Document:

Exhibit
      10.17

    

    Subscription
      Agreement

    

    As
      of
      October 12, 2006

    

    To
      the
      Board of Directors of 

    Alyst
      Acquisition Corp.:

    

    Gentlemen:

    

    The
      undersigned hereby subscribes for and agrees to purchase ______ Warrants
      (“Insider Warrants”) at $1.00 per Insider Warrant, of Alyst Acquisition Corp.
      (the “Corporation”) for an aggregate purchase price of $___________ (“Purchase
      Price”). The purchase and issuance of the Insider Warrants shall occur
      simultaneously with the consummation of the Corporation’s initial public
      offering of securities (“IPO”) which is being underwritten by Jesup & Lamont
      Securities Corporation (“Jesup & Lamont”). The Insider Warrants will be sold
      to the undersigned on a private placement basis and not part of the IPO.

    

    On
      or
      before October 31, 2006, the undersigned shall deliver the Purchase Price to
      Graubard Miller (“GM”) as set forth in the instructions attached as Exhibit A to
      hold in an interest bearing account until the Corporation consummates the IPO.
      Simultaneously with the consummation of the IPO, GM shall (i) deposit the
      Purchase Price, without interest or deduction, into the trust fund (“Trust
      Fund”) established by the Corporation for the benefit of the Corporation’s
      public stockholders as described in the Corporation’s registration statement
      filed in connection with the IPO, pursuant to the terms of an Investment
      Management Trust Agreement to be entered into between the Corporation and
      Continental Stock Transfer & Trust Company and (ii) deliver all interest
      earned on the Purchase Price to the undersigned. In the event that the IPO
      is
      not consummated by June 30, 2007, GM shall return the Purchase Price, plus
      accrued interest, to the undersigned.

    

    The
      undersigned represents and warrants that it has been advised that the Insider
      Warrants have not been registered under the Securities Act; that it is acquiring
      the Insider Warrants for its account for investment purposes only; that it
      has
      no present intention of selling or otherwise disposing of the Insider Warrants
      in violation of the securities laws of the United States; that it is an
“accredited investor” as defined by Rule 501 of Regulation D promulgated under
      the Securities Act of 1933, as amended (the “Securities Act”); and that it is
      familiar with the proposed business, management, financial condition and affairs
      of the Corporation.

    

    Moreover,
      the undersigned agrees that it shall not sell or transfer the Insider Warrants
      until after the Corporation consummates a merger, capital stock exchange, asset
      acquisition or other similar business combination with an operating business
      (“Business Combination”) and acknowledges that the certificates for such Insider
      Warrants shall contain a legend indicating such restriction on transferability.
      

    

    The
      Corporation hereby acknowledges and agrees that, in the event the Corporation
      calls the Warrants for redemption pursuant to that certain Warrant Agreement
      to
      be entered into by the Corporation and Continental Stock Transfer & Trust
      Company in connection with the Corporation’s IPO, the Corporation shall allow
      the undersigned to exercise any Insider Warrants by surrendering such Warrants
      for that number of shares of Common Stock equal to the quotient obtained by
      dividing (x) the product of the number of shares of Common Stock underlying
      the
      Warrant, multiplied by the difference between the Warrant exercise price and
      the
“Fair Market Value” (defined below) by (y) the Fair Market Value. The “Fair
      Market Value” shall mean the average reported last sale price of the Common
      Stock for the 10 trading days ending on the third trading day prior to the
      date
      on which the notice of redemption is sent to holders of Warrants.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      terms
      of this agreement and the restriction on transfers with respect to the Insider
      Warrants may not be amended without the prior written consent of Jesup &
Lamont.

     

    Very
      truly yours,   

     

    

    

    

    Agreed
      to:

    

    Alyst
      Acquisition Corp.

     

    By:  

    
      
        

      

      Name:
        

    

    Title:
      

     

    

    Graubard
      Miller

    

    
      By:  

      
        
          

        

        Name:
          

      

      Title:
        

    

    
 

    Jesup
      & Lamont Securities Corporation

    

    
      By:  

      
        
          

        

        Name:
          

      

      Title:
        

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    By:
      :EMPLOYMENT
      AGREEMENT

    WILLIAM
      F. SULLIVAN

    

    

    This
      AGREEMENT is made as of this 1st day of February, 2006, between Franklin Credit
      Management Corporation and William F. Sullivan (“Employee”). 

    

    RECITALS

    

    
      	 	
              a.

            	
              FCMC
                is a Corporation organized under the laws of the State of
                Delaware.

            

    

    

    
      	 	
              b.

            	
              FCMC
                desires to employ Employee, and Employee desires to accept employment
                from
                FCMC. 

            

    

    

    
      	 	
              c.

            	
              The
                parties desire to record the arrangements made for such employment.
                

            

    

    

    

    AGREEMENT

    

    IT
      IS,
      THEREFORE, AGREED: 

    

    1. Definitions:
      For the
      purposes of this Agreement, the following capitalized terms shall have the
      following meanings:

    

    
      	 	
              a.

            	
              FCMC
                or
                Company
                shall mean Franklin Credit Management
                Corporation.

            

    

    

    
      	 	
              b.

            	
              Employee
                shall mean William F. Sullivan.

            

    

    

    
      	 	
              c.

            	
              Competitor
                shall mean any person, company, firm or corporation which: (1) actually
                competes with the Company, its subsidiaries or affiliates; (2) is
                engaged
                in a business in which the Company, its subsidiaries or affiliates
                are
                also engaged; or (3) is engaged in a business which the Company,
                its
                subsidiaries or affiliates have at the date of Employee’s termination of
                employment reasonably certain plans to enter within twelve months
                of the
                Employee’s termination. 

            

    

    

    2. Employment/Term.
      Effective February 1, 2006, FCMC hereby employs Employee as the General Counsel
      of FCMC. The term of employment shall be for the period commencing February
      1,
      2006 and ending on the date the term of employment is terminated pursuant to
      Section 11 of this Agreement.

    

    
      	 	
              a.

            	
              Place
                of Employment.
                During the term of employment, Employee shall be based at the Company’s
                principal executive offices, which shall be in the New York City
                metropolitan area (including the surrounding area of New Jersey),
                subject
                to reasonable travel required in the performance of Employee’s duties.
                

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    3. Duties
      and Authority.
      The
      responsibilities of the Employee shall include the following:

    

    
      	 	
              a.

            	
              Employee
                shall have the duties and responsibilities as the General Counsel
                of the
                Company, including but not limited to the
                following:

            

    

    

    
      	 	
              i.

            	
              Managing
                the Company’s compliance with all State and Federal regulations and
                licensing requirements:

            

    

    

    
      	 	
              ii.

            	
              Management
                of the Company’s litigation and other legal matters; and,
                

            

    

    

    
      	 	
              iii.

            	
              Management
                of the legal department of the
                Company.

            

    

    

    
      	 	
              b.

            	
              Employee
                shall report directly to the Chief Executive Officer of the Company.
                

            

    

    

    4. Compensation.
      FCMC
      shall pay to Employee the following compensation: 

    

    
      	 	
              a.

            	
              Salary.
                Employee shall receive an annual salary of $250,000, payable on a
                semimonthly basis. Not less than annually, the Company shall review
                Employee’s base compensation.

            

    

    

    
      	 	
              b.

            	
              Bonuses.
                In addition to the salary set forth above, Employee shall receive
                the
                following bonuses:

            

    

    

    
      	 	
              i.

            	
              Employee
                shall receive a signing bonus of Ten Thousand ($10,000) dollars on
                execution of this Agreement.

            

    

    

    
      	 	
              ii.

            	
              Employee
                shall be entitled to receive an annual bonus based on his performance
                and
                the performance of the Company. The amount of such annual bonuses
                shall be
                subject to the reasonable discretion of the Board of Directors of
                the
                Company.

            

    

    

    
      	 	
              c.

            	
              Stock.
                As additional compensation for services provided under this agreement,
                Employee will
                receive a grant of 5,000 shares of common stock of the Company as
                of the
                date of issuance of such stock. On execution of this Agreement, the
                Company shall immediately direct that 5,000 shares of common stock
                be
                issued to Employee. 

            

    

    

    
      	 	
              i.

            	
              Employee
                acknowledges that the stock to be issued by the Company shall be
                restricted stock and limitations shall apply to Employee’s ability to
                trade such stock.

            

    

    

    
      	 	
              d.

            	
              Car
                Allowance.
                Throughout the term of employment, Employee shall receive a car allowance
                of $400 per month and a paid parking space in the vicinity of the
                Company’s offices.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5. Vacation
      and other benefits.
      During
      each twelve-month period that Employee is employed by FCMC, Employee shall
      be
      entitled to three weeks (i.e., fifteen days) of paid vacation plus regular
      personal days and holidays in accordance with the policies of FCMC. Vacation
      days can not be accrued or aggregated from one twelve-month period to the next.
      In addition, Employee shall be entitled to participate in all present and future
      benefit plans provided by FCMC to its other executive officers.

    

    6. Moving
      Expenses.
      

    

    
      	 	
              a.

            	
              Employee
                shall relocate to the New York City metropolitan area on or before
                April
                1, 2006. 

            

    

    

    
      	 	
              b.

            	
              The
                Company shall reimburse Employee for the reasonable and actual expenses
                associated with Employee and his immediate family’s relocation to the New
                York City metropolitan area including but not limited to moving,
                storage
                and packing expenses, travel expenses and other similar
                expenses.

            

    

    

    
      	 	
              c.

            	
              The
                Company shall provide Employee with lodging in the New York City
                metropolitan area through the earlier of: (1) Employee’s relocation to the
                New York City metropolitan area, or (2) April 1,
                2006.

            

    

    

    
      	 	
              d.

            	
              The
                Company shall reimburse Employee for weekly trips to Boston during
                the
                period prior to Employee’s relocation to the New York City metropolitan
                area, utilizing cost-effective airfare and ground
                transportation.

            

    

    

    7. Acknowledgments.
      FCMC is
      in the business of purchasing, servicing and disposing of residential mortgages
      and other secured financial assets, and related services in the both New York
      City metropolitan area and on a national basis. Employee acknowledges that:
      

    

    
      	 	
              a.

            	
              FCMC’s
                services are highly specialized; 

            

    

    

    
      	 	
              b.

            	
              FCMC
                has a proprietary interest in its methods and processes;
                and,

            

    

    

    
      	 	
              c.

            	
              Documents
                and other information regarding FCMC’s methods, pricing and costs are
                highly confidential and constitute trade
                secrets.

            

    

    

    8. Trade
      secrets and confidential information.
      During
      the term of this Agreement, Employee may have access to, and become familiar
      with, various trade secrets and confidential information belonging to FCMC,
      its
      subsidiaries or affiliates. Employee acknowledges that such confidential
      information and trade secrets are owned and shall continue to be owned solely
      by
      FCMC, its subsidiaries or affiliates. During the term of his employment and
      for
      thirty-six (36) months after such employment terminates for any reason,
      regardless of whether termination is initiated by FCMC or Employee, Employee
      agrees not to use, communicate, reveal or otherwise make available such
      information for any purpose whatsoever, or to divulge such information to any
      person, partnership, corporation or entity other than Employer or persons
      expressly designated by Employer, unless Employee is compelled to disclose
      it by
      judicial process. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9. Restrictive
      covenants.
      

    

    
      	 	
              a.

            	
              Full-time
                Employment.
                During the period of his employment, Employee shall not, directly
                or
                indirectly, alone or as a member of any partnership, or as an officer,
                director, shareholder, or employee of any corporation, engage in
                or be
                concerned with any other paid employment, except as otherwise authorized
                in writing by the Company.

            

    

    

    
      	 	
              b.

            	
              Non-competition.
                Employee agrees that: 

            

    

    

    
      	 	
              i.

            	
              During
                both the period of Employee’s employment by the Company and the period in
                which Employee is entitled to receive periodic severance payments
                pursuant
                to Paragraph 12(b)(ii) of this Agreement, regardless of whether the
                termination was initiated by FCMC or Employee, Employee will not
                accept
                employment with, or act as a consultant, contractor, advisor, or
                in any
                other capacity for, a Competitor, or enter into competition with
                FCMC, its
                subsidiaries or affiliates, either by himself or through any entity
                owned
                or managed in whole or in part by the Employee, and Employee shall
                not
                make any preparations to compete with the
                Company.

            

    

    

    
      	 	
              ii.

            	
              During
                the term of this Agreement and for a period of nine (9) months after
                termination Employee’s employment by the Company for any reason,
                regardless of whether the termination is initiated by FCMC or Employee,
                Employee shall not solicit or make, or cause to make, any offer of
                employment to any employee of the Company, it subsidiaries or affiliates,
                for the purpose of inducing such employee to terminate his or her
                employment with the Company, or its subsidiaries or
                affiliates.

            

    

    

    
      	 	
              iii.

            	
              For
                a period of twelve (12) months after termination of Employee’s employment
                for any reason, regardless of whether the termination is initiated
                by the
                Company or Employee, or for a period of time equal to the length
                of
                Employee's employment with FCMC if such tenure is less than twelve
                (12)
                months, Employee will not, directly or indirectly, solicit for the
                purchase or sale of financial assets any person, company, firm, or
                corporation from whom the Company purchased financial assets or to
                whom
                the Company sold assets originated by the Company during the term
                of
                Employee's employment. Employee agrees not to so solicit such customers
                on
                behalf of himself or any other person, firm, company, or corporation,
                if
                such solicitation is for the purchase or sale of the same or similar
                types
                of financial assets purchased or sold by the
                Company.

            

    

    

    
      	 	
              c.

            	
              The
                parties have attempted to limit Employee's right to compete only
                to the
                extent necessary to protect FCMC from unfair competition. The parties
                recognize, however, that reasonable people may differ in making such
                a
                determination. Consequently, the parties hereby agree that, if the
                scope
                or enforceability of the restrictive covenant is in any way disputed
                at
                any time, a court or other trier of fact may modify and enforce the
                covenant to the extent that it believes the covenant is reasonable
                under
                the circumstances existing at that time.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              d.

            	
              Employee
                further acknowledges that: (1) in the event his employment with FCMC
                terminates for any reason, regardless of whether the termination
                is
                initiated by FCMC or Employee, he will be able to earn a livelihood
                without violating the foregoing restrictions; and (2) his ability
                to earn
                a livelihood without violating such restrictions is a material condition
                of his employment with FCMC. 

            

    

    

    10. Remedies.
      Employee acknowledges that: (1) compliance with Paragraphs 8 and 9 herein is
      necessary to protect FCMC’s business and good will; (2) a breach of those
      Paragraphs will irreparably and continually damage FCMC’; and (3) an award of
      money damages will not be adequate to remedy such harm. Consequently, Employee
      agrees that, in the event he breaches or threatens to breach any of these
      covenants, FCMC shall be entitled to both: (1) a preliminary or permanent
      injunction in order to prevent the continuation of such harm; and (2) money
      damages, insofar as they can be determined, including, without limitation,
      all
      reasonable costs and attorneys' fees incurred by the FCMC in enforcing the
      provisions of this Agreement if FCMC is successful in establishing Employee’s
      breach of these covenants Nothing in this Agreement, however, shall prohibit
      FCMC from also pursuing any other remedy.

    

    11. Termination.

    

    
      	 	
              a.

            	
              Termination
                by Either Party.
                Either party may terminate Employee’s employment “without cause” by giving
                thirty (30) days' written notice to the other.

            

    

    

    
      	 	
              b.

            	
              Termination
                by Company.
                Employee’s employment may be terminated by the Company “for cause” if he:
                

            

    

    

    
      	 	
              (1)

            	
              fails
                or refuses to perform each and all of his material assigned duties
                to;
                

            

    

    

    
      	 	
              (2)

            	
              to
                comply with one or more policies of the Company;
                

            

    

    

    
      	 	
              (3)

            	
              breaches
                any of the material terms of this Agreement; or,
                

            

    

    

    
      	 	
              (4)

            	
              commits
                any criminal, fraudulent or dishonest act related to his employment;
                

            

    

    

    provided
      that cause shall not be deemed to exist under subsections (1) or (2) of this
      subparagraph unless the Employee has been given written notice describing in
      reasonable detail the alleged breaches and stating that such breaches are
      grounds for termination for good reason under this section, and the Employee
      fails to cure such breaches within 10 days. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              c.

            	
              Termination
                by Employee.
                Employee shall have the right to terminate his employment for “good
                reason.” For the purposes of this Agreement, good reason shall be limited
                to the following:

            

    

    

    
      	 	
              i.

            	
              The
                Company transfers the place of Employee’s employment in violation of
                Paragraph 2 (a) of this Agreement;

            

    

    

    
      	 	
              ii.

            	
              The
                Company’s breaches any of the material terms of Paragraphs 3, 4, 5 or 6 of
                this Agreement. 

            

    

    

    
      	 	
              d.

            	
              Termination
                Due to Incapacity.
                In
                the event Employee is unable to perform his material duties because
                of
                illness or disability for a continuous period of 120 days, the Company
                may
                terminate this Agreement without further notice.
                

            

    

    

    12. Severance.
      

    

    
      	 	
              a.

            	
              Conditions
                under which Severance is Paid.
                In the event the Company terminates Employee’s employment without cause or
                for Employee’s failure to perform assigned duties, the Employee shall
                receive the severance pay provided in subparagraph (b) of this Paragraph.
                Employee shall also be entitled to the severance provided for in
                subparagraph (b) of this Paragraph if the Employee terminates his
                employment for good reason. 

            

    

    

    
      	 	
              b.

            	
              Amount
                of Severance.
                To
                the extent severance is payable to Employee pursuant to subparagraph
                (a)
                of this Agreement, Employee shall
                be entitled to receive the severance payments provided for in subparts
                (i)
                and (ii) of this subparagraph:

            

    

    

    
      	 	
              i.

            	
              Lump
                Sum Payment.
                Employee shall be entitle to receive payment in a lump sum in respect
                of
                all accrued and unused vacation within ten days after termination
                of
                employment in an amount based on Employee’s current base salary. If such
                termination occurs after the end of any calendar year and before
                the
                payment date of the bonus in respect of that year as provided in
                Section
                4(b), an amount equal to the bonus for such calendar year calculated
                as
                provided in Section 4(b) shall be paid to Employee on April 15 of
                the year
                of termination. 

            

    

    

    
      	 	
              ii.

            	
              Monthly
                Payments.
                Employee shall be entitled to receive
                monthly payments equal to one twelfth of his then current base salary
                for
                the periods set forth below after such termination. In addition,
                if
                Employee is enrolled in and covered by a medical insurance plan offered
                by
                the Company on the date of termination of employment, Employee shall
                be
                entitled, at his election, to receive either (x)
                continued health benefits for the periods set forth below, or
                (y)
                an amount equal to the medical insurance premiums paid by the Company
                on
                behalf of the Employee for the periods set forth
                below.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              (1)

            	
              In
                the event the termination occurs prior to February 1, 2007 - three
                months.

            

    

    

    
      	 	
              (2)

            	
              In
                the event the termination occurs on or after February 1, 2007 - four
                months.

            

    

    

    Such
      payments shall be made semimonthly for the periods specified above.

    

    
      	 	
              c.

            	
              Effect
                of Severance Payments.
                The severance payments set forth in this Paragraph are payments made
                as
                liquidated damages and not as a penalty. In the event Employee’s
                employment is terminated and Employee is not entitled to severance
                in
                accordance with subparagraph (a) of this Paragraph, Employee shall
                be
                entitled to no further compensation or payments from the Company.
                

            

    

    

    13. Effect
      of Termination.
      Notwithstanding any other provision of this Agreement, in the event Employee’s
      employment is terminated pursuant to Paragraph 11 of this Agreement or
      otherwise: (1) all stock options held by Employee not exercised by the effective
      date of such termination shall expire in accordance with the terms of the
      Employee Stock Option Plan maintained by the Company pursuant to which such
      options were issued and (2) except as provided in Paragraph 12, Employee’s right
      to any bonuses and the Company’s obligation to pay such bonuses which are not
      paid as of the effective date of the termination of Employee’s employment shall
      terminate. 

    

    14. Return
      of the Company property.
      On
      termination of employment, the Employee shall return to the Company all keys,
      correspondence, contracts, reports, price lists, manuals, forms, mailing lists,
      customer lists, advertising materials, ledgers, supplies, equipment, checks,
      petty cash and all documents of any form relating to the Company’s or its
      subsidiaries or affiliates business in his possession or control.

    

    15. Notice.
      Any
      notice required to be given hereunder shall be in writing sent by registered
      mail, return receipt requested, to FCMC at Number 6 Harrison Street, Sixth
      Floor, Attention Thomas J. Axon, and to Employee at 66 Woodbury Street,
      Hamilton, Ma. 01982 or to such changed address as the parties may designate
      by
      like notice. The effective date of such notice shall be its mailing date.

    

    16. Entire
      agreement.
      This
      Agreement supersedes all agreements previously made by the parties relating
      to
      its subject matter. There are no other understandings or agreements between
      the
      parties. 

    

    17. No
      violation or default.
      The
      Employee hereby represents and warrants that the execution of this Agreement
      by
      him will not violate the provisions of or constitute a default under any other
      Agreement or arrangement to which the Employee is party or otherwise bound.
      

    

    18. Indemnification.
      The
      Company shall indemnify Employee under the terms and conditions of the existing
      agreement between the Company and its other Officers and Directors.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    19. Non-Waiver.
      No
      delay or failure by either party to exercise any right under this Agreement,
      and
      no partial or single exercise under it, shall constitute a waiver of that or
      any
      other right. 

    

    20. Headings.
      Headings in this Agreement are for convenience only and shall not be used to
      interpret or construe its provisions. 

    

    21. Governing
      law.
      This
      Agreement shall be construed in accordance with and governed by the laws of
      the
      State of New Jersey. 

    

    22. Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original but all of which together shall constitute one and the same
      instrument. 

    

    23. Binding
      effect.
      The
      provisions of this Agreement shall be binding upon and inure to the benefits
      of
      each of the parties and their respective successors and assigns. 

    

    In
      witness whereof, the parties hereto have signed this Agreement. 

    

    Dated
      February 15, 2006.

    

    

    
      	 	 
	 	
              Employee

            
	 	 
	 	
              Franklin
                Credit Management Corporation

            
	 	 
	 	 
	 	 
	 	
              By:
                Thomas Axon

            
	 	
              President

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