Document:

Exhibit 10.2

 

Execution Version

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is entered into as of June 19, 2017, by and among Bison Capital Acquisition
Corp., a British Virgin Islands company (the “Company”), the undersigned parties listed under Investor
on the signature page hereto (each, an “Investor” and collectively, the “Investors”).

 

WHEREAS, the Investors
collectively hold 1,509,375 shares of the outstanding Ordinary Shares (defined below) of the Company, among which up to 196,875
shares are subject to forfeiture in the event the underwriters of the Company’s initial public offering do not exercise the
over-allotment option in full or in part, issued prior to the consummation of the Company’s initial public offering (the
“Initial Shares”);

 

WHEREAS, certain of
the Investors are privately purchasing 388,750 Units (defined below) simultaneously with the consummation of the Company’s
initial public offering (the “Initial Private Units”), and such Investors will purchase
up to 432,063 additional Units (“Over-Allotment Private Units,” together with the Initial Private Units,
the “Private Units”) in the event the underwriters of the Company’s initial public offering exercise
the over-allotment option in full or in part;

 

WHEREAS, the Investors
and the Company desire to enter into this Agreement to provide the Investors with certain rights relating to the registration of
the Initial Shares, the Private Units and the Working Capital Units (defined below);

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows: 

 

1.          DEFINITIONS.
The following capitalized terms used herein have the following meanings:

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Business
Combination” means a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization
or other similar business combination with one or more businesses or entities.

 

“Commission”
means the Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange
Act.

 

“Company”
is defined in the preamble to this Agreement.

 

“Demand
Registration” is defined in Section 2.1.1.

 

“Demanding
Holder” is defined in Section 2.1.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.

 

“Form S-3”
is defined in Section 2.3.

 

      

     

    

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Initial
Shares” is defined in the preamble to this Agreement.

 

“Initial Private
Units” is defined in the preamble to this Agreement.

 

“Investor”
is defined in the preamble to this Agreement.

 

“Investor
Indemnified Party” is defined in Section 4.1.

 

“Maximum
Number of Shares” is defined in Section 2.1.4.

 

“Notices”
is defined in Section 6.3.

 

“Option
Securities” is defined in Section 2.1.4.

 

“Ordinary
Shares” means the Ordinary Shares of the Company, no par value.

 

“Over-Allotment
Private Units” is defined in the preamble to this Agreement.

 

“Piggy-Back
Registration” is defined in Section 2.2.1.

 

“Private
Units” is defined in the preamble to this Agreement.

 

“Register,”
“Registered” and “Registration” mean a registration effected by preparing and
filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable
rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registrable
Securities” means (i) all of the Initial Shares, (ii) all of the Private Units (and underlying Ordinary Shares) and
(iii) all of the Working Capital Units (and underlying Ordinary Shares). Registrable Securities include any warrants, share capital
or other securities of the Company issued as a dividend or other distribution with respect to or in exchange for or in replacement
of such Initial Shares, Private Units (and underlying Ordinary Shares) and Working Capital Units (and underlying Ordinary Shares).
As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a Registration
Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities
shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities
shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been
delivered by the Company and subsequent public distribution of them shall not require registration under the Securities Act; (c)
such securities shall have ceased to be outstanding, or (d) the Registrable Securities are freely saleable under Rule 144 without
volume limitations.  

 

“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities
Act and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or
other obligations exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement
on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be issued in exchange
for securities or assets of another entity).

 

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“Release
Date” means the date on which the Initial Shares are disbursed from escrow pursuant to Section 3 of that certain
Share Escrow Agreement dated as of June 19, 2017 by and among certain of the Investors and Continental Stock Transfer & Trust
Company.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.

 

“Units”
means the units of the Company, each comprised of one ordinary share, one right to receive one-tenth of one ordinary share automatically
on the consummation of an initial business combination, and one Warrant to purchase one half of one Ordinary Share.

 

“Warrants” means
the warrants of the Company underlying the Units, each to purchase one half of one Ordinary Share.

 

“Working
Capital Units” means any Units held by Investors, officers or directors of the Company or their affiliates which
may be issued in payment of working capital loans made to the Company.

 

2.          REGISTRATION
RIGHTS.

 

2.1.            Demand
Registration.

 

2.1.1.          Request
for Registration. At any time and from time to time on or after (i) the date that the Company consummates a Business Combination
with respect to the Private Units (or underlying Ordinary Shares) or Working Capital Units (or underlying Ordinary Shares) or (ii)
three months prior to the Release Date with respect to Initial Shares, the holders of a majority-in-interest of such Private Units
(or underlying Ordinary Shares), Working Capital Units (or underlying Ordinary Shares) or the Initial Shares, as the case may be,
held by the Investors, officers or directors of the Company or their affiliates, or the transferees of the Investors, may make
a written demand for registration under the Securities Act of all or part of their Private Units (or underlying Ordinary Shares),
Working Capital Units (or underlying Ordinary Shares) or the Initial Shares, as the case may be (a “Demand Registration”).
Any demand for a Demand Registration shall specify the number of shares of Registrable Securities proposed to be sold and the intended
method(s) of distribution thereof. The Company will notify all holders of Registrable Securities of the demand, and each holder
of Registrable Securities who wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration
(each such holder demanding to include shares of Registrable Securities in such registration, a “Demanding Holder”)
shall so notify the Company within fifteen (15) days after the receipt by the holder of the notice from the Company. Upon any such
request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject
to Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate
of three (3) Demand Registrations under this Section 2.1.1 in respect of all Registrable Securities. 

 

2.1.2.          Effective
Registration. A registration will not count as a Demand Registration until the Registration Statement filed with the Commission
with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations under
this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been declared effective,
the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of
the Commission or any other governmental agency or court, the Registration Statement with respect to such Demand Registration will
be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise
terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering; provided, further,
that the Company shall not be obligated to file a second Registration Statement until a Registration Statement that has been filed
is counted as a Demand Registration or is terminated. 

 

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2.1.3.          Underwritten
Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the Company as part of their
written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall
be in the form of an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such
registration shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s
Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their Registrable
Securities through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters
selected for such underwriting by a majority-in-interest of the holders initiating the Demand Registration. 

 

2.1.4.          Reduction
of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering advises
the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the
Demanding Holders desire to sell, taken together with all other Ordinary Shares or other securities which the Company desires to
sell and the Ordinary Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back registration
rights held by other shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares
that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method,
or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum
Number of Shares”), then the Company shall include in such registration: (i) first, the Registrable Securities as
to which Demand Registration has been requested by the Demanding Holders (pro rata in accordance with the number of shares that
each such Person has requested be included in such registration, regardless of the number of shares held by each such Person (such
proportion is referred to herein as "Pro Rata")) that can be sold without exceeding the Maximum Number
of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the
Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares;
(iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the
Ordinary Shares or other securities registrable pursuant to the terms of the Unit Purchase Option issued to EarlyBirdCapital, Inc.
or its designees in connection with the Company’s initial public offering (the “Unit Purchase Option”
and such registrable securities, the “Option Securities”) as to which “piggy-back” registration
has been requested by the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (iv)
fourth, to the extent that the Maximum Number of Shares have not been reached under the foregoing clauses (i), (ii), and (iii),
the Ordinary Shares or other securities for the account of other persons that the Company is obligated to register pursuant to
written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Shares. 

 

2.1.5.          Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all
of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from
such offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to
the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest
of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then such registration shall not
count as a Demand Registration provided for in Section 2.1. 

 

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2.2.         Piggy-Back
Registration.

 

2.2.1.          Piggy-Back
Rights. If at any time on or after the date the Company consummates a Business Combination the Company proposes to file a Registration
Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable
or exchangeable for, or convertible into, equity securities, by the Company for its own account or for shareholders of the Company
for their account (or by the Company and by shareholders of the Company including, without limitation, pursuant to Section 2.1),
other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange
offer or offering of securities solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible
into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice
of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event less than ten (10) days
before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering,
the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering,
and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the sale of such number of shares
of Registrable Securities as such holders may request in writing within five (5) days following receipt of such notice (a “Piggy-Back
Registration”). The Company shall cause such Registrable Securities to be included in such registration and shall
use its best efforts to cause the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable
Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of
the Company and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s)
of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration
that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter
or Underwriters selected for such Piggy-Back Registration.

 

2.2.2.          Reduction
of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering
advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of Ordinary Shares which
the Company desires to sell, taken together with Ordinary Shares, if any, as to which registration has been demanded pursuant to
written contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable Securities
as to which registration has been requested under this Section 2.2, and the Ordinary Shares, if any, as to which registration has
been requested pursuant to the written contractual piggy-back registration rights of other shareholders of the Company, exceeds
the Maximum Number of Shares, then the Company shall include in any such registration: 

 

(a)          If
the registration is undertaken for the Company’s account: (A) first, the Ordinary Shares or other securities that the Company
desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clause (A), the Ordinary Shares or other securities, if any, comprised of Registrable
Securities and Option Securities, as to which registration has been requested pursuant to the applicable written contractual piggy-back
registration rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C)
third, to the extent that the Maximum Number of shares has not been reached under the foregoing clauses (A) and (B), the Ordinary
Shares or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares.

 

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(b)          If
the registration is a “demand” registration undertaken at the demand of holders of Option Securities, (A) first, the
Ordinary Shares or other securities for the account of the demanding persons, Pro Rata, that can be sold without exceeding the
Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum
Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A)
and (B), the shares of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof,
that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other securities for the account of other
persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold
without exceeding the Maximum Number of Shares; and

 

(c)          If
the registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
Securities or of Option Securities, (A) first, the Ordinary Shares or other securities for the account of the demanding persons
that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has
not been reached under the foregoing clause (A), the Ordinary Shares or other securities that the Company desires to sell that
can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clauses (A) and (B), collectively the Ordinary Shares or other securities comprised of Registrable
Securities and Option Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof and of the
Unit Purchase Option, as applicable, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other
securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements
with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

2.2.3.          Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities
in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of
the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a
demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness
of such Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 3.3. 

 

2.3.            Registrations
on Form S-3. The holders of Registrable Securities may at any time and from time to time, request in writing that the Company
register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which may be
available at such time (“Form S-3”); provided, however, that the Company shall not be obligated to effect
such request through an underwritten offering. Upon receipt of such written request, the Company will promptly give written notice
of the proposed registration to all other holders of Registrable Securities, and, as soon as practicable thereafter, effect the
registration of all or such portion of such holder’s or holders’ Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities or other securities of the Company, if any, of any other holder
or holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written
notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration pursuant to
this Section 2.3: (i) if Form S-3 is not available for such offering; or (ii) if the holders of the Registrable Securities, together
with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at any aggregate price to the public of less than $500,000. Registrations effected
pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1.

 

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3.          REGISTRATION
PROCEDURES.

 

3.1.            Filings;
Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section
2, the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with
the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request: 

 

3.1.1.          Filing
Registration Statement. The Company shall use its best efforts to, as expeditiously as possible after receipt of a request
for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form for
which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for
the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof,
and shall use its best efforts to cause such Registration Statement to become effective and use its best efforts to keep it effective
for the period required by Section 3.1.3; provided, however, that the Company shall have the right to defer any Demand Registration
for up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration
to which such Piggy-Back Registration relates, in each case if the Company shall furnish to the holders a certificate signed by
the Chief Executive Officer or Chairman of the Company stating that, in the good faith judgment of the Board of Directors of the
Company, it would be materially detrimental to the Company and its shareholders for such Registration Statement to be effected
at such time; provided further, however, that the Company shall not have the right to exercise the right set forth in the immediately
preceding proviso more than once in any 365-day period in respect of a Demand Registration hereunder. 

 

3.1.2.          Copies.
The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without
charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies of
such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case
including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement
(including each preliminary prospectus), and such other documents as the holders of Registrable Securities included in such registration
or legal counsel for any such holders may request in order to facilitate the disposition of the Registrable Securities owned by
such holders. 

 

3.1.3.          Amendments
and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments,
and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such
Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and
other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution
set forth in such Registration Statement or such securities have been withdrawn or until such time as the Registrable Securities
cease to be Registrable Securities as defined by the Agreement. 

 

3.1.4.          Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) business days after
such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further
notify such holders promptly and confirm such advice in writing in all events within two (2) business days of the occurrence of
any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration
Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall
take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission
for any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional information
or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will not contain an untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, and promptly make available to the holders of Registrable Securities included in such Registration Statement
any such supplement or amendment; except that before filing with the Commission a Registration Statement or prospectus or any amendment
or supplement thereto, including documents incorporated by reference, the Company shall furnish to the holders of Registrable Securities
included in such Registration Statement and to the legal counsel for any such holders, copies of all such documents proposed to
be filed sufficiently in advance of filing to provide such holders and legal counsel with a reasonable opportunity to review such
documents and comment thereon, and the Company shall not file any Registration Statement or prospectus or amendment or supplement
thereto, including documents incorporated by reference, to which such holders or their legal counsel shall object. 

 

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3.1.5.          State
Securities Laws Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as
the holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be
registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would
not otherwise be required to qualify but for this paragraph or subject itself to taxation in any such jurisdiction. 

 

3.1.6.          Agreements
for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in
customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which are made
to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of
Registrable Securities included in such registration statement. No holder of Registrable Securities included in such registration
statement shall be required to make any representations or warranties in the underwriting agreement except, if applicable, with
respect to such holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of such
sale with such holder’s material agreements and organizational documents, and with respect to written information relating
to such holder that such holder has furnished in writing expressly for inclusion in such Registration Statement.

 

3.1.7.           Cooperation.
The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer
of the Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect
to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys,
accountants and potential investors. 

 

3.1.8.          Records.
The Company shall make available for inspection by the holders of Registrable Securities included in such Registration Statement,
any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other
professional retained by any holder of Registrable Securities included in such Registration Statement or any Underwriter, all financial
and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise
their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested
by any of them in connection with such Registration Statement. 

 

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3.1.9.          Opinions
and Comfort Letters. The Company shall furnish to each holder of Registrable Securities included in any Registration Statement
a signed counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter and (ii)
any comfort letter from the Company’s independent public accountants delivered to any Underwriter. In the event no legal
opinion is delivered to any Underwriter, the Company shall furnish to each holder of Registrable Securities included in such Registration
Statement, at any time that such holder elects to use a prospectus, an opinion of counsel to the Company to the effect that the
Registration Statement containing such prospectus has been declared effective and that no stop order is in effect.

 

3.1.10.         Earnings
Statement. The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act, and
make available to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, which
earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 

 

3.1.11.         Listing.
The Company shall use its best efforts to cause all Registrable Securities included in any registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated
or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable
Securities included in such registration. 

 

3.2.            Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by
the Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of Directors, of the
ability of all “insiders” covered by such program to transact in the Company’s securities because of the existence
of material non-public information, each holder of Registrable Securities included in any registration shall immediately discontinue
disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such
holder receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders”
to transact in the Company’s securities is removed, as applicable, and, if so directed by the Company, each such holder will
deliver to the Company all copies, other than permanent file copies then in such holder’s possession, of the most recent
prospectus covering such Registrable Securities at the time of receipt of such notice.

 

3.3.            Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section
2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant to Section 2.3, and
all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance
with securities or “blue sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications
of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal expenses (including, without limitation,
all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing of
the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements
of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company (including
the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section 3.1.9); (viii)
the fees and expenses of any special experts retained by the Company in connection with such registration and (ix) the fees and
expenses of one legal counsel selected by the holders of a majority-in-interest of the Registrable Securities included in such
registration. The Company shall have no obligation to pay any underwriting discounts or selling commissions attributable to the
Registrable Securities being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by
such holders. Additionally, in an underwritten offering, all selling shareholders and the Company shall bear the expenses of the
Underwriter pro rata in proportion to the respective amount of shares each is selling in such offering. 

 

    	 	9	 

     

    

 

3.4.            Information.
The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing
Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto,
in order to effect the registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection
with the Company’s obligation to comply with Federal and applicable state securities laws.

 

3.5.            Limitations
on Registration Rights. Notwithstanding anything herein to the contrary, (i) EarlyBirdCapital, Inc. may not exercise its rights
under Sections 2.1 and 2.2 hereunder after five (5) and seven (7) years after the effective date of the registration statement
relating to the Company’s initial public offering, respectively, and (ii) EarlyBirdCapital, Inc. may not exercise its rights
under Section 2.1 more than one time.

 

4.          INDEMNIFICATION
AND CONTRIBUTION.

 

4.1.            Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Investor and each other holder of Registrable Securities,
and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person,
if any, who controls an Investor and each other holder of Registrable Securities (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”), from and against any
expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue
statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which the sale of such
Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus
contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based
upon any omission (or alleged omission) to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation promulgated thereunder
applicable to the Company and relating to action or inaction required of the Company in connection with any such registration;
and the Company shall promptly reimburse the Investor Indemnified Party for any legal and any other expenses reasonably incurred
by such Investor Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage,
liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such expense,
loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission
or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or any
such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by such
selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their
officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on substantially the
same basis as that of the indemnification provided above in this Section 4.1.

 

    	 	10	 

     

    

 

4.2.            Indemnification
by Holders of Registrable Securities. Each selling holder of Registrable Securities will, in the event that any registration
is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling holder,
indemnify and hold harmless the Company, each of its directors and officers and each Underwriter (if any), and each other selling
holder and each other person, if any, who controls another selling holder or such Underwriter within the meaning of the Securities
Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered
under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement,
or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or the alleged omission
to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement
or omission was made in reliance upon and in conformity with information furnished in writing to the Company by such selling holder
expressly for use therein, and shall reimburse the Company, its directors and officers, and each other selling holder or controlling
person for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such
loss, claim, damage, liability or action. Each selling holder’s indemnification obligations hereunder shall be several and
not joint and shall be limited to the amount of any net proceeds actually received by such selling holder.

 

4.3.            Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability
or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder,
notify such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage,
liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve
the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and
solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification
with respect to any claim or action brought against the Indemnifying Party, then the Indemnifying Party shall be entitled to participate
in such claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the
defense thereof with counsel reasonably satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the
Indemnified Party of its election to assume control of the defense of such claim or action, the Indemnifying Party shall not be
liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with
the defense thereof other than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified
Party and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel
(but no more than one such separate counsel) to represent the Indemnified Party and its controlling persons who may be subject
to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying
Party, with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel
of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent
to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified
Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment
or settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.  

 

4.4.            Contribution. 

 

4.4.1.          If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect
of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim,
damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action,
as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying
Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.

 

    	 	11	 

     

    

 

4.4.2.          The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding Section 4.4.1. 

 

4.4.3.          The
amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred
by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions
of this Section 4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount
of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually received by such holder
from the sale of Registrable Securities which gave rise to such contribution obligation. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation.

 

5.          UNDERWRITING
AND DISTRIBUTION.

 

5.1.            Rule
144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange
Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required
from time to time to enable such holders to sell Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission. 

 

6.          MISCELLANEOUS. 

 

6.1.            Other
Registration Rights. The Company represents and warrants that no person, other than the holders of the Registrable Securities
and Option Securities, has any right to require the Company to register any of the Company’s share capital for sale or to
include the Company’s share capital in any registration filed by the Company for the sale of share capital for its own account
or for the account of any other person. 

 

6.2.            Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned
or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of Registrable
Securities hereunder may be freely assigned or delegated by such holder of Registrable Securities in conjunction with and to the
extent of any transfer of Registrable Securities by any such holder. This Agreement and the provisions hereof shall be binding
upon and shall inure to the benefit of each of the parties, to the permitted assigns of the Investors or holder of Registrable
Securities or of any assignee of the Investors or holder of Registrable Securities. This Agreement is not intended to confer any
rights or benefits on any persons that are not party hereto other than as expressly set forth in Article 4 and this Section 6.2. 

 

6.3.            Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”)
required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be
personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram,
telex or facsimile, or certified mail, return receipt acknowledged, postage prepaid, addressed as set forth below, or to such other
address as such party shall have specified most recently by written notice. Notice shall be deemed given on the date of service
or transmission if personally served or transmitted by telegram, telex or facsimile; provided, that if such service or transmission
is not on a business day or is after normal business hours, then such notice shall be deemed given on the next business day; or
on the fifth business day following such mailing if made if sent by certified mail. Notice otherwise sent as provided herein shall
be deemed given on the next business day following timely delivery of such notice to a reputable air courier service with an order
for next-day delivery. 

 

    	 	12	 

     

    

 

To the Company:

 

Bison Capital Acquisition Corp.

609-610 21st Century Tower

No. 40 Liangmaqiao Road, Chaoyang
District

Beijing, China

Attn: James Jiayuan Tong, Chief
Executive Officer

and Chief Financial Officer

 

with a copy to (which shall not constitute notice):

 

Hunter Taubman Fischer & Li LLC

1450 Broadway, 26th Floor

New York, New York 10018

Attn: Louis E. Taubman

 

To an Investor, to the address set forth below such
Investor’s name on Exhibit A hereto.

 

6.4.            Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable.

 

6.5.            Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together
shall constitute one and the same instrument. 

 

6.6.            Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered
pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether
oral or written. 

 

6.7.            Modifications
and Amendments. No amendment, modification or termination of this Agreement shall be binding upon any party unless executed
in writing by such party. 

 

6.8.            Titles
and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction
of any provision of this Agreement. 

 

6.9.            Waivers
and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and
specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default
waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall
be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver
or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance
of any other obligations or acts.

 

    	 	13	 

     

    

 

6.10.           Remedies
Cumulative. In the event that any party fails to observe or perform any covenant or agreement to be observed or performed under
this Agreement, the other parties may proceed to protect and enforce their rights by suit in equity or action at law, whether for
specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or in aid
of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take any one or
more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement
shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power
or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise. 

 

6.11.           Governing
Law. In connection with Section 5-1401 of the General Obligations Law of the State of New York, this Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law that would
result in the application of the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding
or claim arising out of or relating in any way to this Agreement shall be resolved through final and binding arbitration in accordance
with the International Arbitration Rules of the American Arbitration Association (“AAA”). The arbitration
shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City, New York, will be
conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that
the arbitrator panel’s decision shall be final and enforceable by any court having jurisdiction over the party from whom
enforcement is sought. The cost of such arbitrators and arbitration services, together with the prevailing party’s legal
fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators. This Agreement may be
executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute
but one instrument. 

 

6.12.           Waiver
of Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit,
counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this
Agreement, the transactions contemplated hereby, or the actions of the Investor in the negotiation, administration, performance
or enforcement hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Registration Rights Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above. 

 

	 	COMPANY:
	 	 
	 	BISON CAPITAL ACQUISITION CORP.
	 	 	 
	 	By:	/s/ James Jiayuan Tong
	 	Name: 	James Jiayuan Tong
	 	Tittle:  	CEO and CFO

 

[Company’s Signature Page to Registration
Rights Agreement]

 

    	 	15	 

     

    

 

	 	INVESTORS:
	 	 
	 	Bison Capital Holding Company Limited
	 	 	 
	 	By:	/s/ Peixin Xu
	 	Name: 	Peixin Xu
	 	Tittle: 	Director

 

[Bison Capital’s Signature Page
to Registration Rights Agreement]

 

    	 	16	 

     

    

 

	 	/s/ James Jiayuan Tong
	 	James Jiayuan Tong

 

[James Tong’s Signature Page to
Registration Rights Agreement]

 

    	 	17	 

     

    

 

	 	EarlyBirdCapital, Inc.
	 	 	 
	 	By:	/s/ Steve Levine
	 	 	Name: Steve Levine
	 	 	Title: CEO

 

[EarlyBirdCapital’s Signature Page
to Registration Rights Agreement]

 

    	 	18	 

     

    

 

EXHIBIT A

 

	Name	 	Address
	 	 	 
	Bison Capital Holding Company Limited	 	
        609-610 21st Century Tower, No. 40 

Liangmaqiao Road, Chaoyang District

Beijing, China

	 	 	 
	James Jiayuan Tong	 	
        2073 Maple Avenue,

Costa Mesa, California 92627

	 	 	 
	EarlyBirdCapital, Inc.	 	366 Madison Avenue, New York, 

New York 10017

 

 

19Exhibit
10.3

 

Execution
Version

 

June
19, 2017

 

Bison
Capital Acquisition Corp.

609-610
21st Century Tower

No.
40 Liangmaqiao Road

Chaoyang
District, Beijing, China

 

EarlyBirdCapital,
Inc.

366
Madison Avenue, 8th Floor

New
York, New York 10017

 

Re:        Initial
Public Offering

 

Gentlemen:

 

This
letter is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between Bison Capital Acquisition Corp., a British Virgin Islands company (the “Company”),
and EarlyBirdCapital, Inc., as representative of the underwriters (the “Underwriters”), relating to an underwritten
initial public offering (the “IPO”) of the Company’s units (the “Units”), each comprised
of one ordinary share, no par value, of the Company (the “Ordinary Shares”), one right to receive one-tenth
of one Ordinary Share, and one-half of one warrant (the “Warrant”), each whole Warrant to purchase one Ordinary
Share. Certain capitalized terms used herein are defined in paragraph 15 hereof. In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the IPO, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1.            If
the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all Ordinary Shares beneficially
owned by him, her or it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2.            (a)
In the event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s
Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time, the undersigned shall
take all reasonable steps to (1) cause the Trust Fund to be liquidated and distributed to the holders of the IPO Shares, and (2)
cause the Company to liquidate as soon as reasonably practicable.

 

(b)       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, her or its Insider Shares or
Private Units (“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, but may, for the avoidance of doubt, have his, her or its Ordinary Shares purchased in the IPO or in the aftermarket
redeemed upon liquidation of the Company if a Business Combination is not consummated. The undersigned acknowledges and agrees
that there will be no distribution from the Trust Fund with respect to any Warrants, which will terminate on the Company’s
liquidation.

 

(c)        In
the event of the liquidation of the Trust Fund, Bison Capital Holding Company Limited, a Cayman Islands company, (“Bison
Capital”) agrees to indemnify and hold harmless the Company 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
to 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
to or contracted for the Company, or by any target business with which the Company has discussed entering into a transaction agreement,
but only to the extent necessary to ensure that such loss, liability, claim, damage or expense does not reduce the amount of funds
in the Trust Fund; provided that such indemnity shall not apply (i) if such vendor or prospective target business
executes an agreement waiving any claims against the Trust Fund and (ii) to any claims under the Company’s indemnity of
the underwriters of this offering against certain liabilities, including liabilities under the Securities Act.

 

    	 	1	 

     

    

 

3.            The
undersigned will escrow all of his, her or its Insider Shares pursuant to the terms of a share escrow agreement which the Company
will enter into with the undersigned and an escrow agent acceptable to the Company.

 

4.            In
order to minimize potential conflicts of interest which may arise from multiple affiliations, Bison Capital, and each of the undersigned
directors and officers of the Company agree to present to the Company for its consideration, prior to presentation to any other
person or entity, any suitable opportunity to acquire a target business, until the earlier of the consummation by the Company
of a Business Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations
Bison Capital, and each of the undersigned directors and officers might have.

 

5.            The
undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested
independent directors and the Company must obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions on the type of target business the Company is seeking to acquire, that such Business
Combination is fair to the Company’s unaffiliated shareholders from a financial point of view.

 

6.            Neither the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to
receive and will not accept any compensation or other cash payment for services rendered prior to, or in order to effectuate,
the consummation of the Business Combination; provided that the Company shall be allowed to (i) repay working
capital loans made by the undersigned or its affiliates to the Company in cash upon consummation of the Business Combination or,
at the undersigned’s discretion, with respect to up to an aggregate of $500,000 of working capital loans from all lenders,
by converting such loans into Private Units at a price of $10.00 per Private Unit, as more fully described in the Registration
Statement, (ii) repay a non-interest bearing loan in an aggregate amount of $------300,000 made to the Company by Bison Capital
to cover the IPO expenses, (iii) pay $5,000 per month to Bison Capital for office space and related services, (iv) reimburse the
undersigned and any affiliate of the undersigned for their out-of-pocket expenses incurred in connection with identifying, investigating
and consummating a Business Combination, and (v) pay to the Company’s independent directors an annual retainer in an aggregate
amount of $38,400 (to be prorated for a partial term), payable in arrears commencing on the first anniversary of the closing of
the Company’s IPO and ending on the earlier of the consummation of a Business Combination or a Company liquidation.

 

7.            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.

 

    	 	2	 

     

    

 

8.            The
undersigned officers and directors agree to be the officers and directors of the Company until the earlier of the consummation
by the Company of a Business Combination or the liquidation of the Company. The undersigned officers’ and directors’
biographical information included in the Registration Statement is true and accurate in all material respects, does not omit any
material information with respect to the officers’ and directors’ biography 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, as amended (the “Securities
Act”). Each of the undersigned officers’ and directors’ FINRA Questionnaire previously furnished to the
Company and the Underwriters is true and accurate in all material respects.

 

9.            Each
of the undersigned represents and warrants that:

 

(a)         He,
she or it has never had a petition under the federal bankruptcy laws or any state or foreign insolvency law been filed by or against
(i) him, her or it, or any partnership in which he, she or it was a general partner at or within two years before the time of
filing; or (ii) (to the extent the undersigned is an individual) any corporation or business association of which he or she was
an executive officer at or within two years before the time of such filing;

 

(b)         He,
she or it has never had a receiver, fiscal agent or similar officer been appointed by a court for his or her business or property,
or any such partnership;

 

(c)         He,
she, or it has never been convicted of fraud in a civil or criminal proceeding;

 

(d)        He,
she, or it has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding
traffic violations and minor offenses);

 

(e)         He,
she, or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any
court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him from (i) acting as a futures commission
merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant,
any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of
any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director
or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing
any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal
or state securities or federal commodities laws;

 

(f)         He,
she, or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any
federal or state authority barring, suspending or otherwise limiting for more than 60 days his, her or its right to engage in
any activity described in 9(e)(i) above, or to be associated with persons engaged in any such activity;

 

(g)        He,
she or it has never been found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission
(“SEC”) to have violated any federal, state, or foreign securities law, where the judgment in such civil action
or finding by the SEC has not been subsequently reversed, suspended or vacated;

 

    	 	3	 

     

    

 

(h)        He,
she or it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal
commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended
or vacated;

 

(i)         He,
she or it has never been the subject of, or a party to, any federal, state, or foreign judicial or administrative order, judgment,
decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any federal, state
or foreign securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance
companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money
penalty or temporary or permanent cease-and desist order, or removal or prohibition order, or (iii) any law or regulation prohibiting
mail or wire fraud or fraud in connection with any business entity;

 

(j)         He,
she or it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated,
or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that
has disciplinary authority over its members or persons associated with a member;

 

(k)        He,
she or it has never been convicted, of any felony or misdemeanor: (1) in connection with the purchase or sale of any security,
(2) involving the making of any false filing with the SEC, or (3) arising out of the conduct of the business of an underwriter,
broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

(l)         He,
she or it was never subject to a final order of a state or foreign securities commission (or an agency of officer of a state performing
like functions); a state or foreign authority that supervises or examines banks, savings associations, or credit unions; a state
or foreign insurance commission (or an agency or officer of a state performing like functions); an appropriate federal or foreign
banking agency; the CFTC; or the National Credit Union Administration (“NCUA”) that is based on a violation
of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

(m)        He,
she or it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of
the sale of the Units, restrained or enjoined him from engaging or continuing to engage in any conduct or practice: (i) in connection
with the purchase or sale of any security, (ii) involving the making of any false filing with the SEC or any foreign regulatory
agency with similar functions, or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal
securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

(n)        He,
she or it has never been subject to any order of the SEC or any foreign regulatory agency with similar functions that orders him
to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the foreign
or federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange
Act and Rule 10b-5 thereunder, Section 15(c) and Section 206(1) of the Investment Advisers Act of 1940 (the “Advisers
Act”) or any other rule or regulation thereunder, or (ii) Section 5 of the Securities Act;

 

(o)        He,
she or it has never filed (as a registrant or issuer), or been named as an underwriter in any registration statement or Regulation
A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation
A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order
should be issued;

 

    	 	4	 

     

    

 

(p)        He,
she or it has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary
restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute
a scheme or device for obtaining money or property through the mail by means of false representations;

 

(q)        He,
she or it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like
functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission
(or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the NCUA that
bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer, (ii) engaging
in the business of securities, insurance or banking, or (iii) engaging in savings association or credit union activities;

 

(r)         He,
she or it is not subject to an order of the SEC entered pursuant to Section 15(b) or 15B(c) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”) or Section 203(e) or 203(f) of the Advisers Act that: (i) suspends or
revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser, (ii) places
limitations on the activities, functions or operations of, or imposes civil money penalties on, such person, or (iii) bars the
undersigned from being associated with any entity or from participating in the offering of any penny stock; and

 

(s)        He,
she or it has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a
securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated
securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of
trade.

 

10.          The
undersigned has full right and power, without violating any agreement by which he, she or it is bound, to enter into this letter
agreement and to hold the current position/title in the Company (if applicable).

 

11.          The
undersigned hereby waives his, her or its right to exercise redemption rights with respect to any shares of the Ordinary Shares
owned or to be owned by him, her or it, directly or indirectly, whether purchased prior to the IPO, in the IPO or in the aftermarket,
and agrees that he, she or it will not seek redemption with respect to or otherwise sell, such shares in connection with any vote
to approve a Business Combination or any tender offer in respect thereto, but may, for the avoidance of doubt, have his, her or
its Ordinary Shares purchased in the IPO or in the aftermarket redeemed upon liquidation of the Company if a Business Combination
is not consummated.

 

12.          The
undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Memorandum
and Articles of Association prior to the consummation of a Business Combination that would affect the substance or timing of the
Company’s obligation to redeem 100% of the IPO Shares if the Company does not complete a Business Combination within the
time period set forth in the Amended and Restated Memorandum and Articles of Association, unless the Company provides its public
shareholders with the opportunity to redeem their IPO shares upon approval of any such amendment at a price per share, payable
in cash, equal to the aggregate amount then on deposit in the Trust Account including interest income (net of taxes payable and
any amounts released to the Company to fund working capital requirements), divided by the number of then outstanding public shares.

 

13.          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, Bison Capital agrees to advance such funds necessary to complete such liquidation and agrees not
to seek repayment for such expenses.

 

    	 	5	 

     

    

 

14.          In
connection with Section 5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed
by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law that
would result in the application of the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding
or claim arising out of or relating in any way to this letter agreement shall be resolved through final and binding arbitration
in accordance with the International Arbitration Rules of the American Arbitration Association (“AAA”). The arbitration
shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City, New York, will be
conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that
the arbitrator panel’s decision shall be final and enforceable by any court having jurisdiction over the party from whom
enforcement is sought. The cost of such arbitrators and arbitration services, together with the prevailing party’s legal
fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators. The Company and each
of the undersigned hereby appoints, without power of revocation, CT Corporation System, 111 Eighth Avenue, New York, New York
10011, as their respective agent to accept and acknowledge on its behalf service of any and all process which may be served in
any arbitration, action, proceeding or counterclaim in any way relating to or arising out of this letter agreement. The Company
and each undersigned further agrees to take any and all action as may be necessary to maintain such designation and appointment
of such agent in full force and effect for a period of seven years from the date of this letter agreement.

 

15.         As
used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, contractual
arrangement, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses
or entities; (ii) “Insiders” shall mean all officers, directors and shareholders of the Company immediately
prior to the IPO; (iii) “Insider Shares” shall mean all of the Ordinary Shares of the Company acquired by an
Insider prior to the IPO; (iv) “IPO Shares” shall mean the Ordinary Shares issued in the Company’s IPO;
(v) “Private Units” shall mean the Units purchased in the private placement taking place simultaneously with
the consummation of the Company’s IPO; and the additional Units that will be purchased in a private placement upon the full
or partial exercise of the underwriters’ over-allotment option for the Company’s IPO; (vi) “Registration
Statement” means the registration statement on Form S-1 filed by the Company with respect to the IPO, and (vii) “Trust
Fund” shall mean the trust fund into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

16.         Any
notice, consent or request to be given in connection with any of the terms or provisions of this letter agreement shall be in
writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by
hand delivery or facsimile transmission.

 

17.          No
party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and
shall not operate to transfer or assign any interest or title to the purported assignee. This letter agreement shall be binding
on the parties hereto and any successors and assigns thereof.

 

18.          The
undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations
and warranties set forth herein in proceeding with the IPO.

 

[Signature
page to follow]

 

    	 	6	 

    

    

 

IN
WITNESS WHEREOF, the parties have duly executed this Letter Agreement as of the date first written above.

 

	 	Bison Capital Acquisition Corp.
	 	 	 
	 	By:	/s/ James Jiayuan Tong
	 	Name:	James Jiayuan Tong
	 	Title:	Chief Executive Officer, 

Chief Financial Officer and Director

 

[Signature
Page to the Letter Agreement by Certain Insiders-Bison Capital Acquisition Corp]

 

    	 	7	 

    

    

 

	 	Bison Capital Holding Company Limited
	 	 	 
	 	By:	/s/ Peixin Xu
	 	Name: 	Peixin Xu
	 	Title:	Director

 

[Signature Page to the Letter Agreement by Certain Insiders-Bison Capital]

 

    	 	8	 

    

    

 

	 	/s/ James Jiayuan Tong
	 	James Jiayuan Tong

 

[Signature Page to the Letter Agreement by Certain Insiders- James Jiayuan Tong]

 

    	 	9	 

    

    

 

	 	/s/ Peixin Xu
	 	Peixin Xu

 

[Signature Page to the Letter Agreement by Certain Insiders- Peixin Xu]

 

    	 	10	 

    

    

 

	 	/s/ Peng Jin
	 	Peng Jin

 

[Signature Page to the Letter Agreement by Certain Insiders- Peng Jin]

 

    	 	11	 

    

    

 

	 	/s/ Thomas Folinsbee
	 	Thomas Folinsbee

 

[Signature Page to the Letter Agreement by Certain Insiders- Thomas Folinsbee]

 

    	 	12	 

    

    

 

	 	/s/ Charles Vincent Prizzi
	 	Charles Vincent Prizzi

 

[Signature Page to the Letter Agreement by Certain Insiders- Charles Prizzi]

 

    	 	13	 

    

    

 

	 	/s/ Ning Wang
	 	Ning Wang

 

[Signature Page to the Letter Agreement by Certain Insiders-Ning Wang]

 

    	 	14	 

    

    

 

	 	EARLYBIRDCAPITAL, INC.
	 	 	 
	 	By:	/s/ Steve Levine
	 	Name: 	Steve Levine
	 	Title: 	CEO                   

 

[Signature Page to the Letter Agreement by Certain Insiders-EBC]

 

 

15

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