Exhibit 10.5


 


ARTEMIS STRATEGIC INVESTMENT CORPORATION

3310 East Corona Avenue

Phoenix, Arizona 85040


 


September 29, 2021


 


Artemis Sponsor, LLC 


3310 East Corona Avenue 


Phoenix, Arizona 85040


 


Re: Administrative Services
Agreement


 


Ladies and Gentlemen:


 


This letter agreement (this
 “Agreement”) by and between Artemis Strategic Investment Corporation (the “Company”)
and Artemis Sponsor, LLC (“Sponsor”), dated as of the date hereof, will confirm our agreement that, commencing
on the date the securities of the Company are first listed on The Nasdaq Capital Market (the “Listing Date”),
pursuant to a Registration Statement on Form S-1 and prospectus filed with the U.S. Securities and Exchange Commission (the “Registration
Statement”) and continuing until the earlier of the consummation by the Company of an initial business combination or the
Company’s liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred to as the
 “Termination Date”):


 


(i)            Sponsor
shall make available, or cause to be made available, to the Company, at 3310 East Corona Avenue, Phoenix, Arizona 85040
(or any successor location of Sponsor), certain office space, utilities and secretarial and administrative support as may be reasonably
required by the Company. In exchange therefor, the Company shall pay Sponsor $10,000 per month on the Listing Date and continuing monthly
thereafter until the Termination Date; and


 


(ii)           Sponsor
hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind as a result of, or arising out
of, this Agreement (each, a “Claim”) in or to, and any and all right to seek payment of any amounts due to
it out of, the trust account established for the benefit of the public stockholders of the Company and into which substantially all of
the proceeds of the Company’s initial public offering will be deposited (the “Trust Account”), and hereby
irrevocably waives any Claim it may have in the future as a result of, or arising out of, this Agreement, which Claim would reduce, encumber
or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse,
reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for
any reason whatsoever.


 


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


 


No party hereto may assign
either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party.
Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any
interest or title to the purported assignee.


 






    


     


    

 


This Agreement constitutes
the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law
or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York.


  


[Signature Page Follows]


 






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	 	Very truly yours,
	 	 
	 	ARTEMIS STRATEGIC INVESTMENT
    CORPORATION
	 	 
	 	 
	 	By:	/s/
    Thomas Granite
	 	Name: Thomas Granite
	 	Title:   Chief Financial
    Officer, Treasurer and Secretary




 


AGREED TO AND ACCEPTED BY: 


ARTEMIS SPONSOR, LLC


 


 


	By:	/s/ Holly Gagnon 	 
	Name: Holly Gagnon 	 
	Title: Member	 




 


[Signature Page to Administrative Services
Agreement]