Document:

Exhibit
      10.3

     

    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, officer 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 Dr. William Weksel, Robert A. Schriesheim and Rober H. Davies
      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 and
      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 Chief
      Operating Officer, Chief Financial Officer, Secretary and Director
      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
      Operating Officer, Chief Financial Officer, Secretary and Director
      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.

    
      	 	 	 
	 	 	
              Michael
                E. Weksel

            
	 	 	
              
                

              

              Print Name of Insider

            
	 
 	 
 	 
 
	 	 	/s/ Michael
              E. Weksel
	 	
              
Signature

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    Michael
      E. Weksel
      has been
      our chief operating officer, chief financial officer, secretary and a member
      of
      our board of directors since our inception. Since 2000, Mr. Weksel has been
      a
      principal in Industrial Acquisitions Management, LLC, a private venture firm.
      From 1994 to 1999, Mr. Weksel served on the board of directors and as chief
      financial officer and vice president of LogistiCare which he co-founded. From
      1992 to 1994, Mr. Weksel served as a managing director at Weksel, Davies &
Co. Inc. In that capacity, Mr. Weksel acted as the sole executive officer at
      Viking Mobile Communications and as project director for the implementation
      of a
      new enterprise computing solution at The E.F. Johnson Company. Mr. Weksel also
      served on the board of directors of The E.F. Johnson Company. Prior to 1992,
      Mr.
      Weksel worked for three years as an associate at the merchant banking firm
      of
      Joseph, Littlejohn and Levy, Inc. Mr. Weksel currently is a director of both
      GovDelivery, Inc., a leading e-mail subscription management system provider,
      and
      Safe Lites, LLC, a developer of applications of electroluminescent technologies.
      Mr. Weksel received a B.S. from the State University of New York at Albany
      and
      an M.B.A. from Columbia University. Mr. Weksel is the son of Dr.
      William Weksel.Exhibit
      10.4

     

    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 Dr. William Weksel, 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.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    8. The
      undersigned agrees to be the non-executive Vice 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
      Vice 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.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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
              A. Schriesheim
	 	 Print Name of Insider
	 	 
	 	 
	 	 /s/
              Robert A. Schriesheim
	 	 Signature

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      A

    

    Robert
      A. Schriesheim
      has
      served as our non-executive vice chairman of the board of directors since our
      inception. Mr. Schriesheim has served as executive vice president and chief
      financial officer of Lawson Software, Inc., a Nasdaq Stock Market
      listed
      global
      provider of enterprise resource planning software to middle market
      companies,
      since
      October 2006 and has served as a board director of Lawson since May 2006.
      Previously he had been affiliated with ARCH Development Partners, LLC, a
      Chicago, Illinois-based venture capital fund, since August 2002 and served
      as a
      managing general partner since January 2003. From September 1999 to March 2002,
      Mr. Schriesheim was executive vice president of corporate development and chief
      financial officer, and a director, of Global Telesystems, Inc., a London,
      England-based, publicly traded provider of telecommunications, data and related
      services to businesses throughout Western and Central Europe, Russia and the
      Commonwealth of Independent States. He also served as executive vice president
—
chief corporate development officer for Global Telesystems in 1999. In 2001,
      Global Telesystems filed, in prearranged proceedings, a petition for surseance
      (moratorium), offering a composition, in the Netherlands and a voluntary
      petition for relief under Chapter 11 of the United States Bankruptcy Code,
      both
      to facilitate the sale of Global Telesystems. All such proceedings were
      approved, confirmed and completed by March 31, 2002. From 1997 to 1999, Mr.
      Schriesheim was president and chief executive officer of SBC Equity Partners,
      Inc., a Chicago, Illinois-based private equity firm. From 1996 to 1997, Mr.
      Schriesheim was vice president of corporate development for Ameritech
      Corporation, a Chicago, Illinois-based communications company. From 1993 to
      1996, he was vice president of global corporate development for AC Nielsen
      Company, a subsidiary of Dunn & Bradstreet. Mr. Schriesheim currently serves
      as a director of Dobson Communications Corporation, a Nasdaq Stock Market listed
      wireless communications provider, Skyworks
      Solutions, Inc., a Nasdaq Stock Market listed provider of RF solutions and
      precision analog semiconductors to the mobile communications industry, and
      Lawson Software.
      Mr.
      Schriesheim received a B.A. from Princeton University and an M.B.A. in Finance
      and Business Economics from the University of Chicago Graduate School of
      Business.

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