Exhibit
10.3


 


SPONSOR
SUPPORT AGREEMENT


 


This
SPONSOR SUPPORT AGREEMENT, dated as of November 8, 2022 (this “Agreement”), is entered into by and among the stockholder(s)
listed on Exhibit A hereto (each, a “Stockholder”), Conduit Pharmaceuticals Limited, a Cayman Islands exempted
company (the “Company”), and Murphy Canyon Acquisition Corp., a Delaware corporation (“Buyer”).
Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the Merger Agreement (as defined
below).


 


WHEREAS,
Buyer and the Company are parties to that certain Agreement and Plan of Merger, dated as of the date hereof, as it may be amended, modified
or supplemented from time to time (the “Merger Agreement”), which provides, among other things, that, upon the terms
and subject to the conditions thereof, (a) Buyer will incorporate Conduit Merger Sub, Inc., a Cayman Islands exempted company, as its
wholly owned subsidiary (“Merger Sub”), and (b) Merger Sub will be merged with and into the Company (the “Merger”),
with the Company continuing as the surviving corporation following the Merger and as a wholly owned subsidiary of Buyer;


 


WHEREAS,
as of the date hereof, each Stockholder owns the number of shares of common stock, par value $0.0001, of Buyer set forth on Exhibit
A (all such shares, and/or any successor shares of Buyer of which ownership of record or the power to vote is hereafter acquired
by the Stockholder prior to the termination of this Agreement being referred to herein as the “Shares”); and


 


WHEREAS,
in order to induce the Company to enter into the Merger Agreement, each Stockholder is executing and delivering this Agreement to the
Company.


 


NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, and intending to be legally
bound hereby, the parties hereby agree as follows:


 


1.
Agreement to Vote. During the period commencing on the date hereof and ending on the earlier to occur of (a) the Effective Time
and (b) such date and time as the Merger Agreement shall be terminated in accordance with Section 9.1 thereof (the “Expiration
Time”), each Stockholder, with respect to its Shares, hereby irrevocably agrees to (1) appear at any meeting of the stockholders
of Buyer (a “Buyer Stockholders’ Meeting”) in person or proxy or otherwise cause the Shares to be counted as
present thereat for the purpose of establishing a quorum, and (2) vote, or cause to be voted or consented at a Buyer Stockholders’
Meeting, or in any action by written consent of the stockholders, all of the Shares owned as of the record date for such meeting (a)
in favor of the approval and adoption of the Merger Agreement and the transactions contemplated thereby, (b) in favor of any other matter
reasonably necessary to the consummation of the transactions contemplated by the Merger Agreement and considered and voted upon at any
Buyer Stockholders’ Meeting, (c) in favor of the approval of all other Murphy Proposals (as defined in the Merger Agreement), (d)
against the approval of any merger, purchase of all or substantially all of the Company’s assets or other business combination
transaction (other than the Merger Agreement and the transactions contemplated thereby), or against any proposal, action or agreement
that would (i) impede, frustrate, prevent or nullify any provision of this Agreement, the Merger Agreement or the Merger, (ii) result
in a breach in any respect of any covenant, representation, warranty or any other obligation or agreement of Buyer or Merger Sub under
the Merger Agreement, or (iii) result in any of the conditions set forth in Article VIII of the Merger Agreement not being fulfilled,
and (e) against any amendment of the organizational documents of Buyer or any change in Buyer’s capitalization, corporate structure
or business other than as contemplated by the Merger Agreement. Each Stockholder acknowledges receipt and review of a copy of the Merger
Agreement. The obligations of each Stockholder specified in this Section 1 shall apply whether or not the Merger or any action
described above is recommended by Buyer’s Board of Directors.


 


Each
Stockholder hereby irrevocably agrees that it shall not commit or agree to take any action inconsistent with the foregoing.


 


2.
Redemptions Rights; Waiver Conversion Ratios. Each Stockholder irrevocably agrees that it will (i) not exercise its right to redeem
all or a portion of such Stockholder’s Shares (in connection with the transactions contemplated by this Agreement or the Merger
Agreement or otherwise) as set forth in the organizational documents of Buyer and (ii) waive any adjustment to the conversion ratio set
forth in Buyer’s organizational documents.


 




    	 



     


    

 


3.
Transfer of Shares. Until the Expiration Time, each Stockholder irrevocably agrees that it shall not, directly or indirectly,
(a) sell, assign, transfer (including by operation of law), allow the creation of a lien, pledge, distribute, dispose of or otherwise
encumber any of the Shares, either voluntarily or involuntarily (collectively, “Transfer”), or otherwise agree or
offer to do any of the foregoing, (b) deposit any Shares into a voting trust or enter into a voting agreement or arrangement or grant
any proxy or power of attorney with respect thereto that is inconsistent with this Agreement, (c) enter into any contract, option or
other arrangement or undertaking with respect to the direct or indirect acquisition or sale, assignment, transfer (including by operation
of law) or other disposition of any Shares, (d) establish or increase a put equivalent position or liquidate or decrease a call equivalent
position within the meaning of Section 16 of the Exchange Act, with respect to any Shares, (e) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any Share, (f) take any action that
would have the effect of preventing or disabling Stockholder from performing its obligations hereunder or (g) publicly announce any intention
to effect any transaction specified in this Section 3. Any Transfer in violation of this Section 3 with respect to the
Stockholder’s Shares shall be null and void.


 


4.
Representations and Warranties. Each Stockholder, severally and not jointly, represents and warrants for and on behalf of itself
to the Company as follows:


 


(a)
The execution, delivery and performance by Stockholder of this Agreement and the consummation by Stockholder of the transactions contemplated
hereby do not and will not (i) conflict with or violate any Law applicable to Stockholder, (ii) require any consent, approval or authorization
of, declaration, filing or registration with, or notice to, any person or entity, (iii) result in the creation of any Lien on any Shares
(other than pursuant to this Agreement or transfer restrictions under applicable securities laws or the organization documents of Stockholder),
or (iv) conflict with or result in a breach of or constitute a default under any provision of Stockholder’s organizational documents.


 


(b)
Stockholder is the only record and a beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of and has good, valid
and marketable title to the Shares free and clear of any Lien (other than (i) pursuant to this Agreement or (ii) transfer restrictions
under applicable securities Laws) and has the sole power (as currently in effect) to vote the Shares and has not entered into any voting
agreement or voting trust with respect to any of the Shares that is inconsistent with the Stockholder’s obligations pursuant to
this Agreement. Stockholder has the full right, power and authority to sell, transfer and deliver such Shares, and Stockholder does not
own, directly or indirectly, any other Shares, other than Buyer warrants held by Stockholder (if any).


 


(c)
Stockholder is a natural person or a legal entity duly incorporated (if applicable), organized, validly existing and, to the extent such
concept is applicable, in good standing under the Laws of the jurisdiction of its organization, has the power, authority and capacity
to execute, deliver and perform this Agreement, has not entered into any agreement or undertaking that would interfere with, or prohibit
or prevent it from satisfying, its obligations pursuant to this Agreement and that this Agreement has been duly authorized, executed
and delivered by Stockholder. This Agreement, assuming due authorization, execution and delivery hereof by the Company and Buyer, constitutes
a legal, valid and binding obligation of Stockholder in accordance with its terms (except as such enforceability may be limited by bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting
creditor’s rights and to general equitable principles).


 


(d)
As of the date of this Agreement, there is no action, proceeding or, to the Stockholder’s knowledge, investigation pending against
the Stockholder or, to the knowledge of the Stockholder, threatened against the Stockholder that questions the beneficial or record ownership
of the Stockholder’s Shares, the validity of this Agreement or the performance by the Stockholder of its obligations under this
Agreement.


 


(e)
Stockholder understands and acknowledges that the Company is entering into the Merger Agreement in reliance upon the Stockholder’s
execution and delivery of this Agreement.


 


(f)
No investment banker, broker, finder or other intermediary is entitled to any broker’s, finder’s, financial advisor’s
or other similar fee or commission for which Buyer, Merger Sub or the Company is or will be liable in connection with the transactions
contemplated hereby based upon arrangements made by or, to the knowledge of the Stockholder, on behalf of the Stockholder.


 




    	 



     


    

 


5.
New Shares. In the event that, during the period commencing on the date hereof and ending at the Expiration Time, (a) any Shares
are issued to Stockholder after the date of this Agreement pursuant to any stock dividend, stock split, recapitalization, reclassification,
combination or exchange of Shares or otherwise, (b) a Stockholder purchases or otherwise acquires beneficial ownership of any Shares,
or (c) a Stockholder acquires the right to vote or share in the voting of any Shares (collectively the “New Securities”),
then such New Securities acquired or purchased by such Stockholder shall be subject to the terms of this Agreement to the same extent
as if they constituted the Shares owned by such Stockholder as of the date hereof.


 


6.
No Challenges. Each Stockholder agrees not to commence, join in, facilitate, assist or encourage, and agrees to take all actions
necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against Buyer, Merger Sub,
the Company or any of their respective successors or directors (a) challenging the validity of, or seeking to enjoin the operation of,
any provision of this Agreement or the Merger Agreement or (b) alleging a breach of any fiduciary duty of any person in connection with
the evaluation, negotiation or entry into the Merger Agreement.


 


7.
Termination. This Agreement and the obligations of Stockholder under this Agreement shall automatically terminate upon the earliest
of: (a) the Effective Time; (b) the termination of the Merger Agreement in accordance with its terms; and (c) the mutual agreement of
the Company and Buyer. Upon termination or expiration of this Agreement, no party shall have any further obligations or liabilities under
this Agreement; provided, however, such termination or expiration shall not relieve any party from liability for any willful breach of
this Agreement occurring prior to its termination.


 


8.
Miscellaneous.


 


(a)
Except as otherwise provided herein or in the Merger Agreement or any other transaction document, all costs and expenses incurred in
connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses,
whether or not the transactions contemplated hereby or thereby are consummated.


 


(b)
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person, by telecopy or e-mail or by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be specified
in a notice given in accordance with this Section 8(b)):


 


If
to Stockholder:


 


To
such Stockholder’s address set forth in Exhibit A.


 


with
copies to (which shall not constitute notice):


 


Sichenzia
Ross Ference LLP


1185
Avenue of the Americas, 31st Floor


New
York, NY 10036


Attention:
Darrin M. Ocasio, Esq.


E-mail:
dmocasio@srf.law


 


If
to the Company:


 


Conduit
Pharmaceuticals Limited


c/o
Ogier Global (Cayman) Limited


89
Nexus Way, Camana Bay


Grand
Cayman, KY1-9009


Cayman
Islands


Attention:
Dr. Andrew Regan; James Bligh


Email:
ar@corvus.com; jb@conduitpharma.com


 




    	 



     


    

 


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


 


Thompson
Hine LLP


335
Madison Avenue


12th
Floor


New
York, NY 10017-4611


Attention:
Faith Charles, Todd Mason, and Corby Baumann


Email:
faith.charles@thompsonhine.com; todd.mason@thompsonhine.com;


corby.baumann@thompsonhine.com


 


If
to the Buyer:


 


Murphy
Canyon Acquisition Corp.


4995
Murphy Canyon Road, Suite 300


San
Diego, California 92123


Attention:
Jack K. Heilbron, CEO


Email:
jheilbron@presidiopt.com


 


with
copies (which shall not constitute notice) to:


 


Sichenzia
Ross Ference LLP


1185
Avenue of the Americas, 31st Floor


New
York, NY 10036


Attention:
Darrin Ocasio, Esq.


E-mail:
dmocasio@srf.law


 


(c)
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy,
all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in
order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.


 


(d)
This Agreement and the Merger Agreement constitute the entire agreement among the parties with respect to the subject matter hereof and
supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject
matter hereof. This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise).


 


(e)
This Agreement shall be binding upon and inure solely to the benefit of each party hereto, and nothing in this Agreement, express or
implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason
of this Agreement.


 


(f)
This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York applicable to contracts executed
in and to be performed in that State without giving effect to principles or rules of conflict of laws to the extent such principles or
rules would require or permit the application of Laws of another jurisdiction. All actions, suits or proceedings (collectively, “Action”)
arising out of or relating to this Agreement shall be heard and determined exclusively in any federal or state court having jurisdiction
within the State of New York. The parties hereto hereby (i) submit to the exclusive jurisdiction of federal or state courts within the
State of New York for the purpose of any Action arising out of or relating to this Agreement brought by any party hereto, and (ii) irrevocably
waive, and agree not to assert by way of motion, defense, or otherwise, in any such Action, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is
brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereunder
may not be enforced in or by any of the above-named courts.


 




    	 



     


    

 


(g)
The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with
the terms hereof, and accordingly, that the parties shall be entitled to seek an injunction or injunctions to prevent breaches of this
Agreement or to enforce specifically the performance of the terms and provisions hereof in any federal or state court within the State
of New York without proof of actual damages or otherwise, in addition to any other remedy to which they are entitled at law or in equity
as expressly permitted in this Agreement. Each of the parties further waives (i) any defense in any action for specific performance that
a remedy at law would be adequate and (b) any requirement to post security or a bond as prerequisite to obtaining equitable relief.


 


(h)
This Agreement may be executed and delivered (including by facsimile or portable document format (pdf) transmission) in one or more counterparts,
and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of
which taken together shall constitute one and the same agreement.


 


(i)
Each Stockholder shall execute and deliver, or cause to be delivered, such additional documents, and take, or cause to be taken, all
such further actions and do, or cause to be done, all things reasonably necessary (including under applicable Laws), or reasonably requested
by Buyer or the Company, to effect the actions and consummate the Merger and the other transactions contemplated by this Agreement and
the Merger Agreement (including the transactions contemplated hereby and thereby), in each case, on the terms and subject to the conditions
set forth therein and herein, as applicable.


 


(j)
This Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated, except upon the execution and delivery
of a written agreement executed by Buyer, the Company and each Stockholder.


 


(k)
This Agreement shall not be effective or binding upon Stockholder until such time as the Merger Agreement is executed by each of the
parties thereto.


 


(l)
If, and as often as, there are any changes in Buyer by way of stock split, stock dividend, combination or reclassification, or through
merger, consolidation, reorganization, recapitalization or business combination, or by any other means, equitable adjustment shall be
made to the provisions of this Agreement as may be required so that the rights, privileges, duties and obligations hereunder shall continue
with respect to Stockholder and the Shares as so changed.


 


(m)
Each of the parties hereto hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by jury with
respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement. Each of the parties hereto
(i) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party
would not, in the event of litigation, seek to enforce that foregoing waiver and (ii) acknowledges that it and the other parties hereto
have been induced to enter into this Agreement and the transactions contemplated hereby, as applicable, by, among other things, the mutual
waivers and certifications in this Paragraph (m).


 


(n)
Each Stockholder hereby authorizes Buyer and the Company to publish and disclose in any disclosure required by the United States Securities
and Exchange Commission the Stockholder’s identity and beneficial ownership of the Shares and the nature of the Stockholder’s
obligations under this Agreement.


 


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SPONSOR
SUPPORT AGREEMENT SIGNATURE PAGE


 


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


 


	 	STOCKHOLDER:
	 	 
	 	MURPHY
    CANYON ACQUISITION SPONSOR LLC
	 	 	 
	 	By:	/s/
    Jack K. Heilbron                              
	 	 	Name:
    Jack K. Heilbron
	 	 	Title:
    Managing Member
	 	 
	 	COMPANY:
	 	 
	 	CONDUIT
    PHARMACEUTICALS LIMITED
	 	 	 
	 	By:	/s/
    Dr. Andrew Regan
	 	Name:	Dr.
    Andrew Regan
	 	Title:	Director
	 	 
	 	BUYER:
	 	 
	 	MURPHY
    CANYON ACQUISITION CORP.
	 	 
	 	By:	/s/
    Jack K. Heilbron
	 	Name:	Jack
    K. Heilbron
	 	Title:	CEO


 




    	 



     


    

 


Exhibit
A


Stockholders


 


	Stockholder	 	Number
    of Shares	 	Address
    for Notices
	Murphy
    Canyon Acquisition Sponsor, LLC	 	4,060,250
    (consisting of 754,000 Class A shares of common stock and 3,306,250 Class B shares of common stock)	 	4995
    Murphy Canyon Road, Suite 300, San Diego, CA 92123
	 	 	 	 	 
	Total	 	4,060,250