Document:

Unassociated Document

    Exhibit
      10.7

     

    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:

    

    Ira
      Hollenberg IRA (“Stockholder”), a stockholder 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 12 hereof):

    

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

    

    2. Stockholder
      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 it 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. 

    

    3. Stockholder
      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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. Neither
      Stockholder,
      any
      control person of Stockholder (“Control Person”), nor
      any
      affiliate of Stockholder (“Affiliate”) 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
      Stockholder shall be entitled to reimbursement from the Company for his
      out-of-pocket expenses incurred in connection with seeking and consummating
      a
      Business Combination. 

     

    5. Neither
      Stockholder, any
      Control Person,
      nor any
      Affiliate will be entitled to receive or accept a finder’s fee or any other
      compensation in the event the undersigned, any Control Person or any Affiliate
      of the undersigned originates a Business Combination. 

    

    6. Stockholder
      will escrow all of his Insider Shares acquired prior to the IPO 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.

    

    7. Stockholder
      represents and warrants that neither it or any Control Person:

    

    (a)  is
      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)  has
      ever
      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 neither is currently
      a
      defendant in any such criminal proceeding; and

    

    (c)  has
      ever
      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.

    

    8. Stockholder
      has full right and power, without violating any agreement by which it is bound,
      to enter into this letter agreement.

    

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

    

    10. Stockholder
      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 his liquidation. Should such
      a
      proposal be put before stockholders other than through actions by Stockholder,
      Stockholder hereby agrees to vote against such proposal. This paragraph may
      not
      be modified or amended under any circumstances.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    11. 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. Stockholder 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,
      Stockholder 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.

    

    12. 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.

     

    
      	 	 	Ira
              Hollenberg
              IRA
	 	 	
              

              Print Name of Insider
	 
 	 
 	 
 
	 	 	 
	
            	
            	/s/ Ira Hollenberg
	 	
              

              SignatureUnassociated Document

    Exhibit
      10.8

     

    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:

    

    Silverman
      Realty Group, Inc. Profit Sharing Plan (LCPSP)
      (“Stockholder”), a stockholder 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 12 hereof):

    

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

    

    2. Stockholder
      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 it 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. 

    

    3. Stockholder
      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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. Neither
      Stockholder,
      any
      control person of Stockholder (“Control Person”), nor
      any
      affiliate of Stockholder (“Affiliate”) 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
      Stockholder shall be entitled to reimbursement from the Company for his
      out-of-pocket expenses incurred in connection with seeking and consummating
      a
      Business Combination. 

     

    5. Neither
      Stockholder, any
      Control Person,
      nor any
      Affiliate will be entitled to receive or accept a finder’s fee or any other
      compensation in the event the undersigned, any Control Person or any Affiliate
      of the undersigned originates a Business Combination. 

    

    6. Stockholder
      will escrow all of his Insider Shares acquired prior to the IPO 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.

    

    7. Stockholder
      represents and warrants that neither it or any Control Person:

    

    (a)  is
      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)  has
      ever
      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 neither is currently
      a
      defendant in any such criminal proceeding; and

    

    (c)  has
      ever
      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.

    

    8. Stockholder
      has full right and power, without violating any agreement by which it is bound,
      to enter into this letter agreement.

    

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

    

    10. Stockholder
      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 his liquidation. Should such
      a
      proposal be put before stockholders other than through actions by Stockholder,
      Stockholder hereby agrees to vote against such proposal. This paragraph may
      not
      be modified or amended under any circumstances.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    11. 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. Stockholder 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,
      Stockholder 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.

    

    12. 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.

     

    
      	 	 	 
	
            	
            	
              Silverman
                Realty Group, Inc. 

              Profit
                Sharing Plan (LCPSP)

            
	 	
              

              Print Name of Insider
	 	 
	 	
            
	 	/s/
	 	
              

              Signature

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