Document:

Exhibit 10.4

 

Final Version

 

EXHIBIT H

to 

Merger Agreement

 

FORM OF ESCROW AGREEMENT

 

This ESCROW AGREEMENT
(this “Agreement”) is made and entered into as of [●], 2018, 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 [●], 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 [●] 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;

 

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).

 

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(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.

 

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.

 

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(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.

 

(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.

 

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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.

 

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. 

 

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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

 

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.

 

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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.

 

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.

 

    	 	11	 

     

    

 

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}

 

    	 	12	 

     

    

 

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:	          
	 	Name:	James Jiayuan Tong
	 	Title:	Chief Executive Officer 

 

	 	
        The Stockholder
Representative:

	 	 
	 	        
	 	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:	         
	 	 	Name: [●]
	 	 	Title: [●]

 

 

[Signature Page to Escrow Agreement]

 

    	 		 

     

    

 

EXHIBIT A

AUTHORIZED SIGNERS

 

Parent:

 

Individuals authorized by Parent:

 

	Name	 	Telephone Number	 	Specimen Signature
	 	 	 	 	 	 
	1.	 	 	 	 	 
	 	 	 	 	 	 
	2.	 	 	 	 	 
	 	 	 	 	 	 
	3.	 	 	 	 	 

 

Stockholder Representative:

 

	Name	 	Telephone Number	 	Specimen Signature
	 	 	 	 	 	 
	1.	 	 	 	 	 
	 	 	 	 	 	 
	2.	 	 	 	 	 
	 	 	 	 	 	 
	3.	 	 	 	 	 

 

    	 	13	 

     

    

  

EXHIBIT B

FEE INFORMATION

 

[To be provided]

 

 

 

    	 	14Exhibit 10.5

 

Final Version

 

EXHIBIT K

to

Merger Agreement

 

FORM OF

 

NON-COMPETITION AND NON-SOLICITATION
AGREEMENT

 

THIS NON-COMPETITION
AND NON-SOLICITATION AGREEMENT (this “Agreement”) is being executed and delivered as of [●], 2018
by [●], an individual residing in [●] (the “Subject Party”), in favor of and for the benefit
of 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 after the
consummation of the transactions contemplated by the Merger Agreement will be known as “Xynomic Pharmaceuticals Holdings,
Inc.”(“Parent”), Xynomic Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
and each of Parent’s and the Company’s respective present and future successors and direct and indirect Subsidiaries
(collectively with Parent and the Company, the “Covered Parties”). Any capitalized term used, but not
defined, in this Agreement will have the meaning ascribed to such term in the Merger Agreement (as defined below).

 

WHEREAS, on September
[●], 2018, Parent, the Company, Bison Capital Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of Parent
(“Merger Sub”), and Yinglin Mark Xu, an individual residing in Shanghai, China, solely in his capacity
as the representative for the Company Stockholders as provided therein, have 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 set forth therein, 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 all of the issued and outstanding 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;

 

WHEREAS, the Company
is an emerging biopharmaceutical company engaged in the business of in-licensing, developing and commercializing small molecule
oncology drug candidates inhibiting HDAC, RAF or mTOR in China, US, and rest of the world (as it is conducted on the Closing Date,
the “Business”);

 

WHEREAS, in connection
with, and as a condition to the consummation of the transactions contemplated by the Merger Agreement (the “Transactions”),
and to enable Parent and the Company to secure more fully the benefits of the Transactions, including the protection and maintenance
of the goodwill and confidential information of the Company and its Subsidiaries, in return for the consideration in the employment
agreement between the Subject Party and Parent or the Company, Parent has required that the Subject Party enter into this Agreement;

 

     

     

    

 

WHEREAS, the Subject
Party is entering into this Agreement in order to induce Parent and Merger Sub to consummate the Transactions, pursuant to which
the Subject Party will directly or indirectly receive a material benefit; and

 

WHEREAS, the Subject
Party, as a former and/or current stockholder, director, officer and/or employee of Company or its Subsidiaries, has contributed
to the value of the Company and has obtained extensive and valuable knowledge and confidential information concerning the business
of the Company and its Subsidiaries.

 

NOW, THEREFORE, in
order to induce Parent to consummate the Transactions, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Subject Party and Parent hereby agree as follows:

 

1. Restriction on
Competition.

 

(a) Restriction.
The Subject Party hereby agrees that during the period from the Closing until the later of (i) the three (3) year anniversary of
the Closing Date and (ii) the date on which the Subject Party is no longer a director, officer, manager, employee or independent
contractor of any Covered Party (the “Termination Date”, and such period from the Closing until the later
of clauses (i) and (ii), the “Restricted Period”), the Subject Party will not, and will cause its controlled
Affiliates not to, without the prior written consent of Parent (which may be withheld in its sole discretion), anywhere in the
United States of America, People’s Republic of China or in any other markets in which the Covered Parties are engaged in
the Business as of the Closing Date (the “Territory”), directly or indirectly engage in the Business
(other than through a Covered Party) or own, manage, finance or control, or participate in the ownership, management, financing
or control of, or become engaged or serve as an officer, director, member, partner, employee, agent, consultant, advisor or representative
of, a business or entity (other than a Covered Party) that engages in the Business (a “Competitor”).
Notwithstanding the foregoing, the Subject Party and his or her Affiliates may own passive investments of no more than five percent
(5%) of any class of outstanding equity interests in a Competitor that is publicly traded, so long as the Subject Party and his
or her Affiliates and immediate family members are not involved in the management or control of such Competitor (“Permitted
Ownership”).

 

(b) Acknowledgment.
The Subject Party acknowledges and agrees, based upon the advice of legal counsel and/or the Subject Party’s own education,
experience and training, that (i) the Subject Party possesses knowledge of confidential information of the Company and the Business,
(ii) the Subject Party’s execution of this Agreement is a material inducement to Parent to consummate the Transactions and
to realize the goodwill of the Company and its Subsidiaries, for which the Subject Party and/or his or her Affiliates will receive
a substantial direct or indirect financial benefit, and that Parent would not have entered into the Merger Agreement or consummated
the Transactions but for the Subject Party’s agreements set forth in this Agreement; (iii) it would impair the goodwill of
the Company and its Subsidiaries and reduce the value of the assets of the Company and its Subsidiaries and cause serious and irreparable
injury if the Subject Party were to use his or her ability and knowledge by engaging in the Business in competition with a Covered
Party, and/or to otherwise breach the obligations contained herein and that the Covered Parties would not have an adequate remedy
at law because of the unique nature of the Business, (iv) the Subject Party and his or her controlled Affiliates have no intention
of engaging in the Business during the Restricted Period other than through Permitted Ownership, (v) the relevant public policy
aspects of restrictive covenants, covenants not to compete and non-solicitation provisions have been discussed, and every effort
has been made to limit the restrictions placed upon the Subject Party to those that are reasonable and necessary to protect the
Covered Parties’ legitimate interests, (vi) the Covered Parties conduct and intend to conduct the Business everywhere in
the Territory and compete with other businesses that are or could be located in any part of the Territory, (vii) the foregoing
restrictions on competition are fair and reasonable in type of prohibited activity, geographic area covered, scope and duration,
(viii) the consideration provided to the Subject Party under this Agreement and the Merger Agreement is not illusory, and (ix)
such provisions do not impose a greater restraint than is necessary to protect the goodwill or other business interests of the
Covered Parties.

 

    	 	2	 

     

    

 

2. No Solicitation;
No Disparagement.

 

(a) No Solicitation
of Employees and Consultants. The Subject Party agrees that, during the Restricted Period, the Subject Party and his or her
controlled Affiliates will not, without the prior written consent of Parent (which may be withheld in its sole discretion), either
on its own behalf or on behalf of any other Person (other than, if applicable, a Covered Party in the performance of the Subject
Party’s duties on behalf of the Covered Parties), directly or indirectly: (i) hire or engage as an employee, independent
contractor, consultant or otherwise any Covered Personnel (as defined below); (ii) solicit, induce, knowingly encourage or otherwise
knowingly cause (or attempt to do any of the foregoing) any Covered Personnel to leave the service (whether as an employee, consultant
or independent contractor) of any Covered Party; or (iii) in any way knowingly interfere with or knowingly attempt to interfere
with the relationship between any Covered Personnel and any Covered Party; provided, however, the Subject Party will
not be deemed to have violated this Section 2(a) if (A) any Covered Personnel voluntarily and independently solicits an
offer of employment from the Subject Party or his or her controlled Affiliate (or other Person whom any of them is acting on behalf
of) without direct or indirect solicitation, inducement or encouragement by the Subject Party or his or her controlled Affiliates,
or (B) the Subject Party or his or her controlled Affiliates solicits (or employs as a result of such solicitation) any Covered
Personnel through general advertisements or solicitation programs conducted by or on behalf of the Subject Party or his or her
controlled Affiliate (or such other Person whom any of them is acting on behalf of) that are not specifically targeted at such
Covered Personnel or Covered Personnel generally. For purposes of this Agreement, “Covered Personnel”
shall mean any Person who is or was an employee, consultant or independent contractor of the Covered Parties as of the Closing
Date or during the period from the Closing Date to the Termination Date.

 

(b) Non-Solicitation
of Customers and Suppliers. The Subject Party agrees that, during the Restricted Period, the Subject Party and his or her controlled
Affiliates will not, without the prior written consent of Parent (which may be withheld in its sole discretion), individually or
on behalf of any other Person (other than, if applicable, a Covered Party in the performance of the Subject Party’s duties
on behalf of the Covered Parties), directly or indirectly: (i) solicit, induce, knowingly encourage or otherwise knowingly cause
(or attempt to do any of the foregoing) any Covered Customer (as defined below) to (A) cease being, or not become, a client or
customer of any Covered Party with respect to the Business or (B) reduce the amount of business of such Covered Customer with any
Covered Party, or otherwise alter such business relationship in a manner adverse to any Covered Party, in either case, with respect
to or relating to the Business; (ii) knowingly interfere with or disrupt (or knowingly attempt to interfere with or disrupt) the
contractual relationship between any Covered Party and any Covered Customer; (iii) divert any business with any Covered Customer
relating to the Business from a Covered Party; (iv) solicit for business, provide services to, engage in or do business with, any
Covered Customer for products or services that are part of the Business; or (v) knowingly interfere with or disrupt (or knowingly
attempt to interfere with or disrupt), any Person that was a vendor, supplier, distributor, agent or other service provider of
a Covered Party as of the Closing, for a purpose competitive with a Covered Party as it relates to the Business. For purposes of
this Agreement, a “Covered Customer” shall mean any Person who is or was an actual customer or client
(or prospective customer or client with whom a Covered Party actively marketed or made or taken specific action to make a proposal)
of a Covered Party as of the Closing Date or during the period from the Closing Date to the Termination Date.

 

    	 	3	 

     

    

 

(c) Non-Disparagement.
The Subject Party agrees that from and after the Closing Date until the end of the Restricted Period, the Subject Party and its
controlled Affiliates will not, directly or indirectly, publish (including through electronic mail distribution or online social
media) any written or oral statements or remarks (including the distribution of derogatory rumors, allegations, negative reports
or comments) that are disparaging, deleterious or damaging to the integrity, reputation or good will of one or more Covered Parties
or their respective management, officers, employees, independent contractors or consultants. Notwithstanding the foregoing, subject
to Section 3 below, the provisions of this Section 2(c) shall not restrict the Subject Party from providing truthful
testimony or information as required by Law, in any filing made with a Governmental Authority or in response to a subpoena or investigation
by a Governmental Authority or in connection with any legal action involving the Subject Party and any Covered Party.

 

3. Confidentiality.
From and after the Closing Date until the date that is three years after the Closing Date, the Subject Party will, and will
direct its Representatives to, keep confidential and not (except, if applicable, in the performance of the Subject Party’s
duties on behalf of the Covered Parties) directly or indirectly use, disclose, reveal, publish, transfer or provide access to,
any and all Covered Party Information without the prior written consent of Parent (which may be withheld in its sole discretion).
As used in this Agreement, “Covered Party Information” means all material and information relating to
the business, affairs and assets of any Covered Party, including material and information that concerns or relates to such Covered
Party’s bidding and proposal, technical, computer hardware or software, administrative, management, operational, data processing,
financial, marketing, sales, human resources, business development, planning and/or other business activities, regardless of whether
such material and information is maintained in physical, electronic, or other form, that is: (A) gathered, compiled, generated,
produced or maintained by such Covered Party through its Representatives, or provided to such Covered Party by its suppliers, service
providers or customers; and (B) intended and maintained by such Covered Party or its Representatives, suppliers, service providers
or customers to be kept in confidence. The obligations set forth in this Section 3 will not apply to any Covered Party Information
that: (i) is known or available through other lawful sources not known by the Subject Party to be bound by a confidentiality agreement
with, or other confidentiality obligation to, any Covered Party; (ii) is or becomes publicly known through no violation of this
Agreement or other non-disclosure obligation of the Subject Party or any of its Representatives; (iii) is already in the possession
of the Subject Party at the time of disclosure, provided that such information is not known to the Subject Party to be subject
to another confidentiality agreement or other confidentiality obligation; (iv) is independently developed by or for the Subject
Party or any of its Representatives without derivation from, reference to or reliance upon, or using in any manner, Covered Party
Information or his affiliation with Parent or the Company and without violating any of the confidentiality obligations under this
Agreement or (v) is required to be disclosed by applicable law, regulation, stock exchange rule or other market or reporting system,
pursuant to an order of any administrative body or court of competent jurisdiction, or by other legal, judicial, regulatory or
administrative process (by oral questions, interrogatories, requests for information or documents in legal proceedings, subpoena,
civil investigative demand or other similar process) (provided that, with respect to this clause (v), (A) the applicable Covered
Party is given reasonable prior written notice, (B) the Subject Party cooperates (and directs its Representatives to cooperate),
at the Covered Party’s sole cost and expense, with any reasonable request of any Covered Party to seek to prevent or narrow
such disclosure and (C) if after compliance with clauses (A) and (B) such disclosure is still required, the Subject Party and its
Representatives only disclose such portion of the Covered Party Information that is expressly required by such order, as it may
be subsequently narrowed). Nothing in this Section 3 shall restrict the Subject Party from disclosing any information required
by law to any tax authority, without the need to give notice to the Covered Party.

 

    	 	4	 

     

    

 

4. Representations
and Warranties. The Subject Party hereby represents and warrants, to and for the benefit of the Covered Parties as of the date
of this Agreement and as of the Closing Date, that: (a) the Subject Party has full power and capacity to execute and deliver, and
to perform all of the Subject Party’s obligations under, this Agreement; and (b) neither the execution and delivery of this
Agreement nor the performance of the Subject Party’s obligations hereunder will result directly or indirectly in a violation
or breach of any agreement or obligation by which the Subject Party is a party or otherwise bound. By entering into this Agreement,
the Subject Party certifies and acknowledges that the Subject Party has carefully read all of the provisions of this Agreement,
and that the Subject Party voluntarily and knowingly enters into this Agreement.

 

5. Remedies. The
covenants and undertakings of the Subject Party contained in this Agreement relate to matters which are of a special, unique and
extraordinary character and a violation of any of the terms of this Agreement may cause irreparable injury to the Covered Parties,
the amount of which may be impossible to estimate or determine and which cannot be adequately compensated. The Subject Party agrees
that, in the event of any breach or threatened breach by the Subject Party of any covenant or obligation contained in this Agreement,
each applicable Covered Party will be entitled to obtain (in addition to, and not in lieu of, any other remedy at law or in equity
or pursuant to the Merger Agreement or the documents and agreements contemplated thereby that may be available to the Covered Parties,
including monetary damages), and a court of competent jurisdiction may award, an injunction, restraining order or other equitable
relief restraining or preventing such breach or threatened breach, without the necessity of proving actual damages or posting bond
or security, which the Subject Party expressly waives. The Subject Party hereby consents to the award of any of the above remedies
to the applicable Covered Party in connection with any such breach or threatened breach. The Subject Party hereby acknowledges
and agrees that in the event of any breach of this Agreement, any value attributed or allocated to this Agreement (or any other
non-competition agreement with the Subject Party) under or in connection with the Merger Agreement shall not be considered a measure
of, or a limit on, the damages of the Covered Parties.

 

6. Survival of Obligations.
The expiration of the Restricted Period will not relieve the Subject Party of any obligation or liability arising from any
breach by the Subject Party of this Agreement during the Restricted Period. Each Subject Party further agrees that the time period
during which the covenants contained in Section 1 and Section 2 of this Agreement will be effective will be computed
by excluding from such computation any time during which the Subject Party is in violation of any provision of such Sections.

 

    	 	5	 

     

    

 

7. Miscellaneous.

 

(a) Notices.
Except to the extent expressly set forth herein, all notices and communications hereunder shall be in writing and shall be deemed
to be given if (a) delivered personally, (b) sent by facsimile or email (with affirmative confirmation of receipt), (c) sent by
recognized overnight courier that issues a receipt or other confirmation of delivery or (d) sent by registered or certified mail,
return receipt requested, postage prepaid to the parties as follows:

 

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:       [●]

 

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 Subject Party, the address below
the Subject Party’s name on the signature page to this Agreement.

 

(b) Integration and
Non-Exclusivity. This Agreement, the Merger Agreement and the other documents and agreements contemplated hereby and thereby
contain the entire agreement between the Subject Party and the Covered Parties concerning the subject matter hereof. Notwithstanding
the foregoing, the rights and remedies of the Covered Parties under this Agreement are not exclusive of or limited by any other
rights or remedies which they may have, whether at law, in equity, by contract or otherwise, all of which will be cumulative (and
not alternative). Without limiting the generality of the foregoing, the rights and remedies of the Covered Parties, and the obligations
and liabilities of the Subject Party, under this Agreement, are in addition to their respective rights, remedies, obligations and
liabilities (i) under the laws of unfair competition, misappropriation of trade secrets, or other requirements of statutory or
common law, or any applicable rules and regulations and (ii) otherwise conferred by contract, including the Merger Agreement and
any other written agreement between the Subject Party and any of the Covered Parties. Nothing in the Merger Agreement will limit
any of the obligations, liabilities, rights or remedies of the Subject Party or the Covered Parties under this Agreement. If any
term or condition of any other agreement between the Subject Party and any of the Covered Parties conflicts or is inconsistent
with the terms and conditions of this Agreement, the more restrictive terms will control as to the Subject Party.

 

    	 	6	 

     

    

 

(c) Severability;
Reformation. Each provision of this Agreement is separable from every other provision of this Agreement. If any provision of
this Agreement is found or held to be invalid, illegal or unenforceable, in whole or in part, by a court of competent jurisdiction,
then (i) such provision will be deemed amended to conform to applicable laws so as to be valid, legal and enforceable to the fullest
possible extent, (ii) the invalidity, illegality or unenforceability of such provision will not affect the validity, legality or
enforceability of such provision under any other circumstances or in any other jurisdiction, and (iii) the invalidity, illegality
or unenforceability of such provision will not affect the validity, legality or enforceability of the remainder of such provision
or the validity, legality or enforceability of any other provision of this Agreement. The Subject Party and the Covered Parties
will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far
as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision. Without limiting
the foregoing, if any court of competent jurisdiction determines that any part hereof is unenforceable because of the duration,
geographic area covered, scope of such provision, or otherwise, such court will have the power to reduce the duration, geographic
area covered or scope of such provision, as the case may be, and, in its reduced form, such provision will then be enforceable.
The Subject Party will, at a Covered Party’s request, join such Covered Party in requesting that such court take such action.

 

(d) Amendment; Waiver.
This Agreement may not be amended or modified in any respect, except by a written agreement executed by the Subject Party and Parent
(or their respective permitted successors or assigns). No waiver will be effective unless it is expressly set forth in a written
instrument executed by the waiving party and any such waiver will have no effect except in the specific instance in which it is
given. Any delay or omission by a party in exercising its rights under this Agreement, or failure to insist upon strict compliance
with any term, covenant, or condition of this Agreement will not be deemed a waiver of such term, covenant, condition or right,
nor will any waiver or relinquishment of any right or power under this Agreement at any time or times be deemed a waiver or relinquishment
of such right or power at any other time or times.

 

(e) Venue and Service
of Process. Each party hereby irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware
(or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, any federal court
within the State of Delaware, or, if no federal court in the State of Delaware accepts jurisdiction, any state court within the
State of Delaware) 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 7(a) (other than by email) along with a notification
that service of process is being served in conformance with this Section 7(e). Nothing in this Agreement will affect the
right of any party to serve process in any other manner permitted by law.

 

    	 	7	 

     

    

 

(f)
Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Delaware without regard to principles of conflicts of law that would result in the application of the substantive law of another
jurisdiction.

 

(g) 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.

 

(h) Successors and
Assigns; Third Party Beneficiaries. This Agreement will be binding upon the Subject Party and the Subject Party’s estate,
successors and assigns, and will inure to the benefit of the Covered Parties, and their respective successors and assigns. Each
Covered Party may freely assign any or all of its rights under this Agreement, at any time, in whole or in part, to any Person
which acquires, in one or more transactions, a majority of the equity securities (whether by equity sale, merger or otherwise)
of such Covered Party or all or substantially all of the assets of such Covered Party and its Subsidiaries, taken as a whole, without
obtaining the consent or approval of the Subject Party. The Subject Party agrees that the obligations of the Subject Party under
this Agreement are personal and will not be assigned by the Subject Party. Each of the Covered Parties are express third party
beneficiaries of this Agreement and will be considered parties under and for purposes of this Agreement.

 

(i) Construction.
The Subject Party acknowledges that the Subject Party has been represented by counsel, or had the opportunity to be represented
by counsel of the Subject Party’s choice. Any rule of construction to the effect that ambiguities are to be resolved against
the drafting party will not be applied in the construction or interpretation of this Agreement. The headings and subheadings 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: (i) the words “include,” “includes” and “including” when used herein shall
be deemed in each case to be followed by the words “without limitation”; (ii) the definitions contained herein are
applicable to the singular as well as the plural forms of such terms; (iii) whenever required by the context, any pronoun shall
include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include
the plural and vice versa; (iv) the words “herein,” “hereto,” and “hereby” and other words
of similar import shall be deemed in each case to refer to this Agreement as a whole and not to any particular Section or other
subdivision of this Agreement; (v) the word “if” and other words of similar import when used herein shall be deemed
in each case to be followed by the phrase “and only if”; (vi) the term “or” means “and/or”;
and (vii) 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.

 

    	 	8	 

     

    

 

(j) Counterparts.
This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
A photocopy, faxed, scanned and/or emailed copy of this Agreement or any signature page to this Agreement, shall have the same
validity and enforceability as an originally signed copy.

 

(k) Effectiveness.
This Agreement shall be binding upon the parties hereto upon the execution and delivery of this Agreement by the parties hereto,
but this Agreement shall only become effective upon the consummation of the Transactions. In the event that the Merger Agreement
is validly terminated in accordance with its terms prior to the consummation of the Transactions, this Agreement shall automatically
terminate and become null and void, and the parties shall have no obligations hereunder.

 

[Remainder of Page Intentionally Left
Blank]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF,
the undersigned has duly executed and delivered this Non-Competition and Non-Solicitation Agreement as of the date first written
above.

 

Subject Party:

 

Signature: _________________

 

Print Name:

 

 

Address for Notice:

 

Address: 

 

Facsimile Number: ___________

 

Telephone Number: __________

 

Email: _____________________

 

 

[Signature Page to Non-Competition Agreement]

     

     

    

 

Acknowledged and accepted as of the
date first written above:

 

Parent:

 

BISON CAPITAL ACQUISITION CORP.

 

	By:  	            	 
	Name:	 	 
	Title:	 	 

 

Company:

 

XYNOMIC PHARMACEUTICALS, INC. 

 

	By:  	            	 
	Name:	 	 
	Title:	 	 

 

 

[Signature Page to Non-Competition Agreement]

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