Document:

Exhibit 10.4

 

Execution Version 

 

ESCROW AGREEMENT

 

This ESCROW AGREEMENT
(this “Agreement”) is made and entered into as of May 13, 2019, by and among: (i) Bison Capital
Acquisition Corp., a British Virgin Islands company which, prior to the consummation of the transactions contemplated by the
Merger Agreement (as defined below), will domesticate as a Delaware corporation and, immediately thereafter will be known as “Xynomic
Pharmaceuticals Holdings, Inc.” (“Parent”), (ii) Yinglin Mark Xu, solely in his capacity under
the Merger Agreement as the Stockholder Representative (the “Stockholder Representative”); and (iii) Continental
Stock Transfer & Trust Company, as escrow agent (the “Escrow Agent”). Capitalized terms used
herein but not defined herein shall have the meanings given to such terms in the Merger Agreement (as defined below).

 

WHEREAS,
on September 12, 2018, (i) Parent, (ii) Xynomic Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
(iii) Bison Capital Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub”),
and (iv) Yinglin Mark Xu, an individual residing in Shanghai, China, solely in his capacity as the Stockholders Representative,
entered into an Agreement and Plan of Merger (as amended from time to time in accordance with the terms thereof, the “Merger
Agreement”), pursuant to which, among other things, on the terms and subject to the conditions thereof, Merger Sub
will merge with and into the Company, with the Company continuing as the surviving entity as a wholly-owned subsidiary of Parent
(the “Merger”), and as a result of which, among other matters, all of the issued and outstanding shares
of capital stock of the Company, immediately prior to the consummation of the Merger (the “Closing”),
will no longer be outstanding and will automatically be cancelled and will cease to exist, in exchange for the Merger Consideration
Shares, subject to the withholding of the Escrow Shares being deposited in the Escrow Account in accordance with the terms and
conditions of the Merger Agreement and this Agreement.

 

WHEREAS, pursuant to
the Merger Agreement, Parent, its Affiliates and officers, directors, managers, employees, successors and permitted assigns (the
“Indemnified Parties”) are entitled to be indemnified in certain respects by the Company Stockholders
immediately prior to the Closing;

 

WHEREAS, in accordance
with the Merger Agreement and this Agreement, at the Closing, Parent will deposit with the Escrow Agent 990,257 Parent Ordinary
Shares (together with the Earnout Escrow Shares (as defined below), if any, the “Escrow Shares”) to be
held by the Escrow Agent in a segregated escrow account (the “Escrow Account”) and disbursed therefrom
in accordance with the terms of Section 1.05, Section 1.10 and Article X of the Merger Agreement and this Agreement;

  

WHEREAS, in accordance
with the Merger Agreement and this Agreement, at the Closing, Parent will deposit with the Escrow Agent 9,852,216 Parent Ordinary
Shares (the “Earnout Parent Share Consideration”) to be held by the Escrow Agent in a segregated escrow
account (the “Earnout Escrow Account”) and disbursed therefrom in accordance with the terms of Annex
I to the Merger Agreement and Section 1.08(c) and Section 1.10 of the Merger Agreement and this Agreement;

 

WHEREAS, in accordance
with the Merger Agreement and this Agreement, if the Earnout Parent Share Consideration is payable in accordance with the terms
of Annex I to the Merger Agreement and Section 1.08(c) and Section 1.10 of the Merger Agreement and this Agreement, the Escrow
Agent will transfer 3% of the Earnout Parent Share Consideration (the “Earnout Escrow Shares”) out of
the Earnout Escrow Account and deposit such shares in the Escrow Account to be held as additional Escrow Shares and disbursed therefrom
in accordance with the terms of Section 1.05, Section 1.10 and Article X of the Merger Agreement and this Agreement;

 

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WHEREAS, pursuant to
the Merger Agreement and the Letters of Transmittal executed by Company Stockholders, the Stockholder Representative has been designated
as each Company Stockholder’s representative and agent to represent each of them, and to act on their behalf, for purposes
of this Agreement; and

 

WHEREAS, the Escrow
Agent is willing to administer the Escrow Account under the terms and conditions of this Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing premises and of the mutual covenants and agreements contained herein, the parties hereto hereby
agree as follows:

 

Section 1. Appointment.
Parent and the Stockholder Representative, for and on behalf of the Company Stockholders, hereby appoint the Escrow Agent as their
escrow agent for the purposes set forth herein, and the Escrow Agent hereby agrees to perform the duties of their escrow agent
under this Agreement. The escrow services to be rendered by the Escrow Agent under this Agreement will not begin until the Escrow
Agent has received the documentation necessary to establish the Escrow Account and the Earnout Escrow Account on its books and
has received the Escrow Shares and the Earnout Parent Share Consideration in accordance with this Agreement.

 

Section 2. Transfer
of Shares.

 

(a) In accordance
with the Merger Agreement, at the Closing, Parent shall deposit with the Escrow Agent the Escrow Shares, which shall be issued
by Parent in the name of the Company Stockholders who would otherwise have received those shares in the Merger (in restricted book
entry form) were it not for the provisions of the Merger Agreement requiring the withholding of Escrow Shares at Closing (including
as provided in Sections 1.08(b) and 1.10(a) of the Merger Agreement), all of which shall be deposited by the Escrow Agent in the
Escrow Account.

 

(b) At the Closing,
Parent shall deposit with the Escrow Agent the Earnout Parent Share Consideration to be held by the Escrow Agent in the Earnout
Escrow Account and disbursed therefrom in accordance with the terms of Annex I to the Merger Agreement and Section 1.08(c)
and Section 1.10(c) of the Merger Agreement and this Agreement. The Earnout Parent Share Consideration to be deposited in the Earnout
Escrow Account shall be issued, on the basis of the Per Share Earnout Merger Consideration allocable to each Company Stockholder
pursuant to Section 1.08(c) of the Merger Agreement, in the name of the Company Stockholders who would receive the Earnout Parent
Share Consideration pursuant to Section 1.08(c) of the Merger Agreement (in restricted book entry form).

 

(c) Upon the making
of book entries for such Escrow Shares and the Earnout Parent Share Consideration, as applicable, the Escrow Agent shall send a
written acknowledgement of its receipt to Parent and the Stockholder Representative.

 

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Section 3. Maintenance
of the Escrow Shares.

 

(a) The parties hereto
agree that any dividends, distributions or other income paid on or otherwise accruing to any Escrow Shares or the Earnout Parent
Share Consideration shall be distributed by the Escrow Agent to the Stockholder Representative for payment to the Company Stockholders
on a current basis.

 

(b) During the term
of this Agreement, each Company Stockholder shall be entitled to vote the Escrow Shares and the Earnout Parent Share Consideration
that have been issued in such Company Stockholder’s name, except the portion disbursed to Parent in accordance with the terms
of Section 1.05, Section 1.10(c) and Article X of the Merger Agreement;

 

(c) During the term
of this Agreement, the Escrow Agent shall hold the Escrow Shares in the Escrow Account and shall hold the Earnout Parent Share
Consideration in the Earnout Escrow Account and shall not sell, transfer, dispose of, lend or otherwise subject to a Lien any of
the Escrow Shares or the Earnout Parent Share Consideration except until and to the extent that they are disbursed in accordance
with Section 4. Except as Parent and the Stockholder Representative may otherwise agree in joint written instructions
executed and delivered to the Escrow Agent by the Stockholder Representative and Parent, no part of the Escrow Shares or the Earnout
Parent Share Consideration may be withdrawn except as expressly provided in this Agreement.

 

Section 4. Transfer
of the Escrow Shares. The Escrow Agent shall hold the Escrow Shares and the Earnout Parent Share Consideration and shall transfer
the Escrow Shares and the Earnout Parent Share Consideration to either Parent or the Exchange Agent (for further distribution to
the Company Stockholders), as applicable, in accordance with the following procedures: 

 

(a) Parent may assert,
on behalf of an Indemnified Party, a claim for indemnification pursuant to the Merger Agreement (an “Indemnification
Claim”) by providing written notice of such Indemnification Claim as provided in Section 10.03 of the Merger Agreement
(a “Claim Notice”), including by providing a copy of such Claim Notice to the Escrow Agent; provided,
that the copy of any Claim Notice provided to the Escrow Agent shall be redacted for any confidential or proprietary information
of the Indemnifying Party or the Indemnified Party.

 

(b) The Stockholder
Representative will have a period of forty-five (45) days after its receipt of a Claim Notice (the “Objection Period”)
to object to the Claim Notice, or the amount of any Losses claimed therein, by providing a written notice of such objection to
Parent and the Escrow Agent (an “Objection Notice”). If the Stockholder Representative does not provide
to Parent and the Escrow Agent an Objection Notice with respect to a Claim Notice by 5:00 p.m. New York City time on the end of
the applicable Objection Period for such Claim Notice, the Escrow Agent shall promptly (in any event within five (5) Business Days)
after the expiration of the Objection Period disburse from the Escrow Account to Parent, a number of Escrow Shares equal to the
amount of Losses claimed in the Claim Notice (the “Claim Amount”). If the Stockholder Representative
provides an Objection Notice during the Objection Period that disputes only a portion of the Claim Amount, the Escrow Agent shall
promptly (in any event within five (5) Business Days) after the expiration of the Objection Period, distribute from the Escrow
Account to Parent, a number of Escrow Shares equal to the undisputed portion of the Claim Amount. 

 

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(c) If the Stockholder
Representative timely disputes an Indemnification Claim by providing an Objection Notice to Parent and the Escrow Agent during
the Objection Period, Parent and the Stockholder Representative shall resolve the dispute in accordance with the terms of the Merger
Agreement. If an Indemnification Claim is disputed by the Stockholder Representative, the Escrow Agent shall not distribute to
Parent, the Stockholder Representative (or directly to any Company Stockholder) or any other Person any portion of the Escrow Shares
with respect to the disputed portion of the Claim Amount, until receipt of (i) joint written instructions executed and delivered
by the Stockholder Representative and Parent (“Joint Instructions”) stating that the dispute has been
resolved and that Parent has the right to the Claim Amount (or some portion thereof) or (ii) a copy of a final, non-appealable
Order from a court of competent jurisdiction (a “Final Order”) establishing the Indemnified Party’s
right to the Claim Amount (or some portion thereof) pursuant to the Merger Agreement. Upon receipt of such Joint Instructions or
Final Order, the Escrow Agent shall, without further action on the part of the Stockholder Representative or Parent, promptly (in
any event within five (5) Business Days) disburse to Parent the number of Escrow Shares set forth in the Joint Instructions or
the Final Order, less any undisputed amounts already disbursed (as applicable).

 

(d) Payments from
the Escrow Account with respect to any Indemnification Claims shall be paid with any Escrow Shares then held in the Escrow Account
(pro rata among the Company Stockholders based on their Pro Rata Share of such Indemnification Claims). For any Escrow Shares to
be disbursed with respect to Indemnification Claims pursuant to this Section 4, the Escrow Shares shall be valued at the
volume weighted average closing trading price of a Parent Ordinary Share on Nasdaq for the ten (10) consecutive trading days ending
on the trading day immediately prior to the date that the applicable Indemnification Claim is finally determined in accordance
with the Merger Agreement and this Agreement (the “Resolution Date”); provided, that in no event will
the Parent Share Price be less than $5.00 or more than $30.00 except as a result of a stock split, dividend, distribution, reclassification,
substitution, exchange or similar transaction of Parent Share or combination, acquisition, merger, restructure or similar transaction
of Parent (the “Parent Share Price”). For the avoidance of doubt, the Resolution Date shall be (i) if
no Objection Notice is delivered by the Stockholder Representative during the Objection Period, the first (1st) Business
Day immediately following the Objection Period; (ii) if the Stockholder Representative provides an Objection Notice that disputes
only a portion of the Claim Amount, with respect to the undisputed portion of such Claim Amount, the date that the Escrow Agent
receives such Objection Notice; and (iii) with respect to any disputed Claim Amount, the date that the Escrow Agent receives Joint
Instructions or a Final Order with respect thereto. In no event shall any fractional Escrow Shares be released and paid to Parent
under this Agreement (with any fractional Escrow Shares that would otherwise be released and paid to Parent under this Agreement
rounded to the nearest whole share); provided, however, that in the event such rounding to the nearest whole share
would result in the aggregate number of Escrow Shares being released and paid to Parent under this Agreement being greater or less
than the aggregate number of Escrow Shares with an aggregate value (based on the Parent Share Price) equal to the Claim Amount
(or portion thereof) to which Parent is entitled as provided in this Agreement and the Merger Agreement, then one or more fractional
shares that may otherwise be released and paid to Parent may be rounded as necessary using such alternative rounding methodology
as mutually agreed upon between the Stockholder Representative and Parent to result in the aggregate number of Escrow Shares being
issued to Parent under this Agreement being equal to the Claim Amount (or portion thereof) to which Parent is entitled as provided
in this Agreement and the Merger Agreement.

 

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(e) With respect to
any indemnification claims made in accordance with Article X of the Merger Agreement and this Agreement on or
prior to the date that is eighteen (18) months after the Closing (the “Expiration Date”) that remain
unresolved at the time of the Expiration Date (“Pending Claims”), the portion of the Escrow Shares subject
to such Pending Claims (as determined based on the amount of the indemnification claims included in the Claim Notices provided
by Parent as of the Expiration Date and the Parent Share Price as of the Expiration Date) shall remain in the Escrow Account until
such time as such Pending Claim shall have been finally resolved pursuant to the provisions of Article X of the
Merger Agreement and this Agreement. After the Expiration Date, any Escrow Shares remaining in the Escrow Account that is not subject
to Pending Claims, if any, and not subject to resolved but unpaid claims in favor of an Indemnified Party, shall be transferred
by the Escrow Agent to the Exchange Agent (for distribution to the Company Stockholders that have previously delivered a Letter
of Transmittal and other relevant documents in accordance with Section 1.08 of the Merger Agreement, with each such Company
Stockholder receiving its Pro Rata Share of such Escrow Shares). Promptly after the final resolution of all Pending Claims and
payment of all indemnification obligations in connection therewith, the Escrow Agent shall transfer any Escrow Shares remaining
in the Escrow Account to the Exchange Agent (for distribution to the Company Stockholders that have previously delivered the Letter
of Transmittal and other relevant documents in accordance with Section 1.08 of the Merger Agreement, with each such Company
Stockholder receiving its Pro Rata Share of such Escrow Shares).

 

(f) The Escrow Agent
shall disburse the Escrow Shares, or any portion thereof, in accordance with (i) Joint Instructions directing the Escrow Agent
to release the Escrow Shares, or any portion thereof, or (ii) a Final Order demonstrating that any Person is entitled to the Escrow
Shares, or any portion thereof, pursuant to the terms of the Merger Agreement, in each case, whether or not in connection with
an Indemnification Claim (including if such Joint Instructions or Final Order is in connection with the determination of the Final
Closing Certificate and any Final Determination pursuant to Section 1.05 of the Merger Agreement). Any such disbursement shall
be made by the Escrow Agent promptly, in any event within five (5) Business Days, after receipt of the Joint Instructions or Final
Order.

 

(g) Promptly following
the determination that the Earnout Parent Share Consideration is payable pursuant to Annex I to the Merger Agreement, the Earnout
Parent Share Consideration shall be transferred by the Escrow Agent from the Earnout Escrow Account to Continental Stock Transfer
& Trust Company in its capacity as exchange agent (the “Exchange Agent”) or another paying agent
designated jointly by Parent and the Stockholder Representative, for further distribution to the Company Stockholders in accordance
with Section 1.08(c) of the Merger Agreement and the Exchange Agent Agreement between the Exchange Agent and Parent; provided,
that the Earnout Escrow Shares shall be deposited by the Escrow Agent in the Escrow Account as additional Escrow Shares to be held
by the Escrow Agent in accordance with Section 1.10(a) of the Merger Agreement and this Agreement (and Parent and the Stockholder
Representative will deliver Joint Instructions to the Escrow Agent and the Exchange Agent as are necessary to effect the same).
If the Earnout Parent Share Consideration does not become payable within the time period provided therefor in Annex I to the
Merger Agreement, Parent and the Stockholder Representative will deliver Joint Instructions to the Escrow Agent to transfer the
Earnout Parent Share Consideration from the Earnout Escrow Account to Parent and Parent shall cancel all shares constituting the
Earnout Parent Share Consideration.

 

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(h) Any Joint Instructions
delivered pursuant to this Agreement shall specify the number of Escrow Shares or shares of Earnout Parent Share Consideration
to be disbursed, the Parent Share Price, as applicable, and the party to whom the disbursement shall be made, which shall be either
Parent or the Exchange Agent (for distribution by the Stockholder Representative to the Company Stockholders that have previously
delivered the Letter of Transmittal and other relevant documents in accordance with Section 1.08 of the Merger Agreement).

 

(i) Any transfers
or disbursements of Escrow Shares or Earnout Parent Share Consideration shall be made by book entry in accordance with the applicable
Joint Instructions.

 

Section 5. Tax Matters.

 

(a) Parent and the
Stockholder Representative, for and on behalf of the Company Stockholders, agree and acknowledge that, for U.S. federal, state
and local income tax purposes and foreign tax purposes, except as required by applicable Law, the Company Stockholders shall be
the owner of the Escrow Shares and the Earnout Parent Share Consideration, as applicable, while held in the Escrow Account and
the Earnout Escrow Account, as applicable, and until released to the Company Stockholders, or the Exchange Agent for distribution
to the Company Stockholders, and all dividends, earnings or income, if any, earned with respect to the Escrow Shares and the Earnout
Parent Share Consideration while held by the Escrow Agent shall be treated, for U.S. federal, state and local income tax purposes
and foreign tax purposes, as earned by the Company Stockholders.

 

(b) The Escrow Agent
shall have the right to deduct and withhold taxes from any payments to be made hereunder if such withholding is required by Law
and to request and receive any necessary tax forms, including Form W-9 or the appropriate series of Form W-8, as applicable, or
any similar information, from the applicable recipient of the Escrow Shares and the Earnout Parent Share Consideration.

 

(c) The Escrow Agent
shall provide the Company Stockholders, and shall file, all applicable Forms 1099 with respect to the Escrow Shares in accordance
with the instructions and Parent and the Stockholder Representative.

 

Section 6. Duties.
The Escrow Agent’s duties are entirely ministerial and not discretionary, and the Escrow Agent will be under no duty or obligation
to do or to omit the doing of any action with respect to the Escrow Shares or the Earnout Parent Share Consideration, except to
give notice, provide monthly reports, make disbursements, keep an accurate record of all transactions with respect to the Escrow
Shares and the Earnout Parent Share Consideration and hold the Escrow Shares and the Earnout Parent Share Consideration, all in
accordance with the terms and conditions of this Agreement, and to comply with any other duties expressly set forth in this Agreement.
The Escrow Agent shall not have any interest in the Escrow Shares or the Earnout Parent Share Consideration but shall serve as
escrow holder only and have only possession thereof. Nothing contained herein shall be construed to create any obligation or liability
whatsoever on the part of the Escrow Agent to anyone other than the parties to this Agreement. There are no third party beneficiaries
to this Agreement.

 

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Section 7. Determination
of Parent Share Price. In the event that the Escrow Agent has any question as to the applicable Parent Share Price, the Stockholder
Representative, for and on behalf of the Company Stockholders, and Parent shall cooperate to promptly provide the Escrow Agent
with their good faith determination of the applicable Parent Share Price pursuant to Joint Instructions or a Final Order (and in
the event of any dispute as to the Parent Share Price, the Escrow Agent shall not disburse the applicable Escrow Shares until such
dispute has been resolved).

 

Section 8. Monthly
Reports. The Escrow Agent shall provide monthly account statements to Parent and the Stockholder Representative with respect
to the Escrow Account and the Earnout Escrow Account. Parent and the Stockholder Representative have one hundred twenty (120) days
to object in writing to such reports. If no written notice detailing a party’s objections has been received by the Escrow
Agent within this period, an acceptance of such reports shall be deemed to have occurred. 

 

Section 9. Good
Faith. In the absence of gross negligence or willful misconduct on the part of the Escrow Agent, the Escrow Agent shall not
be liable for any action taken by it in good faith and reasonably believed by it to be authorized or within the rights or powers
conferred upon it by this Agreement and may consult with counsel of its own choice and shall have full and complete authorization
and protection for any action taken or suffered by it hereunder in good faith and in accordance with the opinion of such counsel.

 

Section 10. Right
to Resign. The Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving written notice
to Parent and the Stockholder Representative of such resignation specifying a date when such resignation shall take effect, which
shall be a date not less than sixty (60) days after the date of the notice of such resignation. Similarly, the Escrow Agent may
be removed and replaced following the giving of thirty (30) days’ joint written notice to the Escrow Agent by Parent and
the Stockholder Representative. In either event, Parent and the Stockholder Representative shall agree upon a successor Escrow
Agent. If the Stockholder Representative and Parent are unable to agree upon a successor or shall have failed to appoint a successor
prior to the expiration of sixty (60) days following the date of resignation or thirty (30) days following the date of removal,
the then-acting Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor escrow agent or
otherwise appropriate relief, and any such resulting appointment shall be binding upon all of the parties hereto. Any successor
Escrow Agent shall execute and deliver to the predecessor Escrow Agent, Parent and the Stockholder Representative an instrument
accepting such appointment and the transfer of the Escrow Shares and the Earnout Parent Share Consideration and agreeing to the
terms of this Agreement. 

 

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Section 11. Compensation.
The Escrow Agent shall be entitled to receive the fees as set forth on Exhibit B for the services to be rendered
hereunder, and to be paid or reimbursed for all reasonable documented out-of-pocket expenses, disbursements and advances, including
reasonable documented out-of-pocket attorneys’ fees, incurred or paid in connection with carrying out its duties hereunder,
such amounts to be paid by Parent.

 

Section 12. Indemnification.
Parent hereby agrees to indemnify the Escrow Agent for, and to hold it harmless against any loss, liability or expense incurred
without gross negligence, willful misconduct or bad faith on the part of the Escrow Agent, arising out of or in connection with
its entering into this Agreement and carrying out its duties hereunder. 

 

Section 13. Disputes.
If a controversy arises between the parties hereto as to whether or not or to whom the Escrow Agent shall transfer all or any portion
of the Escrow Shares or as to any other matter arising out of or relating to this Agreement or the Escrow Shares, the Escrow Agent
shall not be required to determine the same, shall not make any transfer of and shall retain the Escrow Shares in dispute without
liability to anyone until the rights of the parties to the dispute shall have finally been determined by mutual written agreement
of Parent and the Stockholder Representative, or by a final non-appealable judgment or order of any state or federal court located
in New York County, New York, (or, if any court in state or federal court located any court in New York County, New York declines
to accept jurisdiction over a particular matter, any state or federal court located within the State of New York) or in any court
in which appeal from such courts may be taken, but the Escrow Agent shall be under no duty whatsoever to institute or defend any
such proceedings. The Escrow Agent shall be entitled to assume that no such controversy has arisen unless it has received notice
of such controversy or conflicting written notices from the parties to this Agreement. Any disputes arising out of, related to,
or in connection with, this Agreement between Parent and the Stockholder Representative, including a dispute arising from a party’s
failure or refusal to sign a joint written notice hereunder, shall be determined in accordance with Section 14.17 of the Merger
Agreement. 

 

Section 14. Notices.
Unless otherwise provided herein, all notices, requests, demands, claims, consents, approvals and other communications hereunder
will be in writing. Any notice, request, demand, claim, consent, approval or other communication hereunder will be deemed duly
given (a) when delivered personally to the recipient, (b) one Business Day after being sent to the recipient by reputable overnight
courier service (charges prepaid), (c) three Business Days after being mailed to the recipient by certified or registered mail,
return receipt requested and postage prepaid, and (d) on the date delivered in the place of delivery if sent by email or facsimile
(with a written or electronic confirmation of delivery) prior to 5:00 p.m. local time at the recipient’s location, and otherwise
on the next succeeding Business Day, in each case addressed to the intended recipient as set forth below:

 

Notices to Parent:

 

Bison Capital Acquisition Corp.

609-610 21st Century Tower

No. 40 Liangmaqiao Road

Chaoyang District, Beijing 100016, China

Attention:   James Jiayuan Tong

Email:           jamestong@bisonholding.com

 

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

 

Hunter Taubman Fischer & Li LLC

1450 Broadway, 26th Floor

New York, NY 10018

Attention: Arila Zhou

Email: azhou@htflawyers.com

 

Notices to the Stockholder Representative:

 

Yinglin Mark
Xu

Suite 4202,
K. Wah Centre

1010 Middle
Huaihai Road

Shanghai
200031, China

Email: mxu@xynomicpharma.com

 

Notices to the Escrow
Agent:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Corporate Actions Department

Telephone No.: 917-262-2378

 

Section 15. Term.
This Agreement shall terminate upon the final, proper and complete distribution of the Escrow Shares in accordance with the terms
hereof; provided, that Parent’s obligations under Section 12 hereof shall survive any termination of this
Agreement.

 

Section 16. Entire
Agreement. The terms and provisions of this Agreement (including the Exhibits hereto, which are hereby incorporated by reference
herein) constitute the entire agreement between the Escrow Agent and the other parties hereto with respect to the subject matter
hereof. Notwithstanding the foregoing, as between Parent and the Stockholder Representative, the terms of the Merger Agreement
shall control and govern over the terms of this Agreement in the event of any conflict or inconsistency between this Agreement
and the Merger Agreement. The actions of the Escrow Agent shall be governed solely by this Agreement.

 

Section 17. Amendment;
Waiver. This Agreement may be amended or modified only by a written instrument duly signed by the parties hereto, and any provision
hereof may be waived only by a written instrument duly signed by the party against whom enforcement of such waiver is sought.

 

Section 18. Severability.
In the event that any provision of this Agreement or the application thereof becomes or is declared by a court of competent jurisdiction
to be illegal, void or unenforceable, the remainder of this Agreement will continue in full force and effect and the application
of such provision to other Persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto.
The parties further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision
that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision.

 

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Section 19. Further
Assurances. From time to time on and after the date hereof, Parent and the Stockholder Representative, for and on behalf of
the Company Stockholders, shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and
shall do and cause to be done such further acts as the Escrow Agent shall reasonably request (it being understood that the Escrow
Agent shall have no obligation to make any such 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. 

 

Section 20. Accounting.
In the event of the resignation or removal of the Escrow Agent, upon the termination of this Agreement or upon demand at any time
of either Parent or the Stockholder Representative under reasonable circumstances, the Escrow Agent shall render to Parent, the
Stockholder Representative and the successor escrow agent (if any) an accounting (free of charge) in writing of the Escrow Shares.

 

Section 21. Interpretation.
The parties acknowledge and agree that: (a) this Agreement is the result of negotiations between the parties and will not be deemed
or construed as having been drafted by any one party, (b) each party and its counsel have reviewed and negotiated the terms and
provisions of this Agreement (including any Exhibits attached hereto) and have contributed to its revision and (c) the rule of
construction to the effect that any ambiguities are resolved against the drafting party will not be employed in the interpretation
of this Agreement. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. In this Agreement, unless the context otherwise requires: (i) words of the masculine,
feminine or neuter gender will include the masculine, neuter or feminine gender, and words in the singular number or in the plural
number will each include, as applicable, the singular number or the plural number; (ii) reference to any Person includes such Person’s
successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement, and reference to
a Person in a particular capacity excludes such Person in any other capacity; (iii) reference to any law means such law as amended,
modified codified or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated
thereunder; (iv) any agreement or instrument defined or referred to herein or in any agreement or instrument that is referred to
herein means such agreement or instrument as from time to time amended, modified or supplemented, including by waiver or consent
and references to all attachments thereto and instruments incorporated therein; (v) the term “or” means “and/or”;
(vi) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Agreement as a whole and not to any particular Article, Section or other subdivision; (vii) the words “include,”
“includes” and “including” when used herein shall be deemed in each case to be followed by the words “without
limitation”; (viii) any reference herein to “dollars” or “$” shall mean United States dollars; and
(ix) reference to any Section or Exhibit means such Section hereof or Exhibit hereto.

 

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Section 22. Successors
and Assigns. This Agreement and the rights and obligations hereunder may not be assigned without the prior written consent
of each of the parties hereto; provided, however, that if the Stockholder Representative is replaced in
accordance with the terms of the Merger Agreement, the replacement Stockholder Representative shall automatically become a party
to this Agreement as if they were the original Stockholder Representative hereunder upon providing (i) written notice to the Escrow
Agent and Parent of such replacement and accepting its rights and obligations under this Agreement and (ii) the Escrow Agent with
the documentation referenced in Section 27 hereof from such replacement Stockholder Representative and any replacement
authorized individuals to act on behalf of the Stockholder Representative for purposes of Exhibit A. This Agreement
will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns.

 

Section 23. Failure
or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of any party hereto in the exercise of any right
hereunder will impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty,
covenant or agreement herein, nor will any single or partial exercise of any such right preclude any other (or further) exercise
thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to, and not exclusive to or
exclusive of, any rights or remedies otherwise available to a party hereunder.

 

Section 24. Governing
Law; Venue. 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. Subject
to Section 13, each party hereby irrevocably submits to the exclusive jurisdiction of any state or federal court located
in New York County, New York (or, if any court in state or federal court located any court in New York County, New York declines
to accept jurisdiction over a particular matter, any state or federal court located within the State of New York), over all claims
or causes of action (whether in contract or tort, in law or in equity, or granted by statute or otherwise) that may be based upon,
arise out of or relate to this Agreement and any other document or instrument delivered pursuant to this Agreement, or the negotiation,
execution, termination, validity, interpretation, construction, enforcement, performance or nonperformance of this Agreement or
otherwise arising from the transactions contemplated hereby or the relationship among the parties (including any claim or cause
of action based upon, arising out of or related to any representation or warranty made in or in connection with, or as an inducement
to enter into, this Agreement) (collectively, “Related Claims”), and each party hereby irrevocably agrees
that all Related Claims may be heard and determined in such courts. Each party hereby irrevocably and unconditionally waives, to
the fullest extent permitted by applicable Law, any objection which it may now or hereafter have to the laying of venue of any
such Related Claim brought in any such court or any defense of inconvenient forum for the maintenance of such dispute. Each party
agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Each party hereby consents to process being served by any other party in any Related Claim by the delivery of
a copy thereof in accordance with the provisions of Section 14 (other than by email) along with a notification that service
of process is being served in conformance with this Section 24. Nothing in this Agreement will affect the right of any party
to serve process in any other manner permitted by law.

 

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Section 25. Waiver
of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL
BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED
OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN
EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. EACH OF THE PARTIES TO
THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION WILL BE DECIDED BY COURT TRIAL
WITHOUT A JURY, AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF
THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

Section 26. Counterparts.
This Agreement may be executed in two or more counterparts (including by facsimile or other electronic transmission), each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

Section 27. U.S.
Patriot Act. Parent and the Stockholder Representative agree to provide the Escrow Agent with the information reasonably requested
by the Escrow Agent to verify and record Parent’s and the Stockholder Representative’s respective identities pursuant
to the Escrow Agent’s procedures for compliance with the U.S. Patriot Act and any other applicable laws.

 

Section 28. Representations
of the Parties. Each of the parties hereto hereby represents and warrants that as of the date hereof: (a) it has the power
and authority to execute and deliver this Agreement and to perform its obligations hereunder, and all such actions have been duly
and validly authorized by all necessary proceedings; and (b) this Agreement has been duly authorized, executed and delivered by
it, and constitutes a legal, valid and binding agreement of it.

 

{REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK}

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be duly executed and delivered as of the day and year first written above.

 

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

 

	 	The Stockholder Representative:
	 	 
	 	/s/ Yinglin Mark Xu
	 	Yinglin Mark Xu, solely in the capacity under the Merger Agreement as the Stockholder Representative

   

	 	The Escrow Agent:
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as escrow agent
	 	 
	 	By:	/s/ Henry Farrell
	 	 	Name: Henry Farrell
	 	 	Title: Vice President 

 

[Signature Page to Escrow Agreement]

 

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EXHIBIT A

AUTHORIZED SIGNERS

 

Parent:

 

Individuals authorized by Parent:

 

	Name	 	Telephone Number	 	Specimen Signature
	 	 	 	 	 	 
	1.	James Jiayuan Tong	 	949-350-6999	 	/s/ James Jiayuan Tong.
	 	 	 	 	 	 
	2.	 	 	 	 	 
	 	 	 	 	 	 
	3.	 	 	 	 	 

 

Stockholder Representative:

 

	Name	 	Telephone Number	 	Specimen Signature
	 	 	 	 	 	 
	1.	Mark Yinglin Xu	 	650-430-7561	 	/s/ Mark Yinglin Xu
	 	 	 	 	 	 
	2.	 	 	 	 	 
	 	 	 	 	 	 
	3.	 	 	 	 	 

 

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EXHIBIT B

FEE INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15Exhibit 10.7

 

INDEMNIFICATION
AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (the “Agreement”) is made and entered into as of May 15, 2019 between Xynomic Pharmaceuticals Holdings,
Inc., a Delaware corporation (the “Company”), and __________ (“Indemnitee”).

 

WITNESSETH THAT:

 

WHEREAS, highly
competent persons have become more reluctant to serve corporations as directors or in other capacities unless they are provided
with adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities
on behalf of the corporation;

 

WHEREAS, the
Certificate of Incorporation of the Company requires indemnification of the officers and directors of the Company. Indemnitee may
also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”).
The Certificate of Incorporation and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive,
and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons
with respect to indemnification;

 

WHEREAS, it
is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on
behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company
free from undue concern that they will not be so indemnified;

 

WHEREAS, this
Agreement is a supplement to and in furtherance of the Certificate of Incorporation of the Company and any resolutions adopted
pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;
and

 

NOW, THEREFORE,
in consideration of Indemnitee’s agreement to serve as an director from and after the date hereof, the parties hereto agree
as follows:

 

1. Indemnity of
Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law, as
such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof.

 

(a) Proceedings Other
Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Section l(a) if, by reason of his Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened
to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of
the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined),
judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf, in connection
with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding,
had no reasonable cause to believe the Indemnitee’s conduct was unlawful.

 

    1

     

    

 

(b) Proceedings by
or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b)
if, by reason of his Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding
brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified against all Expenses
actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding if
the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses shall
be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable
to the Company unless and to the extent that the Court of Chancery of the State of Delaware shall determine that such indemnification
may be made.

 

(c) Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding,
he shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses
actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such
Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such
Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf
in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a
successful result as to such claim, issue or matter.

 

(d) Indemnification
of Appointing Stockholder. If (i) Indemnitee is or was affiliated with one or more venture capital funds that has invested
in the Company (an “Appointing Stockholder”), and (ii) the Appointing Stockholder is, or is threatened to be
made, a party to or a participant in any Proceeding relating to or arising by reason of Appointing Stockholder’s position as a
stockholder of, or lender to, the Company, or Appointing Stockholder’s appointment of or affiliation with Indemnitee or any other
director, including, without limitation, any alleged misappropriation of a Company asset or corporate opportunity, any claim of
misappropriation or infringement of intellectual property relating to the Company, any alleged false or misleading statement or
omission made by the Company (or on its behalf) or its employees or agents, or any allegation of inappropriate control or influence
over the Company or its Board members, officers, equity holders or debt holders, then the Appointing Stockholder will be entitled
to indemnification hereunder for Expenses to the same extent as Indemnitee, and the terms of this Agreement as they relate to procedures
for indemnification of Indemnitee and advancement of Expenses shall apply to any such indemnification of Appointing Stockholder.

 

2. Additional Indemnity.
In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of this Agreement,
the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and
amounts paid in settlement actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status, he is,
or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company),
including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee. The only
limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not
be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions,
set forth in Sections 6 and 7 hereof) to be unlawful.

 

    2

     

    

 

3. Contribution.

 

(a) Whether or not the
indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending or completed
action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or
proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit
or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right
of contribution it may have against Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement
provides for a full and final release of all claims asserted against Indemnitee.

 

(b) Without diminishing
or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall elect
or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or
proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the
Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred
and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or
employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction or events from which such action,
suit or proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may,
to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers,
directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such
action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the transaction or events that
resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which applicable
law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company, other
than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one
hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions
were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and
the degree to which their conduct is active or passive.

 

(c) The Company hereby
agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers, directors,
or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d) To the fullest extent
permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason
whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for
judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any
claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of
all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee
as a result of the event(s) and/or transaction(s) giving cause to such Proceeding and/or (ii) the relative fault of the Company
(and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

    3

     

    

 

4. Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee
is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith.

 

5. Advancement of
Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf
of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30) days after
the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time,
whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses
incurred by Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee to
repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such
Expenses. Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free.

 

6. Procedures and
Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly,
the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee
is entitled to indemnification under this Agreement:

 

(a) To obtain indemnification
under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation
and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee
is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification,
advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of Indemnitee
to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any
liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests
of the Company.

 

(b) Upon written request
by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination with respect to
Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods, which shall be
at the election of the Board (1) by a majority vote of the disinterested directors, even though less than a quorum, (2) by a committee
of disinterested directors designated by a majority vote of the disinterested directors, even though less than a quorum, (3) if
there are no disinterested directors or if the disinterested directors so direct, by independent legal counsel in a written opinion
to the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the Board, by the stockholders of
the Company. For purposes hereof, disinterested directors are those members of the Board who are not parties to the action, suit
or proceeding in respect of which indemnification is sought by Indemnitee.

 

    4

     

    

 

(c) If the determination
of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof, the Independent
Counsel shall be selected as provided in this Section 6(c). The Independent Counsel shall be selected by the Board. Indemnitee
may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company a written objection
to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected
does not meet the requirements of “Independent Counsel” as defined in Section 13 of this Agreement, and
the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the
person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel
selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such
objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification
pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company
or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution
of any objection which shall have been made by the Indemnitee to the Company’s selection of Independent Counsel and/or for
the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate,
and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel
under Section 6(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred
by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable
fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel
was selected or appointed.

 

(d) In making a determination
with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume
that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have the
burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by
its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this
Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor
an actual determination by the Company (including by its directors or independent legal counsel) that Indemnitee has not met such
applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable
standard of conduct.

 

(e) Indemnitee shall
be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise
(as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise
in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports
made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable
care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee
of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee
has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing
evidence.

 

    5

     

    

 

(f) If the person, persons
or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled to indemnification shall not
have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under
applicable law; provided, however, that such sixty (60) day period may be extended for a reasonable time, not to
exceed an additional thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to
indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto;
and provided further, that the foregoing provisions of this Section 6(f) shall not apply if the determination of
entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within
fifteen (15) days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors,
if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting thereof to
be held within seventy five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders
is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such
purpose within sixty (60) days after having been so called and such determination is made thereat.

 

(g) Indemnitee shall
cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any documentation or information which is
not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good
faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs
or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons
or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement
to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h) The Company acknowledges
that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay,
distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved
in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim
or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful
on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden
of proof and the burden of persuasion by clear and convincing evidence.

 

    6

     

    

 

(i) The termination of
any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere
or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of
Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably
believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee
had reasonable cause to believe that his conduct was unlawful.

 

7. Remedies of Indemnitee.

 

(a) In the event that
(i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination
of entitlement to indemnification is made pursuant to Section 6(b) of this Agreement within ninety (90) days after receipt
by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within
ten (10) days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within
ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed
to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate
court of the State of Delaware, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification.
Indemnitee shall commence such proceeding seeking an adjudication within one hundred eighty (180) days following the date on which
Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a). The Company shall not oppose Indemnitee’s
right to seek any such adjudication.

 

(b) In the event that
a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is not entitled to indemnification,
any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the
merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

 

(c) If a determination
shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled to indemnification, the Company
shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not materially
misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable
law.

 

(d) In the event that
Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under, or to recover damages for breach
of, this Agreement, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the definition
of Expenses in Section 13 of this Agreement) actually and reasonably incurred by him in such judicial adjudication, regardless
of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses.

 

(e) The Company shall
be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures and presumptions
of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all
the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee,
shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to the extent not prohibited
by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification
or advance of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies
maintained by the Company, if any, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification,
advancement of Expenses or insurance recovery, as the case may be.

 

    7

     

    

 

(f) Notwithstanding anything
in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required
to be made prior to the final disposition of the Proceeding.

 

8. Non-Exclusivity;
Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

(a) The rights of indemnification
as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled
under applicable law, the Certificate of Incorporation, the By-laws, any agreement, a vote of stockholders, a resolution of directors
of the Company, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict
any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status
prior to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether by statute or judicial decision,
permits greater indemnification than would be afforded currently under the Certificate of Incorporation, By-laws and this Agreement,
it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.
No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy
shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other right or remedy.

 

(b) To the extent that
the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents
or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with
its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under
such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has directors’
and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the
insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary
or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding
in accordance with the terms of such policies.

 

(c) Intentionally left
blank.

 

(d) Except as provided
in paragraph (c) above, in the event of any payment under this Agreement, the Company shall be subrogated to the extent of such
payment to all of the rights of recovery of Indemnitee (other than against the Fund Indemnitors), who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable
the Company to bring suit to enforce such rights.

 

    8

     

    

 

(e) Except as provided
in paragraph (c) above, the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable
hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract,
agreement or otherwise, if any.

 

(f) Except as provided
in paragraph (c) above, the Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or
advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

9. Exception to
Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement
to make any indemnity in connection with any claim made against Indemnitee:

 

(a) for which payment
has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, if any, except with
respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing
shall not affect the rights of Indemnitee or the Fund Indemnitors set forth in Section 8(c) above; or

 

(b) for an accounting
of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning
of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common
law; or

 

(c) in connection with
any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding)
initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized
the Proceeding (or any part of any Proceeding) prior to its initiation, or (ii) the Company provides the indemnification, in its
sole discretion, pursuant to the powers vested in the Company under applicable law.

 

10. Duration of
Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an
officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust or other enterprise) and for a period of two (2) years thereafter and
shall continue thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section
7 hereof) by reason of his Corporate Status, whether or not he is acting or serving in any such capacity at the time any liability
or expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company),
assigns, spouses, heirs, executors and personal and legal representatives.

 

    9

     

    

 

11. Security.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security
to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

 

12. Enforcement.

 

(a) The Company expressly
confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce
Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving as an officer or director of the Company.

 

(b) This Agreement constitutes
the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and
understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

(c) The Company shall
not seek from a court, or agree to, a “bar order” which would have the effect of prohibiting or limiting the Indemnitee’s
rights to receive advancement of expenses under this Agreement.

 

13. Definitions.
For purposes of this Agreement:

 

(a) “Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company
or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or
was serving at the express written request of the Company.

 

(b) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(c) “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

 

(d) “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery
in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and
any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments
under this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede
as bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee
or the amount of judgments or fines against Indemnitee.

 

    10

     

    

 

(e) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such
party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred
to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating
to this Agreement or its engagement pursuant hereto.

 

(f) “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of
the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved
as a party or otherwise, by reason of his or her Corporate Status, by reason of any action taken by him or of any inaction on his
part while acting in his or her Corporate Status; in each case whether or not he is acting or serving in any such capacity at the
time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending
on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement
to enforce his rights under this Agreement.

 

14. Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
Further, the invalidity or unenforceability of any provision hereof as to either Indemitee or Appointing Stockholder shall in no
way affect the validity or enforceability of any provision hereof as to the other. Without limiting the generality of the foregoing,
this Agreement is intended to confer upon Indemnitee and Appointing Stockholder indemnification rights to the fullest extent permitted
by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified,
consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

15. Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16. Notice By Indemnitee.
Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation,
subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification
covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee
under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

 

    11

     

    

 

17. Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having
been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent:

 

		(a)	To Indemnitee at the address set forth below Indemnitee
signature hereto.

 

		(b)	To the Company at:
	 	 	 
	 	 	Xynomic Pharmaceuticals, Inc.
	 	 	Suite 3306, K. Wah Centre,
	 	 	1010 Middle Huaihai Road,
	 	 	Shanghai 200031 China
	 	 	Attn: Yinglin Mark Xu
	 	 	Email: mxu@xynomicpharma.com

  

or to such other address
as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

18. Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same the same instrument. Counterparts may be delivered via facsimile, electronic mail (including
pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for
all purposes.

 

19. Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

 

20. Governing Law
and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and
enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee
hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement
shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any
other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive
jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement,
(iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree
not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper
or inconvenient forum.

 

SIGNATURE PAGE TO FOLLOW

 

    12

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Indemnification Agreement on and as of the day and year first above written.

 

	 	COMPANY
	 	 	 
	 	By:	 
	 	Name: 	Yinglin Mark Xu
	 	Title:	Chief Executive Officer  
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	 
	 	Name:	 
	 	 	 
	 	Address:
	 	 
	 	 
	 	 

 

 

13

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