Document:

Exhibit 10.4

 

Execution Version

 

Bison
Capital Acquisition Corp.

609-610
21st Century Tower

No.
40 Liangmaqiao Road

Chaoyang
District, Beijing, China

 

June
19, 2017

 

Bison
Capital Holding Company Limited

609-610
21st Century Tower

No.
40 Liangmaqiao Road

Chaoyang
District, Beijing, China

 

Ladies
and Gentlemen:

 

This
letter will confirm our agreement that, commencing on the effective date (the “Effective Date”) of the registration
statement (the “Registration Statement”) for the initial public offering (the “IPO”) of the securities
of Bison Capital Acquisition Corp. (the “Company”) and continuing until the earlier of (i) the consummation by the
Company of an initial business combination or (ii) the Company’s liquidation (in each case as described in the Registration
Statement) (such earlier date hereinafter referred to as the “Termination Date”), Bison Capital Holding Company Limited,
a company incorporated in the Cayman Islands (“Bison Capital”), shall make available to the Company certain office
space and administrative and support services as may be required by the Company from time to time, situated at 609-610 21st
Century Tower, No. 40 Liangmaqiao Road, Chaoyang District, Beijing, China (or any successor location). In exchange therefore,
the Company shall pay Bison Capital the sum of $5,000 per month on the Effective Date and continuing monthly thereafter until
the Termination Date. Bison Capital hereby agrees that, solely with respect to this letter agreement, it does not have any right,
title, interest or claim of any kind in or to any monies that may be set aside in a trust account (the “Trust Account”)
that may be established upon the consummation of the IPO (“Claim”) and hereby waives any Claim it may have in the
future as a result of, or arising out of, this letter agreement and will not seek recourse against the Trust Account for any reason
whatsoever relating to this letter agreement. No party hereto may assign either this letter agreement or any of its rights, interests,
or obligations hereunder without the prior written approval of the other party, provided that Bison Capital may assign this letter
agreement to an affiliate without the prior written approval of the Company. 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.

 

	 	Very truly yours,
	 	 	 
	 	BISON CAPITAL ACQUISITION CORP.
	 	 	 
	 	By:	/s/
    James Jiayuan Tong
	 	Name: 	James
    Jiayuan Tong 
	 	Title:	Chief
    Executive Officer and Chief Financial Officer

 

[Company’s
Signature Page to Administrative Support Letter Agreement]

 

    	 	1	 

     

    

 

	AGREED TO AND ACCEPTED BY:	 
	 	 	 
	BISON CAPITAL HOLDING COMPANY LIMITED	 
	 	 	 
	By:	/s/
    Peixin Xu	 
	Name: 	Peixin
    Xu	 
	Title:	Director	 

 

 

 

 

 

 

 

[Bison
Capital’s Signature Page to Administrative Support Letter Agreement]

 

 

2Exhibit 10.5

 

Execution Version

 

SHARE ESCROW AGREEMENT

 

SHARE ESCROW AGREEMENT,
dated as of June 19, 2017 (this “Agreement”), by and among BISON CAPITAL ACQUISITION CORP., a British Virgin
Islands Company (the “Company”), BISON CAPITAL HOLDING COMPANY LIMITED (“Bison
Capital”) and JAMES JIAYUAN TONG (collectively with Bison Capital, the
“Initial Shareholders”), EarlyBirdCapital and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation
(the “Escrow Agent”).

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated as of June 19, 2017 (the “Underwriting Agreement”), with EarlyBirdCapital,
Inc. (the “Underwriter”), pursuant to which, among other matters, the Underwriter has agreed to purchase 5,250,000
units (the “Units”) of the Company, plus an additional 787,500 Units if the Underwriter exercises its over-allotment
option in full. Each Unit consists of one ordinary share of the Company, no par value per share (an “Ordinary Share”),
one right to receive one-tenth of one Ordinary Share and one-half of one warrant (a “Warrant”), each whole Warrant
to purchase one Ordinary Share at $11.50 per whole share upon the Company’s initial business combination (as described in
the Registration Statement hereinafter a “Business Combination”), all as more fully described in the Company’s
final Prospectus, dated June 19, 2017 (the “Prospectus”), comprising part of the Company’s registration
statement, as amended, on Form S-1 (File No. 333-218404) under the Securities Act of 1933, as amended (the “Registration
Statement”), declared effective on June 19, 2017 (the “Effective Date”).

 

WHEREAS, the Initial
Shareholders have agreed as a condition of the sale of the Units to deposit their Ordinary Shares of the Company, as set forth
opposite their respective names in Exhibit A attached hereto (collectively the “Escrow Shares”), in escrow as
hereinafter provided.

 

WHEREAS, the Company
and the Initial Shareholders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as hereinafter
provided.

 

IT IS AGREED:

 

1.            Appointment
of Escrow Agent. The Company and the Initial Shareholders hereby appoint the Escrow Agent to act in accordance with and subject
to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject
to such terms.

 

2.            Deposit
of Escrow Shares. On the Effective Date, certificates representing each Initial Shareholder’s respective Escrow Shares
(and any applicable share power) shall be placed in escrow, to be held and disbursed subject to the terms and conditions of this
Agreement. Each Initial Shareholder acknowledges that the certificate representing such Initial Shareholder’s Escrow Shares
will be legended to reflect the deposit of such Escrow Shares under this Agreement.

 

    	 	1	 

     

    

 

3.            Disbursement
of the Escrow Shares.

 

3.1.       The
Escrow Agent shall hold the Escrow Shares during the period (the “Escrow Period”) commencing on the date hereof
and (i) for 50% of the Escrow Shares, ending on the earlier of (x) one year after the date of the consummation of the Company’s
initial Business Combination and (y) the date on which the closing sale price of the Company’s Ordinary Shares equals or
exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading
days within any 30-trading day period commencing after the Business Combination and (ii) for the remaining 50% of the Escrow Shares,
ending one year after the date of the consummation of the Business Combination; provided, however, that if, subsequent to the Company’s
consummation of the Business Combination, the Company (or the surviving entity) subsequently consummates a liquidation, merger,
share exchange or other similar transaction which results in all of the shareholders of such entity having the right to exchange
their Ordinary Shares for cash, securities or other property, then the Escrow Agent will, upon receipt of a notice executed by
the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company, in form reasonably acceptable to
the Escrow Agent, certifying that such transaction is then being consummated, release the Escrow Shares then held by it to the
Initial Shareholders. The Company shall promptly provide notice of the consummation of the Business Combination to the Escrow Agent.
Upon completion of the Escrow Period, the Escrow Agent shall disburse such amount of each Initial Shareholder’s Escrow Shares
(and any applicable share power) to such Initial Shareholder; provided, however, that if the Escrow Agent is notified by the Company
pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the Escrow Period, then the Escrow Agent
shall promptly destroy the certificates representing the Escrow Shares. The Escrow Agent shall have no further duties hereunder
after the disbursement or destruction of the Escrow Shares in accordance with this Section 3.

 

3.2.       Notwithstanding
Section 3.1, if the Underwriter does not exercise its over-allotment option to purchase an additional 787,500 Units of the Company
in full within 30 days of the date of the Prospectus (as described in the Underwriting Agreement), the Initial Shareholders agree
that the Escrow Agent shall return to the Company for cancellation, at no cost, an aggregate number of Escrow Shares held by them
respectively determined by multiplying (a) 146,475 for Bison Capital or 50,400 for James Jiayuan Tong, as applicable, by (b) a
fraction, (i) the numerator of which is 787,500 minus the number of Ordinary Shares purchased by the Underwriters relating to the
exercise of their over-allotment option, and (ii) the denominator of which is 787,500. The Company shall promptly provide notice
to the Escrow Agent of the expiration or termination of the Underwriter’s over-allotment option and the number of Units,
if any, purchased by the Underwriter in connection with its exercise thereof.

 

4.            Rights
of Initial Shareholders in Escrow Shares.

 

4.1.       Voting
Rights as a Shareholder. Subject to the terms of the Insider Letter described in Section 4.4 hereof and except as herein provided,
the Initial Shareholders shall retain all of their rights as shareholders of the Company during the Escrow Period, including, without
limitation, the right to vote such shares.

 

4.2.       Dividends
and Other Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable in cash with respect
to the Escrow Shares shall be paid to the Initial Shareholders, but all dividends payable in shares or other non-cash property
(“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As
used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

4.3.       Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to any persons (including
their affiliates and shareholders) participating in the private placement of the private units, officers, directors, shareholders,
employees, members or affiliates of Bison Capital, (ii) amongst the Initial Shareholders or to the Company’s officers, directors
and employees, (iii) if the Initial Shareholder is an entity, as a distribution to partners, members or shareholders of the Initial
Shareholder upon the liquidation and dissolution of the Initial Shareholder, (iv) by bona fide gift to a member of the Initial
Shareholder’s immediate family or to a trust, the beneficiary of which is the Initial Shareholder or a member of the Initial
Shareholder’s immediate family for estate planning purposes, (v) by virtue of the laws of descent and distribution upon death
of the Initial Shareholder, (vi) pursuant to a qualified domestic relations order, (vii) by certain pledges to secure obligations
incurred in connection with purchases of the Company’s securities, (viii) by private sales at prices no greater than the
price at which the Escrow Shares were originally purchased, or (ix) to the Company for cancellation as set forth in Section 3.2
hereof or in connection with the consummation of the Business Combination, in each case, except for clause (ix) or with the Company’s
prior consent, on the condition that such transfers may be implemented only upon the respective transferee’s written agreement
to be bound by the terms and conditions of this Agreement and of the Insider Letter (as defined below) signed by the Initial Shareholder
transferring the Escrow Shares.

 

    	 	2	 

     

    

 

4.4.       Insider
Letters. The Initial Shareholders have collectively executed a letter agreement with EBC and the Company, dated as indicated
on Exhibit A hereto, and the form of which is filed as an exhibit to the Registration Statement (the “Insider Letter”),
respecting the rights and obligations of such Initial Shareholder in certain events, including but not limited to the liquidation
of the Company.

 

5.            Concerning
the Escrow Agent.

 

5.1.       Good
Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise
of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability
of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the
proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties
and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

5.2.       Indemnification.
The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including reasonable counsel
fees, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in
any way arises out of this Agreement, the services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other
than expenses or losses arising from the bad faith, gross negligence or willful misconduct of the Escrow Agent. Promptly after
the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow
Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole
discretion, may commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition
of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares
pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom
and under what circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive
in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3.       Compensation.
The Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder. The Escrow
Agent shall also be entitled to reimbursement from the Company for all expenses paid or incurred by it in the administration of
its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all
taxes or other governmental charges.

 

    	 	3	 

     

    

 

5.4.       Further
Assurances. From time to time on and after the date hereof, the Company and the Initial Shareholders shall deliver or cause
to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as
the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence
compliance herewith or to assure itself that it is protected in acting hereunder.

 

5.5.       Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Shares held
hereunder. If no new escrow agent is so appointed within the 60 day period following the giving of such notice of resignation,
the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems appropriate.

 

5.6.       Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested
in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only
upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.

 

5.7.       Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own bad
faith, gross negligence or its own willful misconduct.

 

5.8.       Waiver.
The Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and the Escrow Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

6.            Miscellaneous.

 

6.1.       Governing
Law; Jurisdiction. 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.

 

6.2.       Third
Party Beneficiaries. Each of the Initial Shareholders hereby acknowledges that the Underwriter is a third party beneficiary
of this Agreement and this Agreement may not be modified or changed without the prior written consent of EBC.

 

    	 	4	 

     

    

 

6.3.       Entire
Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and,
except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to the
charged.

 

6.4.       Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
thereof.

 

6.5.       Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

 

6.6.       Notices.
Any notice, consent or request to be given in connection with any of the terms or provisions of this 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 by facsimile transmission, as follows:

 

If to the Company, to:

 

Bison Capital Acquisition Corp.

B609-610 21st Century Tower,

No. 40 Liangmaqiao Road,

Chaoyang District, Beijing, China

Attn: James Jiayuan Tong, Chief Executive Officer

and Chief Financial Officer

Fax No.: +81 10 84446968 ext. 800

 

If to a Shareholder, to his address
set forth in Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer &
Trust Company

1 State Street, 30th
Floor

New York, New York 10004

Attn: Steve Nelson, Fran Wolf
and Sharmin Carter

Fax No.: (212) 616-7620

 

A copy of any notice (which shall
not constitute notice) sent hereunder shall be sent to:

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th
Floor

New York, New York 10017

Attn: Steven Levine, Chief Executive
Officer

Fax No.: (212) 661-4936

 

and:

 

Hunter Taubman Fischer & Li LLC

1450 Broadway, 26th Floor,

New York, New York 10018

Attn: Arila Zhou, Esq.

Fax No.: (212) 202-6380

 

    	 	5	 

     

    

 

and:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No. (212) 818-8881

 

The parties may change the persons and
addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner
provided herein for giving notice.

 

6.7.       Liquidation
of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company
in the event that the Company fails to consummate the Business Combination within the time period specified in the Prospectus.

 

[Signature Page Follows]

 

    	 	6	 

     

    

 

WITNESS the execution
of this Agreement as of the date first above written.

 

	 	COMPANY:
	 	 	 
	 	BISON CAPITAL ACQUISITION CORP.
	 	 	 
	 	By:	/s/ James Jiayuan Tong
	 	 	Name: James Jiayuan Tong
	 	 	Title: Chief Executive Officer and

                                           Chief Financial Officer

 

[Company’s Signature Page to Escrow
Agreement]

 

    	 	7	 

     

    

 

	 	INITIAL SHAREHOLDERS:
	 	 	 
	 	Bison Capital Holding Company Limited 
	 	 	 
	 	By:	/s/ Peixin Xu
	 	 	Name: Peixin Xu
	 	 	Title:  Partner

 

[Initial Shareholder’s Signature
Page to Escrow Agreement]

 

    	 	8	 

     

    

 

	 	/s/ James Jiayuan Tong
	 	James Jiayuan Tong

 

[Initial Shareholder’s Signature
Page to Escrow Agreement]

 

    	 	9	 

     

    

 

	 	ESCROW AGENT:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER 
	 	& TRUST COMPANY
	 	 	 
	 	By:	/s/ Henry Farrell
	 	 	Name: Henry Farrell
	 	 	Title: Vice President

 

[Escrow Agent’s Signature Page
to Escrow Agreement]

 

    	 	10	 

     

    

 

EXHIBIT A

 

	Name and Address of Initial Shareholder	 	Number 
of Shares	 	 	Share 
Certificate
 Number	 	 	Date of 
Insider Letter
	Bison Capital Holding Company Limited 
609-610 21st Century Tower 
No. 40 Liangmaqiao Road 
Chaoyang District, Beijing

                                             100016, China
	 	 	

1,117,725 
(among which, up to 146,475 shares are subject to forfeiture if the over-allotment option is not exercise in full or in part)

	 	 	 	              	 	 	June 19, 2017
	 	 	 	 	 	 	 	 	 	 	 
	James Jiayuan Tong 
2073 Maple Avenue, 
Costa Mesa, California 92627	 	 	391,650 
(among which, up to 50,400 shares are subject to forfeiture if the over-allotment option is not exercise in full or in part)	 	 	 	 	 	 	June 19, 2017

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]