Exhibit
10.3


 


STOCK
ESCROW AGREEMENT


 


STOCK
ESCROW AGREEMENT, dated as of [*], 2021 (“Agreement”), by and among HHG CAPITAL CORPORATION, a British Virgin Islands
Company (the “Company”), the initial shareholders listed on Exhibit A attached hereto (each, an “Initial Shareholder”
and collectively the “Initial Shareholders”) and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, a New York limited
liability trust company (the “Escrow Agent”).


 


WHEREAS,
the Company has entered into an Underwriting Agreement, dated as of [*], 2021 (“Underwriting Agreement”), with Kingswood
Capital Markets, division of Benchmark Investments, Inc. (“Kingswood”), acting as the representative of the underwriters
(collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase
5,000,000 units (“Units”) of the Company, plus an additional 750,000 Units if the Underwriters exercise their over-allotment
option in full. Each Unit consists of one ordinary share of the Company, par value $0.0001 per share (an “Ordinary Share”),
and one redeemable warrant, each redeemable warrant entitling its holder to purchase 3/4 of one Ordinary Share at an exercise
price of $11.50 per full Ordinary Share, all as more fully described in the Company’s final Prospectus, dated [*], 2021
(“Prospectus”), comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-252885) under
the Securities Act of 1933, as amended (“Registration Statement”), declared effective on [*], 2021 (“Effective
Date”).


 


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


 


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


 


IT
IS AGREED:


 


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


 


2.
Deposit of Escrow Shares. On or prior to the date hereof, each of the Initial Shareholders delivered to the Escrow Agent
certificates representing such Initial Shareholder’s respective Escrow Shares, together with applicable share powers, to
be held and disbursed subject to the terms and conditions of this Agreement. Each of the Initial Shareholders acknowledges that
the certificate representing such Initial Shareholder’s Escrow Shares is legended to reflect the deposit of such Escrow
Shares under this Agreement.


 


3.
Disbursement of the Escrow Shares.


 


3.1
The Escrow Agent shall hold the Escrow Shares during the period (the “Escrow Period”) commencing on the date hereof
and ending on the earlier of (x) 150 calendar days after the date on which the closing price of the Ordinary Share equals or exceeds
$12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days
within any 30-trading day period commencing after the Company’s initial business combination (as
described in the Registration Statement, hereinafter a “Business Combination”)and (y) twelve months after the date
of the consummation of an initial Business Combination. The Company shall promptly provide written notice of the consummation
of an initial Business Combination and the completion of the Escrow Period to the Escrow Agent. Upon completion of the Escrow
Period, the Escrow Agent shall disburse such amount of each Initial Shareholder’s Escrow Shares (and any applicable share
power) to such Initial Shareholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section
6.7 hereof that the Company is being liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly destroy
the certificates representing the Escrow Shares; provided further, however, that if, any time after the Company consummates an
initial Business Combination, the Company (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange
or other similar transaction which results in all of the shareholders of such entity having the right to exchange their Ordinary
Shares for cash, securities or other property, then the Escrow Agent will, upon receipt of a written notice executed by the Chairman
of the Board, Chief Executive Officer or other authorized officer of the Company, in form reasonably acceptable to the Escrow
Agent, certifying that such transaction is then being consummated or such conditions have been achieved, as applicable, release
the Escrow Shares to the Initial Shareholders. The Escrow Agent shall have no further duties hereunder after the disbursement
or destruction of the Escrow Shares in accordance with this Section 3.


 




    	 



    	 



    

 


3.2
Notwithstanding Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 750,000
Units of the Company in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Initial
Shareholders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Escrow Shares
held by each such holder determined by multiplying (a) the product of (i) 750,000 multiplied by (ii) a fraction, (x) the numerator
of which is the number of Escrow Shares held by each such holder, and (y) the denominator of which is the total number of Escrow
Shares, by (b) a fraction, (i) the numerator of which is 750,000 minus the number of Ordinary Shares purchased by the Underwriters
upon the exercise of their over-allotment option, and (ii) the denominator of which is 750,000. The Company shall promptly provide
written notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number
of Units, if any, purchased by the Underwriters in connection with their exercise thereof.


 


4.
Rights of Initial Shareholders in Escrow Shares.


 


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


 


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


 


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


 


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


 


5.
Concerning the Escrow Agent.


 


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


 




    	 



    	 



    

 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


6.
Miscellaneous.


 


6.1
Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with
the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of
the substantive laws of another jurisdiction.


 




    	 



    	 



    

 


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


 


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


 


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


 


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


 


6.6
Notices. Any notice or other communication required or which may be given hereunder shall be in writing and either be delivered
personally or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage
prepaid, by electronic mail or by facsimile transmission and shall be deemed given when so delivered personally or, if mailed,
two days after the date of mailing, as follows:


 


If
to the Company, to:


 


HHG
Capital Corporation


40/F,
Montery Plaza


15
Chong Yip Street, Hong Kong


Attn:
Kin (Stephen) Sze


E-mail:
stephen.sze@silverbricks.com.hk


 


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


 


and
if to the Escrow Agent, to:


 


American
Stock Transfer & Trust Company, LLC


48
Wall Street, 22nd Floor


New
York, NY 10005


Attn:
Reorg Department


 


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


 


Kingswood
Capital Markets, 


division
of Benchmark Investments, Inc.


17
Battery Pl Suite 625


New
York, NY 10004


Attn:
Joseph T. Rallo


Facsimile:
(212) 404-37002


 


and:


 


Loeb
& Loeb LLP


345
Park Avenue


New
York, New York 10154


Attn:
Lawrence Venick, Esq.


E-mail:
lvenick@loeb.com


 


and:


 


Nelson
Mullins Riley & Scarborough LLP

101 Constitution Avenue,


Washington
D.C., 20001


Attn:
Andy Tucker, Esq.


E-mail:
andy.tucker@nelsonmullins.com


 


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


 


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


 


[Signature
Page Follows]


  




    	 



    	 



    

 


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


 


	 	COMPANY:
	 	 	 
	 	HHG CAPITAL CORPORATION
	 	 
	 	By:	 
	 	Name:	Kin
    (Stephen) Sze
	 	Title:	Chief
    Executive Officer


 


	 	INITIAL SHAREHOLDERS:
	 	 
	 	HHG Capital Fund SP
	 	 	 
	 	By:	 
	 	Name:	Kin
    (Stephen) Sze
	 	Title:	Authorized
    Representative
	 	 	 
	 	 	 
	 	 	Kin
    (Stephen) Sze
	 	 	 
	 	 	 
	 	 	Ngai
    Wing (Stephen) Chong
	 	 	 
	 	 	 
	 	 	Dr.
    Augustine Chow
	 	 	 
	 	 	 
	 	 	Dr.
    Hiu Man (Elliott) Cheng
	 	 	 
	 	 	 
	 	 	Dr.
    Clive Tsang


 


	 	AMERICAN
    STOCK TRANSFER & TRUST COMPANY, LLC 
	 	 	 
	 	By:	 
	 	Name:	Michael
    A. Nespoli
	 	Title:	Executive
    Director


 


 Signature
Page to HHG Stock Escrow Agreement


 




    	 



    	 



    

  


EXHIBIT
A


 


	Name and Address of
 Initial
Shareholder 1
	 	Number
 of
                                         Shares
	 	 	Date of Insider Letter	 
	HHG Capital Fund SP	 	 	737,500	 	 	 	[*],2021 	
	Stephen Kin Sze	 	 	350,000	 	 	 	[*],2021 
	Ngai Wing (Stephen) Chong	 	 	145,000	 	 	 	[*],2021 
	Dr. Augustine Chow	 	 	5,000	 	 	 	[*],2021 
	Dr. Hiu Man Cheng	 	 	5,000	 	 	 	[*],2021 
	Dr. Clive Tsang	 	 	5,000	 	 	 	[*],2021 
	Forever Happiness Limited	 	 	190,000	 	 	 	[*],2021 	




 





 






1
The address of each of the individuals is c/o 40/F, Montery Plaza, 15 Chong Yip Street, Hong Kong.