre-existing fiduciary and contractual obligations
      the
      undersigned might have.

    

    4. The
      undersigned acknowledges and agrees that the Company will not consummate any
      Business Combination which involves a company which is affiliated with any
      of
      the Insiders unless
      the
      Company obtains an opinion from an independent investment banking firm
      reasonably acceptable to J&LSC that the business combination is fair to the
      Company’s stockholders from a financial perspective.

     

    5. Neither
      the undersigned, any member of the family of the undersigned, nor any affiliate
      (“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 his out-of-pocket
      expenses incurred in connection with seeking and consummating a Business
      Combination.  

     

    6. Neither
      the undersigned, any member of the family of the undersigned, nor any Affiliate
      of the undersigned will be entitled to receive or accept 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. 

    

    7. The
      undersigned will escrow all of his Insider Shares until one year after the
      consummation by the Company of a Business Combination subject to the terms
      of a
      Stock Escrow Agreement which the Company will enter into with the undersigned
      and an escrow agent acceptable to the Company.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      
        Alyst
          Acquisition Corp.

        Jesup
          & Lamont Securities Corporation

        October
          13, 2006

        Page
          3

      

       

    

    8. The
      undersigned agrees to be the non-executive Chairman of the Board of the Company
      until the earlier of the consummation by the Company of a Business Combination
      or the liquidation of the Company. The undersigned’s biographical information
      furnished to the Company and J&LSC and attached hereto as Exhibit A is true
      and accurate in all respects, does not omit any material information with
      respect to the undersigned’s background and contains all of the information
      required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated
      under the Securities Act of 1933. The undersigned’s Questionnaire furnished to
      the Company and J&LSC and annexed as Exhibit B hereto is true and
      accurate in all respects. The undersigned represents and warrants
      that:

    

    (a)  he
      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;

    

    (b)  he
      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; and

    

    (c)  he
      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.

    

    9. The
      undersigned has full right and power, without violating any agreement by which
      he is bound, to enter into this letter agreement and to serve as non-executive
      Chairman of the Board of the Company.

    

    10. The
      undersigned hereby waives his right to exercise conversion rights with respect
      to any shares of the Company’s common stock owned or to be owned by the
      undersigned, directly or indirectly, and agrees that he will not seek conversion
      with respect to such shares in connection with any vote to approve a Business
      Combination.

    

    11. The
      undersigned hereby agrees to not propose, or vote in favor of, an amendment
      to
      the Company’s Certificate of Incorporation to extend the period of time in which
      the Company must consummate a Business Combination prior to its liquidation.
      Should such a proposal be put before stockholders other than through actions
      by
      the undersigned, the undersigned hereby agrees to vote against such proposal.
      This paragraph may not be modified or amended under any
      circumstances.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      

        Alyst
          Acquisition Corp.

        Jesup
          & Lamont Securities Corporation

        October
          13, 2006

        Page
          4

      

       

    

    12. In
      the
      event that the Company does not consummate a Business Combination and must
      liquidate and its remaining net assets are insufficient to complete such
      liquidation, the undersigned agrees to advance such funds necessary to complete
      such liquidation and agrees not to seek repayment for such
      expenses.

    

    13. 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.
      The
      undersigned hereby (i) agrees that any action, proceeding or claim against
      him
      arising out of or relating in any way to this letter agreement (a “Proceeding”)
      shall be brought and enforced in the courts of the State of New York of the
      United States of America for the Southern District of New York, and irrevocably
      submits to such jurisdiction, which jurisdiction shall be exclusive, (ii) waives
      any objection to such exclusive jurisdiction and that such courts represent
      an
      inconvenient forum and (iii) irrevocably agrees to appoint Graubard Miller
      as
      agent for the service of process in the State of New York to receive, for the
      undersigned and on his behalf, service of process in any Proceeding. If for
      any
      reason such agent is unable to act as such, the undersigned will promptly notify
      the Company and J&LSC and appoint a substitute agent acceptable to each of
      the Company and J&LSC within 30 days and nothing in this letter will affect
      the right of either party to serve process in any other manner permitted by
      law.
 

    

    14. As
      used
      herein, (i) a “Business Combination” shall mean a merger,
      capital stock exchange, asset acquisition or other similar business combination
      with an operating business;
      (ii)
“Insiders” shall mean all officers, directors and stockholders of the Company
      immediately prior to the IPO; (iii) “Insider Shares” shall mean all of the
      shares of Common Stock of the Company acquired by an Insider prior to the IPO;
      (iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s
      IPO; and (v) “Trust Fund” shall mean the trust fund into which a portion of the
      net proceeds of the Company’s IPO will be deposited.

     

    
      	 	 	 
	
            	
            	
              Dr.
                William Weksel

            
	 	
              

              Print
                Name of Insider

            

    

     

    
      	 	 	 
	
            	
            	
              /s/
                Dr. William Weksel

            
	 	
              

              Signature

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      A

    

    Dr.
      William Weksel
      has been
      our non-executive chairman of the board of directors since our inception. Dr.
      Weksel is a private venture investor and has been a principal in Industrial
      Acquisitions Management, LLC, a private venture firm, since 2000. From 1997
      to
      2001, Dr. Weksel was a shareholder and director of e-Fin LLC. From 1990 to
      1999,
      Dr. Weksel served as president of Weksel, Davies & Co., Inc. Dr. Weksel also
      served as chairman of the board and was directly involved in the management
      of
      each of these companies. From 1987 to 1990, Dr. Weksel was president of Brooke
      Group, Inc., a holding company which held controlling interests in Western
      Union
      Corp., Liggett Group, Inc., MAI Basic Four, Inc., and several privately held
      companies in various industries ranging from computer microfilm sales to ice
      cream manufacturing. At various times during that period, Dr. Weksel was
      chairman of Liggett, vice chairman of Western Union and chairman and chief
      executive officer of MAI Basic Four, each of which companies was listed on
      the
      New York Stock Exchange. Dr. Weksel is currently a director of Safe Lites,
      LLC.
      Dr. Weksel received a B.A. from Queens College, an M.A. from the University
      of
      Illinois and a Ph.D. in Communications from the University of Illinois, and
      was
      a National Science Foundation Post Doctoral Fellow at the Research Lab of
      Electronics at the Massachusetts Institute of Technology. Dr. Weksel is the
      father of Michael E. Weksel.Exhibit
      10.2 

     

    As
      of
      October 13, 2006

     

    Alyst
      Acquisition Corp.

    233
      East
      69th Street, #6J

    New
      York,
      New York 10021

    

    Jesup
      & Lamont Securities Corporation

    650
      Fifth
      Avenue

    New
      York,
      New York 10019

    

    
      	 	 	
              Re:

            	
              Initial
                Public Offering

            

    

    

    Gentlemen:

    

    The
      undersigned stockholder and officer of Alyst Acquisition Corp. (“Company”), in
      consideration of Jesup & Lamont Securities Corporation (“J&LSC”)
      entering into a letter of intent (“Letter of Intent”) to underwrite an initial
      public offering of the securities of the Company (“IPO”) and embarking on the
      IPO process, hereby agrees as follows (certain capitalized terms used herein
      are
      defined in paragraph 14 hereof):

    

    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 24
      months from the effective date (“Effective Date”) of the registration statement
      relating to the IPO, the undersigned will (i) cause the Trust Fund to be
      liquidated and distributed to the holders of IPO Shares and (ii) take all
      reasonable actions within his power to 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 any distribution of the Trust Fund and
      any remaining net assets of the Company as a result of such liquidation with
      respect to his Insider Shares (“Claim”) and hereby waives any Claim the
      undersigned may have in the future as a result of, or arising out of, any
      contracts or agreements with the Company and will not seek recourse against
      the
      Trust Fund for any reason whatsoever. In the event of the liquidation of the
      Trust Fund, the undersigned agrees to indemnify and hold harmless the Company,
      pro rata with Dr. William Weksel, Robert A. Schriesheim and Michael E. Weksel
      based on the number of Insider Shares beneficially held by each such
      individuals, against any and all loss, liability, claims, damage and expense
      whatsoever (including, but not limited to, any and all legal or other expenses
      reasonably incurred in investigating, preparing or defending against any
      litigation, whether pending or threatened, or any claim whatsoever) which the
      Company may become subject as a result of any claim by any vendor or other
      person who is owed money by the Company for services rendered or products sold
      or contracted for, or by any target business, but only to the extent necessary
      to ensure that such loss, liability, claim, damage or expense does not reduce
      the amount in the Trust Fund.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Alyst
        Acquisition Corp.

      Jesup
        & Lamont Securities Corporation

      October
        13, 2006

      Page
        2

       

    

    3. In
      order
      to minimize potential conflicts of interest which may arise from multiple
      affiliations, the undersigned agrees to present to the Company for its
      consideration, prior to presentation to any other person or entity, any suitable
      opportunity to acquire an operating business, until the earlier of the
      consummation by the Company of a Business Combination, the liquidation of the
      Company or until such time as the undersigned ceases to be an officer of the
      Company, subject to any pre-existing fiduciary and contractual obligations
      the
      undersigned might have.

    

    4. The
      undersigned acknowledges and agrees that the Company will not consummate any
      Business Combination which involves a company which is affiliated with any
      of
      the Insiders unless
      the Company obtains an opinion from an independent investment banking firm
      reasonably acceptable to J&LSC that the business combination is fair to the
      Company’s stockholders from a financial perspective.

     

    5. Neither
      the undersigned, any member of the family of the undersigned, nor any affiliate
      (“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 his out-of-pocket
      expenses incurred in connection with seeking and consummating a Business
      Combination.  

     

    6. Neither
      the undersigned, any member of the family of the undersigned, nor any Affiliate
      of the undersigned will be entitled to receive or accept 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. 

    

    7. The
      undersigned will escrow all of his Insider Shares until one year after the
      consummation by the Company of a Business Combination subject to the terms
      of a
      Stock Escrow Agreement which the Company will enter into with the undersigned
      and an escrow agent acceptable to the Company.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Alyst
        Acquisition Corp.

      Jesup
        & Lamont Securities Corporation

      October
        13, 2006

      Page
        3

       

    

    8. The
      undersigned agrees to be the Chief Executive Officer of the Company until the
      earlier of the consummation by the Company of a Business Combination or the
      liquidation of the Company. The undersigned’s biographical information furnished
      to the Company and J&LSC and attached hereto as Exhibit A is true and
      accurate in all respects, does not omit any material information with respect
      to
      the undersigned’s background and contains all of the information required to be
      disclosed pursuant to Item 401 of Regulation S-K, promulgated under the
      Securities Act of 1933. The undersigned’s Questionnaire furnished to the Company
      and J&LSC and annexed as Exhibit B hereto is true and accurate in all
      respects. The undersigned represents and warrants that:

    

    (a) he
      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;

    

    (b) he
      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; and

    

    (c) he
      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.

    

    9. The
      undersigned has full right and power, without violating any agreement by which
      he is bound, to enter into this letter agreement and to serve as Chief Executive
      Officer of the Company.

    

    10. The
      undersigned hereby waives his right to exercise conversion rights with respect
      to any shares of the Company’s common stock owned or to be owned by the
      undersigned, directly or indirectly, and agrees that he will not seek conversion
      with respect to such shares in connection with any vote to approve a Business
      Combination.

    

    11. The
      undersigned hereby agrees to not propose, or vote in favor of, an amendment
      to
      the Company’s Certificate of Incorporation to extend the period of time in which
      the Company must consummate a Business Combination prior to its liquidation.
      Should such a proposal be put before stockholders other than through actions
      by
      the undersigned, the undersigned hereby agrees to vote against such proposal.
      This paragraph may not be modified or amended under any
      circumstances.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Alyst
        Acquisition Corp.

      Jesup
        & Lamont Securities Corporation

      October
        13, 2006

      Page
        4

       

    

    12. In
      the
      event that the Company does not consummate a Business Combination and must
      liquidate and its remaining net assets are insufficient to complete such
      liquidation, the undersigned agrees to advance such funds necessary to complete
      such liquidation and agrees not to seek repayment for such
      expenses.

    

    13. 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.
      The
      undersigned hereby (i) agrees that any action, proceeding or claim against
      him
      arising out of or relating in any way to this letter agreement (a “Proceeding”)
      shall be brought and enforced in the courts of the State of New York of the
      United States of America for the Southern District of New York, and irrevocably
      submits to such jurisdiction, which jurisdiction shall be exclusive, (ii) waives
      any objection to such exclusive jurisdiction and that such courts represent
      an
      inconvenient forum and (iii) irrevocably agrees to appoint Graubard Miller
      as
      agent for the service of process in the State of New York to receive, for the
      undersigned and on his behalf, service of process in any Proceeding. If for
      any
      reason such agent is unable to act as such, the undersigned will promptly notify
      the Company and J&LSC and appoint a substitute agent acceptable to each of
      the Company and J&LSC within 30 days and nothing in this letter will affect
      the right of either party to serve process in any other manner permitted by
      law.
 

    

    14. As
      used
      herein, (i) a “Business Combination” shall mean a merger,
      capital stock exchange, asset acquisition or other similar business combination
      with an operating business;
      (ii)
“Insiders” shall mean all officers, directors and stockholders of the Company
      immediately prior to the IPO; (iii) “Insider Shares” shall mean all of the
      shares of Common Stock of the Company acquired by an Insider prior to the IPO;
      (iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s
      IPO; and (v) “Trust Fund” shall mean the trust fund into which a portion of the
      net proceeds of the Company’s IPO will be deposited.

     

    
      	 	 	 
	 	 	
              Robert
                H. Davies

              
                
Print
                Name of Insider

            
	 
 	 
 	 
 
	 	 	/s/ Robert
              H.
              Davies
	 	
              
Signature

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    Robert
      H. Davies
      has been
      our chief executive officer since our inception. Since 1993, Mr. Davies has
      been
      a managing director of Source Companies, LLC, a company specialized in providing
      growth advisory and investment banking services to the controlling-owners of
      medium-sized businesses, and had previously served on the Advisory Board of
      Source Companies. From 1997 to 2001, Mr. Davies served as co-founder,
      shareholder, director and principal strategist for e-Fin LLC, an Internet-based
      private financial services company. From March 1994 to 1999, Mr. Davies served
      as a co-founder, director and principal strategist for LogistiCare,
      a
      leading transportation management solutions company.
      From
      1992 to 1996, he also served as a vice chairman and principal strategist for
      The
      E.F.
      Johnson Company,
      a
      leading
      provider of two way radios and communication systems for law enforcement, fire
      fighters, EMS and the military.
      From
      1991
      to 1997, Mr. Davies was a founder and principal of Weksel, Davies & Co.,
      Inc. Weksel, Davies, through its affiliates, held controlling interests in
      LogistiCare, The E.F. Johnson Company, and Viking Mobile Communications, Inc.,
      a
      radio spectrum development and trading company. From 1988 to 1991, Mr. Davies
      was a limited partner and vice president of Brooke Partners LP, a private New
      York-based investment partnership. From 1983 to 1988, Mr. Davies was managing
      director, mergers & acquisitions for the Bell Atlantic Corporation. Prior to
      1983, Mr. Davies held the position of manager in the Management Advisory
      Services group for Deloitte Haskins & Sells, a predecessor firm to Deloitte
& Touche, where he specialized in telecom industry consulting. Mr. Davies
      received a B.A. from Princeton University and an M.B.A. from The Wharton School,
      University of Pennsylvania.

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