High dynamic range (HDR) imaging technique aims to create realistic HDR images from low dynamic range (LDR) inputs. Specifically, Multi-exposure HDR imaging uses multiple LDR frames taken from the same scene to improve reconstruction performance. However, there are often discrepancies in motion among the frames, and different exposure settings for each capture can lead to saturated regions. In this work, we first propose an Overlapped codebook (OLC) scheme, which can improve the capability of the VQGAN framework for learning implicit HDR representations by modeling the common exposure bracket process in the shared codebook structure. Further, we develop a new HDR network that utilizes HDR representations obtained from a pre-trained VQ network and OLC. This allows us to compensate for saturated regions and enhance overall visual quality. We have tested our approach extensively on various datasets and have demonstrated that it outperforms previous methods both qualitatively and quantitatively.