Document:

Exhibit
      10.5

     

    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 13 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. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      

        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 a 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 a 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.

    

    12. 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.
 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      

        Alyst
          Acquisition Corp.

        Jesup
          & Lamont Securities Corporation

        October
          13, 2006

        Page
          4

      

       

    

    13. 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.

     

    
      	 	 	 
	 	  	 Paul
              Levy
	 	
              
Print
              Name of Insider

    

     

    
      	 	 	 
	 	 	/s/
              Paul
              Levy
	 	
              
Signature

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      A

    

    Paul
      Levy
      has been
      a member of our board of directors since our inception. Mr. Levy is currently
      a
      private investor in real estate and venture capital. From 1967 to 2002, Mr.
      Levy
      was the owner and president of Alvin Press, Inc., a New York City-based printing
      company that supplied major corporations with specialized labels. Mr. Levy
      serves as a member of the board and a vice president of the 92nd
      Street
      YMHA and on the Board of Overseers of List College and is active in numerous
      other community organizations. Mr. Levy received a B.S. from New York University
      and a J.D. from Brooklyn Law School.Unassociated Document

    Exhibit
      10.6

     

    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 13 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. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      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 a 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 a 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.

    

    12. 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.
 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      Alyst
        Acquisition Corp.

      Jesup
        & Lamont Securities Corporation
October
        13, 2006
Page
        4

       

    

    13. 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.

     

    
      	 	 	 
	 	
            	 Matthew
              Botwin
	 	
              
Print
              Name of Insider

      	 	 	 
	 	 	 
	 	 	/s/ Matthew
              Botwin
	 	
              
Signature

        

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      A

    

    Matthew
      Botwin
      has been
      a member of our board of directors since our inception. Since October 2003,
      Mr.
      Botwin has been a managing director of Regent Square Group, a telecommunications
      and government affairs consulting firm. Mr. Botwin also serves as chairman
      of
      the Regulatory Working Group for the Global VSAT Forum, an association of
      companies involved in the business of delivering advanced digital fixed
      satellite systems and services to consumers, and commercial and government
      enterprises worldwide. He is also an advisor to the World Bank’s Global
      Innovation Fund, a fund designed to create greater access to private capital
      for
      medium sized technology-driven businesses. From June 1998 to October 2003,
      Mr.
      Botwin was senior manager for international government relations at PanAmSat
      Corporation, a satellite communications company. From October 1997 to September
      1997, Mr. Botwin was affiliated with AT&T Corporation. Mr. Botwin received a
      B.A. from Hobart College, an M.A. from the London School of Economics and a
      masters in international telecommunications policy from the School of
      International Affairs at Columbia University.

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