Document:

EXHIBIT
10.10

 

FORM
OF EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”), dated as of August 22, 2018, by and among HF GROUP HOLDING CORPORATION,
a North Carolina corporation having its principal executive offices in Greensboro, NC (the “Company”) and ZHOU
MIN NI (“Executive”).

 

WHEREAS,
the Company desires to employ Executive, and Executive desires to be employed by the Company, in accordance with the terms and
provisions herein contained;

 

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

 

1. Employment.

 

(a)
The Company hereby employs Executive, and Executive hereby accepts such employment, on the terms and subject to the conditions
contained herein.

 

(b)
Executive shall serve as the Chief Executive Officer of the Company. At the request of the Company, Executive further agrees,
without additional compensation, to act as an officer and/or director of subsidiaries of the Company.

 

(c)
Executive shall devote substantially his full business time and attention and his best efforts to the performance of his duties
hereunder; provided, however, that Executive may engage in charitable, educational, civic and religious activities, and may participate
as an investor, officer or director with respect to passive investments owned by or for the benefit of Executive or members of
his immediate family, but only to the extent such activities and service do not result in a conflict of interest with the Company
or interfere with the performance of Executive’s duties and responsibilities hereunder.

 

2. Term.
The term of the employment of Executive with the Company commences on august 22, 2018 and shall continue under this Agreement
through August 31, 2023 (the “Initial Term”), subject to the terms and provisions of this Agreement. After
the expiration of the Initial Term, this Agreement shall be automatically renewed for additional one-year terms (each, a “Renewal
Term”) unless either the Company or Executive gives written notice to the other of the termination of this Agreement
at least ninety (90) days in advance of the next successive one-year term. Any election by the Company or Executive not to
renew such employment at the end of the Initial Term or any Renewal Term shall be at the sole, absolute discretion of the Company
or Executive, respectively. The period Executive is employed hereunder during the Initial Term and any such Renewal Terms is referred
to herein as the “Term”. For purposes of this Agreement, the phrase “Termination Date” shall mean
(a) in the case of the Employee’s death, his date of death; (b) in the case of Good Reason, 30 days from the date the written
notice of termination is given to the Company, provided the Company has not remedied such facts and circumstances constituting
Good Reason to the reasonable and good faith satisfaction of the Employee; (c) in the case of termination of employment on or
after the Term, the last day of employment; and (d) in all other cases, the date specified in the written notice of termination;
provided, however, if the Employee’s employment is terminated by the Company for any reason except Cause, the date specified
in the notice of termination shall be at least 30 days from the date the notice of termination is given to the Employee, and provided
further that in the case of Disability, the Employee shall not have returned to the full-time performance of his duties during
such period of at least 30 days.

 

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3. Salary.
Executive’s base salary (“Base Salary”) shall be at the rate of $400,000 per year, which shall be payable
in accordance with the Company’s customary payroll practices in effect from time to time. The Base Salary shall be subject
to possible increases at the sole discretion of the Board; provided, however, that in no event shall Executive’s Base Salary
during the Term be less than at the rate of $400,000 per year.

 

4. Annual
Bonus. For each complete fiscal year during the Term (or, on a prorated basis for any period representing less than a full
fiscal year), Executive will be eligible to be considered for an annual cash incentive bonus or any other type of award each calendar
year during the term of Executive’s Employment under this Agreement based upon the achievement of certain objective or subjective
criteria established by, and in the sole discretion of, the Company’s Board of Directors (the “Board”) or any
Compensation Committee of the Board (the “Committee”), as applicable. 

 

5.
Equity and Long Term Incentive Awards. During the term of this Agreement, Employee shall be eligible to receive equity
or performance awards payable in shares, cash or other property pursuant to any long-term incentive compensation plan adopted
by the Committee or the Board. Equity awards shall be granted under the Company’s 2018 Equity Incentive Plan or such other
equity compensation plan as may be adopted by the Company in the discretion of the Committee or the Board. The actual grant date
value of any such awards shall be determined in the discretion of the Committee or Board and any such awards shall include such
vesting conditions and other terms and conditions as determined by the Committee or the Board.

 

6. Deduction
Limitations. In the event that the compensation payable to Executive hereunder becomes (or is reasonably likely to become)
subject to the deduction limitations of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”),
taking into account the application of any applicable transition period under Section 162(m) of the Code and the regulations
promulgated thereunder, the parties agree to negotiate in good faith to implement as promptly as possible such revisions to the
structure (including the timing, form and type) of such compensation so as to achieve to the greatest extent possible full tax
deductibility of such compensation under Section 162(m) of the Code; provided, however, that in no
event shall any such revisions result in a reduction in the aggregate amount of compensation otherwise contemplated to be payable
to Executive hereunder.

 

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7. Employee
Benefits.

 

(a) Generally.
During the Term, Executive shall be entitled to participate in any and all Company employee benefit plans and programs (except
as otherwise provided in this Agreement or as determined by the Compensation Committee of the Board, excluding bonus and equity-based
plans), which generally are made available to senior officers of the Company, in accordance with, and subject to, the terms and
conditions of such plans and programs (including, without limitation, any eligibility limitations) as they may be modified by
the Company from time to time in its sole discretion.

 

(b) Life
Insurance. During the Term, the Company shall pay the premiums, up to a maximum of $50,000 per annum, for the $5,000,000 whole
life insurance policy presently maintained by Executive. Upon termination of this Agreement, Executive will reimburse to the Company
the amount of any such annual premium paid by it attributable to any period after the end of the Term.

 

(c) Vacation.
During the Term, Executive shall be entitled to five (5) weeks of paid vacation in each fiscal year of the Company. Executive
shall not forfeit any vacation time that remains unused at the end of any fiscal year.

 

(d) Transportation.
During the Term, the Company shall provide Executive with an automobile and driver for transportation to and from the Company’s
offices and for other business purposes. Such automobile shall be at least substantially equivalent in price to the private vehicle
operated by Executive on and immediately preceding the effective date of this Agreement.

 

(e) Expense
Reimbursement. During the Term, the Company shall reimburse Executive for all reasonable and necessary expenses (including
first class air travel and the use of a private jet leased by the Company or one of its affiliates for select trips, as appropriate)
incurred by Executive incident to the performance of his duties hereunder, in accordance with the Company’s policies and
procedures.

 

(f)
Continuation Benefits. “Continuation Benefits” shall be the continuation of the benefits described in the foregoing
subsections 7(a)-7(e), inclusive, for the period commencing on the termination date and terminating 12 months thereafter, or such
other period as specifically stated by this agreement (the “Continuation Period”) at the Company’s expense on
behalf of the Employee and his dependents; provided, however, that (a) in no event shall the Continuation Period exceed 18 months
from the Termination Date; and (b) the level and availability of benefits provided during the Continuation Period shall at all
times be subject to the post-employment conversion or portability provisions of the benefit plans. The Company’s obligation
hereunder with respect to the foregoing benefits shall also be limited to the extent that if the Employee obtains any such benefits
pursuant to a subsequent employer’s benefit plans, the Company may reduce the coverage of any benefits it is required to
provide the Employee hereunder as long as the aggregate coverage and benefits of the combined benefit plans is no less favorable
to the Employee than the coverage and benefits required to be provided hereunder. This definition of Continuation Benefits shall
not be interpreted so as to limit any benefits to which the Employee, his dependents or beneficiaries may be entitled under any
of the Company’s employee benefit plans, programs or practices following the Employee’s termination of employment,
including, without limitation, retiree medical and life insurance benefits.

 

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8. Termination
of Employment.

 

(a) Death
and Total Disability. Executive’s employment under this Agreement shall terminate immediately upon his death or Total
Disability (as defined below). For purposes of this Agreement, the term “Total Disability” shall mean any mental
or physical condition that: (i) prevents Executive from reasonably discharging his services and employment duties hereunder;
(ii) is attested to in writing by a physician who is licensed to practice in the State of New York and is mutually acceptable
to Executive and the Company (or, if the Executive and the Company are unable to mutually agree on a physician, the Company Board
may select a physician who is a chairman of a department of medicine at a university-affiliated hospital in the City of New York);
and (iii) continues, for any one or related condition, during any period of six (6) consecutive months or for a period
aggregating six (6) months in any twelve-month period. Total Disability shall be deemed to have occurred on the last day
of such applicable six-month period.

 

(b) Cause.
The Company shall at all times, upon written notice to Executive given at least ten (10) days prior to the Termination Date,
have the right to terminate this Agreement and the employment of Executive hereunder for Cause (as defined below); provided, however,
that prior to such termination taking effect, Executive shall have been given an opportunity to meet with the Board, and a majority
of the Board shall have thereafter voted to terminate Executive’s employment. For purposes of this Agreement, the term “Cause”
means the occurrence of any one of the following events: (i) Executive’s gross negligence, willful misconduct or dishonesty
in performing his duties hereunder; (ii) Executive’s conviction of a felony (other than a felony involving a traffic
violation); (iii) Executive’s commission of a felony involving a fraud or other business crime against the Company
or any of its subsidiaries; or (iv) Executive’s breach of any of the covenants set forth in Section 11 hereof;
provided that, if such breach is curable, Executive shall have an opportunity to correct such breach within thirty (30) days
after written notice by the Company to Executive thereof.

 

(c)
 Change of Control. Unless otherwise agreed by the Company and Executive, this Agreement shall automatically terminate
upon a Change of Control. For purposes of this Agreement, a “Change of Control” shall mean any of the following
events described in subsections 8(c)(i), 8(c)(ii), or 8(c)(iii):

 

(i)
(A) An acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”)
by any “Person” (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act
of 1934, as amended (the “1934 Act”)), other than a beneficial owner of more than five (5%) percent of the Company’s
outstanding Common Stock as of the date hereof, including, without limitation, Executive, as a result of the consummation of the
merger transaction between the Company, HF Group Holding Corporation and the stockholders of HF Group Holding Corporation which
acquisition occurs after the effective date of this Agreement, immediately after which such Person has “Beneficial Ownership”
(within the meaning of Rule 13d-3 promulgated under the 1934 Act) of forty percent (40%) or more of the combined voting power
of the Company’s then outstanding Voting Securities ; provided, however, that in determining whether a Change in Control
has occurred, Voting Securities which are acquired in a “Non-Control Acquisition” (as defined below) shall not constitute
an acquisition which would cause a Change in Control. A “Non-Control Acquisition” shall mean an acquisition by (1)
an employee benefit plan (or a trust forming a part thereof) maintained by (x) the Company or (y) any corporation or other Person
of which a majority of its voting power or its equity securities or equity interest is owned directly or indirectly by the Company
(a “Subsidiary”), or (2) the Company or any Subsidiary.

 

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(B)
Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because a Person (the “Subject Person”)
gained Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition
of Voting Securities by the Company which, by reducing the number of Voting Securities outstanding, increases the proportional
number of shares Beneficially Owned by the Subject Person, provided that if a Change in Control would occur (but for the operation
of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such share acquisition by the
Company, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which increases the percentage of
the then outstanding Voting Securities beneficially Owned by the Subject Person, then a Change in Control shall occur.

 

(ii)
The individuals who, as of the date this Agreement is approved by the Board , are members of the Board (the “Incumbent Board”),
cease for any reason to constitute at least two-thirds of the Board; provided, however, that if the election, or nomination for
election by the Company’s stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent
Board, such new director shall, for purposes of this Agreement, be considered and defined as a member of the Incumbent Board;
and provided, further, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed
office as a result of either an actual “Election Contest” (as described in Rule 14a-11 promulgated under the 1934
Act) or other solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”).

(iii) Approval by stockholders of the Company of: 

(A)
A merger, consolidation or reorganization involving the Company, unless: (1) the stockholders of the Company, immediately before
such merger, consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or
reorganization, at least sixty percent (60%) of the combined voting power of the outstanding voting securities of the corporation
resulting from such merger or consolidation or reorganization (the “Surviving Corporation”) in substantially the same
proportion as their ownership of the Voting Securities immediately before such merger, consolidation or reorganization, (2) the
individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such merger,
consolidation or reorganization constitute at least two-thirds of the members of the board of directors of the Surviving Corporation,
and (3) no Person (other than the Company, any Subsidiary, any employee benefit plan (or any trust forming a part thereof) maintained
by the Company, the Surviving Corporation or any Subsidiary) becomes Beneficial Owner of twenty percent (20%) or more of the combined
voting power of the Surviving Corporation’s then outstanding voting securities as a result of such merger, consolidation
or reorganization, a transaction described in clauses (1) through (3) shall herein be referred to as a “Non-Control Transaction”;
or

 

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(B)
An agreement for the sale or other disposition of all or substantially all of the assets of the Company, to any Person, other
than a transfer to a Subsidiary, in one transaction or a series of related transactions; or

 

(C)
Any plan or proposal for the liquidation or dissolution of the Company.

 

(iv)
Notwithstanding anything contained in this Agreement to the contrary, if the Employee’s employment is terminated prior to
a Change in Control and the Employee reasonably demonstrates that such termination (i) was at the request of a third party who
has indicated an intention or taken steps reasonably calculated to effect a Change in Control (a “Third Party”) or
(ii) otherwise occurred in connection with, or in anticipation of, a Change in Control, then for all purposes of this Agreement,
the date of a Change in Control with respect to the Employee shall mean the date immediately prior to the date of such termination
of the Employee’s employment.

 

(d) Executive
Termination Without Good Reason. Executive agrees that he shall not terminate his employment for any reason other than Good
Reason without giving the Company at least six months’ prior written notice of the effective date of such termination. Executive
acknowledges that the Company retains the right to waive the notice requirement, in whole or in part, and accelerate the effective
date of Executive’s termination. If the Company elects to waive the notice requirement, in whole or in part, the Company
shall have no further obligations to Executive under this Agreement other than to make the payments specified in Section 9(a).
After Executive provides a notice of termination, the Company may, but shall not be obligated to, provide Executive with work
to do and the Company may, in its discretion, in respect of all or part of an unexpired notice period, (i) require Executive
to comply with such conditions as it may specify in relation to attending at, or remaining away from, the Company’s places
of business, or (ii) withdraw any powers vested in, or duties assigned to, Executive. For purposes of a notice of termination
given pursuant to this Section 8(d), the Termination Date (as defined below) shall be the last day of the six month notice
period, unless the Company elects to waive the notice requirement as set forth herein.

 

For
purposes of this Agreement, “Good Reason” means and shall be deemed to exist if: (i) Executive is assigned
duties or responsibilities that are inconsistent in any material respect with the scope of the duties or responsibilities of his
title or position, as set forth in this Agreement; (ii) the Company fails to perform substantially any material term of this
Agreement, and, if such failure is curable, fails to correct such failure within thirty (30) days after written notice by
Executive to the Company; (iii) Executive’s office is relocated more than fifty (50) miles from its location immediately
prior to such relocation; (iv) the Company fails to have this Agreement assumed by a successor; (v) Executive’s
duties or responsibilities are significantly reduced, except with respect to any corporate action initiated or recommended by
Executive and approved by the Board; (vi) Executive is involuntarily removed from the Boards of the Company (other than in
connection with a termination of employment for Cause, voluntary termination without Good Reason, death or Total Disability);
or (vii)  the Board is managing the day-to-day operations of the Company and, after receipt of written notice from Executive
to such effect (and sufficient time to cease such involvement), the Board continues to do so.

 

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(e) Executive
Termination for Good Reason. Executive may terminate his employment hereunder for Good Reason (and this Agreement shall accordingly
terminate) by providing written notice of his intention to terminate, and specifying the circumstances relating thereto, to the
Board within thirty (30) days following the occurrence of any of the events specified above as constituting Good Reason and
at least ten (10) days prior to the Termination Date.

 

9. Consequences
of Termination or Breach.

 

(a) Termination
Due to Death or Total Disability, for Cause, or Without Good Reason. If Executive’s employment under this Agreement
is terminated under Sections 8(a), 8(b), or 8(d) hereunder, or Executive terminates his employment for any reason other than Good
Reason, Executive shall not thereafter be entitled to receive any compensation and benefits under this Agreement other than for
(i) Base Salary earned but not yet paid prior to the Termination Date, and (ii) reimbursement of any expenses pursuant
to Section 7(e) incurred prior to the Termination Date (collectively, the “Accrued Obligations”).

 

(b)
Termination Upon Change of Control. In the event that within ninety days (90) days of a Change of Control, Employee is
terminated, or Employee’s status, title, position or responsibilities are materially reduced and Employee terminates his
Employment, the Company shall pay and/or provide to the Employee, the following compensation and benefits, in lieu of any other
payments due hereunder: (i) the Accrued Obligations; (ii) the Continuation Benefits; and (iii) a lump sum payment within ten (10)
days of the Termination Date equal to two times (A) Executive’s then current Base Salary plus (B) the Annual Bonus
paid or payable to Executive pursuant to Section 4 with respect to the Company’s last full fiscal year ended prior
to the Termination Date. Notwithstanding the foregoing, if the payment under this Section 9(b), either alone or together with
other payments which the Employee has the right to receive from the Company, would constitute an “excess parachute payment”
as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), the aggregate of such credits
or payments under this Agreement and other agreements shall be reduced to the largest amount as will result in no portion of such
aggregate payments being subject to the excise tax imposed by Section 4999 of the Code. The priority of the reduction of excess
parachute payments shall be in the discretion of the Employee. The Company shall give notice to the Employee as soon as practicable
after its determination that Change of Control payments and benefits are subject to the excise tax, but no later than ten (10)
days in advance of the due date of such Change of Control payments and benefits, specifying the proposed date of payment and the
Change of Control benefits and payments subject to the excise tax. Employee shall exercise his option under this Section 9(b)
by written notice to the Company within five (5) days in advance of the due date of the Change of Control payments and benefits
specifying the priority of reduction of the excess parachute payments.

 

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(c) Termination
Without Cause or With Good Reason. If Executive’s employment under this Agreement is terminated by the Company without
Cause (which right the Company shall have at any time during the Term) and other than for the reasons provided for in Sections
8(a) or 8(b) above, or Executive terminates his employment for Good Reason, the sole obligations of the Company to Executive shall
be: (i) to make the payments described in Section 9(a) for Accrued Obligations; (ii) to pay the Continuation Benefits;
(iii) to pay to Executive in a single lump sum payment, within thirty (30) days from the Termination Date, a separation
allowance equal to (A)  two times Executive’s then current Base Salary plus (B) the Annual Bonus paid or payable
to Executive pursuant to Section 4 with respect to the Company’s last full fiscal year ended prior to the Termination
Date; and (iv) immediate accelerated vesting of any unvested Restricted Shares and unvested outstanding stock option(s). Executive
acknowledges and agrees that in the event the Company terminates Executive’s employment without Cause and other than for
the reasons provided for in Sections 8(a), 8(b) or 8(c), or Executive terminates his employment for Good Reason, Executive’s
sole remedy shall be to receive the payments and benefits specified in this Section 9(c).

 

(d) No
Duty to Mitigate. Executive shall not be required to mitigate the amount of any damages that Executive may incur or other
payments to be made to Executive hereunder as a result of any termination or expiration of this Agreement, nor shall any payments
to Executive be reduced by any other payments Executive may receive, except as set forth herein.

 

10.
Section 409A Compliance.

 

(a)
Tax Treatment. To the extent applicable, it is intended that any amounts payable under this Agreement shall either be exempt
from Section 409A of the Code or shall comply with Section 409A (including Treasury regulations and other published guidance related
thereto) so as not to subject Employee to payment of any additional tax, penalty or interest imposed under Section 409A of the
Code. The provisions of this Agreement shall be construed and interpreted to the maximum extent permitted to avoid the imputation
of any such additional tax, penalty or interest under Section 409A of the Code yet preserve (to the nearest extent reasonably
possible) the intended benefit payable to Employee. Notwithstanding the foregoing, the Company makes no representations regarding
the tax treatment of any payments hereunder, and the Employee shall be responsible for any and all applicable taxes, other than
the Company’s share of employment taxes on the severance payments provided by the Agreement. Employee acknowledges that
Employee has been advised to obtain independent legal, tax or other counsel in connection with Section 409A of the Code.

 

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(b) Nonqualified Deferred Compensation. Notwithstanding any provisions of this Agreement to the contrary, if Employee
is a “specified employee” (within the meaning of Section 409A of the Code and the regulations adopted thereunder)
at the time of Employee’s separation from service and if any portion of the payments or benefits to be received by Employee
upon separation from service would be considered deferred compensation under Section 409A of the Code and the regulations adopted
thereunder (“Nonqualified Deferred Compensation”), amounts that would otherwise be payable pursuant to this Agreement
during the six-month period immediately following Employee’s separation from service that constitute Nonqualified Deferred
Compensation and benefits that would otherwise be provided pursuant to this Agreement during the six-month period immediately
following Employee’s separation from service that constitute Nonqualified Deferred Compensation will instead be paid or
made available on the earlier of (i) the first business day of the seventh month following the date of Employee’s separation
from service and (ii) Employee’s death. Notwithstanding anything in this Agreement to the contrary, distributions upon termination
of Employee’s employment shall be interpreted to mean Employee’s “separation from service” with the Company
(as determined in accordance with Section 409A of the Code and the regulations adopted thereunder). Each payment under this Agreement
shall be regarded as a “separate payment” and not of a series of payments for purposes of Section 409A of the Code.

 

(c) Expense Reimbursements. Except as otherwise specifically provided in this Agreement, if any reimbursement to which
the Employee is entitled under this Agreement would constitute deferred compensation subject to Section 409A of the Code, the
following additional rules shall apply: (i) the reimbursable expense must have been incurred, except as otherwise expressly provided
in this Agreement, during the term of this Agreement; (ii) the amount of expenses eligible for reimbursement during any taxable
year will not affect the amount of expenses eligible for reimbursement in any other taxable year; (iii) the reimbursement shall
be made as soon as practicable after Employee’s submission of such expenses in accordance with the Company’s policy,
but in no event later than the last day of Employee’s taxable year following the taxable year in which the expense was incurred;
and (iv) the Employee’s entitlement to reimbursement shall not be subject to liquidation or exchange for another benefit. 

 

11. Restrictive
Covenants and Confidentiality.

 

(a)  Confidentiality.
Recognizing that the knowledge, information and relationship with customers, suppliers and agents, and the knowledge of the Company’s
and its parents’, subsidiaries’ and affiliates’ business methods, systems, plans and policies, which Executive
shall hereafter establish, receive or obtain as an employee of the Company or any such parent, subsidiary or affiliate, are valuable
and unique assets of the businesses of the Company and its parents, subsidiaries and affiliates, Executive agrees that, during
and after the Term hereunder, he shall not (otherwise than pursuant to his duties hereunder) disclose, without the prior written
approval of the Board, any such knowledge or information pertaining to the Company or any of its parents, subsidiaries and affiliates,
their business, personnel or policies, to any person, firm, corporation or other entity, for any reason or purpose whatsoever.
The provisions of this Section 11(b) shall not apply to information which is or shall become generally known to the public
or the trade (except by reason of Executive’s breach of his obligations hereunder), information which is or shall become
available in trade or other publications and information which Executive is required to disclose by law or an order of a court
of competent jurisdiction. If Executive is required by law or a court order to disclose such information, he shall notify the
Company of such requirement and provide the Company an opportunity (if the Company so elects) to contest such law or court order.
Executive agrees that all tangible materials containing confidential information, whether created by Executive or others which
shall come into Executive’s custody or possession during Executive’s employment shall be and is the exclusive property
of the Company or its parents, subsidiaries and affiliates. Upon termination of Executive’s employment for any reason whatsoever,
Executive shall immediately surrender to the Company all confidential information and property of the Company or its parents,
subsidiaries or affiliates in Executive’s possession.

 

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(b) Non-Compete.
Executive agrees that during the Term, Executive will not engage in, or carry on, directly or indirectly, either for himself or
as an officer or director of a corporation or as an employee, agent, associate, or consultant of any person, partnership, business
or corporation, any business in competition with the business carried on by the Company and its parents, subsidiaries and affiliates
in any market in which the Company or its parents, subsidiaries and affiliates actively conduct business. Notwithstanding the
foregoing, except as otherwise agreed to in writing, Executive shall have the right to perform such incidental services as are
necessary in connection with (i) his private passive investments, (ii) his charitable or community activities, (iii) his participation
in trade or professional organizations, and (iv) his service as an executive or on the board of directors (or comparable body)
of any third-party corporate entity that is not a competitive entity, so long as these activities do not materially interfere
with Executive’s duties hereunder and, with respect to (iv), Executive obtains prior Company consent, which consent will
not be unreasonably withheld. Company’s consent under (iv) is provided by its execution of this Agreement, with respect
to Executive’s participation in ownership and management of the entities named on Exhibit I, attached hereto and incorporated
herein by reference. Executive may also provide limited services to other parties provided such services are without remuneration.

 

12. Injunction.
It is recognized and hereby acknowledged by the parties hereto that a breach or violation by Executive of any of the covenants
or agreements contained in Section 11 of this Agreement may cause irreparable harm and damage to the Company or its parents,
subsidiaries or affiliates, the monetary amount of which may be virtually impossible to ascertain. Therefore, Executive recognizes
and hereby agrees that the Company and its parents, subsidiaries and affiliates shall be entitled to an injunction from any court
of competent jurisdiction enjoining and restraining any breach or violation of any or all of the covenants and agreements contained
in Section 11 of this Agreement by Executive and/or his employees, associates, partners or agents, or entities controlled
by one or more of them, either directly or indirectly, and that such right to injunction shall be cumulative and in addition to
whatever other rights or remedies the Company, and its parents, subsidiaries or affiliates may possess.

 

13. Indemnification.
To the extent permitted by law and the Company’s by-laws, the Company will indemnify Executive with respect to any claims
made against him as an officer, director or employee of the Company or any subsidiary of the Company, except for acts taken in
bad faith or in breach of his duty of loyalty to the Company. Executive shall be covered under a directors and officers liability
insurance policy with a coverage limit of at least $2,000,000, to be maintained by the Company during the Term (and for as long
thereafter as is practicable).

 

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14. Attorney’s
Fees. The Company shall pay or reimburse Executive for reasonable legal expenses (including reasonable attorney’s fees
and expenses) incurred in connection with the preparation or any subsequent renegotiation of this Agreement up to a maximum of
$25,000.

 

15. Taxes.
All payments to be made to and on behalf of Executive under this Agreement will be subject to required withholding of federal,
state and local income and employment taxes, and to related record reporting requirements.

 

16. Executive’s
Representations; No Delegation. Executive hereby represents and warrants that he is not precluded, by any agreement to which
he is a party or to which he is subject, from executing and delivering this Agreement, and that this Agreement and his performance
of the duties and responsibilities set forth herein does not violate any such agreement. Executive shall indemnify and hold harmless
the Company and its parents, subsidiaries and affiliates and their officers, directors, employees, agents and advisors for any
liabilities, losses and costs (including reasonable attorney’s fees) arising from any breach or alleged breach of the foregoing
representation and warranty. Executive shall not delegate his employment obligations under this Agreement to any other person.

 

17. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina applicable
to agreements made and to be performed in that state, without regard to its conflict of laws provisions.

 

18. Entire
Agreement; Amendment. This Agreement supersedes all prior agreements between the parties with respect to its subject matter,
is intended (with the documents referred to herein) as a complete and exclusive statement of the terms of the agreement between
the parties with respect thereto and may be amended only by a writing signed by all parties hereto.

 

19. Notices.
Any notice or other communication made or given in connection with this Agreement shall be in writing and shall be deemed to have
been duly given when delivered by hand, by facsimile transmission, by a nationally recognized overnight delivery service or mailed
by registered mail, return receipt requested, to a party at his or its address set forth below or at such other address as a party
may specify by notice to the others:

 

	If
    to the Company:
	 
	c/o
HF Group Holding Corporation

        6001
West Market Street

        Greensboro,
NC 27409

        Fax:

        Attention:

	 

	If
    to Executive:
	 
	At
the home address on file with the Company

 

    11 

     

    

 

or
to such other addresses as either party hereto may from time to time specify to the other. Any notice given as aforesaid shall
be deemed received upon actual delivery.

 

20. Assignment
and Binding Effect. This Agreement shall be binding upon and inure to the benefit of Executive and Executive’s heirs,
executors, personal representatives, assigns, administrators and legal representatives. Because of the unique and personal nature
of Executive’s duties under this Agreement, neither this Agreement nor any rights or obligations under this Agreement shall
be assignable by Executive. This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns
and legal representatives. Any such successor of the Company will be deemed substituted for the Company under the terms of this
Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity
which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets
or business of the Company.

 

21. Severability.
The invalidity of any one or more of the words, phrases, sentences, clauses or sections contained in this Agreement shall not
affect the enforceability of the remaining portions of this Agreement, or any part thereof, all of which are inserted conditionally
on their being valid in law, and, in the event that any one or more of the words, phrases, sentences, clauses or sections contained
in this Agreement shall be declared invalid, this Agreement shall be construed as if such invalid word or words, phrase or phrases,
sentence or sentences, clause or clauses, or section or sections had not been inserted.

 

22. Waiver.
The failure of any party to insist upon strict adherence to any term or condition of this Agreement on any occasion shall not
be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other
term of this Agreement. Any waiver must be in writing.

 

23. Section
Headings. The section headings contained in this Agreement are for reference purpose only and shall not affect in any way
the meaning or interpretation of this Agreement.

 

24. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be considered an original, but all of which together
shall constitute the same instrument.

 

    12 

     

    

 

25. Arbitration.
Any dispute or claim between the parties hereto arising out of, or in connection with, this Agreement and/or Executive’s
employment shall become a matter for arbitration; provided, however, that Executive acknowledges and agrees that in the event
of any alleged violation of Section 11 hereof, the Company and any of its parents, subsidiaries and affiliates shall be entitled
to obtain from any court in the State of North Carolina, temporary, preliminary or permanent injunctive relief as well as damages,
which rights shall be in addition to any other rights or remedies to which it may be entitled. The arbitration shall take place
in Greensboro, North Carolina, and shall be before a neutral arbitrator in accordance with the Commercial Rules of the American
Arbitration Association; provided however, that to the extent such arbitration involves any allegation(s) of a violation of any
law, rule or regulation which prohibits discrimination in employment, the arbitrator shall apply the National Rules for the Resolution
of Employment Disputes (as modified) of the American Arbitration Association then existing in determining the damages, if any,
to be awarded and the allocation of costs and attorneys fees between or among the parties. The decision or award of the arbitrator
shall be final and binding upon the parties hereto. The parties shall abide by all awards recorded in such arbitration proceedings,
and all such awards may be entered and executed upon in any court having jurisdiction over the party against whom or which enforcement
of such award is sought.

 

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

 

	 	HF
    GROUP HOLDING CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:
CHAN SIN WONG

        Title:   Secretary
and Treasurer

	 	 	 
	 	 	NI,
ZHOU MIN

 

    13 

     

    

 

EXHIBIT
I

 

Hanfeng
Fujian Technology Company

Han
Feng Global, Inc.

North
Carolina Good Taste Noodle, Inc.

Revolution
Industry, LLC

New
Day Top Trading, Inc.

Eastern
Fresh, LLC

Green
Tunnel International, LLC

GA-GW
Seafood, Inc.

Great
Wall Seafood GA LLC

Ocean
Pacific Seafood Group, Inc.

Fei
Long Trading, LLC

Allstate
Trading Company Inc.

Eagle
Food Service LLC

Fortune
One Foods Inc.

New
Marco Food Inc.

Enson
Trading LLC

N&F
Logistic, Inc.

 

    14 

     

    

 

EMPLOYMENT
AGREEMENT

 

AMENDMENT
NO.1

 

This
Amendment No. 1 to EMPLOYMENT AGREEMENT (this “Agreement”), dated as of August 23, 2018, by and among HF
GROUP HOLDING CORPORATION, a North Carolina corporation having its principal executive offices in Greensboro, NC (the “Company”),
HF Foods Group Inc., a Delaware corporation having its principal place of business in Greensboro, NC (“Parent Company”)
and ZHOU MIN NI (“Executive”).

 

WHEREAS,
the Company has entered into an employment agreement with Executive dated as of August 22, 2018 (Prior Agreement”) to continue
his employment with the Company and its subsidiaries;

 

WHEREAS,
as contemplated by the parties, the Company completed its business combination with the Parent Company effective August 22, 2018
whereby the Company became a wholly-owned subsidiary of the Parent Company and the parties desire to confirm their mutual understanding
and agreement that the Executive’s employment includes being an officer and of the Parent Company as well as the Company.

 

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

 

1. Employment.

 

(a)
The Company hereby employs Executive, and Executive hereby accepts such employment by the Company and Parent Company, on the terms
and subject to the conditions contained herein and the Prior Agreement.

 

(b)
Executive shall serve as the Chief Executive Officer of the Company and the Parent Company. At the request of the Company, Executive
further agrees, without additional compensation, to act as an officer and/or director of subsidiaries of the Company.

 

2.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina
applicable to agreements made and to be performed in that state, without regard to its conflict of laws provisions.

 

3.
Effect of Agreement upon Prior Agreement. All other terms and conditions of the Prior Agreement shall remain in full force
and effect and shall govern the terms of employment of Executive with the Company and Parent Company.

 

4. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be considered an original, but all of which together
shall constitute the same instrument.

 

[signature
page is next]

 

    15 

     

    

 

[Amendment
No. 1 to Employment Agreement – Zhou Min Ni] 

 

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

	 	 
	 	NI, ZHOU MIN

	 	 
	HF FOODS GROUP INC.	 
	 	 
	By:	 	 
	Jian Ming Ni	 
	Chief Financial Officer	 
	 	 
	HF GROUP HOLDING CORPORATION	 
	 	 
	By:	 	 
	Jian Ming Ni	 
	Chief Financial Officer	 

 

    16Exhibit
10.11

 

FORM
OF EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”), dated as of August 22, 2018, by and among HF GROUP HOLDING CORPORATION
a Delaware corporation having its principal executive offices in Greensboro, NC (the “Company”), and CHAN
SIN WONG (“Executive”).

 

WHEREAS,
the Company desires to employ Executive, and Executive desires to be employed by the Company, in accordance with the terms and
provisions herein contained;

 

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

 

1. Employment.

 

(a)
The Company hereby employs Executive, and Executive hereby accepts such employment, on the terms and subject to the conditions
contained herein.

 

(b)
Executive shall serve as the Chief Operating Officer of the Company. At the request of the Company, Executive further agrees,
without additional compensation, to act as an officer and/or director of subsidiaries of the Company.

 

(c)
Executive shall devote substantially her full business time and attention and her best efforts to the performance of her duties
hereunder; provided, however, that Executive may engage in charitable, educational, civic and religious activities, and may participate
as an investor, officer or director with respect to passive investments owned by or for the benefit of Executive or members of
her immediate family, but only to the extent such activities and service do not result in a conflict of interest with the Company
or interfere with the performance of Executive’s duties and responsibilities hereunder.

 

2. Term.
The term of the employment of Executive with the Company commences on August 22, 2018 and shall continue under this Agreement
through August 31, 2023 (the “Initial Term”), subject to the terms and provisions of this Agreement. After the
expiration of the Initial Term, this Agreement shall be automatically renewed for additional one-year terms (each, a “Renewal
Term”) unless either the Company or Executive gives written notice to the other of the termination of this Agreement
at least ninety (90) days in advance of the next successive one-year term. Any election by the Company or Executive not to
renew such employment at the end of the Initial Term or any Renewal Term shall be at the sole, absolute discretion of the Company
or Executive, respectively. The period Executive is employed hereunder during the Initial Term and any such Renewal Terms is referred
to herein as the “Term”. For purposes of this Agreement, the phrase “Termination Date” shall mean
(a) in the case of the Employee’s death, her date of death; (b) in the case of Good Reason, 30 days from the date the written
notice of termination is given to the Company, provided the Company has not remedied such facts and circumstances constituting
Good Reason to the reasonable and good faith satisfaction of the Employee; (c) in the case of termination of employment on or
after the Term, the last day of employment; and (d) in all other cases, the date specified in the written notice of termination;
provided, however, if the Employee’s employment is terminated by the Company for any reason except Cause, the date specified
in the notice of termination shall be at least 30 days from the date the notice of termination is given to the Employee, and provided
further that in the case of Disability, the Employee shall not have returned to the full-time performance of her duties during
such period of at least 30 days.

 

     1

    

    

 

3. Salary.
Executive’s base salary (“Base Salary”) shall be at the rate of $400,000 per
year, which shall be payable in accordance with the Company’s customary payroll practices in effect from time to time. The Base
Salary shall be subject to possible increases at the sole discretion of the Board; provided, however, that in no event shall Executive’s
Base Salary during the Term be less than at the rate of $400,000 per year.

 

4. Annual
Bonus. For each complete fiscal year during the Term (or, on a prorated basis for any period representing less than a full
fiscal year), Executive will be eligible to be considered for an annual cash incentive bonus or other award each calendar year
during the term of Executive’s Employment under this Agreement based upon the achievement of certain objective or subjective criteria
established by, and in the sole discretion of, the Company’s Board of Directors (the “Board”) or any Compensation Committee
of the Board (the “Committee”), as applicable.   Except as expressly provided in Section 9, hereinbelow, Executive
shall not earn a Cash Bonus unless Executive is employed by the Company on the date when such Cash Bonus is actually paid by the
Company.

 

5.
Equity and Long Term Incentive Awards. During the term of this Agreement, Employee shall be eligible to receive equity
or performance awards payable in shares, cash or other property pursuant to any long-term incentive compensation plan adopted
by the Committee or the Board. Equity awards shall be granted under the Company’s 2018 Equity Incentive Plan or such other
equity compensation plan as may be adopted by the Company in the discretion of the Committee or the Board. The actual grant date
value of any such awards shall be determined in the discretion of the Committee or Board and any such awards shall include such
vesting conditions and other terms and conditions as determined by the Committee or the Board.

 

6. Deduction
Limitations. In the event that the compensation payable to Executive hereunder becomes (or is reasonably likely to become)
subject to the deduction limitations of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”),
taking into account the application of any applicable transition period under Section 162(m) of the Code and the regulations
promulgated thereunder, the parties agree to negotiate in good faith to implement as promptly as possible such revisions to the
structure (including the timing, form and type) of such compensation so as to achieve to the greatest extent possible full tax
deductibility of such compensation under Section 162(m) of the Code; provided, however, that in no
event shall any such revisions result in a reduction in the aggregate amount of compensation otherwise contemplated to be payable
to Executive hereunder.

 

     2

    

    

 

7. Employee
Benefits.

 

(a) Generally.
During the Term, Executive shall be entitled to participate in any and all Company employee benefit plans and programs (except
as otherwise provided in this Agreement or as determined by the Compensation Committee of the Board, excluding bonus and equity-based
plans), which generally are made available to senior officers of the Company, in accordance with, and subject to, the terms and
conditions of such plans and programs (including, without limitation, any eligibility limitations) as they may be modified by
the Company from time to time in its sole discretion.

 

(b) Life
Insurance. During the Term, the Company shall pay the premiums, up to a maximum of $50,000 per annum, for the $5,000,000 whole
life insurance policy presently maintained by Executive. Upon termination of this Agreement, Executive will reimburse to the Company
the amount of any such annual premium paid by it attributable to any period after the end of the Term.

 

(c) Vacation.
During the Term, Executive shall be entitled to five (5) weeks of paid vacation in each fiscal year of the Company. Executive
shall not forfeit any vacation time that remains unused at the end of any fiscal year.

 

(d) Transportation.
During the Term, the Company shall provide Executive with an automobile and driver for transportation to and from the Company’s
offices and for other business purposes. Such automobile shall be at least substantially equivalent in price to the private vehicle
operated by Executive on and immediately preceding the effective date of this Agreement.

 

(e) Expense
Reimbursement. During the Term, the Company shall reimburse Executive for all reasonable and necessary expenses (including
first class air travel and the use of a private jet leased by the Company or one of its affiliates for select trips, as appropriate)
incurred by Executive incident to the performance of her duties hereunder, in accordance with the Company’s policies and procedures.

 

(f)
Continuation Benefits. “Continuation Benefits” shall be the continuation of the benefits described in the foregoing
subsections 7(a)-7(e), inclusive, for the period commencing on the termination date and terminating 12 months thereafter, or such
other period as specifically stated by this agreement (the “Continuation Period”) at the Company’s expense on
behalf of the Employee and her dependents; provided, however, that (a) in no event shall the Continuation Period exceed 18 months
from the Termination Date; and (b) the level and availability of benefits provided during the Continuation Period shall at all
times be subject to the post-employment conversion or portability provisions of the benefit plans. The Company’s obligation
hereunder with respect to the foregoing benefits shall also be limited to the extent that if the Employee obtains any such benefits
pursuant to a subsequent employer’s benefit plans, the Company may reduce the coverage of any benefits it is required to provide
the Employee hereunder as long as the aggregate coverage and benefits of the combined benefit plans is no less favorable to the
Employee than the coverage and benefits required to be provided hereunder. This definition of Continuation Benefits shall not
be interpreted so as to limit any benefits to which the Employee, her dependents or beneficiaries may be entitled under any of
the Company’s employee benefit plans, programs or practices following the Employee’s termination of employment, including,
without limitation, retiree medical and life insurance benefits.

 

     3

    

    

 

8. Termination
of Employment.

 

(a) Death
and Total Disability. Executive’s employment under this Agreement shall terminate immediately upon her death or Total Disability
(as defined below). For purposes of this Agreement, the term “Total Disability” shall mean any mental or physical
condition that: (i) prevents Executive from reasonably discharging her services and employment duties hereunder; (ii) is
attested to in writing by a physician who is licensed to practice in the State of New York and is mutually acceptable to Executive
and the Company (or, if the Executive and the Company are unable to mutually agree on a physician, the Company Board may select
a physician who is a chairman of a department of medicine at a university-affiliated hospital in the City of New York); and (iii) continues,
for any one or related condition, during any period of six (6) consecutive months or for a period aggregating six (6) months
in any twelve-month period. Total Disability shall be deemed to have occurred on the last day of such applicable six-month period.

 

(b) Cause.
The Company shall at all times, upon written notice to Executive given at least ten (10) days prior to the Termination Date,
have the right to terminate this Agreement and the employment of Executive hereunder for Cause (as defined below); provided, however,
that prior to such termination taking effect, Executive shall have been given an opportunity to meet with the Board, and a majority
of the Board shall have thereafter voted to terminate Executive’s employment. For purposes of this Agreement, the term “Cause”
means the occurrence of any one of the following events: (i) Executive’s gross negligence, willful misconduct or dishonesty
in performing her duties hereunder; (ii) Executive’s conviction of a felony (other than a felony involving a traffic violation);
(iii) Executive’s commission of a felony involving a fraud or other business crime against the Company or any of its subsidiaries;
or (iv) Executive’s breach of any of the covenants set forth in Section 11 hereof; provided that, if such breach is
curable, Executive shall have an opportunity to correct such breach within thirty (30) days after written notice by the Company
to Executive thereof.

 

(c)
 Change of Control. Unless otherwise agreed by the Company and Executive, this Agreement shall automatically terminate
upon a Change of Control. For purposes of this Agreement, a “Change of Control” shall mean any of the following
events described in subsections 8(c)(i), 8(c)(ii), or 8(c)(iii):

 

 (i)
(A) An acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting
Securities”) by any “Person” (as the term person is used for purposes of Section 13(d) or 14(d) of the
Securities Exchange Act of 1934, as amended (the “1934 Act”)), other than a beneficial owner of more than
five (5%) percent of the Company’s outstanding Common Stock as of the date hereof, including, without limitation,
Executive, as a result of the consummation of the merger transaction between the Company, HF Group Holding Corporation and
the stockholders of HF Group Holding Corporation which acquisition occurs after the effective date of this Agreement,
immediately after which such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated
under the 1934 Act) of forty percent (40%) or more of the combined voting power of the Company’s then outstanding
Voting Securities ; provided, however, that in determining whether a Change in Control has occurred, Voting Securities which
are acquired in a “Non-Control Acquisition” (as defined below) shall not constitute an acquisition which
would cause a Change in Control. A “Non-Control Acquisition” shall mean an acquisition by (1) an employee benefit
plan (or a trust forming a part thereof) maintained by (x) the Company or (y) any corporation or other Person of which a
majority of its voting power or its equity securities or equity interest is owned directly or indirectly by the Company (a
“Subsidiary”), or (2) the Company or any Subsidiary.

 

     4

    

    

 

(B) Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because a Person (the
“Subject Person”) gained Beneficial Ownership of more than the permitted amount of the outstanding Voting
Securities as a result of the acquisition of Voting Securities by the Company which, by reducing the number of Voting
Securities outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person, provided that
if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting
Securities by the Company, and after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner
of any additional Voting Securities which increases the percentage of the then outstanding Voting Securities Beneficially
Owned by the Subject Person, then a Change in Control shall occur.
  

 

(ii)
The individuals who, as of the date this Agreement is approved by the Board , are members of the Board (the “Incumbent Board”),
cease for any reason to constitute at least two-thirds of the Board; provided, however, that if the election, or nomination for
election by the Company’s stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent
Board, such new director shall, for purposes of this Agreement, be considered and defined as a member of the Incumbent Board;
and provided, further, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed
office as a result of either an actual “Election Contest” (as described in Rule 14a-11 promulgated under the 1934
Act) or other solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”).

 

(iii)
Approval by stockholders of the Company of: 

(A)
A merger, consolidation or reorganization involving the Company, unless: (1) the stockholders of the Company, immediately before
such merger, consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or
reorganization, at least sixty percent (60%) of the combined voting power of the outstanding voting securities of the corporation
resulting from such merger or consolidation or reorganization (the “Surviving Corporation”) in substantially the same
proportion as their ownership of the Voting Securities immediately before such merger, consolidation or reorganization, (2) the
individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such merger,
consolidation or reorganization constitute at least two-thirds of the members of the board of directors of the Surviving Corporation,
and (3) no Person (other than the Company, any Subsidiary, any employee benefit plan (or any trust forming a part thereof) maintained
by the Company, the Surviving Corporation or any Subsidiary) becomes Beneficial Owner of twenty percent (20%) or more of the combined
voting power of the Surviving Corporation’s then outstanding voting securities as a result of such merger, consolidation
or reorganization, a transaction described in clauses (1) through (3) shall herein be referred to as a “Non-Control Transaction”;
or

 

     5

    

    

 

(B)
An agreement for the sale or other disposition of all or substantially all of the assets of the Company, to any Person, other
than a transfer to a Subsidiary, in one transaction or a series of related transactions; or

 

(C)
Any plan or proposal for the liquidation or dissolution of the Company.

 

(iv)
Notwithstanding anything contained in this Agreement to the contrary, if the Employee’s employment is terminated prior to
a Change in Control and the Employee reasonably demonstrates that such termination (i) was at the request of a third party who
has indicated an intention or taken steps reasonably calculated to effect a Change in Control (a “Third Party”) or
(ii) otherwise occurred in connection with, or in anticipation of, a Change in Control, then for all purposes of this Agreement,
the date of a Change in Control with respect to the Employee shall mean the date immediately prior to the date of such termination
of the Employee’s employment.

 

(d) Executive
Termination Without Good Reason. Executive agrees that she shall not terminate her employment for any reason other than Good
Reason without giving the Company at least six months’ prior written notice of the effective date of such termination. Executive
acknowledges that the Company retains the right to waive the notice requirement, in whole or in part, and accelerate the effective
date of Executive’s termination. If the Company elects to waive the notice requirement, in whole or in part, the Company shall
have no further obligations to Executive under this Agreement other than to make the payments specified in Section 9(a).
After Executive provides a notice of termination, the Company may, but shall not be obligated to, provide Executive with work
to do and the Company may, in its discretion, in respect of all or part of an unexpired notice period, (i) require Executive
to comply with such conditions as it may specify in relation to attending at, or remaining away from, the Company’s places of
business, or (ii) withdraw any powers vested in, or duties assigned to, Executive. For purposes of a notice of termination
given pursuant to this Section 8(d), the Termination Date (as defined below) shall be the last day of the six month notice
period, unless the Company elects to waive the notice requirement as set forth herein.

 

For
purposes of this Agreement, “Good Reason” means and shall be deemed to exist if: (i) Executive is assigned
duties or responsibilities that are inconsistent in any material respect with the scope of the duties or responsibilities of her
title or position, as set forth in this Agreement; (ii) the Company fails to perform substantially any material term of this
Agreement, and, if such failure is curable, fails to correct such failure within thirty (30) days after written notice by
Executive to the Company; (iii) Executive’s office is relocated more than fifty (50) miles from its location immediately
prior to such relocation; (iv) the Company fails to have this Agreement assumed by a successor; (v) Executive’s duties
or responsibilities are significantly reduced, except with respect to any corporate action initiated or recommended by Executive
and approved by the Board; (vi) Executive is involuntarily removed from the Boards of the Company (other than in connection
with a termination of employment for Cause, voluntary termination without Good Reason, death or Total Disability); or (vii) 
the Board is managing the day-to-day operations of the Company and, after receipt of written notice from Executive to such effect
(and sufficient time to cease such involvement), the Board continues to do so.

 

     6

    

    

 

(e) Executive
Termination for Good Reason. Executive may terminate her employment hereunder for Good Reason (and this Agreement shall accordingly
terminate) by providing written notice of her intention to terminate, and specifying the circumstances relating thereto, to the
Board within thirty (30) days following the occurrence of any of the events specified above as constituting Good Reason and
at least ten (10) days prior to the Termination Date.

 

9. Consequences
of Termination or Breach.

 

(a) Termination
Due to Death or Total Disability, for Cause, or Without Good Reason. If Executive’s employment under this Agreement is terminated
under Sections 8(a), 8(b), or 8(d) hereunder, or Executive terminates her employment for any reason other than Good Reason, Executive
shall not thereafter be entitled to receive any compensation and benefits under this Agreement other than for (i) Base Salary
earned but not yet paid prior to the Termination Date, and (ii) reimbursement of any expenses pursuant to Section 7(e)
incurred prior to the Termination Date (collectively, the “Accrued Obligations”).

 

(b)
Termination Upon Change of Control. In the event that within ninety days (90) days of a Change of Control, Employee is
terminated, or Employee’s status, title, position or responsibilities are materially reduced and Employee terminates her
Employment, the Company shall pay and/or provide to the Employee, the following compensation and benefits, in lieu of any other
payments due hereunder: (i) the Accrued Obligations; (ii) the Continuation Benefits; and (iii) a lump sum payment within ten (10)
days of the Termination Date equal to two times (A) Executive’s then current Base Salary plus (B) the Annual Bonus paid
or payable to Executive pursuant to Section 4 with respect to the Company’s last full fiscal year ended prior to the Termination
Date. Notwithstanding the foregoing, if the payment under this Section 9(b), either alone or together with other payments which
the Employee has the right to receive from the Company, would constitute an “excess parachute payment” as defined
in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), the aggregate of such credits or payments
under this Agreement and other agreements shall be reduced to the largest amount as will result in no portion of such aggregate
payments being subject to the excise tax imposed by Section 4999 of the Code. The priority of the reduction of excess parachute
payments shall be in the discretion of the Employee. The Company shall give notice to the Employee as soon as practicable after
its determination that Change of Control payments and benefits are subject to the excise tax, but no later than ten (10) days
in advance of the due date of such Change of Control payments and benefits, specifying the proposed date of payment and the Change
of Control benefits and payments subject to the excise tax. Employee shall exercise her option under this Section 9(b) by written
notice to the Company within five (5) days in advance of the due date of the Change of Control payments and benefits specifying
the priority of reduction of the excess parachute payments.

 

     7

    

    

 

(c) Termination
Without Cause or With Good Reason. If Executive’s employment under this Agreement is terminated by the Company without Cause
(which right the Company shall have at any time during the Term) and other than for the reasons provided for in Sections 8(a)
or 8(b) above, or Executive terminates her employment for Good Reason, the sole obligations of the Company to Executive shall
be: (i) to make the payments described in Section 9(a) for Accrued Obligations; (ii) to pay the Continuation Benefits;
(iii) to pay to Executive in a single lump sum payment, within thirty (30) days from the Termination Date, a separation
allowance equal to (A)  two times Executive’s then current Base Salary plus (B) the Annual Bonus paid or payable to
Executive pursuant to Section 4 with respect to the Company’s last full fiscal year ended prior to the Termination Date;
and (iv) immediate accelerated vesting of any unvested Restricted Shares and unvested outstanding stock option(s). Executive acknowledges
and agrees that in the event the Company terminates Executive’s employment without Cause and other than for the reasons provided
for in Sections 8(a), 8(b) or 8(c), or Executive terminates her employment for Good Reason, Executive’s sole remedy shall be to
receive the payments and benefits specified in this Section 9(c).

 

(d) No
Duty to Mitigate. Executive shall not be required to mitigate the amount of any damages that Executive may incur or other
payments to be made to Executive hereunder as a result of any termination or expiration of this Agreement, nor shall any payments
to Executive be reduced by any other payments Executive may receive, except as set forth herein.

 

10.
Section 409A Compliance.

 

(a)
Tax Treatment. To the extent applicable, it is intended that any amounts payable under this Agreement shall either be exempt
from Section 409A of the Code or shall comply with Section 409A (including Treasury regulations and other published guidance related
thereto) so as not to subject Employee to payment of any additional tax, penalty or interest imposed under Section 409A of the
Code. The provisions of this Agreement shall be construed and interpreted to the maximum extent permitted to avoid the imputation
of any such additional tax, penalty or interest under Section 409A of the Code yet preserve (to the nearest extent reasonably
possible) the intended benefit payable to Employee. Notwithstanding the foregoing, the Company makes no representations regarding
the tax treatment of any payments hereunder, and the Employee shall be responsible for any and all applicable taxes, other than
the Company’s share of employment taxes on the severance payments provided by the Agreement. Employee acknowledges that
Employee has been advised to obtain independent legal, tax or other counsel in connection with Section 409A of the Code.

 

(b)
Nonqualified Deferred Compensation. Notwithstanding any provisions of this Agreement to the contrary, if Employee is a
“specified employee” (within the meaning of Section 409A of the Code and the regulations adopted thereunder) at the
time of Employee’s separation from service and if any portion of the payments or benefits to be received by Employee upon
separation from service would be considered deferred compensation under Section 409A of the Code and the regulations adopted thereunder
(“Nonqualified Deferred Compensation”), amounts that would otherwise be payable pursuant to this Agreement during
the six-month period immediately following Employee’s separation from service that constitute Nonqualified Deferred Compensation
and benefits that would otherwise be provided pursuant to this Agreement during the six-month period immediately following Employee’s
separation from service that constitute Nonqualified Deferred Compensation will instead be paid or made available on the earlier
of (i) the first business day of the seventh month following the date of Employee’s separation from service and (ii) Employee’s
death. Notwithstanding anything in this Agreement to the contrary, distributions upon termination of Employee’s employment
shall be interpreted to mean Employee’s “separation from service” with the Company (as determined in accordance
with Section 409A of the Code and the regulations adopted thereunder). Each payment under this Agreement shall be regarded as
a “separate payment” and not of a series of payments for purposes of Section 409A of the Code.

 

     8

    

    

 

(c) Expense Reimbursements.
Except as otherwise specifically provided in this Agreement, if any reimbursement to which the Employee is entitled under this
Agreement would constitute deferred compensation subject to Section 409A of the Code, the following additional rules shall apply:
(i) the reimbursable expense must have been incurred, except as otherwise expressly provided in this Agreement, during the term
of this Agreement; (ii) the amount of expenses eligible for reimbursement during any taxable year will not affect the amount of
expenses eligible for reimbursement in any other taxable year; (iii) the reimbursement shall be made as soon as practicable after
Employee’s submission of such expenses in accordance with the Company’s policy, but in no event later than the last
day of Employee’s taxable year following the taxable year in which the expense was incurred; and (iv) the Employee’s
entitlement to reimbursement shall not be subject to liquidation or exchange for another benefit. 

11. Restrictive
Covenants and Confidentiality.

 

(a)  Confidentiality.
Recognizing that the knowledge, information and relationship with customers, suppliers and agents, and the knowledge of the Company’s
and its parents’, subsidiaries’ and affiliates’ business methods, systems, plans and policies, which Executive shall hereafter
establish, receive or obtain as an employee of the Company or any such parent, subsidiary or affiliate, are valuable and unique
assets of the businesses of the Company and its parents, subsidiaries and affiliates, Executive agrees that, during and after
the Term hereunder, she shall not (otherwise than pursuant to her duties hereunder) disclose, without the prior written approval
of the Board, any such knowledge or information pertaining to the Company or any of its parents, subsidiaries and affiliates,
their business, personnel or policies, to any person, firm, corporation or other entity, for any reason or purpose whatsoever.
The provisions of this Section 11(b) shall not apply to information which is or shall become generally known to the public
or the trade (except by reason of Executive’s breach of her obligations hereunder), information which is or shall become available
in trade or other publications and information which Executive is required to disclose by law or an order of a court of competent
jurisdiction. If Executive is required by law or a court order to disclose such information, she shall notify the Company of such
requirement and provide the Company an opportunity (if the Company so elects) to contest such law or court order. Executive agrees
that all tangible materials containing confidential information, whether created by Executive or others which shall come into
Executive’s custody or possession during Executive’s employment shall be and is the exclusive property of the Company or its parents,
subsidiaries and affiliates. Upon termination of Executive’s employment for any reason whatsoever, Executive shall immediately
surrender to the Company all confidential information and property of the Company or its parents, subsidiaries or affiliates in
Executive’s possession.

 

     9

    

    

 

(b) Non-Compete.
Executive agrees that during the Term, Executive will not engage in, or carry on, directly or indirectly, either for himself or
as an officer or director of a corporation or as an employee, agent, associate, or consultant of any person, partnership, business
or corporation, any business in competition with the business carried on by the Company and its parents, subsidiaries and affiliates
in any market in which the Company or its parents, subsidiaries and affiliates actively conduct business. Notwithstanding the
foregoing, except as otherwise agreed to in writing, Executive shall have the right to perform such incidental services as are
necessary in connection with (i) her private passive investments, (ii) her charitable or community activities, (iii) her participation
in trade or professional organizations, and (iv) her service as an executive or on the board of directors (or comparable body)
of any third-party corporate entity that is not a competitive entity, so long as these activities do not materially interfere
with Executive’s duties hereunder and, with respect to (iv), Executive obtains prior Company consent, which consent will
not be unreasonably withheld. Company’s consent under (iv) is provided by its execution of this Agreement, with respect
to Executive’s participation in ownership and management of the entities named on Exhibit I, attached hereto and incorporated
herein by reference. Executive may also provide limited services to other parties provided such services are without remuneration.

 

12. Injunction.
It is recognized and hereby acknowledged by the parties hereto that a breach or violation by Executive of any of the covenants
or agreements contained in Section 11 of this Agreement may cause irreparable harm and damage to the Company or its parents,
subsidiaries or affiliates, the monetary amount of which may be virtually impossible to ascertain. Therefore, Executive recognizes
and hereby agrees that the Company and its parents, subsidiaries and affiliates shall be entitled to an injunction from any court
of competent jurisdiction enjoining and restraining any breach or violation of any or all of the covenants and agreements contained
in Section 11 of this Agreement by Executive and/or her employees, associates, partners or agents, or entities controlled
by one or more of them, either directly or indirectly, and that such right to injunction shall be cumulative and in addition to
whatever other rights or remedies the Company, and its parents, subsidiaries or affiliates may possess.

 

13. Indemnification.
To the extent permitted by law and the Company’s by-laws, the Company will indemnify Executive with respect to any claims made
against him as an officer, director or employee of the Company or any subsidiary of the Company, except for acts taken in bad
faith or in breach of her duty of loyalty to the Company. Executive shall be covered under a directors and officers liability
insurance policy with a coverage limit of at least $2,000,000, to be maintained by the Company during the Term (and for as long
thereafter as is practicable).

 

     10

    

    

 

14. Attorney’s
Fees. The Company shall pay or reimburse Executive for reasonable legal expenses (including reasonable attorney’s fees and
expenses) incurred in connection with the preparation or any subsequent renegotiation of this Agreement up to a maximum of $25,000.

 

15. Taxes.
All payments to be made to and on behalf of Executive under this Agreement will be subject to required withholding of federal,
state and local income and employment taxes, and to related record reporting requirements.

 

16. Executive’s
Representations; No Delegation. Executive hereby represents and warrants that she is not precluded, by any agreement to which
she is a party or to which she is subject, from executing and delivering this Agreement, and that this Agreement and her performance
of the duties and responsibilities set forth herein does not violate any such agreement. Executive shall indemnify and hold harmless
the Company and its parents, subsidiaries and affiliates and their officers, directors, employees, agents and advisors for any
liabilities, losses and costs (including reasonable attorney’s fees) arising from any breach or alleged breach of the foregoing
representation and warranty. Executive shall not delegate her employment obligations under this Agreement to any other person.

 

17. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina applicable
to agreements made and to be performed in that state, without regard to its conflict of laws provisions.

 

18. Entire
Agreement; Amendment. This Agreement supersedes all prior agreements between the parties with respect to its subject matter,
is intended (with the documents referred to herein) as a complete and exclusive statement of the terms of the agreement between
the parties with respect thereto and may be amended only by a writing signed by all parties hereto.

 

19. Notices.
Any notice or other communication made or given in connection with this Agreement shall be in writing and shall be deemed to have
been duly given when delivered by hand, by facsimile transmission, by a nationally recognized overnight delivery service or mailed
by registered mail, return receipt requested, to a party at her or its address set forth below or at such other address as a party
may specify by notice to the others:

 

	If
    to the Company:
	 
	c/o
        HF GROUP HOLDING CORPORATION

        

        6001
        West Market Street

        

        Greensboro,
        NC 27409

        

        Fax:

        

        Attention:

        

	 

 

     11

    

    

 

	If
    to Executive:
	 
	At
        the home address on file with the Company

        

 

or
to such other addresses as either party hereto may from time to time specify to the other. Any notice given as aforesaid shall
be deemed received upon actual delivery.

 

20. Assignment
and Binding Effect. This Agreement shall be binding upon and inure to the benefit of Executive and Executive’s heirs,
executors, personal representatives, assigns, administrators and legal representatives. Because of the unique and personal nature
of Executive’s duties under this Agreement, neither this Agreement nor any rights or obligations under this Agreement shall
be assignable by Executive. This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns
and legal representatives. Any such successor of the Company will be deemed substituted for the Company under the terms of this
Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity
which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets
or business of the Company.

 

21. Severability.
The invalidity of any one or more of the words, phrases, sentences, clauses or sections contained in this Agreement shall not
affect the enforceability of the remaining portions of this Agreement, or any part thereof, all of which are inserted conditionally
on their being valid in law, and, in the event that any one or more of the words, phrases, sentences, clauses or sections contained
in this Agreement shall be declared invalid, this Agreement shall be construed as if such invalid word or words, phrase or phrases,
sentence or sentences, clause or clauses, or section or sections had not been inserted.

 

22. Waiver.
The failure of any party to insist upon strict adherence to any term or condition of this Agreement on any occasion shall not
be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other
term of this Agreement. Any waiver must be in writing.

 

23. Section
Headings. The section headings contained in this Agreement are for reference purpose only and shall not affect in any way
the meaning or interpretation of this Agreement.

 

24. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be considered an original, but all of which together
shall constitute the same instrument.

 

25. Arbitration.
Any dispute or claim between the parties hereto arising out of, or in connection with, this Agreement and/or Executive’s employment
shall become a matter for arbitration; provided, however, that Executive acknowledges and agrees that in the event of any alleged
violation of Section 11 hereof, the Company and any of its parents, subsidiaries and affiliates shall be entitled to obtain
from any court in the State of North Carolina, temporary, preliminary or permanent injunctive relief as well as damages, which
rights shall be in addition to any other rights or remedies to which it may be entitled. The arbitration shall take place in Greensboro,
North Carolina, and shall be before a neutral arbitrator in accordance with the Commercial Rules of the American Arbitration Association;
provided however, that to the extent such arbitration involves any allegation(s) of a violation of any law, rule or regulation
which prohibits discrimination in employment, the arbitrator shall apply the National Rules for the Resolution of Employment Disputes
(as modified) of the American Arbitration Association then existing in determining the damages, if any, to be awarded and the
allocation of costs and attorneys fees between or among the parties. The decision or award of the arbitrator shall be final and
binding upon the parties hereto. The parties shall abide by all awards recorded in such arbitration proceedings, and all such
awards may be entered and executed upon in any court having jurisdiction over the party against whom or which enforcement of such
award is sought.

 

     12

    

    

 

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

 

	 	HF
GROUP HOLDING CORPORATION

	 	 	 
	 	By:	 
	 	 	Name:
        NI, ZHOU MIN

        

        Title:  President 

	 	 	 
	 	 	 
	 	 	CHAN
SIN WONG

 

     13

    

    

 

EXHIBIT
I

 

Hanfeng
Fujian Technology Company

Han
Feng Global, Inc.

North
Carolina Good Taste Noodle, Inc.

Revolution
Industry, LLC

New
Day Top Trading, Inc.

Eastern
Fresh, LLC

Green
Tunnel International, LLC

GA-GW
Seafood, Inc.

Great
Wall Seafood GA LLC

Ocean
Pacific Seafood Group, Inc.

Fei
Long Trading, LLC

Allstate
Trading Company Inc.

Eagle
Food Service LLC

Fortune
One Foods Inc.

New
Marco Food Inc.

Enson
Trading LLC

N&F
Logistic, Inc.

 

     14

    

    

 

EMPLOYMENT
AGREEMENT

 

AMENDMENT
NO.1

 

This
Amendment No. 1 to EMPLOYMENT AGREEMENT (this “Agreement”), dated as of August 23, 2018, by and among HF
GROUP HOLDING CORPORATION, a North Carolina corporation having its principal executive offices in Greensboro, NC (the “Company”),
HF Foods Group Inc., a Delaware corporation having its principal place of business in Greensboro, NC (“Parent Company”)
and Chan Sin Wong (“Executive”).

 

WHEREAS,
the Company has entered into an employment agreement with Executive dated as of August 22, 2018 (Prior Agreement”) to continue
her employment with the Company and its subsidiaries;

 

WHEREAS,
as contemplated by the parties, the Company completed its business combination with the Parent Company effective August 22, 2018
whereby the Company became a wholly-owned subsidiary of the Parent Company and the parties desire to confirm their mutual understanding
and agreement that the Executive’s employment includes being an officer and of the Parent Company as well as the Company.

 

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

 

1. Employment.

 

(a)
The Company hereby employs Executive, and Executive hereby accepts such employment by the Company and Parent Company, on the terms
and subject to the conditions contained herein and the Prior Agreement.

 

(b)
Executive shall serve as the Chief Operating Officer of the Company and the Parent Company. At the request of the Company, Executive
further agrees, without additional compensation, to act as an officer and/or director of subsidiaries of the Company.

 

2.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina
applicable to agreements made and to be performed in that state, without regard to its conflict of laws provisions.

 

3.
Effect of Agreement upon Prior Agreement. All other terms and conditions of the Prior Agreement shall remain in full force
and effect and shall govern the terms of employment of Executive with the Company and Parent Company.

 

4. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be considered an original, but all of which together
shall constitute the same instrument.

 

[signature
page is next]

 

     15

    

    

 

[Amendment
No. 1 to Employment Agreement – Chan Sin Wong]  

 

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

	 	 
	 	Chan Sin Wong

 

HF
FOODS GROUP INC.

 

	By:	 	 

Jian
Ming Ni

Chief
Financial Officer

 

HF
GROUP HOLDING CORPORATION

 

	By:	 	 

Jian
Ming Ni 

Chief
Financial Officer

 

     16

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