Exhibit 10.5


 


ARTISAN ACQUISITION CORP.


71 Fort Street, PO Box 500


Grand Cayman


Cayman Islands, KY1 1106 


May 13, 2021


 


Artisan LLC


71 Fort Street, PO Box 500


Grand Cayman


Cayman Islands, KY1 1106 


Ladies and Gentlemen:


 


This letter will confirm our agreement that, commencing
on the effective date (the “Effective Date”) of the registration statement (the “Registration Statement”)
for the initial public offering (the “IPO”) of the securities of Artisan Acquisition Corp. (the “Company”)
and continuing until the earlier of (i) the consummation by the Company of an initial business combination and (ii) the Company’s
liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred to as the “Termination
Date”), Artisan LLC (the “Sponsor”) shall take steps directly or indirectly to make available
to the Company certain office space, secretarial and administrative services as may be required by the Company from time to time, situated
at 71 Fort Street, PO Box 500, Grand Cayman, Cayman Islands, KY1-1106
(or any successor location). In exchange therefore, the Company shall pay the Sponsor a sum of $10,000 per month on the Effective Date
and continuing monthly thereafter until the Termination Date. The Sponsor hereby agrees that it does not have any right, title, interest
or claim of any kind (a “Claim”) in or to any monies that may be set aside in a trust account (the “Trust
Account”) that may be established upon the consummation of the IPO and hereby irrevocably waives any Claim it may have in
the future as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse against
the Trust Account for any reason whatsoever.


 


This letter agreement constitutes the entire agreement
and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations
by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions
contemplated hereby.


 


This letter agreement may not be amended, modified
or waived as to any particular provision, except by a written instrument executed by the parties hereto.


 


The parties may not assign this letter agreement
and any of their rights, interests, or obligations hereunder without the consent of the other party.


 


This letter agreement shall be governed by, construed
in accordance with, and interpreted pursuant to the laws of the State of New York, without giving effect to its choice of laws principles
that will apply the laws of another jurisdiction.


 


This letter agreement may be executed in one or
more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and
the same agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence
the existence of this letter agreement.


 


[Signature Page Follows]


 






     


     


    

 


	 	Very truly yours,
	 	 
	 	ARTISAN ACQUISITION CORP.
	 	 
	 	     
	                                       	By:	/s/ Cheng Yin Pan 
	 	 	Name: Cheng Yin Pan
	 	 	Title:   Chief Executive Officer


 


[Signature Page to Administrative Service Agreement]


 






     


     


    

 


	AGREED TO AND ACCEPTED BY:	 
	 	 
	ARTISAN LLC	 
	 	 
	 	 
	By:	/s/ Cheng Yin Pan	                                      
	 	Name: Cheng Yin Pan	 
	 	Title:   Manager	 


 


[Signature Page to Administrative Service Agreement]