Document:

Exhibit 10.1

March [●], 2021

Artemis Strategic Investment Corporation

3310 East Corona Avenue

Phoenix, Arizona 85040

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and among Artemis Strategic Investment Corporation, a Delaware corporation (the “Company”),
and Barclays Capital Inc. and BMO Capital Markets Corp., as representatives (the “Representatives”) of
the several underwriters (each, an “Underwriter” and collectively, the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”), of 17,250,000 of the Company’s
units (including up to 2,250,000 units that may be purchased to cover over-allotments, if any) (the “Units”),
each comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”),
and one-third of one redeemable warrant. Each whole warrant (each, a “Warrant”) entitles the holder thereof
to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment as described in the Prospectus (as
defined below). The Units will be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the
 “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”)
and the Company has applied to have the Units listed on The Nasdaq Capital Market (“Nasdaq”). Certain
capitalized terms used herein are defined in paragraph 11 hereof.

 

In order to induce the Company and the
Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Artemis Sponsor, LLC (the “Sponsor”) and
the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team (each, an
 “Insider” and collectively, the “Insiders”), hereby agrees with the Company
as follows:

 

		1.	The Sponsor and each Insider agrees that if the Company seeks stockholder approval of a proposed
Business Combination, then in connection with such proposed Business Combination, it, he or she shall (i) vote any shares of Common
Stock owned by it, him or her in favor of any proposed Business Combination and (ii) not redeem any shares of Common Stock owned
by it, him or her in connection with such stockholder approval. If the Company seeks to consummate a proposed Business Combination
by engaging in a tender offer, the Sponsor and each Insider agrees that it, he or she will not seek to sell any shares of Common
Stock owned by it, him or her to the Company in connection therewith.

 

		2.	(a) The Sponsor and each Insider hereby agrees that in the event that the Company fails to
consummate a Business Combination within 24 months from the closing of the Public Offering, or such later period approved by the
Company’s stockholders in accordance with the Company’s second amended and restated certificate of incorporation (as
it may be amended from time to time, the “Charter”), the Sponsor and each Insider shall take all reasonable
steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but not more than 10 business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Common Stock sold
as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the Trust Account (as defined below), including interest earned on the funds
held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish
all Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the
Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case
to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law.
The Sponsor and each Insider agrees to not propose any amendment to the Charter to modify the substance or timing of the Company’s
obligation (i) to redeem 100% of the Offering Shares if the Company does not complete a Business Combination by the date set forth
in the Charter or (ii) to provide for redemption in connection with a Business Combination, unless the Company provides its public
stockholders with the opportunity to redeem their shares of Common Stock upon approval of any such amendment at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held
in the Trust Account and not previously released to the Company to pay its taxes, divided by the number of then outstanding Offering
Shares.

 

     

     

    

 

(b) The Sponsor
and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in
the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares
held by it, him or her. The Sponsor and each Insider hereby further waives, with respect to any shares of Common Stock held by
it, him or her, if any, any redemption rights it, he or she may have in connection with the consummation of a Business Combination,
including, without limitation, any such rights available in the context of a stockholder vote to approve such Business Combination
or a stockholder vote to approve an amendment to the Charter to modify the substance or timing of the Company’s obligation
to redeem 100% of the Offering Shares if the Company has not consummated a Business Combination within the time period set forth
in the Charter or in the context of a tender offer made by the Company to purchase shares of Common Stock (although the Sponsor,
the Insiders and their respective affiliates shall be entitled to redemption and liquidation rights with respect to any Offering
Shares it or they hold if the Company fails to consummate a Business Combination within the time period set forth in the Charter).

 

		3.	During the period commencing on the effective date of the Underwriting Agreement and ending
                                                          180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of the Representatives,
                                                          (i) issue, sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise
                                                          dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or
                                                          decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the
                                                          “Exchange Act”), and the rules and regulations of the Commission promulgated thereunder, with
                                                          respect to any Units, shares of Common Stock (including, but not limited to, Founder Shares), Warrants or any securities
                                                          convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it, him or her, (ii) file,
                                                          confidentially submit or cause to become effective a registration statement under the Securities Act of 1933, as amended (the
                                                          “Securities Act”) relating to the offer and sale of any Units or any other securities of the
                                                          Company that are substantially similar to the Units, or any securities convertible into or exchangeable or exercisable for,
                                                          or any warrants or other rights to purchase, the foregoing, (iii) 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 Units, shares of Common Stock (including,
                                                          but not limited to, Founder Shares), Warrants or any other securities of the Company that are substantially similar to the
                                                          foregoing, or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it, him
                                                          or her, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iv) publicly
                                                          announce any intention to effect any transaction specified in clause (i), (ii), (iii) or (iv). Notwithstanding the foregoing,
                                                          if the last reported sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock
                                                          dividends, reorganizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150
                                                          days after the Company’s initial Business Combination, the Founder Shares will be released from the lock-up.

 

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		4.	In the event of the liquidation of the
Trust Account upon the failure of the Company to consummate its initial Business Combination within the time period set forth
in the Charter, the Sponsor agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage
and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened) to which the Company may become subject as a result
of any claim by (i) any third party for services rendered or products sold to the Company or (ii) any prospective target
business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business
Combination agreement (a “Target”); provided, however, that such indemnification
of the Company by the Sponsor (x) shall apply only to the extent necessary to ensure that such claims by a third party or a
Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Offering Share and (ii) the
actual amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than
$10.00 per Offering Share is then held in the Trust Account due to reductions in the value of the trust assets, less interest
earned on the Trust Account which may be withdrawn to pay taxes, (y) shall not apply to any claims by a third party or a Target
which executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable)
and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including
liabilities under the Securities Act. The Sponsor shall have the right to defend against any such claim with counsel of its
choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Sponsor,
the Indemnitor notifies the Company in writing that it shall undertake such defense.

 

		5.	To the extent that the Underwriters do not exercise their over-allotment option to purchase up
to an additional 2,250,000 Units within 45 days from the date of the Prospectus (and as further described in the Prospectus), the
Sponsor agrees to forfeit, at no cost, a number of Founder Shares in the aggregate equal to 562,500 multiplied by a fraction, (i)
the numerator of which is 2,250,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment
option, and (ii) the denominator of which is 2,250,000. The forfeiture will be adjusted to the extent that the over-allotment option
is not exercised in full by the Underwriters so that the Initial Stockholders will own an aggregate of 20.0% of the Company’s
issued and outstanding shares of Common Stock after the Public Offering.

 

		6.	The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the
Company would be irreparably injured in the event of a breach by the Sponsor or an Insider of its, his or her obligations under
paragraphs 1, 2, 3, 4, 5, 7(a) and 7(b), as applicable, of this Letter Agreement (ii) monetary damages may not be an adequate remedy
for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that
such party may have in law or in equity, in the event of such breach.

 

		7.	(a) The Sponsor and each Insider agrees that it, he or she shall not Transfer (as
                                                          defined below) any Founder Shares (or any shares of Common Stock issuable upon conversion thereof) until the earlier of (A)
                                                          one year after the completion of the Company’s initial Business Combination or (B) subsequent to the Business
                                                          Combination, (x) if the closing price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits,
                                                          stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
                                                          commencing at least 150 days after the Company’s initial Business Combination and (y) the date on which the Company
                                                          completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of
                                                          the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other
                                                          property (the “Founder Shares Lock-up Period”).

 

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(b) The Sponsor
and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants (or shares of Common Stock issued
or issuable upon the exercise of the Private Placement Warrants), until 30 days after the completion of a Business Combination
(the “Private Placement Warrants Lock-up Period”, together with the Founder Shares Lock-up Period, the
 “Lock-up Periods”).

 

(c)
Notwithstanding the provisions set forth in paragraphs 3, 7(a) and (b), Transfers of the Founder Shares, Private Placement
Warrants and shares of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants or
the Founder Shares and that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied
with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors, any affiliates or family members
of any of the Company’s officers or directors, any members of the Sponsor or any affiliates of the Sponsor; (b) in the
case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of
which is a member of such individual’s immediate family, an affiliate of such individual or to a charitable
organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such individual;
(d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in
connection with any forward purchase agreement or similar arrangement or in connection with the consummation of an initial
Business Combination at prices no greater than the price at which the shares or warrants were originally purchased; (f) in
the event of the Company’s liquidation prior to the completion of an initial Business Combination; (g) by virtue of the
laws of the State of Delaware or the organizational documents of the Sponsor’s upon dissolution of the Sponsor; or (h)
in the event that, subsequent to the initial Business Combination, the Company completes a liquidation, merger, capital stock
exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange
their Common Stock for cash, securities or other property; provided, however, that in the case of clauses (a)
through (e) or (g), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by
the transfer restrictions herein and the other restrictions contained in this Agreement and by the same agreements entered
into by the Sponsor with respect to such securities (including provisions relating to voting, the Trust Account and
liquidating distributions).

 

		8.	The Sponsor and each Insider represents and warrants that it, he or she has never been suspended
or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license
or registration denied, suspended or revoked. Each Insider’s biographical information furnished to the Company (including
any such information included in the Prospectus) is true and accurate in all respects and does not omit any material information
with respect to the Insider’s background. Each Insider’s questionnaire furnished to the Company is true and accurate
in all respects. Each Insider represents and warrants that: it, he or she is not subject to or a respondent in any legal action
for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the
offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty to, any crime (i) involving
fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in
any securities and it, he or she is not currently a defendant in any such criminal proceeding.

 

		9.	Except as disclosed in the Prospectus, neither the Sponsor nor any officer, nor any affiliate of
the Sponsor or any officer, nor any director of the Company, shall receive from the Company any finder’s fee, reimbursement,
consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services
rendered in order to effectuate, the consummation of the Company’s initial Business Combination (regardless of the type of
transaction that it is), other than the following, none of which will be made from the proceeds held in the Trust Account prior to
the completion of the initial Business Combination: repayment of a loan and advances up to an aggregate of $300,000 made to the
Company by the Sponsor; payment to the Sponsor for certain office space, utilities and secretarial and administrative support as
may be reasonably required by the Company for a total of $10,000 per month; reimbursement for any reasonable out-of-pocket expenses
related to identifying, investigating and consummating an initial Business Combination and repayment of loans, if any, and on such
terms as to be determined by the Company from time to time, made by the Sponsor or an affiliate of the Sponsor or any of the Company’s
officers or directors to finance transaction costs in connection with an intended initial Business Combination, provided, that,
if the Company does not consummate an initial Business Combination, a portion of the working capital held outside the Trust Account
may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account are used for such repayment.
Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. Such
warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period.

 

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		10.	The Sponsor and each Insider has full right and power, without violating any agreement to which
it is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer),
to enter into this Letter Agreement and, as applicable, to serve as an officer and/or director on the board of directors of the
Company and hereby consents to being named in the Prospectus as an officer and/or director of the Company.

 

		11.	As used herein, (i) “Business Combination” shall mean a merger,
                                                           capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the
                                                           Company and one or more businesses; (ii) “Capital Stock” shall mean, collectively, the Common Stock
                                                           and the Founder Shares; (iii) “Founder Shares” shall mean (a) the 4,312,500 shares of the
                                                           Company’s Class B common stock, par value $0.0001 per share, held by the Sponsor (up to 562,500 shares of which are
                                                           subject to complete or partial forfeiture by the Sponsor if the over-allotment option is not exercised by the Underwriters)
                                                           prior to the consummation of the Public Offering; (iv) “Initial Stockholders” shall mean the
                                                           Sponsor and any Insider that holds Founder Shares; (v) “Private Placement Warrants” shall mean an
                                                           aggregate of 5,000,000 Warrants (or 5,450,000 Warrants if the over-allotment option is exercised in full) that the Sponsor
                                                           have agreed to purchase for an aggregate purchase price of $5,000,000 (or $5,450,000 if the over-allotment option is
                                                           exercised in full), or $1.00 per Warrant, in a private placement that shall occur simultaneously with the consummation of the
                                                           Public Offering; (vi) “Public Stockholders” shall mean the holders of securities issued in the
                                                           Public Offering; (vii) “Trust Account” shall mean the trust fund into which a portion of the net
                                                           proceeds of the Public Offering shall be deposited; and (viii) “Transfer” shall mean the (a) issue,
                                                           sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
                                                           dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or
                                                           liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act,
                                                           and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) file,
                                                           confidentially submit or cause to become effective a registration statement under the Securities Act relating to the offer
                                                           and sale of any Units or any other securities of the Company that are substantially similar to the Units, or any securities
                                                           convertible into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing, (c) entry
                                                           into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
                                                           ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or
                                                           otherwise, or (d) public announcement of any intention to effect any transaction specified in clause (a), (b) or (c).

 

		12.	The Company will maintain an insurance policy or policies providing directors’ and officers’
liability insurance, and each Director shall be covered by such policy or policies, in accordance with its or their terms, to the
maximum extent of the coverage available for any of the Company’s directors or officers.

 

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		13.	This Letter Agreement constitutes the entire agreement and understanding of the parties hereto
in respect of the subject matter hereof 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 changed, amended, modified or waived (other than to correct a typographical error) as
to any particular provision, except by a written instrument executed by all parties hereto.

 

		14.	No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations
hereunder without the prior written consent of the other parties. 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 Letter
Agreement shall be binding on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

		15.	Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation
other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition,
stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter
Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives
and assigns and permitted transferees.

 

		16.	This Letter Agreement may be executed in any number of original or facsimile counterparts and each
of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but
one and the same instrument.

 

		17.	This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any
term or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision
hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall
be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be
possible and be valid and enforceable.

 

		18.	This Letter Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating
in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and
irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection
to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

		19.	Any notice, consent or request to be given in connection with any of the terms or provisions of
this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail
(return receipt requested), by hand delivery or facsimile transmission.

 

		20.	This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods
or (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that
the Public Offering is not consummated and closed by December 31, 2021; provided further that paragraph 4 of this Letter Agreement
shall survive such liquidation.

 

[Signature Page Follows]

 

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Sincerely,

 

	 	ARTEMIS
    SPONSOR, LLC
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	By:	 
	 	 	Name: Holly Gagnon
	 	 
	 	By:	 
	 	 	Name: Philip Kaplan
	 	 
	 	By:	 
	 	 	Name: Thomas Granite
	 	 
	 	By:	 
	 	 	Name: Scott Shulak
	 	 
	 	By:	 
	 	 	Name: Matthew Anfinson
	 	 
	 	By:	 
	 	 	Name: Rodney Butler
	 	 
	 	By:	 
	 	 	Name: Anna Massion
	 	 
	 	By:	 
	 	 	Name: Andro Nodarse-León
	 	 
	 	By:	 
	 	 	Name: Leonard Wanger

 

[Signature Page to Letter Agreement]

 

     

     

    

 

	Acknowledged
    and Agreed:	 
	 	 
	

    ARTEMIS STRATEGIC INVESTMENT
 CORPORATION	 
	 	 
	By	 	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Letter Agreement]Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of March [●], 2021, by and between
Artemis Strategic Investment Corporation, a Delaware corporation (the “Company”), and Continental Stock
Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-253092 (the “Registration Statement”) and prospectus
(the “Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), and one-third redeemable warrant, each warrant entitling the holder thereof to purchase one share of Common
Stock (such initial public offering hereinafter referred to as the “Offering”), has been declared effective
as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company
has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Barclays Capital Inc.
and BMO Capital Markets Corp. as representatives (the “Representatives”) of the several underwriters
(the “Underwriters”) named therein; and

 

WHEREAS, as described
in the Prospectus, $150,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in
the Underwriting Agreement) (or $172,500,000, if the Underwriters’ over-allotment option is exercised in full) will be delivered
to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the “Trust
Account”) for the benefit of the Company and the holders of the Common Stock included in the Units issued in the
Offering as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred
to herein as the “Property,” the stockholders for whose benefit the Trustee shall hold the Property will
be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred
to together as the “Beneficiaries”);

 

WHEREAS, pursuant to
the Underwriting Agreement, a portion of the Property equal to $5,250,000, or $6,037,500 if the Underwriters’ over-allotment
option is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company
to the Underwriters upon and concurrently with the consummation of the Business Combination (as defined below) (the “Deferred
Discount”); and

 

WHEREAS, the Company
and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold
the Property.

 

NOW THEREFORE, IT IS
AGREED:

 

1.                  
Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)               
Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established
by the Trustee in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated
assets of $100 billion or more) in the United States, maintained by the trustee and at a brokerage institution selected by the
Trustee that is reasonably satisfactory to the Company;

 

(b)               
Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)                In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States
government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a
maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d) (2), (d)(3) and
(d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which
invest only in direct U.S. government treasury obligations, as determined by the Company; it being understood that the Trust
Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder and the
Trustee may earn bank credits or other consideration;

 

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(d)               
Collect and receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e)               
Promptly notify the Company and the Representatives of all communications received by the Trustee with respect to any Property
requiring action by the Company;

 

(f)                
Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection
with the Company’s preparation of the tax returns relating to assets held in the Trust Account;

 

(g)               
Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as
and when instructed by the Company to do so;

 

(h)               
Render to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all
receipts and disbursements of the Trust Account;

 

(i)                
Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the
terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached
hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by either of its Co-Chief
Executive Officers, Chief Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairperson of the
board of directors of the Company (the “Board”) or other authorized officer of the Company, and complete
the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest not previously released
to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses),
only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is, the later
of (1) 24 months after the closing of the Offering and (2) such later date as may be approved by the Company’s stockholders
in accordance with the Company’s second amended and restated certificate of incorporation if a Termination Letter has not
been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures
set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest not
previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay
dissolution expenses) shall be distributed to the Public Stockholders of record as of such date;

 

(j)                 Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached
hereto as Exhibit C, withdraw from the Trust Account and distribute to the Company the amount of interest earned on
the Property requested by the Company to cover any tax obligation owed by the Company as a result of assets of the Company or
interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic funds
transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority; provided, however,
that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate
such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution, so long as
there is no reduction in the principal amount per share initially deposited in the Trust Account; provided, further,
that if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be
accompanied by a copy of the franchise tax bill from the State of Delaware for the Company (it being acknowledged and agreed
that any such amount in excess of interest income earned on the Property shall not be payable from the Trust Account). The
written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to said
funds, and the Trustee shall have no responsibility to look beyond said request;

 

    2

     

    

 

(k)               
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached
hereto as Exhibit D, the Trustee shall distribute on behalf of the Company the amount requested by the Company to be used
to redeem shares of Common Stock from Public Stockholders properly submitted in connection with a stockholder vote to approve an
amendment to the Company’s second amended and restated certificate of incorporation to modify the substance or timing of
the Company’s obligation (i) to redeem 100% of its public shares of Common Stock if the Company has not consummated an initial
Business Combination within such time as is described in the Company’s second amended and restated certificate of incorporation
or (ii) to provide for redemption in connection with an initial Business Combination. The written request of the Company referenced
above shall constitute presumptive evidence that the Company is entitled to distribute said funds, and the Trustee shall have no
responsibility to look beyond said request; and

 

(l)                
Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j)
or (k) above.

 

2.                  
Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)               
Give all instructions to the Trustee hereunder in writing, signed by either of the Company’s Co-Chief Executive Officers
or the Company’s Chairperson of the Board, Chief Financial Officer, President, Executive Vice President, Vice President or
Secretary. In addition, except with respect to its duties under Sections 1(i), 1(j) and 1(k) hereof, the Trustee
shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in
good faith and with reasonable care, believes to be given by any one of the persons authorized above to give written instructions,
provided that the Company shall promptly confirm such instructions in writing;

 

(b)               
Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses,
including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it
hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection
with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or
the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence,
fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any
action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall
notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”).
The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the
Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably
withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such
consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

(c)                Pay
the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee,
and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly
understood that the Property shall not be used to pay such fees unless and until the closing of the Business Combination. The
Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the
Offering. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section
2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

    3

     

    

 

(d)               
In connection with any vote of the Company’s stockholders regarding a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business
Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder
meeting verifying the vote of such stockholders regarding such Business Combination;

 

(e)               
Provide the Representatives with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the
Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)                
Unless otherwise agreed between the Company and the Representatives, ensure that any Instruction Letter (as defined in Exhibit
A) delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is
paid directly to the account or accounts directed by the Representatives on behalf of the Underwriters prior to any transfer of
the funds held in the Trust Account to the Company or any other person;

 

(g)               
Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing
the Trustee to make any distributions that are not permitted under this Agreement; and

 

(h)               
Within four business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof)
or such over-allotment expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which
shall in no event be less than $5,250,000.

 

3.                  
Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a)               
Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other
than this Agreement and that which is expressly set forth herein;

 

(b)               
Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have
no liability to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c)               
Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend
any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company
given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses
incident thereto;

 

(d)               
Refund any depreciation in principal of any Property;

 

(e)               
Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing
unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority
to the Trustee;

 

(f)                 The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or
omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or
willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s
counsel), statement, instrument, report or other paper or document (not only as to its due execution and the validity and
effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which the
Trustee believes, in good faith and with reasonable care, to be genuine and to be signed or presented by the proper person or
persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of
this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed by the
proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written
consent thereto;

 

    4

     

    

 

(g)               
Verify the accuracy of the information contained in the Registration Statement;

 

(h)               
Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company
is as contemplated by the Registration Statement;

 

(i)                
File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide
periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income
earned on the Property;

 

(j)                
Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated
by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company,
including, but not limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)               
Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections
1(i), 1(j) or 1(k) hereof.

 

4.                  
Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against
the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

5.                  
Termination. This Agreement shall terminate as follows:

 

(a)               
If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use
its reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement.
At such time that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to become subject
to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within
90 days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited
with any court in the State of New York or with the United States District Court for the Southern District of New York and upon
such deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b)               
At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with
the provisions of Section 1(i) hereof (which section may not be amended under any circumstances) and distributed the Property
in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b).

 

6.                  
Miscellaneous.

 

(a)                The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to
funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information
relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has
reason to believe unauthorized persons may have obtained access to such confidential information, or of any change in its
authorized personnel. In executing funds transfers, the Trustee shall rely upon all information supplied to it by the
Company, including, account names, account numbers, and all other identifying information relating to a Beneficiary,
Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s gross negligence,
fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error in
the information or transmission of the funds.

 

    5

     

    

 

(b)               
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

(c)               
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter
hereof. This Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical
error) by a writing signed by each of the parties hereto.

 

(d)               
This Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6 hereof with
the Consent of the Stockholders. For purposes of this Section 6(d), the “Consent of the Stockholders”
means receipt by the Trustee of a certificate from the inspector of elections of the stockholder meeting certifying that the Company’s
stockholders of record as of a record date established in accordance with Section 213(a) of the Delaware General Corporation Law,
as amended (“DGCL”) (or any successor rule), who hold 65% or more of all then outstanding shares of the
Common Stock and Class B common stock, par value $0.0001 per share, of the Company voting together as a single class, have voted
in favor of such change, amendment or modification. No such amendment will affect any Public Stockholder who has otherwise indicated
his election to redeem his shares of Common Stock in connection with a stockholder vote sought to amend this Agreement to modify
the substance or timing of the Company’s obligation to redeem 100% of the Common Stock if the Company does not complete its
initial Business Combination within the time frame specified in the Company’s second amended and restated certificate of
incorporation. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee
may rely conclusively on the certification from the inspector or elections referenced above and shall be relieved of all liability
to any party for executing the proposed amendment in reliance thereon.

 

(e)               
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York,
State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING
TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(f)                
Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be
in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or by electronic mail:

 

if to the Trustee,
to:

 

Continental Stock Transfer
 & Trust Company

1 State Street, 30th
Floor

New York, NY 10004

Attn: Francis Wolf
and Celeste Gonzalez

Email: fwolf@continentalstock.com;
cgonzalez@continentalstock.com

 

if to the Company,
to:

 

    6

     

    

 

Artemis Strategic Investment
Corporation

3310 East Corona Avenue

Phoenix, Arizona 85040

Attn: Thomas J. Granite

Email: tgranite@artemisspac.com

 

in each case, with
copies to:

 

White & Case LLP

1221 Avenue of the
Americas

New York, New York
10020

Attn: Joel L. Rubinstein,
Esq. and Gary Kashar, Esq.

Email: joel.rubinstein@whitecase.com;
gkashar@whitecase.com

 

and

 

Barclays Capital Inc.

745 Seventh Avenue

New York, New York
10019

Attn: Syndicate Registration

Fax No.: (646) 834-8133

 

and

 

BMO Capital Markets
Corp.

3 Times Square, 25th
Floor

New York, New York
10036

Attn: Equity Capital
Markets Desk, with a copy to the Legal Department

Fax No.: (212) 702-1205

 

and

 

Davis Polk & Wardwell
LLP

450 Lexington Avenue

New York, New York
10017

Attn: Derek Dostal,
Esq. and Roshni Banker Cariello, Esq.

Email: derek.dostal@davispolk.com;
roshni.cariello@davispolk.com

 

(g)               
Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized
to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and
agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled
to any funds in the Trust Account under any circumstance.

 

(h)               
This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual
consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(i)                
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile
or electronic transmission shall constitute valid and sufficient delivery thereof.

 

    7

     

    

 

(j)                
 Each of the Company and the Trustee hereby acknowledges and agrees that each of Barclays Capital Inc. and BMO Capital Markets
Corp. on behalf of the Underwriters is a third party beneficiary of this Agreement.

 

(k)               
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any
other person or entity.

 

[Signature Page Follows]

 

    8

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST

 COMPANY, as Trustee
	 	 	 
	 	 	 
	 	By:	_____________________________
	 	 	Name:
	 	 	Title:

 

	 	ARTEMIS STRATEGIC INVESTMENT CORPORATION
	 	 	 
	 	 	 
	 	By:	_____________________________
	 	 	Name:
	 	 	Title:

 

[Signature Page
to Investment Management Trust Agreement]

 

     

     

    

 

Schedule
A

 

	
        Fee
        Item
	
        Time
        and method of payment
	
        Amount

	Initial set-up fee.	Initial closing of Offering by wire transfer.	$3,500
	Trustee administration fee	Payable annually.  First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.	$10,000
	Transaction processing fee for disbursements to Company under Sections 1(i) and (j)	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1	$250
	Paying Agent services as required pursuant to Section 1(i) and (k)	Billed to Company upon delivery of service pursuant to Section 1(i) and (k)	Prevailing rates

 

     

     

    

 

Exhibit
A

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between Artemis Strategic Investment Corporation (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [   ],
2021 (the “Trust Agreement”), this is to advise you that the Company has entered into an agreement with
(the “Target Business”) to consummate a business combination with Target Business (the “Business
Combination”) on or about [insert date]. The Company shall notify you at least 72 hours in advance of the actual date of
the consummation of the Business Combination (the “Consummation Date”). Capitalized terms used but not
defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account and to
transfer the proceeds to a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation
Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that the
Company shall direct on the Consummation Date (including as directed to it by the Representatives on behalf of the Underwriters
(with respect to the Deferred Discount)). It is acknowledged and agreed that while the funds are on deposit in the trust operating
account at J.P. Morgan Chase Bank, N.A. awaiting distribution, the Company will not earn any interest or dividends.

 

On the Consummation
Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated,
or will be consummated concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
and (ii) the Company shall deliver to you (a) a certificate of either of the Co-Chief Executive Officers, which verifies that the
Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) a joint written
instruction signed by the Company and the Representatives with respect to the transfer of the funds held in the Trust Account,
including payment of amounts owed to public stockholders who have properly exercised their redemption rights and payment of the
Deferred Discount to the Representatives from the Trust Account (the “Instruction Letter”). You are hereby
directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and the
Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust
Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and
the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation
Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses
related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

In the event that
the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified
you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written
instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the
Trust Agreement on the business day immediately following the Consummation Date as set forth in such notice as soon
thereafter as possible.

 

     

     

    

 

	 	Very truly yours,
	 	 	 
	 	ARTEMIS STRATEGIC INVESTMENT CORPORATION
	 	 	 
	 	By:	___________________________________________
	 	 	Name:
	 	 	Title:

 

cc: Barclays
Capital Inc.

BMO Capital Markets Corp.

 

     

     

    

 

Exhibit
B

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account -. Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between Artemis Strategic Investment Corporation (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [   ],
2021 (the “Trust Agreement”), this is to advise you that the Company has been unable to effect a business
combination with a Target Business (the “Business Combination”) within the time frame specified in the
Company’s Second Amended and Restated Certificate of Incorporation, as described in the Company’s Prospectus relating
to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the
total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Stockholders.
The Company has selected(1) as the effective date for the purpose of determining when the Public Stockholders will be
entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity
as Paying Agent, agree to distribute said funds directly to the Company’s Public Stockholders in accordance with the terms
of the Trust Agreement and the Second Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of
all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your
obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the
Trust Agreement.

 

(1) 24 months from the closing of the Offering.

 

	 	Very truly yours,
	 	 	 
	 	 	 
	 	ARTEMIS STRATEGIC INVESTMENT CORPORATION
	 	 	 
	 	By:	_______________________________________
	 	 	Name:
	 	 	Title:

 

cc: Barclays
Capital Inc.

BMO Capital Markets Corp.

 

     

     

    

 

Exhibit
C

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(j) of the Investment Management Trust Agreement between Artemis Strategic Investment Corporation (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [   ],
2021 (the “Trust Agreement”), the Company hereby requests that you deliver to the Company $of the
interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings
set forth in the Trust Agreement.

 

The Company needs such
funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of
the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt
of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 	 
	 	ARTEMIS STRATEGIC INVESTMENT 

CORPORATION
	 	 	 
	 	 	 
	 	By:	_______________________________________
	 	 	Name:
	 	 	Title:

 

cc: Barclays
Capital Inc.

BMO Capital Markets Corp.

 

     

     

    

 

Exhibit
D

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account Shareholder Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(k) of the Investment Management Trust Agreement between Artemis Strategic Investment Corporation (the “Company”)
and Continental Stock Transfer & Company (the “Trustee”), dated as of [   ], 2021
(the “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Stockholders
of the Company $of the principal and interest income earned on the Property as of the date hereof to a segregated account held
by you on behalf of the Beneficiaries. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust
Agreement.

 

The Company needs such
funds to pay its Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in
connection with a stockholder vote to approve an amendment to the Company’s second amended and restated certificate of incorporation
to modify the substance or timing of the Company’s obligation to redeem 100% of public shares of Common Stock if the Company
has not consummated an initial Business Combination within such time as is described in the Company’s second amended and
restated certificate of incorporation. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds
promptly upon your receipt of this letter to a segregated account held by you on behalf of the Beneficiaries.

 

	 	Very truly yours,
	 	 	 
	 	ARTEMIS STRATEGIC INVESTMENT CORPORATION
	 	 	 
	 	By:	______________________________________
	 	 	Name:
	 	 	Title:

 

cc: Barclays
Capital Inc.

BMO Capital Markets Corp.

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